Operator: Good day, and thank you for standing by. Welcome to the Worldline H1 2026 Results Conference Call. At this time, participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press *1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Pierre-Antoine Vacheron, Group CEO. Please go ahead.

Pierre-Antoine Vacheron: Thanks a lot. Good evening, everyone, and thank you for joining us for Worldline's H1 2026 results call. I am joined by Srikanth Seshadri, our Group CFO and I will take you first through the key business highlights and strategic progress before Srikanth presents the financials in more detail. So I will start with the Slide 5. H1 marks an important step forward for Worldline's turnaround and transformation. Everything is not done yet, far from it. But we delivered what we committed for the first half and this period shows clear momentum across the organization. First, as you know, we have significantly strengthened the balance sheet together with the successful capital increase, and the closing of most of the M&A transactions, including the super important MeTS and Cetrel, we have significantly reduced our net debt with a leverage which is now down to less than 2x the EBITDA. Second, Merchant Services has regained traction. With the second consecutive quarter of growth and even acceleration during Q2. Financial services remain impacted by contract terminations, as planned, but also by a longer sales cycles than we would have liked. Since still, the quality of recent important wins reinforces our confidence in our positioning and mid-term trajectory on this segment. Third, North Star is working and delivering tangible progress on the priorities we laid out at the Capital Market Day across simplification, platform convergence, integration, and commercial execution. And finally, sorry, our profitability is starting to improve. Especially on Merchant Services, supported by disciplined cost management and the first benefits of our transformation program with reduction of headcount in Western Europe, ahead of our 2030 trajectory. Turning to Slide 6 and the key figures for H1. As you can see, our payment volume continued to grow steadily probably in line with the market trends, with acquiring volumes more than 4% in the semester. For the full semester, external revenue were broadly stable year-on-year and flat in the second quarter. Net revenue remains negative as anticipated at the Capital Market Day, reflecting the mix and the dynamics across our geographies and segments. Adjusted EBITDA reached €294 million with EBITDA margin improving at net revenue level for the first time since H1 23. Free cash flow remains negative, but it is better than anticipated reflecting disciplined cost management and better capital allocation. On Slide 7, you can see that Q2 showed encouraging improvements across all businesses. Merchant Services, which represent 80% of our external revenue, continued to gain momentum. Supported by stronger customer focus and improving satisfaction. We are seeing encouraging performance with high-single-digit growth across several geographies and segments, including Greece, the Nordics, Central and Eastern Europe, Germany, mobility and self-service within enterprise, and in our global collect entity. Switzerland and Benelux are also moving in the right direction. With Switzerland close to flat in Q2. And Benelux still negative, though. Financial services, which represents 20% of our external revenue, is recovering more gradually. While performance continues to reflect anticipated contract terminations, as planned, It also reflects longer sales cycles due to our own context, Nevertheless, we managed to secure several important signings reinforce our confidence in the positioning and the medium-term trajectory of this business. To highlight this, I would like to comment on 2 important commercial milestones for financial services. The first 1 is the signing of an outsourcing agreement with ICS, which is the ABN AMRO entity managing the credit card issuing portfolio of the group. This selection is a confirmation of the attractiveness of our modern card issuing platform, and covers the full lifecycle of the card. It demonstrates the confidence of a leading European bank for long-term partnership at scale with Worldline, It reinforces our position as a trusted infrastructure partner from the financial sector. And as a reminder, we serve as well around 80% of the 20 top European banks. The second milestone I would like to comment is the selection of Worldline for the digital euro pilot. We will operate in this case on both sides of the value chain. The bank of the consumer and the merchants, which is 1 of our differentiating strengths. This decision of the ECB confirms that Worldline is legitimate and well positioned on the payment rails of tomorrow. Slide 9 shows that since CMD, we made tremendous progress in multiple area. Showing the breadth and the depth of our action. On the corporate and M&A side, are reaching the final stages of the disposal program with most transaction now closed, and Australia and India coming soon. On the business side, we have signed and implemented several partnerships to enrich our offering either to go beyond pure acquiring with Klarna and Yuno or to position Worldline on the next generation rails, including Wero, stablecoins and the digital euro. In parallel, we gained traction in deploying meaningful and innovative product features, click to pay for recurring payment, where we are the first in Europe, and Spanish the Spanish Bizum wallet in-store, where, again, we are the first in Europe. On slide 10, we show that North Star is clearly in motion and delivering. To pick up some