Sopra Steria Group Un/Adr

Thank you very much. Thank you. I also want to highlight the good performance in our consulting business. In the second quarter we experienced a third quarter of consecutive growth after 2025 which was a difficult year. 11% growth over the quarter is driven by France, Germany, the UK, Spain and Italy. So good business momentum came with some good business success. For the European Space Agency, for example, Sparta Steria and Sterion won a framework agreement covering project management Space Engineering, AI, and Data for all European sites for the agency. This highlights the complementarity between SOPA's various space expertise and the reinforced geographic footprint and the contribution from Darien. This enables us to support the full European ecosystem for ESA. In the UK, we want to contact with the SCA and that's the modernisation of its information system based on automation, artificial intelligence and leveraging data. In France, we were selected by the Ministry of the Armed Forces for the ODEM programme, so that's rolling out the future in-service support and the IT system, so this obviously positions us well We also won a major contract with Barents Watch, so this is the national maritime surveillance platform and this covers development, operation and maintenance for critical services, so for swallowing ships. and many others. We've made artificial intelligence a development priority. We're obviously convinced that it's potentially We've concentrated our efforts on three different areas, so developing authentic AI solutions that are diverse to address our customers' needs, and reinventing business process services with the launch of Lumina. and then renovation of our production methods thanks to the rollout of an internal AI backflow. So let's take a look at each of these points. Verticalized Authentic AI, the idea is to roll out solutions that can be applied to a specific business and that addresses specific needs but also to provide sovereign solutions in critical and regulated sectors where we're particularly exposed to defence, aerospace, public sector and financial services. and this comes with a high level of industrialisation thanks to AI Factory and it means we can roll out use cases at large scale. So to do so we're drawing on our internal expert and our IP and the tools that we've already developed such as the Jaka sovereign AI platform as well as a selection of technological partners like Mistral or Red Hat. Second area focuses on new generation business process services. with the launch of Subra Steria Lumina. And this new offer embeds native AI, so it's a unique platform, fully integrated, combining ethics, tools, and artificial intelligence solutions with operational expertise that we've had in our teams for a long time. So it's based on an outcome-based model, and this will be rolled out in highly regulated sectors like financial services, public sector, defense, or health. Now the third area concerns or regards production of our services at an industrial scale. So this is the AI backbone. This is the foundations of the way we'll produce services in the future. And it can be progressively accessed by production teams, combines open architecture, it's agnostic, it's got a production platform which has been designed natively. And this enables us to roll out AI quickly, across all of our activities and our teams will be progressively trained on this platform and we're aiming to have half of our teams trained on it by the end of the year so together all of these initiatives show how AI is being taken into account across our business turn it into a tool and added value for our customers so from Design a sovereign solution suitable for each sector, so transforming business operations right through to industrial rollout and keeping things under control at large scale. So one of the points that makes Prostaria unique is its specific positioning that it has in critical sectors that are regulated at the heart of European priorities. So, in terms of the group's businesses, focusing on four strategic verticals, public sector, defence-based security, financial services and aerospace. And they're promising in the mid-term. They're at the heart of European sovereignty challenges and they should benefit from significant investment in the coming years. Sofra Steria is a leading player in Europe in these critical sectors and it's particularly legitimate when it comes to European sovereignty matters. It also specialises in critical systems and regulated environments and it's capable of taking on a results-based commitment. which is the case for 60% of its business. So during the first half, we carried on investing in order to reinforce this positioning. We've acquired Sterian and Nixover to establish a leading European player in the space sector at a critical size of over €200 million with 2,000 employees. We're also in exclusive negotiations with two companies to reinforce our footprint in aerospace. So the company did still product simulation to reinforce our PLM business and then manufacturing engineering from data industrial services that will reinforce our expertise in space engineering. Finally, we've acquired Business Capital Fund from Eurasia. So that's a team with about 20 people specialised in steering supervision and automation of rent. So it's addressing industrial needs for sensitive sites, infrastructure management for critical infrastructure, and then obviously public security. So before we conclude the highlights, I wanted to talk about the environment, responsible digital, and impact on society. So we have acquired the Level 2 Numerique Responsable certification, and that's awarded by France's Institut de Numerique Responsable. And this recognition obviously comes It recognises the commitment that we've had for several years now. Over 10,000 employees have been made aware or received training on eco-design. We've also reinforced our commitment to trusted digital technology with e-offers, so protecting young people in the digital age, making them aware of good practices to have online. Then our ESG commitments are still recognized by the key rating agencies, the key extra financial agencies. So, EcoVedas were platinum in the top 1% of companies assessed, and our score is at 98 out of 100. and we have the ongoing ISA 14001 rollout for the group's major sites in France and this obviously highlights our willingness to keep improving our performance in the environment in the long term. And with that I'll hand the floor to Etienne du Vignaux who will talk about the situation by reporting unit. as well as the consolidated accounts of the first half. Good morning, ladies and gentlemen. So before we go over the situation by reporting unit, just some information for you on the segment information. So in light of changes to our operating model, we've reviewed how we allocate costs to service lines and verticals. In real term, group investment, group level investment in service lines like consulting, DPS and cyber, and then in the verticals, aeronautics, defence, financial services. That was previously assigned to the France reporting unit and now it's allocated across all reporting units. This adjustment has no impact on the Group's operating profit on business activity and the various reporting units have been restated with a 2026 methodology to ensure comparability. So let's come back to the results by reporting units, starting with France. France, revenue stood at €1,315.6 million. Q2 got off to a good start with organic growth of 7.1%, supported by the public sector, transport, aerospace, defence, security and space, as well as financial services. Operating margin on business activity was 9.5%. Contraction when compared with 2025, and this reflects use of higher subcontractors, more subcontractors, to ramp up major programmes throughout the first half. In the UK, revenue stood at €454.1 million, organic growth in revenue of 2.5%. This was driven by development of next-generation BPS, Financial Services, Defence, and then services related to new technologies. Operating margin on business activity stood at 9.5%, so up 0.8 points when compared with H1 2025. Europe. Revenue stood at 1.8 billion. Excluding SFT, the division had organic revenue growth of 3%, so Switzerland, Italy, and Spain had good momentum, just like Scandinavia, which experienced an acceleration in Q2. Germany and Belgium improved in the second part of the semester, and then the Netherlands experienced a moderate contraction with an outlook for improvement. Return to growth in these three countries in the second half, that's expected. So, SFT revenue stood at 37 million euros, aligned with the program, with the planned stop of the program.

