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Short video to illustrate how are the jobs, lines of businesses of our group. Good evening to all. Thanks for being present at this meeting of presentation of the annual results of the Eiffage Group. I commend the presence of members of the management and the Board members well with us this evening. '25 concluded on the same trends as the one we had already observed end of June '25 during our last publication, half year publication. In spite of the ongoing tension in geopolitical area. The trends of sovereignty for industry, energy and development of new mobilities, remain very powerful growth and for the medium and long term drives. It's a very good year again for the group. Lines of business growing strongly improved their profitability.

Do we noticed the performance of Energy System branch, who overshoots the perspective that we had said -- that we had told you about slightly in volume and more important in profitability. This path of the group has been commended by its integration to the CAC 40 of the Paris Stock Exchange end of December. Recognition appreciated by all of our employees and our partners and an encouragement to follow our strategy based on the complementarity of our businesses, and our geographical focus, so as to strengthen our positioning as one of the European leaders of the businesses of construction, real estate, service to energy and concessions.

At a time when Europe seeks to strengthen its sovereignty while speeding up its energy transition, the group enjoys very good assets, initiatives for some of them, since many decades. First and foremost, the positioning of the group has a very large European player of the renewable energies. As said in the past years, the group remains the first sun farm installer in Europe. We delivered numerous stations in '25 in France, Spain, Italy, Ireland, and we have more than renewed our book of order. Those stations are also going together with operational contracts and maintenance as well as linking to the network.

Stations of Cabra and Olivar in Spain are a perfect illustration of that. Beyond the ground farms, many projects of self-consumptions are being developed in European countries. We were awarded the installation for the Minister of Ecological Transition in Madrid, aimed at reducing the release and improve the energy efficiency of this public building. And you can see on this picture, right-hand side, the sun farm on metal framing installed by our teams in Rouen above the parking lot of a bus depot fueling our feeding electricity to a mechanical workshop and offices.

We're also reactive on wind farms, onshore, onshore. Mass for the wind farms and also the rolling out of fields with Eiffage system and Eiffage energy system in France and in Spain. We were awarded 2 major contracts for the construction of 2 onshore wind farms in Castilla y Leon, Spain for a global amount of EUR 80 million and total capacity of 270 megawatts of renewable energy.

Beyond the sun farms, where our teams are also ramped up on the rolling out of capacity of storage of energy, a major challenge for resilience of the networks to the north of France, Eiffage Energy Systems ensures the design, engineering and building of installation of energy storage station and it's high-voltage station but also maintenance and operation together with the provider of batteries and Vision Energy. The station of 50-megawatt will enable to store energy when the RTE network would be in overcapacity and be able to reinject up to 100-megawatt hour once or twice a day during 15 years in Belgium mobilization of expertise of several of our entities of Eiffage Energy System and the Eiffage Construction enabled us to win the contract for the implementation of a storage station with batteries of the Tesla technology.

Our Spanish teams started the installation of a new system of storage with recycled batteries and new batteries from electric cars in a sun farm in Extremadura. The challenge was to analyze the performance and the behavior of recycled battery compared to new batteries contributing to the promotion and development of circular economy. Eiffage

Concession through Sun’'R is active in development, operation and maintenance of sun farms in France with a installed electric power of 150 megawatts and Sun’'R won in grouping on the airport Toulouse-Blagnac to revalue areas on the airport area with a sun farm of 56-megawatt. Right-hand side, the solar revision of a parking of HVs of Montbartier operated by Park plus works are being made by Eiffage Group and Eiffage Energy System.

Second part, our positioning as a European leader on the market of metal frameworks offshore, thanks to our Belgian high entity, Smulders, which is a subsidiary of Eiffage Metal. Offshore wind farms remains an essential lever for the energy sovereignty strategy especially on the North and Baltic Sea. Its questioning in the United States is not impacting us since we have no locations there.

Smulders has an unequal capacity in Europe with factors specialized on offshore in Belgium, U.K., Poland, Netherlands, France, on screen, the location of Hoboken. Smulders implemented 40 substations and over 2,500 pieces of transition. It was 125 the market for the development and building of 3 electrical substations to link 3 wind farms in France for an amount of over EUR 1.5 billion. Those 3 substations with the capacity of 750 megawatts each will enable to be linking the transfer of electricity of over 2 gigawatts of carbon electricity.

We also took part in the pilot floating wind farm, each one of them has been built on Fos-sur-Mer and each one is 10 megawatts of power. The park will provide green electricity to 50,000 households per year. We went on with our strategy of development with the acquisition of '25 of HSM Offshore Energy in the Netherlands acquisition strengthening our expertise on the offshore wind farms enabling us beyond the structures framework -- metal framework to consolidate our capacity in EPC on the substations.

Other assets are participation to the program of the French nuclear program with the preparation works on EPR2 in Penly, mobilizing over 1,500 employees at Eiffage Energy Civil Eiffage Metal. In parallel, Eiffage Immobilier develops capacity of housing for the employees on the work site and Eiffage Energy System goes on with studies to contract generators, diesel generators for the EPR2 of Penly, Gravelines and Bugey. Beyond that, our teams are active for some years on the nuclear park all through France. They participate in the installation of EDF on new sales of high voltage on the DUS of 24 nuclear reactors and contribute then to the robustness of the French nuclear stations being the projects over the framing of the extension of the life cycle. We also intervene on operations of classical maintenance. You see on the screen the Blaye where we have been awarded the renewal of our contract of maintenance for 10 years. This market covers the strategic equipment for the safety of installations and mobilize over 20 employees with the implementation of training work site as to train the workers in real conditions and enable the onboarding of new employees.

We also have with our subsidiary, Tabelec in Toulouse capacity of design and construction of electric boards, very specific, especially for the nuclear market. In '25, Tabelec designed and manufactured boards for the Nuclear Central -- Nuclear PowerPoint, Hinkley Point in the U.K. beyond this exposure to the wind farms, sun farms and nuclear, the challenges of ecological transition of electricity are supporting our entities of transport and distribution of electricity, very present in France, Spain, Germany, also through the acquisition of EQOS. We're one of the major players who participated in the strengthening and the maintenance of the electrical European networks made even more so necessary by the increase of the renewable energy sources.

We do also operations in export, mainly in Africa and Central and South America. On screen, Eiffage Energy Systems installed switches, nonpolluting on a high-voltage station in the area of ARM. We saved 1,000 tonnes of equivalent CO2 to the frame of commodization of the high-voltage stations of EDF.

To summarize, Eiffage positioned itself on this market 20 years ago. During the strong development, we are really supported by the growth. Our global exposure having reached EUR 3.3 billion in works in 2025. Beyond production and transport and storage of energy, European energy sovereignty is also supported by the improvement of the energy performance of our buildings, our factories and our infrastructures. The brand energy system is also very active, and the maintenance and optimization of the buildings on screen, programming and implementation of the lighting system and several buildings of the Bank of Spain, realized by the teams of Eiffage Energy System.

Building side, crisis of energy in the past years acted as an accelerator for looking for energy efficiency, and generated a very strong dynamic in terms of renovation in tertiary and as well as in building. Eiffage Construction saw an intake of EUR 450 million of book of order -- order book about the renovation of households in France -- housing units in France.

Contract of design realization on September for the refurbishing of 620 units and occupied site in Rouen. Eiffage Construction also launched at the end of the year, the refurbishing of 360 housing units in the area of Saige in Pessac. This huge program will give a new life to all of those buildings while improving the quality of life of the inhabitants. The refurbished households will have a energy consumption below 90-kilowatt hour per square meter.

And the teams of Eiffage Energy systems support the hospital Saint Joseph Saint Luc in Lyon, in order to obtain a contract of energy and environmental performance for 10 years, an ambitious partnership aiming at a reduction of 40% of energy consumption per year of this hospital while securing its technical infrastructures. Our concessions are also active on the renovation with the Nove project, which beyond the construction of over 2,500 housing units are also refurbishing over 7,500 housing units for other families.

Having said about the elements illustrating the force, the strong exposure of the group to the themes of sovereignty, energy and transition, it seems interesting to talk about another asset explaining the growth of the group. Its strong exposure to the traction in our sectors of several major countries in Europe, Germany, Spain, U.K. sorry, Netherlands.

Spain is our large country of activity after -- sorry, Germany is now our greatest country of activity after France with 10,000 employees and sales of EUR 2.5 billion, covering all our works and concessions, and Project 125 Smulders and HSM generated EUR 300 million activities in Germany, bearing on the Belgium and Dutch factories. At the time, when the German government said it wishes to invest massively in this infrastructure for the decade to come. Group is very well positioned to enjoy part of it.

Among the many contracts won on the first half year, EQOS signed an important market with a building of high-voltage lines and the replacement of cables on 31 kilometers that will increase the capacity of transport of the electric network. SEH, German subsidiary of Eiffage Metal won a contract for the construction of the new metal bridge on Levensau on the Canal channel of Kiel. The new contract illustrates the recognition of the know-how of Eiffage Metal on the civil engineering works in Germany. Through the -- refurbishing recovery plan for the renovation of German infrastructure, Eiffage Metal enjoys a very strong book of order.

Eiffage Infra-Bau finalizes the works on the motorway A3 for the Eiffage Concession through a German contract of the Type A model. Beyond organic growth after the phase of integration of EQOS and Salvia, Eiffage Energy System continued to strengthen itself by external growth and by acquisition of small companies and goodwill that are strengthening specialties or new territorial matching.

In '25, beginning of '26, we have thus acquired IFT, Esacom, HTW [indiscernible] and the goodwill of Claus Heinemann. Those 5 acquisitions represent and the full year sales of over EUR 90 million and a headcount of 450 -- 440 people.

Second country with a strong traction in Spain. We make the EUR 1.6 billion of sales in the works of services to energy, road, civil engineering and metal with a headcount of 7,200 employees. Our teams of Eiffage Construction won in groupment the contract for design and construction of the new car race circuit F1 in Madrid, as well as a second contract for the new buildings and temporary structures aimed to host the booths during the Grand Prix of Spain in '26.

Eiffage Energy System has a national coverage in Spain, very present on wind farms, sun farms and transport distribution of energy, while being the first person -- the first company to maintain the national network. It's also present on the tertiary market and service to collectivities. So as to strengthen its positioning in the industry, Eiffage Energia System has acquired 3 companies: CVS specialized in solutions of refrigeration for industry, M3i Controls and Inmotechnia specialized in the control systems.

Third, counter with a strong traction. The Netherlands, Eiffage Energy Systems entered through the acquisition of Kropman in 2018 with sales of EUR 150 million and 800 employees. Following several acquisitions and organic growth, Eiffage Energy Systems has now over 2,000 employees and sales over EUR 400 million in this country.

In '25 with the acquisition of HSM Offshore Energy, Eiffage Metal now has a long-standing location in the Netherlands with 2 factories and over 150 employees. One example on screen, Eiffage Energy System implemented in 6 weeks only, the total replacement of the Alarm fire system of the Theater De Tamboer in the Northern Netherlands.

To summarize, Eiffage enjoys the strong traction for our markets of Germany, Spain and the Netherlands. So 3 countries represented EUR 5 billion of activity in the works in '25. Beyond those 3 countries with a strong traction, the group enjoys historic French base, solid, robust and in growth. And of Belgium, where we are the second factor of the country now works. We build a group and the new general headquarter of defense in Brussels.

The Belgium teams are also working in the port of Antwerp and Bruges. The second greatest port in Europe, Herbosch-Kiere participates in the works on modernization of the Europa terminal that will increase its capacity by 1/3, but also towards a transition of a climate-neutral port. Three stages in 9 years so that the terminal will remain operational.

