Casino, Guichard-Perrachon S.A.

Good evening, everyone. I'm pleased to hold this presentation today together with our CFO, Angélique Christofari. Just keep in mind that the figures we are presenting today are financial data that have not been yet approved by the board of directors, and as well, they are not audited. Angélique will provide further details later on regarding the financial framework behind all these figures. I will start with a short introduction on where we stand in our transformation journey. followed by our key financial indicators for the full year 25. Then I will provide you with a brief reminder of our Renouveau strategic plan ambition, and I followed by an overview of key 25 business achievement per brand. Then Angelique will walk you through our financial performance for 25, and I will close the presentation by providing you with some perspective and insight on the French retail market. We'll take your question at the end of the presentation. Let's start with a quick update on the turnaround plan status. Casino turnaround is a long-term three-phase mission, restore, recover, and grow. After an intense period of transformation, we're entering in the phase of recovering. Our strategic plan, renouveau, 2030, defined in Q4 24, had been updated and expanded by two years last November, with the objective to generate value over the period 26-2030. We have also launched in November 25 the adaptation, the strengthening of our balance sheet structure. Angelique will provide you with more details during this presentation. Let me first start by introducing our 25 financial data estimates. First and foremost, 25 marks a new momentum in a strong increase in profitability for the group. 25 financial data estimates are fully in line with our value creation plan and confirm that the turnaround is well underway. Regarding our sales performance, and for the first time since the financial restructuring, we are posting a positive like-for-like sales growth. Net sales reached 8.3 billion euros with a like-for-like growth of plus 0.5% versus PY. Regarding our profitability, adjusted EBITDA before lease payment is growing by 14% versus last year and reached 655 million euros. This result reflects the efficiency of our cost optimization, our stock fleet rationalization measures, and last but not least, the improvement of our retail gross margin. The adjusted EBITDA after lease payment reached 198 million euros, representing a growth of 86 million euros. Finally, our free cash flow reached minus 120 million euros, an improvement of 519 million euros versus PY. Let me give you a brief reminder of our Renouveau strategic plan ambition before to enter into the key business 25 achievement per brand. If I have to summarize our long-term strategy in one sentence, I would say differentiate brands as possible and centralize resources as necessary. We are a group of seven well-known brands that are all unique and complementary, which is Casino, Cédiscount, Franprix, Monoprix, Naturalia, Spa, and the last one, Vival. We are now fully engaged in delivering Renouveau 2030 ambitions to offer our customers the best brands in convenience retailing. We have just updated the and expanded our Renouveau strategic plan by two years, and our vision, mission, and direction remain unchanged. Our 2030 strategic plan is based on five key strategic levers, supporting and changing core vision for the group, strength of our brands, our culture of service, our strength as a group, the energy of our people, and our societal and environmental values. are all connected, interconnected, and declined per brand to specific actionable measures. The entire company is focusing on execution on a day-to-day basis. Before providing you with a key business 25 achievement per brand, let me give you a brief summary of our group 25 focus. Here are six core execution focuses of 2025. First, brands and store concept investment, focusing on actions, on creating, texting, and launching pilots and rolling out store concepts, as well as refining brand personality. Investing in our franchisee development, with now circa 85% of our store portfolio is franchised. streamlining our store portfolio to eliminate loss-making stores with profitability as a key driver versus market share at any cost, managing COGS improvement, rationalizing and massifying private label volumes, increasing national brands assortment overlapping across brands, implementing Aura Retail and Everest alliances, And continuing cost reduction, notably through the rollout of several group share services, such as IT, accounting, payroll, legal, name it. Last but not least, cash management with a definition and a follow-up of a detailed CAPEX program and optimization of our remodeling costs. I will now guide you through an overview of the key business 25 achievement goals. Let me start first by Monoprix. For your recall, Monoprix business unit represents 624 stores by the end of 2025, of which 283 are own stores and 341 are franchised. Let me present you in one slide the main Monoprix achievement in 2025. Monoprix sales reached €4 billion in 2025, representing a like-for-like