Sword Group Aktie

Good morning, everybody. Thank you very much for being present with us whereas you could still be in bed watching all of this on your screen, but I really do appreciate the fact that you've all traveled to be here and the fact that your present will enable you to sense how strongly we believe in everything that we're saying.

But we're not in Paris, and so as a result, we are streaming all of the discussions? And any questions you put forth will be communicated to us by Stephanie. A very big thank you to Dawn, as is the case every time we know that she has a difficult job. I was saying there is a Scottish speaker. So I would like to ask you, if you don't mind, to please take care of that.

To be totally honest, I have no doubt whatsoever about Kevin and Greg's capacities in English, but please do pick up a headset because what they're going to be saying is extremely important. I insist on that. And once again, thank you to Stephanie as well, who is in charge of organizing all of the event.

And let me start out by giving you an update. I organized a seminar when I joined my first company rather, I went to a seminar. We were asked to provide the news that was important for the future. And there's a lot of important news Yesterday, Anthropic announced that Claude unfortunately, has intruded on real systems during a test phase despite the fact that this intrusion was not programmed was not scheduled. Just imagine the risk of such an AI tool. And we're going to be talking to you about security, safety, cloud, governance data. In other words, what I'm saying here is this fully justifies the transformation, the AI transformation that our group is entering to.

And something that was of interest of interest to me last night was NVIDIA. NVIDIA as the Australian government for 2 extra gigawatts for its data centers. gigawatts gigawatts compared with 1.6 for all the data centers in Australia compared with less than 1 gigawatt for the data centers in France. When you see that kind of information, you realize that the management infrastructures, they have a wonderful rosy future ahead. And as you'll see, this is one of the analyses that we've performed.

Please be reassured as to the need for staff. Also the Gartner announced yesterday once again. And this is rather provocative, what I'm about to say. We are going to make redundant 30% of our staff were next year, it was said. But in 2029, we will be obliged to rehire the same staff at a higher price. This is what the Gartner was saying. However, there is a current and underlying current that means that we should think about things. Basically, we need to not react too quickly in our business sector. So I stress the importance of this. We need -- stuff.

And the proof is in the footing. This is something we've already anticipated on and we'll refer to this further down the line. Google and Accenture have signed an agreement, this was signed the day before yesterday. This agreement is all about positioning 1,000 people, making 1,000 people available. for AI Google tools to work on Gemini. But for quite some time, we have been ready in this sector. We do not need this kind of announcement and maybe the mistake we make sometimes is to underestimate our sales, and we should make these announcements. So I'd just like to say that today, we are sound, we are study, and we are fully ready for the future. I haven't have another introduction I'd like to give on sturdiness we are used to buying companies.

I wonder why people sell their companies? They sell them to us just at the moment where everything is about to succeed the people are about to come rich, but they sell companies to us just at that moment. Why? Because people used to saying, there is hope. There's work in the pipeline, and there is a certain amount of recurring business. We're fortunate that we're able to announce to you a study backlog, an amazing backlog.

For me, the backlog really is the key point to the future success of a company. And naturally speaking, alongside its strategy. So we're talking about transformation. And I would like to stress for the analysts amongst you, either in the room here or present remotely speaking. I'm under the impression that maybe we do not have the right peer group. Maybe I'm being a bit harsh in saying that because when you say something negative, it's very important to then provide a solution. And I don't have the solution, I must admit.

However, let me stress that we have a transformation process that has already taken place, where it's a lot of members of our current peer group have a lot of liabilities that they need to manage in order to guarantee their future and in particular, they have a lot of business sectors where they're gradually losing ground. I wanted to introduce this meeting with see news and also with this news and also I want you to speak of our ambition to talk about our strategy. After the presentation strategy. You'll have every opportunity to put questions and all of the general managers now here, and they're willing to provide any answers you require in real time, but you will not have the slides. The slides are in your book. You can refer back to the slides. But we'd rather you put the questions directly.

So first of all, let me pass the floor over to Greg. Greg is our AI man, and then Kevin will come forth for the presentation on behalf of all of with regard to our strategy. So Greg, over to you.

Good morning, everyone, and thank you again for joining us this morning. I want to take a few minutes this morning to explain the evolution that's happened within our business. Historically, Sword has been well known for providing excellent technology capability and skills to the markets that we work with them. But we've been working on evolving that story for several years now. And we believe that the AI revolution that's coming ahead of us is accelerating that evolution massively. So like I said, historically, we've always been well placed to provide those technology skills and capability and deliver an excellent projects. But the journey that we're on is moving much more towards that AI-led systems and the greater. And through the rest of the speech this morning, I'll explain what we mean by that and why we think it's important. But the needs of our customers are evolving. They're changing. And that's what's underpinning this evolution and the new strategy we're putting in place.

So to build on that, the first thing that we have been working on is organizing our capabilities in a different way. So we have 4 clear parts of our business that comes together increasingly to solve the problems that our customers have today. The first area of our business is around consulting. So we have that ability to work with our customers, help them make sense of the challenges they are trying to address as an organization, help them identify the right strategy around AI and our wider transformation and help put together the governance and the transformation programs and road maps within their business. Also make sure that they can embed those changes. So we have a lot of capability around change in adoption and actually making sure we can help our customers not just to the technical element of transformation but embed that in [indiscernible].

We also have then the applications side of the business, which I guess historically, we are really well known for. Like I said, we've been providing lots of capability in that space for a number of years. We see that part of the business continuing to scale and evolve but perhaps in a slightly different way. Taking on more projects and programs of work, but also the applications part of our capability will be key to deliver the AI solutions for the future, whether that's in the data space or building AI-enabled applications.

Then, we also have the platform capability, which is something, again, we have been working on this for a number of years. Our partners are key to that. I'll talk a bit more about them in a few minutes. But that platform piece really brings in those data, AI, cloud platforms that increasingly will be required to drive the type of transformation we're talking about. And we don't have the ambition or the need to try and create everything by ourselves. We want to use that best-of-breed technology from our partners. And that platform piece will be a key part of this AI transformation as well.

And then lastly, the infrastructure capability that we have within our business, perhaps something we maybe have talked less about in the past. But it's certainly a key component of how we show up for our customers these days, especially provided that secure networking, the compute the stories, the workplace services, we have the ability to put all of that in place for our customers. So quite simply, what we are talking to the customers and position ourselves as we can be powered by AI, we can be enabled by cloud and we can be secured by cyber. And that range of end-to-end capabilities, we see as being a great fit to try and drive the transformations that our customers are about to go on.

Like I said a minute ago, we don't have that desire to try and build technology ourselves. Certainly, we will always create some IP and some solutions where we have the capability and the need for it. But the strength in our organization comes from the relationships we've built with these global technology partners, select of Microsoft, AWS, Cisco and Splunk, Palo Alto, [ Nutanix ], Dell, these organizations are investing billions every year and the technology that our customers are looking at and assessing to try and drive their business forward. Our opportunity there is working with those partners, being the integrator of those technology platforms and solutions to deliver those outcomes that our customers need.

So when I talk about being that AI-led systems integrator, it's working with these big hyperscalers and these technology partners to solve the business problems that our customers have. That's how we're positioned. That's how we see ourselves and help them translate that technology capable capability, sorry, into meaningful outcomes for our customers' business.

So that's how we see that technology landscape evolving. Let's say, we will still build solutions on top of these platforms. We will still build proprietary IP where it makes sense for ourselves. But increasingly, our revenue will also come from being able to transact either the consumption-based platform revenue from these technology partners or in the case of the infrastructure side, actually transact the hardware or software, network and compute that is going to be required to drive these transformations. And I think the other key part of this story is the fact that these technology vendors don't have the intimate customer relationships that we have.

So I think the last time we had the session I spoke to you all about our ambition is to be the AI transformation partner for all of our existing customers. The reason that's important is we know those customers. We know the landscape, we understand their business, we understand their architecture, we understand their constraints. Our job is helping bring these new technology platforms into those environments and help our costs make sense to them. And that's how our partners view as well. Our partners know that we understand our customers internally. So rather than them coming to our customers with a technology solution and our platform and trying to position that. They increasingly look to us as sort to bridge that gap. And bring our understanding of our customers and their environments into that conversation, which is good for everyone, right? The customer gets the benefit. We get the opportunity to have new revenue streams come into our business. and then the technology vendors get the ability to position their solutions.

So that's how we see partners and those technology capabilities that have read about on a daily basis being part of our business. And I think the key thing here is we've already done this. We have been in this for several years. So this is not a new thing. This is just an evolution of that part of our business. And then thirdly, I want to talk about these 3 key underlying threads that bring our together around AI, cloud and cyber. These are woven through all of our business.

So AI obviously brings that ability to innovate and drive productivity. Cloud brings that ability to scale and agility and speed to bring these solutions to the market. and cyber make sure that all of these solutions are secure and resilient and our customers can rely on them. So these 3 threads are woven into all of those parts of our business, our own consultant, our own applications platforms and infrastructure. So our intention is not to try and create some stand-alone AI business. Our intention is AI is woven and in the fabric of everything that we do across the business. We don't want to have 4 separate businesses that we talk to our customers about. I don't know, you've got a platform problem or cloud platform these days. That isn't the conversation. Our customers have business problems they need to have solved. And our key ability there is to make sure we bring that end-to-end solution and we bring these things together.

Our customers these days, they don't have an isolated sorry, cloud program, for example. They don't have an isolated application refresh program. They are talking about how do they transform their business by using AI, which needs that end-to-end integrated approach. And let's say, we have those end-to-end capabilities that these 3 things are the kind of thread that runs through them all when we bring them all together. So hopefully that makes sense. And this slide really is to try and detect how those revenue streams within our business are changing and will continue to change.

So like I said at the beginning, we've been known in the past for providing that technology capability or skills that capacity, which is still an important part of our business and will remain so. But if we don't transform how we position ourselves with customers and how we show up for people, there's always a risk that, that part of our business declined as AI comes into software development. An example, that would potentially have the ability to make that more easy to do, make it much more productive for individual software developers. And if we have our traditional model of generating revenue, just probably providing those resources on a time a material basis or fixed price. Our business will go into a decline. That is not what we are here today. We are here to continue to grow our business and deliver that growth that you guys are used to.

So we're seeing here that, that application revenue, in particular, if we did nothing and we didn't transform, maybe that tails off. in the world that we're moving to, we see that increasing. We see the ability for these solutions to be AI-enabled applications being developed for data products to develop using AI, that will increase. But we see these new revenue streams coming into our business. We see the ability for us to provide that infrastructure to drive the AI transformation. We have that ability to work with the partners, outlined previously like Dell and Nutanix and HP, we can transact those hardware and infrastructure orientated products. We can have that revenue stream as part of our business. And we do already do that.

But we see AI, again, massively increasing the need for that within our customers. And increasingly, we are the transformation partner have in that conversation. We also see that platform revenue increasing. And by platform, what I mean by that is the data and AI platforms that underpin these solutions. The solutions at those hyperscalers, Microsoft and AWS provide. We have the ability to also have that revenue coming through our business. we are the partner for our customers that can make sure we take care of those FinOps disciplines, the billing for that platform consumption. That can come through our business and drive growth. And we're already seeing that, but we see that increasingly significantly over time.

And then also, we see that consultancy revenue increasing. We are increasingly getting involved in these conversations with our customer to be that partner to drive transformation. So we've always done that, but we see that scaling significantly. So that mix of revenue within our business will change. It has changed already, but continue to change and most importantly for this audience, we see a huge growth opportunity as part of that, all fueled by AI.

And then lastly, I just wanted to take a minute to I guess, explain our thought process around this topic of AI transformation. This is something that is a small scale or is it something that is revolutionary. We have thought long and hard about this. We've talked to our customers. We are understanding how they starting to interpret this. And I think there's a nice parallel here with historical things that have happened, particularly the industrial revolution process that happened long before all of our time, but the parallels there are quite similar, that industrial revolution started with the spin in Jennie, which was a machine introduced originally to help people be more productive, which was fine. It was allowing individual workers to be more productive, but they are still largely doing the same work. They weren't necessarily transforming how they work and transforming their organization.

It wasn't until the factory came along and the assembling came on several hundred years later in that case, where organizations understood the real transformation was thinking about how they organize their business around those machines and how they put that end-to-end production line in place. the parallel to what we're seeing now is, at the moment, I think most organizations at this point, they've introduced Copilots or ChatGPT to those individual workers. So people are being more productive on an individual basis. but that's the equivalent of the spin in Jennie. That's not transforming the organization. And when I talk about has been that AI-led systems integrator, we see that our role in that is to help people get to that point where they get to the production line, the assembling scenario of industrial revolution.

