Welcome to this call. During the Q&A session, you will be able to ask questions by dialing the pound key, followed by five on your telephone keypad. Now, I will hand the conference over to our speaker, Félicie Burelle, Chief Executive Officer. Please go ahead. Good evening, everyone, and thank you for joining us. Today, we have announced an adjustment to our 2026 financial objectives, together with targeted measures to reinforce our competitiveness in Europe. Before taking your question, I would like to explain the rationale for this decision and place them in the broader context of our strategy, because I'd like to be very clear from the outset. It doesn't change at all the strategic direction that we have. It really remains unchanged, and we are fully engaged in executing this roadmap strategy. As you know, the transformation of the automotive industry is accelerating, and some market conditions have become more challenging than what we anticipated initially at the beginning of the year, and obviously more recently, during the third quarter. Therefore, we are adapting the pace of what is the execution of our roadmap rather than changing it. That's why we remain fully committed to, again, our strategic priorities. The purpose here is to act early to anticipate the pace of change with discipline like we always do, based on the clear assessment of what we believe are today the market condition in the automotive industry, but still with a clear focus on profitability, cash generation, and net debt reduction. We enter this period with solid fundamentals, still, a global footprint of more than 150 plants, a comprehensive technology portfolio, and what we believe strong operational capabilities and relationships with our customers. I'll come back now to what is the rationale behind today's announcement. First, talking about market environment and revised objective. Again, I said it, you know it, you cover it every day. The automotive industry is undergoing a really rapid and multifaceted transformation. Regionalization, supply chains that are still very volatile, competitive dynamics, and the pace of change that is really different from one region to another. We see that market conditions are more challenging than the assumptions that we have taken in our previous objective, and that mainly diverged more strongly during the first quarter. This includes inflationary pressures, more volatility on raw material and component costs. I'm talking here about resin, notably, and some electronic components such as PCB. Also weaker production trends in China and the very recent shutdowns that were announced in Europe, but also in North America, that will affect in the months to come before the end of the year, our local activity. That's why, in light of this development, we have decided to align the 2026 objective. We are now targeting an operating margin between EUR 430 million and EUR 450 million, free cash flow above EUR 220 million, and a reduction of the net debt at year-end 2026 compared with 2025. This revised outlook is really to reflect the latest market condition, but not at all to alter the fundamental priorities that remain fully in force. Again, as I said, when talking about financial discipline and objective profitability, cash generation, and net debt in light of the capital allocation framework that we have. If we talk now about the targeted competitiveness measures in Europe, if we look a bit more into the details, you know that we still have a consolidation strategy in Europe. Over the years to come, we still have objective to grow. Overall production volumes have declined, and competition is more intense in light also of Chinese manufacturers setting foot in Europe. At the same time, Western manufacturers that are also adapting their industrial models. Given that we have very local-to-local industrial approach, it obviously at some point impacts us as well. These developments, I believe, are structural and call for a targeted adaptation of our operating model. Today, more than ever, long-term profitability and growth are totally intertwined with the competitivity we can deliver and offer to the market. That is why we launched more than a year ago, and we have covered that in many of the different result call, different initiative, notably around R&D, around global business services and also supply chain programs that we have throughout the group. Part of this initiative are the measure that we have announced today to clearly address some of the identified market and operational situation that we have in Europe. Overall purpose is really long-term competitiveness, and it is our responsibility to anticipate those structural change, and that is why we have made those announcements. In more details, if we consider the R&D organization in France, we have today in north of France, two R&D centers dedicated mainly to the powertrain activity, which in light of the 2035 ICE ban in Europe, obviously is impacting the overall activity of these R&D centers. Also the slowdown on some of the EV mobility, electric battery potential and the delay when it comes to the hydrogen market. All in all, we will consolidate, merge those two organization within the Lachelle site. With the project to close Alphatech next year. Alphatech in Venette. We will have then two sites, Lachelle and Sigmatech, fully dedicated to the OPmobility product portfolio. When it comes to our industrial footprint, we have two targeted capacity adjustment. The first one in Germany, with the contemplated closure of the Sterbfritz plant, which is in south Germany, dedicated to the activity of our exterior component activity. That answers to, as you can imagine, industrial overcapacity and sustained decline in what we see in the automotive production in this region. We will close the plant but transfer some of the activities to other existing German operation to consolidate our German footprint. In France, we will adapt it. The intention is to adapt our Flers-en-Escrebieux site in northern France to reflect the lasting changes in our customer activity that is now not having a long-term positive prospect. All in all, considering all of those R&D and industrial adjustments, it will imply 460 position in Germany, essentially production position, while in France it will