growth of plus 0.6% and an adjusted EBITDA growth by 10.9% versus PY. This results reflect the good performance of Monoprix, especially in fresh products, non-food categories such as fashion and home decoration. What are the main Monoprix achievements in 2025? First, several initiatives have been launched in the key quick meal solution market. Monoprix defined, tested, and launched the new concept La Cantine in 12 stores by the end of 2025, posting encouraging double-digit growth. During Q2, Monoprix introduced a new quick meal solution assortment with circa 250 SKUs rolled out in all of our stores. Second, regarding the food category, Monoprix was focusing on developing fresh category with a rollout of 25 new fresh counters and 14 stores with a new fruit and veg concept. The team continued to strengthen Monoprix's singularity and personality brand thanks to the introduction of over 800 innovations to the assortment this year. As far as the non-food is concerned, Monoprix sustained growth in the beauty and fashion category by defining, testing, and launching a new beauty concept rollout already in 14 stores, and by developing a new collection supported by our 11 partnerships with designers in 25 in home and fashion categories. Fourth, we have also worked to continue our digitalization to position Monoprix as an omnichannel brand, To name a few, we extended our partnership with Amazon to 22 additional cities. We developed quick commerce solutions with Uber Eats and Deliveroo, covering today 92% of our store network in France. We finally developed our new e-commerce site Monoprixshopping.fr, dedicated to fashion and decoration categories. In parallel, we kept on working core retail fundamentals, Improving products availability and reducing shrinkage. Increasing the number of conveyor belt checkouts plus 10 points versus last year. Giving more shelf space to highly profitable non-food category. We took the opportunity by closing 28 magazine and newspaper departments in our store. Regarding the Monoprix and MonopStore network management, 26 new stores opened over the period while 20 underperforming ones were closed. 30 own stores were switched to franchise. And last but not least, we started store remodeling with seven stores in 2025. Let's now continue with Franprix. For your recall, Franprix business unit... We present 999 stores by the end of 2025, of which 296 are owned stores and 703 are franchised. Let me present you in one slide main from pre-achievement in 2025. 25, obviously, was for Franprix a year of unlocking potential. Franprix sales reached 1.5 billion euros in 25, almost flattish with an adjusted EBDA growth by circa 20% versus PY. The execution of the Renouveau strategic plan includes several important achievements. First, the rollout of our performing oxygen concept in 89 stores in 25, summing up to 107 stores at year-end. As far as our quick meal solution is concerned, we have proceeded with important space reallocation for snacking, development of a new stacking assortment and menus such as breakfast at 1.9 euro or a pizza menu at 5.5 euro, positioning Franprix as the cheapest among all among all of our own competition in the market and launching a set of exclusivity such as Krispy Kreme. We also launched several customer focus commercial initiatives. The new loyalty program, BB+, with circa 50,000 additional subscribers in 2025. We launched as well the Prefront initiative that includes essential articles at highly competitive price. The rollout of daily in-store services such as Nanymag, Franclay, etc. And finally, the rollout of leader price as a core private label of Franprix and Tous les Jours as a brand as an entry price range. We also develop specific B2B promotional offers under the concept of buy more, pay less to help our franchisees in boosting their sales and profits. And finally, in terms of store network management, we maintain a disciplined approach with 20 new store opening, 85 store exit, and 6 on-store converted to franchise. Now, let's continue with Casino, Spa, and Vival brands. For your recall, Casino, Spa, and Vival business units in France represent 4528 selling points by the end of 2025, of which 236 are own stores and 4,292 are franchise, which is 95% of the store are franchise. Let me show you in one slide, like for the previous brands, 25 achievements. CasinoSpar Vival sales reached 1.28 billion euros in 2025, representing the positive life-for-life growth of plus 0.6%, with an adjusted EBITDA decreased by circa minus 37% versus PY, mainly driven by HMSM disposal dis-energy that we carry them since 24. The execution of the Renouveau strategic plan includes several important achievements. We launched in 2025 two new store concepts, We defined, tested, and launched the new concept of SPA called Origins in five stores by the end of 2025, posting and creating double GT growth. We define a new casino brand identity in Q4 2025. And the first two stores, I must say, will be inaugurated not later than tomorrow in Saint-Etienne. And in case you are close by, please, you will be welcome to visit us. In the key quick meal solution market, we continue to roll