particular highlights in this slide, platform convergence continues to advance with the Italian acquiring portfolio migrating to our target platform, We have 5,000 merchants migrated as we speak. And things moved. Smoothly. And the Ogone and Sips portfolios are moving to Gopay as planned and we reached in June, 80% of the SME portfolio on GoPay. At the same time, we continue to simplify and modernize our technical infrastructure and network, moving from 49 to 47 sites, and closing our Madrid data center. In terms of integration, Launchpad has now entered a pilot mode in line with plan. This is again an important milestone in our recovery journey. As you certainly remember from our presentation at CMD, Launchpad is the backbone of a dramatic modernization of our SMB customer journey. We have targeted onboarding in 1 day for low-risk merchants with full automation of the process. This version is the first step, available on the first segment of the market. The foundations are now in place for a step-by-step deployment every quarter going forward. All those initiatives have enabled good progress on active workforce management, leveraging internal mobility to reduce headcount in Europe, while preserving critical skills and capabilities. But I would like to highlight 3 visible examples of North Star execution during the period. And simplify, the Crédit Agricole partnership evolution is a good example of simplification. Here, we have demonstrated our ability to make tough and bold decisions to simplify and be more efficient. Together with Crédit Agricole, we have agreed on a simpler and more efficient operating model, that is better aligned with the future development of our partnership. No need to say that we are extremely proud of the successes of this partnership, which works extremely well on acceptance and brings innovation to the French market. Second illustration on integrate, the Global Collect case. Global Collect is 1 of the hidden jewels of Worldline. Making 2/3 of external revenue of the Global Commerce division. As a reminder, the rest of the division consists of pure acquiring activities, for a portfolio of travel and digital customer. Over the last few months, we have successfully integrated Global Collect with Worldline acquiring platform, developed shared agentic commerce capability, while repositioning Global Collect within the group with a dedicated setup and operating model to focus on 2 attractive verticals, travel and digital, with complex cross-border requirements. Combining high-performance, reinvested technology stack and deep integration into customer ecosystems, Global Collect benefits from a differentiated value proposition. The revised operating model and the leverage of Worldline shared capabilities is already translating into improved commercial traction and return to high-single-digit growth in the last quarter. I clearly count on Global Collect to be 1 of the faster growth engines of Worldline going forward, leveraging on faster dynamics of cross-border payments. Finally, on the grow pillar of North Star, I would like to comment on the progress of Worldline in agentic commerce. As you have seen from our recent announcements, Worldline is positioning itself at the forefront of agentic commerce for the European market. First, we have built the technical foundation what we call the MCP server, to expose Worldline payment capabilities to AI agents and large language models and platforms. Second, we have built the technical foundation and the infrastructure, which is protocol agnostic to support the various Visa's Intelligent Commerce, Mastercard's Agent Pay, or Google specific protocols. Third, we leverage on our unique positioning on the issuing and the acquiring side to ease trust and adoption across the ecosystem. This was the objective of the real end-to-end transactions that we executed in the 3 geographies witH2 banks, ING and Crédit Agricole. At Worldline, we believe agentic commerce has the potential to reshape how consumers and businesses interact with payments. This is why it is important, For Worldline on the following slide, to provide the banks and the merchants the infrastructure layer required to support this evolution with trust. we show how we are accelerating Gen AI for trusted AI operating model. We have seen over the last 6 months a significant acceleration of adoption of Gen AI across the organization. Given the critical role Worldline plays in the economy, we have built all the foundations to deploy generative AI securely and at scale. Infrastructure, governance, financial impact measurements, risk management, and security. Those foundations are now in place. We are rolling out GenAI through a multimodal approach to avoid dependency on a single model. And as you can see here, the deployment is now becoming meaningful. With 83% of our developers using AI-assisted coding and testing tools, and 9,000 monthly active users of Libro Chat our internal agentic AI chat platform, based on open source technology. More importantly, we are already seeing a ramp-up in impact: higher development velocity when using Copilot in software development, concrete business impact through use cases such as smart routing and e-commerce, and progressive efficiency gains across several functions in the organization. At Worldline, we clearly consider generative AI as a vehicle of transformation and customer satisfaction. What is new at Worldline is not Gen AI itself. What is new is our ability to deploy it securely and at scale through a trusted operating model, at the forefront of the European financial industry. With that, let me hand over to Srikanth who will take you through the financial performance in more detail.

