Eiffage Sa Unsp/Adr

Good evening all, and welcome to this presentation of the half-year results of Eiffage. As you have seen in the opening, the project of the substation OSS Jasmine for the wind farm, wind dunker, and the Baltic Sea, implemented by consortium HSM Offshore Energy, Smulders and IV. The know-how of HSM and Smulders are very complimentary, and we have grabbed the opportunity to reacquire AI system offshore energy while we had already four projects in common and that the teams know each other well. This acquisition strengthened our presence as constructor of the market of substations very dynamic in Europe. Let's move to the highlights of the first half year. It went very well according to our expectations and confirms our outlook for 2025. As expected, organic growth goes on to contribute to the growth of the group, plus the external growth. As announced, the construction division, in spite of a downturn at the first quarter, is back to growth as of end of June. This half year signs again a very strong growth in Europe, outside of France, to a rate of 17.4%, 17.4%. Commercial activity remains important on all our business lines. Recovery plans in some countries in Europe, especially in Germany, will absolutely support and amplify the development of our activities. The strong multi-annual visibility acquired last year remains present, as illustrated by our order book, always at its highest, and which has been strengthened again. Construction site. The half-year was marked by intake of orders very diversified in size in all of our countries of operation. Good example of emblematic contract, the design-build project of Frontex headquarters in Poland. 69,000 square meters building that will welcome 2,000 employees. Project will there, on the expertise of DEFOR, Polish subsidiary of Goyer, who is working there for over 35 years in this country. The teams of Eiffage Aménagement were entrusted the implementation of eco-district of Pont des Gains in Breuillet, Ile-de-France, an ancient disused site of five hectares that will leave the place to a new borough with 450 housing units landscaped areas, shops, and economic activities. Eiffage Construction was entrusted a groupment and contract the design building of the Institute of Biology and Pathology of Bordeaux on the hospital of Pessac. The new institute with a surface of over 16,000 square meters will have labs, offices, and storage areas. Numéra, Global Specialist In drug delivery devices devoted to Eiffage construction, the implementation of its new production site, 7,000 square meters in Seine-Maritime. Heating, ventilation, air conditioning will be carried out by Eiffage Energy System. Eiffage Route was entrusted in Groupment, the contract of design and construction of the new urban circuit of F1 in Madrid, in Spain. The market comprehends the realization of temporary infrastructures as well as the refurbishing of the streets after each addition and creation of new roadways. Eiffel Genie Civile won the market of securing the 22 against the rockfalls by the construction of 300 meters of rockfall tunnels on several parts of the existing tunnel of Gurnelle in Haute-Savoie. Eiffage Energy System won the contract of modernization of the Dolin Tunnel on A43, linking Lyon to Chambéry. Projects comprise the replacement of switch poles for low voltage cables and ventilation system and implementation of predictive maintenance capacities. Works will be made at night, off-peak hours, for a minimal impact on traffic. In Spain, a federal energy system won the contract of construction of 250 MW Cabra powerhouses and 50 MW Olivar for an amount of 134 million euros. The turnkey project integrates the provision of main equipment, infrastructures of linking to high voltage as well as the services of exploitation and maintenance. Our Spanish teams also warm the maintenance of installation of climatization in airports of Malaga, Granada, Almeria, Seville, Jerez as to guarantee the efficiency of the systems. This project foresees also the maintenance of various infrastructures including high voltage, low voltage and auxiliary systems. AFASH Energy Systems also strengthens its position as leader In the health system in Spain, with the contract of maintenance of 130 centers of health of Mutua Universal, this contract increases also audits on all the centers in order to increase the energy efficiency of the establishments. X-ray systems maintenance has also been reconducted. Extended. As announced last week, a fashion energy system won several major contracts in Germany since the beginning of the year, consolidating its position of first-ranked player in the area of energy services. First half year, the auto intake in the country is at 950 million euros. Among the many contracts of first half year, ECOS won the market for the construction of high voltage lines, replacement of cables on 31 kilometers between Philipsburg and Karlsruhe. Globally speaking, from all of the businesses of the works of the group, the order book June 25 is growing by 4%, confirming its good visibility on medium and long term. Let's get to the