Forvia Se (FURCF) Q2 2026 Earnings Call

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WEBVTT 00:00:00.051 -- 00:00:05.232 Good morning, ladies and gentlemen. Welcome to our H1 2026 results call, which 00:00:05.232 -- 00:00:09.893 I'm as usual presenting together with our CFO, Olivier Durand. 00:00:09.893 -- 00:00:12.373 Good morning. 00:00:13.894 -- 00:00:19.115 Before we start, let me remind you that our 2026 and also the 2025 00:00:19.115 -- 00:00:24.336 H1 results are presented excluding exteriors, excluding interiors, 00:00:24.336 -- 00:00:28.116 since we plan to divest from it by year-end. 00:00:29.110 -- 00:00:33.891 So here's a brief look on today's agenda. I will start with our key highlights for the 00:00:33.891 -- 00:00:39.493 first half before handing over to Olivier, who will present our financial results. 00:00:39.493 -- 00:00:43.134 I will then come back to discuss our outlook for 2026, 00:00:43.134 -- 00:00:47.474 and we will conclude the program with a Q&A session. 00:00:48.615 -- 00:00:53.196 So let's start with key takeaways from the first half. 00:00:54.071 -- 00:00:58.975 Our activities have been fully focused on the execution of the Ignite plan that we presented 00:00:58.975 -- 00:01:04.380 at our Capital Markets Day in February. Over the first half, we delivered tangible 00:01:04.380 -- 00:01:08.203 progress across all three strategic priorities. 00:01:08.203 -- 00:01:10.945 So let me start with performance. 00:01:10.945 -- 00:01:15.649 We improved our operating margin through disciplined fixed cost reduction, greater cost 00:01:15.649 -- 00:01:20.896 flexibility, and effective management of inflationary pressures. 00:01:20.896 -- 00:01:25.938 We also delivered an 18% increase in net cash flow with improved quality 00:01:25.938 -- 00:01:31.420 again. So this enabled us to reduce net debt by half a billion euro, 00:01:31.420 -- 00...