out of our Curdably concept with 53 corners deployed annually. in 25, summing up since 24 to 62 stores up to date. We complete our snacking assortment by introducing 17 new SKUs in 25. We also launched several customer-focused commercial initiatives. We continue to roll out Our coup de pouce loyalty program launched in 24 with circa 128 new subscribers in 2025. In parallel, the team continues to transform casinos par viva singularity and personality thanks to the introduction of new assortment tailored to the trade areas as well as corner of naturalia, for example, in 20 stores. As for Franprix, we introduced B2B promotional offer, buy more, pay less type of, And we launched new AI functionality of Casino Pro. Casino Pro is a tool for franchising and ordering tools that help them to better manage their store performance. In terms of store network management, we opened 151 new selling points. 1,052 stores were exited. And additionally, 78 on-store were converted to franchise. Now, let me switch to Naturalia. For your recall, Naturalea business unit represents 213 stores, of which 152 are owned stores and 61 are franchised, means 29% only are franchised. Let me show you in one slide what has happened in 25 for Naturalea. It was a year of growth acceleration for Naturalia. Sales reached 300 million euros, representing a positive like-for-like growth of plus 8.6%, and an adjusted EBITDA increased by circa 57% versus PY. Main achievement for Naturalia was the rollout of our Performing La Ferme concept in 25 stores in 25. End of December to date, 36 stores are already rolled out. Naturalia had launched a new organic quick meal solution concept in 35 stores and a new beauty concept in 47. Teams have also worked to continue Naturalia digitalization by adding 17 new stores with our partner Uber Eats and launched several commercial initiatives. In terms of store network management, six underperforming stores were closed and one store was opened in 2025. Let's finalize an overview per brand of 25 by Cdiscount. 25 was for Cdiscount the year of customer acquisition. Cdiscount GMV reached 2.75 billion euros in 2025, representing a growth of plus 3.5% versus PY. €1 billion of net sales and an adjusted EBITDA of €67 million. Starting with our solid B2C performance, we saw sustained 3P momentum with a GMV increase by 7.7% in 2025, reaching plus 8.1% in Q4. Our marketplace business grew, representing now 67.3% of our total GMV, A 2% point increase over 24. We continue to expand our customer base, acquiring 2 million new customers in 2025. Our media investment plan has been fully deployed, providing support for both sales uplift, brand equity, and obviously, customer acquisition. Moving on to our B2B activities, we've seen significant progress in enhancing the experience of our sellers, resulting in a noticeable 20% reduction in support tickets. Furthermore, our retail media business has experienced strong growth, with net sales up 13% compared to last year. Finally, we're developing now a conversational chatbot deployed with more than 900,000 customers, leveraging generative AI to enhance search and improve conversion. Let me now share with you a few group initiatives, starting with our store portfolio streamlining and how we strengthen our relationship with our franchisee. We continue streamlining our store portfolio to eliminate loss-making store and coordinate selective expansion with profitability, as I said, as a key driver versus market share at any cost. From Jan to end of December, 1,178 stores left our network portfolio. During the same period of time, we also opened 207 stores and we switched 112 stores to franchise. In parallel, we continue to strengthen our franchisee relationship by organizing, for example, annual franchisee events, sharing monthly newsletters, implementing B2B Net Promoter Score, and involving our current franchises in the franchisee selection process for new store openings. Finally, we support franchisee store performance by providing them with user-friendly store performance reports versus their local competition, for example, or versus the average network performance. As far as cost reduction is concerned, We have put a lot of effort in efficiency improvement, cost reduction, and capex monitoring. In the first half of 2025, we successfully launched seven group shared service centers covering key functions like IT, accounting, payroll, and others. We kept on increasing assortment overlap for national brands across all our business units. We are continuously managing our capex with detailed calendarization and reduction of our concept, remodeling cost per square meter. Finally, we strengthen our process to recover overdue receivables, ensuring better financial discipline. And last but not least, two purchasing alliances are now operational, supporting our retail gross margin improvement. The Aura Retail Purchasing Alliance with Intermarché and Auchan in place since March 2025 for large 2080 suppliers. The European Everest Purchasing Alliance since August 2025 for international purchases. By the end of 2025, 37 suppliers were rolled out. Let me now hand over to Angélique.

