Lagardere Sa

Good afternoon, this is the conference operator. Welcome and thank you for joining the Louis Hachette Group and Lagardere First Half 2026 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. At this time, I would like to turn the conference over to Mr. Rapin, Head of Investor Relations. Please go ahead, sir.

Yes, thank you. Good evening, everyone. This conference call will be hosted today by Jean-Christophe Thierry, chairman and CEO of Louis Hachette Group, and Gregoire Castaing, deputy CEO of Louis Hachette Group and deputy CEO in charge of finance for Lagardere. Joining us for this presentation also, Frédéric Chevalier, the CEO of Lagardere Travel Retail, who will each share their insights and key highlights for this first semester. This presentation will be followed by a Q&A session. I now leave the floor to Jean-Christophe Thiry.

Thank you, Emmanuel, and good evening, everyone, and thank you for joining us today. I am delighted to introduce you to Louis Hachette Group's first half 2026 results. Despite a challenging economic and geopolitical environment, particularly in the Middle East, our group once again demonstrated its resilience and the strength of its diversified model. In the first half of 2026, we generated revenue of 4.5 billion euros and EBITDA of more than 200 million euros, reflecting disciplined execution across the group. We also maintained a strong financial profile supported by good cash generation and continued debt reduction. Gregoire will take you through the figures in a moment. Let me first turn to the main developments across our businesses. At Lagardere Publishing, Performance remained solid, supported by the diversity and quality of the portfolio. In trade, we benefited from successful releases by Guillaume Musso and Pierre Lemaitre, to name a few, in France, while the house-made series continued to perform strongly in both the UK and the US. We also had strong momentum in Spain and Latin America, while our board games and part-work activities remained important contributors to growth. Turning to Lagardere Travel Retail, the business maintained its positive dynamics, driven by strong performances in Europe and the Americas. Our teams continued to demonstrate great agility in managing both the direct and indirect impacts of the situation in the Middle East. We also strengthened our portfolio through several new openings and the renewal of our concession at Geneva Airport. Our other activities also delivered encouraging progress. Both Lagardere Live and Prisma Media reported positive EBITDA in the first half, reflecting disciplined cost management and a more focused strategic approach. At Prisma Media, the restructuring program designed to adapt the business to changing market conditions and accelerate digital transformation is progressing. Overall, 18 months after our listing, we continue to deliver solid momentum across the group. This, once again, demonstrates the relevance of our strategy and the resilience of our group built around leading positions in publishing, travel retail, and media. Looking ahead. We remain confident in our ability to create sustainable long-term value and seize the opportunities that lie before us. Thank you for your attention and I will now hand over to Gregoire who will take you through our financial performance in more detail.