Engie SA (ENGIY) Q2 2026 Earnings Call Transcript

Good morning, everyone. It's my pleasure to welcome you to ENGIE's H1 conference call. Shortly, Catherine and Pierre-Francois will present our half year results, following which we will open the lines to Q&A with my polite request of limiting your questions to 1 or 2 only, please. And with that, over to Catherine. All right. Good morning, everyone. ENGIE has achieved an excellent first half of 2026, marked by expansion in upstream and midstream, dynamic downstream results and strong headway on performance. Earnings are broadly stable despite the tailwinds of last year fading away. I am pleased to announce an upgrade in guidance for full year net recurring income group share to a range of EUR 4.9 billion to EUR 5.5 billion from the previous range of EUR 4.6 billion to EUR 5.2 billion. A few highlights. We are at virtually 60 gigawatts in renewables and batteries. That's up by almost 1/3 since the start of 2024. We have transformed our scale in electricity grids with the U.K. Power Networks acquisition plus the award of transmission projects in Latin America. Our commercial businesses are performing well and with improving predictability. We are developing rapidly in delivering power to data centers and our performance measures are