Eiffage Sa Unsp/Adr

Bonjour à toutes et à tous et bienvenue à cette présentation des comptes semestriels du Groupe Eiffage. Vous avez pu voir en ouverture une rétrospective de l'ensemble des travaux déjà exécutés sur les EPR2 de Pontlis, qui mobilisent de nombreux savoir-faire du Groupe et plus de 1200 collaborateurs.

Comme évoqué en février 2026, le Groupe a... As said in February 2006, the Group has a strategy which is affirmed born by the long-term trends. Sovereignty of energy, development of new mobilities, necessary adaptation to the climate change facing extreme events that go on one after the other and extend on the whole European territory. Those trends will need investments, public as well as private, Remaining powerful drivers for growth in the medium and long term for our group. Let's move to the highlights of the first half year. It's characterized by results and increasing outcome as expected. In the works, operational performance is solid and visibility remains very good, with an order book, again, In the concessions, performance is impacted by the decrease of the motorway traffic of the LVs, given the persistence of the oil price, which is a direct consequence of the Middle East conflict. These results enable us to confirm the perspectives of the increase of activity and results for the group. The construction line is back to growth. Commercial activity remained dynamic with some very beautiful operations. You can here see the contract attributed by RTE to the team's Thank you very much. At Mantes-la-Jolie, our team secured a new contract and design-built for the construction of a gendarmerie and 58 housing units with an approach allowing environmental performance and quality of use. Eiffage Construction supports the transformation of the campus of EDEC Business School, Nouveau Bay. with a new contract of energy renovation of the building and the construction of an extension for a modernized learning center with better environmental performances. Operation led an occupied site within a campus welcoming over 4,500 students. In the infrastructures, FA Génie Civile has a stable activity in France and remains supported by major projects. Effage Route sees its activity contracting by 5%, impacted mainly by the decrease of public order from the local authorities, which is not offset by private order which remains still growing, neither with the participation in some major project of the group. Effage Métal France is in strong growth thanks to the wind farm projects for RTE and direct or through the projects of Atlantic. You can see on the screen the contract devoted to Effagenie Civile by SNCF Réseau for the construction of bridges of the line Amiens-Lens on the canal Seine-North Europe, a bridge of 908 meters and a viaduct of 77 meters span. Effage Métal and Effage Rail are also intervening. on this project. After a recent collaboration led in success on the Hinkley Point C in the UK, a phage metal signed with Arabelle Solutions, subsidiary of EDF, a long-term partnership, 12 years, for the manufacturing in Lauterburg components for heat exchangers for nuclear plants in France and Europe. This partnership consolidates the position of Fifage Métal as a historical player and equipment provider of first line in the nuclear sector. It is on the location of Lauterbourg that is prepared the manufacture of metallic elements of structure for the EPR-2 in Pan-Ly. The energy system branch has an activity in slight growth in France thanks to a second queue More dynamic than the first. The CNES and ESA devoted to a French consortium, Franco-German, under the aegis of Eiffage-Nerdy-Systeme, the implementation of a new sand farm on the spatial port, European, enabling the production of hydrogen, low carbon hydrogen, for Ariane 6. At the same time, Eiffage-Route is revamping ways and roads for the heavy duty road for the launching pad. The Eiffage Énergie System has been selected by Campus AI for the implementation of the electrical substation high-voltage infrastructures for its campus Foujus for €120 million. Eiffage Génie Civile and Eiffage Route are also mobilized. This starts the project in its operational phase. As during the past, the group leverages also its compactness to make the difference, mobilizing its different expertise as to win multi-lens of business contracts. Eiffage Construction has been appointed lead contractor of a group of design-build with Eiffage Route and Eiffage Énergie Système for the building of a cultural center and green public spaces at the center of Crève-Cœur-le-Grand. And finally, Eiffage Construction has been selected for the implementation of the first stage of the convergence project in Angers, a building of 38,400 square meters. Eiffage Energy System has been awarded a contract for high and low voltage and the City of Paris, the Bank of the Territories and the Groupement d'Alkia et Fascia Ratipi Solutions have signed the Articles of Incorporation of the Single Purpose PPP, holder of the heating concession contract for Greater Paris, CEMOP, created for the execution of this contract, will make sure that the public service will be continued for a duration of 25 years. It will be in charge of the operation, modernization, and decolonization of the heating system of Paris. Urban infrastructure was a major one at the city level, which is supplying above one million people in Paris and in the surrounding municipalities. The first half year has also been