activity. The revenues of the group is growth again at plus 8.4%, enjoying organic growth and also the support of external growth in 24, contributing to the strengthening of the European meshing, especially in Germany. In France, Eiffage Immobilier delivered a project grouping a four-star hotel, housing units, shops, parking. In Saint-Jean-de-Luz, the works were devoted to Eiffage Construction, a project within the project of revitalization of the city. In Belgium, Eiffage Construction delivered in the center of Brussels the new headquarters of the Belgian Television, a building of 38,000 square meters. for 18 studios, matching the technical acoustic energy challenges of the media, which is in full transformation. Still in Beijing, we laid the foundation stone of the new Headquarters of Defense, 4,000 employees, and it will be almost neutral in carbon. Ceremony was in presence of the Minister of Defense, here on the screen, for the kicking off of the works. The site opposing NATO will be operational in 2028. In Switzerland, Eiffage Construction delivered the Tivoli Garden project. 110,000 square meters of floor area, 445 housing units, 5 buildings, 2 towers of 19 floors, parking spaces, offices and commercial premises. On the road, the new factory LEA, inaugurated in July in Perreux, is making plant-based asphalt mixes to increase the decarbonization of the road industry. Production of binders and emulsions patented by the group was made in small quantities and now will be moving to the industrial scale. Since 2016, Eiffage Routes leads several experimentations on roads and motorways everywhere in France and has developed a whole range of plant-based asphalt mixes. Another illustration of the evolution of the businesses of the road, a demonstration, a full-size demonstration inspired by the concept of eco-acids. On the portion of the road to Saint-Nazaire, our teams implemented a 100% road which is permeable. In the case of heavy rain, the rain is stored in a reservoir before infiltrating the water table. This realization is a new generation of urban infrastructure combining technical performance, sustainability and adaptation to climate change. Civil engineering, our teams inaugurated a unit, a primary settling unit in Seine-Aval, the largest in Europe, enabling to process wastewater for 6 million inhabitants. In Montpellier, we made a cycle gallery, 400 meters long, with secure lanes to improve the urban mobility. This project, regulated by the Mont Blanc laws, will be totally transformed to soft mobilities, participating in the creation of a new regulation. In the framework of the renewal market of track equipment, our teams are being intervened on the LGV Atlantic and LGV Southeast Europeans. Works are made special at night as to preserve the traffic of TGVs in the day. Some equipment may be 220 meters long. On the project of APR-2 of Penley, the earthworks that have been launched at the beginning of the year now reached 1.2 million of cubic meter. The first third of the seawall at sea works started in March 25 are almost finalized. Over 2,200 grooved cubic concrete blocks, 20 tons each, are made now. 14,000 blocks will be prefabricated on site to implement the double shell that will recover the seawall to protect it from the swell. The two first phases of interconnection of Saint-Jean-de-Maurienne meeting the south part of the new train stations are now finished. Our client now can switch tracks and transfer the traffic on this platform so that we can restart, resume the work of construction of the northern part in September 26. This phasing enables to maintain an ongoing service during works. In Germany, the rail teams implemented works of renovation of the tracks on 11 kilometers of the tracks between Münchenberg and Reifel, an essential line to link the local population to the capital city, Berlin. And in Norway, the motorway project E18 reached 80% of progress. Access already made, tunnels are born. As you see, The deck of the cable-stayed bridge is being fabricated, manufactured right now. The second of the three pontoons of the future wind park in the Gulf of Lyon is assembled by Fage Metal in Fos-sur-Mer, 16 kilometers offshore. This will produce the consumption of a city of 50,000 inhabitants. The cathedral bridge has been commissioned beginning of last week. It's a new step of the Charles de Gaulle Express. This bridge, manufactured in Eiffage Metal in Lotteborg, is replacing a 100-year-old bridge. Goyer finalized the facades on the refurbishing of the former headquarters of ORTF in Paris. Teams finalized over 10,000 square meters of facades in aluminum blocks in the framework of the enlargement of the campus Phallus Helios at Vélizy, manufactured by Eiffage Construction. Our teams in Belgium are transforming the Antwerpen Bruges port in a smart space, implementing 100 sensors IoT and a new software structure to optimize the communication of the connected devices. Besides an efficient functioning operation of the port, sensors enabling energy monitoring, enabling also the management of waste and enabling fire detection. In Spain, we started