Srikanth Seshadri: Thank you, Pierre-Antoine, and good evening, everyone. Before I go into the numbers, the financial section again reiterates the 4 messages. That has been mentioned on our execution. H1 results were in line with our expectation on a fully pruned basis. Merchant services is showing improving momentum sequentially while financial services remains impacted by the known contract terminations and timing effects of commercial rebound. Third, the inorganic balance sheet strengthening is complete. And fourth, our 2026 outlook confirms the adjusted EBITDA and the leverage target, an improved free cash flow trajectory, and the leverage target has been achieved 6 months in advance than what we had said in the Capital Markets Day. And you also recall what we anticipated at the Capital Markets Day back in November. On 3 points. The first loss of contracts, the business mix, which we said would be adverse with more cross-border and within merchant services that will impact the net revenue, and that the North Star will start providing early returns in our EBITDA and we already see that. Now on those on that messages, if you go down to the next slide, Pierre-Antoine has already taken you through the post-pruned numbers and what you also have here are the published numbers, and I will detail that in the coming slides. An elaboration in scope. So that we are all clear on what each number means for what scope. Additionally, normalized net income was €65 million, and a normalized diluted EPS at €0.04. The key point is that after pruning actions, the underlying business is stabilizing. While profitability and balance sheet discipline is improving. Moving on to the next slide regarding the divestment update. The pruning program is complete substantially. 2 deals still to close, Australia and New India, and we expect that in Q3. We guided you that between €590 and €640 million of net proceeds will be received. We have already received €580 million. With €40 to €50 million additionally to come from India and Australia. And that puts us in the high range on the upper end of the range that was communicated earlier. This, of course, excludes the cash held in divested entities which is addressed now in the liquidity section. Now moving on to scope. You recall that we provided quite a bit of pedagogy on the scope for the end of the year. This year is a step more complexity. We said 2026 will be a year of transition. And this is, of course, with the transitory scope. At the bottom part, is the green block, which is our fully pruned scope. It is the constant. It is the future perimeter of Worldline. After this year of closing, those transactions will be finished. Now looking at the published scope, you all know now that the IFRS 5, governs the rules for discontinued operations as well as assets held for sale. MeTS being the discontinued operations has not been in our scope from day 1. However, the assets held for sale, all of the other divestments that you see below, The P&L and cash flow are in our published numbers until closing. Hence, North America and PaymentIQ we closed in February end of February. So January and February in our numbers. Cetrel, we closed end of April. So January to April, is in our numbers and so on. And, obviously, India and Australia still not closed, is still in our published scope. So that is the purple part, which is the published scope, and then the green 1, the fully pruned, and we have even color coordinated that in the rest of the presentation. Now moving to the next 1, So applying the scope to the present numbers, I will not go into the detail, but this slide has been presented just specifically to bring clarity on the full impact of scope changes for all of us to be on the same page. In white, is the FY25 H1 published scope, so it is only without MeTS. And then in the purple H1 2026 is with the progressive closing of the transactions that I have just explained. And we have done a pro forma for 25 so that you have a like-for-like comparison. And then in the green is the post-pruned scope that we are all on the same page of. So no need to go step by step, but we have addressed the impact on revenue adjusted EBITDA, and free cash flow, but we will, of course, deal with eacH1 of these in the future slide. Now moving on to the next 1, please. Now on the post-pruned scope, on we see for Q2, the Worldline level, we are flat at €904 million. With merchant services showing +2%. So sequentially better in external revenue as compared to Q1. With acceleration across segments that I will explain in a second. Financial services the drag on growth, like Q1 with -7.9%. So at the end, we are flat in terms of our post-pruned revenue. On a net revenue basis, merchant services is -2%. For Q2 and financial services at -6.8%. If you move to the next slide now, drilling down into the specifics per segment, SMB is growing single digit, low-single-digit. Continued momentum in the Nordics, Germany, Italy, Greece, Central and Eastern Europe, Switzerland is further stabilizing. Benelux showing gradual recovery. Commercial traction is improving with partner and independent software vendors. Enterprise is also growing low-single-digit with continued strength in mobility and self-service, including petrol and transportation. e-commerce is gaining traction in Germany, the U.K., and Poland. In global commerce, travel remains strong, and Global Collect is back to growth while the digital vertical is still affected by expected churn. Now moving on to financial services. H1 remains the drag as we have been mentioning so far. The underlying commercial dynamic, however, is positive. In issuing an account payment, the decline reflects the legacy terminations while the ABN AMRO deal that Pierre-Antoine mentions gives us strong future growth platform as our other items in our pipeline that we continue to follow. And also harvest the digital and value-added features. Acquiring, growing across geos, and we are also supporting Wero. Digital services seeing early positioning benefits of new products, which was also explained by Pierre-Antoine. Moving on to the H1 per financial performance fully pruned. Group delivered broadly stable revenue. Minus 0.2% on external revenue. And then in terms of merchant services at +1.8% offsetting the 7.1% decline in financial services. Adjusted EBITDA was at €294 million, Merchant Services improved its EBITDA margin by 70 bps on external revenue and a 170 bps on net revenue. Financial services margin declined as expected. Due to the run-off contract losses. Moving on to Slide 24 on published P&L. While the fully pruned scope is the most relevant view for management, guidance, investor assessment, and published scope is necessary for statutory reporting. This table shows H1 2025, excluding MeTS and H1 published scope as presented earlier. The scope column aims to make it like-for-like. So that is making the white bar purple. Right? For like-for-like comparison and for each line item, with the pruning program and effects. Key takeaways in 2 sections. First, operating expenses. Personnel expenses decreased year-on-year, reflecting the reduced headcount in Western Europe, and strict control held by strict cost control helped to protect our adjusted EBITDA despite higher scheme fees. EBITDA is better year-on-year with the like-for-like scope by €40 million and you see that is the reduced rationalization and integration cost due to the end of spend on Power24. Second block is on the nonoperating expenses. Net financial expenses in 2026 absorbs higher interest costs. But unlike 2025, there are no more nonrecurring items. Moving on to published free cash flow. Free cash flow remains a key area of focus to improve the quality of the free cash flow. 3 key pillars, the integration, and the restructuring and integration cost declined sharply, as we just saw. Taxes are lower. We have done some fiscal consolidations. And it has partly offset higher financial cost. Working capital With the quality of cash flows generated, we are reinforcing working capital here with a reduced level of payables and also reflecting the smaller perimeter going forward. Now to net debt leverage and liquidity. We have halved the level of net debt in the first 6 months. We have gone from €2.2 billion to €1.1 billion. The resulting leverage target is <2x. And that is been achieved 6 months earlier than announced and that is good. On the right, we show the liquidity has been strengthened as a result as well of the pruning and equity infusion. And this is sufficient in order to face the 2026 and 2027 bonds as well as the puts. And, also, we have obtained €80 million which is the cash divested entities. You will recall we had €186 million of cash in divested entities in December 2025. We have received €80 million. We have another €90 million to go. So €90 million is in India and Australia. And with €40 million to €50 million, we should have this crystallized as well. In Q3. Finally, the second extension of the RCF has been obtained to go to July 2031. for €900 million. And until 2030, we are at €1.125 billion. So 80% of that has been extended. On the same terms, until 2030. Now I will conclude with the outlook. We have already achieved our leverage targets, as I mentioned. We confirm our adjusted EBITDA of €630 million to €650 million supported by cost discipline. Improved free cash flow guidance. We upgrade our free cash flow guidance with better capital allocation, and we are marginally revising the revenue as mentioned due to the timing effects on the commercial rebound and financial services, but with recent pipeline wins contract wins in the pipeline, are confident this will recover. Merchant services growing as planned. So with that, I will hand you back to Pierre-Antoine to conclude.

