Sopra Steria Group Un/Adr

Good morning, ladies and gentlemen, and welcome to this Soprasteria H1 2025 results announcement. All participants will be able to listen only, and there'll be a Q&A session at the end of the presentation. For your information, the conference is recorded. I will now hand the floor to Cyril Malaget, CEO. Over to you.

Thank you very much.

Good morning, ladies and gentlemen, and welcome to this webcast presenting the H1 2025 results. I'll be leading this presentation with Etienne Duvigneaux, Group CFO. I'll start by talking about the highlights of H1, then the operating position by reporting units. Etienne will present the details of the financial results. I'll conclude with our priorities for the second half of the year and our financial targets, our annual financial targets, and then we'll finish with a Q&A session. So, let's start with the key figures of the half year. Against a backdrop which we anticipated to be difficult, we held up well. The revenue was 2,843,000,000. so an organic contraction of 3.8%. Operating margin on business activity held up well and was 9.2%, a limited decrease of 0.5% compared with H1 in 2024. Net profit attributable to the group was up 15.3% and stood at 142 million euros. Net margin was up 0.8% when compared with H1 2024, to hit 5% of revenue. Net earnings per share were 7.29 euros, so an increase of 19.2%. The traditional seasonal effect in free cash flow was significant, and the free cash flow stood at a negative amount for this first half of the year. It was minus 145.9 million euros. The EBITDA leverage ratio was at 1.63 at the same time last year and stood at 1.17 this year. So let's just go over change in revenues. Obviously, the highlight was the confirmation that the first quarter represented a low point for 2025 as we announced at the start of the year. When we started the year, we anticipated the first quarter with negative growth of 5% to 6%. We did slightly better with a negative growth limited to 4.9%. In Q2, we saw an improvement with a level of negative growth at 2.7%. Aerospace stabilized since the fourth quarter of last year. we can consider that we'll return to a positive trend throughout the second half of the year. In the United Kingdom, the NS&I contract started on the 1st of April under good conditions, so this has contributed to an improvement in trends in Q2. We've also observed in France, after a very slow start to the year, we're seeing that things are returning to normal with orders coming in from the public sector and defense, and commercial activity has been buoyant in May and June, in various European countries. So based on this, we think the trends will continue to improve in the second half, and we should see a return to slight growth in revenue, and that's credible for Q4. So I've just mentioned buoyant commercial activity in the second half. We've had some good commercial success, so I'll talk about a couple of them. In Norway, for StatNet, for an oil company, and then for Equinor as well, we've won two framework agreements, so for application management for StatNet and then covering all activity for Equinor. for up to 250 euros per year. And then in Switzerland, we were chosen by the Swiss Railways. This is part of the list of suppliers. So we're registered for the next five years. So there's good development potential here. In the UK, five new customers in the Devon region have joined the NHS platform for a total value of 58 million pounds. For SSCL, six government departments have extended their contracts for three contracts. So that's for a value of around 300 million. In France, I just wanted to mention that we've won a service center. So for the SNCF passengers app, that's worth over 200 million euros over eight years. Good consulting assignment for the home office as well. Project commissioning support assignment as well. for the new portal aiming at digitalizing administrative procedures. So good success, which is going to feed into the second half and then beyond. So for the first half, we saw that there were market factors that are potentially going to underpin future trends. We've seen greater uncertainty, but also opportunities. So in the domain linked to sovereignty, and then also defense and security. Against this backdrop, Soprasteria has got a profile and a positioning that is highly favorable, concentrating on digital services with a level of recurring revenue almost 40%, European presence spread out over the different countries, activity concentrated on strategic verticals, public sector, 26% of revenues, aeronautics-based defense and security, 22% of revenues, and then financial services representing 20% of the group's revenues. And these three verticals alone represent 68% of the group revenue. Now, if we focus on defense, security, and space, In 2024, we did over $1 billion in turnover, and we're a highly legitimate partner on sovereignty and cybersecurity challenges in Europe. So I'd like to suggest that we just spend a couple of minutes talking about defense and sovereignty. So in defense, thanks to our longstanding position in this domain and then the recent acquisition of CS Group, Soprasteria is today one of the top 10 leaders in the DITB, so the industrial base. and then also a major member of the European EDITB, so supporting industrial players in defense and digital security. We work for ministries of defense, justice, and homeland securities in seven major European countries, We also work for NATO and the European Commission, and this represents over 4,000 experts specializing in this sector. So our business is focused on business solutions, critical solutions, which represent the specific challenges in this sector, so command and control, cyber defense, security, maintenance public security or then counter drone technology as well as information warfare we've also used our solutions to secure the last world cup in france but also the olympic games in paris 2024 and the efficiency was recognized by the army but also the police department and this is meant that we've won lois and orders for additional systems from the French DGA and KNDS. We're also an industrial partner, a preferred industrial partner for major industrial players, so like Airbus Defence and Space, Thales, Safran, Dassault Aviation, or