Eiffage Energy System transforms the port in a connected and smart space thanks to installation of IoT sensors and a new software infrastructure. Teams of Valence were awarded the market of construction for the new buildings of the school, Leonardo da Vinci in Brussels.

Real estate teams signed a bulk sale of 80 housing units, enabling Perrard to start the new works in the future neighborhood of Belval in Luxembourg. After having talked about the exposure to the dynamic of some markets, some countries, another asset of the group, thanks to the capacity of its organization as just to know how to mobilize efficiently the complementarity of its business is to make the difference on several large-sized contracts. First example within the construction, the integrated model, developer, promoter, builder, proved its strength enabled this line of business to face the very significant decrease in real estate.

Eiffage Amenagement achieved by the end of the year, the main works of infrastructure of the Ilot du Ponant, a project of urban redevelopment with the transformation of a former Brown land into a top residential area. Eiffage Immobilier in Poland started the transformation of the former street car depot in Poznan, and operational development that will see the total renovation of the depot as well as the historic buildings made all by Eiffage Construction.

Expertise in management and the project of Eiffage Civil Engineering and Eiffage Construction combined with the know-how Eiffage Energy Systems enabled us to train even more and more teams to face the strong demand of data centers and also to change our scale. We implemented our first hyperscale for Cloud HQ and lease. This extension has already started, and we are answering to several other requests in France, Germany, Belgium and Spain.

The combination of the know-how of all those Eiffage Energy, Civil, Eiffage Construction, Eiffage Metal, Eiffage Energy System were necessary to deliver in time the GIGA factory of electric batteries for ACC in the north of France. During the first stage of the Grand Paris Express with lines 15, 16, 17, 18, the group was present on 11 stations and separated batches are on macro batches. It has always been the combination of those specialties of Eiffage Energy System and Eiffage Construction, which enabled the group to be the first provider of the society of the Greater Paris area for the implementation of this station.

For the new phase, the major project decided to start 4 mega projects in design building, including all the parts of Eiffage Construction, Eiffage Rail and Eiffage Energy System. Eiffage secured the Line 15 East, one of the major lot mobilizing and integrated teams all of its businesses the jobs because it's really a system of transportation that will have to be delivered in 2031. Beyond those complementarity, Eiffage Concession enables us to go up and down the value chain by being a contractor, designer, builder finance, but also operator and maintenance operator. Once again, our model meeting call for tenders is to mobilize our internal skills to realize the -- to implement the needed work for the implementation of the new assets that will strengthen our portfolio of concessions.

This is the case of our project, Nove for the Ministry of Army's and its ambition families, which ramped up with now over 90% of the designs that are being implemented. '25 was the acceleration of production and delivery of housing units with 600 housing units -- new housing units and over 1,200 which were refurbished. That's also the case of the Port of Marseille, which combines a PPP. The denial was also to revalue a nearby property. Mobilization of most of the lines of business of the group was determining to secure this contract.

In Belgium, starting a tremendous amount of PPP project buildings infrastructure, group with its partners won the PPP for the jail of Vresse-sur-Semois for a global amount of investment of EUR 171 million. On our motorway concession traffic remained constant for the HVs and the LVs. Motorway A79 ramped up in power with over 10% of growth of its traffic.

On the project of A412, all of the authorization request has been introduced to us to enable the beginning of the works by the end of '26. Those 2 motorway concessions are the perfect example of projects won by the group after tenders on which the expertise of our concession is we're partnered with the expertise of all of our lines of businesses without any exception. So as to roll out our expertise and our innovation on the servicing areas at an era of new mobilities, we participated and won the tender for the concession of the servicing area of the Champ d'Amour on Motorway A20 on the network, which is not part of our concession. It's going to be operated and brand fully.

As you have seen, more than a diversification as such, is the complementarity of the lines of businesses, which is there. The compactness of organization and our family mindset embodied by the engagement of all behind our employee shareholding enables us to seize a lot of opportunities that need the mobilization of many, even all of our lines of business.

Facing the ecology transition, which -- with most of these values on the crossroads of our business -- our businesses, this is special an asset to capture development opportunities. Without forgetting it's also a fantastic asset of resilience when one of our lines of business is under pressure, like, for instance, real estate for some time now.

In terms of concessions, the quality of the results of the group enabled us progressively for over 7 years, to get to the capital of Getlink and becoming its referential shareholder with 27.66% of the capital, following the last acquisition of 7.1% of the capital on October 23, '25.

Our participation in Getlink is hence a masterpiece among other of the renewal of the portfolio of concessions of the group since Getlink is concessionaire of the channel until 86 here, again, it is about complementarity, because Getlink is active in the businesses of rail infrastructure and electricity transport that we know very well.

But this good year of the group should be also in its extra financial component. '25 was also awarded -- rewarded by the improvement of most of our extra financial rating by the various stakeholders as you see on screen.

On screen, again, the monitoring of our path of reduction of our gas releases -- greenhouse gas releases on scopes 1 and 2 by reference to 2019. The growth of the sales is more important than the simulated normative growth. Our releases are in line with the target meeting our engagement at Horizon 2030. As you have been noticing, '25 has been an excellent year. The group was beyond the EUR 25 billion sales after a growth of 8%, 4.8% on organic growth.

The operational results of the works reaches EUR 1 billion, EUR 500 million for the only branch energy systems as profitability reaches 6.2%, a slightly decrease given the overtaxing of major companies growth 8.9% in the constant perimeter. Thanks to the excellent performance, operational performance, we are much closer than expected of the 2048 -- '24 results, sorry, a debt reduction to the tune of EUR 900 million, thanks to a very good performance, operational performance and the variation of WCR generating cash up to EUR 300 million. This debt reduction coming after EUR 800 million of investment for external growth.

Finally, visibility of the group is comforted by a book of order growing by 3%. For our perspective, '26, we're expecting sales on the increase in works and in concession and activity and growth at the Eiffage Energy System and of the same amount as in '25 in infrastructure and in building construction. Operational results, an increase in the works and concession with an improvement of the operational margin of Eiffage Energy System, a consolidation of the level of margin of the other lines of businesses and works. Hence, the net result of the group is expected to be increasing.

Thanks to those very good results and the solidity of the group, the Board of Management decided to suggest an increase of EUR 0.01 of dividend up to EUR 4.8 per share.

Thank you for your attention, and I invite Christian Cassayre to give you the details of our finance.

Hello, good evening. We're now going to go into the details of the figures that have been broached upon. When it comes to our business, it's going up. This has been detailed by Benoit de Ruffray. So I will simply give you a reminder of the figures, 8% of organic growth, including -- 8% growth, including 4.8% organic. And over the last several years, this follows a 2024 year where we already had a strong growth at 7.3%. And on the period of the graph, it's plus 35% over 4 years.

Same commentary over the evolution for contracting a 9.2% growth, 5.3% organic after a 7.5% growth in 2024 and 46% over the last 4 years. If we look at 2025, you can see the geographic distribution in France, growth is higher than usual at 5.6%, this is because there's been a lots of ramping up on larger civil engineering projects and thanks to the Nove contract. The growth in Europe outside of France is 16.6% driven by acquisitions for 18.4% and organic growth was 6.2%.

Current operating profit is EUR 2.6 billion, increase of 5.3%, which seems limited when you look at the performance of the branches, which is far above this average. It was already the case at the 30th of June because this year, we have a higher amount of expenses for share payouts, which has been calculated according to the IFRS 2 accounting standard, EUR 60 million more than in 2024, which including EUR 52 million on the holding. This followed the improvement in the price of the Eiffage share following the equity subscription period that was exclusive for staff.

For the rest, you can see our margin has improved plus 30 basis points for contracting, plus 15.8% for an improvement in turnover of 9.2% and plus 30 basis points in concessions in spite of an increased amortization expense. We're going to go into the detail of the branches in construction after 2 years of a decrease. We now have a 2.7% increase despite Eiffage going down 15.5%, this is not an impact on reservations. It's an impact on turnover because reservations has been going slightly up for the last 2 years, and we've reached the low point of inflection should no longer go down in renovation, its renovation and services that allow us to perform the Nove contract has generated EUR 400 million of activity at Eiffage Construction versus -- which is EUR 220 million more than in 2024. We can see that this contract is very, very important for the figures of the branch.

Our global operating margin is improving marginally but you have to take into account a smaller contribution of real estate, which is significant, EUR 29 million less in 2025 against -- EUR 29 million in 2025 versus EUR 41 million in 2024, it was EUR 84 million in 2022. And this lower contribution because both the rates and the base have been going down, has been compensated by an increase in margin for buildings, thanks to a very careful attention to the execution of projects and a better selection.

I have chosen this year to illustrate the activity of the group through its history, looking at our routes, which often run deep. In 2025, we had 2 anniversaries in the branch Perrard, our billing subsidiary in Luxembourg, which is 150 years old; and Herbosch-Kiere, which works in trolling and maritime works and celebrated its 50th anniversary.

The infrastructure branch has reached a high point of activity at EUR 9 billion, which is the result of several factors. A good year, all in all, in roads for France, plus 3.9%. There was also an increase in our big major projects in civil engineering in France, Greater Paris Express, EPR2 Lyon-Turin. The European projects also are working very well. HS2 in Norway. A sustained level of activity in civil engineering in Germany without any real acceleration.

And finally, it's -- we've talked about it. It's linked to the improvement of wind and sea activity in France and internationally, which also benefited from the acquisition and integration of HSM. This has allowed us to make over EUR 9.2 billion in turnover, mostly on mobility -- sustainable mobility, infrastructure and energy production. Profitability is mainly connected to the activity of Eiffage Metal plus 22% growth, half of which organic and half of which is connected to the acquisition of HSM.

In Senegal, you will know that it's the only country in Europe where Eiffage deploys its construction concession model, which allows us to design multi-branch projects, and this subsidiary is now 100 years old. At Eiffage Energy Systems 2025 with a new year of growth with 11.8% growth rate with external growth and was also a strong year of improvement for profitability which is up 40 basis points. Organic growth is 3.4%, 2.4% in France, which is the country growth plus inflation plus a little more, and plus 4.8% internationally, where we are gaining market shares, mostly in Germany, Spain and the Netherlands. This organic growth of almost 5% internationally was completed. We've targeted acquisitions -- in 2025, we benefited from the integration of EQOS, which was there with us the whole year against only 2 months in 2024, and we consolidated with the acquisitions -- closed nearby acquisitions in Spain and Germany, we talked about these.

Our profitability has strongly improved beyond the target that we had set for ourselves because of the quick integration of acquired companies in 2024 and 2025, which has allowed us to fully capitalize upon new opportunities in the German and Spanish market, this is because of our remarkable historic implantation in France and Europe. We're very agile. We can integrate in a multi-branch projects which allows us to go look for both opportunities and added value in our branches.

125 years ago, the Societe de Force et de Lumiere Electriques which became Forclum and then Eiffage Energy Systems had worked on the lighting for the Paris Exposition Universelle.

In concessions, you can see here our main assets consolidated globally with the date of end of concession and our data and our rate of retention. The main number to look at is EUR 800 million of turnover on PPPs and concessions in APRR and AREA. There's been an increase in capacity, including in ALIAE. There's been a slight slowdown in other PPP activities in light gray because of the contract for renovation of Nove. The renovation of Nove is generating a decrease in rent, which is planned for in the model and the Decathlon Arena Stade Pierre Mauroy had enjoyed an exceptional year in 2024 because of the Olympic Games.