Thank you very much, Philippe, and good evening to you all. Let me first provide the context and financial framework behind these key financial data estimates for 2025. This publication is intended to provide the market with financial information relating to 2025, subject to the formal approval of the financial statements for the year. As such, this information does not stem from a full set of financial statements since it has neither been approved by the Board of Directors nor audited by the statutory auditors. However, the process related to the preparation of the consolidated financial statement has been completed. These financial data have been prepared on a similar basis as that used for preparation of the consolidated financial statements in accordance with the IFRS reference framework and are based on the information known by the group as at the date of this presentation. These data have been reviewed by the Board of Directors at its meeting held today. The approval of the financial statements on the basis of the going-concern assumption remains subject to a favorable outcome of ongoing negotiations among the stakeholders involved in the group financial restructuring. Here is a summary of our full year financial data estimates. As you can see from the table, the trend is rather positive with a net sales like for like growth over the full year period at plus 0.5%, driven by solid initial results of the rollout of new concepts in the food business and the sustained momentum of the non-food activity. I saw a significant improvement in profitability with a 14% growth in adjusted EBITDA, driven by, first, the implementation of action plans such as reducing shrinkage and improving receivables collection. Second, the benefit of purchasing massification under alliances. Third, the measures to streamline the network, as Philippe mentioned, and fourth, our cost discipline. Our consolidated net loss group share would come out at minus 402 million, mainly due to the net financial expenses in continuing operations. Free cash flow before financial expenses remains negative at 120 million, representing a strong improvement versus last year, mainly derived from the growth in operating cash flow and the change in working capital. Net debt stood at 1.5 billion, up 290 million compared to December 24, still impacted by cash outflows from discontinued operations. The group liquidity position was 1 billion at the end of December 25. It includes operational financings for which the group has obtained from its creditors an extension of the maturity to May 28th of 2026. The group aims to reach an agreement with its creditors and FRH, its main shareholder, within this period and at the latest by the end of June. Let's now go into the market environment. According to Sircana data for 2025, and more specifically the FMCG category, value sales across all channels were up plus 1.9% in 2025, with inflation up plus 0.6%. The positive news last year is that volumes rebound in 2025, with plus 0.9% growth versus 2024, after four years of decline in France, alongside a slight premiumization trend. Combined with moderate inflation, these factors are driving revenue growth. In this context, the convenience store segment continued to outperform other store formats in 2025 in both value plus 6.3% and volumes plus 4.9%. This supports our strategic positioning in line with changing consumer trends. As for Monoprix, its performance followed the general trend among supermarkets category. However, in Q4, market trends were marked by a significant decline in festive products in all segments over the key four-week period ending January 4th. It was minus 4.4% in value and minus 3.4% in volume. A similar trend was also observed in our operational performance for December 25th. First of all, a quick overview of our group sales figures. Full year 2025 net sales totaled 8.3 billion, up 0.5% like-for-like. This performance must be split into, first, a return to growth for convenience brands, up plus 0.7% like-for-like, with 0.6% at Monoprix and Casino, Spa, Vival, when Naturalia increased by plus 8.3%, but Franprix slightly declined. Second, a minus 0.7% decline for sale discount on lead sales, which however reflects an improvement over the year with a strong acceleration in Q4 with plus 3.7%. On JMV side, as Philippe mentioned, sale discount was up plus 3.5%, also supported by an acceleration in Q4 with plus 6%. Let's now focus on Monoprix. Monoprix net sales amounted to 4 billion euros in 2025, up plus 0.6% like for like, of which minus 0.5% in Q4. Non-food sales, representing about 30% of net sales, were up plus 2.1% and once again supported the trend driven by fashion and home, which is outperforming the market. Food sales, representing about 70% of net sales, were stable, reflecting a contrasted performance with positive momentum in fresh products, plus 1.3%, offset by unfavorable market trends in festive products in December, as mentioned before. The brand recorded a plus 0.4% increase in footfall in 2025, and in terms of adjusted EBITDA, Monoprix totaled 424 million in 2025, up 