Dassault Aviation New

Good evening. Thank you for joining us for the presentation of our first half results. Let's cue the film of the events of the first half. Dassault Aviation and Armata AI announced a strategic partnership in January to accelerate the integration of controlled autonomy and AI into air combat systems. As part of this collaboration Dassault Aviation took part in Armata AI's 200 million series B funding round. In February, India took a decisive step towards the acquisition of a further 114 Rafale. The Defense Acquisition Council approved the opening of single-source negotiations for this order. Dassault Aviation is committed to expanding its presence within India's industrial ecosystem through new production streams under the Make in India initiative. On 17th April, our CEO commemorated the 40th anniversary of the death of our founder Marcel Dassault alongside the family. Eric Trappier laid a wreath on his grave at Passy Cemetery in Paris. The company he created is still standing. It's doing well and continues to exist thanks to all its employees and thanks to you, the Dassault family. who've supported it over the years. I believe that everyone at Dassault Aviation carries the Dassault DNA, which is a passion for aviation. The values passed down through generations and the skills and excellence handed on from one generation of engineers to the next. And I believe it was important today to say a few words and thank him on behalf Your behalf for everything he did while expressing our deep attachment to his memory to Dassault Aviation and to the Dassault Group. Dassault Aviation and OHB together with several other European partners are joining forces to propose Vortex S to the European Space Agency, a multi-function spacecraft capable of traveling to and from space stations and performing autonomous orbital missions together, integrator of the Integrator Vortex X, the central service module and integrator behind ESA proposal. Once again this year, Swedish research firm Universum ranks our company amongst the most attractive French companies across Sweden. sectors for students and undergraduates, panel of engineers surveyed places as fourth among their preferred companies, progressing among IT students, who rank as 13, business school students, who now rank as 27. They rank based on a panel of 20,000 students from 173 schools and universities, polled from November 25 to May 26. June 4, Musée de l'Air and L'Espace, 10 of our female employees, took part in an event organized by Aerométiers, To support women in choosing careers in aerospace, they introduced several hundred schoolgirls and students from the Paris region to their everyday roles, many of them that they provide an opportunity to discover a wide range of careers that help keep our aircraft flying every day. The third safety award ceremony took place on 16 June 2026 at Saint-Cloud in the presence of Loik Segalen, Chief Operating Officer. The safety of our aircraft is our highest priority. It shapes every action and decision across our civil military activities throughout our corporate culture. This year, 10 employees received awards for going beyond their usual responsibility in deploying our safety policy. Just weeks after its official unveiling in Marignac in March before numerous customers and prospects, the Falcon 10X successfully completed its first flight on 19th of June. Test pilot Sébastien Dupont-Duné-Chan, Fabrice Dune appreciated the aircraft's handling during the two and a half hour flight performed as expected. It was a major milestone ahead of the flight test campaign, said our chairman Eric Trappier. It's a beginning of a long history for this new aircraft from the Falcom family, the 10X, the only aircraft in the world that's brand new, just performed its first flight to date, Mérignac. It's an aircraft that will be a game-changer, a far bigger aircraft with a far longer range that will really be a flying apartment, and Dassault Aviation, it's a have great pride, especially the manufacturers, the engineers, the technicians, share this collective pride for the development of the Falcon family. Wednesday, 1st July, the prototype hall of the Musée de l'Air at Le Bourget was renamed Marcel Dassault Prototypes Hall. Ceremony was held on site, attended by representatives of the Dassault family, the prefect, representatives of the French Armed Forces, the DGA, and Dassault Aviation were all very moved and honored by this event. Thank you very much. A certain vision of society. Organized at the initiative of General Caspar Philanby, chairman of the museum's directors, this exceptional tribute to our founder. We're now going to move to the presentation of results. A reminder, the context remains challenging. The war ongoing in Ukraine, resumption of hostilities, at least a certain level of hostilities in the Middle East between Iran, on the one hand, Gulf states, and the Americans, and France is involved in order to defend the country's with which it has strategic ties, an update to the military programming law in a challenging budget context with an increase in the French Armed Forces budget. Post-closing events, July 13th, France-Ukraine concluding a roadmap providing for the acquisition by Kiev of 16.5-hour contract hasn't yet been signed. The state that will negotiate with us On a mutual basis with Ukraine, we'll have to complete the drafting of the contract and then ad hoc funding. July 13th, together with our partner, we're not just a shareholder, we're also with in a partnership and we performed a The collaborative in-flight engagement between Rafale and the drone with the Namib electronic warfare payload to detect radars and the EW payload was developed by Dassault Aviation. Highlight of the first half, the decision by the Indian authorities to acquire 114 Rafale. Discussions are underway to finalize a contract that we hope to see arrive by the end of the year, as you saw in the film. First successful flight of the 10X to reset the calendar for flight test certification delivery of first