installation of a new storage system with recycled batteries in the sun form of Almendralejo. In this framework, new batteries and used batteries coming from electric cars are used. In parallel, the challenge is to analyze the performance and the behavior of the recycled batteries compared to new batteries, contributing to the promotion and development of circular economy. Eiffage Construction, association with Goyer, Metem refers to the open tower at La Défense, built in 2002. It has been totally restructured and raised. The project was a requalification of this building, IGH, with a lateral extension on 26 levels and a hiding on three stores. In Marseille, the new jail of Beaumet has also been delivered. following four years of works by Eiffage Construction, Eiffage Genie Civile, and Eiffage Énergie Système. Market was about the demolition of the jail for men, as well as the design, construction, and development of a new jail on the same place. Data Center of the American group CloudHQ in Lys has been inaugurated June 25. with its future extension to become the largest data center in Europe. Construction and equipment of this building have been made by Eiffage Générale du Système and Eiffage Genicistele in two years and a half. The waste heat produced by this data center will be made available by Grand Paris Sud, who will develop a heating network to fuel 7,000 housing units in three months. Eiffage Construction finalized the transformation of the former headquarter of the newspaper Courrier Picard in Amiens, transforming it into 48 housing units of high standing. Ambitious projects meeting the iconic facades of Art Deco of this building. This operation was made by Eiffage Énergie Système in charge of the electricity for this project. Eiffage Génie Civil, Eiffage Métal and Eiffage Énergie Système contributed the Barracuda program with the implementation of welcoming infrastructure and all the electrical infrastructure for conversion of energy for the power of the submarines. On screen, the inauguration of July 4 by the Minister of the Army on the naval base of Toulon, which will be for the maintenance of Barracuda type nuclear attack submarines. It was an occasion to commemorate the the commissioning of the submarine to reveal. In the UK, on HS2, the teams of Eiffel Génie Civil have finalized installation of the 16 prefabricated beams of the Goddington of 94 meters. It was a challenge since those 20 meters beams, 30 tons, were brought from Ireland and needed the use of a 600 ton crane. Beyond this organic growth, we have continued our development, external development. During the first half year 2005, we acquired six companies, all active in energy services. As alluded to in the opening of my speech, we have finalized the acquisition of HSM Offshore Energy in the Netherlands, provider of integrated solution of engineering, construction, installation, especially in the electrical systems, mechanical systems for the wind farms, offshore wind farms. This company specializes in the specific structures for emerging markets as the capture and storage of carbon and the production of hydrogen. In the area of Rotterdam, this company generates a revenue of 300 million euros and employs 140 people. By the acquisition of HSM, we have also the jacket and substation of the wind farm East Anglia II in the Northern Sea for €260 million by Smulders. On the same field, Smulders have been retained in 1924 for the manufacturing of 64 pieces of transition for an amount of €150 million. The five other acquisitions contribute to strengthen our meshing in Europe in the energy service. In Germany, after the major acquisitions of Salvia and ECOS, we carry on our acquisition with the companies IFT and ESACOM, representing 35 million of revenues and 100 employees. We just concluded three acquisitions in Spain, enabling a fresh energy system to strengthen its territorial coverage and its expertise. Society CVS specialized in the refrigeration solution as well in detection and fire protection. 60 million euro and 300 employees. M3I and Immorteknia so as to have a national coverage on the centralized management of buildings. 15 million of sales and 100 employees. Major implementation of energy effect system in Europe, Spain had over 5,000 employees in 24 for a sales of 1.1 billion euro. As said in the annual results, the dynamic of the various markets in the different businesses and the external growth enabling the speeding up of the European mission is modifying in time the relative weight of the various businesses of the group with the branch energy system representing now 38% of the global activity. Beside the major trends in February 26th, the Europeanization of the business of the group, 17% of growth in Europe outside of France by organic growth parts of market share and external growth, the group has now 42% of its activity outside of France, as compared to 31% four years ago. Concession side. Preparation works of motorway A412 are carrying on to finalize the regulations to get the aforementioned regulation. The winning by tender of the new headquarters of the Porte Marseille Force is illustrating again the capacity of the group to mobilize all of its business lines to secure new assets. Eiffage Concession signed on 24 July 25 the partnership contract for the financing, the design, construction and maintenance of this new headquarters. Projects has also a real estate ambitious operation valuing the adjacent land. Those two operations represent 120 million of worth that will mobilize all of the businesses of the group. Upon delivery in 2030, the project will integrate buildings of offices, a museum, auditorium, shops and restaurants on over 17,000 square meters. No vain is continuing its strong traction, operational traction, and its capacity to deploying its project of construction, renovation, and real estate management. 