15 years ago, SNCF Reseau gave Eiffage Construction that has funding and maintaining the rail line in Bretagne Pays-de-Loire, which is now one of our key assets in our concessions portfolio. Here, we look at the APRR scope an area where traffic has improved 1.3% with a turnover that has increased 2.9%. EBITDA margin has slightly gone up despite the increase in share payouts expenses that I mentioned earlier, and I'd like to remind you that since 2024, EBITDA has been diminished of the tax on the highways for EUR 127 million, and this year, EUR 123 million in 2024.

When it comes to funding, we've made a -- we've issued 2 bond tranches, one in May 2025, one in 2026 for EUR 500 million with a fixed income coupon of 3%, which is competitive, which contributes to a slight increase of the cost of debt.

Finally, last point mentioned APRR, we've sold our co-owned subsidiary, access, which has allowed us to generate EUR 20 million, about half of which for Eiffage, not included in EBITDA, you'll find it in other financial revenues. 20 years ago, it's another anniversary on the 20th of February almost 20 years ago, day for day, we've integrated APRR to the privatization process, 18 candidates were competing and Eiffage with its Australian partner made the best offer.

Outside of the APRR network, we're looking here at the EBITDA margin for main assets. You can see that it's around 80%. And on the right, we wanted to indicate for PPPs and concessions that are being constructed, the incoming turnover for projects, which you can see is not negligible, which is at the heart of our integrated construction concession model. And this was explained to great lengths.

The final -- the final brink of our concessions. You can see our participation in Getlink, we're now at 27.66% participation. The numbers -- the figures on the right are 100% Getlink. And you can see our quota share is EUR 62 million for EUR 66 million of dividends perceived. This quota share is based on the consensus. We don't have final figures. And we took into account our retention rate, pro rata temporis which gives us a final result of EUR 62 million.

We had a remainder of the result of 2024, the consensus had resulted in EUR 14.6 million and amortization for overvaluation of EUR 14.3 million. This is concerning operational elements when it comes to the profit and loss, I don't have a lot of comments beyond what we've already mentioned. You can see the cost of net debt is stable, which means that the cost of the new bonds that I talked about was absorbed by the reduction of net debt. And the element that we have to comment upon is the increase of corporate tax. It's a strong increase of EUR 200 million, EUR 176 million, which are connected to the new taxation in France, which impacts our net result and our net result group share, which is nevertheless very close to its 2024 levels.

Adjusted for tax fluctuations, it would have been an increase of 8.9%. You can see the evolution of net debt for 2024. EBITDA is up EUR 378 million, which is very significant. Dividends received from equity associates is mostly Getlink. Working capital requirements has generated cash for the sixth year in a row, EUR 300 million of which on from projects, taxes paid or up because of the new French taxation, which gives us EUR 3.5 billion in free cash flow.

Investments in projects are higher than in 2024 because of the increase of the activity, but also the 2024 base reference, which was not that high. Over 2 years, this has increased proportional to activity. In concessions, investments have increased. They were connected to the Nove contract without any effect on the debt at the end of the year because this company is now consolidated as an equity associate. I'll come back to that.

We have free cash flow at EUR 2.1 billion after investments. You understand that this is because the investment of Nove of taxation and because working capital requirement contributed less than last year, but it remains very high, thanks to strong EBITDA and the contribution of working capital requirements. This cash flow has allowed us to finance EUR 825 million investments for growth after EUR 900 million in 2024. You can see that we're reinvesting our cash flow significantly. The EUR 825 million amount includes the acquisition of 7.11% of Getlink's equity and acquisitions that were presented in the Netherlands, Germany, Spain and Italy as well.

When we come to no flow variations, it's a bit technical, but we're talking about the EUR 370 million of debt of Nove, which was consolidated as an equity associated at the end of 2025 because of a change in our groupment agreements at the end of the design phase.

The final flow, I will comment upon capital operations. You will find the usual movements on equity, dividends paid out to APRR to its minority shareholder and the dividend paid by Eiffage EUR 453 million, which brings us to our net debt of EUR 8.5 billion, which is down EUR 870 million after more than EUR 800 million invested in external growth. This EUR 8.5 billion debt includes our debt for a concession of EUR 10 billion, down EUR 685 million and a net treasury of the holding and the projects branch, EUR 1.5 billion which allows us to remain very agile financially to capitalize upon any growth opportunity as we've done, especially these last 2 years.

When it comes to our order book for projects, we see a 3% growth over year. We can see it's growth in every branch, which allows us to expect a new year of organic growth at a slower rhythm nonetheless than in 2024 and 2025.

This concludes for the figures, and I believe we can now move to the Q&A. Thank you very much.

I'm from CIC. I had a few questions. First question, could you share with us vision of the market of real estate in France and development. We say in France, there's a concession. Second question. We say in France, there's a consensus on the concession system, which should last with new tenders. Don't you think that this will depend on foreign investments. It's not obvious that these investments will be massive. And without massive investments, maybe the state could change the system which would not be the same scenario for us.

Third question for 2026. It's a year for local government elections in France. Do you consider there will be an impact risk with these elections with the project activity for Eiffage in France. And you also said that there was a German economic plan -- are you -- do you think you'll be signing the first orders connected to this new German plan?

Olivier, please answer the question on real estate and development.

The market in 2026 for real estate development will remain under pressure, especially since 2026 is a year, as you've said, where there will be local government elections. And these are never favorable to launching new projects or turning new permits. Nevertheless, we will not experience in 2026, what we experienced in 2025 with the collapse of demand for private investors because of the P&L change. And we favorably welcome the housing plan of the government, especially the Jean Braun law, which would -- should improve our sales.

So in this context, we imagine that 2026 will see an increase in real estate activity, both when it comes to operating income and turnover. Camille?

Good evening. So you've interrogated me on the consensus concerning highway projects. It's true that this consensus you referenced is the conclusion of the work of the Ambition France Transport Conference, which was presented to the Council of Ministers by Minister Tabarot. So today, this is the most probable outcome, and it's the one on which the transport ministry is working when it comes to services, and we are talking to them concerning that, and we are preparing for that as well.

I would like to indicate as well that even if highways are, in fact, already built, you must imagine that there are no investments and you need 3 types of investments: First of all, renovations, exploitation and maintenance, adaptation to new mobilities, everything that has to do with electric cars. And investments connected to resilience when it comes to climate change, we can see that in the mountains regions, in the Alps. We already see the effects of that. So there will still be investments that will justify the concession model in the future.

Concerning 2026, and the elections, the upcoming elections, I believe that's something we already shared with you. The decision is more and more made in a broader local government. So it's further detached from the direct voter and we see more and more projects that know how to overcome local government elections. I won't say there's no effect but there's a lot of mitigation. It's much less impactful than in the past. I would like to add to that, that our teams and your neighbor to the right which care of roads. They're so used historically to have huge gaps, they're so worried about it that they're extremely agile in the face of that.

And I must say that it's something that impacts us less and less. It's more significant in terms of construction permits. That's where the impact is. When it comes to Germany, of course, as of today, we're not talking about orders. There is one big German client, Deutsche Bahn, the entire German railway network needs significant work. Their activity is increasing. They had a model to attribute contracts, which was very cumbersome, let's say, and they're working on their operating model now to go faster. I don't know how to make a direct budgetary connection. But fundamentally, their investments are much more significant than in the past. We have a strong growth when it comes to that.

And the growth in metal works are also connected to railroads. So we can already see it on Deutsche Bahn and other issues, we don't see it yet. I believe the real issue when it comes to the way in which German industries can implement these projects because traditionally, they did construction. And only after that, did they make public tenders that we could act upon. But I believe there will be more and more models in the future, like the A3 highway, and we already have partnerships that are operating from time to time. This is what will allow us to accelerate when it comes to implementation.

What you have to remember in the end is that everyone is talking about it, that's great news, because we were facing a big deficit in terms of attractiveness. And now it's completely changing. There's a lot of restructuration in German industry. I believe that historically, we wouldn't have been able to hire workers from the automobile industry, but now there's visibility -- long-term visibility people see that this is work that there's recruitment on, and we will be able to accelerate not only because of budget constraints and budget opportunities, but because there are new people available in the field. So we're very confident that it will be a growth factor in the future. But I want to say [Foreign Language] because you can't change as quickly when it comes to human capacities as we often want to, but it's a very good news for the sector in the mid and long term.

There has been some level of acceleration. We've managed to stabilize at EUR 1.2 billion when it comes to German roads, despite the lower contribution of the A3. So we've managed, thanks to orders -- midsized orders to compensate and generate 4% -- about 4% growth on civil engineering and roads in Germany and railroads.

The first one will be about your policy of capital allocation. Could you please remind us what are the major guidelines of yours? You have caps of growth, what is your cash for the acquisition? And what is the focus on '26 of those acquisitions? Getlink, you're close to 30%, meaning that according to your policy until now you put this aside or are there some other news this evening? That's my first question.

Second question, the free cash flow, beautiful performance on half year, is there a free cash flow guidance? And a question about the data centers because what you presented the slide earlier, I imagine that for the time being, it's a small exposure, but what is the growth rate on this segment? And how far could it go?

I'll leave some questions for Nicolas. Okay. We'll start with the free cash flow. You feel like answering, aren't you? We shall disappoint, but there's no guidelines. We guide on the result, and you can reconstitute the free cash flow, before variation of WCR. And this is where the complexity starts is to anticipate the variation of WCR, which normatively should be close to 0. We enjoyed for the past 6 years, I said we were in a decrease of WCR over the past 6 years. It's absolutely exceptional in the history of the group and on our industry.

We enjoyed 2 major elements. First is whatever is the regulatory and the reduction of payment delays, especially in France, that are abided by or better abided by. We have ins more than outs, and this conformity to the delays of payment has really settled. It's normalized. That's the first element.

Second element, which is close to us, strong growth in the company's industries, which are the negative WCR mechanically generate a decrease on the cash flow. You can see this in the book of order comes from the share of the major contracts, long-term contracts. They have down payments with this conjunction of strong growth, especially on major contracts is beneficiary for the long term. This long term will be, how should I say, leveraged we will not enjoy that in the future.

And we established our policy on WCR at 0 because the -- the 2 major contracts full engineering that were quoted in the final phase, we'll restitute the cash flow, which is an accident. So no guidance. Elements that were according to our track, past track, no guidance. No guidance because, it's part of the WCR performance is done by the end of the year. Ludovic, on the data centers.

Good evening. Data centers, there's 2 activities, goodwill. There are a lot of them. We worked on that for several years on activities of works, but also of maintenance. For some time now, we have seen emerging hyperscale i.e., data center is a very large size, and we positioned ourselves successfully on the first one. The Data Center of lease thanks to the group, we could come with Eiffage global offer, and it was a success. Those operations are accessible but a very -- how should I say, resource consuming.

So our aim is quickly to be able to have 2 hyperscale in parallel and to extend this activity to the rest of Europe on the goodwill first and then on the hyperscale. Those contracts are very demanding. Our first operation lease was a true success. The teams did the admittable work. Those are on the Anglo-Saxon contracts, you have to select your clients. It's a race. The quality race or margin more than volume because we don't always have the capacity to perform an infinite amount of data centers. Let's remain quiet and let's grab this opportunity to develop ourselves on those hyperscales.

But maybe to get back to the allocation of capital nothing different from what we said in the previous years. What you have to look into is, remember, the nonrecurrent debt and the EUR 1 billion, we always wanted to be comfortable regarding the variations of WCR we have in the year. So historically, we also talked about the variation of WCR of about EUR 500 million, and is much more important than it was some years ago. So it's even EUR 700 million variations of WCR in the year. And if you look into the metrics, take the EUR 1 billion of sales, EUR 550 million after distribution.