aircrafts, and we We're targeting 2029 for that. Let me remind you, as you saw in the film, Duster is the only aircraft manufacturer in the world to fly an entirely new aircraft of this size for many years. No one else had achieved that. And the final point is the halt of... The SCAF announced by the German Chancellor and the French President a few weeks ago on the program activities for France, the delivery of two Rafales in its first half, with 43 remaining to be delivered in current contracts, a current order book for France. There's a request from the French state to postpone the delivery of... 20 Rafales from 31, 32 to 33, 34 you'll see in the press or the military program law we see 22 but we're bringing forward two and postponing two so that amounts to 20 to find the budgetary leeway in order to fund the new F5 standard of the aircraft with the airborne nuclear component that will carry a new engine, a new radar and all the interoperability capabilities necessary, collaborative combat and also to integrate AI in the cockpit to better manage Thank you very much. Every military mission, the Rafale export, we delivered 10 Rafale the first half, 165 remaining to be delivered, 208 Rafale to be delivered in the order book. Apart from the new orders that might be booked in India or Ukraine, we're preparing the new deliveries to the UAE at the end of 2026 and we're continuing our export prospection. There are a number of countries that continue to show interest in acquiring the Rafale. Halt of the FCAS, a joint decision by the French President and the German Chancellor decided by mutual agreement to halt the FCAS. and that was notified a few days ago. Discussions underway to launch an alternative with France on a purely French basis initially or in cooperation of those who might wish to join this demonstrator. The aim is to have a demonstrator based on French requirements that might fly in the Early 2031 or 2032 Euro drone were in dispute with Airbus. Airbus has asked us to exit the program and we challenged that decision. And so that litigation has just got underway on the space front. You've seen the images. Vortex-D is the demonstrator that we've launched. on own funds and enjoys support from the French Defense Ministry Armed Forces with support granted by the French Defense Procurement Agency. Initially Vortex as the first operational version with a submission proposal to the European Space Agency as part of an industrial team. with Dassault and OHB with a clear delineation sharing of who does what and other industrialists who would join the program. So we're the primer architect of the vortex and OHB is architect. and the Integrated Service Module. We continue to seek other European partners who might wish to join this project. We also have non-European partners who've expressed interest and with whom we've begun discussions and prospections. On the first half, we delivered 13 Falcon aircraft. It's always a bit slow in H1. I say that before your questions arise. It accelerates in H2. Orders accelerated 23 orders first half compared with eight last year. So a marked recovery in sales in 2026. The advent of the Falcon 10X for its first successful flight. Thank you very much. Thank you very much. Thank you very much. Select our suppliers and we'll do the final assembly locally for a number of aircraft, many of the 114 with local flying. Continued industrial infrastructure, we continue to modernize our industrial capability. Nagpur, India, a new building under construction. to receive more parts to be manufactured locally in India were pleased with the and many others. This is the outcome of the initial production done, so we're extending the manufacture of the Falcon in India. Mérignac, a new building to be built in addition to the existing build. We've decided to transfer the flight control test benches from Saint-Cloud to Mérignac to a far more modern spacious facility with working conditions far better for the engineers and technicians working on these flight control test benches and it won't be too far from the aircraft. East renovation of 10X is, you'll have noticed, slightly heavier than the previous aircraft and there's a need on a number of aircraft pavements to test this new aircraft and so we have to The other plans were installing photovoltaic panels to produce electricity which is self-consumed, part of our plan to decarbonize our facility and also... Energy Efficiency Digital and Artificial Intelligence main challenge going forward. We continue to work traditionally with our friends from Dassault Systèmes 3D experience on the 6X, Tour Modernization, Deployment d'Apris, Dassault System for production support. They'll be implemented in all our plants. I previously stated we're going to take Bleu for collaboration. It's everything that's video with Microsoft and their Teams product. Industrial Planning with in-house developments. AI, we're going flat out. That's to come. We have automation and generative AI for everything that's internal. We're currently deploying these internal capabilities, working with Mistral on what is onboard. These are developments that we perform here at Saint-Cloud. We have a second development that we're undertaking with the Thales, the Cortex platform that I announced a few months ago. The aim of this is also To be onboarded on the Rafale, as I said earlier, and also to exchange with the armed forces and our Falcon clients to optimize the availability of aircraft. What's important on AI, the use cases, there isn't one AI that does everything. There are several AI. Once we pick the algorithms, we have to train it to... The use case is to check whether data are stored, where they come from, in order to preserve the security of our IT and onboard systems. The results are proper. Order intake 2.9, no half-full contracts in the first half. Sales up, we've delivered 12 Rafale and 13 Falcon, 4.2 billion sharply up. What's interesting to note is the split in the delivery because it's really the flow of the sales just over 50% for the