What happened? Q1 sales came in at EUR1,415m in the quarter, declining -4.9% organically at cc, better than the -5% to -6% guidance . France was down -4.9% LFL with most verticals experiencing a contraction; PR confirmed the through is now behind in the country as ''negative growth trend expected to ease in Q2 25'' . The UK was down -10.8%, a touch better than the -12% we had in our model, hit by negative LFL growth in the public sector as expected. The start of NSandI in April is confirmed . Europe was down-3.3% LFL, as Germany and Benelux were in negative territory . Solutions were just up +2.5% LFL, ahead of our +1% LFL Guidance on revenue, FCF adjusted EBIT are unchanged, with revenue -2.5% to +0.5% LFL, adjusted EBIT margin of 9.3%-9.8% and FCF margin of 5-7% Staff attrition reached 16.4%, roughly in line with Q4 2024 (14.1%). Headcount reached 50,106, down -1.7% from Q4 24 Sopra Steria''s Q1 25 sales vs. expectations / Source: Company-compiled consensus, BNPPE estimates BNPP Exane View: A solid start to the year for Sopra Steria, driven the UK dropping less than expected, which could confirm better trends in financial services in the country as mentioned by Capgemini yesterday, and Solutions. The confirmation of an improvement expected in Q2 at the group level, and an easing in the LFL decline in France in particular is important in our view, as it should give investors more confidence in a potential return to positive organic growth in H2.