Bouygues

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Imagine a journey across our business segments, across the planet. A desire to innovate, no limits, no boundaries. Imagine a group spanning 80 countries, its people united around shared values. These are the talents building the world of today that is ready for the challenges of tomorrow.

Right now I'm working on the Espoo Railway project, which we are building 4.5 kilometers of new railroad and also five new bridges, and we are repairing four old bridges. What I find gratifying in my work is that I can see the quality which we are producing here. It's a really great feeling to see that I have an impact on this environment and society. My name is Antti Snirvi, site manager for Koolas.

I think sustainability is a choice that we can make every day. And what really gives me a sense of purpose is the possibility that I'm part of that change. With the Wright Hospital redevelopment project, we have been able to deploy our own decarbonization levers, including green electricity, low-carbon concrete, high-recycle content steel, and many more. All of these solutions helped us move away from our dependence on the traditional grid and reduce our carbon emission by switching to greener and more responsible choices. Tenzin Atoy, Senior Sustainability Coordinator, AW Edwards, Australia.

We are here in Seine-Paris, located about 20 km from Paris. It is a neighborhood developed by Urbanera, the urban operator of Bouygues Immobilier, whose DNA is to give life to abandoned spaces. Here we are on an old industrial farm, an old cement factory, which is completely transformed into a neighborhood where housing, trade, a school group will be developed, and all around a marina and a port. Je m'appelle Clermont-Franc, je suis directrice du montage et de l'aménagement chez Urbanera.

Plan Group, which is an Equine's brand in North America, has a rich history in the healthcare space. We've been in the business for over 20 years in designing, building, and maintaining hospitals across Canada. The recent project that we just completed is the Patient Support Tower at SickKids Hospital in Toronto. We're looking at solutions that improve the lives of patients and clinicians within the healthcare space. An example of this is being able to track the journey of a patient as they enter into the facility all the way to when they leave and taking that data to make sure that we're driving better outcomes. Daryl De Silva, National Director of Technology Solutions at Blind River.

Aujourd'hui, on a un réseau de très bonne qualité. D'ailleurs, WIC Telecom a été élu deuxième meilleur réseau mobile. Néanmoins, ce n'est pas parce qu'on a un très bon réseau qu'on n'a pas besoin de déployer de nouvelles antennes relais. Déjà parce que les usages évoluent sans cesse. With the arrival of the 4G, which has a very high mobile speed, and the 5G today, the uses are constantly increasing. This means that we need to dimension the network and we need to bring more capacity. Sophie Biolchini, head of the initial deployment service for Bouygues Télécom.

Within the TF1 editorial department, my job is to invent new ways of telling information, in particular by using augmented reality. The objective of introducing 3D into the treatment of information is double, it is to bring pedagogy. It allows us to show what is impossible to film and when we see things, we understand them much better. And then the second objective is to bring something playful to certain subjects that are a bit rigid and that make them much more accessible to a very large audience.

I am Yannick Hezard, journalist and responsible for the innovation of information at TF1.

to keep going, to keep dreaming up big ideas together, to make sure that the future remains in our hands, to ensure that caring for others is what drives tomorrow's world, to build, to innovate, to make progress become reality.