1,000 housing units and building renovation have already been delivered end of July 25. More than 100 projects are underway in all of France. Concession-wise, motorways, traffics are robust on the vast majority of our concession, especially APRR, with a progression of 2.2%. To be noticed, the ramping up, always dynamic on Aliae, with a growth of traffic of 11.7%. Our motorway networks are welcoming more and more electric cars. We have a very dense network of charging stations high power of 100% of our areas. To meet the demand, the number of charging stations increased by 50% between July 24 and July 24, and the unavailable theory, which was very weak, has been at the same time divided by two. To participate in the development of sustainable mobilities, we support also the collectivities and the development of multi-modal areas by co-financing areas of carpooling, We inaugurated last April the area of Chevilly-Saint-Sauveur near Dijon in presence of the cabinet minister François Rebsamen. It's already today over 6,000 parking spaces on 78 parkings of carpooling on our network. Summer period is always a source of very great activity on our networks, especially on our areas, where our teams are mobilizing from the patrol people to the manager to welcome passengers as best as can be for our clients to make for them to take a break, which is something paramount for the safety of everybody. Over 100 Red Vests mobilized employees in our concessions to support our customers. After the highlights of our businesses, let's not forget the challenges which are of concern to everybody. Our capacity to attract, promote, and gain loyalty, more and more talents to support the development of the group. Over the four past years, our workforce moved from 73,500 to 84,400 employees, 15% increase. Also, our capacity to roll out the carbon strategy, climate strategy of the group, bearing on three pillars, reduction of our greenhouse gas effects, preservation of resources via promotion of circular economy and concrete actions in favor of preservation of biodiversity. The CDP climate ranked us end of 24 to A minus recognition of our commitments and our efforts. To push this in our value chain in the ecosystem of the building The group had the initiative of Blue Arm, the first marketplace, putting on the same level technical data, financial data, and carbon data of a product, so that each and every buyer can be able, in real time, to integrate the carbon data in their acquisition. This marketplace has already over 40,000 references. We just released the sixth edition of our climate report, ID card of our commitment for ecological transition illustrating our determination to inscribe the environmental strategy at the core of the businesses of the group. After this 360 of our highlights, let's get back to the major figures of the half-year. Sales growth of 7.5% compared to the same period of 24%. Differences of dynamic, given the businesses, but all of our business lines are back to growth. As expected, organic growth is sustained and external growth in the branch energy system significant. In the concessions, the motorway traffic is robust. A operational performance which is solid with an operating profit an increase in works and in concession and a net result which is increasing impacted by the exceptional contribution to corporate tax in France a significant decrease of debt by 700 million of euros in spite of external growth and the order book again up again to 29.5 billion euros so 4% increase over a year. Those elements confirm our perspective for 2025. An increase of activity and of current operating profit in the concessions and in works, especially supported by a new improvement of the profitability of a fast energy system. A fast energy system will have an activity close to 8 billion euros and an operating profit margin reaching 6%. Net path group result will be an increase as to tax constant and after a exceptional contribution to the corporate income tax in France. Our businesses remain well-oriented. Our visibility is strong. All this delivers confidence to maintain the strategic direction we set in spite of the geopolitical turbulences or the political instability amplified again in the past couple of days. Thank you for your attention. I invite Christian Casser to give you the explanation of our financial elements.