highlighted by many deliveries. Eiffage Immobilier has delivered a turnkey project on Campus du Parc, enabling to offer a second life to the old architectural school of Nanterre, an iconic building of the 70s. Besides the renovation of the building, the project encompassed the building of three new buildings. Our teams also delivered the Marché Saint-Honoré, A renovation of high technicity of a real estate of 18,000 sqm. The operation carried out by Fasch Construction was highlighted by a dense urban environment partially occupied. Facade builder Goyer and Fasch Metal also took part in this project. We also started a new project as the adaptable high-service-intensity residence of 319 housing units in Dieppe. A real estate program thought to be evolved after the departure of the workers of the project of EPR2 to welcome tenants of the housing provided by Logeau Seine. It's one of the three operations supported by Effage Immobilier to support Effage Operation and EPR2 in Pont-Ly, enabling to provide 1,300 housing units. Eiffage Construction also started the works of Campus Université Grand Paris Nord. On over 77,000 square meters, the project encompasses four buildings devoted to teaching, research, lecture halls, and a convention center. It leverages also the electric works for energy system and the first system for the operation and maintenance for 12 years. On the roads, it's in an urban environment that our teams are leveraging their expertise by implementing a double landscape cycle path of 2.6 kilometers at Oulin-Pierre-Bénit. It's the longest section of this cycle path. Eiffage Route inaugurated the project of renovation of the site of the Pointe du Hoc over Omaha Beach, aimed at improving the conditions of welcome of the public and matching the threats of erosion. The works included the widening of the parking, the security of the cycle path, modification of the welcome building, and the redesigning of the visitor's circuit with our bio-clad natural surface. After having dug over 2.5 kilometers, one of the two laborers was transferred in April to start the digging of over two kilometers, a logistic, complex, impressive thing with the transportation on three kilometers of the cutting disk of over 150 tons. On the works of Penley has moved on this summer with many important steps. The junction with the new embankment has become a reality with over 8,100 blocks of concrete delivered. This link will enable us to finalize the platforms worn over the war, freeing spaces which are important for the project to come. We have also implemented two million square cubic meters of earthworks and got the first block of factory on its concrete. The teams of Effage Rai finalized the works of replacement of the trucks on LGV North in the Avelin. This project led on behalf of SNCF Réseau are an important part, an important stage in the modernization of the network. Effage Métal finalized also works on modernization of a pipe circuit as well as dismantling of installation and thermal isolation of new lines of a food processing plant. Eiffage Energy System and Eiffage Génie Civile implemented a double link, underground link, of 320 kilovolts over 40 kilometers in the north of Brittany in the framework of a work of electric interconnection between France and Ireland. Eiffage Connection and Eiffage Synergy System finalized the construction of a new Court of Justice in Lille, a building of 24,000 square meters meeting a specification which is very demanding. Fassades and Concrete in Color. The delivery integrations are moving one after the other on the Novi project for the Ministry of the Armies and its planned ambition families. The company is at its operational peak with an average of 150 projects worked on simultaneously, and Novi delivered over 1,500 housing units For my part, I took part in the inauguration of the Barracks in Versailles for over 100 renovated housing units. After this vision of this order book and activity in France, let's move to the European part. As anticipated, the growth of activity is less important than in 2025, but it remains very dynamic with over 8% of real growth in Europe outside of France, 4.7% in organic growth. Development of the Group, as alluded in February, remains supported by its exposure to great trends of electrification, digitization, and sovereignty, but also to its exposure to the trend of our markets in Germany, Spain, and in the Netherlands. Commercial activity remained very dynamic in our implantation countries. In Poland, Eiffage Immobilier will transform the most ancient depot of trams in Poznań, implemented over 130 years ago. The space will be renovated and re-qualified, including the building of two residential buildings of 230 housing units and the renovation of the main building of the depot, as well as the historic buildings. In Wroclaw, we will implement for the past two years one of the major residential projects ever implemented in Poland, which has signed the last stage. It's a real estate program of three buildings erected on a former train site location on the banks of the Odera, offering 500 housing units for rental. In Germany, The local teams of Eiffage-Génie Civil will implement for the account of the city of Nuremberg the replacement of two bridges as well as the access roads, a market of 95 million euros for Eiffage. The new roads coupled with cycle and pedestrian paths are within the relaunching, the restart of the renovations of the