Pierre-Antoine Vacheron: Thank you very much. Thanks a lot, Srikanth. So for me to conclude this presentation, First 1, by demonstrating progress, Worldline's H1 performance adds data points that strengthen conviction in our vision. And in the success of our turnaround. Second message, we made the right choice in refocusing on Europe. The organization is clearly gaining momentum and discipline across the board and this is visible in those results. Third, while executing, Worldline is positioning itself with success on the future industry drivers while managing its capital allocation. Finally, we are demonstrating our ability to control our cash costs with discipline, which can help navigate the volatile macro context in which we operate. Thank you, and happy to get your questions.

Operator: Thank you. As a reminder, to ask a question, please press *11 on your telephone. And wait for your name to be announced. To withdraw your question, please press *11 again. We will now take our first question. From the line of Frédéric Boulan from Bank of America. Please go ahead.

Frédéric Boulan: Hi, good evening, Pierre-Antoine and Srikanth. Thanks for taking the question. Maybe I mean, 3 questions. Maybe 1 starting with, Pierre-Antoine, if you can give us an update on the kind of competitive and macro dynamics, MSV, growth, seems to be, stronger in, in the second quarter, so it would be good to have a bit of an update there. Secondly, if you can come back on what happened with, the JV with Crédit Agricole. Who initiated the end of the structure? What does it mean for you in particular? I understand the acceptance business was from Worldline was supposed to be bought in the JV. So what happens to this? I mean, is it staying with you? And then a question for Srikanth. If you can spend some time on the free cash flow moving parts, in H 2 and 27. I understood from your commentary that, you know, the commentary on the working cap commentary was positive. But if I look at the Slide 25, I can see about a €100 million worsening in working cap So I am not really sure what is going on there. That seems to be offsetting, most of the reversal in restructuring costs. So any commentary around moving parts in this year and next year would be great. Thank you.