So for the time being, we still have some ideas in our various businesses. I think what's important is to look over the past 2 years, but also for the past 5 years, 6 years, we always found opportunities to reallocate our capital, and we intend to do so. If you take what's happening on the Energy System branch, the market, I am sure that the market is being consolidated now. And slower than it grows. So 4 major players consolidating on the European level. They're all French, originally French. But at the end of the game, when we look at each other, I like this example.

When we announced an external growth none of our competitors announce it, and we don't know it. It's about -- it's just to tell you this expression because sometimes it's specialties which are born in the territory at a given time, the market grows so far that it wishes to be supported by an important group. And it's our teams in the area that know them that work them and they come to pair. And together, we will grow faster, hoping that 1 plus 1 makes 3. That's the model we have alternatives. We never look for structures that would be in a bad shape because we do not have the available resources to focus on a major restructuring, but we have a lot of ideas to go on bolt-on and work on the country. This is a work site with the energy system branch, which there's much more opportunities because the market is not consolidated yet.

Another element of interest is that when we develop the coverage at the national level, when we become a recognized actor, you increase the attractiveness, which is basic what it is about hiring new people. If you wish to grow the way we do in Germany. When the energy system changes size in Germany, it helps the civil engineering, the rail, the metal in Germany because Eiffage is a name, a brand who changes size in each and every business. So there is a cost increase, cost improvement, and we wish to operate the same model to roll out the same model.

I'll give you a simple example. We came up with 2 manufacturers of armament in '25, one that we built in the French area because we answered several tenders for batches and someday, the customer said, "Oh, I want it quick. And I've seen that you have Eiffage Energy System and Eiffage Construction. Can you do it faster if you are paid? Okay. So we had Eiffage Infra-Bau and Salvia who was acquired by Eiffage and the customer said, together, couldn't it go faster? That's the same model and many, many opportunities.

Then you have to take time not to make a mistake in our businesses, the acquisition of a company of construction is first and foremost, it's men and female and women, and the culture to be consistent to be able to develop it. And this is what's concerning us. The second element are the concessions. There are some assets from time to time who are on sale. But it's difficult to imagine to be able with the cost of capital to create value. So we focus much more on assets which are already in the territories we know and we have a lot of investments to do because, as I said previously, it's our teams of works that will enable to create this value and have an asset that at the end of the day, will be more profitable.

When you combine both currently, we always succeeded year after year, sometimes very importantly, sometimes less importantly to reinvest more than what we successfully created. So this model we wish to carry on with that. And Getlink, I won't pretend I didn't hear the question because if not, you're going to reask it again and again. Globally speaking, things didn't change. I insist for some time, we have seen APRR, AREA to be a very concentrated asset for the group represented globally the concessions of the Eiffage Group. But it was very focused in terms of political risk, in terms of contract because there are only 2 contracts.

But on the other hand, an asset spread on kilometers and kilometers. Tomorrow, you'd have a major incident in the arms, it can block a mile of motorway, but it doesn't stop you from operating the rest of the network. On Getlink, we are focused concentrated in time but also concentrated in terms of risk. Even if the cable pass has changed a little bit and diversified the risk, we are comfortable with it. We are with a share that presents in our concessions in our portfolio, Getlink is significant.

I'm not going to tell you that, that 40% would have changed our life compared to 30% in terms of risk. The pro is that it's a ranked company, 30% makes a difference. We're not yet at 29.9% didn't change. It's still our intent. If there are some opportunities, we're ready to strengthen ourselves to grow up to 29.9%, and we're very glad to have this major element adding to all the others. The management is doing an excellent work. We're absolutely in step. We have to focus on the core of activity that we have to develop. So it fits us to go on like that.

I'll just conclude by saying that we have this lock. We never were compelled facing something -- an opportunity of works of concession to be able to -- to be compared to arbitrate because we seize them one after the other. And with the current financial structure of the group, if tomorrow, we have both things, and we're able to mobilize and to move ahead because the group is much stronger than it used to be by the growth of its size and the quality of its results. Nicolas Mora, the Morgan Stanley.

Nicolas Mora from Morgan Stanley. I'm going to give you a short question. On working capital requirements is for Christian.

Yes, Nicolas.

For 6 or 7 years now, it's been -- this masquerade has been ongoing, it has to end 6 years. 6 years, 7 years, it would be richer, but it's only been 6 years. We see prepayment inflows. We could give the number this year. Last year, it was EUR 150 million. There's a lot of provisions, which you can see in the cash flow, and we can see that among your peers accounting is very conservative. And we can see this reflected in the working capital requirements. But are we simply looking at structural working capital requirements with a growing group, which is helping noncash, prudent accounting? We're trying to get you to admit that the cursor on 0 was probably valid for pre-COVID Eiffage probably no longer today. So that's the first question.

I don't see the connection between the end of COVID and cash. But the fact of the matter is, fact that we have more current provisions, you'll see on the balance sheet, we have bigger large contracts with more risks, and they are directly provisioned. But we have bigger contracts that generate more favorable payment terms, and bigger contract with a bigger level of onboarded risk, which generate larger provisions, this has to be the case. It has to be like that. These prepayments if we consider that we're going to renew them that we'll have the same flow of large major contracts in the years to come. Then yes, we can say that we're going to maintain that level and that working capital requirements will not slump and we'll continue to generate cash, but we have to be very conservative because we can see, for instance, on offshore perspectives, there's been a lot of growth. But right now, it's normalizing. And 1 day, these programs will stop, and we'll have to find new sources for growth. So this isn't going to happen tomorrow, but working capital requirements or working capital requirements. Otherwise, it's hidden income, which is not the case. We provision our risks. We make sure that we make ironclad contracts so we protect ourselves from default from clients. And this is very coherent with growth that is normalizing next year. It's normal to anticipate working capital requirements that are going to generate cash, honestly.

Maybe -- so I just wanted to add to that. In our business, I don't think you realize the cash, the cash influx for December. It's far more than the yearly working capital fluctuation. Just to illustrate, it's a multiple of the yearly working capital requirement flows. So I'd like to add that the idea for us is completely impossible.

And on the 25th of December, we don't know where we're at because over the last 5 days, it's much more than the yearly change in working capital requirements. But yes, what Christian was describing is reality. If we maintain the group in growth, having a certain number of major contracts that are ongoing. It's logical, but it's connected to that. It's not connected to a structural change.

I will continue. Just to come back to the French residential sector. The activity of promoters, which are extremely optimistic for 2026. What's going to happen if the market really accelerates. Do you have a -- do you have enough projects up your sleeves to accompany that in 2026, 2027? On Eiffage Systems, it's a very beautiful performance on margin for 2025. The question we ask every year. What about 2026? And when you can see this 40 basis point improvement in margin, could you tell us what's really the scope M&A, so the contribution of Germany? And what's really the underlying improvement. So it gives us performance on France, for instance, that would be useful.

So we hope things are going into -- the pace is going to pick up. It's more likely it will happen in 2027. I was talking about the local government elections. This had an impact on offers. So elections are in 2026, but we've been talking about it for the last 10 months locally. And so yes, we have the products, but we're looking at launch in 2027. I will let Ludovic complete, if he wish us, to.

If you look at the history, when we had moderate growth, our progression was 0.2% a year with a recovery phase. Over the last few years, we've gone from 5.8% to 5.9% to 6% and 6.2%. And we've had improvements on basis points while we've been accelerating on external growth. So there's an effect of external growth because we acquire quality countries. We also have fixed expenses that don't increase as quickly because we consolidate, but on the yearly performance, when we analyze the past, about half of our base points improvement is intrinsic to our activities, and the other half roughly is the product of acquisitions.

Any other questions?

I'll carry on. On the Infra, you were talking about Smulders offshore that will stabilize someday. We had a good visibility 2 years and more. Is this still the case? Could you carry on filling the book of order? There's a little contraction before the next investment cycle. And secondly, on the PPPs and the focus on greenfield, we have in mind the Belgium and the big infra, maybe Germany. What about France. You left the crumbs to Vinci on the A54, but do we have a beginning of -- beginning of a pipeline, short medium, long-term local government, except France?

Guillaume on Smulders?

Hello. Answering Smulders what we see in the past years. It's a market structuring on substations and our foundations, activity is really driven by the substations. This is why we positioned ourselves in HSM enabled us to have, as Benoit said, to combine this metal structure and the equipment within those metal framework. It's the contract that we signed in France in '25.

Then when you do substations and there is a political will that the market foundation will restart, because it was confirmed by a certain amount of conferences. One activity, which is drawn by the substations, foundations are slightly behind. I think it's going to be rebalanced soon. Then after we're not exactly 1 or 2 years, we don't have a visibility 2 years from now. It's about the appetite of the developers. You know they are constrained by the interest rates, the market and the developers go faster or slower. We've seen that in the U.K. recently.

And to add to what Guillaume said, it's 2 different markets. The customers are not the same. It's network operators that bought in the substations like RTE, which is our customer on substations, then it tenders from the wind farms. So it's not the same clients. It's not the same life cycles. And there's always been years where we're more exposed to substations. And all those years, we were exposed to foundations.

We are very vigilant about the topics linked to protection of the borders. As you know, there are already measures regarding the import of metal. Obviously, we are very aware and vigilant that is not barely transformed parts that are being important because it cultivates strongly the European market. But the European policies are very sensitive to that. Other elements which are linked to the substations in D.C. and the market said a lot about that. The market was very active in the reflection phase, because the cost of those substations are very important, and we have less visibility in the short term about what will be the decision in the Baltic Sea. Cecile?

Good evening. Yes, indeed, in PPP, we have a beautiful project pipe. You can see in Belgium, we gained the Evereste prison. We already had another prison in our portfolio. Nowadays, we're positioning mostly on infrastructure projects, including the R0, the Brussels ring, and we've structured to be able to go 100% with the Eiffage Group. So the offer should conclude this year. There will be 2 more offers on the Brussels ring. There are other projects, waterworks projects and many infrastructure projects in Belgium, and we will study them on a case by case -- on a case per case basis.

In France, we've identified the need to remain agile on PPP. It's not necessarily the same type of PPP every time. There's been -- you've seen the presentation for the Greater port of Marseille. It's port infrastructure plus real estate around it. The Nove concession could have offshoots. There's the Satori project, which is the housing for the Gendarmerie GIGN near Versailles. This project is underway. There are projects in the pipe, road projects, less projects with the state. It's mostly a local government nowadays that are requesting new projects. There's the heating network project, we'll have to integrate that to concessions for 2027.

So yes, there is a pipe. What we have to pay attention to is to make sure we select the right projects. In Germany, we haven't identified any projects that are coming out of the planned funding package that we will see for the future.

To add to what Cecile saying, Nicolas, the fact that services as Camille was saying are already working on what could be future tenders for motorway concessions. It means that for us, small roads, will be within the context of future motorway projects as we saw it for the A69, A54, the A79, et cetera.

One last question, if you allow. You mentioned the storage centers you mentioned Tesla. One of your competitors signed a framework agreement with Tesla. Could it be also for you Eiffage Energy. I know it's small at the group level. What does it represent? Those storage centers in terms of sales for Eiffage?

The market has 2 kinds. There's one storage, C&I, which is small, and we talk about storage about balancing of networks, you have major fields of battery storage. Currently, we have a partnership with a provider of batteries and vision. So we are also working with Tesla. And given the nature of the contracts, and of the technical criteria, we choose the right battery then we just Dell made a deal with 3 major fields for EUR 80 million. We have another one being built, smaller in Belgium and more than those EPC markets, we have some amount of markets, where we do only the electricity part, what you do, the balance of plants and the foundation part, what is of interest to us, as we said, has to do EPCs and then to take the maintenance of those systems for several years.