even Naval Group. We're developing in the space sector as well, a sector that is coming increasingly close to defense priorities with customers like the ESA or the CNES. And then in the U.K., we also work back office for finance and HR processes, so back office support for major government departments, so defense departments. and the police departments as well. So you've understood that Soprissaria is well positioned to benefit from the increasing investments in Europe in defense. Beyond defense priorities, the geopolitical situation, increasing conflicts, the ramp-up of these imperialist inclinations means that sovereignty is becoming a priority in Europe. Confidence is changing. It's not just limited to data security. It's also resilience, and technological mastery. So it's becoming critical to ensure continuity for models and for activities, so managing technological dependencies in terms of infrastructure and software, protecting data. It means keeping the mastery of decisions through choice of algorithm as well, but also prevent cyber risks. So we're seeing there are new needs. for mission-critical operators, but for all organizations where it's critical to have a plan to be able to switch to trusted alternatives and to be able to reduce technological dependencies. So Soprasteria is highly legitimate on these matters. We are an independent group. Our strategy is developed in Europe for Europe. We have... expertise and the right solutions, things like hosting sensitive data, infrastructure for the Secnum Cloud. We've got sovereign solutions, integration of technologies in Europe, and then also in consulting and support for digital autonomy. We have got an active role in European initiatives. I can talk about Gaia-X, EUCS, Cyber Compass, and others. We've also got targeted partnerships, so with OVHcloud, Mistral, 3DS, OutScale, Candela. And then we've already got references, significant references in cloud solutions, AI, so counter drone, secure logistics chains as well, or even digital twins. And you've understood the way our offering are positioned with our expertise and our experts to support sovereignty priorities. And this is something that will set us out in the future. coming years. Now, when it comes to highlights for the first half, I also want to highlight the maturing of AI. Having trained all of our employees in 2024, we're carrying on in 2025 with new modules, and AI is becoming a tool to manage employee knowledge, and we've almost made this switch. We've got AI solutions for consultants with Cedric and then for business analysts with Maya. Project managers are using Heidi and then project developers are using DEP. And then for anticipating project warnings, we've got the Andy assistant as well. And these assistants are increasingly used. So this maturity... is obviously measured against the yardstick of AI standards, so using smaller, more frugal models and then seeking out case uses use cases that help to decarbonize a society. But it's also AI is also maturing with our customers and our revenue has changed. We've moved from producing pox to seeking out use cases at scale. So there are two key trends here. We've seen the rollout at scale for some key use cases. So contracts for a major financial services player in France. so managing customer complaints, or we're also working with DHL in Italy. And then we've seen projects being launched with a global overall AI strategy, which is transformative for the future. So one of our major customers is the Norwegian, the Sovereign Fund with a new AI governance, or then we've also got AB Dynamics as well. So that's for vehicles using AI in their solutions. We've also got strategic partnerships with Mistral and that's become operational now. Over 50 experts have been trained on Mistral technology. We're working on about 10 industrial projects with our major customers in several different countries. We've got a value proposition which we share and which is highly effective on our market. and it's based on our capacity to adapt LLMs to our customers' specific needs. Now I'd like to suggest that we move on to the operating position by reporting unit. Let's start with France. Revenue was down 3.7% on an organic basis and stood at 1,207,000,000. The second quarter saw an improvement, minus 2.4%, that was compared with Q1 at minus 4.9%. This change isn't explained by situations that are returning to normal in the public sector and defense. after a very slow start to the year. Energy in telcos also improved and the other verticals contracted. Operating margin on business activity was 9.2% compared with 9.5% in H1 2024. And this is also above the level it stood at in H2 2024 at 8.5%. Now for the UK. Revenue stood at 456.2 million euros, so an organic contraction of 7.7%. As planned, the second quarter stood at minus 4.7. This was marked by a significant easing in the contraction when compared with the first quarter, which stood at minus 10.8%. NS&I got off to a good start under good conditions. The NHS SBS platform recorded significant increase in its activity, and then SSCL had less unfavorable base effects when compared with the same time last year, and a return to organic growth in revenue is expected at the end of H1. Operating on margin on business activity was 9.5% compared with 11.6%, H1 2024. Now, if we move on to Europe, revenue stood at 1 billion and 15.2 million euros. So at constant scope and exchange rates, that was an organic contraction of 3.1%. Second quarter was at minus 3, slightly better than Q1 at minus 3.3%. positive organic growth in Spain, Italy, and Scandinavia, and the other geographies experience a contraction in their business. Most of the reporting units saw reduced profitability, but the operating margin on business activity stood at 8.1 compared with 9.3 in H1 2024. Now, let's move on to solutions. Solutions recorded revenue of €164.4 million, organic growth of 2.6%. The human resources solutions business, which represents two-thirds of the activity in this reporting unit, was at 2.7% growth. Operating margin on business activity was up clearly at 15.2% compared with the 7.6% from H1 2024. All the business in this reporting unit contributed to the improvement. Now I'll hand the floor to Etienne who will go over the financial results.