Export, Rafale, just under 30% for the Falcon clock and 20% for deliveries in France, in which we'll never forget the support developments and not just aircraft deliveries. When we talk numbers, so order, book, slightly lower than that of December 31st, 2025, we delivered more than we received in orders. Self-funded R&D, that's down its logica. We had a strong self-funded component for the 10X and 6X. The 6X is ending. The 10X is beginning its descending flight. We've got the test campaigns underway, a lot of engineering. and certification to come but the bulk of the work is behind us. The results, sales at 4 billion, 417,000, operating income 330 million up with an operating margin of 7.9% up, financial results slightly below last year's but that's just a detail. Thales, and other equity affiliates will present its result to the press. We had the board meeting today and they're up. Thank you very much. We have the same margin as last year in net, but we're not complaining, but it mustn't last on this corporate tax surcharge. We're focused on it in France, and those who don't depend on a certain French order, a tie with the French authorities, would need to work elsewhere. Many are leaving. Elgramp

The consolidated available cash has been going up. The cash flow stands at 1.2 billion euros and the actual cash is 10.1 billion. Most of this is the advances paid by customers that have ordered planes. The guidance remains unchanged. We're looking at 8.5 billion euros Thank you very much. 67.31% is held by GIMD, the float is 21.78%, Airbus owns 10.78% and our own shares stand at 0.19% but we already have a two-thirds majority with GIMD. That's for the half year results and I'm here to take your questions. Thierry Dubois, Aviation Today on the 10X. You referred to commissioning in 2029, but some time ago, between the first flight and the commissioning, you had to allow about one year. I mean, that's one year? No, never. Usually you're talking two years rather, and what we found looking at Gulfstream, Bombardier and Dassault, usually we're more talking about three years because the certification requirements have become more stringent. So that was the reason I asked why does it take so much longer. And then how do you account for the resumption in orders of Falcons? Well, the market has been picking up. Paradoxically, there's been a renewed interest in Asia. This is good news. We had several orders, more orders in Europe than in Asia than in Europe. The U.S. is remaining static. But that applies to all types of aircraft. So the market is pretty active. The only requirement is to be – well, the challenge is to deliver these aircraft. Thank you very much. Our friends at Pratt & Whitney in Canada, for instance, have found the same problem. So it's a bit challenging to step up delivery. If we did manage to deliver 40 aircraft this year, it would be damn good. So why is it that certification takes longer? Well, ever since the Boeing accidents, certification has become a more complicated matter. And here we have a completely new aircraft. There are new rules, new certification rules that did not apply on the 6X, for instance. And so we expect the process to take longer. So we remain cautious. And we say we're after the first Flight, say, 2029. You have to allow two and a half years maybe for certification, or we'll get back to you when we have more developments. For Eric Osmos, I have a question. There's been a request on information about the collaborative drone systems. Was Dassault involved in this request for information? And could you tell us about your strategy? Yes, well, there's been a request for information from the procurement agency. I mean, we're not at the stage where the acquisition is underway. The French DGA wants to have a better understanding of the market, see what supply looks like. I will not give you details about what our bid will look like. This remains, of course, confidential, but when we put our This is pre-bid. It will be for the DGA to find out first. Having said that, on the range of drones, it's a bit like AI. You have all sorts of AIs and you have all sorts of drones. You have small drones. Thank you very much. Thank you very much. and we had the test flight not long ago. Then we have surveillance drones, so you have big ones like the Euro drone, you have the smaller ones. We don't know what will come out of this, but the CCAs, I used not to know what it meant six months ago, it's the American... It's like the generation one, two, three. We have suddenly this American name, CCA, which means everything and anything. These are combat drones that should be in a position to operate on a battlefield together with a fighter plane, but they could be big, small, or medium-sized drones. And so our own actual window is UCA, that is the combat drone that will be supporting other aircraft in challenging areas. We do believe in that concept, even though the budget isn't ready yet, but we've been working with other partners to make it happen. And so these would be combat drones that are medium to large size. Thank you. My name is Bruno Géry from Drone Aviation. I would like to have clarifications on, I mean, you indirectly answered my own questions, but about the, you have been postponing some deliveries of Rafales for France, and that will give you more time to develop your F-5s. We're talking about developing the Rafale standard, but also drones, aren't you? Well, as far as things, right now we are responding to the state, the government's requests. So in order to help finance the F5, which is an ambitious project, this is a Rafale fighter plane with lots of novelties, new radars, new countermeasures, new electronics, new engines, new calculators, new ways of engaging in collaborative activities. New weapons systems. We know the deterrence weapons, the ABCD weapons. You know about that. But to bring up this new standard, we need A significant budget. That's one thing. And then because there's lots of hardware involved, I mean, of course, this will be a very new – I've