So it's a market that is really booming. The market reservation is going to be taking some years that we grab the opportunities on the go. We do partnerships, and we got closer to some providers. We know well the topic now to answer to the tenders, which I'll see one after the other.

What we may add is that in export mode on solar farms in Africa, we will not imagine not to have the storage besides because the network is the backup and the storage is the main element. This was not possible some years ago. The first references of the group and energy storage we have made in Africa for those reasons.

The other element you have to be careful in terms of sales. It's like the solar farms given the clients some bought their own panels and others asked almost to buy the panels, same as clients will have chosen the provider of the batteries, and we will have what Ludovic said, the balance of plant.

In terms of teams mobilized through the project is the same thing, be sure that if you don't deal with the batteries, we are paid to take care of them. So it's relative in terms of margin but it can change totally the volume. Remember, some years ago when we made the central of Cestas, we had effects on the sales of the Energy Systems branch then because Cestas was representing by the acquisition of the panels, so panel, an important amount on which we didn't have the same overheads that we had on the rest of the operations.

So you have to be very careful about just looking through the sales. It's about the amount of teams we can focus on those markets. And most of the time, the client is the driver of the choice of this battery partner, and we'd rather have partners which are very flexible and all of the technologies to be a strength of counsel as an adviser and then do what's necessary.

You didn't talk about rail. I think we made tremendous progress in terms of quality and quantity in the past years. And we have a project which is absolutely stopped, which is the Bordeaux-Toulouse link, where the government is really dilly-dallying. And our experience on Bretagne-Pays de la Loire may be used there. It's indeed a project that is work in progress, the government didn't choose if it would be a PPP or a classic building construction. So it's going to take some years, but the choice is not made yet. It's going to be done by the Council of orientation of the infrastructures.

If there are no other questions, I thank you all. Is there questions online?

Conference Call from Dario Maglione, BNP Paribas.

I have 2. One of the Paris consortium that you won offs in December, what would be the CapEx level for the consortium? And what could be then the benefit for revenue for the contracting business of Eiffage? Then the second question is the ordering book for Q4 and especially the intake seems a bit weak year-on-year. So if you can give us some color of what's driving this intake? And yes, what you expect for growth in the contracting business for 2026?

Regarding the heating networks, I'll be short because currently, we are in a process. We notified the European Commission regarding the concentration. So we cannot say a lot about this project, and the contract is not signed, and for call to action. So I can give you only the public figures. It's a contract about EUR 15 billion sales over 5 years, and the investments are EUR 3.4 billion. That's all I can say on that topic.

Thank you, Cecile. On the fourth quarter intake of orders, there were no major contracts. The -- it's erratic. We had a tremendous contract at Q3. That's the 3 substations for EUR 1.6 billion for RTE, no intake for Q4, and we finished the major projects on the goodwill activity, the renovation on road buildings, even if there are less today, and the current energy system, there's -- we did notice any trend. So there's no difference of trend, not speeding up of trend, but it's due to the fact that there are no major projects that were taken in Q4. But goodwill. No change in trend on the road, energy system and contractor building. Next question?

No other questions from the call.

Thank you very much, and I'll see you right away.

Good evening all, and welcome to this presentation of the half year results of Eiffage. As you have seen in the opening of the project of the substation [indiscernible] for the wind farm [indiscernible] and the Baltic Sea implemented by consortium HSM Offshore Energy, smolders and IV. The new-how of [indiscernible] and the smallest are very complementary, and we have we have the opportunity to reacquire [indiscernible], while we had already 4 projects in common and that the teams noted the well. This acquisition strengthens our presence as constructure on the market of substations very dynamic in Europe. Let's move to the highlights of the first half year. It went very well according to our expectations and confirms our outlook for 2025.

As expected, organic growth goes on to contribute to the growth of the group, plus the external growth. As announced, the Construction division, in spite of a downturn at the first quarter is back to growth as of end of June. This half year signs again a very strong growth in Europe outside of France, to a rate of 17.4%. Commercial activity remains important all our business lines. The recovery plans in some countries in Europe, especially in Germany, will absolutely support and amplifying the development of our activities. The strong multiannual visibility acquired last year remains present. As illustrated by our order book always its highest and which has been strengthened the game.

Construction side, the offer was marked by intake of orders, very diversified in size in all of our countries of operation. Good example of emblematic contract, the design build project of Frontex headquarters in Poland. 69,000 square meters building that will welcome 2,000 employees. Project will there on the expertise of the for Polish subsidiary of [indiscernible], who is working there for over 35 years in this country. The teams of Eiffage and [indiscernible] were entrusted the implementation of Eco District of [indiscernible] in [indiscernible], an ancient disused site of 5 actors that will leave the place to a new borrow with 450 housing units, landscaped areas, shops and economic activities.

EFS Construction was entrusted [indiscernible] in contract the design building of Institute of Biology and Pathology of Bordeaux on the hospital of [indiscernible]. The now Institute of the surface of over 16,000 square meters will have labs, offices and storage areas. [indiscernible] global specialist in drug delivery devices devoted to as construction, the implementation of its new production sites, 7,000 square meters in [indiscernible] team. heating, ventilation, air conditioning will be carried out by Eiffage Energy System.

Eiffage was entrusted far Gentil won the market of securing the 22 against the [indiscernible] by the construction of 300 meters of [indiscernible] tunnels on several parts of the existing channel of Borne in [indiscernible]. [indiscernible] Energy System won the contract of modernization of the [indiscernible] tunnel on [indiscernible], linking [indiscernible]. Projects [indiscernible] the replacement of switch ports for low voltage cables and ventilation system and implementation of maintenance, predictive maintenance capacities. Works will be made at night off-peak hours for a minimal impact on traffic. In Spain, [indiscernible] won the contract of construction of 250-megawatt Cabra powerhouses and 50-megawatt Oliver for an amount of EUR 134 million. The turnkey project integrates the provision of main equipments, infrastructures of linking to high voltage as well as the services of exploitation and maintenance. Our Spanish teams also were on the maintenance of installation of climatization and airports of Malaga, Grenada, and [indiscernible], [indiscernible] the efficiency of the systems. This project foresees also the maintenance of various infrastructures, including high-voltage low-voltage and auxiliary systems. Eiffage Energy Systems also strengthen its position as a leader in the health system in Spain with the contract of maintenance of center of health of [indiscernible] Universal.

This [indiscernible] audits on all the centers in order to increase the energy efficiency of the establishments. X-ray systems maintenance has also been reconducted extended. As announced last week, if Gene system won several major contracts in Germany since the beginning of the year. consolidating its position of player -- first rank player in the area of energy services. First half year, the order intake in the country is at EUR 950 million among the many contracts of first half year, ACOs won the market for the construction of high-voltage lines, replacement of cables on 31 kilometers between Philippsburg and [indiscernible].

Globally speaking, on all of the businesses of the works of the group, the order book is end of '25 -- G5 is growing by 4%, confirming its good visibility on medium and long term. Let's get to the activity. The revenues of the group is growth again at plus 8.4%, enjoying organic growth and also the support of external growth in 4 contributing to the strengthening of the European meshing, especially in Germany. In France, family delivered the project grouping a foster hotel, housing units, shops, parking Parking and [indiscernible], the works were devoted to [indiscernible], project within the project of revitalization of the city.

In Belgium, as construction delivered at the center of Brussels, the new headquarters of the Belgian television, a building of 38,000 square meters for 18 studios. Matching the technical acoustic energy challenges of the media, which is in full transformation. [indiscernible], we laid the foundation stone of the new headquarters of Defense, 4,000 employees and it will be almost neutral in carbon. Ceremony was the presence of the Ministry of Defense here on screen for the kicking off of the works, the site opposing the headquarter nature will be operational in 2028.

In Switzerland, [indiscernible] Construction delivered the Tivoli Garden project, 110,000 square meters of floor area 45 housing units, 5 buildings, 2 towers of 19 floors, our parking spaces, offices and commercial premises. On the road, the new factory LEA inaugurated in July in Peru is making plant-based asphalt mixes to increase the combination of the road industry. Production of binders and emulsions attended by the group was made in small quantities and now we'll be moving to the industrial scale.

Since 2016, leads several experimentation on roads and motorways everywhere in France and has developed a whole range of plant-based asphalt mixes. Another illustration of the evolution of the businesses of the road a demonstration -- full-size demonstration inspired by the concept echoes. On the portion of the road to San Jose, our teams implemented a 100% road, which is permeable. In the case of heavy rain, the rain is stored in the reservoir before infiltrating the water table. This realization is a new generation of urban infrastructure. combining technical performance, sustainability and adaptation to climate change. Civil engineering, our teams integrated an unit of primary settling unit in [indiscernible] the largest in Europe, enabling to process waste water for 6 million inhabitants.

In Montpelier, we made a cycle of gallery 400 meters long with secure lanes to improve the urban mobility. This project regulated by the [indiscernible] will be totally transformed to soft mobilities participating to the creation of a new regulation. In the framework of the renewal market of truck equipment, our teams are [indiscernible] on the LGV Atlantic and LGV, Southeast Europeans. -- works are made special at night as to preserve the traffic of TVs [indiscernible]. Some equipment may be 220 meters long.

On the project of APR of Panel, the earthworks that have been launched at the beginning of the year now reached 1.2 million of cubic meter. The first of the seawall at Sea work started March '25 are almost finalized. Over 2,200 grouped Cubic concrete blocks are made now. 14,000 blocks will be prefabricated on site to implement the double shell that will recover the the seawall to protect it from the well. The 21st phase of the connection [indiscernible], meeting the south part of the new train stations are now finished.

Our client now can switch trucks and transfer the traffic on this platform so that we can restart, resume the work of construction of the northern part in September '26. This phasing enables to maintain an ongoing service during works. In Germany, the rail teams implemented works of renovation of the trucks on 11 kilometers of the trucks between [indiscernible], an essential line to link the local population to the capital city of Berlin. And in Norway, the motorway project it reached 90% of progress. Access already made tunnels on board. As you see, the deck of the cable state bridge is being fabricated, manufactured right now. The second of the [indiscernible] of the future wind park and Golf Julian is assembled by [indiscernible], [indiscernible] 16 kilometers offshore. This will produce the consumption of a city of 50,000 inhabitants. The capital bridge has been commissioned beginning of last week and the new step of the [indiscernible] Express. This bridge manufactured in Eiffage [indiscernible] replacing a 100-year-old bridge. [indiscernible] finalized the facets on the refurbishing of the further headquarters of RTF in Paris. Teams finalized over 10,000 square meters of face in aluminum blocks and the framework of the enlargement of the [indiscernible] also adds manufactured by fresh construction.

Our teams in Belgium are transforming the [indiscernible] port in a smart space implementing 100 sensors IoT and a new software structure to optimize the communication of the connected devices. Besides an efficient functioning operation of the port, sensors enabling energy monitoring, enabling also the management of waste and enabling fire detection. In Spain, we started the installation of a new storage system with recycled batteries in the sun farm of [indiscernible]. In this framework, new batteries and used batteries coming from electric cars are used in parallel. The challenge is to analyze the performance and the behavior of the recycled [indiscernible] compared to new batteries contributing to the promotion and development of [indiscernible] economy. [indiscernible] Construction Association with Joe, [indiscernible] open tower at [indiscernible] built in 2002. It has been totally restructured and raised. The project washed a requalification of this building IGH with a lateral extension on 26 levels and a hiding on 3 stores. In Marseille, the new gel of [indiscernible] has also been delivered following 4 years of work by [indiscernible] Construction, [indiscernible].