You rethink how your organization works with AI. And that's the journey that we want to take all of our customers on is to help them really realize that benefit and opportunity presented by AI. And we're doing that to ourselves as well. So we've started an internal AI transformation program with the same mindset using the Pathfinder approach that I talked to you last time about. We're running that internally. We are reimagining how do we deliver our processes. But also recognizing that that's a Germany, okay. So we have taken the first step, and we have enabled people to have copilot and secure productivity tools with AI to help them individually be more productive.

But as part of our internal AI transformation program, we are looking at our processes, we're looking at our data, we look at how we reimagine those processes to come together. If I try and bring that to life, for example, let's think about one of the key markets that we target that Kevin will talk about more in a minute.

Let's look at that utilities market. What I mean by that AI-enabled process transformation. If we think about utilities, their key business is making sure that they manage their assets, they provide electricity to the places that need it. A huge part of their business at the moment is field operations, engineering, control rooms monitoring the state of those assets. There's a huge amount of overhead in making sure that those assets remain productive.

Now if you introduce copilot to that, for example, you could have those individual different people in that process being more productive. What we are seeing is, let's reimagine that process. Let's look at how data is helping you actually underpin those decisions. let's introduce AI agents that can inspect that data, understand the state of the assets, understand the impact of weather may have in those assets and use an agent to massively orchestrate and simplify that process. so that if there is an issue, when the engineer turns up on site to the maintenance in that asset, they know the problem. They know the part they need. They are able to then make that decision to then implement a solution for it.

We're reimagining how that process works. We're not just saying, let's keep working the same way and use some AI tool to make it better and more efficient. We are sitting, let's reimagine how that happens. And to bring that all together, that's when you think about, especially in that critical national infrastructure space in the utility as an example. That data is critical to that. They have to have that data available. They have to modernize their applications that, that data is held in. They have to make sure it's secure and resilient and that brings together all of those capabilities I mentioned at the start between consultancy to help them understand that in the first place, the applications to be able to develop a solutions and the platforms to make those solutions work on top of and that secure network and infrastructure underpinning all.

So that's what we see as the opportunity ahead of us. And our goal for all of our existing customers to take them on that journey. And like say, we talk about our existing customers because we know them intimately. We know the constraints we or platforms and our architecture. So that's how we are positioning ourselves. And again, if we just go back to that industrial revolution story, the organizations that one then were the ones that understood they had to take the technology and integrate it into the business and reimagine our business. Those were the organizations that came up in the right side of that transformation. So that's where we are planning on being assorted, but also then taking our customers and naturally and get into the same benefits as well.

So any questions on that, happy to take them now or equally afterwards. But I can hand over to Kev.

Thank you very much, Greg. Just a brief transition, please feel we assured you have a book that's sick as that -- you will now only have to listen to Kevin's presentation, but you can't put any questions you wish. And this is why I would like to introduce each of our CEOs. We have Guillaume, who is with us. Guillaume is the French speaker because you have friend to be in Canada, France, now and also Switzerland and you're gradually making inroads into German-speaking Switzerland. But for the moment, it's French speaking Switzerland. So 3 entities in total. Hence, if you wish to put any questions, do feel free on the strategy.

Next you have Greg, you've just listened to. Dieter, we've known for a long, long time. I think we've been working for a long, long time for the last 25 years, Dieter, almost 25 years. And it's a wonderful adventure based on the European Union. So deets in charge of the European Union with bases in Athens, Luxembourg, and a certain degree of presence in [ Dusseldorf ] and also the private market that they go into out of Luxembourg.

The following person is David. David is a newcomer. And we announced to you last year, the acquisition of [ Full On Net ], I think you said in Madrid. We have a small entity in Barcelona and we bought go in Switzerland with a usual position in Lisbon. And he's taken over Iberia. In other words, Barcelona, Madrid, Lisbon.

And last but not least, he's hiding in the background. We have our CFO, that you'll speak when you concerning the accounts with regard to the general accounting. And I suggest that for the moment, Kevin steps up and gives the presentation, please feel free to put any questions relating to the strategy. Then after that, I'll give you the figures, and then you can reput questions concerning the figures.

So Kevin, over to you when you're on.

[Foreign Language], Jacques. So rather than restating our strategy, I think Greg did quite a good job of explaining what it is we're trying to achieve. Across the group and how that's in line with the transformation agenda that we all hear and see every day. on behalf of, it feels like a wedding speech on behalf of my other colleagues, I thought I'd just maybe try and bring to life what it is we're doing, certainly in my country. but are equally applicable examples when we look at the other regions, one of our countries, all of which are contained within the book that you can take away. I think for me, I wanted to address Greg touched on it. Our strategic primary market in the U.K. has very much become critical national infrastructure. You know and understand the heritage we had in oil and gas and energy. We moved into renewables some years ago. Utilities has become a burgeoning sector or subsector, which is throwing up huge opportunity for us. We've had very great success in the last couple of years there, and we see that as the primary growth market for us moving forward. Of course, we'll still continue to address finance and public sector. And of course, we can consider those as critical national infrastructure also.

The technology demand requirements of all of these sectors fits very nicely within what we are seeing, our capabilities are, which Greg so beautifully articulated in cyber, cloud and AI. Our revenue channels, our delivery methods, we have to have that 4 pillars. Increasingly, it's not a single conversation around, can I have a skilled resource to fulfill a task. Again, Greg explained quite well how we need to consult with our customers and be with them on the entirety of their journey so that they can realize the benefits of all of the moving parts, they need to consider is we're trying to transform our business.

So consultancy is really important. We try and understand and identify their needs, requirements and objectives at the outset but also help them to consider the infrastructure requirements, the platform requirements and the application requirements in order to fulfill that. I think many, many organizations, I think there's 87% of organizations. Certainly in the U.K. will say that they are using AI already within their business. I believe it's less than 5% have translated that into a bottom line gain at this point in time. And therefore, that remains the fundamental challenge for all businesses is how do we get to that production line when we consider in line with the industrial evolution.

Our delivery models haven't really changed. We still deliver our projects. We still deliver our procurement. We have managed services and resourcing. They don't need to change. That's just how we show up and organize ourselves within our business units, to face off to customer demand. Greg touched on utilities. I mean I talked to you about credibility. There's a huge demand there. When I talk about our 3 key offerings in cyber defense, it's very clear that resilience is vital. There is no option for any of the utility providers to have any downtime.

Their critical national infrastructure, they provide electricity, et cetera, to millions of people and businesses. So I think about cyber defense and security. Clearly, there's lots more nation-state attacks. We live in a volatile world. There's always some -- looking to target these utilities companies. So they're investing quite significantly. Gladly, that's in line with our capabilities. Cloud, the need to modernize infrastructure is there for everyone.

Our most recent acquisition, which we've made since I last talked to you, it was a company called CRSC, who brought AWS capabilities. Why that is important is because it gives us that hybrid multi-cloud capability. Cloud transformation is key and central to maximizing efficiency of the delivery models that will be required well now and as we move forward even more so. and irrefutably AI and data, data is obviously at the center of everything we do. But we really believe this utilities market has got to concentrate hard on that transformation piece the need to meet new demand for electrification, decarbonization and various of our agendas.

So rather than just restating our strategy, I'm trying to evidence what Greg says in terms of how we are conducting our business. And I want to give a bit of an insight into where I in the U.K. see we need to make investment to not want to protect our revenue, but to ensure we deliver on that double-digit growth, which we've been so very good at doing for numerous years that I want that to continue in the future.

So investment is a key part. And rather than waiting for customers to come to us, we know our position in that utilities market. I'll talk to you in the next slide about what I think that market demand is, the size of the price and the stability of the customer base that we're trying to address. The foresight, me and my team to try and get ahead of the agenda to try and build on the solutions that we've already delivered to utilities. So for us, you'll see it within our accounts, we will make at least GBP 3 million of investment in terms of building some solutions, specifically addressing the utility sector and their challenges. We are in the process of building a blueprint for substations. That's electric substations. There are 500 of these in Scotland alone. There are many more thousands when we consider England and the wider U.K. And if you broaden that to the rest of Europe, you're into very big numbers. We know what needs to happen to the substations from a technology perspective.

And as such, have went away and designed a blueprint and an architecture to take to our customers. So they don't have to do the hard thinking. We'll go to them with that answer. So that's something we're working on at the moment. Also, we have been involved in, and I've talked to you at least twice about some of the very large projects. We won with network separations and creating separation between IT networks and OT networks. That's really, really important so that nation state attacks cannot bring down these businesses. We need to keep that network separated. We need to keep the control systems separate from the external facing Internet. That's really, really important utilities.

So again, we're putting together a network upgrade blueprint of which is pretty well advanced. Compliance becomes very heavy agenda when you consider the industries that we're working in targeting in critical national infrastructure. Every executive I speak to in these organizations tells me about the difficulty, not only around compliance, but the time and effort it takes to demonstrate evidence that compliance and it's becoming an even greater burden as the days, weeks and months go by.

So again, Greg referenced that we work with technology partners to bring best-of-breed technology to address fundamental customer problems, issues and they're facing. And as such, we've already built up an has rolled out for one of our customers around addressing compliance with CAF, that's our requirements, specifically for the utility sector. But instead of having to run around for days and weeks finding old documents and files here, there and everywhere at the push of a button. Both our executive teams and the people who are operational can demonstrate where they are from a compliance perspective at any given moment.

Clearly, we're not going to demonstrate that today, but I did demonstrate it to my workforce earlier in the week. So that's quite an exciting development. Stage 4 of that investment in utilities for us, there's a license monopoly from -- I won't go into the provider, but we've got GBP 50 million licensed monopoly across these utilities customers. That technology has been bought by somebody else. The price of that technology has increased tenfold. So they have a monopoly, they've got nowhere else to go. We are actively working on a solution with one of our other partners, Nutanix to come up with a much better price point and we think we can make huge inroads into that monopoly in the next year or so.

And lastly, these large-scale customers demand that we show up organized consistently with a method of structure around how we deliver to those businesses. So we're just tidying up and strengthening our approach from a project delivery perspective.

In terms of the market demand, specifically again referencing utilities, there's regulated spend it's available. It has to be spent. There's GBP 100 billion committed. There's the largest investment cycle in decades happening in the U.K. We know the drivers, they're on the screen there, net zero energy security, electrification providing data centers with electric the need and so on. But there is a [ $100 billion ] value of investment coming into -- or committed to the sector already.

I told you we built 5 strategic offerings to specifically address or attain as much of that rise as we can. There are 9 U.K. power network operators both in transmission and distribution coming to market. We're speaking to most of them. We're working on our external presence to make sure we remain attractive to them. I'm very confident that we will make inroads into some of those other 9. We've got the biggest one arguably as our customer just now gives a strong reference point case studies and credibility.

We have a 5-year sales ambition in this sector of GBP 600 million. Let me be clear, that's not committed revenue, it's not financial guidance, but it is the size of the prize that we're looking to address. And we believe we can get to that using that various investment pieces as a platform, but just continuing doing what we're doing, understanding our customers' businesses intimately.

I often get asked the question, how can you or be credible as an AI transformation partner against some perceived larger organizations. And the answer is simple. Greg said it, too. We have proximity intense understanding track record, heritage with these types of organizations, but quite frankly, many others are nowhere in air. So that's what brings us to the table. And I'd like to think we do a good job and repeat business becomes part of that thing.

I don't intend to go through those key spend drivers, but there for you to consume to check out to do your own research on that is the size of the prize. The biggest benefit for us addressing that utility sectors is we don't have to go about trying to win business, knowing whether the funding is there or not. Oil and gas has got a little bit more complicated with governments? Are they going export from our oil and gas sort of note, there's a bit of uncertainty in there. Utilities is very, very, very certain. So that is why we are making quite large. It's not a bit quite a large informed investment in that sector.

So for me, in the U.K., and I'm sure the guys could say the same for their regions. We've got clear focus. We're targeting the fastest-growing ADAS technology. Greg covered those. Those are the most relevant in the modern day. But we're also applying those to the strongest demand sectors. So I think we've got the technology, understood well with a clear proposition and we've got strong markets that we're operating in. In terms of having the right plan, I want to be clear, and again, I spoke to my workforce in the U.K. about this earlier in the week. We've made strategic acquisitions in the U.K. for a period of 10 years.

And now we've got to the end of that journey. I'll say the end of that journey. I now feel like I particularly have the breadth of capability that we need to be successful for the next decade. So personally, I have no need to add more skills to our organization. We may opportunistically decide to add scale in the future. that our strategic partnerships and our acquisitions both have been very well thought out and conceived in terms of where we were trying to get to. This is not a new plan. We've been doing this for 10 years. I've been thinking about those acquisitions and those partnerships over that time. And now we've turned up with the right answer, the right partnerships, the right technology, the right methods at the time where the world is demanding at most. And so in the end, we believe we've got a unique position, certainly in our target markets. Greg explained how AI is helping accelerate all of those offerings across our 4 key pillars.