been postponing the delivery of new planes so that I'm in a position to find my own F-5 standard because otherwise we'd be stuck with the F-4 standard. Thank you very much. Air Force. This will be a challenge, and they said so, but in as much as we already will have a new F5 standard in equipment operating as of 2023, it means every single aircraft after 2023 will have that new standard and so therefore they will be in a position to take home these new Rafale F-5. And in the meantime, you'll be able to deliver planes to Ukraine. That's smart. But what's the roadmap then? I mean, what's for this UCAV? Is it still underway? Oh, yes. Well, if you ask me, my answer is yes. But, of course, I'm not the one coming up with the money. It will be for financial partners, but I have been convinced for some time, and the armed forces as well, we believe that when we're looking at high-intensity missions, challenging penetration missions or how to address ground-to-air threats, If you have a stealth plane drone with a Rafale, that gives you a huge advantage. And we're looking at 2035, we're looking at nuclear deterrence. This is no small feat. Thank you. And then a final question, last but not least, how shall I put it? No, no, sorry, I forgot about this. No, no, I'll ask it later. Thank you. I'm with FAZ. I have a couple of questions about the next generation fighter aircraft. Are you ruling out working with Airbus, even on the combat cloud, for instance? Question number two, can you give us details on the outlook for cooperation with Sweden? Why might that work better than with Airbus? And number three, Do you expect a decision by April of next year, that is prior to the presidential elections? I'll be brief on that because that matter of NGF and Dassault Airbus is behind us. We've turned the page. So there's no point revisiting that matter. So that's pretty much we're not going to build a fighter plane together with Airbus. It's a shame, really, because if we have a 50-50 partnership, To my mind, it worked. Maybe I had it wrong, but two-thirds, one-third didn't work. I explained this many times. It's not so much a matter between France and Germany. It's Dassault and Airbus. Two-thirds Airbus, one-third Dassault was a problem for me. But it was a problem for them, too, because they said they didn't want to work with Dassault. So quite honestly... It made more sense to put an end to that. Now, for Combat Cloud, I'm not quite sure what that means. What does it mean to cooperate, to engage in combat cloud? We will cooperate with all countries that the French decide to work with. We will work on the interoperability of various fighter planes, but the challenge is to remain interoperable with European planes made in America such as the F-35. I mean, good luck to those doing that because that's a real challenge. Having said that, if there's a German fighter plane, good luck to the Germans. But if there's a French fighter plane, and the two fighter planes need to communicate. We'll work on that. On Sweden, I have no comment at this point. We're happy to work with countries wishing to work with us. 50-50 cooperation, to my mind, works better than three-way cooperation with only one I don't want to press the matter, but if things are evenly divided on vortex with OHB, we are not saying that we are co-developing. We're each doing one bit, and we work together hand in hand. And OHB, I believe, is a German company, so we don't have an issue with Germany, seen from my standpoint. No, no, we're expecting a French decision. Okay, good evening. My name is Marco Barna from Future Warfare magazine and about the combat aircraft. I believe the door remains open to partnerships with other countries. Now, would it be possible Would you consider non-European partners that are now good customers of Rafale's? Or is it your ambition to do things just in Europe? Well, it's hard for me to say. In a personal capacity, yes, I would say we could work with other partners. But I know that if you're working on a future... Thank you very much. It is for states and industrialists to decide whether they want to work together or not, whether you should be made, well, it doesn't matter whether you're made in EU or not, as far as I'm concerned, again. Do you have a taboo as to the number of partners? Because you see that too many cooks spoil the broth. No, no, I don't have taboos. I mean, we made requests with six countries, and that worked. But when we worked on Eurodrone, I didn't have five partners. That was Airbus, and then I was – One partner had five, six, and I had only one six, and that's no go. But if there are six parties and each gets one six, that's fine with me. Good afternoon, my name is Daniel Chrétien from Ericosmos. A question about the Vortex. Can you tell us what type of unit partner are you looking for and what kind of non-European partners have you got and at least what kind of talks are you having? Well, right now, we're working alone on Vortex D. For Vortex S, we are... Turning to the European Space Agency and so therefore we're seeking European partners and we do have partners in Germany, in Spain, so there are a number of countries and if others want to join, we're happy to take them on board because it is an ambitious project. And then alongside that, for the same concept, we're seeking partnerships with other countries. Sarah White from the Financial Times. I had a couple of questions, one on the F5. Can you clarify the role played by the United Arab Emirates? I believe there have been talks with EDGE. I don't know if there are other financial talks. I'm not quite clear whether they are involved in the project or not or whether this might happen And then I have another question about the future aircraft you've been discussing, well, that's being discussed with the French government. This very concept of future aircraft, is that concept changing over time? Is this going to take time as to the shape or the role of that aircraft in the future? What will be the features in terms of stealth or whatnot?