and Yvonne Boussard-Josephson. And then we have the next step, which is going to be to put the numbers together. So for the first year, it's going to be five, six, seven, eight, nine, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 62, 63, 62, 63, 62, 63, 62, 63, 62, 63, 62, 63, 62, 63, 62, 63, 62, 63, 62, 63, 62, 63, 62, 63, 62, 63, 62, 63, 63, 62, 63,

2,958,000,000 natural revenue organic growth of plus 3% versus the first half of 2025 and then we have an increase of 8.5% for the operating profit on business activity this shows a 9.6% margin rate versus 9.2% during the first half

and three expenses. So, you know, it's kind of, you know, it's, you know, it's very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very,

I'll tell you more about the details of this in a minute. All in all, the operating profit reached €223.5 million, therefore up 3.8% versus the first half of 2025. Then the cost of the net financial debt, that's an improvement, at €8.2 million versus €10.4 million the year before. And we benefited from a decrease of the average debt for the first half and a slight decrease in the average cost of debt. Then there's this €3.9 million increase for the other financial income expenses, and the main reason is an increase in interest rates for the leases that are FRS16, and also on the pension liabilities. This is now in cash. And then the tax expense that I'll talk you through later on, reached €75.5 million, which means a net profit of associates Oh, that includes the net profit of associates which broke even versus loss the previous year. The net profit attributable to the group after factoring in the non-controlling interests reached €2 million and we reached €146.3 million, therefore up 3% versus the figures we had last year. Now then, other operating income expenses. As you can see, during the first half of 2026, they represented a net expense of €40.4 million, to be compared with €18.6 million for the first half of 2025. This change is explained thanks to an increase in restructuring costs and reorganising costs, which reached a bit more than €29 million, to be compared with almost €19 million last year. This year, as we said, they include the costs connected to the end of the SST programme, which reached almost €20 million for the first half. Then the tax expense is 55.5 million euros as I said before which shows an effective rate or tax rate of 27.2% to be compared with 23.7% during the first half of 2025. The normative rate excluding the non-recurring higher tax rate in France is assessed at more or less 25%. For the full fiscal year we count on an effective rate which will be similar to the one that we saw during the first half. Now then, we'll talk about free cash flow and cash generation. As usual, during the first half, we saw strong seasonality in terms of cash generation. The FCF for the first half was negative, that is the negative €143.6 million, a bit better than what we had for H125, which was a negative €145.9 million. This performance is satisfactory inasmuch as the first half of this year included several non-recurring disbursements for a total of €29 million, restructuring costs connected to the end of the SFT programme, as we said, the end of the higher tax rate in France, and modification of the schedule for payments of social contributions in Norway. EBITDA contracted a little. The difference with the increase of 23 million euros for the operating profit on business activities to be explained with two elements. A decrease in project risk. This is because we have normalised provisions now versus the provision levels we had during the first half of 2025. and also more reversibles of provisions during first half of 26. These reversibles have been used mainly that is offset by the booking of operating expenses during the half year. DWCR improved and this is a positive contribution reaching 41 million euros for the cash for the half year. and then the receivables and related accounts represent 49.4% of total revenue on the 30th of June, a level that's 2.5 points lower than the average ratio that we've seen over the past 10 years, which is exactly at 51.9%. Let me recall that the group has had zero transfer of deconsolidating receivables, neither in 2025 nor in 2026. And then the change in disbursements connected to taxes, restructuration and reorganisation represented €36.2 million and more than €15 million connected to the end of the SFT programme. To conclude, the cash generation for the first half is totally in line with the annual objective which was set at the end of February 2026. And with the same seasonality, the net financial debt reached €618.7 million on June 26 versus €246.7 at the end of December 25. This includes, as usual, the payment of dividends during the first half, that's for a total of €102.7 million, share buybacks for €42.7 million, plus the disbursements connected to the change in scope and the financial investments reaching €87.2 million. This gives us a solid balance on the 30th of June 26th. As you can see the equity represented 61% of the FX and WCR whereas the gearing ratio improved at 29% to be compared with 34% the year before. Now, as far as the leverage ratio is concerned, at the end of June, it is 1.1 times EBITDA, that's performer numbers, on rolling 12 months before IFRS 16, below the ratio we had last year, which was at 1.2, and well below the banking covenant and bond covenant, which is a maximum of three times. and then the group has a profitable financing with almost 2 billion lines that are authorized. 67% have not been drawn at the end of June 26 and the maturities go from July 26 to 29. We've recently reinforced our liquidity profile thanks to the fact that at the end of June 26 we signed a Shunshin financing with a total amount of 300 million euros. This includes two maturities, €217 million in five years with variable This refinancing will cover the two countries of Euro-PP that you can see on the table, 250 million euros total. The first tranche reached its maturity in July this year and the second tranche will have its maturity in July 27. Apart from the maturity extension, this financing will give the Group more diversification of its financing sources for an average to optimize financing also in terms of cost but also in terms of flexibility the group has an NEU MTM program totaling 300 million euros plus the NEU CP program totaling 700 million euros on the 30th of June 26 Rajesh, the floor is yours for the Outlook for 2026.