There you are. That's our new institutional video showing you a number of the achievements that we did in 2024 and highlight the value of our employees. So let's move on to the heart of our presentation with the results for 2024. I'll be doing this with Pascal Granger and then with Edouard, Pascal and all the other heads of the business segments. We will happily take your questions. Let's begin with the highlights and, of course, the key figures for 2024. This year, we posted very robust results. We've achieved the targets, the guidance that we gave you last year. Sales are up slightly year on year, as expected. Our COPPA grew slightly higher than expected. Two other areas we're happy about. First of all, the level of free cash flow before working capital requirements, which rose 8% year on year. We're also very satisfied about the level of net debt at year-end 2024. Despite the fact that in 2024 we purchased acquisitions for over €1 billion, despite that we have improved our net debt. We're especially happy about the performance of Equans while Etienne is picking up his pen. Equans has shown just how successfully it has executed the PERFORM strategy plan that Jérôme told you about in early 2023. Equans achieved a margin from activities of 3.5%. Its cash conversion rate, that's copper to cash flow before working capital requirements, was 98%. And Equans also posted a net cash position of over €1.5 billion. Another important point in this stable world, our backlog is at a record high, giving us very good visibility on our future activity. This backlog has risen 13% over 2023 to establish itself at €32.2 billion. Given all that, the Board of Directors, at its meeting of yesterday, has proposed that the shareholders be asked on the 29th of April to increase the dividend to €2 per share. Before that, it was at €1.90 last year, which is a 5.3% increase on the dividend we proposed last year, which in itself was a €10 increase on 2023. Key figures on slide 5 now. Group sales reached €56.8 billion. That is growth of approximately 1% over the year. Group's current operating profit from activities reached €2.53 billion. That is a 5% increase year on year. Net profitable attributed to the group amounted to €1.058 billion, up slightly over the period. Now, Pascal Granger will give you a detailed analysis when he talks about our income statement. But finally, on this slide, group net debt was $6.06 billion at year end 2024, down from $6.25 billion the year before. That's a good performance, especially when we bear in mind the amount invested in acquisitions in 2024, which was slightly above $1.1 billion. with the acquisition of La Poste Tricombe for almost €1 billion, and the Johnson Production Group purchased by TF1 for €70 million. That's a very theoretical position, but had we not made those acquisitions, our debt would have improved by €1.3 billion. However, we made those acquisitions, and we only improved our net debt by €1.5 billion, which is still a very good performance in itself. Moving on to page 7, information on our greenhouse gas emissions in 2024. We totaled 21 million tonnes of CO2 equivalent in 2024. For a constant scope of consolidation between 2023 and 2024, This slide shows how we reduce our greenhouse gas emissions over the year. It also shows just how much we own the energy mix in countries, more and more carbon content in certain countries. These figures can vary. The energy mix not being the same in many different countries. And the first slide, we mentioned that AI, that's a science-based target initiatives, has endorsed all six business groups in terms of our decarbonization rights. This was initially approved back in 2022. Big Immobilier and TF1 Telecom were approved in 2023, and Equans had its targets endorsed in 2024. Now, this decarbonization trajectory is consistent with with the Paris Agreement goal of limiting global warming to 1.6% Celsius. Colas, which was the first to have its decarbonisation targets endorsed in 2024, has approved its new targets in 2024. We also have external ratings on our CSO policy. you'll see that our rating is stable with MSCI and the Carbon Disclosure Project, CDP. Our ratings are actually up according to Moody's analytics, but also according to Sustainalytics. Let's now move on to the review of operations, beginning with construction. As I said earlier, by way of introduction, our backlog in construction is at a record high, a record level of 32.2 billion euro, which gives us visibility for the future of our business. On this slide, in Australia, it's the Torrance to Darlington route. This is a contract that was awarded in 2024 by Brewer Works. The works that we will carry out total over €2 billion. Carried out in what we call an alliance mode with a lot more cooperation between the client and the builder, which I think reassures both sides. For brief construction, there are two three-way tunnels with an open motorway section of 10.5 kilometres. This is aimed at optimising the streamlined freight transport routes improving access to Adelaide's central business district. This will be between 2025 and 2031, and at the peak, there will be up to 5,500 people working on the site. Let's now take a closer look at the backlog in construction, beginning with Colas. The backlog is up 700 million euro over the year, up to 30.1 billion, despite the changing scope of consolidation being able to dispose of a business in Q3 2024 in Italy. We sold off Colas Rail in Italy, which actually reduced our backlog by 300 million euro. Over the year, the roads... backlog was up 2%, France up 8%, international operations down fractionally by 1%, mainly due to North America. Now, the rail backlog is overall up 14% year on year. The order intake in 2024 was 13.4 billion euro. That is up in roads, both in France and internationally, and in rail, This depends on large contracts, which are not at all linear, depends on major projects. We in 2024 signed fewer than in 2023. Remember, these are projects that span several years. However, I might mention two large contracts we've been awarded, one for the renovation of Cairo Metro Line 1 in Egypt for €310 million and the follow-up of the HS2 catenaries project in the UK. Colas is now putting in the catenaries on the HS2. That's the high-speed train line. €240 million for that second project. Again, on the