I don't intend to go too much into detail in terms of these case studies. But in terms of evidence in our strategy, they're there for you to see. Greg talked about how we are delivering internal AI transformation to ourselves. But also we're leading our customers with exactly the same approach. So there's a case study there where we've got a GBP 5 million opportunity for a very large utilities organization to help them understand how they prove the concept, that's fine. Everybody can prove concept with a coal pilot very quickly or cloud, whatever. How do you demonstrate improve the value? Can you actually translate and turn that into bottom line efficiencies or top line growth? And can you scale it? And when I talk about scaling it, you need to think about who is that actually going to be embedded within our new operating model? It's back to the getting to the production line. That is the big challenge that we have, as Greg says, go long and hard about. I think we know exactly how we address our customers. There's evidence there. There's a very large utilities customers. It's coming to sort to say, can you help us understand what it is that we need to try and do and how to get that effectively and translate that into some efficiency, either top line growth or bottom line savings.

And very quickly, there's another one there from a big oil and gas customer, it's really around cyber defense. But again, you can see the threads of where AI has been applicable in conjunction with cyber capabilities to make sure that they're safe, they can't be hacked, that they're efficient. AI is used to automate much of the security functions in there. Jacques referenced it at the top of the speech in terms of the concerns that are abounding in the global market today in terms of the capability of AI tools to create security events. So we need to use it for the good. I think we're all wrestling with the good or the bad of AI at this point in time.

I don't share the [ Dooms ] Day verdicts of this morning's news that humanity will end in 10 years because of AI. I think that's slightly sensation less, if I can offer you my opinion. I'll leave you with these slides. Read the book. We're happy to take questions now or afterwards, and I'll hand you back to Jacques. Thank you.

Thank you very much. You have virtually all of the CEOs in front of you. The only person missing is Nasser who wasn't able to be here with us. And Nate is in charge of India, the Middle East. They're functioning very, very well today, unlike potentially what we might imagine. And also the English-speaking part of Canada, he does the split on a regular basis, but his entity is an entity that has always outperformed in terms of its revenue. I'd like to now ask you whether you have any questions on the strategy on operations. Do put the questions if you'd like to. And I believe that all of the microphones are already on.

Hello. My name is Nicolas Thorez. Thank you very much for the first part of the presentation. I have 2 brief questions on the strategy. Is it possible or would it be possible to quantify your revenue mix, what portion goes to applications consulting platform and infrastructure. I'd like to know whether you can perform that exercise as of now. Can you give us a rough sharing out of the pies, we say and how are you going to develop the mix over future years? My second question is related to this. Maybe let's start with first question. Kevin, do you want to answer?

Kevin, do you want to maybe raise a few points. Kevin, of course, is focused on the U.K., but all of the points are going to be broker relevant for all of the entities.

Thank you for the question. I think it's very valid, and I knew this question was going to come up. So arguably should be better prepared. The reality is that's -- it's about gut feel at this point in time in terms of what's presented on there. It's fully our intention to get to that. So we're organizing our own systems and capabilities to be able to produce that on an automated basis. So for the next time, my commitment is, we will share that at this point in time. It is largely what that grass is. It's not specific in terms of percentages or volumes. But next time we talk, we'll come back with that per period. That is a subsequent one there, which we're working on, have certainly done that the U.K. level versus the group and each of the guys we've been having conversations about how to produce that. So if you don't mind, the next time we will come with that information.

Thank you, Kevin. My second question was pretty much related to this related to the evolution of sorts mix in the future relating also to AI. I think on Page 11, you presented something that is pretty clear. You're anticipating on strong growth in platforms and infrastructure, potentially Will that mean that you think internally about the evolution of your perimeter as well? Or is your perimeter going to remain the same? Anything you need to do to accelerate the transformation of the mix within Sword, generally speaking, as well for you, Jacques.

If you like, I would argue that globally speaking, the strategy that we propose is relevant to concerns all of the entities. Maybe I could pass the floor over to Dieter. Dieter could be considered as the diners saw in the room because sticks to a contract-based system, a big contract that he has. With the European institutions, they move forward at the speed of the European institutions. But Dieter, could you say a few words about the themes of the new contracts cybersecurity. Well, we've won quite a few new contracts. That's why I was saying earlier. We've never had such a positive outlook, such a broad outlook as we currently have. We won Frea. Frea is the framework contract for all of the European organization everything that revolves around cybersecurity. We also have contracts for the development of AI. So we're very much omni present on this market. But to refer back to your previous question, I think each entity within Sword is different.

But if we talk about artificial intelligence within the European organizations and bodies, let me just say that up until 6 months ago, service providers such it was forbidden for us to use artificial intelligence, notably due to the fact that a lot of the tools are non-European today, things have changed. It's a gradual change that is ongoing. There's been an experimental phase and gradually a stretched carefully controlled phase is being entered into. In other words, it's the European institutions, some sales that are choosing the products that we're allowed to use. And they also define or set out the use conditions. So it means that the service providers such as sort we do not have the freedom to choose the products. We don't have the freedom to choose how we function. We have to follow a framework, governance demands, very often related to the safety, the security in Europe and in the European organizations. And so today, we're working with our teams on this new way of working. We're providing them with the support that they will acquire. In other words, the AI component is becoming a normal major component in development and in digital transformation. I hope I've answered your question to a certain extent.

Yes, at least partially. Potentially, I had 1 last question. This is for you, Kevin, on the U.K. market. It's true that in France, we're not very familiar with the market, particularly in the IT sector. Can you just remind us of the competitive intensity of the market? Okay. You went into detail on the opportunities that you have related to the energy sector, the utilities, the recent contracts won by Sword. Would you argue that there are any newcomers, new players that could confront you. What about the competitive environment? Is that likely to become more intense? And could it lead to pressure in terms of the prices and the quotes that you put in?

Okay. Thank you for the question. I think we already operate in a very competitive market. I was having this conversation again with Jacques this morning over breakfast, I think each of us face different challenges in terms of our position in the market. The U.K. technology sector is very mature, very competitive, and it has been for a number of years. And despite that, we've managed to deliver that growth. So I don't see anything changing. I think our capability has increased. And again, I referenced our acquisitions and our strategic thinking around partnerships. So I believe we're still on a march in terms of our competition. We're beating the companies that are arguably held up as much bigger than us at a more competitive price point.

For me, the challenge is making sure that we obtain the value for the services that we're now delivering. As we've allowed as an organization, sometimes you're a little frightened to put your prices up too much. But I think that's something that I certainly need to focus on and my management team have been very well drilled on. In fact, if I can take you back to what we're doing from an internal AI transformation perspective, we're currently actively building a smarter pricing tool for us to use that references our competitors, landscapes, frameworks, et cetera to make sure we're positioning ourselves at the right point.

So for me, it's not a challenge of scale or can we find that opportunity, can we deliver that opportunity? It's making sure that we get our gross margin at the right levels to protect that bottom line. You'll have seen a slight degradation in terms of the U.K. bottom line for that very reason because we're getting involved in these much more strategic programs, the cost of resources have gone up, et cetera.

So I'm very well versed in terms of where we are in the U.K. market. I feel very comfortable. I'm happy to talk to you in more detail afterwards as well, if you like, in terms of that landscape. I hope that answers your question. Just to try and answer part of your previous question in terms of changing the perimeter to address these. Again, I think all of the guys will tell you, we have lots of conversations around partnerships in particular. And each of us have got slightly different flavors of partnerships.

The one Greg, the slide that Greg put up is the overarching the hyperscalers, the biggest ones, if you like. But all of us need to think about what are the demands requirements, necessities, regulations on a country-by-country basis because one technology solution may be applicable to a certain region and not another one. So there are nuances in terms of our partnerships, and we've all worked to make sure that we've got those right strategic partnerships in the right countries at the right time. So I think that's one point that we didn't answer before.

You'll also have the opportunity to put your questions at the end. Stephanie, are there any additional questions Yes, there are more questions in the room. Please feel free. Those of you who are online to put your questions in the chat as well, and you'll have the opportunity later on. .

We talked more and more about digital sovereignty. Can you sense that there is any particular demand or pressure from your clients, notably the European Union on these subjects? And what's your answer is for you once again.

Hello. Very good question. the digital sovereignty maybe it's all about the European institutions capacity to control the data, the infrastructures and the technology. These aren't empty words. It's all very tangible, particularly at the level of the European policy and politics, it really is a tangible criteria when it comes to procurement of digital services and IT services.

The aim of the European bodies is to use digital technologies and services, but to guarantee that at all times, they have stability control and autonomy. I would argue that this evolution is creating an environment with sort European and courage is becoming increasingly relevant. It's very clear that it's a massive, massive opportunity for Sword, notably at the level of the European institutions yesterday, for example.

I traveled here by train from Belgium. And while I was traveling by train, I received an official letter from the European institutions, specifying one of the contracts that was allocated to IBM had been ceased immediately a procedure was entered into, and we are now in charge of this contract. It's very clear that they have less and less patients, let's say, with non-European companies. And clearly, they have the ambition to work increasingly with European companies. I hope I've answered.

Partly, yes. But I'm thinking about the slide that you presented earlier with the different technological bricks. And I was thinking all you showed with the American actors, okay, they're the best ones. But do you have alternatives to offer to us?

Yes, sorry. I expected that question as well. And I think the -- as Kevin said, those hyperscaler partners we had in that site are definitely organizations that we have already worked with for several years, and we are well set up, and they also are mature as partners. So we will continue to work with them.

There's 2 things, I think, are important in your question that are both opportunities for sort. The first one is working with a new set of partners that are emerging. So for example, we've already completed significant work with Mistral, for example. We have that, let's call it, nonfunctional requirements come up in Switzerland with Guillame and the customers we have in private banking, for example, on a daily basis, we have these new emerging requirements that from a partnership perspective, we are actively working on how do we broaden that partner ecosystem.

One of the challenges there is some of those new partners aren't as mature as some of those existing partners we had in that site. Therefore, actually them understanding how do they work with system in goods like as part of that conversation. And how do we make sure that relationship works in the rig for way, but that's an active part of the strategy. So partnerships and broaden that ecosystem is something we're working on and some time I'm heavily involved with.

The other thing that I think is really important on that sovereignty conversation is that will be an increasing driver for spend in that infrastructure pillar that I referenced. So as organizations increasingly bring more and more AI into their business, and they bring it closer to their critical business data. They don't want that to go into a cloud. They don't want it to go into U.S. cloud and they certainly don't want to necessarily lose control of what's happening with it. So we see that strategy that we are putting in place will drive that level of infrastructure spend as well. People will need to put in the platforms that they can control end to end. So there will be that hybrid cloud capability. You certainly don't want to manage your infrastructure platform in lots of different ways. So that hybrid cloud capability that we put in place with like [ Nutanix ] and AWS, Cisco, Microsoft and Dell, we see that being a really key driver in the customers, but a lot of it will be driven from that sovereignty agenda. Hopefully, that answers your question as well.

Yes. I'd just like to add something that's interesting in relation to what you said. You said that most of the actors are going to be American, so digital sovereignty if we talk about our partners, it's not always easy to have despite the fact that you have solutions. But for the moment, you can't count only on that one point of attention we have is to work with these partners who are not necessarily European Swiss or from the U.K. But we work with them a great deal in that case, on the sovereignty of the data. This too is going to be one of our focuses to be able to continue to work with these non-European partners.

But by safeguarding the data in terms of safety applied to the data and also to the processes. So it's a way of answering that it's not only to say we need to build everything in the European way or the Swiss way and each have our own individual cars, as we say, the other alternative is to work with more sovereign solutions with our partners, applying the right levels of security, the right processes, the right regulations. And this is something that we're being very careful and ambitious about with our clients.

Stephanie, I suggest I continue, and then we'll continue with the questions afterwards. So let's move on to the figures. First of all, the track record for the last 4 years, we have sold EUR 20 million more than what we bought. We're not complete notice. In other words, for the last 4 years, this means that we have cleaned up the group. We have kept only those companies that are capable of operating in line with our strategy with people also who are capable of achieving the technological levels that are required for today. And when I talked about what I call our social liability, I'm talking about the problem related to people, those people who work in companies and yet to won't necessarily have the capacity to acquire this technological level that I'm referring to.

So within Sword, we've done this background work. And I stressed earlier the importance of our transformation towards AI. It's something that is already up and running. Yes, we're continuing with all of our R&D, and I'll talk about this, but this transformation process is up and running. That's what I wanted to say for the track record. 4 years ago, we had EUR 200 million in revenue. Today, we have EUR 400 million. To talk about the first half year, our growth amounts to 12.6%. And we keep an EBITDA of 12%. I can hear some people shouting out, they're manipulating us why 12%. Let me say, this is an ambition, a clear ambition to keep to 12%. And if we achieve more than 12%, we invested. So our strategy is underpinned with this 12%. We'll see this when we look net cap position of further down the line. Also, if you look at our consolidated breakdown, you have the EBITDA and our organic growth that gives you on the screen.