Thank you. Good morning, ladies and gentlemen. First, we're going to have a look at the consolidated income statement for the first half of this year. Revenue was at 2,843,000,000 euros, therefore down 3.6% and 3.8% in terms of organic change. In this context, the operating profit on business activity fared well at 261.4 million euros. This means a margin rate of 9.2% to be compared with the 9.7% that we had for H1 2024. The charges for payments in dividends were at 15.9 million euros, therefore up due to the fact that there were more social charges in France. Then the amortization of allocated intangible assets were down considerably to reach 11.6 million euros due to the fact that this was the end of the amortization period for the clients, due to the fact that we got together with Steyr at the end of 2024. Other operating income and expenses is what I'll be talking in a minute. And operating profit was at 215.3 million euros. with a margin rate of 7.6% to be compared with 7.8% as of the end of June 2024. The financial result is with financial cost and other income and expenses, financial income and expenses comparable to what we had in H124. The tax charge was at 46.7 million euros. and the net consolidated result will up 13.6% at 148.6 million euros, including at the end of June 2024 a net result from discontinued activities of minus 46.1 million euros. After taking into account non-controlling interest, 6.6 million euros, the net attributable result was up 15.3% to reach 142 million euros and the net margin rate was therefore at 5% to be compared with 4.2% for the first half of 24. Now we'll have a look at other operating income and expenses with an expense of 18.6 million euros, therefore not much different from the first half of 2024. And since there were no significant acquisitions during the first half, these include mainly restructuring and reorganization costs. And a few words about tax. The total cost was 46.7 million euros, and this means an effective rate of 23.7% to be compared with 15.7% for the first half of 24. During the first half of 24, the numbers included non-recurring tax proceeds in the UK, which explain this low level of tax. For the full year 2025, we expect a level of 27%, that's for tax, which includes approximately one point, which is the exceptional corporate income surtax in France. Now, free cash flow, as Cyril said, the free cash flow for the first half was at minus 145.9 million euros with strong seasonal impact. This is due to the fact that there's a highly seasonal working capital requirement, which is something we'd anticipated at the beginning of the year. because we thought that it would take us more time to collect receivables on a backdrop that was more uncertain and due to also the tax credit collection during the second half. And therefore, the collection time took more time than planned. In July, the tax credits were cashed partly, and we will also, during the second half, reduce the time it takes to collect receivables, which is what we started doing the first half of the year. This is why we can confirm the annual FCF, which will be between 5% and 7% of our revenue, even though we'll probably be in the lower part of the bracket this year. Then the financial debt, it reached a bit less than 700 million euros, 696.8 million euros as of the end of June 25. And this includes, of course, dividends paid during the first half, that is 90.2 million euros this year. And also the fact that in January 2025, we finished the share buyback program 150 million euros that we announced in October. That's now finished, and that means the total paid was a bit more than 40 million euros during the first half, and also the acquisition of Orexia during the first half of this year. balance sheet is still sound and solid. The net financial debt represents as of the end of June 34% of total equity and 1.17 times our pro forma EBITDA on 12 rolling months before the impact of IFRS 16. The covenant, by the way, is a maximum of three times The group in addition to this still has good credit lines with lines for total amount of more or less 2 billion euros and there's only 60, well, there's 60% of this amount that was available as of the end of June 2025 and the mutuities go from July 2026 to 29. That's for the numbers. Thank you very much for your attention. Now, Cyril will talk about the priorities and objectives for the year.