backlog in construction, moving on to big construction, which was up by 3.2 billion euro year on year. This has been driven by all three sections, civil works up 42%. thanks largely to the T2D project I mentioned earlier. International building saw its backlog rise by 6%. Building in France also rose 3% year on year. If you look at the situation at the end of December 24, year end 24, the backlog was 9 billion euro, which is 800 million euro over the same level at the end of 2023, which augurs well for 2025. Reconstruction took in an order for 13.3 billion euro. sustained by contracts that we call normal course of business, that is contracts of less than 100 million euros. The total order intake is a very good balance between normal course of business and major projects, 49% and 51% respectively. This is both in France and outside of France. In Q4, to mention but a few examples... Brigg Construction was awarded a contract in Australia to build the northern tunnel of the Sarah Melbourne line, €340 million for that contract. In Switzerland, to build a campus in Bern, a contract for €310 million. This brings me to Brigg Immobilier. Throughout the year, big immobilier are difficult. Year-long, it's virtually at a standstill in commercial buildings. The downturn in interest rates since 2024, 900 million. Sales in the construction business. reached €27.5 billion, up 1%, driven largely by pre-construction. Colas' sales dropped very fractionally to €15.9 billion, almost stable. It would be stable at a constant change of consolidation. Roads are fractionally down. The growth in France was offset by a downturn in international activities. Colas' rail was up 6% year-on-year. which is a good reflection of all these alternative infrastructure projects. Reconstruction sales were up 6% to 10.3 billion, driven by the strong 16% growth of our international building, but also by growth in civil works and a 2% increase in building in France. Finally, the sales of big immobility, given the very weak level of bookings, is down 17% to €1.5 billion. With the sharp decline in residential property, down 14% year-on-year, and commercial property sales close to zero for the period. So what kind of current operating profit from activities does that give us? Copper in construction was 827 million euros, down fractionally year on year. This slight decline was due to big immobility because the other two businesses saw their copper rise significantly. Colas had a COPPA of 552 million, up 10 million over the year. Its margin from activities reached 3.5%. That's up 10 basis points on the year. Remember, in 2023 in COPPA or under COPPA, we had disposal of land that improved COPPA in 2023. Reconstructions COPPA is up to 326 million euros, up 45 million. Its marginal productivity rose 30 basis points to 3.2% over the year. This is a good illustration of the strategic plan called Green Light. And finally, Brieg Immobilie has negative COPPA. It's a negative 51 million euros. In 2024, Big Immobilier tightened its structure to adjust it to the size of its shrinking market. It also granted discounts to its customers and booked provisions on certain transactions for the purposes of precaution. It is now ready to align with any market recovery that will happen. Moving on to equines for two years now, equine has been rolling out its strategic plan called Perform. We presented this at a capital markets day in February of last year, February of 2023. This plan has been rolled out very satisfactorily. Ikhwan's figures are faster and higher than we expected in terms of group sales. Growth is illustrated by sustained demand linked to the energy, industrial and digital transitions. You're really at the very heart of Ikhwan's business. The margin from activities rose 1.2 percentage points to a margin of 3.5% in 2024. This is consistent with our initial expectations, but also shows that the PERFORM plan under Jerome's teams is being rolled out successfully. We had considered reviewing our pricing. We've been working on pricing procurement, the debugging of large contracts that were generating losses. We also worked on turning around profit centers that were producing losses and productivity using different working methods. Now, over this same period, the net cash generated improved substantially to reach €1.5 billion at year-end 2024. On the right-hand slide, or the right hand of the slide, you see the size of this net cash surplus at the end of 22. So it has risen since by over 1.3 billion, from 181 million to 1.5 billion. In the meantime, Equans still paid out dividends for 400 million euro to its shareholder over two years. So the reality of that rise is actually in excess of 1.3 billion. It's higher again. In this environment, Equans has remained selective, so it's not so much the target, it's not so much sales growth, it's our margin. Our backlog is up 3% year-on-year to €25.4 billion. The margin on orders taken continues to improve. And Equans' sales figure is at €19.2 billion in 2024, up 2% on the previous year. This is better than we expected, given the fact that we're being more selective about the contracts we take on. We also sold off a number of activities in the meantime, which will mechanically generate less sales. But despite that, the good dynamics of sales have produced their results. Roca at €135 million, that's a 3.5% Roca margin, up 60 basis points. Now, the conversion of COPA to cash flow before working capital requirements was 98% in 2024. That's a very satisfactory level. In the upper part of the bracket that we announced, we told you that we were targeting between 80% and 100% conversion rate. Pascal will elaborate on a number of the indicators that we publish just to put into perspective the way we calculate some of these indicators. Anything that isn't completely normalized makes it more difficult to compare. So Pascal will tell you more about that. Equans Outlook for 2025. Equans will continue to roll out its strategic plan called Perform. the goal being to continue with the organic growth of its sales, to aim at improving its operating margin to close to 4%, and to convert between 80% and 100% of its COPA to cash flow before working capital requirements. As a reminder, our goal is to gradually catch up with the organic growth of sector peers and to achieve by 2027 a margin from activities of 5%.