Good evening everyone. Let's go into the details of these figures, revenue was up significantly at 7.5%, so including 4.3% organic growth. These growth rates are similar to those of last year. The geographic mix is unchanged. Limited growth in France, but strong momentum in Europe outside France, and you can see on the chart that we're looking at 15% to 20% annual growth Over the past five years, because of targeted acquisitions and strong organic momentum, 6% to 10% per year on our European subsidiary, on this half year, we have a 70.4% growth in Europe outside France, including 6.7%. In the works business, organic growth stood at 4.5%, and this is because we are well positioned on very promising markets such as transportation infrastructure, nuclear energy. electricity, transmission, renewable energy, wind power and solar plants, and of course strong positions in Spain and Germany, and in line with our investment policies, as Bruno Theret just said. And so 42% of works businesses outside France compared to 30% in 2021. profit from ordinary activities was slightly up 9 million this is limited in spite of the good performance and this is because we have a much higher expense for the employee share holding plan an additional 60 million in 2024 including 51 million in the holding company and 9 million in the concessions and so this is because The share price went up significantly during the period where employees could subscribe to the employee shareholding plan, and so this is completed, and all that amount was recognized on H1. Other than that, we have a 20 basis point growth in the works business, and so profit from ordinary activities was up 34 million, up 16.4%. where revenue was up 8.4% and a slight decline in concession. Then again, that's because of the shareholding plan recognition under IFRS 2. The construction business revenue was stable over the half year. The first quarter was significantly down, but the second quarter was up, plus 4.4%. New buildings, both residential and service property, commercial property, remained deteriorated compensated by renovation, especially energy renovation, public amenities and of course the gearing up of the NOVE contract. Property development was down more than 24% and in this context you can see that our profit margin was pretty resilient at 2.4% because of a very selective policy in picking new businesses but also being very careful to keep our SG&A under control in a very agile mode and so that means that our margins remain up in the building industry, not just in France, also in Belgium Fine performance over time, and that good performance of the profit margins in the works business is quintessential because property only generates 11 million in profits for ordinary activities compared to 24 million in 2024 for the half year. But still, that's a 5%. profit margin in the property business. And finally, our order book was pretty good, upwards of $5 billion, and that doesn't include the two new deals that you have on the slide that were very recently added. We published a reference guide on water and marine environments, and we just published this. We have specific applications. All our businesses are implementing this. That shows our ability to address the water shortages. Here you have the Combe project in Antibes-Juan-les-Pins. FH Aménagement d'Asparte V, Partnership Urban Development Project, is implementing integrated water management principles. to limit soil sealing, having expansion zones for natural floods, and recovering and storing rainwater and grey water. In the infrastructure business, we have sustained growth in France, inspired of a lower volume in metal. Eiffage Genicil was up 11.3% because of big operations. The Métro in Toulouse, the Lyon-Turin tunnel, motorway tunnel, and work in preparation within Penly and of course the gearing up of the 15 Est metro line. Eiffage Route in France had a growth of 2.5% in revenue compared to plus 0.7% in 2024 and internationally Eiffage Genie civil grew 8.9% with big infrastructure projects, the high speed lines HS2, the motorway in Norway and our German subsidiaries going up more than 6% still internationally for Eiffage Metall significant growth in revenue up 25% on wind project but also because of its German subsidiary SEH we don't mention it much but it works on metal bridges and heavy structures industrial structures renovation HSM has been integrated into our account since the 1st of June. So the growth in metal, which is stronger than the rest of that business line, so this business is less seasonal, and that has improved the profit margin, which stands at minus 0.2%, but as usual, we remind you that this is not... representative of the performance for the year as a whole. Éco-Aziz. Benoît de Ruffray mentioned that again. This is about district cooling and reducing the environmental impact of public facilities. On the picture, you have an operation in Belleville-en-Beaujolais, where buffer storage of about 500 cubic meters was built under the road. And this is a reservoir for vegetation that was planted along the road. and you also have water coming from the local drain pipes. Revenue from Eiffage energy system remained pretty dynamic, even though there was a slight decline in organic growth to 3.2%. In France, revenue was up 3.2%, so 2.7% in organic terms, and so it is outside France that we generated growth. on well-designed, well-targeted European markets, Spain and Germany in particular, with the acquisitions of the IFT this year and of course at the end of 2024. These two big markets are the main markets of that business line outside France and we have a critical mass upwards of one billion in revenue in both countries and we will be building on these positions. Operating profit margin keeps going up in France in spite of lower growth around the world, but our order book has been growing as well to 8.7 billion, especially in two countries I mentioned, up 700 million euros over one year in five months since the beginning of the year. Energy system has a new offer of diagnosis and detection of leaks in France. faucets without stopping operations. It uses high-frequency ultrasound mechanisms that can sense acoustic waves from the equipment. In concession, we find all our assets consolidated, not including Gettling. On the left-hand side, you have the end of the concession year and the holding rate. We have about 400 million euros in revenue in businesses not including APRR and