The only difference, and there are 2 points I'd like to refer back to concern Spain. This difference is not significant. Spain was purchased less than a year ago. And when we purchased companies during the course of the year, we do not include them in the calculation of the organic growth, which is pretty normal. Next, you have and Switzerland has been restructured. First of all, so that we can begin acquisitions in German-speaking Switzerland so that we can start a business with France, so that we can merge the 2 Swiss entities.

I don't know whether you but we had 2 CEOs in Switzerland. And then lastly, we're going to consolidate Canada. The rest is as usual. The U.K. is working to a certain extent for the group without reinvoicing maybe the they might complain about that. But well, there's a slight drop in the EBITDA margin, but all of this is related to R&D. This means that we have a profit and loss account with the EBIT at [ 12.5 ]. And this gives us net profit after corporate tax despite the fact that this still doesn't have much value because there were so many exceptional items in there that we can explain it more in detail.

So for this -- let me move on to our net cash position. I did have questions on this. Our net cash position as of the 30th of June 2026 is minus EUR 62.9 million. Why? Because there are cycles because we've had acquisitions. And let's talk about where we're heading above all. We have what we call our ISO perimeter. We're looking to have a net debt of EUR 35 million at the end of the year. So we will have a net debt of EUR 35 million for credit lines that amount to EUR 155 million. I repeat, we have EUR 35 million at the end of the year for the net debt for credit lines that amount EUR 155 million. So I'm not saying we can sit back and rest on our laurels, but we do have the capacity to continue with our acquisition strategy. all the more so because there will not be any costs related to the share deal until 2029.

Now, let's have a look at what we're actually doing with our cash. We have the M&A activities, EUR 19.4 million in terms of the costs. These M&As related to this year's acquisitions, mainly Cyrus HQ. Do feel free to put any questions further on the line. Cyrus HQ is a real jewel in the crown is part of the strategy that we've explained. They are also the earn-outs that we're paying. Should we regret this? Absolutely not. The more money we pay in terms of earnouts, the happier we are. In other words, it means that the acquisition with excellence, and we have made excellent acquisitions.

That's what I wanted to say concerning utilization of the cash in mergers and acquisitions. Almost a theme, let's look at the acquisition of Cyrus HQ. This I would argue, it's a technological investment. And let me explain what we're doing in terms of R&D. We're using the IFRS rules. Philippe falls in older documents, research is something that is entered as regular operating costs. The development can be capitalized and is capitalized. Development for us amounts to EUR 2.6 million over a 6-month period. But the cost that I'm talking about, that is above the EBITDA. That is part of this additional margin that we could potentially achieve if we didn't have the obsession of looking to the future, it is 2.6% of the revenue.

So our EBITDA without research amounts to 14.6%. So 12% is the bottom line that we set out on a cost basis. technological investment, it amounts to EUR 19.6 million over the course of the 6-month period. It is a lot of money. Next, I'm going to pass the floor over to Philippe and Philippe is going to continue.

In just a few words, I'd like to be able to talk to you about the relevant aspects related to the balance sheet. We're going to start out with the goodwill and the other intangible assets. Shack has just talked about the acquisition of Cyrus HQ. This generated a goodwill of approximately EUR 12 million. In terms of the other intangible assets, Jacques also talked about the CapEx. In other words, the cost of development of EUR 2.6 million. This is partially offset by the amortization of the assets that have already been capitalized on. Moving on concerning the current assets mainly the working capital requirements.

The comparison between the 30th June and the 31st of December is not necessarily a good comparison because obviously, certain things are seasonal, and this is what can explain certain variations between the different headings such, for example, as trade and other receivables and work in progress. If we look at the need for working capital, it's all pretty balanced. But on the 30th of June, what is generally more relevant is to note that we see a significant improvement in the need for working capital requirement as time goes by prepaid expenses. This is a line that corresponds to costs that we observe in advance relating to the requirement of the Cognos product in Switzerland.

At the level of capital, you can see that we've distributed dividends of course. On the 31st of December, our equity will be a lot higher than during the course of the previous financial year. at the level of the financial debt, Jacques has just explained how the cash has been used and you referred to the credit lines. Yes, the debt regarding to minority holdings. This has dropped by approximately EUR 4 million. Other elements that are important the products that are invoiced ahead of schedule. We have a significant reduction here. This is due to the reduction in one of the contracts in Greece. That's what I want to say for the main elements related to the balance sheet.

By way of conclusion, there is an increase in the assets, thanks Cyrus, the capitalization as well on the development costs. The equity at the end of the year will be reestablished, and there's a significant improvement expected in terms of the cash position. If we look at the future now, we have a business that is very simple. You have 20 months, 20 months of backlog. And if that is the case, you can guarantee that you will achieve double-digit growth. I'm under the impression that for a long, long time, we didn't check this beforehand with Stephanie, but I'm under the impression that for a long, long time, we hadn't achieved growth in terms of our backlog at the end of the first 6 months compared with the first of January. But with the number of contracts that we've signed recently, we have increased this backlog. And this is essential for the future because it guarantees the sustainability of the group. This is what is at hand.

Next, here on the screen, you have the list of our top 10 clients for 2026. If we remove those clients to whom we invoiced less than EUR 500,000. We have 74 clients in total. You might say that's not many. No, no, no, it's absolutely massive because it means that each of these clients is a client where we have potential -- the potential that we have with the top 10 clients. So we have the capacity to grow our business for each of our clients. story I often tell is as follows. If you hire a beginner salesperson in Lyon, the next day, the person travels to [ Santen ], I have no idea why. We can never stabilize with what we've got. And I think that currently, we have this capacity. We have capacity for growth and explored growth that is out there. And we're able to announce to you our growth is going to grow. You will see it grow over the next 3 years.

We have had a period, I would argue almost the low period in 2025. the time period was slightly more difficult. We achieved 12%. But with more difficult with this year, we're achieving the 12% much more easily. That's why I feel very comfortable about the future. Further down the line, I know you're going to ask a question. there's a gap on the screen. In other words, the share price there is a counter performance on the share price. So there were those pessimists who we say, oh, it's disastrous. And we're losing the battle. However, there are optimists who on the contrary. But with so much backlog with so much profitability with so much growth, internal growth and above all, with a true technological strategy. Are we going to accept that we can be underestimated for long? My answer is no. Whatever happens in 2027, I will find solutions, but we are taking a risk we're taking a risk of being bought out and we can't accept it because today, we're not just worth more, we're worth a lot more than our current value the cycle in terms of the value of shares just to finish on a positive note, varies quite a lot.

If I talk to you at the end of January, for example, I would have said for the last month and looking forward to the EUR 2, we're up 14% and have been since the first of January. We're not going to tell you the same manipulate the figures. Currently, we're at minus [ 7 ]. But once again, I stress we have the capacity to grow. And this means I would argue it is time to buy. There you are. I've done my sales but I hope I've convinced you but I'm ready to answer any questions you might have. And I'm very happy to revert back to questions, define if there are any others.

I have a question for Philippe. It's not mentioned in the slide in the slide show, but as mentioned in the half year financial report. I think it's the first time that Sword has a set up a factor program. EUR 12 million in some of the subsidiaries, if I read the figures rightly. Twofold question. This program, is it designed to be extended over time? And could you give us a bit of rationalization related to this program. As Jacques said, you sound very relaxed about your cash position. Why have you set up such a program in that case?

The people in charge of it are in the room, so I have to be careful about what answer I provide we're coming out a test and it's also an opportunity. The opportunity was a potential acquisition that we were looking to make maybe in a country that I didn't even present here. let's say, the test was to work with the bank, and we decided to implement this factoring approach. And it was pretty satisfactory on a very short-term basis, last year for a short-term period, and it was a test, that's the answer. And it was related to an opportunity that didn't actually come about.

This means that some people really do read the financial report I'm going to move on to a question from the chat. Question, you now use the brand name Sword Iberia. Can you explain the reasons for this evolution and also the benefits advantages to the group, David?

Yes. Thank you for the question. And I would like to start by saying that Sword Iberia is much more than a change of a name. Why? Because it reflects the evolution from Spanish successful business into an integrated regional platform, covering Spain and Portugal and very important, fully connected to the group. This gives us our local clients access to broader capabilities to partnerships, Greg told you and expertise as well. And Iberia is contributing with talent and with a high level capacity of delivery and a high level know-how. So the result is multiplier effect because the group is making a very stronger and Iberia is creating additional growth and scalability fall short.

To round off what he just said, Sword Iberia, it's not rebranding, it's a name. We are sort whatever all of the owners or ex owners following on from the acquisition, say, whereby they say that everything is going to go down here because we're changing the name. For 40 years, I've heard that argument and it's never been the case. We and we will continue to be so. But there are a few terms that are important in order to explain that Portugal actually reports to Madrid.

No more questions in the room? Maybe we could move on and talk about the Sword share price. Are you thinking of buying back shares? Is that a possibility in order to counteract the problem of the share price, notably.

Answer for me, it's a crucial issue. It's an issue that comes up every so often. And in 2027, I will find a solution. I'm taking risks in saying that, that there are solutions. Some of the solutions that I prefer to avoid. I don't know whether you know but proving that you're worth more money, it's very easy within our context. You can sell an asset. And that way you reinforce the market capitalization. You increased it from EUR 50 million to EUR 100 million, very easy to do. But is it not stupid to destroy assets, particularly when it's a question of assets that will grow. So I imagine a different solution.

I have a question for Guillaume. Concerning Switzerland, now it's true that things are all quite blurred from our perspective, from what we've understood there is restructuring going on. There's a bit of revenue that is being transferred from Switzerland to near shore bases, if I'm right. to Iberia. My question is what about the perimeter? Is it the right perimeter now? Or is there still restructuring to happen are heads going to change? Are you now back on track? Or is there still a lot of work to be done?

There's always lots of things to do. I'm not going to tell you now we're back on track perfect the next few years going to be very restful for me. No. However, there are no major changes. Olivier Perrot was here last time in the month of March, and both of us were aligned. He's done a wonderful job. He fully agreed that at a given moment in time, it was important to have 1 CEO in Switzerland that combined both product and service offerings in what we specialize in. And so what we're currently doing is continuing the plan that we started to implement. We're accelerating it, given the fact that there is now one head that is able to be the figure head as such. But they're not major transformations because we've been transforming for a long, long time. We've already got the right teams in place, thanks to the Team evolutions, R&D investments acquisitions. We've got the right structure. What lacked was the right alignment, I believe, between the 2 structures. That's what we're currently doing without there being any revolution. It's more of an evolution, I would say. But of course, there's still a lot of work to be done.

And to answer the beginning of the question concerning time short part, of course, necessarily in the context of the Swiss market. We have this need for a near-shore platform, the Swiss franc is very strong, so it's harder to export. We find it difficult to export our know-how in terms of the IT sector for watches, et cetera, for prestigious sectors, it works the crisis at the current time in their industry. So this is where the consolidation of the Iberia zone and the cooperation with the Middle East is very important to us. This is why we're focusing on our group positioning in terms of niche.

With the microphone, please, for the question.

Well, the watchmaking sector is being strongly impacted currently by the crisis. A lot of people talk about Frankfurt. But what's fortunate in Switzerland. And I think you'll see on the slides, we show you our product and service offering consulting platform infrastructure platform and application. For the Swiss part, you'll see that I've put lots of bricks, vertical breaks, and that's our strength.

Yes, the watchmaking sector is going to be affected this year, but there are other verticals, other sectors there were dozens of them in Switzerland with which we can work. So the fact that we have clients across all of the activity sectors, it means that we can offset the drop necessarily in one sector because we'll have other sectors who will be growing fast, that reviews the strength of salt in Switzerland. We don't take risks, major risks with one client.

Our product and service offering is very broad. We've got many different verticals, many different clients. And that simply means that we can always find the right compensation in brackets if one of our clients orders less. I hope I've answered the question.

We have another question from the chat. What about the development in Saudi Arabia? How is that going? How Mace is in charge of that?

Very few people believed initially speaking, in our capacity to have a real company in Saudi Arabia. And the first time I went there, I admit that we came across the usual Saudi friends supposedly members of the Royal family. And they told us they were going to develop everything and they didn't develop everything they had planned for 6 months worst. Currently, we have 6 contracts there, 6 clear contracts. And so we have a true pipeline. Saudi Arabia is doing very well. and, let's say, works with very good symbiosis with Dubai. And we just opened an office in Abu Dhabi. So the Middle East is doing well or the more so because there's a major boom in Beirut. Beirut is a true offshore base, and they're very fortunate in that they speak 3 languages, Arabic English and French. And for Switzerland, that's a great asset as well.

