Operator

Welcome to the Elior Group Half Year 2025-2026 Financial Results Presentation. Please note, this call is being recorded. The management discussion and slide presentation plus the analyst question-and-answer session is broadcasted live over the Internet. Today's call will be managed by Didier Grandpre, Group CFO. He will carry on with the usual presentation before opening the Q&A session. Mr. Grandpre, please go ahead.

Didier Grandpre
Group Chief Financial Officer

Thank you very much, and good morning, everyone, and thank you for joining Elior Group for our 2026 half year financial presentation. The first half shows the resilience of the group. We delivered positive organic growth, resilient underlying profitability and a positive net result. The semester was affected by a delayed ramp-up of newly signed large contracts and by one exceptional item related to a tariff dispute in Italy. We are adjusting our full year guidance to reflect this updated visibility while remaining confident in the group's medium-term perspective as Elior benefits already from solid financial foundations following the turnaround since 2023.

Before starting, please take a moment to review the disclaimer shown on this slide. This presentation contains summary information and includes forward-looking statements based on current assumptions. Actual results may differ from the statement because of risks and uncertainties described in our 2024-2025 universal registration document.

I will begin with a brief introduction to Elior and to our strategic positioning. We'll then review the financial results for the first half of 2025-2026. After that, I will cover the main highlights of the period, including financing, business development and strategic initiatives. I will close with an updated outlook before