Market was about the demolition of the jail for men as well as the design construction and development of a new gel on the same place. Data Center of the American Group Cloud HQ in lease has inaugurated June '25. With its future extension to become the largest data center in Europe, construction and equipment of this building have been made by [indiscernible] and [indiscernible] 2.5 years. The waste heat produced by this data center will be made available by Grand Paris Sud, who will develop a heating network to fuel 7,000 housing units in 3 months. as construction finalized the transformation of the former headquarter of the newspaper [indiscernible], transforming into 48 housing units of high-standing, ambitious projects meeting the iconic facets of [indiscernible] of this building. This operation was made by [indiscernible] System in charge of the electricity for this project. [indiscernible] system contributed to the Barracuda program with the implementation of welcoming infrastructure and all the electrical infrastructure for conversion of energy for the power of the submarines, on screen, the integration of July 4 by the Minister of the Army on the [indiscernible] base of [indiscernible] which will be for the maintenance of Barracuda type nuclear attack summaries. It was an occasion to commemorate the the commissioning of the submarine travel.

In the U.K., on HS2, the teams of [indiscernible] have finalized installation of the 16 prefabricated beams of the [indiscernible] of 94 meters. It was a challenge since those 20 meters beams, 30 tons were brought from Ireland and needed the use of a 600-tonne crane. Beyond this organic growth, we have continued our development, external development. During the first half year, 25, we acquired 6 companies, all active in energy services. As alluded to in the opening of my speech, we have finalized the acquisition of HSM Offshore Energy in the Netherlands, provider of integrated solution of engineering, construction, installation, especially in the electrical systems, mechanical systems for the wind farms, offshore wind farms. This company specialized in the specific structures for emerging markets as the capture and storage of carbon and the production of hydrogen.

In the area of Rotterdam, this company generates a revenue of EUR 300 million and employs 140 people. By the acquisition of HSM. We have also the jacket and substation of the wind farm East [indiscernible] I in Northern Sea for [indiscernible] by smelters. On the same field, smelters have been retained in 24 for the manufacturing of 64 pieces of transition for an amount of EUR 150 million. The 5 other acquisitions contribute to strengthen our meshing in Europe in the energy services. In Germany, after the acquisition [indiscernible] of [indiscernible], [indiscernible] acquisition with the company's IFT and SACOM, representing EUR 35 million of revenues and 100 employees. We just concluded 3 acquisitions in Spain, enabling energy system to strengthen its territorial coverage and its expertise. [indiscernible], CVS specialized in the refrigeration solution as well in detection and fire protection, EUR 60 million and 300 employees [indiscernible] so as to have a national coverage on the centralized management of buildings, 15 million of sales and 100 employees. Major implementation of energy F system in Europe, Spain had over 5,000 employees in 24 for a sales of EUR 1.1 billion. As said in the annual results, the dynamic of the various markets in the different businesses and the external growth enabling the speeding up of the [indiscernible] mission is modifying in time the relative weight of the various businesses of the group with the branch energy system representing now 38% of the global activity. Besides the major trends in February 26, the urbanization of the business of the group growth in Europe outside of France by organic growth parts of market share and external growth, the group has now 42% of the activity outside of France as compared to 31%, 4 years ago.

Concession side, preparation works of Motor [indiscernible] are carrying on to finalize the regulations to get the aforementioned regulation. The winning by tender of the new headquarters of the port Marseille Force is illustrating again the capacity of the group to mobilize all of its business lines to secure new assets. Eiffage Concession signed on July '25, the partnership contract for the financing, the design, construction and maintenance of this new headquarters.

Projects has also a real estate and ambitious operation valuing the adjacent plant. Those 2 operations represent EUR 120 million of work that will mobilize all of the businesses of the group. Upon delivering 2030, the project will integrate buildings of offices, a museum, auditorium shops and restaurants on over 17,000 square meters. Nova is continuing its strong traction -- operational traction and its capacity to deploying its project of construction, renovation and real estate management. 1,000 housing units, building and renovation have already been delivered end of July 25. More than 100 projects are underway in all fronts. Concession-wise, motorways. Traffics are robust on the vast majority of our concession, especially APRR, with a progression of 2.2%.

To be noticed, the ramping up always dynamic on [indiscernible] with a growth of traffic of 11.7%. Our motorway networks are welcoming more and more electric cars we have a very dense network of charging station, high power of 100% of our areas. To meet the demand the number of charging stations increased by 50% between July 24 and July [indiscernible]. And the unavailability rate, which was very weak, has been the same time divided by 2 To participate in the development of sustainable mobilities, we support also the collectivities and the development of multimodal areas by cofinancing areas of car pooling.

We inaugurated last April in the area of [indiscernible] and presence of the Cabinet Mr. [indiscernible]. It's already today over 6,000 parking spaces on 78 parties of car pooling on our network. [indiscernible] is always a source of very great activity our networks especially on our areas where our teams are mobilizing from the petrol people to the manager to welcome as best as can be for our clients to make for them to take a break, which is something paramount for the safety of everybody.

Over [indiscernible] mobilized employees and our concessions to support our customers. After the highlights of our businesses, let's not forget the challenges, which are of concern to everybody, our capacity to attract, promote and gain loyalty, more and more talent to support the development of the group. Over the 4 past years, our workforce moved from 73,500 to 84,400 employees, 15% increase. Also our capacity to roll out the carbon strategy, climate strategy of the group, bearing on 3 pillars: Reduction of our greenhouse gas effects, preservation of resources via promotion of circular economy and concrete actions in favor of preservation of biodiversity. The CDP climate ranked us end of '24 to a recognition of our commitments and our efforts.

To push this in our value chain in the ecosystem of the building, the group had the initiative of [indiscernible] on, the first marketplace put it on the same level, technical data, financial data and carbon data or product so that each and every buyer can be able in real time to integrate the carbon data in the acquisition. This marketplace has already over 40,000 references. We just released the sixth edition of our climate report.

[indiscernible] of our commitment for ecological transition illustrating our determination to describe the environmental strategy and the core of the businesses of the group. After this 360 of our highlights, let's get back to the major figures of the half year. Sales growth of 7.5% compared to the same period of '24, differences of dynamic given the businesses, but all of our business lines have are back to growth. As expected, organic growth is sustained and external growth in the branch energy system significant. And the Concessions, the motorway traffic is robust. An operational performance was solid within the bringing profit and increase in [indiscernible] Concessions and a net result, which is increasing impacted by the exceptional contribution to corporate tax in France. A significant decrease of debt by EUR 700 million in spite of external growth. and the order book again. up again to EUR 29.5 billion, so a 4% increase over a year. Those elements confirm our perspective for '25, an increase of activity and our current operating profit in the concessions in works, especially supported by new improvement of the profitability of a fashion energy system. [indiscernible] systems will have an activity close to EUR 8 billion and an operating profit margin reaching 6%.

Net [indiscernible] group result will be an increase as to tax constant and after an exceptional contribution to the corporate income tax in France. Businesses remain well oriented. Our visibility is strong. All this delivers confidence to maintain the strategic direction we set in spite of the geopolitical turbulences of the political instability amplified again in the past couple of days. Thank you for your attention. I invite Christian Cassayre to give you a detailed explanation of our financial elements.

Good evening, everyone [indiscernible] into the details of these figures. Revenue was up significantly at 7.5%, so including 4.3% organic growth. These growth rates is similar to those of last year. The geographic mix is unchanged [indiscernible] growth in France, but strong momentum in Europe outside France. And you can see on the chart that the -- we're looking at 15% to 20% annual growth over the past 5 years because of targeted acquisitions and strong organic momentum, 6% to 10% per year. on our European subsidiary. On this half year, we have a 17.4% growth in Europe outside France, including 6.7% organic in the work business, Organic growth stood at 4.5%, and this is because we are well positioned on very promising markets such as transportation, infrastructure, nuclear energy electricity transmission, renewable energy, wind power and solar plants and, of course, strong positions in Spain and Germany and in line with our investment policies as Benoit just said. And so 42% of works businesses outside France compared to 30% in 2021. And profit from ordinary activities was slightly up EUR 9 million. This is limited in spite of the good performance, and this is because we have a much higher expense for the employee shareholding plan, an additional EUR 60 million compared to 2024, including EUR 51 million in the holding company and EUR 9 million in the concessions. And so this is because the share price went up significantly during the period where employees could subscribe to the employee shareholding plan. And so this is completed and all that amount was recognized on H1. Other than that, we have a 20 basis point growth in the works business. And so profit from ordinary activities was up 34 million, up 16.4% where revenue was up 8.4% and a slight decline in concessions.

Then again, that's because of the shareholding plan. recognition under IFRS 2. In the construction business, revenue was stable over the half year. The first quarter was significantly down, but second quarter was up plus 4.4% new buildings, both residential and service property, commercial property remain deteriorated slightly well compensated by renovation, especially energy renovation public communities, and of course, the gearing out of the Nova contract. Property development was down more than 24%.

And in this context, you can see that our profit margin was pretty resilient at 3.4% because of a very selective policy in picking new businesses, but also being very careful to keep our SG&A under control in a very agile mode. And so that means that our margins remained up in the building industry, not just in France, also in Belgium, fine performance over time, and that good performance of the profit margins in the works business is essential because property only generates EUR 11 million in profits for ordinary activities compared to EUR 24 million in 2024 for the half year, but still that's a 5% profit margin in the property business. And finally, our order book was pretty good, upwards of EUR 5 billion, and that doesn't include the 2 new deals that you have on the slide that was very recently added. We published a reference guide on water and marine environments, and we just published this. We have specific applications. All our businesses are implementing this. And that shows our ability to address the water shortages. Here, you have the combo project in [indiscernible] part of the partnership, urban development project is implementing water management [indiscernible] integrated management water management principles to limit soil sealing, having expansion zones for natural floods and recovering in storing rainwater and gray water. In the infrastructure business, we have a sustained growth in France in spite of a lower volume in metal. If Genie was up because of big operations, the Metro in [indiscernible], [indiscernible], motorway Tunnel and work in preparation we in pen and of course, the gearing up of the 15 metro line. [indiscernible] Eiffage Route in France had a growth of 2.5% in revenue compared to plus 0.7% in 2024. And internationally, Eiffage [indiscernible] grew 8.9% with big infrastructure projects, the high-speed line, HS2, the motorway in Norway in our German subsidiaries going up more than 6%, still internationally for ag met significant growth in revenue, up 25% on wind project, but also because of its German subsidiary, SEH, we don't mention it much, but it works on metal bridges and heavy structures, industrial structures renovation HSM has been integrated into our accounts since the first of June. So the growth in metal, which is stronger than the rest of that business line. So this is business is less seasonal and that has improved the profit margin, which stands at minus 0.2%. But as usual, we remind you that this is not representative of the performance for the year as a whole. ECO, as is Benoit de Ruffray mentioned that, again, this is about district cooling and reducing the environmental impact of public facilities. On the picture, you have an operation in [indiscernible] on Boulet, buffer storage of about 500 cubic meters was built under the road -- and this is a % for vegetation that was planted along the road. And you also have water coming from the brain local drain pipes. [indiscernible]