German infrastructure. In Germany, our Belgian subsidiary Smulders won a contract in a joint venture, the contract for the construction of a conversion station of DC to be linked with NSC2 as of end of 2034. The contract encompasses the design of the system, the delivery of the pieces, the construction, the implementation, Sea and Land, as well as its commissioning. Negotiations are underway for a second project of a similar size. In the Netherlands, a fashion medal has been attributed to the contract for the construction of two construction in metal construction, an arched one of 260 meters long and a mobile work of 53 meters for the new bridge of Merwede. Lemmens is in charge of engineering, manufacturing, delivery, and installation of both structures. In Spain, Eiffage Energia Sistemas has secured the contract for the construction of the first center of data annex and data centers in Valencia, implementing mechanical installation, low and high voltage systems, as well as a system of voice and data. Still in Valencia, FH Energia Sistemas has been awarded by the Municipal Company of Transport the contract for the electrification of the bus depots. 24 points of charging for the electric buses, a smart system of energy management and adaptation of infrastructures to meet the growth of the fleet. Activity size, as I've been saying, With 8%, growth in Europe outside of France remains very sustained. In Warsaw, we go on the heavy renovation of an iconic building of modernism after war, transformed in a noble hotel, 100 luxury rooms, 80 private residences, and cultural spaces close to the historic old city. In Spain, the inauguration of the future circuit of Formula One Madring has taken place in June, three months before the first Grand Prix in mid-September. As you see here, this has been implemented. Our teams also implemented in a record time the building specific to the sports events all along the booths. In the province of Toledo, FH Energia Systemas is finalizing the works of the The processing of the station of Los Yebenes implemented in joint venture with the Fasch Construction. This project will replace an obsolete installation to enable the water renovation of the use for the population of 16,000 inhabitants. In Belgium, the project of the train station of Vatinise has officially started that will modernize the most frequented The train station of Wallonia, which is inadapted to the needs today. In this framework, a façade construction will intervene in the total destruction of the station as well as its rebuilding and as well as the surroundings. On the motorway A3, the 76 km six-ways driven by Façade Concession and implemented by our teams of Façade Unisivile have been officially opened to the circulator traffic on August 3rd. in presence of the cabinet ministers. With a total cost of €2.8 billion for the extension, operation and maintenance over 30 years, the project of PPP is currently the greatest project of this type in Germany. In Monte Carlo, Monaco, in the framework of the construction of the hospital Princess Grace, FH Energy System was in charge of the five principal phases of the technical part of Phase 1, commissioned end of June. The turnkey has been made in presence of Prince Albert II in mid-July. First patients will be welcomed in January 27. Beyond the organic growth, we have made also five external growths since January. They take part either in the strengthening of the territorial mesh or to the strengthening of our specialties and expertise. Hand und Werk, specialized in data centers, offers a turnkey offer going from the design building of the technical construction of buildings to the maintenance. 200 employees hand and work implemented a sales of 85 million euros in 25. Klaus Heinemann Elektroanlagen, 300 employees, enjoys a long experience in the design, installation and maintenance of electrical systems for customers from the tertiary, industrial and public sector. This acquisition enables to our Salvia subsidiary to widen its expertise and to strengthen its position on the market in the south of Germany. Finally, entities of work of the Baatz Group, a family company created in 1938 For 170 employees, implementing in 2025 a sales to the tune of €150 million, this acquisition enables Eiffage Construction to strengthen and complete its know-how to become a first-line player of the construction and real estate in Luxembourg, with a new group of over 750 employees and sales of over €200 million. And in the concessions, We have strengthened our position as first shareholder of Getlink with 29.4% of the capital following the acquisition of 1.74% of the capital in March for an amount of 167 million euro. It's our fifth acquisition since 2018. Our participation in Getlink is a masterpiece, among others, in the renewal of the portfolio of concessions of the Group since Getlink is a concessionaire of the tunnel under the channel until 2086. The Group goes on an export note on some projects mobilizing its specialties. Contribution to these activities is, as foreseen, weaker than last year. Direct outcome of the end of some major project. Eiffage Energy System is building four solar farms and they're linked to the NOR Atlas in Morocco with a total power of 225 megawatts. It will also be in charge of the operation and maintenance for seven years. We're also in Benin, where we implement the extension of the site of Ilulofen, with two new powerhouses of 25 megawatts