Pierre-Antoine Vacheron: Thanks a lot for the those questions. So on the competitive and macro dynamics, so you are you are right. I mean, we have very sound growth in merchant acquiring volumes in H1 and, more importantly, in Q2. Let's say that the verticals on which we have been exposed and have been behaving well, especially travel, especially large retail, especially mobility and self-service. Obviously, there is some contrast depending on the segments. With the specialty retail, which is behaving not that good. Especially in some geographies like Germany, as you may have heard. Already. But, globally, we have these good dynamics, and since many of our geographies are now behaving well, with a significant growth as I mentioned, high-single-digit growth. In various geographies, but also in mobility, self-service, at Global Collect in the last period. That feeds this good dynamic in terms of MSE. Regarding the JV with Crédit Agricole, it is super simple. I mean, I have assessed what was the potential of a model where there was no contribution of acquiring portfolio by the bank, contrary to the other JVs that we have had. So it was massively, I would say, acceptance partnership in acceptance, and having a regulated entity in a bank context was clearly heavy as compared to the potential that we that we that we had. So today, we are focusing on acceptance services. We are providing 2 call that remains an entity returned by the query recall that itself serves the, I mean, the regional banks of Crédit Agricole. Are providing them acceptance solutions, and it is working well. And besides that, we are partnering between our own acceptance that has not been contributed and their own acquiring for enterprise merchants on which we have as you know, strong positions. So it is a joint decision. We came to a similar diagnosis between Crédit Agricole and ourselves at Worldline. And so it has been quite natural to come to that decision. Which is from the outside a bit surprising, probably. But which makes a lot of sense, and that is the way we want to drive our business. On the free cash flow, Srikanth.

Srikanth Seshadri: Yeah. Thank you, Pierre-Antoine and hello, Frederic. Yeah. What I was mentioning is indeed the end of spend of power 2024 and also better progression on the RI for the current year. We do expect to have a lower spend, and we had also some phasing effect in H1 So you see the 2 impacts. But in terms of working cap, essentially, taking a step back,, this year, we have said there is been a reset. We have strengthened the balance sheet with all the inorganic measures. And we are also taking a good look at the organic measures to ensure that we are able to have the right measures going forward. So we have reduced the level of payables and also with the smaller perimeter to have a level that is manageable from seasonality as well as the ups and downs of the business until we stabilize. So hence, this creates again from H1 last year to H1 this year, but in terms of a working cap outflow this year is €60 million. I see. So it is primarily reduce of payables as well as some reduction in advances.

Frédéric Boulan: Sorry. Just to clarify, you expect €60 million also for year? Same as H1?

Srikanth Seshadri: Yeah. And we will expect this to normalize in H2. But, again, we will need to have some effects for H2. But it will not be it will be more normal in H2 as compared to what we had in H1.

Pierre-Antoine Vacheron: Thank you.

Operator: Thank you. We will now take our next question. From the line of Justin Forsythe from UBS. Please go ahead.

Justin Forsythe: Hey. Good evening, Pierre-Antoine and Srikanth. Thank you so much. A couple of questions from my end. Srikanth, I wonder if you could just walk us a little bit through the moving pieces in the revenue guide. So I think we had a bit of an actual, as you flagged very clearly, a Merchant solutions result in Q2. But yet we take down the full year revenue guide. You are saying that is attributable to financial services if I understood you. So if I have that correct, I mean, we should be basically taking that, call it, 1 point down at the midpoint out of the FS line, you could be talking about something like a 10% to 15% decline for the full year in FS. If I have that correct, And does that mean the Q2 result in MS you say no changes. Should we be expecting off of that, call it, accelerated base in Q2 2026? How do we think about it? And then just a question on the strength that you called out the high-single-digit growth, Pierre-Antoine, that is obviously quite promising in some of the geos that you laid out. Germany was the 1 that seemed out of place in a way in my head because you have clearly had challenges there in the past, and 1 of your peers just flagged pretty severe weakness in that same geography. So maybe you could outline a little bit there. And 1 just cleanup question, perhaps, Srikanth, on the Crédit Agricole deal Following on from Frederic's question, Could you be a little bit more clear on the price paid? So, you know, you both have contributed expenses into this JV. There is, I presume, some sort of I believe, if I remember correctly, some revenue-sharing model that was in place. So now it is more of a commercial referral relationship, how much is being paid by Crédit Agricole for that. And maybe you could just be clear as well on what acceptance solutions you are providing. Like, what is it exactly that you are enabling for the go-forward commercial partnership? Thanks.

Pierre-Antoine Vacheron: So you think-- you want me to start with the Frederic and the and the Q2? So on Crédit Agricole, today, what is working well is the e-commerce solutions. So we have been distributing GoPay, so our new e-commerce solution for Europe to Crédit Agricole for 12 months now, and it is working well at the at the speed of the, obviously, of the bank distribution. And besides that, we are partnering commercially on the acceptance solutions. So you know the access platform, which is extremely successful. For large enterprise merchants. Here, we are combining when it makes sense, a proposal on acceptance, and Crédit Agricole comes with its acquiring capability. Going down the road, the idea is to provide POS, or so for the POS solutions. For the SMB, but that is, I would say, second stage as compared to what we are providing today. Okay? And so for all that, the revenue generation is based on the on the shared revenue on the acceptance between the group and ourselves. Okay? Yeah.