be around 310 position, most of it being in the R&D engineering field. Obviously we fully recognize the impact of those measures, and we will implement through the social dialogue that we have initiated already some times ago and most logically, obviously today with the different stakeholders that are involved in the implementation of those measure. The cost associated to all of that, the restructuring cost are expected to be EUR 120 million and EUR 130 million, which we have to take in 2026, but with the major cash impact being expected next year, 2027. This will enable to fully align the capacity very closely to what is the real demand today in the market and improve overall the industrial asset utilization, which is again very important for us to sustain a profitable growth in the years to come. In conclusion, before taking your question, three key message. We are aligning our 2026 objective with the latest market condition, which are, I would say, more impacting us with the recent announcement over the last weeks. Second, our strategy remains fully intact. We are really engaged into making this diversification when it comes to region and products and increasing the content in our components and system from a technological standpoint. Third, we are taking those timely and targeted action to sustain the competitiveness measure global plan that we have put in place. While at the same time, we continue to invest selectively, as you could see with the announcement last week of the agreement that we have signed to acquire the Hyundai Mobis lighting activity. It is about addressing the reality of what is our market and investing to what we believe is the needed condition for the profitable growth. I am really confident that we have a good roadmap to execute that and navigate through the environment that is not providing a lot of visibility in the short term. Thank you for your attention, and I will now take your questions. If you wish to ask a question, please dial the pound key followed by five on your telephone keypad to enter the queue. Please state your question as clearly as possible. The next question comes from Thomas Besson from Kepler Cheuvreux. Please go ahead. Hello, Félicie. A couple of questions, please, from my side. It is Thomas from Kepler Cheuvreux. Yes. The first one is, have you changed your assumptions for global light vehicle production, or are you still using the latest forecast that come from [inaudible] suggesting a slightly bigger decline in production than in H1? Or have you made your own assumptions for the end of the year? That is the first question. The second, could you explain whether you are now assuming that you may not be able to fully pass the additional cost you are going to incur because of PCBs or memory or logistics or whatever? While previously you were maybe more optimistic about your ability to have this compensated in Q4. Finally, on the EUR 120 to 130 million, what else you are guiding us now for the year? Could you talk about the payback of these actions? That would be it for me. Thank you. Thank you, Thomas, for your question. On the first one, on BEV. We have a mix as always in between taking what is the S&P or other provision forecast, plus our own assessment in light of the program, the vehicle of the OEM and the strategy of the OEM. So it is always a mix of both, and we always take anyway some headroom in terms of potential risks. So this has not changed. In terms of pass-through, indeed, we have some contractual framework in place. We have been very clear that it covers a good part of what we have, but not everything. We are still confident, and it is part of the discussion that we have with the different customer, but the timing of it is potentially in question also in a context where I would say our customers are themselves having to manage their own challenges. On the last question, payback. It's broader of, I would say, bigger plan competitiveness. As we said, we have engaged in various initiatives. The one on R&D is clearly to reduce the numbers of hours, but also to rethink the way we are organized and to localize better by region, and all in all, to really reduce our development costs. So I would say this is part of a wider program that will happen in the years to come, and that we embed in our capacity also to grow and stay competitive and develop the business with the different customers. Okay. Thank you very much. If I can just follow up on the first question. Yeah. You mentioned shutdowns in Europe and the U.S. I was asking- Yes if you're revising your forecast. Can you be a bit more specific? So I think we've seen some announcement by Dacia or by Stellantis or they seem to be very cool. Do you think that could be wider, or what exactly were you referring to? They're punctual, but they're sudden. We have to absorb that, and that's part of what we do always. But they are quite sudden, and those were not expected. Same as the ones that were announced in North America to us this morning. That's part of the reason why we have to manage that, and it's more a timing effect rather than anything else, because indeed, those stop and goes are part of, I would say, the automotive life. Understood. Thank you very much, Félicie. The next question comes from Ross MacDonald from Citi. Please go ahead. Hi there. Good evening. Thanks for taking my questions. Kind of follow-ups, really, to Thomas's questions there. The first one, I know you talked on revenues, but given you're talking about lower take rates in the second half, could you give some steer on potentially how we should think about organic growth in the second half in terms of year- on- years, just to try and triangulate where margins are heading in 2H? And then linked to that, it looks like just based on the guidance revision, potentially 100 basis points of lower margin in the second half versus first half. I'd just be interested in, of that, let's say EUR 50 or 60 million operating profit downgrade, how does it split? Because obviously there's been an acceleration in BEV demand in Europe, so potentially some of this is related to C-Power. Some is obviously related to customer performance, as Thomas alluded to. Some is raw mat. Can you help us with an overall weighting in terms of what is the dominant driver