each. This extension brings this capacity to 75 megawatts. That will be one of the major solar farms of the country. In Norway, Effergenie Civile and Efferge Metal, implemented the first part of the motorway E18 including the viaduct of Greenland that you see on screen. A major step on the strategic axis between Oslo and Kristiansand. And in the UK, we have crossed a major step on the high-speed line HS2 with the implementation of the last of the more 5,000 Concrete segments making the main structure of the tunnel chipping water. Tunnel of 2.5 kilometers within a trench, then recovered by earth, contributing to a better integration of the high-speed line in the landscape, as well as the reduction of the nuisance for the inhabitants, sound nuisance, noise. In the airports, the traffic is in a slight growth. The half-year has been highlighted by the implementation of the new contract of economic regulation of the airport of Toulouse for the period May 26, December 2030, an important step giving economic visibility over this period of time. And quite recently, we received the confirmation by the opening by United Airlines of a daily line with Washington as of April 27. In the motorway concessions, the traffic of light vehicles is globally in decrease, given the persistence of high fuel prices. Compared to the first half year 25, traffic has decreased by 2.5% with APRR. Until the beginning of the conflict in the Middle East, traffic was in decrease of 0.8% and of 3.3% between March and June 26. To be noticed, A good traffic HGV increased by 2.4% on the first half year. This summer, our teams inaugurated the A480 Rondeau area and showed the widening of the motorway on 7.5 km while maintaining the traffic of over 100,000 cars per day. With an investment of 300 million euros financed by the Society, which is a concession, this operation proves the capacity of the concession model to deliver projects of collective interest within the territories, matching the stakes of mobility, quality of life, and ecological environmental transition. It's one of the most important projects implemented in the past years on the conceded network. Already pioneered with 100% of service areas with charging, quick charge posts, APR on area goes on with the development of infrastructure of charging posts on the network. Two partnerships have been signed. An agreement with ALEGO that is foreseeing the equipment of 31 rest areas and five more service areas as of 27. and in partnership with Milan's inauguration this summer of a new charging area for HGVs in Gevrey-Chambertin on the A31, aiming at the growth of the uses. Fully offers in France and Europe solutions to simplify the moves on the motorways, like the batch of eTOL recharging cars for electric cars and Stations at reduced prices. The semester has been the deployment of fully on four new areas on the Epiria and the new area of Champs d'Amour on the motorway A20. After this 360 of our activities, some highlights of our carbon strategy. Improvement of our notation extra-financial by the stakeholders ECOVADIS and MSCI, validating the robustness of our action plans on the pillars carbon, climate, biodiversity, circular economy, health, security, and governance. In terms of environmental strategy, we have published a new release of our climate report that is putting in value our engagement for the transition of ecology and illustrating our determination to illustrate the climatic change in the evolution of our businesses. Decarbonization is a human challenge that is engaging our 90,000 employees. We implemented a global dynamic of training to the environmental challenges so that our employees will take ownership of the environmental strategy of the group and be able to use it on a daily base. Let's get to the major figures of this semester. Sales increased to the tune of 2.3% and operational result increasing to €20 million compared to the first half-year, 25. A solid performance in works construction with sales increasing by 2.8%, 4.8% in the second quarter and an improvement of 20 base points of the operational margin. Performances of the concessions impacted by the decrease of the traffic of the LVs. Net result, group part, is increasing by over 12%. Free cash flow, which was structurally weak in the first half year, is at the same level as in 2025. Net debt decreases over the 12 months by over 500 million euro after 1 billion euro investments of external growth. Finally, visibility of the Group is comforted by an order book growing by 7% on the year to up to 31.5 billion euro, progressing on all of its lines of business. As of the Perspectives 26, In the concession, the ongoing conflict in the Middle East triggered a decrease of traffic of the light vehicles that has been noticed during the semester and during the summer. We foresee sales and an operational result slightly decreasing compared to 25. In works, The solid performance recorded in the first half year, and noticeably during the second quarter, leads us to foresee a figure slightly increasing for infrastructure and construction, and a more sustained growth at FH Energy Systems, but at a lesser level than in 2025. After this solid first half year, we are confident and we confirm our global perspectives for 2026 of increase of activity, of the provisional result, and of the net result. Thank you for your attention, and I invite Christian Cassayre to give some detailed explanation of our financial elements.