Srikanth Seshadri: Thanks, Pierre-Antoine. Yeah. Hello, Justin. On the on the revenue, so on FS, essentially, we said we will have a €60 million impact coming from contract terminations, and we have seen exactly half of that. We had €15 million in Q1. We have a €30 million in Q2. And we expect that to be the effect of the run contract loss, but then we will offset that partly in H2. So we will be somewhere between 6% to 7% as compared to last year. Of lower 6 to 7% as compared to last year. Year. Okay. Got it.

Justin Forsythe: Could you just then clear so clarify what you mean on MS then? Because or what changed? So if that was already in your expectations, if I understand you correctly, then like, maybe help us understand why the guide moved down at the midpoint. Is that, like, something tied to MS then? Because it is sounded like you were saying MS is gonna be stable. And is there any macro conservatism layered in there given the environment's a bit shaky right now?

Pierre-Antoine Vacheron: Yeah. So maybe so 3 comments on that. As you as you noticed, we have and Srikanth commented on that. Between the growth in volumes and the growth in external revenue, there is a gap. Which is linked to the geo and merchant mix. that we have witnessed in Q2 and Q1. And that is a bit dragging us behind in terms of growth of external revenue. The second element that in Q2, we have been benefiting from delayed in some merchant migration outside our scope, and that will push down a bit the growth in enterprise as compared to what we have been witnessing in Q2. That, I would say, is the second element. And I think the most of the elements, obviously, we are a bit conservative about the macro the macro context. Because to know, and that is a surprise for the whole industry, considering consumption has remained quite strong. In Q2. But we may anticipate that things evolve in the second half of the year. So yes, there might be some elements of conservatism. That we are taking into account. But I think the very important point is the commercial traction across the board. The fact that the NPS has improved on each of our segments and the churn has reduced. Also in each of our segments. So I would say the really, the fundamentals of our business has improved And, again, the signing of ABN AMRO is very, very promising for us. Because it shows that we have turned the page of the scrutiny that we have been going through in 25. Awesome. Thank you so much for that 1. And Pierre-Antoine, if you had anything just on that last point on Germany to add, that would be helpful. Really appreciate the time both. Yeah. Sorry. So Germany has been so Germany has been behaving well in Q2. But remember that we had been struggling the previous year. So to some extent, we have an easier comparison than maybe some others. But, yeah, we have good traction. We have had good traction in Germany in H2. Especially on the SMB front. But also in some verticals, the enterprise. With lower margin because of the segments, but with strong traction. So we are better exposed probably in what we call FMCG, which is the discounters in Germany. Thank you.

Operator: We will now take our next question from the line of Hannes Leitner from Jefferies. Please go ahead.

Hannes Leitner: Yes, thanks. Maybe I can add a couple of more from Justin. Maybe you can talk about net revenue basis. Especially for the merchant services, when do you expect basically to breakeven and move to a growth and to sustainable growth there, maybe that is how you can square that in the guidance. Then just like maybe you gave in previous presentations always a nice overview on the SMB segments per geographies. How did the turnaround and the stabilization perform? Maybe you can help there what is the visibility because I believe that this is the big moving parts which can then sustainably push merchant services in the growth territory. And then maybe just like in terms of your capital raise and the big shareholders who joined your cap table, should we when can we expect some financial services wins in France, in your home region? Thank you.

Pierre-Antoine Vacheron: Thanks a lot for the for the question. Maybe I will start on the NNR and Srikanth will complete. If you remember well at the CMD, we said that we would still have negative contribution margin evolution in 2026 as compared to 2025. But we modeled that. And this is linked basically to the anticipation we are making of the order of recovery depending on geographies. And for historical reasons, we have stronger margins in Switzerland and Belgium. Which are the latest to recover as planned to some extent, and the fastest growing segments it is the Nordics where we are mostly distributing or massively distributing through partners and ISVs. So there, the margin is lower. Central and Eastern Europe, it is also lower margins. And, obviously, travel is also lower margin, and it has been behaving well. Thanks to the Global Collect new dynamic. So it was it was planned to be like that. And the more we will be able to recover in the 2 historical core geographies. The more we will be in a position to reverse this trend. The more SMB will grow the more we will reverse the trend. The more acceptance will grow, and you remember that we have been suffering of churn in e-commerce because of the migration of portfolio This is now behind us so there will still be impact in H2, but it will be behind us in 2027. The more acceptance is growing, financial services growing, the more NNR is growing as compared to the external revenue. I do not know if you want to add something on that.

