Guillaume Faury

We are actually doubling production roughly within two years, from 24 to 26.

And we have decided to go from what we were anticipating for next year, that was rate 14, to actually rate 12.

So moving up from rate 6,

a few quarters ago, a few years ago, to the RAID 12.

We are on that trajectory.

Things are moving forward quite well in 2025.

But RAID 12 is a challenging target.

We have to integrate as well the work packages from Spirit on the A220, the WINS and other smaller work packages.

So we have a lot on our plate.

We're also introducing progressively

engine improvements to improve the durability of the engine for our customers.

So a lot of work on the A220, very fast and steep ramp up.

And we think that's good enough in terms of quantity of work and challenges moving from 25 to 26.

It's a mid-term story for sure, maybe a long-term one as well.

You know that Europe has relied on the United States for a very long time when it comes to security of Europe and we are now in different times.

Europe is really ramping up in its ability to secure itself, to defend itself and

which means significant increase in defense budgets for the main countries of Europe and the NATO members in Europe.

So from that perspective, it's a mid-term or even long-term perspective.

And on the short term, it comes with orders for more equipment, for development of new ones.

And indeed, we have a tailwind when it comes to our numbers and our growth coming from defense against that backdrop.