Q2 22 figures came in line with expectations (excluding EUR75m provision) Positive sales figure with EUR881m (+9% vs consensus), while adj. Ebit EUR15.6m was very much in line with expectations (+2%). Adj. EBIT margin was also in line at 1.8%. During the quarter the company recorded a EUR75m extraordinary provision for litigations (related to the company''s recent call of performance bonds in the Touat Gaz project in Algeria), which once again implies a loss in EBIT and NP. Net debt is worse than it what initially seem Net cash position raised to EUR134m, but the figure should be adjusted down according to our calculations. The figure should reflect part of the SEPI loan which is not considered debt (EUR165m), but the company includes the gross cash, and also by EUR80m of reversal of loans due to the Algeria issue. All inclusive this would represent a Net Debt of EUR116m, compared to a Net Cash in Q2 21 of EUR94m. While Net debt evolution is something to worry about, liquidity remains relatively healthy Guidance slightly cut Outlook for revenues has been reduced slightly to between EUR3.7-4b, vs above 4bn previously, while the company keeps its confidence in reaching above 2.5%-3.0% EBIT margin in H2 which would enable it to be 2% for the full year (excluding provisions). In terms of order intake, as we anticipated in our preview, there has been a delay of tenders, so new awards will be mainly in Q4. Neutral maintained We are still waiting to see a true recovery in margin, without one offs and cost overruns. The environment is far from being normalised and further delays in sales will imply another disappointing year in term of margin. We adjust our estimates reflecting the provision and the lower cash. Our TP is revised -13% to EUR7/s (on lower cash mainly). We remain Neutral on the name.