Good evening, everyone. So I'll continue the presentation here with the figures more in detail. The group's activity, you can see, has grown by 2.3% in the first half, so 1.1% being organic growth. In the contracting, remember, the first quarter was a bit flat and the second was much more sustained at 4.8% growth. So second quarter, the 2.8% total over the half year then. So in concessions, we see an opposite dynamic with net drop in auto traffic as of March due to the conflict in the Middle East. And so we see a slow organic growth by 0.5%, negative 0.4% following the disposal of Nove. So we'll see in a few minutes If we look at geographic zones here from the right there with the past five years you can see strong dynamic our European markets outside of France plus eight percent limited more limited growth yet still positive in France at plus 2.2 percent so in total and our target European market France and outside of France you can see that in the gray column we have 4.5 percent growth Outside of Europe, we can see a bit of a slowdown and that was at the ending of many infrastructure projects of a large size and an increase in external growth. So note that the figures for 2025 here, they've been retreated, readjusted with Goyer coming out of that. A facade company that was previously in infrastructure is now part of the construction, the off-site IFES construction sections. All the history that you have over the past five years has been readjusted. Now, as regards to results, aside from the allocation of Goya being in the correct branch, now the data for the first half take into account the revisions of provisions of effort 12, 31st of December, 2025. You have the details in the annexes, but a small impact. You have the note there on the bottom of the slide. So operating results, recurring operating, we have $28 million plus 11.6%. at 2.8%, with the consequence there being an increase of 20 basis points in margins for contracting. As regards concessions, the drop is mainly due to the increase in amortization costs, which were not offset by traffic dynamic. Globally operating results increasing by 20 million euros. If we look at this per branch, and if there's a construction, you can see a return of activity of 5%, first quarter, second quarter, mostly contracting plus fee, 0.1%, and real estate or property at 11.7%. You can see in blue, The comparison basis is favorable looking at the activity for 2024 and 2025, and that was particularly true in real estate. In contracting, growth is carried by the ratcheting up of our NOVE contract. which then is lessening then towards the end of the half of this year so renovation residential and tertiary and energy efficiency in buildings some major operations are also increasing their pace operational margins are stable at 3.5 percent real estate contributing to 11 million euros in the results in 2025 with a slight drop in margin at 4.4 percent because activity has grown and that's imputable to sales of block sales at 60% in the first half so that's less profitable than the model but more secure. And the good news is that the erosion of the margin has been offset by increase in margins in contracting. So you can see we're renewing our order book by plus 6% over one year and 2% compared to December 2025. This year I wanted to illustrate my talk here by the buildings in adapting to climate change, which is a very positive, a very buoyant market for us and quite topical. Here we have in Anderlecht in Belgium, this is affordable housing, 156 housing units with Thank you. Thank you very much. Revenues are down by 4.2% with inertia related to dropping in municipal contracts. In Spain, the road group is increased by 10% compared to traditional markets due to the project that was presented regarding the Formula One project. So in civil engineering in France, activity is stable. Major projects mentioned by Benoit are in full production. That's also the case for the HS2 project in the UK. In Germany, we see an increase of 10% in activity, which is offsetting the end of the construction of the A3 motorway, giving us stable consolidated revenues. And metal smoulders is increasing at over 500 million on the increase of the HSM integration as of the 1st of June 2025 through the first half of this year. Let me remind you that you know this, the structural margin is negative in the first half due to civil engineering and road, but that's why you have the consolidated figure that gives us 0.3% that's stable over the semester but not representative for the entire year. That's due to the performance at the end of the year of these business lines. So the order book is at plus 6%, particularly in the plus 18 month with projects with stability expected in the short term. So here we have Eiffage Génie-Sivine-Foisienne resizing a spillway here in the Ruchetal Reservoir to meet regulatory requirements and to guarantee safety of the dam during any floods and the evacuation capacity moving from 10 cubic meters per second to 56 cubic meters per second. First step is to The first stage is to increase the walls to 45 meters and the second stage is to build a new evacuator at 155 meters. So Eiffage Energy Systems has solid growth at 4.8%, 2% organically with an acceleration, quite substantial acceleration in the second quarter at 4.1% organic growth. Stable activity in France compared to 2025 and a strong growth in Europe outside of France Thank you very much. have saw a lot of development in Germany 15% and Netherlands plus 15% Spain plus 10% overall growth then at 11% and including the acquisitions from summer of 2025 so organic growth there is at 4% in Spain. Operational margins continue to grow at the by 30 basis points at 5.2% so visibility is very good with an order book at plus 7% in the beginning of the year plus 9% over the year. We have a framework agreement here and we have this market where we've been