So globally speaking, thanks to Naseo business is very well. Even in India. In India, I didn't necessarily believe in its success. They're now doing very well. And Guillame, I think you've got 10 people in ServiceNow in India. Yes, everybody uses India now.

We have a question on France. What is your strategy currently in France? Do you want me to answer or do you want to answer?

Well, we worked together at France reports to Switzerland, but I'm familiar with what we're doing. We've got certain banking entities that we work with. We're going to continue to work with them, the director of the bank is here. And there will be another business activity that we're going to create that will concern the management infrastructure. And naturally, we'll keep the OL contract. Well, group contract.

There's also a small bump on the road that we've always had. But when we didn't have the right to work in France because of the contract, the noncompetition clause in the contract, we had CGM that is a big contract managed directly by Beirut.

A question in the room.

Thank you for the presentation. Matthew, I'm in charge of Student Association on Artificial Intelligence. You've talked about the importance of proximity with clients notably to be able to dominate over your customer base. My question is, how do you manage to create this close and qualified approach with your clients? And how do you maintain it? How do you stay so close we have the sales director in the room?

Very briefly, my art would be not very honest answer. You don't do trade in the same way with the European Union where simply they respond to bids. As with the Swiss market, for example, where you don't actually trade, but you have a networking approach. What specifically in Switzerland is the long-term relationship the trusting relationships that you develop with the clients and not so much as is the case in France, the salesperson who gets kicked out of the door who comes back in through the window. That being said, I believe that the group's capacity to be very close to their clients is based on the trust the trust that the clients and prospects place in us. And this trust is something that takes a long time to win. It's hard to win, but you can lose it instantly. I'm under the impression that we don't have many counter performances.

For example, our attrition rate is 0. This means that the clients stay with us. That being said, I don't know what to say about the method. Our method is basically that we adapt constantly to what the market and the country requires. Do you want to add anything?

In addition to trust I would add the fact that we have the committee to commit to engage. That's what creates the relationship with the client, understanding the client's business needs, as Greg said earlier, building, developing solutions levels of service, committing, engaging in terms of risk taking sometimes with the client. This is what creates the relationship the link. The client knows that we're not a supplier. We're a real partner. Okay, sometimes we operate as a supplier. We provide basic services. But globally speaking, we're seen by our clients to be the partner that they trust, ready to engage ready to move forward with them, do battle with them with the strategy. That's very important when we talk with our clients. This is what I believe makes us attractive on the market.

I think I made that point directly referring to the U.K. How I would answer the question is we intend to take all of our established customers where we're already embedded and in many cases, have tens or sometimes hundreds of resources already in that customer buildings. We're talking about broadening our capability and taking them on that AI transformation agenda, right? So we're already there doing cloud stuff ready. They are doing platform stuff, ready doing application stuff. It's how we bring all that together. So the answer for the U.K. is we're already in the office. So we're close to them. If we're not physically in their offices, Scotland is not a very big place. We've got offices in the key cities. Likewise, in England, we're close to all the major centers where these key utilities and oil and gas customers are. So for me, we're actually there.

There were other questions, but you've answered the questions during the course of the live presentation. So I believe that we can conclude on this note. And of course, those of you who are present with video con if we send any additional questions that you have. Those of you who are in the room to feel free to do so. And for those of you who are in the room, there is a short cocktail where we can have a discussion, if you wish, in a more informal manner, following on from the end of the meeting.

So thank you very much to everybody.

Thank you, everyone. And Stephanie, thank you. This is always fabulously well organized. Despite the fact that there are no gifts, no gifts for the people who are present, but never mind. Thank you very much, everybody. And I look forward to seeing you down stage. Now we're going to stay on the upper level just when you leave the room here.

Okay. Thank you very much. Just that these things. Thank you.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[Interpreted] Good morning, everybody, and thank you very much for being here. Thank you for having day to come here despite everything that is scheduled to block France. Thank you, in particular, for coming here because we have many different things to say, many different things to say about our future and also about the current context. I hope and I believe that there are quite a few questions and the questions will be put, I imagine, to everybody. I won't answer all of the questions personally.

For the moment, I would simply like to introduce the conversation that we're going to have. First of all, the conversation will be managed by Greg, who will be talking about technologies, very important. After that, each General Manager will go into detail on their division. And further down the line, we will talk about the figures.

So first and foremost, 2025, it's a difficult year. I think we have to be honest. When we say difficult within Sword Group, it means that our organic growth drops from 22% to 12%. I think we'll achieve approximately 30% at the end of the year, that's our objective. But let's say that we will achieve organic growth that will be largely double-digit. Things are going very well. Of course, what is important is the future. And with regard to the future, I'm sure you will sense the extent to which we are in a very positive mindset heading in a very positive direction.

I would, however, like you to analyze, particularly the analysts, mainly in Paris. So I hope the dear analysts that you're listening to me, what is important is the comparison with what is comparable. In other words, organic growth. I'm very happy to make acquisitions in all directions. A lot of people have done that in the past and have got things wrong. So please let me repeat, 50% of the acquisitions that are made do not create value. In other words, they destroy value. And I would like us to be judged based on our dividend that our dividend policy is something that you take on board.

And also I would like M&A to be analyzed in detail and properly. And when you see our decision to sell off France, to sell GRC at the right time or to acquire cybersecurity companies, I think that here, that is well and truly the strategy, the strategy that we adopt. And to say that we have 20,000 or 30,000 people in the group, that's never something that makes people rich. That's my introduction.

Second part of my introduction. We currently have an organization that is not fragile. I am only Executive Chairman, but there are four general managers and the four general managers have full control as general managers. That is a very important point for the future, for the sturdiness and the soundness of the group. I'm very much aware that a group is only worth its future.

Next, we have a product and service offering that we've invested in a great deal. And once again, when you haven't got any money, when you're not ready to put money on the table, you, of course, do not invest and you create a vicious circle. On the contrary, we have profits, we will have cash, and we are investing and we'll continue to invest. Greg will talk to you about this.

Lastly, when it comes to globalization from the Anglo-Saxon perspective, the international nature of the group is what guarantees our success. We see very clearly when at a given moment in time, you have a division that is slightly less high-performing, other divisions step in and high-perform. We have specific locations that are able to step up to the mark. And hence forth, we are creating synergies across the globe. That's what I wanted to say by way of introduction.

Regarding the past, you know full well what the past looks like. And at the bottom of this screen, what is missing is M&A. Please don't worry. Between now and the end of the year, there will be several operations, several M&A operations. So we're making a commitment at the end of the year. There will be acquisitions, but we are in no hurry. We've observed in one negotiation process that we virtually managed to divide by two the value that we proposed initially speaking. So mergers and acquisitions take time. So please don't push us to make mistakes. It's not you, it's the analysts. Please don't push us into making mistakes.

Next, the organization, as you can see, we have the four general managers. Nasser apologizes, he has a major challenge that he is up against at the current time in Portugal to be totally honest. And so I will give his presentation on his behalf and be brief about it. Next, we have a system of affiliates. It's very dynamic. I would like to have more affiliates because this is something that enables us to create additional product and service offerings without destabilizing or unsettling our organization.

Moving ahead. With regards to the central functions -- let me say, the central functions, we are currently becoming bureaucratic. We have ISO, for example, GDPR, ESG in French, the AI Act and so on and so forth, taxonomy, all those things. How on earth can a company resist if it is not massive in relation to all of this bureaucracy? There are needs, there are a lot of good things. But our challenge is not refusing obstacles, our challenge is making this problem into an opportunity. And from that perspective, I am counting on Greg and on many other people as well.

If I look at our financial organization, that is stable. Previously, we subcontracted the management to a person, but also to a company, Frédéric Goosse. Frédéric Goosse sold his company. And at the right time, we had Philippe Blanche who is ready to step in and take over. Philippe introduced himself to you last time. So Philippe, you don't need to do so today. And Philippe has a group of CFOs who are at the perfect level to assist him and work with him.

Now our products and services offering hasn't changed, inherently speaking. I'm going today to be a tiny bit arrogant. We used to do document management. Afterwards, we said it was data management. Then we talked about digital transformation. I could serve up all of the buzz words, all of the names that people like to flush around. But to keep it brief, we still have the same vision with regard to the market.

Let me turn my phone off. We have a services company. Our company is specialized in services. I apologize for the phone. And the products that we mentioned are all products that are there to draw or attract the client's attention. And ours is not a true product strategy, but products have value. In Venue, for example, you'll possibly talk about it. Will you, Olivier? Okay. I won't talk more about it. And we are either certified in all of these different fields. But just imagine the cost of all of this applied to 17 countries -- to the 17 countries where we are truly present and between 45 and 50 countries where we actually work.

So we're going to give you a presentation based on each individual division. And first of all, let me pass you on to Greg. And please, I invite you to wear your headsets, it will probably be useful. Greg, the floor is yours.

Thank you, Jacques, and good morning, everyone. So this morning, I want to talk about what we are doing in AI and cyber. And I guess, to start there, we should think about what's happening and our customers because that is what we base our decisions on our offering. So I think with both of those topics, we view them as very strategic initiatives across our customer base for a couple of key reasons. One is regulation. So in the EU, we have the AI Act that is now in place, that is affecting a huge amount of our customer base. And in the cyber space, we have things like DORA, so the Digital Operational Resilience Act, and NIS2, which are driving new requirements for our customers to be -- to look at to be compliant to continue to do business.

So regulation has been a key driver, underpinning what we look at from an AI and cyber perspective and also the increasing need for our customers to transform. So in the last few years, that's been driven by digital. I think we see AI being the new key initiative that our customers are looking to help understand and get us to work with them to implement solutions that they can benefit from.

So I'm going to talk you through our AI offerings framework. As I say, this is in direct response to conversations with our customers. All of our customers recognize the hype. They see the potential opportunity, and they've all been exploring what they should do with AI. We really came in as a practical partner to help them drive transformation. So we have a set of enablement services we've developed, which we've been looking at. Can we help them design and clarify the strategy? Can we help them with the security element of AI? So everyone is worried about protecting their data, not leaking personal or confidential information into the public AI services. That's a big part of what we're looking at, at the moment, looking at how we improve sovereignty of data attention when it comes to AI. We are looking at some solutions around that.

We spent a lot of time upscaling people. So not just training but actual change in adoption, looking at how people use things like Microsoft Copilot and adopt their ways of working to use that and obviously, compliance with the EU AI Act in particular. We're also looking at how we develop solutions for our customers across a range of areas, looking at predictive analytics. Historically, we've done a lot of work helping people put reports, dashboards in place. We are moving it on to predictive analytics now. We're starting to develop agenetic solutions, looking at how we integrate the AI offerings from the major vendors with people's current systems and data sources, looking at integration, things that MCP is part of that as well. So we have a key set of offerings that are more project-orientated, but our real goal is to be the partner that drives AI transformation.

So looking at how we put managed services in place within our key customers to drive that transformation over the next 3, 4, 5 years and looking at how do we identify those pain points and challenges that we can then put our services in place on top of the AI capabilities to drive value for our customers. So that's what we're looking at in AI.

We have several successes. One I want to touch on. We are working with a large U.S. bank at the moment. They are working with Microsoft and us to deploy copilot to 100,000 of their internal users. We, at Sword, are delivering the change in adoption program for that. So working across their business units globally, making sure that they get value from that investment. So that's one key thing we're doing in that space.

Next, on cyber. Again, regulation is a key part of cyber. But I think we've all seen in the news in the last year or so, [indiscernible] speeds of a tax and complexity of a tax. We are really looking at cyber from a business perspective, looking at operational resilience. So really, our message to our customers here is we can help defend your business. So we've got a range of offerings in this space, again, ranging from strategy, helping our customers understanding their risk and their threat landscape, so to protecting their endpoints, protecting identity of users, protecting their core platforms.

And we've just won a circa EUR 10 million contract with a large oil and gas operator in the U.K. It's a new joint venture between Shell U.K. and Equinor U.K. They have awarded us as a prime cybersecurity contractor for the next few years with them. And really, they recognize the importance of the services that we bring, not just to put technology in place, but to be a partner to help defend their business. So that's what we're looking at in the cyber space. We've got some really key partnerships in place there with people like Cisco, Palo Alto Networks, Unit 42. And the key part of our strategy moving forward is working with them and layering our services on top.

So key highlights. We are looking at AI and cyber services, being 20% of our revenue by the end of 2028. So we see these two strategic initiatives is driving a lot of value over the next few years. We're also looking internally how do we benefit from AI itself and avoid potentially 10% of additional costs internally to support that growth. This year, we're making about EUR 1.2 million of investment in dual purpose use cases around AI and cyber. So what I mean by that is developing solutions that we can benefit from internally and also then being able to resell those solutions and provide credibility to our customers.

So again, a couple of key highlights. We're the prime cybersecurity contractor for that new joint venture in the U.K., in oil and gas. And we're driving probably one of the world's largest change and adoption programs around AI with the large U.S. bank.