Thank you very much, Etienne. So now let's move on to the priorities for H2 2025. Firstly, against the market backdrop is obviously going to be business, expanding our positioning with major customers. We aim to return to positive growth in the fourth quarter to be able to start 2026 under good conditions. Next priority is obviously going to be transformation, transforming our office and our industrial policy, so our operating model, but also ramping up the value of our skills so that we can play a leading role with our customers in the years to come. And then obviously our next priority is going to be managing operating margin, cash control, keeping our costs under control, our group margins, and then also reducing our DSO. That's obviously essential. So based on this, we are confident in our capacity to hit 2025 full-year financial targets. I'll just remind them. Organic revenue growth of between minus 2.5% and plus 0.5%. Operating margin on business activity between 9.3% and 9.8%. Just as a reminder, this includes a dilutive effect arising from higher Social Security contributions in the QK and France equating to 30 basis points when compared with 2024. And then finally, a free cash flow of between 5% and 7% of revenue. We've now finished this H1 2025 presentation. Thank you very much for listening. And I'd like to suggest that we move on to the Q&A session. Ladies and gentlemen, if you would like to ask a question, please dial star 1 on your telephone keyboard and to cancel your question, star 2. First question from Laura Metaillet from Morgan Stanley. Over to you. Good morning. Thanks for taking the question. I've got three questions. The first is on the top and bottom range of the guidance for organic growth in 2025. Would it be right in thinking that if there's an improvement, as you're expected in the second half, then it's highly probable that you'll be at the bottom of the range or what could happen to mean that you're at the bottom of the range and then is the top of the range still a feasible objective for the year? Second question on margins now. We've seen that there's been some changes in margin between the first half last year and the first half this year. Could you give us a little bit more colour on the drivers, for example, in France, Europe and the UK? And then... for solutions as well. We're seeing the margin is a lot higher. And then last question on AI. Do you think demand for AI matters? Is that eating up business in other more traditional domains or is it business that's coming on top? Thank you very much for your questions. So with regards to the guidance for revenue, yes, we've confirmed our guidance between minus 2.5 and plus 0.5. The consensus, the analyst's consensus is about minus 1.6%. And I would consider that this is quite consistent. This is coherent. So now if I come back to margin in H1, Well, so entity by entity, France, this is the margin slightly down, but it's not that far from the margin H1 2024. This has been slightly penalized by some contraction factors within this country, but there are other factors that have meant we can compensate for this, and then there's various action plans that were set up, like a savings plan, which has enabled the group to manage part of the contraction in terms of margin. And then just as a reminder, we've also had an increase in social contributions in France and the U.K. In the U.K., the contraction is mainly linked to the loss of U.K. VI and then the postponement of NSNI to the 1st of April. contraction of 7.7%, and then obviously the increase in social charges as well, like France. And then for Europe, this is a slight contraction. Basically, all the countries are aligned with this negative growth. But we'll see a change in trends and margins in the second half. And then for solutions, 15%, yes, I mean, that's above last year. But this is quite a standard normal level for this business, for the solutions activity. Then for artificial intelligence, is this eating up our services business? No. Today, no. It's coming on top of this activity. And there are very few stakeholders who are actually credible who can roll out AI at scale, roll out AI with a more sober approach. And I think Soprasteria, when I'm speaking to you now, I don't know about in five years' time, but AI is coming on top of our services. It's not eating up this business. Next question from Laurent Dor, from Kepler Chavreux. Over to you. I've also got three questions. The first one is a return to slight growth in Q4. How do you see this? Is there something that's going to be driving this, or is it all regions that are going to return to a more stable trend? You've mentioned about UK, that's going to be positive compared with the minus five that it is currently. Have NHS signed something or is there something else that means you can be confident with regards to growth in this region in the second half? And then second point on other Europe, we have... We've not spoken about the Netherlands, which is under pressure. Could you just give us an update on the integration, etc.? And then third point... There was a very negative article, probably it's not necessarily all true, but there was a negative article published on your business that you do with Thales. Could we perhaps have some more information on this? Are there any projects that are running late? How is the business going? What is the relationship like?

Thank you, Laurent.

