What happened? We have spoken with Sopra Steria and highlight there is no change to the FY 2025 guidance. The company highlights the business environment remains stable, though not very dynamic. The stabilisation of Airbus, and the improvement in France in the public sector is confirmed (albeit from a low starting point due to lack of public budget at the beginning of the year in the country), which supports the group''s expectation for a return to flattish + organic growth in H2. The company also reiterates that the pipeline is huge in the defence vertical, which also supports an acceleration in revenue growth in the vertical in H2, although budget constraints remain high in France in particular. The company continues to expect a gradual improvement in organic growth trends in the coming quarters from the c. -5% LFL reported in Q1. BNPP Exane View: We find it encouraging that Sopra Steria continues to expect a gradual improvement in YOY organic growth in the coming quarters, although the exact timing of a return to positive organic growth remains, in our view, a question mark (Q3 or Q4 2025?). We expect consensus expectations to remain broadly unchanged as we move closer to Sopra Steria''s H1 results publication date on 25th July.