42 million year-on-year. This change is driven by the reduction in shrinkage, the margin gains resulting from the alliance with Aura Retail, the cost savings which partially offset the rise in store staff costs. Franprix net sales came to 1.5 billion in 2025, slightly decreasing by minus 0.4% like for like, of which minus 1.4% in Q4. The good performance of stores converted to the Oxygen concept was offset by negative impacts from price cuts rolled out in September 2024 and the non-renewal of a promotional operation in Q1 2025. However, footfall rose by plus 3.8% in 2025, of which plus 2.5% in Q4, as a result of commercial offer developments. Loyalty program acceleration, as Philippe mentioned, the pre-franc price campaign with prices cut and frozen on 30 private label products, the development of services such as Franclet for key duplication service or the Danny Bag luggage security service. Adjusted EBITDA for Franprix totaled 136 million in 2025, up 22 million year-on-year, driven by strong cost management and lower impairment of receivables as a result of actions to streamline the store network. Casino brands net sales amounted to 1.3 billion in 2025, up 0.6% like-for-like, of which 0.3% in Q4. 2025 net sales performance was positively impacted by strong momentum for seasonal stores, as well as the efficiency of the supply chain, with an improvement of service rate at 94.9% plus 2.5 points versus 2024. Adjusted EBITDA amounted to 29 million in 2025, down 17 million year-on-year. Excluding the impact of 21 million in synergies on operating costs and 12 million in logistics synergies, adjusted EBITDA would have increased by 16 million, supported by the important streamlining of the stored network and cost savings. As for Naturalea, net sales came to 310 million in 2025, up plus 8.3% like for like, of which plus 8.4% in Q4. The brand definitely benefited from a good momentum in the organic market and the success of its La Ferme concept, plus the effectiveness of measures taken in terms of product offering and assortments. E-commerce sales also performed well in 25 for Naturalia, with a double-digit growth of websites, plus 19.1%, while the partnership with Uber Eats on QuickCommerce continues to be rolled out, covering 72 stores at the end of 25. Naturalia continues to benefit from a strong growth in footfall, up plus 8.2% in 2025, and a solid loyalty customer base since 74% of its revenue is generated by loyalty card holders. Adjusted EBDA amounted to 22 million in 2025, up 8 million year-on-year, driven by volume, effects, and cost discipline. As for sale discounts, the brand has enjoyed positive momentum in 2025 thanks to its relaunch strategy initiated 18 months ago. Global JMV has returned to growth in 2025, supported by Marketplace JMV with plus 8% growth, while the direct sale JMV decreased by minus 1% but keeps recovering with a return to growth in Q4, plus 3%. The discount net sales came to 1 billion in 2025, down 0.7%, of which plus 3.7% in Q4, confirming the sequential improvement underway since 2024. Adjusted EBITDA came to 67 million in 2025, down 4 million year-on-year, due to higher marketing costs as part of this reinvestment plan, which was partially offset by strong commercial momentum, operational efficiency and cost savings. By contrast, adjusted EBITDA after lease payment increased by 5 million, primarily supported by a significant decrease in lease payments resulting from the rationalization of warehouse capacities. By walking through the P&L statement, we would arrive at a consolidated net loss of 402 million, including a net loss from continuing operations of minus 571 million, and a net profit from discontinued operations of plus 168 million. The net loss from continuing operations was mainly impacted by 64 million trading profits resulting from an adjusted EBITDA of 655 million, but 591 million of depreciation and amortization. Second, a reduction in other operating expenses, which amounted to minus 258 million in 2025, including 87 million related to asset disposals, mainly real estate assets, minus 275 million asset impairment losses, including 218 million in goodwill impairment, and minus 41 million from risks and litigations. A negative impact of 369 million from net financial expenses, including a net cost of debt of 192 million, interest expenses on lease liabilities for 145 million and the financial cost of CB4X for the discount of 25 million euros. As regards the discontinued operations, the net profit of 168 million was mainly due within the HMSM segment to favorable settlements of liabilities related to reorganization cost, termination of operational contracts and store closures. It thus reflects costs that are ultimately lower than initially estimated. In 2025, we then reported a free cash flow deficit of 120 million, an improvement of 519 million versus 2024. This change reflects the growth in adjusted EBITDA after lease payment for 86 million, a positive impact of 403 million due to change in working capital. As you know, 2024 was marked by the financial restructuring with a return to normalised payment