So the first question, so the drivers for the return to growth in Q4, several geographies, so France, the UK, and Europe. So it's not just one entity or one geography that's driving this. And then if we look at this from a sector point of view, we're expecting an improvement in the public sector, ramp up in defense, ramp up in financial services, and then I'm happy to say we're expecting an improvement with Airbus. We've got some weak signals coming in, but we've got projects that are coming in. We're signing things, so this gives us a bit more visibility over Q4. Second factor, the Netherlands. I can confirm that it's a difficult market in the Netherlands. I share this observation. If we extrapolate this in terms of the integration of Ordina in the Benelux, we had integrated that this integration was going to take two years. This is what we said. And I confirm this. It's not easy. It's not easy because we're doing this against the backdrop of a contracting market. There are some things that we're doing, accelerating simplification decisions, rationalization, optimization. These initiatives are underway. They're currently being implemented, and the organization will be simplified in the second half. Now, the article in La Lettre publication, so we've not Said anything formal? This is an SIA program and it's actually published false information. I would like to reiterate that this is misinformation and it's been denied by Thales and our customers. The SIA program is operational. It's continuing. This is essential for the modernization of the French Army's capacities. This is something, this is a solution that's been rolled out elsewhere in Europe and with NATO and this covers a specific functionality which represents 10% of SII and we're positioned as an integrator on this operation. They're carrying on their expansion and it's operational. So now if we extend this answer to defense, we're positioned well in defense. Major digital services player that's part of the BITD We've got CS. We're present in seven countries in Europe between 2020 and 2024. We've doubled our turnover from 500 million to 1 billion. We're positioned on core business matters, critical systems, 500 million here, civil space. We're working with industrial partners in defense. We've signed flagship contracts. You've mentioned SCA contracts. Counter drones, three couple of weeks ago, we've rolled out a counter drone program. So with the KNDS, with their military tanks, we're working on maintenance for the fleet of fighter jets. So we're working on major core business programs. And we're perceived as a trusted player. So normally, we don't respond to these articles. But this article relayed misinformation. So it is important to counter it. What about the UK, the return to a positive trend? What are the drivers here? What are the key drivers here? So the main drivers, obviously, we've got the basis for comparison, which is more favorable. So this is mathematical. And then we've got the ramp up of NSNI, which is one of the key drivers for Q4. We've also got growth that we've seen in H1 with NHS. So that will continue. We've signed new customers. within NHS. So those are the key drivers. Do you want to add, Etienne? Yeah, in the comparison basis, we've got the volume impact. That's obviously going to have an impact. And then the end of the DPI contract. So that was at the end of October. So that will be eliminated by the end of Q4. And then we've got... Other business that we've signed in the past that's ramping up, we've mentioned the ethical debt management platform. That's going to be ramping up. That's important. And then BPS as well. But then IT services, we've got significant growth in the second half. And then... Obviously, it's not just one factor, but our secure collaborative platform, which we use with government departments, is also ramping up in the second half. Thank you. Very clear. Thank you. Have a good holiday. We're not quite there yet. Ladies and gentlemen, if you'd like to ask a question, please dial star 1 on your telephone. Next question from Emmanuel Parot at Gilbert Dupont. Over to you. Good morning. I hope you can hear me. I've got three questions. The first is on guidance. I was surprised that you haven't narrowed your guidance range after H1. What are the uncertainties that you have? What countries or verticals? Where are there uncertainties which mean you haven't narrowed your guidance? And then cash, DSO. Can you give us the DSO for HR? one and what you're expecting for H2 and what's a standard level so that we can understand what's at stake here and why has it slipped? Is it everything or are there specific customers or are there any factors which explain this? And then my last point got some quite standard KPIs, so recruitment, attrition, salary. I just want to understand the dynamics at the moment. Thanks for your questions. So for the first question on guidance, I've already answered this question. I've given you a reminder of the analyst's consensus, and we think this is quite coherent. Now for DSO. So DSO, on the 30th of June, we're at 57 days. We're aiming to reduce this significantly. There's obviously the seasonal impact, which has got a bigger impact at June than in December. So at the end of the year, we hope to be around 50 days. So that will be going down quite standard rhythm every year. Then with regards to your question, we've seen across the board all geographies. There isn't just one country. The trends apply in south of Europe and the north of Europe. Several customers linked to the way the contract is executed. Now for the KPIs. I can perhaps share a couple of KPIs which are important. for our business. We've obviously adapted our headcount to align it with our revenue. We obviously can't have too many employees, but we do work on managing our headcount. In the first half, we recruited 2,000 people compared with 3,500 in H1 last year. If we look at internal headcount between end of June 24 and 25, We've gone from 51,413 employees to 50,304. So that's 1,100 employees less over the year. And then we've got NS&I coming along with 500 employees. So we're talking about 1,600, sorry. And then obviously we've worked on our subcontractors as well. We've lost 450 subcontractors. We've worked on this between the end of June 24 and end of June 2025. And the attrition rate remains high against the market backdrop, but it is managed and it stands at 16.1 compared with 15.1. Next question from Nicolas David from OdoBHF. Over to you. Good morning. First question. I've got three. So we're talking about return to growth in Q4, but can you give us your best estimation for Q3? Should we expect a progressive improvement when compared with Q2, or are we seeing the improvement more in Q4 rather than Q3? Next question now on margin in H1. Can we have a little bit more color on the drivers and then upcoming months, calendar impacts, utilization rates, and then impact of costs and invoicing? How do you see this changing? in the future and then the next question M&A pipeline is there anything hot off the press in the pipeline everything with everything that's going on sovereignty defense this is going to becoming key in terms of M&A or not that much for you you're not changing your are you changing your M&A roadmap

Thank you, Nicolas.