Revenue from AF energy system remained pretty dynamic, even though there was a slight decline in organic growth to 3.2%. In France, revenue was up 2.7% in organic terms. And so it is outside France that we generated growth on well designed, well targeted European markets, Spain and Germany, in particular. -- with the acquisitions of IFT this year and ease at the end of 2024. These 2 big markets are the main markets of that business line outside France, and we have a critical mass upwards of EUR 1 billion in revenue in both countries, and we are -- we will be building on these positions. Operating profit margin keeps going up in France in spite of lower growth than around the world, but our order book has been growing as well to EUR 8.7 billion, especially in 2 countries I mentioned, up EUR 700 million 1 year and 5 since the beginning of the year. Energy System as a new offer of diagnosis and detection of leagues in forced without stopping operations, it uses high-frequency ultrasound mechanisms that can sense acoustic waves from the equipment. In concession, we find all our assets consolidated, not including Getlink. On the left-hand side, you have the end of the concession year and the holding rate, we have about EUR 400 million in revenue in businesses not including APRR and IR. These are young concessions, so they are still a long way to go, and they are gearing up. You can see A79 is a case in point where traffic was up 11.7% percent. One point you have lower revenue for NOV. That may seem surprising, but this is part of the plan. This is because of vacancies during work projects and of course, where projects have been growing up and so there are more vacancies. On APRR traffic remained robust at plus 0.22%, including 2.6% on light vehicles. Of course, the comparison basis was favorable. There's a slight decline in the EBITDA margin. That's simply because of the additional charge under IFRS 2, the shareholding told you about, and that was a decline of 50 basis points for the half year, but that will be less over the year because the entire expense was recognized for this first half year, you may remember that the lower performance in 2024 was because of the tax of Motorways and that amounted to EUR 61 million for this half year. And we refinanced at the beginning of the year for a 5-year period with a possible extension of banking credit lines of FRE and APRR. And we also issued a bond in May of EUR 500 million, the rate being 2.875%. Regarding our other assets outside the APR network, -- we have the EBITDA margins, about 80% on motorways in France. With the exception of ALA net margin is diluted by the service areas that we have there. On the right-hand side, we have the contributions of concessions and PPPs to the current operating profit for ordinary activities. -- as well as goodwill amortization in 2029 and 2022, over 35 kilometers on long motorways, we build multifunction water basins worth EUR 50 million. So this is to manage surplus water when they are heavy rains, they also depollute water on a daily basis. and prevent accidental pollution. They are compulsory on new motorways where we decided to have them also for on other sections of the APR AI motorways with catching up work. A few words about Getlink that was consolidated on the equity basis since April 2023. On the right-hand side, you have the key figures at 100%. And Getlink's contribution to net profit in the H1 is EUR 31 million. You have 3 parts in that. Our quota of EUR 130 million stood at EUR 23 million, a leftover or residual quota for 2024, EUR 15 million. And of course, we have goodwill amortization, a charge of EUR 7 million. So that gives you the details of revenue and current operating profit on the other items, you have other expenses and other income and expenses, noncurrent EUR 24 million compared to EUR 18 million last year. This is a net charge that it was EUR 28,000,002 years ago. So there's some volatility there. The net financial debt net cost of financial debt is under control, down EUR 5 million, but with the new bonds for APR have been issued at higher rates than the previous ones, but the net debt is coming down. And then, of course, the key item in the whole story is the additional tax burden up 50% to EUR 353 million. That's because of the special corporate income tax tax -- additional tax for big companies in France, and this is, of course, overrepresented in the half year because most of this is recognized upwards of 70% in the first half, EUR 135 million. Its effect on the net profit group share is EUR 83 million. Having taken into account the quotes from minority interest including APR. So the net profit group share stands at EUR 308 million would be up had the tax basis being unchanged. If you look at the net debt bridge, you have all the figures there. EBITDA was up EUR 90 million, including the EUR 60 million additional charge I mentioned dividends from companies on an equity basis, EUR 72 million, mostly getting, of course, the seasonal variation of WCR is higher this year, EUR 892 million. But for 5 years running we actually had a surplus of EUR 8.8 billion in cash, especially coming from works. And so after taxes and interest, we have operational cash flow standing at EUR 451 million in green, down, therefore, EUR 100 million. Then in red, you have CapEx higher in works and concessions, you're talking about development CapEx for new assets -- and these have been growing you have Nove, you have Yotharbors, you have the A412rather than renewal CapEx. So all in all, we're talking about EUR 542 million in CapEx. And so the free cash flow is slightly negative, EUR 91 million. You have the double effect of growth CapEx for conventions and seasonal. Higher seasonal variations of WCR. You have to keep in mind that cash flow generation is structurally low in H1. Sometimes it's negative because of the seasonality of most of our construction and Works businesses external growth stood at EUR 23 million, and these are the acquisitions of HSM and IFT might think this is not much. But that's because it includes as a trade-off of CapEx you have cash coming from these companies to the tune of EUR 180 million. It's mostly negative WCR. So they are cash generating from these companies. And so the EUR 23 million is EUR 205 million for the acquisition per se and EUR 182 million of cash generated by these companies.

And then in blue, you have dividends. You have treasury shares. You have dividends paid by APR to its minority shareholders and the dividends that we as have been paid to our shareholders, EUR 452 million. And so you end up with a debt of EUR 9.9 billion, down EUR 700 million over 1 year.

Of course, this was made possible, even though we had significant capital expenditure -- you may remember that in H2, 224, we acquired Ecos and then we had acquisitions this year. On the right-hand side, you have the debt, EUR 9.9 billion. We have -- the debt is down EUR 700 million. You have a decline in EUR 170 million in nonrecourse debt that's in black. And then the cash available to the holding company and in the works businesses, EUR 578 million.

This is net cash -- the gross cash managed at the holding company is EUR 2.5 billion. And so at the low point in cash flows in the year, we have sufficient cash to continue develop our activities. On the order book, a few words, which already mentioned by Benoit, order book is up again. You have to keep in mind that even without major new orders, we've been renewing our order book in our legacy business with, of course, differences from 1 business to the other. You can see this on the right-hand side, that reflects variations on the market. Rather than that's an overview of the position. Thank you for your attention.

I have 4 questions. First, can you give us your feeling about the real estate market in France, given the recent turbulence in politics, can we imagine that this will bear on the confidence of the households. I'd like to have your point of view on that. Second question about the variation of the the WCR, what can we expect on the whole year. And on the German point of view, you also mentioned, can you tell us the quantity I mean, what could it mean for Eiffage. What can you hope as a contribution for the activity of fat in Germany? And one last one. On the [indiscernible] had discussion with the authorities on the investments to be made in order to make the motorways to be in good shape at the end of the concession. So what did you hear about those discussions underlying question. Is there a risk of surprise, investment of the -- on the motorways.

Not insight regarding the recent decision for the past few days. We are in a market which is extremely impaired. The market of the tertiary is halted. Residential market is really, really impaired. First half year, this impairment was increased by the disappearance of the individual investors because the French system P&L disappeared. And to go in the direction of what you mentioned, it will not be better in months to come. The weakness of the delivery of building or construction pyramids. We suffer a lot from that. weighing on our offer. So indeed, no improvement to be foreseen in the months to come. Hence, we have to remain slightly optimistic. We're working for the medium and long range with our activity of redeployment, aggregating our expertise as a builder and a real estate to work with the local collectivity in the various neighborhoods and in this period of scarcity of areas, so we can focus on the medium range that will enable us to come up with operations when things will improve.

Basically, we had the decrease already. We are very low. I don't think we can go even lower because the real market today is the accession to ownership. So basically, it's people who are in necessity to [indiscernible] are paying to provide because we had no construction permit. So -- but what is happening is never good for trust. Trust is really the engine for a decision in terms of real estate. Christian, can you deal with [indiscernible] WCR [indiscernible].

EUR 160 million on the works. This is where we have to be really attentive to WCR. Look at our balance sheet, we have an increase of current provision. So we are a decrease of [indiscernible] and this decrease is explained. We'll have a WC that will vary slight increase. This is what should be taken into account with this difficulty to foresee the payment of our public customers by the end of the year. it's difficult to give you more precisions. I think we can anticipate a slight decrease. These variations of WC are on 6 months at but the -- the for the group in terms of days has decreased over the rolling year in June. Let me remind you the figures of [indiscernible]. We had a cash exit of EUR 700 million and income 700 million, meaning that we cashed EUR 1.4 billion in the second half year, 24 million minus the EUR 800 million that were sell out in the semester. We have a reduction of our WCR in number of days compared to last year. If we have the support of the companies that we acquired the decrease of 5 days. So we have a good global performance. One part is done over the major contracts that we are repaying on the go. Part of the equation depends on our question, possibility to secure new projects and that will secure less than what we secured in the past years. And so it's prudent to anticipate a slight release of cash by the end of the year. It's long and difficult, but we can really discuss that later.

Thank you, Christian. Regarding the German plan we have a lot of businesses which are exposed since in the metal construction. We are exposed on many railroad renovation, the major stations that were bombed during World War II, rebuild not a lot of maintenance Well, today, there's a lot of work to be performed. It's an activity that will take a lot of time, a certain amount of bridges, which are limited for the traffic in Germany, there are tremendous amount of them. So the -- if you want to have a resumption of the economy, you have to rebuild the bridges. So it's been some years that were between 10% and 20% of growth. At the end of that, we have men and women to all do that in the capacity for me. In the short run, it's a lot of visibility. It's -- I would say that the first good news of the German plan is the attractiveness of our businesses when there's a certain amount of restructuring in Germany, our businesses are back to retaining people and attracting people. So we're on the way to increase our workforce. It's the metal work. It's the civil engineering, it's the railroad and the energy system district. We have also the additional challenge of the mutation of the energy in Germany. So the production of E&R, which on the north of Germany, you have to bring them back on the industrial sites. We talked about the annual results of the major contract, which is a corridor of civil engineering once the civil engineering will be done, you have also to lay the cables. This is typically the activity of energy system work, but do not expect a tremendous step up immediately and there's the capacity to prepare this project in terms of engineering. And all this needs requires growth in the workforce. So what we expect -- what we hope will have the models. PPPs that will be an accelerator of the implementation of those projects. So medium, long range, it's excessively positive short range is going to take time to have a real effect in our activities. It remains excellent news for all of our businesses which are exposed -- last question was regarding the return of the motorways to the state. Thank you for your question.

I was to tell you that the government is maintaining the highways, the motorways that are well maintained. We are also meeting the indexes of performance as in the contracts. Regarding the end of concession, we are delayed because the termination of our contracts is in 2035, 2036 we're not in the same level with the Cabinet ministries. Our friends of [indiscernible] told us that the discussion with the ministry went rather normal. And we anticipated also because we are sharing as of now with the Ministry of the Cabinet Ministry in very constructive terms. So it's boding well for the future. Christian?

[indiscernible] here to extend the question of [indiscernible] the German plan regarding the construction and defense we have not to expect a fallback on '26, '27. This is what you mean to say. And on civil engineering in France, we didn't talk a lot about that. What is the magnitude of the growth this year to be expected now that the FNTP, after the good performance of '24 had forecasted for '25 and '26. It slowed down. Do you confirm? Are things improving. On the German part, I think it's going to be before '27, but there's also -- you have to be cautious because some elements -- and this plan that have already been launched. We acquired more certainty under implementation because they are finance and those projects will be materialized earlier because the studies started things which were not foreseen and which are in this recovery plan will be -- will take longer. It's going to take more time to ramp up. Regarding the French side, we have to separate things, really. You have the road businesses Classically, we always heard about the electoral cycles. Municipal elections in '26 are good news -- end of '25 in the beginning of '26. The good news is in the beginning is always bad news for the next period. So what's important for you, you see it, we are in growth now but it's not hyper significant. There is a basic evolution compared to the former electoral cycle. The decision in terms of road maintenance is much more taken and collectivity of municipalities and not for the elections. And we have slightly more activity, but the amplitude we experienced 2 or 3 elections ago, which were tremendous before has globally disappeared, has been totally mitigated. This is the road side, where we have more problems to understand is the part, the French department, which has lost somewhere. There's no activity. The municipal part is working correctly. Then on the other investments, which are more supported by the government, the major investments that we have experienced in the defense on the major [indiscernible] on the nuclear [indiscernible] that's carry on. And we have orders and that will carry on will be supported by those projects. whatever happens nationally, we already have a tremendous activity to be implemented. So we have a visibility on that for the years to come in France.