terms leading to a higher level of disbursement in 2024. On 2025, we saw the implementation of the Supplier's Shared Service Centre with a new organisation requiring a complete overhaul of processes Changing in working cap was also impacted by faster inventory turnover due to seasonal effects end of 25. Generally speaking, the basis of comparison had been adversely affected last year as well by the payment of 153 million social security and tax liabilities placed under moratorium in 23, of which 142 million coming from working capital and 11 million from taxes. Excluding this effect, the free cash flow before financial expenses last year would have been negative for minus 486 million, and the free cash flow would then have increased by 360 million positive year on year. Now starting from the minus 120 million free cash flow of the previous slide, our net debt position has been mainly impacted by the net financial expenses, of which 118 million interest paid for the reinstated term loan, 19 million cash flows from discontinued operations and asset disposal, including a negative impact of 152 million in cash related to discontinued activities, but a positive impact of 170 million from real estate disposals. As a result, our net debt has increased by 290 million to 1.5 billion end of 2025. On this slide, we can see our debt maturity profile. As you know, most of our debt accepted our main RCF materials in March next year. And for operational financing, we have secured last week an extension of the maturity from our banks until the end of May 2026. In the meantime, ongoing discussions with creditors are continuing with a view to reaching a comprehensive agreement that would in particular extend the maturity of the operational financing to a longer term and also revise downward the cost of debt. You can also see on the right the cost of our main debt instruments. In light of this maturity and cost of debt, last November the Group has launched a work to adapt and strengthen its financial structure, as most of you know. Now let's give you some insight on our liquidity position at the end of December last year, which ended at 1 billion, including 11 million of unrun overdrafts. All the other credit lines, were drawn as of December 2025. As you can see here, the main RCF for 711 million, 149 million of overdraft facilities, 95 million of the monoprix rotation RCF, and 60 million of the French state guaranteed loan, plus 36 million of Monoprix Holdings bilateral lines of credit and 20 million of another bank available line. Just as a reminder, under the loan documentation, available cash is defined as cash and cash equivalents excluding the float and any trapped cash. Now, moving on to our financial covenants. The financial covenants until those financing agreements include 100 million minimum liquidity on the last day of each month. Hence, 1 billion end of December was satisfying. And the same covenants also applies to each month of the subsequent quarter. Here, important for you to know that our liquidity position estimate for the end of Q1, which is tomorrow, is €0.8 billion, of which €0.2 billion is attributable to factoring, reverse factoring and similar programs. The total net leverage ratio at the end of each quarter must also comply with specific thresholds, As at December 25, this ratio was 4.66, based on 194 million Covenant-adjusted EBITDA and 900 million Covenant-led debt. It is below the threshold of 7.17 we were to comply with, and it doesn't take, and to a contrary, any pro forma restatement as granted by the documentation. I would add that the ceiling of this ratio is set at 7.41 for March 26, and our BDA forecast for Q1 is to ensure compliance with this March test. Let's now focus on the project to adapt and strengthen the financial structure of the group. In order to support the execution of the strategic plan and in light of the maturity of our various indebtedness, we have initiated work to adapt and strengthen our financial structure since last November 25. The key terms of the proposals made by either the controlling shareholder or the creditors were made public in February and March and are detailed in the presentation available on the group website. It's important to highlight that should such a transaction to adapt and strengthen the financial structure be completed, it would result in a significant deletion for existing shareholders. The company has last week secured an extension of the standstill agreement from the RCF, TLBs and operating financing creditors until May 28, 2026. while the standstill granted by the Quatrim creditors is in the process of being extended from end of April to end of May. Banks have also agreed to extend the maturity of the operational financing to the end of May 2026. As of today, unfortunately no agreement has been reached between Casino, FRH and the creditors regarding the adaptation and strengthening of the Casino Group financial structure and discussions are continuing. So that concludes my presentation. Thank you for your attention. And I give the floor back to Philippe for his closing remarks.