So with return to Q3, what I can say at this stage is that it will probably be slightly better than Q2, and it's going to be in between Q2 and Q4, and then return to positive growth in Q4. Now for the drivers in terms of margin for H1. I've already answered this question. I don't know whether you want to add anything, Etienne. Well, obviously what we can say is that the key driver is the drop in activity. So by default, if you look at the changes when compared with last year, employee costs are up 1.5% when compared with revenue. And we're down one point in terms of subcontracting and purchasing expenses. So that's had a impact increase in social charges in France and the UK. And then for the M&A pipeline, obviously, you can imagine that we're not going to give you all the details here in this session, but what we can say is that we said it in the Capital Markets Day, our M&A strategy is there to support the group strategy. We don't just do acquisitions for the sake of it. We do it to accelerate the group strategy. and there are some strategic verticals. So defense, yeah, you mentioned that. That's right. That's part of the framework. We can also talk about financial services. That's why we acquired OREXIA to reinforce capacities for financial services in the second half. Then we've got aerospace as well. So our M&A strategy has not changed. Yes, there are things in the pipeline, but no, I won't be giving you the details of it here.

A question about the H1 margin. Have you noticed the calendar effect, or is it not very important? Answer, yes, of course. It is significant for H1, and there's going to be a trend reversal in H2. It depends on the geographies, but for the group, it's going to be creative in H1 versus H2. Okay, thank you very much. Next question from Thomas Dutrieux from BNP Paribas. The floor is yours. Hello. Good morning, gents. Thank you for having me. I have two questions. The first question has to do with the financial sector. I think that you're currently negotiating important contracts, something like in June or July, depending on the vertical. Could you perhaps give us more information about these negotiations? Does that mean... that for H2, some verticals will accelerate also in 2026. And then a question about Airbus. Cyril, you've just said there's an acceleration in Q4 for Airbus, which is good news. Is it due to the fact that you've taken positions, or is it some type of more general reinvestment made by Airbus? Thank you. Well, thank you Thomas for these questions. As far as financial services are concerned, I didn't mention it, but that's true. We received good news. And if you look at the Muswin case, the contract that we signed, we signed off the four contracts. I'll mention two. The fact that we're going to be consulting for BPC for their Orion program. That's the convergence program of theirs. That's the first good news. And the second one, the second contract, which is quite recent, is that, as you know, what's important is is massification of programs for Societe Generale. And therefore, we've been allotted a contract with more than 100 people, a ramp up of more than 100 people before the end of the year. Then the question about Airbus, it is true. that there are projects nowadays that are appearing that we'd not seen in the past nine months. By the way, here's a reminder, as we said at the end of last year, maybe we were too quick when we talked about this, is that we renew the frameworks that we had signed, two frameworks. The first one was IT services for a total of 1.5 billion for a period of five years, and that's how we get more projects. And therefore, we benefit from that. We're some of the few beneficiaries. Everybody's not in our position. So 1.5 billion for five years. And the corporate service framework as well, 150 million, five years. That's consulting business. And that means that in this case, we're one of the preferred players. And therefore, we benefit from these negotiations and contracts. Thank you very much. Ladies and gentlemen, I think this is it. We no longer have any questions. So I'll hand over again to our host who will be concluding the conference today. Well, thank you very much for being with us. Thank you for your questions. That's the end of our webcast. I hope you enjoy your summer break. Thank you very much and see you soon. Thank you very much for your questions and attending. Now you can log out. Thank you.