So happy to take questions later, but I'll pass on to Dieter. Thank you.

Thank you, Greg. Good morning, ladies and gentlemen. My name is Dieter Rogiers, and I'm in charge of Sword in Belgium, Luxembourg, Greece and Spain. I will start my short presentation with some key facts and figures. So technology is mainly focusing on the European institutions, more specifically on huge multimillion, multiyear framework contracts. We have a very strong and successful bid team. Just to give you an idea, in 2025, the offers that we submitted and that will be submitted before end of year will exceed EUR 350 million.

Sword is a top contractor -- preferred contractor of the European institutions with a very strong European identity. And this identity has become more important than ever more specifically because of what's happening in the world and in the United States. Today, we are serving more than 45 European institutions and European agencies in more than 12 European member states. We gained important expertise in some important fast-growing functional domains of the European institutions. And because of the long-term multimillion framework contracts on which we're working, there's a huge backlog that we have, which exceeds more than EUR 250 million.

What is our technical and business expertise? We are a main contractor of the European institutions, like I said, mostly in large IT systems, which are fixed price projects. And this in the domain of application development, application maintenance, application support, also more and more in the domain of managed services and of digital transformations. I will come back in my next slide on the expertise on the functional domains.

We also have important business in talent management, talent recruitment and staffing of IT consultants. And in that context, we created also internally some centers of excellence, some competence centers. We are up to date with the latest IT trends and the latest market trends of the European institutions. We recently won major framework contracts in almost all, yes, latest technologies. For cybersecurity, we have won the global overall framework contract at the European institutions, more than EUR 300 million framework contract together with Atos.

For artificial intelligence, data analytics and cloud, we are -- we have won European Investment Bank, and we are awaiting results at EUROCONTROL, and at DIGIT, the MAIA contract. And finally, for what has to do with digital transformations and interoperability, there is a huge framework contract eu-LISA. But once again, I will come back in my next slide more in detail on the figures behind.

Finally, Jacques was talking about bureaucracy, but that bureaucracy is helping us because it provides us a lot of business as all the ICT regulatory compliance programs of the European institutions are getting more and more important. We are helping them by putting these programs into place.

Okay. Something about the fast-growing functional domains in which we are getting more and more importance. I'm particularly thinking about three domains. First, domain is border control and security. Second one is taxation and customs. And finally, there is the intellectual property and the patents business. For border control and security, we are today active in almost all their critical systems. We won the VIS and the SIS framework contracts, so the Visa and Schengen framework contracts. We are active in everything what has to do with ETIAS, so the European Travel Information & Authorization System. We are involved in FRONTEX’'s Travel mobile application and some other important framework contracts as well.

For taxation and customs, this is most probably the customer where we have the longest track. We're more than 20 years active with them. And year after year, we are building up the business with them. But we recently won some new major framework contracts with them as well. First of all, in IT service management, in customers and taxation. We also won some operation activities. We at least preselected and started some activities in that area as well. And we have set up, signed strong and strategic partnerships for the upcoming framework contracts in Data Hub and customs area.

And finally, the third domain -- functional domain where we are very active is the main of patents office and intellectual property. We have signed a new framework contract with EPO, and we started some new initiatives, Machine Translation Services. The AI assisted paperless patents process and the MyEPO portal. We also are getting more and more fixed-price projects within EUIPO. And finally, there is more and more in-house expertise that we are providing to our customers.

Just to give you an idea on the framework contracts on which we are working this year in 2025. The lower part of this slide is showing offers that we already submitted. The total value of those offers is above EUR 60 million. We didn't mention all of them, but well, we already submitted quite a number of offers this year. And there are three very large, very important call for tenders that we are waiting for which we have a very, very strong partnerships -- European partnerships.

So to conclude, I think we have the operational excellence. We have a very strong bidding team. We have great teams in general. We have an important pipeline and we have a huge massive backlog. So I'm very, very positive, I'm very confident that we are in track for the 2028 objectives, and that the goals that we are setting are even exceeding those objectives. Thank you.

[Interpreted] Thank you, Dieter. Thank you very much. I'm going to continue in French, that way some of you can have a slight rest. Good morning, everybody. Olivier Perrotey, I am in charge of the Swiss division. This is a division that works very closely, as you know, with one of the affiliates, Sword Technologies. We provide desktop publishing, IT services and a lot of local services throughout Switzerland. Sword Technologies has offices in Switzerland but also in Canada. So I'll focus on all of the activities taking all of this perimeter into account, including also our business activity in France that is more recent and our Canadian activities.

Just to give you an idea of how we're doing and an update in relation to the 2028 Vision that we've shared with you. We are making very good headway this year. There were three main parts that I'd like to look at, the main sectors. These are our verticals, the verticals around which our teams are organized. Next, I'll focus on our business offering, global outsourcing. And last but not least, an update, a bit of topical information concerning our geographic footprint that I just referred to.

The first of the sectors that I want to underscore is the sports sector. I'm sure you're familiar with this. Jacques talked about Sword Venue. Sword Venue that is a wonderful showcase for us. We're able to illustrate all of the businesses we enter into showcasing them in the sports sector working with a lot of sporting organizations. We're continuing to develop our business according to plan in the sports sector. In the past, I talked about a niche market. It's no longer such a niche market. We are gradually becoming specialists, fully understanding the IT needs and the specifics to sport, and this really does differentiate us today in this market.

As you know, we brought out a press release recently in order to officialize our status as privileged favorite technological partner with the OL Group in Lyon. And the OL Group has had a wonderful start to the season. We're following that very closely. It is not the only one, we also have LDLC Arena for whom we run a certain number of IT services. And we hope that we'll be able to continue to develop business with them and support them in their ambitions within the different arenas in France, but not only. And Sword Venue is a wonderful tool for doing this.

In the key sectors, private banking, for example, we could talk about financial services globally speaking. We're also seeing a great deal of development in line with our forecast in this sector. We are exceeding the private banking sector. We now work with a retail bank in Geneva also. And this retail bank has listed us to provide them with all of their IT services, managing their projects, developing applications for them, et cetera. And they are now part of our portfolio.

As you know, in Switzerland, we're very fortunate in that we have many international organizations that are present, the United Nations organization, for example. I like going into detail on these international organizations. Please note that we've set out a long-term agreement that often lasts for 3 to 5 years with a certain number of international organizations. One of them is IRENA. I could refer to the International Agency for Renewable Energies for example.

In the public sector, Jacques, you talked about the fact that it's very true. Currently, we have the obligation to achieve certification -- ISO certification. It's true in Switzerland as well. We even have our own certifications. [indiscernible] is one. This is very much requested by public authorities. It's important to note, nevertheless that if you want to work with all three levels, if you want to work with the local levels in Switzerland and the federal level of local government, you cannot do so unless you have ISO certification, CSR certification, EcoVadis, et cetera. So what was a costly investment in the past now is absolutely necessary for us, and it really makes the difference between you and the competitors. It enables us to consolidate our position. Yes, a press release came out this week concerning lots of new developments, lots of new clients -- three new clients who have listed us in [indiscernible] in local government, and we will be working with them from 2025 through to 2028. So this means that it's a backlog that is guaranteed will increase the number of staff, the revenue, et cetera.

Let me now move forward a bit more quickly on global outsourcing. We round off our offer. Jacques, you talked about synergies. We have some wonderful synergies with Greg's teams, wonderful synergies as well with Dieter's teams in Greece, et cetera. All of the new partnerships in cybersecurity are very much ongoing. We're also deploying our products as service centers. We can start out with a product, and we can use it to facilitate the work that is then done by a team to provide services, and it's highly profitable. This is something we're developing more and more. Also, sometimes we break down borders, and we don't just work in the sports sector, but we help our clients when they ask us to make digital contents available, different types of videos. These are gradual subjects that are gradually completing our product and service offering in this sector.

I've talked a great deal about French-speaking Switzerland. As you know, we made an acquisition in Bern last year. And that means that today, we're gradually expanding our activities in the German-speaking part of Switzerland. New clients in Zurich, in particular, the ETHZ, apologies for the acronym. That's the polytechnic school of Zurich. We're already working with the polytechnic school in Lausanne. So it's great to have this new one.

The summer is always a very busy period for Sword Venue. We've worked with the Tour de France, the Paris Marathon. We also have teams in China for the world games. All of this is something that is leading to some very good business developments. and the business activities that I referred to also related to Sword Technologies, their business is now developing in Greece with a global service center for everything that revolves around Microsoft Office 365. That is something that is so wide ranging. A lot of requests still coming in on the subject alongside with cybersecurity. We're very well equipped in Switzerland to be able to provide these services and throughout Europe. That's what I wanted to say on that part.

In addition to our product and service offering, nevertheless, I, of course, want to talk about artificial intelligence. AI is a field we're working on developing with Greg's teams. We provide real added value in the sports sector, for example. All of the issues potentially related to managing data, particularly in the context of the athletes organizing the sports event. All of this means we're very strong. We've got a very steady, sound product and service offering.

We talk about multi agents or our agentic approach. And in Switzerland, there's massive demand out there for what we call Sovereign AI. In other words, we make sure that currently we're capable of guaranteeing to our clients that their data will remain within their IT environment whilst guaranteeing that the AI tools can still be very powerful. This is a strong product and service offering. And I repeat, a lot of demand out there for this.

Next, moving on when it comes to platform management, different IT platforms. As per usual, we work with clients to modernize their business applications, lots of migration issues. In the past, these were sectors for the future. Then you've got the cloud identity management, for example, related to desktop publishing, all kinds of IT systems and lots of adaptive, preventive and corrective maintenance that keep most of our teams very busy. So we have a global product and service offering that is very much in line with outsourcing. We work with 20-or-so countries. We have a follow-the-sun approach for our managed services, whether it's for application support, user support, housing and so on and so forth. Literally, we follow the sun.

I'm not necessarily going to go into detail on all of the elements that are on the screen because I've already referred to quite a few of them. The general public never know how Switzerland is structured and organized. Local government is very complex. But obviously, we work in health, mobility, transport, energy in the French-speaking part of Switzerland. We do a lot of work in these areas. We have new partners of financial services for extending what we do in the core banking sector. And there are so many acronyms I'm using. We have onboarding of new clients that we work in as well. A lot of our clients are very interested in this.

One sector I didn't mention, and this is related to the expert knowledge we have in terms of financial services. We currently work in ATI for the aviation sector. Typically speaking, we use our know-how in the financial sector in order to develop and deploy clearing services, financial intermediation, platform in the aviation sector. One of our clients, for example, is the International Association for Air Transport that runs all of the main aviation companies. But you've also got the SITA specialized in the telecoms part. This is a sector that is extremely buoyant and we work with them on very ambitious plans currently for 2026, and we believe there will be a great deal of investment in these areas.

In the past, we've talked about our developments all around the world from a sports perspective, and we might focus on that when we talk about WADA is the World Anti-Doping Agency. I have a meeting that is scheduled virtually every 6 years. It's their annual conference. And within the scope of the annual conference, they give us the opportunity to speak. We provide IT for all of their systems. And during the scope of this 6 yearly conference, we have access to all of the international federations, to all of the national agencies and to certain governments as well that take part in the event.

That's a very brief overview. I've talked -- I wanted to talk about Richemont very briefly and the two other contracts you have on the screen, all part of framework agreements and the Olympique Lyonnais, I won't refer back to.

Just one last point to conclude, a few pictures. It looks a bit marketing like. But on the right-hand side, you've got an illustration of the different sporting events that we've worked on. We have a Sword Day that we organize for our clients. I think we're going to do it over a 2-day period from now on because so many people seem interested in taking part. And we also celebrated Sword's 20th anniversary in Switzerland just before the summer. And it was a wonderful opportunity to bring together all of our teams, our partners and to celebrate our 20th anniversary.

Thank you very much. So let me now pass the floor over to Kevin. Kevin will talk about the U.K.

Good morning. Kevin Moreton, I am in charge of the U.K. and the U.S. operation. Very proud to be here today. Great to talk to you. First thing, I'd like to highlight our success this year, and I'll pay down to three things. The strength of my team, the evolution of our offerings. I think we've been very good at listening to our customers and working out where to place ourselves. And lastly, the ability to integrate our previous acquisitions and make sense of our organization and how we line up to our customers' markets. So I think that's the three things that's really helped us this year.

In terms of our sectors, we're in energy, public sector and financial services. We continue to be strong in oil and gas. It's a difficult market that our cost optimization agenda is upon it due to government regulations. We found a way through it. There's a change agenda. There's a lot of assets offshore platforms changing hands. That change agenda brings opportunity for us. And with our M&A offering, which I'll talk about on a subsequent slide, I think we've been very relevant to the challenges that market faces. No more evident than the GBP 20 million project, which we've won and delivered successfully this year for a company that's a new entrant to that market. That's very encouraging.