Thank you Etienne. So before we come back to the priorities for the second half, I just wanted to take a few moments to speak about a few ideas that I've had after my five first months as CEO of Saposteria. So these first five months have been focused on meeting teams, and understanding our offering and what makes us specific or unique. So there are three areas of strength that have absolutely convinced me that the group is unique. Firstly, we've got teams with great business and technology expertise. Next week we've got long-term trust-based relationships with our customers, so based on long-term commitments. And then our positioning is unique. We're exposed, there's significant exposure to promising sectors like defence, aerospace, public sector, and this puts us in a good position when it comes to quick evolution that we're seeing on the market and then the emergence of sovereignty challenges. We're also clear-sighted when it comes to our environment. The macroeconomic and geopolitical backdrop remains uncertain. Furthermore, the basis for comparison in the second half of 2036 won't be as favourable as in the first half. And then finally, as previously stated, we have to take into account the dilutive impact on growth of the wind down of the SFT program and this impact will be more significant in the second half compared to the first half. However, we are going into the second half with confidence. We are benefiting from favorable trends in our strategic markets, so in particular in aerospace, defense, security, and space, and then the public sector. What's more, we're expecting ongoing improvement in the situation in Germany, Belgium, and the Netherlands, and this means that we can expect a return to growth in these three countries during the second half. Based on this, we are capable of raising our organic growth target for 2026. We are now targeting organic growth between plus 2 and plus 2.5% for the full year compared with plus 1 and plus 2% announced previously. This target still includes a negative non-recurring impact of two points linked to the SFT program. So excluding this impact, the organic growth target, which has been revised, would be between plus 4 and plus 4.5%. So for the rest, we're confirming our margin targets and our free cash flow targets as communicated at the beginning of the year. So operating margin on business activity of at least 9.5% and free cash flow of around 5% of revenues. So I'd like to suggest that we move on to the Q&A session now. So that everyone can ask their questions, please limit yourself to two questions per person. Thank you. If you'd like to ask a question, please dial hash or the pound key five on your telephone keypad. If you want to withdraw your question, please dial hash and then six. The first question comes from Nicola David from Oddo, BHF. Your line is open, over to you. Good morning Rajesh, good morning Etienne. Congratulations on these good results. My first question regards Q2 and what were the positive surprises when compared with what was initially planned in terms of geographies and sectors? And then my second question regards Q2 we've seen the acquisitions and then but we've got negative net recruitment so on an organic basis is negative can you just help us understand the trend here a thousand people Q2 can you just give us a bit more details on these figures and explain why the momentum is what it is Thank you, Nicolas, for your question. So for the first one, we've not been particularly surprised by Q2, even if we've confirmed the positive momentum, especially in France. So with growth rates of basically equivalent between Q1 and Q2, 7.1 compared with 7.2. All geographies, just to keep it simple, there wasn't one geography that stood out. All geographies, as Rajesh said, have made a positive commution. So we're just slightly above what we're expecting. So this is what enables us to raise the guidance for the year with the comments that Rajesh has made. Obviously, we'll have a less favorable basis for comparison moving into the second half when compared with the first half. And obviously, this will be even more, it'll be less favorable with regards to SFT, but this has already been flagged. Now, for headcount, excluding acquisitions, we are up. Excluding acquisition, we're up 200, 300 full-time equivalents Q2 compared with Q1. So there is an