On the F5, it's certain that all the countries interested in the Rafale already possess Rafale are interested in the F5. They're requesting information from France to say, well, what are your plans for the F5? When we, Dassault, were studying the preliminary Thank you very much. There are a number of countries, including the Emirates, interested in what the F5 might be and perhaps interested in co... When we did the 2000-9 a while back, they co-funded the electronic pod. The Damocles was partly funded by the Emirates. On the future aircraft, well... Let me tell you, there's a time to hesitate, to look at the options, and then there's a time to decide. Those who decided to launch the Rafale 40 years ago at some point, did they know how we were going to wage war today? Definitely not. Since the fall of the wall, there was no need for aircraft, no need to wage war, no need for weapons. It was a bad thing to produce weapons if you listen to the European commissions. And then after the fall of the wall, there were tensions in Europe, a war in Europe, so we need to rearm and the Rafale is operated on the front. to reassure countries that with the challenging eastern border, they're in operation in the Middle East in order to reassure Gulf states that are in partnership with France. The Rafale is operational. We had to design an aircraft that could Thank you very much. Thank you very much. for 30 years, our friends with Safran, the F-5, a more powerful engine, and then the engine for the future combat aircraft. We have to go for it. We have to have the right metrics, the demonstrator that isn't the culminated product as it wasn't the case for the Rafale today, but it was a formula of a fighter aircraft that takes all the parameters with trade-offs between the size, some want... Thank you very much. Varied missions, nuclear deterrence and cross well-defended border with today's state of the art and anticipating what we see in conflict evolution. We need to build a demonstrator to see what we could do as an aviation company with 70, 75 years of experience. And then we'll see the systems. There'll be drones. I can guarantee you that the The combat aircraft will exist. Drones won't replace the combat aircraft that arrive with the combat aircraft. The complexity of battlefield means we'll need to have AI on board and on the ground in mission preparation and mission feedback to understand how there'll be collaborative combat, whether it's a cloud combat. I repeat, I don't know what cloud combat. We're already doing that. We've just done it with small drones. But in a squadron of Rafale today, there's collaborative combat. We have to extend it, more data. Well, those are metrics that we know. But now we must go for it. Otherwise, it's difficult to say what's the war going to be in 40 years. But if we ask ourselves that question, we do nothing. If we do nothing, we'll... have to undergo, suffer the U.S. developments. A few years back when we stopped working with the Germans and other countries and we ended up alone in France, there was quite a bold decision taken. But then 25% of the initial development of the Rafale was done by industry. Is that a possible avenue either for the development of the UCA or the future aircraft? It's a contractual matter. It doesn't call into question what I said. It's a contract. If we put 25%, 10%, 15% or more in a development, I just want that contractually I recover the money afterwards. And that was the wager done on self-funding of the Rafale. And it was my predecessor. So it's easy for me to say that this day said, well, 25% forget it you'll never get them and they won't be amortized so we stopped self-funding the 25%. All the contractual arrangements formula. I'm prepared to be very flexible in the contractual arrangement. But when you do a business plan in civilian, got marketing, I'm going to sell 200 aircraft over 20, 30 years. You produce them and then they're amortized and it works or it does difficult to say how many future combat aircraft we're going to. It's the state that decides. So I think the state has picked another way that is the fist will pay a fee every time we sell an aircraft on the export market. Why not? It's a parliamentary decision taken not so long ago. So we'll comply with that without any difficulty. Hi, Antoine, working at Zonboers. Just to ask you if there was still a plus in having a manned aircraft, what the human can bring by way of added value compared to AI drone. Has AI isn't mad? The human can be mad, and in this madness, he'll be capable of going beyond the limits, the intellectual. That's why in the fighter aircraft, the pilot's absolutely necessary. The need AI is going to calculate less fast than AI. If he needs an evasive menu, put an AI. What's the best evasive? Because the time it takes to calculate... He'll have been shot down, but he'll be a heart of the action. A heart of