This week we hosted investor meetings in Paris and Milan with Kingfisher''s CEO Thierry Garnier and IR Shaun Curtis. Some key topics of discussion are summarised below. Recap of H1 The robust H1 performance was driven entirely by volume, with pricing essentially flat on a year-on-year basis. Kingfisher leveraged greater pricing transparency and its scale to secure better terms from suppliers. The first half of the year was also helped by favourable FX movements, growth in the marketplace business, tighter inventory management and a more profitable banner mix (BandQ delivering higher margins). Management believes that a sizable portion of these H1 advantages will carry over into H2. Outlook for H2 FY Jan-26 adjusted PBT is forecast at the top of the GBP 480-540m range, implying a potential -11 % dip in adjusted PBT for H2. Seasonal dynamics normally weight profit toward H1 - H2 seasonal sales represent roughly 10 % of sales (versus 14% in H1). The second half will also absorb six months of higher UK National Insurance contributions and minimum-wage increases (vs. three months in H1), a step-up in marketing spend around flagship events such as Black Friday, and additional technology spend for marketplace expansion, personalisation and the roll-out of markdown software across all banners. France turnaround Management reaffirmed its medium-term goal of achieving a c.5-7 % retail-profit margin in France, noting that a modest improvement in the consumer environment will be required to hit the target. The French DIY market remains -20 % below pre-Covid volumes despite improving macro signals - higher savings rates, stronger housing-transaction activity, increased mortgage approvals and lower interest rates. Kingfisher outperformed the market in H1 and is gaining share. While the timing of a full market recovery remains uncertain, management is confident it will materialise over the medium term. France franchise opportunities To recapture customers...