organic growth in headcount in Q2 versus Q1. Thank you for this detail. So the contribution of Starion and Exover in terms of headcount, it's about 600. Bear in mind that we've got internal headcount, but then there's also subcontracting, especially for space. That's more significant than in other sectors. Okay, thank you. And just a follow-up question in terms of margin, so that's stable year on year. Can we have an explanation of what the momentum is here? Is that why you're not raising the margin guidance for the full year? So obviously I explained this previously when I talked about cash. EBITDA is flat in H1. and a few other provisions. So obviously that's good news. It means the level of risk the group has is going down. And conversely, we've eliminated certain risk that was previously provisioned, so that's for about €20 million, if you look at the details, net. So that's a favorable impact on H1, and we shouldn't see this in H2, or at least not at this level. So that's the explanation of the non-progression in H1, but now we give guidance on operating profit on business activity. Obviously these impacts that I've mentioned are now behind us, these reversals of provisions, that's behind us and we won't see this going forward. Thank you. Next question from Thomas Petrieux at BNP Paribas. Your line is open, over to you. Good morning, thanks for taking my questions. One question linked to defence and sovereignty. Could we have a little bit more strategy or more information on the matter for the second half and then could we have perhaps some examples of new Thank you very much. Thank you very much. I think that took place at the start of July. And then in the public sector, could you give us some more information with regards to your expectations for growth in the coming quarters? So for defense, as you've seen, we've We've had good commercial success, which I described during the presentation, but we are reinforcing the group in various sectors where we're expecting strong growth, so in particular space, and this is why we've made the investment in Steria, which has obviously enabled us to win interesting contracts with the European Space Agency. So all digital transformation solutions based on AI, sovereign AI, and then based on solutions like the fight against drones, anti-drone solutions, all of this is very promising and we're expecting growth in the upcoming In the future. So in the UK, obviously changing CEO. That was planned because our current CEO, John Nielsen, is retiring. It happens. So a new CEO has been appointed not that long ago. and obviously he's already been with the group for over 10 years so this is aligned with what we've been doing previously and it's not an external recruitment. Now for business momentum in the UK. Last year you'll remember that the The business wasn't linear, it was bumpy. There were some quarters where there was growth and there was others where there was a contraction. So it's transactional volume that can obviously have an impact from one quarter to another. So you have to take a step back and not necessarily look at the figures quarter on quarter. First, quarter organic growth of 4.2%. That was the first quarter. Q2, we had slight growth, so 2.5% over the first half. And Q3, we're expecting more growth. Obviously, the third quarter was slightly weaker last year, in particular for NHS SBS, the two joint ventures that we have with the health service. And then conversely, Q4, which experienced strong growth last year, should have less growth So you have to bear that in mind when we talk about growth in the UK. But broadly speaking, we're expecting slight growth in the UK over the year. So public sector business, SSCL, but not just that. That's now 100% owned by Sopra Steria. So for SSCL and then other business outside of the JVs, we had growth in Q1, growth in Q2, and we're expecting growth in Q3. And just a question on aerospace, which wasn't that strong in the second half, about 12% group level. I think you won with 15%. What are you expecting in the future? So the basis for comparison is going to be less favorable because we started to take off, excuse the pun, last year. That was obviously driven by Airbus, as you know. So that materialized in July, August last year. So the basis for comparison was not as favorable, but it is a buoyant sector. Thank you very much.