There are further questions yes.

[Foreign Language]

So many things are going on on Getlink side. So any expectations on Getlink? Would you be buying more shares, more getting a greater stake in Getlink?

All right. You're talking about the [indiscernible] competitor in the purchasing of shares. Well, if there are more competitors, you could expect that the various players will see their share prices go up. So it's the good time to buy the share now or not.

Well, look, regarding Getlink and possible new comers while you'd have to ask getting about that. from a more general standpoint, and I said this before. What you have to realize is that the rail network, the French rail network or [indiscernible] British rail network, this is a highly dense network. So it will be pretty difficult to add tracks and routes. I mean, you can't do that overnight. There are all sorts of issues building or rather operating railway stations, maintenance and such like. So getting is done not to address a number of technical challenges, but that takes a lot of time.

I mean, right now, in France, you have a train that might leave Marseille late because somewhere else in the country, another train has run into delays. I mean you have a complicated sort of [indiscernible] so one delay somewhere causes delays all over the country, and there are also issues of maintenance under investment that we all know about that. And that means that developments are very slow in the real business. But eventually, you could expect more traffic in the channel tunnel. That may well be the case. We will take a lot of time. It will take a long time. We still have the non view for this asset. We're delighted to be invested there. But I mean, right now, the concession won't start until 1986. So we have 2086, we have plenty of time. due to on organic growth targets and acquisition targets, by the way, I mean, you have to know before you make an acquisition, you have to make sure you can take it on board.

Well, there were 5 acquisitions since the beginning of the year. So this is a sustained pace of M&A our strategy very much remains the same as last year. In other words, we are building up our presence in those countries where we do have a presence either to cover the geographic area or to acquire new areas of expertise. And then in France, we -- there's already -- it's already a pretty tight network and the only acquisitions will be for new areas of expertise. But -- so we work on an opportunistic approach for possible acquisitions.

And as you said, in Germany, we're looking at consolidating the acquisitions made last year and the years before. But we see that the order book paid off, I mean -- and even though these companies were bought up, they were still taking orders to the same pace. So there's no disruption there. And other than acquisitions, you have to know that we've been working hard in Germany, our legacy companies there were not -- they did not have the critical mass or the type of management needed to drive growth and to position at Eiffage on the German map. So we had to make more significant acquisitions. We are taking them on board as it were. There are 4 big markets, have industry infrastructure commercial services and local authorities. And so we have a full coverage of the German market. But of course, that means it has to be integrated into our operations. But now that we have these platforms, of course, it makes sense to have bolt-ons with geographic or expertise acquisitions on much smaller companies acquired on a smaller basis, so easier to take on board. But most of the time, these are -- have been identified by our own people working in one area or one field of expertise. And so these acquisitions are much less risky. So that's what's going on now. And so in big countries such as Spain and Germany or the Netherlands, Belgium, France, of course. But also in Switzerland, we have now resident platforms that enable us to have bolt-ons whereas before that, we didn't have this ability in Germany. Regarding guidance on profit margins, there's no change really compared to the annual numbers, the annual profit on the construction business, I think I hope you can appreciate the performance of our construction teams because they were able to compensate the loss of profit that profit losses from property development, and this was offset by developing the building industry. If over the year, we can keep an equal profit margin, that would be pretty good. But even if it's down, it won't be more than, say, 10 basis points. On the infrastructure department, and where we have roads, civil engineering and metal [indiscernible] we hope to see some improvement in profitability, but I told you the same back in February. [indiscernible] would have been disappointed if we did ask you about traffic, road traffic.

Well, yes. Thank you. You asked about road traffic. This summer is not over yet because you have people coming back from their summer vacations. So far, things went well on an operational viewpoint in terms of traffic, we're looking at a 1% growth compared to the summer of 2024. There is strong momentum on [indiscernible] and that means that people have to go to the mountains for the summer vacations, you can learn from that, maybe you can make your own subplants based on that. Right. Further questions from the floor?

If not, we'll have questions online. Thank you.

[Operator Instructions] We have a question from [ Elodie Rall ] JPMorgan.

And sorry, I couldn't make it in person. First question is about the energy business that you mentioned, margins are up 30 basis points in H1 and you're looking at 6% for the year. So that would be an additional 20 basis points for the year. But it would mean that the profit margin growth would slow down in H2? Is this being conservative? Do you think you can do better? Would you have real reason to believe that margins will slowdown in H2? That was question number one. Question number 2 is about the effects on this special corporate income tax. This -- you had citing that you postponed to H2. But the total impact of that tax is what will it be for the year as a whole. I mean we're talking about EUR 25 million, I believe, for the year as a whole based on the profits in 2024. But can you give us the full impact, the tax impact for the year as a whole? And do you have any expectations about what you expect for 2026? And what's your take on recent developments the French government, would that make -- will that make any difference to Eiffage's business? And the question about dividends. If taxes keep going up, you increased your payout of 45%. Do you think you could do still more to offset the tax effect?

[indiscernible], it's all yours.

Right. Well, you have noticed that for the past few years, we've been working on improving profitability. We've been doing this steadily. Of course, that doesn't prevent us from looking for growth and growth has remained steady as well in H1. And so current prime from ordinary activities has been going up as well as revenue. So am I confident that we will make the margin, yes, and EUR 8 billion in revenue. Again, I'm confident that we will reach that number. Well, you should add to [indiscernible] earlier on, we have to be very selective when we take new deals, new contracts, a 30 basis point improvement in the margins in H1. You find this in France and elsewhere. But in France, the volumes didn't grow as much as internationally. So it's not exactly an offset, but it does mean that we're working on making our teams more efficient. And of course, we'll do our utmost 6% margin is something we normally propose to achieve, but we want to improve as well. On the tax impact, Christian?

Well, I can't give you the net profit for the year as a whole, I mean, that will determine the tax level. But you may remember that the EUR 135 million because they were recognized in H1 that we expect to be roughly 70% for the year as a whole. So we're looking at about EUR 200 million for the years we can't give you the exact number. But the effect for the year, the full effect, not including minority interest, the tax effect will be about EUR 200 million. And regarding the dividend, we did pay attention and our investors wanted to have a clear policy. Of course, we stated defined a policy last year, we're not going to change halfway through. So we're sticking to that policy. But we -- will this special tax this year, of course, you can expect that this will have an effect on dividends. But nonetheless, the business is looking good for the year as a whole. And the Board is well aware of the fact that we have to have a clear position at the end of the year to see just how we can pay out a dividend. Now things are pretty unstable right now. Of course, we'll have to wait and see what comes out in terms of budget, in terms of possible changes in the corporate income tax in France. But one thing is for sure, that dividend policy when we introduced it, that was well appreciated by our investors. And of course, investors want to have visibility on dividends, and so we're working on that. But I can assure you that this will be part of the discussions we'll have at the Board when the issue of dividends comes up next year. Other further questions.

Yes, next question comes from a call in English.

[indiscernible] from Citigroup. .

Two questions from me. The first one was on the outlook for offshore wind farms business, especially in light of the comments that we've heard from the U.S. government -- what are your thoughts on its outlook in Europe? And in terms of your conversations with your customers, are you seeing any signs of delay or hesitancy or funding constraints that we are facing for this business? My second question was on the CapEx. Can you remind us the level of CapEx that we should be targeting also on the back of the acquisitions that you've made and the order growth that we have seen.

If I'm right, your first question is concerning the change of policy in U.S. on offshore energy -- is it right?

It's on the wind farm business

On the wind farm. First of all, as far as [indiscernible] is concerned, you have to understand that we've carried out only a very limited number of projects in U.S. We've always been fabricating directly from Europe and who we're shipping or pieces towards some U.S. wind farm. One of the project used to be stopped. And at the end of the day has been resumed and has been finalized, is fully given. And we have not any more project. So we have no exposure in terms of our order book towards any U.S. projects. and our full activity is based on European project. We are obviously cautious because some of our clients in Europe are the same as the 1 being exposed to U.S., and there are some further issue on the strength of these clients because they are facing some changes on the U.S. part. But as far as today is concerned, we have not any exposure being expected from what's going on in U.S. on all offshore activities.

The question is about CapEx and especially acquisitions. You were only concerned about external growth for CapEx. But we don't think in terms of annual CapEx for acquisitions. I mean that would be a risky exercise. The cash available is significant, and it enables us to seize external growth opportunities, but we don't have an annual budget for acquisitions.

In terms of CapEx. But do you have a question about CapEx in general for works, for instance, here, we're looking at about EUR 700 million for the year as a whole, and we're looking at about EUR 700 million as well in Concessions for renewal and growth CapEx, including EUR 300 million on APRR [indiscernible]. But I think you concerned more about acquisitions, CapEx on acquisitions, right?

Yes. It was more in terms of incrementally, do we have to budget in more because you've got a stronger order book as well as the acquired large businesses.

Once again, I mean, we adjust CapEx based on opportunities as they show up. We don't budget ahead of time based on the cash available.

No, I don't think we can be more specific than that right and on that part of CapEx related to concessions, I believe we give you our outlook. Maybe yes, we have EUR 300 million in renewal CapEx for APRR and EUR 400 million on the other concessions, a significant portion, about EUR 300 million on the Nova contract, that's been gearing up. And the remainder, we're looking at your harbors and assets that are being operated and then we just renew CapEx.

[indiscernible] from Graham Hunt from Jefferies.

Just 2 from me, please. First on construction like-for-like in Q2, you obviously ticked up quite meaningfully. Is there anything you can help us with in terms of what we should expect for the second half of the year there, just in terms of growth and how we should think about the phasing of some of your larger projects? And then second question, just coming back to the uncertainty around future tax burden in France. Is there anything that you've done sort of analysis or something that you can speak to, to help us understand the the scope of impacts that we could see if corporate tax rates were to go back to a more normalized level from current levels?

On taxes, we do not have more visibility than you have. The aspect linked to the political and stability. Currently in France, the over tax is temporary. In the world of today, it is temporary and that the corporate income tax is at the level it was described in the law in front, i.e., 25%. The only issue we can add, the topic we can add is that the exceptional contribution to tax there is a piece of constitution of the quality before tax. And given the very important character of this is implemented, making that some amount of people do not imagine this being implementable on several years, but the change in position and an evolution on the rate itself implemented in France. Well, this is part [indiscernible] of things that are a government may decide in a financing law. Your first question was about the construction side. And on the volume, what we already said during the annual results last February is that we intended to get back to growth in volume on construction as of 25%. We have seen that since we had a first quarter cost negative. And at the second quarter, the growth was enough to offset the decrease. So we are again on a growth 3.6% in the first half year, and we expect a second half year that will be still growing more growth on construction also which is an excellent piece of news given the very weak market of real estate, generally speaking, due to 2 things. First is the ramping up of renovation projects in construction. And the second element is the nontypical character of age by this contract of NOV, which is construction and renewal. Giving us a surplus of sales as compared to last year. It's the combination of both enabling us to have a growth and sales. You have the first indication of the presentation, which is the part of the book of [indiscernible], which is growth. So we will do it during the second half of the year.

Next question.

No more question for the time being.

Any other question in the room. Well, no more question. Thank you very much for your attention, all of you and talk to you soon.