Over and above energy is a mix, as you know, of oil and gas, renewables and other sources. I talked to you last time about our hope to win our biggest ever contractor renewables. We were successful in that since we talked last time. It's our biggest ever contract. It's a GBP 25 million award just now, could become GBP 60 million. And in fact, we've been awarded or we've got onto several subsequent frameworks. They can see that being hundreds of millions in years to come. So very encouraging our progress in renewables.

In terms of cyber, we've got both an IT cybersecurity offering and an OT cybersecurity offering. That's more relative to industrial companies, manufacturing companies typically. We'll organize our business to make sure we can bring both of those capabilities to bear next year. And again, I'll talk to you about that on a subsequent slide.

In public Services, we've been working hard on broadening partnerships to make it easier for public sector organizations to be able to buy from us. That's key. There's a lot of regulation in terms of how they can buy. It's different from private sector. Greg talked to you a little bit, they've been working on the evolution of our data and AI offering. We think that's very relevant. I think it's very relevant to where the U.K. government will be apportioning their budget and spend. We believe that's going to be in defense and in health. We believe the opportunities in both of those sectors are in data and AI, particularly in the health sector.

Defense sector, there's an initiative called the Defense Tech Scaler program, which really is the ability or the desire for the government to work with smaller partners. Now we are considered a smaller partner in relation to some of the big multinationals that we compete against and often win against. But it offers us great scope to grow our public sector revenues in the coming years.

In financial services, again, Greg touched on it, we've been working with a very large bank. We should be very proud of the fact that we were selected to train and educate and help them adopt AI within their business, 100,000 users that may become a bigger project, and we look to replicate that across our customers.

Again, there's the development of partnerships. Partnership is really a key theme for us in the U.K. We've been working with lots of technology partners, working very closely with them, making sure we develop that relationship in the right way. Why? Because they become an extension of our sales team, they bring opportunities to us. We're able to increase our revenues through selling their products and pull through our services ability and capability to deliver bigger projects. So I'm really keen to continue to develop on our partnership model in the U.K. And I think, as I said, it's been one of the key things that's led to our success.

Also since last time we made an acquisition, a small one, nevertheless, strategic in terms of what it brings to us. It was a company called iDelta. That brings cyber and AI capability, in particular, access to financial services, accounts and customers. We will merge that capability with our cybersecurity offering going into next year, and we think it really offers us a compelling differentiator to the market. So I'll tell you more about that next time we talk.

Without becoming overly technical, in fact, it's not possible for me to be overly technical because I'm not. But we're working very hard on developing or looking for an acquisition that can give us greater capability in what we would term a multi-hybrid cloud. Why? Still a lot of data payloads to be migrated to the cloud. There's still a nervousness, particularly within financial services around the security of that data, and they don't want to be beholden to only one cloud provider. So we feel it's very important that we have capability in more than one and that's something we're working very hard on. We're working with some companies at the moment. We're active in discussions. I hope to tell you more when we talk again in March.

So moving on, our services and offerings. It was very clear with the guys when we talked today as a management committee. Again, our success has been a testament to making sure we listen to customers. I'm not going to market with an IT or a technology solution. We're going to market with offerings that deliver outcomes to our customers. And so we have defined four key offerings. I have four COOs, as you will see in the org chart. By design, each one of those guys owns one of these go-to-market offerings. Data and AI, it's very clear, Greg talked about it and why we've developed that proposition.

Operational resilience. We don't really talk about cyber security to our customers, we talk about operational resilience. Why? Because it's inevitable that most organizations will be penetrated one way or another from a cyber attack at some point in time. How do they continue to run the business? How do they make sure that they are resilient to things that are inevitably going to happen to them? So it's more than cybersecurity, it's process, it's [indiscernible]. We've got to think about a lot of things with them. So we talked about operational resilience. That message is lending particularly well, especially in financial services, but our customers get it when we start talking about these things, and it lines up to one of the apps that Greg referred to earlier on, which is DORA.

We're also very prevalent with some of the financial services organizations, particularly FinTech Scotland, where we're helping drive the agenda about how they evolve their operating offerings and how they use technology to advance their business and to become more modern in that approach. So very proud of that one.

Mergers and acquisitions. Look, our focus has always been on oil and gas. We are #1 by a mile in terms of our capability. We are the go-to partner when somebody looks to enter that market with no capability or indeed if they're transferring assets from one provider to another. We've got many case studies, lots of track record, and it continues to be something that's working very, very well for us. We have end-to-end capability in terms of networking, cyber infrastructure applications and so on, overlaid by the domain experience, which we clearly have in that market.

Again, in discussions with my colleagues yesterday, what's the applicability of that mergers and acquisitions offering to your other markets? Well, the answer is very applicable. It's largely the same things that we can bring to every market and using the demand expertise within our constituent teams is what will allow us to differentiate ourselves.

And lastly, global managed services. Why to talk about global managed services? The cost optimization agenda, particularly in energy, is leading customers to think about how they reduce operating costs, quite often that comes down to IT being seen as a cost. Therefore, they look for where can they get savings. Now we've all seen the model of outsourcing to nearshore and offshore locations with limited success, particularly in oil and gas and years gone by. Our offering is a bit more modern and nuanced in that we will still lead the customer engagement in all interactions with the end users in English locally available to them, but with the right functions backed off to our group. And it's really encouraging that we now start to see synergies in cooperation with the guys in the Middle East, in particular India. So that's allowing us to bring a price point to our customers that's attractive to them as they wrestle with the taxation agenda that's on them as well as the headwinds that clearly are in that oil and gas market in the U.K.

So I think these offerings, we've been working very hard and it aligns very well with our customers. My guys, my team are doing a great job. It's what I think is one of the key things that's allowing us to win more instead of just talking about technology or people.

I don't intend to cover this. You can read this at your leisure, and there are clearly far too many words. But suffice to say, as well as the growth we've delivered this year, I see a great future ahead for us. I'm very confident about delivering our '28 plan. I think we've won two or three projects that we had never envisaged were capable in years gone by, by the strengthening of our offering, by the strengthening of our team, by our ability to integrate acquisitions. I'll let you read those at your leisure. As I said before, there are still some massive opportunities and still something that could make a difference to us this year, but it gives us lots of certainty going into next year and beyond.

Again, these are just three examples of some of the larger projects that we've won very recently, very strategic ones for us clearly. I'll leave it to you and amuse them yourself. Ready to take questions afterwards.

Thank you for listening to me today. I'll speak to you soon.

[Interpreted] Thank you very much to all of you. Very, very briefly I'm going to speak on behalf of Nasser. Nasser is the profitability genius. He lasted for over 10 years. Nasser is in charge of our offshore services, the English-speaking offshore services out of India, and we celebrated the 20th anniversary in India. And the second Arab-speaking and French-speaking setup out of Lebanon that works very, very well. And we've secured it with a backup set of offices in Cyprus. So we work out of Cyprus and Lebanon, and we can move the teams around. The teams are all very, very young and very happy to travel.

We also have the Middle East, Dubai. Dubai is a market in itself. We have contracts with local government setups, notably with the ministries. And our ambition is to succeed in making headway into Saudi Arabia. In Saudi Arabia, the U.K. has managed to work directly with NEOM, I've already talked about that. We are now present in Riyadh. We have found the ideal shareholder -- Saudi shareholder to help us. And in 2026, I'm sure we will be able to talk about successes in Saudi Arabia. Very briefly, that's what I wanted to say about Nasser's sector.

Moving on. Our objective has not changed. People often say to me, but how are you going to be successful in 2028? How are you going to achieve these targets despite the fact that you're delaying M&As? Now with M&A, with acquisitions, if you -- whether you perform the M&A at the beginning of 2025 or 2026, it really doesn't matter. The important thing is to choose the right companies and the right companies can't just be summed up by the revenue. What is important is their capacity to remain in synergy. Our capacity to solve any technological issues and our capacity to guarantee that we have know-how that creates organic growth.

You might ask us, how are we going to switch from valorization 1x the revenue to many more times the revenue? Well, I believe that when we compare companies today, it's important to compare organic growth and also profitability. I'm under the impression that we are in the process of illustrating that we are capable under very difficult circumstances, sometimes 2025 is difficult. We are capable of continuing to be profitable whilst guaranteeing double-digit growth. So I am very confident as to our figures of EUR 1 billion. If it's EUR 900 million, I'm sure you'll accept it as well.

Let's look at the figures, the figures for 2025. The first quarter, these are the figures very much on line with what we scheduled and we've predicted the figures for 2025. It goes without saying that in the fourth quarter, we have provided for strong growth. So we are not going to multiply EUR 175 million by 2 in order to provide you with the figures for 2025. The figures will be higher. We announced EUR 363 million for the current perimeter, we are continuing to announce it's EUR 363 million. If it's EUR 362 million, please to be angry, EUR 363 million for the full year. So 12% in terms of organic growth and 12% in terms of the EBITDA IFRS profitability.

How is it distributed across the board? This year, the organic growth is provided mainly by the U.K. And I don't like the word transition but BeNeLux is currently doing very well in a difficult period. The period where we're winning fixed price contracts. These contracts are going to be set in place. It's up to the European Union to decide, but we also have to be able to put together the teams. We have to be able to guarantee that we have the capacity to provide the services using our near shore systems. So I would say that there's a certain degree of stagnation that was very much on the cards that were scheduled, and it does not mean that we anticipate future stagnation. Very much on the contrary, we anticipate growth. For the rest, everything is what we expected and it's online with the budget.

Concerning our P&L, we have an EBIT of 10%, that's the current EBIT. What about the noncurrent costs? They amount to 75% of the cost of the M&A. You might say, but you haven't made any acquisitions. That's why I'm telling you we will make acquisitions and these acquisitions will justify these M&A costs. And as far as the rest is concerned, the financial costs -- the standard financial costs, we do have an issue at the current time. Our group is present in 27 countries, and we have to keep a certain amount of money available in numerous countries. So as a result, we have credit lines that we use at the same time as we have cash available.

Let me now go into detail on the cash or rather a bit further down the line. Let's talk about the balance sheet. The balance sheet is pretty constant. Why? Because we are constant in the way in which we run our businesses, the way in which we communicate with the market, the way which we manage because we haven't made any acquisition. You generally see that the goodwill increases because we've made an acquisition, but it's not the case for the moment.

Next, there is one modification. This concerns our trading and other receivables. And this is related to the new contracts. I won't go into detail again on net cash position that is impacted by three criteria that the management entered into because of the fact that we have numerous countries, the part -- the contracts that are partly due and also the work in progress, the WIP.

Here, you've got all of the liabilities or the financial debt. Here, I'm going to be totally honest with you, you're used to this. It's always good to be able to be honest. I really don't understand IFRS, but we have to abide by it. You can see that there is an increase due to hypothetical debt. In other words, currently, we do not owe EUR 39 million to our key people because for the moment, they haven't delivered the target -- the budget for 2028. But in terms of IFRS, these new share deals that will have an impact on the cash in 2029 have to be considered as a debt. Although for the moment, we don't owe the money. So to me, that is wrong, it shouldn't be the case. So obviously, it means that in terms of cash management, we're having to manage the cash, but the share deal will only be paid out in 2028, but we have the wherewithal. We have ambitions, but we have the money to achieve our ambitions.

Let's focus now on cash, what does our net cash position look like in the bank, not in terms of IFRS. In the bank, our net cash position on 30th of June 2025, down EUR 45.4 million. Let me give you the exceptional items. First of all, the last share deals that we have paid out EUR 23.5 million, there won't be any more until 2029. And also delayed payment of invoices that, of course, will be paid between now and the end of the year. And also the H1 acquisition costs, these are the earnouts. This hopefully will enable you to put things into context. If we had our net cash position as usual, then we'd have been down EUR 5 million. So currently, our net cash position is quite strong, and with the same perimeter. In other words, without any acquisitions. At the end of the year, we will be down EUR 15.5 million. In other words, we will recover approximately EUR 30 million between now and the end of the year.

With regard to our backlog, the backlog is stable. It's been stable from one quarter to the next. Our next one is going to be the end of the year because it means that our backlog is going to be compared with the budget for next year and our budget will be at least 12% higher. So in terms of the number of months, we have to continue to sign contracts if we want to continue with the stability. Let me repeat you, as long as we have beyond 19 months in terms of the backlog and given the current state of affairs in our group, it means that we know we can achieve double-digit growth.

Next, let's take a look at the clients. Our top 10 clients are relatively stable. And this gives you a clear illustration of how our divisions function. BeNeLux ought to change. They ought to just say EU. Next you've got the U.K. and Switzerland. These are the three divisions that provide the biggest portion of the revenue for the group. And these are the three divisions that I consider to be on very good form for 2026.

