What happened? Sopra Steria call just ended. Main highlights include: . Business environment: Sopra Steria has some visibility on Q2 giving confidence sales decline LFL can ease next quarter, but visibility on H2 remains low despite pipeline remaining strong, in line with comments made two months ago as the company reported FY 24 results. . Q2 is expected to be helped by better trends in the public sector and Financial Services in France, and the UK accelerating thanks to NSandI contract ramping. CEO confirms NSandI should eventually contribute EUR20m per quarter to the UK''s revenue. However, CEO also mentioned the UK should return to positive organic growth in H2, but most probably in Q4, which we see as slightly disappointing: we currently have the UK returning to positive LFL growth (+1% LFL) as of Q3. . Consulting was down -4% LFL in Q1 25 with a technical improvement in growth rates through the quarter, although CEO said the consulting market remains stable . Aero: CEO confirmed the stabilisation slightly above EUR100m with Airbus in Q1 and similar level for the coming quarters. This should help France potentially returning to positive organic growth in the course of H2, in our view. . Scandinavia started the year slowly i.e. flattish + in Q1 and management does not expect an acceleration in H2, which we find a bit underwhelming. . Spain and Italy showed +5-8% growth in Q1, and management encouragingly expect this growth rate to persist through the year. BNPP Exane View: Solid call from management in our view, although it is clear visibility is low for H2. The confirmation of revenue stabilisation in aero is good news as we think it could pave the way for a return to organic growth at the group level as of Q3 if macro remains stable. That said, CEO comment that the UK will most probably return to positive organic growth in Q4 is a bit underwhelming, in our view.