What happened? Vinci reported H1 results. BNPP Exane View: The results were solid. Operating income from ordinary activity was 2% above Bloomberg consensus, driven by Concessions and Energies. Net income was 1% below. Order intake in Contracting in Q2 was flat YoY although the book-to-bill remains healthy. The FY25 guidance was unchanged. In conclusion, we expect the stock to be flat to small up against the market tomorrow. All divisions were broadly in-line with our expectations. However, the results were slightly better than Bloomberg consensus expected for Concessions, Vinci Energies and Cobra IS at the Operating Income level. In more detail, by division: Vinci Autoroutes: traffic in H1 was +2.2% YoY, with stronger Light Vehicle traffic. Revenue was +2.3% YoY which is slightly below the +3.5% reported by Eiffage''s APRR/AREA. This is surprising, as we would have expected easier comps for Vinci. Vinci Airports: traffic in H1 had already been released at +6.5% YoY. Revenue was +11% YoY (+7.8% YoY like-for-like), with Q2 similarly strong to Q1. EBITDA margin improved marginally by 20bps versus H124, also helped by the consolidation of Edinburgh airport from June 2024. Vinci Energies: revenue in H1 was +5.2 YoY (+2.4% like-for-like). Operating income from ordinary activities was +2% versus consensus, driven by better margins than expected. Order intake was stable, +1% YoY which might be a concern. However, the orderbook is still up 10% YoY and the intake in H1 was 1.15x the revenue for the same period, which points to further growth. Vinci Cobra IS: revenue in H1 was +8.9 YoY (+9.7% like-for-like), with the strong growth driven by EPC contracts. Operating income from ordinary activities was +2% versus consensus, driven by higher revenue than expected. Order intake was down 26% YoY although it accelerated in Q2. Intake in H1 was 1.11x the revenue for the period. Vinci Construction: revenue in H1 was -0.7% YoY (-2.8% like-for-like). Operating income...