Let's take a look at the staff. This is secondary. I would argue that if we could achieve EUR 1 billion with two people, we would be very, very happy to do so. Staff is a resource, a resource I stress that we need to invest in. We have to invest in young people, young people who are capable of developing AI and who are capable of developing cybersecurity. We should not be investing in people who are going to focus on old models, low end of the range delegation models. I, for example, don't have anybody working for me. I don't need those kind of old models but I need to have a clear vision for the next 2 years, I need young people able to provide these services in our P&L. That's our objective. We're not interested in calculating the number of people, we will have hired. Please keep in mind that clearly, people like working for us because the staff turnover is very, very low.

Let's look at the share price. We have based the share price as of the 30th of June. Currently, the share price has dropped slightly. And my role is to work in order to reestablish the real value of the share that was at EUR 38. So when I analyze our performance, I analyze our performance taking into account the share performance at the end of the given term. We're talking about the first 6 months. And so I've taken into account the share price on the 30th of June. Some people might comment, but we always need to focus on our performance in a comparable manner. And apart from a difficult year in 2024, we always guarantee to our shareholders the profitability of their investment. And at the right time, when disposals occur, we always pay out the shareholder for the risk that they took. So at the end of the day, we have a track record that isn't as bad as all that.

Here are the future dates. I wanted to be brief because I wanted to leave plenty of space for questions. A lot of people are not present here in the room, so Stéphanie is going to be in charge of the questions.

[Interpreted] The question in the chart that way, it gives those of you in the room a bit of time to think of your questions.

I have a question on the European Union market. Will the current crisis reduce the size of this market over time? Go ahead in French.

[Interpreted] Hello. Well, of course, there is an impact. However, my answers is as follows. My answer is made up of three parts. Concerning the current business, I think the Sword virtually only works on critical systems for the European Union. So there will be 0 impact, very much the opposite. Next, there are all the new calls for tender all of the European procedures as we call them. From this perspective, there has been an impact in 2023 and in 2024 on the European budget. There was a transfer of money towards the defense sector. And there were lots of cause for tender that were delayed and very rightly so Jacques said that, the revenue for the BeNeLux countries are stagnated to a certain extent this year, not because we worked badly, but just because there were fewer bids with new business in 2023 and 2024. So that is having an impact on us now in 2025.

But the good news is that there will be a catch-up process in 2025. We're currently in the process of responding to calls for tender, as I mentioned in my presentation, for a value of at least EUR 350 million. I'm sure we'll reach as much as EUR 400 million. So for the next few years, in theory, we'll be able to catch up, let's say, for the last time this year.

And one last point and this is very much to our advantage. We have a -- ours is a European entity. And we're currently seeing that the European entities much prefer to work with other European companies. We've realized that for the first time in 30 years working with the European institutions that we won a major contract in cybersecurity, and I mentioned it in my presentation, with over EUR 300 million. We run the contract with Atos, and yet we were the most expensive bidder. At no moment in my career, have I seen a consortium win a contract despite the fact that they were priced very highly. So it's a great trend, a great trend to see.

[Interpreted] Thank you very much, Dieter. I have a question. Can you provide us with an update on the spending at the level of the public sector in the U.K., the investments, in other words, rather?

Hello. So I think I touched on it a little bit in my presentation in so much that the government is very keen to stimulate the use of technology, particularly in defense for obvious reasons based on what's going on globally. And also the health sector. So we see real opportunities in both of those. Defense is a little bit harder to penetrate in terms of level of clearance, et cetera. You need to be able to work in there, but that's something we are working on very actively at the moment. So I mean, we think we know where the money is going to be spent. We're lining up our offerings and propositions to do that. We're active in conversations, and we'll see if we're right or not.

[Interpreted] Any questions from the room or shall I continue with my questions?

[Interpreted] Hello. One of the worries we might have with your business is the Americans' attempt to withdraw from certain NGOs that could maybe reduce their funding, their capacity to work with suppliers such as you. Last year, when we asked you the question, you said you weren't very worried. Are you still not very worried?

[Interpreted] So to be totally honest, I am not going to bet on double-digit growth with organizations like UNICEF, for example. Yes, there is an impact, but it is a limited impact because when the business goes down in one area, you can keep your positions because you're better equipped nevertheless. UNICEF in the past was 100% based in New York, that was 2 years ago. Nowadays, they are based in Wales, and we have some fabulous successes, unexpected -- totally unexpected successes because now they're interested in working in Europe. I would say one-off sets the other. So my answer is, if a couple of years ago, you'd have asked me what the growth rate would be, I'd say, between 0% and 5% in the United Nations, but hey.

[Interpreted] Can you refer back to the way which you function with the affiliates, with those that you refer to as the affiliates?

[Interpreted] The affiliates function according to the same rules as everybody. They have the General Manager. The General Manager has to comply with all of our rules, reporting, payment, everything. The only difference is that the share capital is shared. That is the only difference. It's only the share capital. So from a financial perspective, there are minority shareholdings. That's the only difference between an affiliate and a non-affiliate. It's the percentage of the share capital that we own.

Does it mean that you're a majority shareholder with a minority shareholder?

We can be slightly the minority shareholder. The IFRS definition is simply that we make the decisions. Thank you.

[Interpreted] Nicolas Thorez, ODDO. I have two questions I'd like to put concerning growth in BeNeLux. My question is, is your growth related to ramp up above all? Or do you -- is it related to the competitive environment as well in the BeNeLux sector? And my underlying question basically is what about for the second half of the year, what will business be like? Will there be a catch-up between now and 2026? And Jacques, what about evolving the scope, the perimeter? Can you talk a bit about M&A, how you're doing in terms of M&A?

[Interpreted] I'll talk about that afterwards.

[Interpreted] And I know also that you have the possibility of broadening the scope of the business that you do with tiny disposals, tiny purchases. Maybe you could talk a bit about that.

[Interpreted] I'll talk very cautiously. But thank you for the question. At least there's an analyst here. I'll be very brief in my answer. I'm extremely -- I feel very positive about 2026. We'll catch up. We'll make up for anything that hasn't necessarily functioned this year. We'll have -- we've got EUR 400 million bids that are currently being evaluated and our experience from the past enables us to say that we believe we will win between 60% and 65% of the contracts currently under study. It's just a question of time. You have to give time to the European institutions to assess the current bids. And will we catch up as of the beginning of 2026 or in the second half of 2026, that's the only unknown quantity, if you like.

Now it is very difficult to talk about what is half the price or ongoing in terms of M&A. But let me be transparent -- as transparent as I can be. We never hesitate to dispose of something that needs to be disposed of. If it's in the group's interest, you know that, and we will continue to do so. It goes without saying that currently, if you look at the number of business units that we have, if there is one that we could dispose of, we would dispose of it yesterday, but it won't make any difference the group.

Secondly, yes, we do have two LOIs that could potentially lead to acquisitions within the next few months, maybe before that. And I am confident that we will sign at least one of those very, very quickly. But each time these are small acquisitions. Now in your question, there was an underlying question, are we ready at the moment to acquire EUR 40,000 or EUR 50,000 worth of company? And the answer is clear. I said to Kevin the other day, we are fully ready to make this kind of acquisition now.

[Interpreted] I have a question in the chat. The nondistributed capital has risen. Is that something we will see over time?

[Interpreted] Hang on a minute. I know that I need to think before I speak. Let's have a look. Philippe, may be? Okay. So we're back on the share deals. Go ahead, Philippe, with the microphone please.

[Interpreted] It is true. You have a minus figure here up to the end of June. This is because of the introduction of the share deal. But of course, the reserves will gradually build up over the next few years, and this figure will return to the positive. So I would say this is what the balance sheet looks like on the 30th of June, but none of this is sustainable. In other words, it will be back in the positive. Yes, we can't just take into account this presentation. It's ridiculous. It's the IFRS part that is ridiculous.

[Interpreted] Stephanie, I have another question. You talked about the strong demand in terms of the sovereign cloud. How do you anticipate that this trend will evolve? And what is your strategy to rise to this trend? Greg?

So I think, again, we've said it a few times today, we listen to our customers. And I think there is a trend in certain countries that this idea of -- they want to be able to use these AI capabilities, but they are nervous about their regulations and also they are comfort with, I guess, exposing your internal data, sensual data to the system. So that's where the issue lies. In response to that, we've looked at how do we invest and essentially creating a solution where we can still access those LRM models, whether that's from GPT or others but we do that in an environment that we are in control of. So using our range of technology. So things like Kubernetes to containerize the solution running on either Azure or AWS or GCP and using things like Open WebUI and LibreChat to give those customers the same sort of experience that they are used to and the open public services around AI, but do that in a secure contained environment.

So we've already made great progress in that space. We have that solution developed. It is able to scale, and we are in the process of talking to several customers, particularly in Switzerland about that offering. But we can take that same approach and we could deploy that to any of our customers who have that same concern and they want to use those public cloud services, but in that secured and protected environment.

[Interpreted] Any other questions in the room? I have more questions. With regard to the contract with WADA, the World Anti-Doping Agency, will this give rise to new contracts with new agencies?

[Interpreted] Thank you very much. Maybe this will enable me to round off what I said about NGOs. In relation to the World Anti-Doping Agency, thanks to our contract with them, we have been able to work with two additional contracts within football associations and other big events organizers. That was the impact we were looking to achieve. So it's all very positive. And we often talk about whereabouts, where are the systems that enable the athletes to declare their positions to be able to be subjected to the anti-doping tests.

And next, we work on integration with the ADAMS system. It's the global administrative system for the World Anti-Doping Agency that we run. And here, we develop APIs. In other words, to permit integration with national and more local agencies. And this is what we'll be focusing on in the conference in December. We'll present a certain number of things for the individual agencies.

Let me just round off what was said. We believe that we will achieve growth above and beyond 5% within United Nations organizations because, yes, people are under pressure in terms of their budgets. However, please keep in mind that the IT part is often protected also dematerialization of paperless solutions, a lot of people are looking to develop those in these kinds of organizations. They want to streamline their processes. So the IT spend is on the rise. So we are able to position ourselves well. And we are also ramping up our striking power, thanks to our nearshore offshore solutions.

We can rise to the challenge. We're opening up a new agency, IRENA, for example, for renewable energies. That is pure growth for us. It's new budgets that are opening up. Suddenly, the post strings are simply being released, and we have our hand inside the pouch.

Yes, there were three spending sectors. There is peacekeeping, the general secretariat in New York, and there's also the agencies for the United Nations. And I think that the first two will suffer more than we will.

[Interpreted] A new question. You referred to a shareholder in Saudi Arabia. Will that Saudi Arabian join the share capital?

[Interpreted] Its a good question. This is a shareholder from the subsidiary. Because in these countries, we have to have premises as a shareholder. So it is a question of Sword KSA and not Sword Group. And we will always be a majority shareholder. That's my answer.

[Interpreted] We have a question on money owing. A lot of money owing, how are you looking to improve the working capital?

[Interpreted] I'm putting the general managers under massive pressure to make sure that the bills get paid faster. It's not worth implementing anything particular. All of these terms are very difficult. We're choosing to focus on the 30th of June. It's not important -- it's important to note that we're dealing with massive organizations and sometimes just with a few drifts. They can be delayed payments of invoices, but this is very occasional. So I think it's better to focus on the 31st of December. On the 31st of December, you will see that everything will be in a perfect state of a phase.

[Interpreted] No questions in the room? Is everything clear? I have one question concerning those people who have Sword shares. What are the funds that own Sword shares?

Unfortunately, we cannot answer because not all of the funds make this information public. We do not necessarily know.

[Interpreted] I was going to say, Stephanie. Please answer, I've anticipated. So there is Eximium that you don't necessarily always see at the same level because they are often present on the SLD, they have 20% or maybe a bit more. This means that any movement made by Eximium is visible. There are the family shareholders, of course, and then there are the funds that are very stable. And I think that 70% of the share capital is very stable. Yes, definitely.

[Interpreted] There were many, many questions on the acquisitions and the disposals, but a lot of answers have been provided, I believe. We have a new question.

[Interpreted] What are your ambitions in the sports sector? Do you plan to achieve external growth in the sports center?

[Interpreted] Well, you can tell Philippe sell that if he wants to sell Atos major events, we'd be delighted to look at the deal, but I don't think he'd want to. I think we will gradually become a bigger player. We don't necessarily want to be #1 in Europe, but if we could be 2 or 3, that would be great. But I think there's a lot of space, but it's difficult to make headway. We've been working very hard. We've invested a great deal with the UEFA, we're present with the FIFA now. We potentially could become the #3. To become #1, we're going to need help. That's all it's about.

[Interpreted] Okay. If there are no further questions, for those of you who are in the room, a cocktail is served.

Thank you very much to everybody. I don't know who asked the questions if it was the other analysts, but thank you very much to everybody for your questions. Thank you. Thank you to you.

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]