Yeah, thank you, Angélique. I will go to a conclusion. I would like to provide you with an overview of our market perspective and upcoming challenges that Casio Group will face. in the coming months. First of all, I'm convinced that we are at the right place and at the right moment. Convenience retail market, as you have seen in the presentation, shows a positive trend aligned with change in the consumer habits, especially in the growing segment of quick-mix solutions. There are still white spots for expansion in our targeted zone in France. Organic specialized distribution and e-commerce penetration are still growing, offering important opportunities for the group. main french retailers operate a move towards growing convenience retail sector on which they direct significant investment especially in paris rivalry will increase drastically in the upcoming month most likely leading to a territory and price war moreover traditional retailer position is exposed to risk from the aggressive expansion of non-food discounters and ultra-fast fashion e-commerce platforms such as Temu or Shin. Finally, from a macroeconomic perspective, we will also face consumption decline, political instability in France, low consumer confidence, recent conflict in the Middle East, and the oil price increase. It's now the moment to conclude. I would say that we are in a dynamic convenience market, at the right place, with the right brands, at the right moment, but in a market increasingly competitive, where players are fighting for price leadership. 25 financial data estimates are fully in line with our Renewal 2013 business plan and confirm the relevance of our positioning and the successful execution of our strategic plan. We'll focus during the coming month on execution and constantly adapting our model to market evolution as well as to market revolution. I would like to thank you for your attention, and we will now answer your questions. Thank you.

Okay, then the first question is, when will the group pay the rest of the quatrain bond given the high interest burden? So you may have noticed that 21 million were repaid last Friday to the quatrain secured bondholders. Hence, the nominal amount of the quatrain bond is now 120 million versus what it was end of December. The gross asset value of our real estate asset presently stands above 200 million euros at the end of last year. And we are ahead of schedule, which means that thanks to this disposal program, we have reduced the coupon at 7.5% since April 2025, instead of an initial coupon of 8.5%. This bond matures on January 27 and it benefits from a one-year extension option exercisable by the company, which we will see in the future how this is extended. We also have a question from Odo, what to expect on margins from Casino and Cdiscount, which were somehow below expectations going forward? On margin, Casino and C-Discount are not below our expectations. In the next year, we expect that Casino free cash flow should be zero in 2030, as was shared through the Renouveau 2030 plan, and it should be, for C-Discount, a 67 million free cash flow.

Yeah, I think the question, I will take that one. The question, it seems that somehow CapEx is below target slightly, but above all, is it enough to admit growth in the context of increasing competition in proximity. I mean, cash flow reached €252 million in 2025, slightly below our plan of €263 million, which was just phasing effect we had at this time. As you recall, the representative that I mentioned, that we are very careful in the cost per square meters, and as well to make sure that we implement the right measures CapEx at the right store and at the right place. This year we have accelerated at Monoprix as well. All the investment, the CapEx investment we are doing in turnaround stores. You know that every store by the end of the plan of Monoprix will be touched till 2030. Every single store will be touched on that one. If you take 2015 2030 is more than 1.7 billion euros that will be invested into our network. And yes, to answer your question, it's highly sufficient to fight against competition and even leading the pack. So, maybe next question also.

Yes, we have a question on net debt. So can you elaborate on the position as of December 25 and real estate disposals? How much of the cash from those disposals? Is this level of net debt a kind of run rate or shall we make some retreatment to have an idea of the real net debt excluding divestments? So the consolidated net debt stood at 1.5 billion end of December, increasing by 290 million, as explained during the call. This variation was mainly impacted by real estate disposal for 170 million, but financial expenses for minus 382 million. Cash flows from discontinued operation for 152 million and free cash flow before financial expenses of minus 120 million. So net debt end of December 25 was yet impacted by the real estate disposals and discontinued activities, notably as indicated here. Ongoing discussions to change the group financial structure will impact what is the level of group indebtedness and cost of debt going forward. So it's a bit early to answer what is the run rate for the net debt.

And apparently there is no more questions. We would like to thank you for the time today and for your question. And we're going to see most of you quite pretty soon. And the next financial update will be end of the quarter as well, first quarter. Thank you.