RER. These are young concessions, so they are still a long way to go, and they are gearing up. You can see A79 is a case in point, where traffic was up 11.7%. One point, you have lower revenue for Nové. That may seem surprising, but this is part of the plan. This is because of... vacancies during work projects, and of course work projects have been growing up and so there are more vacancies. On APRR, traffic remained robust at plus 2.2%, including 2.6% on light vehicles. Of course, the comparison basis was favorable. There's a slight decline in the EBITDA margin. That's simply because of the additional charge under IFRS 2, the shareholding panel told you about, and that was a decline of 50 basis points for the half year, but that will be less over the year because the entire expense was recognized for this first half year. You may remember that the lower performance in 2024 was because of the tax on motorways And that amounted to 61 million euros for this half year. And we refinanced at the beginning of the year for the five-year period with the possible extension of banking credit lines of FRI and APRR. And we also issued a bond in May of 500 million euros, the rate being 2.875%. Regarding our other assets outside the APR network, we have the EBITDA margins, about 80% on motorways in France, with the exception of ALIA, and that margin is diluted by the service areas that we have there. On the right-hand side, we have the contributions of concessions and PPPs to the current operating profit for ordinary activities. as well as goodwill amortization. In 2029 and 2022, over 35 kilometers along motorways, we built multifunction water basins worth 50 million euros. So this is to manage surplus water when there are heavy rains. They also depollute water on a daily basis. and prevent accidental pollution. They're compulsory on new motorways, where we decided to have them also on all the sections of the APRA motorways with catching up work. A few words about Gettling that was consolidated on the equity basis since April 2023. On the right-hand side, you have the key figures at 100%. Gatling's contribution to net profit in the H1 is 31 million. You have three parts in that. Our quota of 130 million stood at 23 million. A leftover or residual quota for 2024, 15 million. And, of course, we have Goodwill amortization, a charge of 7 million euros. So that gives you the details of Gatling. revenue and current operating profit. On the other items, you have other expenses and other income and expenses, non-current, 24 million euros compared to 18 million last year. This is a net charge, but it was 28 million two years ago, so there's some volatility there. The net financial debt The net cost of financial debt is under control, down 5 million euros, but the new bonds for APR have been issued at higher rates than the previous ones, but the net debt is coming down. And then, of course, the key item in the whole story is the additional tax burden, up 50% to 353 million. That's because of the special corporate income tax tax. additional tax for big companies in France and this is of course over-represented in the half year because most of this is recognized upwards of 70% in the first half, 135 million euro. Its effect on the net profit group share is 83 million having taken into account the quotas from minority interests including APRs. So the net profit group share stands at 308 million. It would be up had the tax basis been unchanged. If you look at the net debt bridge, you have all the figures there. EBITDA was up 90 million, including the 60 million additional charge I mentioned. Dividends from companies on an equity basis, 72 million, mostly Getlink, of course. The seasonal variation at WCR is higher this year, 892 million. But for five years running, we actually had a surplus of 8.8 billion in cash, especially coming from works. And so after taxes and interest, we have operational difficulties. Cash flow is standing at 451 million in green, down there for 100 million. Then in red you have capex, higher in works and concessions. You're talking about development capex for new assets, and these have been growing. You have Novi, you have York Harbors, you have the A412, rather than renewal capex. So all in all, we're talking about 542 million in capex, and so the free cash flow is slightly negative, 91 million. You have the double effect of growth capex for consentions and higher seasonal variations of WCR. You have to keep in mind that cash per generation is structurally low in H1. Sometimes it's negative because of the seasonality of most of our construction and works. Businesses, external growth stood at 23 million euros, and these are the acquisitions of HSM and IFC. You might think this is not much, but that's because it includes, as a trade-off of CapEx, you have cash coming from these companies to the tune of 180 million euros. It's mostly negative WCR, so the cash generating WCR from these companies. And so the 23 million is 205 million euros for the acquisition per se, and 182 million of cash generated by these companies. And then in blue you have dividends, you have treasury shares, you have dividends paid by APR to its minority shareholders, and the dividends that we at Fage have been paid to our shareholders, 452 million euros, and so you end up with a debt of 9.9 billion down 700 million over one year. Of course, this was made possible even though we had significant capital expenditure. You may remember that in H2, 224, we acquired ECOS and then we had acquisitions this year. On the right-hand side, you have the debt, $9.9 billion. The debt is down $700 million. You have a decline in $170 million in non-recourse debt. That's in black. And then the cash available to the holding company and in the works businesses, $578 million. This is net cash. The gross cash managed at the holding company is $2.5 billion. And so at the low point in cash flows in the year, we have sufficient cash. to continue to develop our activities. On the order book, a few words were already mentioned by Benoit. The order book is up again. You have to keep in mind that even without major new orders, we've been renewing our order book in our legacy business with, of course, differences from one business to the other. You can see this on the right-hand side. That reflects variations on the market. Right then, that's an overview of the position. Thank you for your attention.

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