What happened? We hosted Sopra Steria CFO Etienne du Vignaux at the BNPP EXANE Midcap conference yesterday. The message was very consistent with Q3 results and our Q3 roadshow with management. A few key points: Airbus: CFO shared product lifecycle management (PLM) activities represented 30% of revenue with Airbus in 2023 and suffered a lot in 2024. A rebound in PLM could drive the recovery with Airbus next year or beyond. New positions taken by Sopra Steria as part of their renewal of framework agreement with Airbus have been gained vs. both large competitors such as Capgemini, and smaller ones. Political instability in Europe: Germany is expected to decline by 4-5% this year, and with new elections expected in Feb, the group is ready to continue its efforts to shift resources to the regions vs. the federal government. In the UK, more investments in NHS could help the group as Sopra Steria earns a mark-up on some NHS hospitals'' purchases, while in France, CFO expects that in a worst-case scenario, social charges hike could have up to EUR10m negative impact on group EBIT (c. 1.6% of BNPPE''s adjusted EBIT for FY 2025). Potential margin expansion in FY 2025: Tthe group continues to see opportunities to improve margins next year through portfolio management even in an environment where revenues do not grow. BNPP Exane View: A very consistent message overall. We like that management continues to see idiosyncratic opportunities to improve underlying profitability next year even with limited to no topline growth. We wonder though if a significant rebound in PLM activities with Airbus might not depend on the launch of a new aircraft program by Airbus, which may not happen soon given the lack of pressure from Boeing. Next catalyst is the CMD on December 12.