the action. He'll have his human brain with his reason, his fear, because there's anxiety when you're fighting, and his genius, his folly, but you could call it genius, such that he'll be superior, because he'll be less expected than he is. I really believe that in air combat, man will remain in the loop, might be shifted a bit with drones, with algorithms, but the human will, there will be a pilot in the aircraft. We ask a question for civilians, I would say quite rightly, it's the pilot who undermines the reliability, but sometimes the aircraft don't. Thank you very much. Thank you very much. You need a way of waking up one pilot if the other falls sick or has a heart attack over the Atlantic and the complex approach. You need two pilots. So increasingly there'll be automation. That automation, given the growing amount of data, there'll be algorithms AI algorithms, call them what you will, and automation. But they'll always be a pilot, perhaps not the one who's activating the controls. Not the pilot he thinks he's flying the aircraft, but it's the flight control system that flies it, that balances the safety, etc., for it to fly. So it's A real challenge of the man-machine interface in both in the civilian and military sphere. It's the human factor engineering, something that's important to work. We're working with universities with super order trying really what happens in the human brain to help the pilot to better decide, better alerts, more responsive, faster, but his intelligence remains in the loop. Thanks. Just an HR, human resources question, one on the Dassault model. To confront the increase in the production rate of the Rafale and the Falcon, if the sales trend continues, do you have to up your headcount and so by how many? And on the Dassault model, Correct me if we always dual model business aviation and combat aviation. If the Vortex system works, if it operates as that Dassault has three legs, the space, the third I like, but I don't have the production schedule of 2540 for the Vortex. So we'll wait a bit. I think it's more. Thank you very much. Thank you very much. Thank you very much. That won't really make a big difference. We're still continuing to hire. We plan to hire perhaps not at the same rate as the last two or three years. We're looking and there's manufacturing, engineering. So we're having a brief pause on recruitments. But if we need to hire, we'll recruit. But when you recruit, if you have a sudden drop in the workload, it's complicated. With Rafale at production rate four in the early 30s, if you go to one, it's challenging. You're not going to say, well, we'll let you go overnight. We don't do that in France. In the US, they do. So we have to juggle with that. But no taboos. Hello. Thanks. On business aviation, the Falcon you said earlier, the demand... is rising in Asia. What type of customers are there? For example, is your customer base, there are new billionaires created by the world of AI if there are new clients and a reaction to the decision on the, if it was only billionaires, well, we'd be out of business. The majority of our clients are companies that need to be Thank you very much. That makes up the bulk of our clients. It's the type in the U.S. It was general aviation, business aviation was born there with us to a certain extent. So our aircraft are for large American corporates that need to travel mostly in the U.S., a big country, and globally. Thank you very much. Business Chair, you can change your take-off time, you can change your meeting schedule once you have arrived, you can change the next destination quite flexibly with short trips or longer haul trips. It's a flexibility use. Thank you very much. No confidentiality in an aircraft. When you're speaking to your neighbor, the guy at the back of the aircraft hears everything and notes everything. So that's security. The business jet model will continue to develop. Billionaires, well, if there are billionaires who want to buy the Falcons, we're quite happy to sell them. There aren't many. and the decision by the... Well, we did that really because we were a bit dejected and rather... Thank you very much. The Commission is turning exclusively against its European companies. It's nothing new. It happens every day. So this disappointment allowed us to file a legal claim. There's discrimination between various types of aircraft and we won the case. This discrimination was recognized and we're returning to something more balanced between the various aircraft types, and we'll see the next decisions. Maybe the Commission will appeal, but I won't comment the decision. It's just the first stage, and it's not the final stage.

Well, if there are no further questions, wishing you a happy summer, a restful holidays. For those of you taking holidays, I will be taking holidays. I very much need them. Thank you all very much. We'll see you soon again.