Next question, Laurent D'Or, Kepler Chevreux. You have the floor. Please go ahead. Well, thank you very much. Good morning. I have a first question to ask to pick on what Thomas said before on the joint ventures in the UK. I think that 2026 was the year when we were supposed to have many calls for tenders for new possible contracts. I wanted to know more about the commercial momentum to secure growth for 2020 to 2030 for the two joint ventures. That's my first point. Number two, you've mentioned the public sector. You've said that's one of the sectors for you to grow, like aero and defence Now, for the public sector, is it the base effect? It is complex during the first half and half. Maybe there's some type of pickup or recovery, depending on the countries. And then a third question. I missed the beginning of the conference call. Did you tell us more about reversible provisions for SFT? If not, could you give us the number, please? Well, as far as the UK is concerned, We have a power plan in the UK which is still good, with interesting opportunities in the defence sector, financial services, the public sector, with decisions that will be made in the yet to come, not necessarily only in 2026. That's the timeline you have to remember. This includes opportunities in IT services and BPS, new generation BPS, and for this we have the new Lumina offer that Rajesh described before, that's at least 1.5 billion total. That's quite a lot. We're not going to be the winners of all these deals, but there's enough in the pipeline. We have good commercial activity in the UK. You said 1.5 billion. Is that annual? No, that's what you have in the pipeline. And then this would spread covering five, six or seven years. It all depends on the deals, on the contracts. But what I mean is that we have enough to support our future growth in the UK. Of course, you have to be the best bidders and sign these contracts and not lose any. As far as the public sector is concerned, I mean, you're asking a question which covers much more than the UK. And, of course, there's growth. If you look at France, the Q1 year, okay, we have the basic act in Q2, which is at a lower level, but favourable. Everything included in France, we had a similar growth in Q2 versus Q1, more or less 7%. So quite dynamic, quite good. But we know that in France there will be elections soon, but that's going to be an issue in 2027. But for the end of the year, we're quite confident. We know that there are ongoing projects that will bear fruit before the end of the year. And we are working and focusing on the best topics. Well, of course, there will be a budgetary debate and decisions will be made. The government has mentioned that. But for the time being, there's no impact in the short run. And the third question. Oh, yes, the SFT provisions. More or less 10 million euros, reversals of provisions for SFT. Okay, thank you very much. If you want to ask a question, please dial hash and 5. Next question, Dirk-Marcon Bernstein. The floor is yours. Good morning, gentlemen. I have a couple of questions. Now, could you tell us more about the public sector and this market, not just in France but in other countries as well? I'd like to better understand this positive trend that you're seeing at present. Is that something that's happening in other countries? Is it sustainable? That's my first question. The second question is a more technical question. What about the minority interests? Why are they lower than last year's? And third question, HR. There's a strong acceleration during the second quarter, just this Q1. Is there a large contract signing? An explanation? And that would account for this difference, this change between Q1 and Q2, even though there's a lot of services in this activity. Would you say there's a new trend, given the very good numbers we had for Q2? And the fourth question is about restructuring. and what can we expect during the second half? Okay, four questions. First, the public sector. Well, thank you for asking. Public sector. It's not just France, as you know. We have a good footprint covering all of our geographies for the public sector. And it's not just France that's hanging out The other countries don't need France to grow in the public sector. So the momentum is good everywhere. Given the weight of the sector, well, we don't have the breakdown of all the numbers for each country, but that's good momentum in France. Now, the second question, NHS SBS. Look at the annual numbers, not the half-year numbers. They don't mean much. So you should compare this with last year's. NHS has a net profit which is at a lower level of contribution. Your third contribution, HR software. This is a seasonal effect, correct. There's no massive acceleration. We're very happy with the growth we've had for this business during the first half, and we expect growth for the full year. We signed an important licence during the second quarter for the public sector in France. And that's good in terms of growth rates during Q2. There's no need to extrapolate this and say it's going to happen for the rest of the year. And fourthly, restructuring. There's going to be less restructuring during the second half versus H1, because in our PLL, we've taken most of the restructuring costs for SFT, as you saw when you looked at the numbers. Thank you very much.