Srikanth Seshadri: No. I think we could also say it depends exactly on the on the channel to market. As you were saying, Pierre-Antoine. And also in Italy, we go through banking partners And Italy has also shown a large growth and therefore, we have had a specific impact on this, which goes exactly between external revenue and net revenue. And on your question, Hannes, and hello, regarding the when do we start forecasting the net revenue and when can we see sustainable growth? it is exactly that. I think when we start SMB, obviously, was a key vector that we mentioned along with financial services. SMB is accretive and which has a much lesser gap between external revenue and net revenue. And once we start turning around the larger markets, we should be able to see more sustainable growth.

Pierre-Antoine Vacheron: Yeah. Stop. But the good news that you do not see in the numbers is that we have implemented some repricing initiatives as part of North Star in Q2 that start to generate. So that will help also in H2. And that have helped us to stabilize the take rate in many segments. Which is obviously a good news. So it is not it is not because of commercial campaigns that we are losing take rate and net revenue. I think it is it is an important it is an important message. So back to your question on SMB. So as I as I said, I mean, taking the various geographies, so Central and Eastern Europe doing very well. And more dynamic, I would say, in Q2 than in Q2 than in Q1. In Southern Europe, Greece is doing extremely well. Double digit, if I remember correctly on acquiring. And Italy is benefiting still of the migration of new portfolios. I anticipate a more stable Italy in H2 once this migration has been done. The other side of Europe, Nordics is now very high-single-digit growth. With a very strong performance of this of this geography. Germany, as we already said, has been behaving well. In Q2. And remains Switzerland which is close to stable in Q2. And Belgium and the Benelux more globally speaking, which is still in the negative territory. So we still have a progress to be done there. Launchpad, once it will be spread on the market for new merchants on the whole scope will help But so this is where we are today. Thank you.

Operator: We will now take the next question from the line of Sandeep Deshpande from Barclays. Please go ahead.

Sandeep Deshpande: Thank you for taking my questions. I have 2 questions. Firstly, you have lowered the revenue outlook but maintained EBITDA. Why is the top line downgrade not impacting EBITDA? And how much of a buffer do you still have there? And secondly, what drove the improvement in merchant services on an organic basis in Q2 specifically, versus the deceleration on a net basis?

Srikanth Seshadri: Do I know-- yeah. So on the thanks for the question. We were on a low-single-digit in terms of in terms of revenue guide. What we have seen as well is in the first half, the strong cost control we have got. We expect that to be more than achieved for the second half. And therefore, gives us the ability to still meet the adjusted EBITDA target both on cash and cost We have seen actions being implemented. So I feel the revenue impact that we have got will be offset by and we have actions in place now that we have delivered in H1 and we need to continue into H2. In order to protect our EBITDA margin. Hence, we have kept our guidance at €630 million to €650 million. And on the Q2 acceleration Yeah. The spread of the NNR. Yeah. That was exactly what we had just said earlier. I would really break it into 2 aspects. 1, like we were saying, the acquiring the MSV is growing at 4.4%. Our level of acquiring revenue grew at 4%. So hence, the point that there is no take rate issue on external revenue. it is more on the channel to market that impacts us on the net revenue because of the partner fees and the scheme fees. And if there are more cross-border, you have higher scheme fees. So that is that is that is 1 aspect. Secondly, we have also seen that we have gone from Ogone to Gopay in the SMB market on acceptance platform. We are at 80%. So we have gone from 50% to 80%. That has created a lot of churn in the SMB market. On acceptance. And when the acquiring proportion of your total revenue is higher, the scheme fee is also higher. That has also helped that has also resulted in reducing the net revenue. And the geographies we mentioned, either the business mix within Germany or the or the geo mix such as more in Italy and less in Switzerland creating the third part. I would say this is what creates the spread external revenue and net revenue. And the cost actions regarding the adjusted EBITDA is what I addressed before. I hope that was clear. Great. Thank you. You are welcome.

Operator: Thank you. We will now take the next question. From the line of Emmanuel Matot from ODDO BHF. Please go ahead.

Emmanuel Matot: Hello, Pierre-Antoine. Hello, Srikanth. Quick questions for you, please. First, what explains the positive surprise in Q2? Why was there an improvement from Q1 compared to your expectations at the end of April? Is that coming from a specific geography, a bit of churn than expected? Product mix, to clarify that point. How advanced is your plan to consolidate the platforms dedicated to merchant services? Did you close some of them in the first half of this year? And my last question is about financial services. Are you confident of returning to growth? In 2027 despite a longer commercial cycle? Thank you very much.

