Renault Sa Unsp/Adr

Hello, everyone. We are pleased to welcome you for our Renault Group H1 results. These results are very special for us as it is the first day of our CEO, François Provost. That's why we have the pleasure to be here with all the team, our chairman, Jean-Dominique Senard, François Provost, our brand new CEO, This presentation will be followed by a Q&A session and I'm now happy to turn over to Jean-Dominique Sennard.

Good morning everybody. Thank you for being all with us. It's a special day, of course, today, and for me it's an extremely strong pleasure to introduce our new CEO, François Prevost. As you probably know, we went through a very intense and comprehensive selection process. Under the leadership of the Governance and Compensation Committee, led by Pierre Fleuriot, With the help of an enlarged jury, I would say, compiled with the chairman and chairwoman of the different committees of the board, we were able to work, I would say, quite swiftly during more than a small month to achieve what is, I think, a very strong result for the group. We conducted that process, I think, very professionally. Hearing, of course, external candidates and internal candidates. And I have to say that the group was lucky enough to have inside very strong internal candidates. And our choice came to François Fleuriot. During that period, with the help of Duncan here, CFO, I was happy to work closely with the team and make sure that this short transition period would be as swift, quiet, and peaceful, I would say, as could be, which has been the case. And I have to say that I'm extremely grateful for the professionalism of the team during that period. So, of course, I could give you a list of skills that are needed for a CEO to achieve his job. I will avoid that. But let me tell me and let me just give you a few items which I think are important that would characterize François Reveau. First of all, I think we have been very, very impressed by his manoeuvrability in terms of strategy, because this strategy manoeuvrability is absolutely essential for Renault in the coming months and years. There is another skill, of course, which is important, that he is reflecting some sort of continuity with what we have lived in the past five years. This continuity, of course, comes with open eyes. Open eyes to understand what has to be changed and what has to be maintained. And last but not least, because there are many others, He also is able, certainly, to make sure that Renault keeps a very strong standard in terms of performance, which I think is absolutely essential at the point where we have come today, at a very strong company with very good results. We have to be able, and he will make sure with the team, with my help, to create value for all the stakeholders of the Renault Group. Of course, he could spend hours mentioning his career, at least, as you know, 23 years in the Renault Group, serving the Group and making sure that Renault Group was first and he came second. That was absolutely essential. He has lived an international career in places which were not the most easy to live in, Korea, China, Russia, you name it. He has gone through all sorts of tasks in that company, so he is extremely well prepared for the task in front of him now. I'm absolutely sure that I have no doubts that François will be able to bring Renault in the future in a bright, bright future and make sure that not only will he be able to create with the team and with the help of the Board a very strong plan for the coming years, but he will also be able to make sure that it will be executed. And I think that is absolutely essential. So Francois, the word is yours. But I want not only to congratulate you, but to tell you that you will have the full support of the board and my personal support. As you know, I look forward, really, to working closely with you. Thank you, Francois.

The word is yours. Thank you. Thank you very much, Jean-Lominique. And good morning, good afternoon, everyone. Very pleased to be with you and honored to take on the role of CEO for Renault Group today. First of all, please allow me to thank Jean-Dominique and the Renault Board of Directors for their trust. I will put all my energy and passion into contributing with our 100,000 employees, our dealers, suppliers, partners, to the development and the transformation of our Group. one of the flagship of the French industry for 127 years. Thanks to the 23 years I have spent at Renault Group, I've been able to forge the vision that I am pursuing today for our group. It is a product-led vision shaped by more than 10 years in sales and marketing division. A vision that is not only European but multicultural, nurtured by 10 years spent managing our activities in Portugal, Russia, South Korea and China. A vision also based in cooperation through strategic partnerships with Nissan, Mitsubishi, Geely, Aramco and our major suppliers. And finally, a vision that draws on the Renault Group's outstanding human capital. This vision is supported by three strong convictions. Firstly, about strategy, product is at the heart. We'll keep as top priority to invest in products to deliver a second successful lineup in a row, both for Europe and international markets. We'll stay the course, value over volume. Every vehicle we sell must contribute to strengthening our brands, profitability, and the bottom line as a group. Regarding competitiveness, we know how our strongest competitors are doing, and we are capable to do so. For instance, Twingo developed in only 21 months. This is the right pace to apply this in all our projects, all places, and especially with our French and European ecosystem of R&D, production, and supplier ecosystem. This is about acceleration of our transformation. My third condition, based on my experience managing large end-to-end operations in highly uncertain environments, relies on strong engagement from employees. In French we say, having the diamond instead of the heart. This is the most important success factor, combined with enhancement of management. Customers. The improvement of our quality is one of the strong assets delivered over the past five years. Suppliers. As chief procurement, I change the traditional transactional way to engage with suppliers. Our suppliers should be involved much more upstream to define together the most effective solutions to reach expected features and cost. Dealers. Unlike other OEMs, we have always considered our dealers as key for sustainable commercial results and long-term partners. We will continue to do so. And for our shareholders, our duty is to create sustainable value. We are committed to increase shareholder return as a reward for their trust. Of course, the objective of this strategy is clear, deliver financial performance that places us among the best in the industry. And we deliver it in a runaway way, taking into account sustainable approaches for all our stakeholders, starting with our employees. We do so based on three fundamental pillars, sustainably high level of profitability, strong and consistent cash generation, and high roadshed, which proves that every euro we invest is used efficiently. This requires iron discipline in our investment, included in the choices we'll make as part of our diversification strategy. Thanks to the Renolution, we have very solid fundamentals. And I would like to take the opportunity to thank Luca for leading this unprecedented turnaround. We now have committed teams, strong brands, robust product plan, and agile, flexible organizational model supported by Ampère and ORS. Relying on those strong fundamentals, Renault Group needs Continuity, as you mentioned, in strategy, but also acceleration in transformation by focusing on flawless execution, remaining agile, and being obsessed by competitiveness. In a highly disruptive environment, we need to focus on what we can control, motivating our teams, setting and executing best level of performance, and enhancing our unique network of partners. Be assured that we are already hard at work and that the next few months are going to be busy. And I hand over to Duncan.