here? Yeah. Because investors will obviously want to know, is this just about BEV? Is it just about customer performance? Is it just about raw mats? It would be really interesting to understand what is the dominant driver here that you weren't foreseeing at the first half results. Thank you. Okay. Thank you for your questions. Obviously, we will be able to tell more on the revenues in due time. But what we expect in terms of 2026 sales for Q3 and for the year, it's still to be above 2025. So we will do better than the market overall. But we will come back more in details in the weeks to come after the Q3 release. When it comes to the operating margin impact, I would say it's really a combination of many different aspects that you've mentioned. Raw material, mainly resin rather than energy. Some components, the PCBs, but also the volume impact. Actually, it's not C-Power that was mostly affected. It was more the exterior and module activity, and mainly in Europe. Understood. Thank you. Maybe if I could sneak in just one quick follow-up as well. Again, coming back to Thomas's questions, but the cost recoveries, can you help us to understand, are you seeing OEMs delaying some of those recoveries into, let's say, Q1 2027? Or to put it a different way, how should we think about 2027? Are you confident that you can grow EBIT in 2027 now versus this lower 2026 base? Or is there an element of this cost inflation that the customers just won't pay you for whatsoever? It's a bit too early to discuss 2027. Now we have to execute. We're fully engaged in delivering what we just announced. Obviously, also there is a sensitive part with, given those are commercial discussion. I prefer, we do not to comment that. I understand the question, but this is a part of what we do always, and we remain fully engaged in doing it the same way that we have done in the past. It's more a matter of timing and the customer situation themselves. Just to give- Thank you very much. a complete answer. Sorry, Ross. Stéphanie. Just to add just a few things on the previous question you had on the reasons for the operating margin adjustment. You also have what you mentioned and in the press release, the deterioration, I would say, which is increasing in China. You know that we have some activity in China that is RGE. It's one also of the reason, not the main one, but it's also part of the reason. Got it. Thank you. The next question comes from Steve Pereira Fernandes from Bernstein. Please go ahead. Good evening. Thanks for taking my question. I just had one question on lighting. I think previously you were talking about being close to breakeven in 2026, with real improvements being seen later in 2027 and beyond. Is that still the case? Is lighting related at all to today's announcement? Thanks very much. Thank you for the question. No, what we've just announced to the market has nothing to do with the recovery of lighting that is still ongoing and in line with the projections and perspective that we have shared over the last months. Not the reason for that. Understood. Just one more on, I guess customer diversification. I know you have specific targets to grow the share of North America and Asia. I think that how are you kind of getting on in terms of that trajectory? Because I think possibly why we've heard some other suppliers more comfortable for H2. It is related to the fact that there is kind of more customer confidence at OPmobility. So it would be good to know how those conversations are going, in terms of diversifying your customer base. The customer diversification strategy remains fully on the table. Today, North America is about 30%, a bit less than 20% in Asia. We are fully engaged with the other entities that we are taking to develop that. We have the ambition remains, totally engaged in terms of doubling the sales in the five years to come in the U.S., same a bit more than double in India. Obviously with the recent announcement of the Hyundai Mobis deal, that will have quite a significant impact, because most, 95% of the perimeter that we are buying is dedicated to HMG peer group. So yes, we remain fully engaged, and that will develop and materialize in the years to come. Very clear. Just very last one from me on the fuel tanks business. I was interested that you said in response to Ross's question, that fuel tank holding up okay. Which seems to be in contrast with the kind of increase in registrations in Europe for BEVs. So it would be interesting if you could give any color on how the fuel tank C-Power is developing, and how you are showing that resilience. Thank you. No, indeed, this resilience is confirmed. In the first part of the year, growth was in all region. Second part of the year, it will probably be a bit different, but still very resilient activity of this fuel tank activity. We are a leader in this activity. We have quite strong positioning in North America, notably. So, yes, we continue to benefit from the, we say the good activity in the fuel tanks and notably in the North American region, and we develop in the Asian region also. So, yes, we are quite well balanced for the fuel tank activity today to address the evolution of the market and take the power trip. Very clear. Thanks very much. There are no more questions. I will now hand the conference back to Félicie Burelle for the closing comments. Thank you for your time attending this call and your question. Those are adjustments to what we believe are tighter market condition that are developing through the second part of the year. Not again, not putting at stake in any way our strategy of growing, consolidating in Europe and growing elsewhere and developing, as we mentioned through the questions, our customer footprint. Our priority remains disciplined, generating profitability, and focusing on cash flow and net debt reduction. We still remain fully engaged on the Hyundai Mobis transaction. It is not challenging at all what we are announcing today. All the team is really engaged in delivering what we have now presented to you and remain confident that this is the right approach to remain competitive. It is really the name of the game now in the automotive industry. If you are not competitive, you cannot grow sustainably over the long term. Thank you for your time, and talk to you later.