Pierre-Antoine Vacheron: Okay. So there is no magic in Q2 versus Q1. it is just the momentum of the discipline of the organization that has significantly improved across Q2. And to be honest, we are performing better across the board as compared to what we had, you know, in our anticipations at the beginning of the of the quarter. So it is really structural, hopefully. Good news in terms of discipline and momentum across the board. On your second question, so, yes, remember that we have closed 1 platform in Q1 that was the Wopay platform, Latin American platform that has finally migrated to Global Collect. As I said, the main visible topic that we will have at the end of the year, the turn of the year will be hopefully the Italian, re-platforming from Fiserv. So what we are working on with this 5,000 merchants already Another visible thing would be the termination of the Ogone activity, and that will be completely shut down and some I think we have 2 other platforms that we are not communicating on, but that will be also closed at the end of the year. So the program is really progressing well, executing well. Which is which is reassuring. And we keep we keep the focus like that. We do not exclude but I do not want to overpromise that we do not exclude to be able to accelerate on the back of the use of GenAI typically in this in this case. To be to be more to be quicker in the assessment of the gaps to cover and then to make them to make them happen. We will see that in Q3. On your last question. On FS returning back to growth. Yeah. So what we so what we said last year at the CMD is that the back to growth of FS will not be before the second half of 27. And, obviously, we do not have any reason to accelerate that situation. Thank you very much.

Operator: Thank you. We will now take our last question. From the line of Alexandre Faure from BNP Paribas.

Alexandre Faure: Hi, good evening. Thank you very much for squeezing me in. Couple of questions, if I may. First 1 is on SMB churn. I think, Srikanth, you mentioned a minute ago, but sort of moving or consolidating platforms and away from legacy Ogone had resulted in some churn as I think we probably all anticipated. Should we expect more of the same as you consolidate further platforms? Or acquiring assets are quite different, more back end related, and sort of invisible to the merchant and the SMB merchant in particular. So that is my first question. Second question is more of a clarification, definitely for Srikanth, if we go back to Slide 26 I am interested in your liquidity position. I am just trying to understand where you stand at the end of June and what sort of ins and outs we should expect for the second half thinking of put options. I think you had 1 of them. I think that is the second 1, proceeds from divestments, net of cash and subsidiaries, the debt pay down, all of that. If you could go back on those different ins and outs, Srikanth, that would be super helpful. Thank you.

Pierre-Antoine Vacheron: Yeah. Sure, Alexandre. Maybe 1 second. after you. Yeah. Please, Srikanth. Yeah. Wanna go ahead? Okay. So I think your analysis is right when we are speaking about acquiring that is basically behind the scenes for the merchants who are more exposed to the need to reintegrate when we are speaking about acceptance. The front end of the value chain. And here, we do not expect if the service is good. Which is the case, any impact in terms of churn coming from convergence on the on the acquiring and on the acquiring platform? So it is really on the on the acceptance front. So we are not fully done on acceptance. So we have been working hard, and now we need to finish the Sips, you know, which was the Worldline Mhmm. Ecommerce platform. So the SMB is almost done also. So now we are on the enterprise part of things where we have good, I would say, adoption of the new platform after an RFI by the by the enterprise merchants who select our GoPay solution, but there is also some churn there. And when we will migrate some other more secondary platforms to GoPay, we may also experience some churn, but I think it is why we were much more exposed in Ogone scope and the France scope than in the other platform that are in more operating in Central Europe where we have a very strong position. Got it. Thank you.

Srikanth Seshadri: You can see Yeah. Thanks. And maybe just to close off on Alexandre's question on gives and takes for H2. Obviously, the big 1 is the is the is the €400 million convertible bond that is getting retired. We then have, as you rightly said, we have already paid out the Greek put Now is the Italian put with Nexi that is still pending. that is gonna be in Q3. I think we have a liability of €150 million recorded, but it is still requires to be valued before the put/call is exercised. And then we have for so that is in terms of the outflows with another €10 million to €30 million in terms of organic cash going out in H2. Those are the cash-outs. Ins is really the divestment of Australia and India to come. €40 million to €50 million, as I was mentioning, that needs to come in. And then, of course, we have already integrated €90 million within our liquidity that we were presenting in that chart. Right. And that would just come out of the entity into continuing operations. Super clear. Thank you so much. Perfect. Welcome.

Operator: Thank you. There are no further questions at this time. I would now like to turn the conference back to Pierre-Antoine Vacheron for closing remarks.

Pierre-Antoine Vacheron: Thanks a lot. I will not make many remarks because it is quite late for all of you on this penultimate day of July. As you see, we are we have a good momentum The turnaround is clearly moving well. The transformation is on track. We are well positioned So we need to continue the disciplined execution, and I am absolutely convinced of the perspectives of this of this company. So thanks a lot, and looking forward to meet with you after the summer break. Have a good evening.

Srikanth Seshadri: Sure. Good evening.

Operator: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.