providing emergency support with NEDs. Here you can see the map. We had our folks mobilized 24-7 to repair, replace any cables and intervene wherever necessary in dealing with the heat waves. In the concessions here, you can see this slide's main interest is to give you the details of the PPP concessions are consolidated with overall integration, indicating their end date to show you that beyond 2035-2036 are assets outside of APRR. So then I'll just make two comments on the bottom part of the graph. In the motorway concessions other than APRR, We can see that this revenues are on the downturn in three of the four and so in the gray part of the graph there that's you see the revenues in NOVE 2025 consolidated by the equity method. If we focus on APRR area networks, there we can see the light vehicle traffic is down by 3.4%, overall limited 2.5%, though it's maintained due to the HGVs. So you can see that we've got an increase in tariffs, though, and tolls at the beginning of the year, but not enough to offset. So at A79, A79 is continuing to ramp up with a lesser We've taken over four service areas directly with our brand Fuli, generating revenues of 10 million euros. The commercial margin is low in this type of a business. It does dilute the margin, the EBITDA margin by 50 basis points. So this means that the EBITDA of this area would have a slight increase at 72.2%, and that's due to the reactivity, the responsiveness of our APRR teams to contain their Thank you very much. Now, outside the APRR network, you can see that the EBITDA margin for main assets is already high, and our motorway concessions in the younger ones were at 80%, so Allier here as well, where we manage these service areas, at 6 million euros, with a 28 million you can see up here. And on the right, you have just FYI, the amount here for construction carried out by Eiffage and the concessions of PPP in Greenfield currently under construction. In SunAgri, they're specialists in IFESH concessions for energy production. You can see the operations here, and this is to deal with climate change. We call this dynamic agrivoltaism because we can change the orientation of these panels. So GetLink, we have the update of the The increase in capital here, you can see the share part with using the equity method. So that's a share of the profit, $34 million for components here. We can have the results for the half. Getlink is $118 million. You can see on the right there, it gives us $34 million in them. In QS, an adjustment of the 2025 result gives us 8.8, minus the amortization of goodwill gives us 9.3. We also have $129 million in dividends in June 26th and much higher than 2025, the $62 million that were taken into account in 2025. So now looking at our income statement after going over operations, we can see we're more or less stable. €161 million increase in interest rates have been offset by the drop in the net debt. Other financial expenses include the capital gains of the disposal of Voltaire. Corporate tax is stable and the net profit group share comes out at €342 million, so that's an increase of 12%. If we look at the changes in the net debt, we need to compare this to 2025. You can have that in the bottom of the page. EBITDA is on the upswing as the dividends coming in from the companies, the associates using the equity method. You can see there's a greater Thank you very much. Also impacted with the cash flow, but this brings us to free cash flow at $420 million. The investments, net investments are under control, $495 million, $47 million, including $35 million in contracting, so following these investments, free cash flow negative at $75 million and negative last year in June 2025 at minus $91 million. So it's not representative of our annual cash flow that's generated in the second half due to the seasonality of our business lines. So then in blue here you have the acquisitions of 204 million including the most recent capital injection to Getlink and the acquisitions mentioned by Benoit in Germany and France subtracting the disposal costs of Voltaire and then the dividends that were given out by APRRR and those by Eiffage to the shareholders at 468 million, movements on the share prices, so the debt 9.4 billion total in June. We invested a lot, nearly a billion over the past 12 months, reinforcing our participation in GetLink by some 9%. So the $9.4 billion can be broken out into, there's a non-recourse debt and about $600 million and then $500 million of treasury and cash flow in the holding, in the contracting division, gross cash, $2.4 billion. and this enables us to continue to be financially agile. A final slide here, this is our order book at a historic level of over 31.5 million. And you can see it's on the upswing in all of the branches. The essential growth here is in, you can see in green. And that's an increase of 14%, a growth of 3%, The group's visibility is very good, very positive. We benefit from our ability to be positioned in our operations that are multi-year and multi-business line. That's it for me with the figures. I now suggest we move on to questions and answers. Hello, gentlemen. Thank you very much for your presentation. I'm from JP Morgan. I've got a couple of questions. I might go one by one. So maybe we could start looking at motorways. Clearly, traffic is down this year, especially in the first half. Margins are down as well. You talked about some dilution of – you talked about Actions taken to offset the drop in traffic and the impact in your margin. What are those drivers? What are those levers? and what about the rest of the year? What will you do if traffic does continue to go down and what will be the cost for motorways and what have been the trends? This summer we saw the increase in petrol and gas prices. Is there something planned for the motorways? Maybe I'll stop there and ask my other questions later. Go ahead.