The next question comes from Frederik Bolen from BOFA. Please go ahead.

Hi, good morning. So my question was around the pricing environment. If you can comment on what you're seeing in competitive bids, and in particular, any more color you can give us on how pricing expectations from your customers to a degree, GenAI is a factor in those price negotiations. Any specific kind of opportunity you can flag on the positive side to offset some of the AI deflation we're seeing? Thank you.

What we're seeing today is no major impact connected to or due to AI. Of course all the clients are trying out a number of things and there are some use cases that kind of go to scale or scale up but today we've not seen a price decrease, we've not seen anything in terms of productivity connected to this. But if you look at all the bigs, the large bigs, they're very competitive and they're more competitive because most of the big players like us manage to use AI to bolster productivity. So prices will adjust as a consequence. So this is something that's going to speed up, a trend that will speed up. The trend will focus more on restructuring types of contracts. There will be outcome-based contracts so that the digital services company like us can take a big share of the cake and can take more risks. And then that means that we'll be able to use our own solutions and the deployment of AI more massively when we design and deploy our solutions. Next question, Laurent Dor, Pierre Chevreul. Please go ahead. Thank you. A follow-up question. Could you tell us more about Ordina, a progress report, if you will, because the revenues are recovering, I think. What are you doing with this division? It had gone up and down after being acquired, and could you give us a timeline? When will we have good revenue again? Ordinat, that's for the Netherlands, if you don't know, where Sopra Steria had not any presence in the past, and they included the group once we acquired Ordinat. The revenue. Rajesh said it sustained trend in Q2 versus Q1 with a moderate decrease, which means a decrease which is not as marked as last year's decrease. We had a two-digit decrease in the Netherlands last year, It's not the same trend at all. And our forecast is that we'll be back to growth during the second half. That's very important, you see, because there's a tipping point, if I can say, in the Netherlands. And as Rajesh said, we've done that in Germany and Belgium already. Now... If we look at our margins, they've improved. We're not going to give you the country breakdown, though, but we've improved our margin, and that was the case during the first half. And it's going to be even more marked during the second half. Now, we have appointed a new CEO. You probably know that. He joined us end of August, beginning of September. And that's really good for the teams. There's good momentum. The mindset, the mood is totally different in the Netherlands. Etienne, what about Belgium? I think you've worked a lot on Belgium. There were three companies to be amalgamated. And what about this integration? Is it over? Is Belgium in marching order? My answer is yes. Yes, integration is over. It's done. We integrated two companies. We had a foothold in Belgium, 100 million euros more or less is what we had. We increased revenue threefold over there. We expect 200 million euros in revenue this year. with the acquisitions of Odina, Belgium, Luxembourg and Albania not long ago. Now, as far as Belgium is concerned, before Q2, we've changed the trend. We have net recruitment. It's positive. It has not happened for a number of quarters. And if you look at our margin, it's recovering. This is what we saw last year. We saw that during the first half, and we'll see that when we look at international statements for H2. Thank you very much.

There are no more questions, so I'll hand the floor back to our speakers for the conclusion. Thank you very much. Thank you for your questions. So we've now finished the call and with Rajesh, we'll be seeing you soon. Thank you very much.