Q2 23 was broadly in line with expectation. The increase in software revenue was strong (+8% on constant currency), taking in disappointing growth at Medidata and a positive turnaround in licence revenue (+6% vs -10% in Q1 23) driven by the recovery in China. The non-IFRS operating margin was 31% of revenue (-1pt) slightly above the high-end of expectation. The 2023 guidance was maintained including an acceleration in software recurring revenue growth in H2 vs H1 23.