Again, the definition, Pascal will tell you more about a little bit later on. Sales attributed to customers was up 5%. EBITDA reached 2.037 billion. And gross capital expenditure, not including frequencies, was 1.541 billion. A few words about fixed lines, and that is, of course, one of the drivers of growth at Wikileaks. So a few words about the performance in 2024. Regarding the quality as perceived by independent companies, body. Brugged Telecom was number one on Wi-Fi, and of course this is critical at Holmes, for the fourth year running according to NPERF. We became number one for the second year running for fixed lines, according to NPERF, and that's about the way the set-top boxes are designed. And then Brugged Telecom made two big announcements at N2024. Two The finding offers, one is called Big, B.I.G., which is for families. You have a discount based on the number of mobile devices in the home. And then a new segment. It's called BNU Pure Fiber for autonomous digital customers who do not use the phone or TV, simply want to have a high-speed Internet. And also, Big Telecom announced at the beginning of the year its new box. It's the first... Wi-Fi 7 certified box as defined by the Wi-Fi Alliance. And, of course, that growth goes to strengthen our perception. It's a growth driver for Bouygues Telecom. And if you move on to the next slide, if you look at the growth momentum of Bouygues Telecom, it was a strong performance both in terms of volume and value. Bouygues Telecom gained... 615,000 new FTTH customers in 2024, of which 207,000 in Q4, customers with an FTTH offer number 4.2 million. They account for... Eighty-one percent of the total base, it used to be only 73 percent just a year ago. And the total number of customers you have for 5.2 million fixed customers up 263,000 over 2024. and including 111,000 new customers in Q4. That was the highest growth over a single quarter ever recorded since 2011. It goes to illustrate that. The success of the new BNU Pure Fiber offer. ABPU fixed. ABPU is steadily growing. It stands at 33.4 euros, up 2 euros over one year. And we are rolling out the fiber over the country. and now we have as many as 38 million marketed premises for FTTH. If you look at our mobile performance, even though the market was less dynamic in terms of actual performance, but convergence is the great strategy of the new business strategy, along with the loyalty building, not including machine-to-machine. We have an additional 330 people. new customers, not including La Poste Telecom, of which 93,000 new customers came in Q4. Still talking about mobile, with the customers acquired in Q4, we have 2.8 million new customers on Bouygues Telecom's mobile base. Mobile ABPU, not including La Poste Télécom, is down to 19.1 euros. This is a very competitive market with low acquisition prices. And if you look at La Poste Télécom's own ABPU, it stands at 11 euros. If you look at the key figures for Bouygues Télécom, the sales built to customers in 2024 is up 5% over the year. This performance is driven by the excellent growth of fixed business, up 1% of sales year-on-year. This has been offset by lower other sales. Other sales include handsets, accessories, and built-to-suit. EBITDA, after leases, stood at 68 million euros today. It stood at $2.037 billion, up $68 million, and that includes effects of cost control. We have EBITDA margins standing at 32.7%, and that includes a slight dilutive impact because of the acquisition of La Poste de Comte. If you look at COPPA over the year, it stood at 795 million. Now, of course, you have a rise in EBITDA, but an increase in depreciation and amortization related to capital expenditure over the past few years. To zoom in on La Poste Télécom, because that's being completed because the closing date, was completed at the end of 2024. But a few reminders of why we acquired La Poste Telecom. First, it enables Big Telecom to strengthen its position in the mobile business. We have 2.4 million new customers coming straight from La Poste Mobile. That company has as many as 460 employees that are there to train post office employees to sell mobile services. And, of course, it has good proximity to the customers, a great network of points of sales, post offices, namely. So this is an area. that we were not present in. Plus, presence throughout the country, we have 7,000 post offices, and we can increase EBITDA after lease in an area with basically fixed costs. So we can take out all the 2.4 million customers that are now hosted by the SFR network and ticket them to the BRIC telecom networks. And once that is completed, the migration is completed, That will bring an improvement of 140 million euros in EBITDA once the migration then has been completed. What are the next steps then? For 2025, we will continue taking in the employees from La Poste d'Ecom. So we're talking about 460 employees. We'll have a fixed offer in Q4 of 2025. And so that will be available from post offices. And then we will start the migration of La Poste Telecom mobile customers onto Bouygues Telecom's own network. We'll have synergies in terms of... of procurement, licenses, communication, advertising, and then that will continue in 2026. The migration can start and we'll be selling the new offers, launching the new offers in 2026. And then in 2027, we will complete migration. We expect to have as many as 90%, 90% of all La Poste Telecom customers to migrate to our own network, from the SFR's network to our own network. So what's the outlook for 2025? Well, For 2025 first, we are looking at sales, building customers, slightly on the increase compared to 2024, like for like, not including La Poste Telecom, of course. But then you have to add La Poste Telecom's own contribution. EBITDA after leases should be close to that of 2024. You know the thing, with Big Telecom, we did not – well, we didn't suffer from higher energy prices because we decided to have hedging. We had green electricity as early as 2020. And so we had a PPA that enabled us to have electricity rates much lower than what was on the market when the prices went up. So we recovered to 2024. That hedge fund law will no longer apply, so we'll have higher prices after 2025. The contribution, that post-income contribution to EBITDA after leases will be somewhat limited in 2025, but once we have fully migrated, we will fully benefit from that as early as 2028. We're looking at about $1.5 billion in gross capital expenditure. That includes, of course, the expenses related to the migration of La Poste customers, and Bouygues Telecom will not exercise its call option that would enable it to acquire a 51% stake in SDAIF. That is an orange FTTH network in moderately dense area. So we will not be acquiring that. That looks not for 2026, not including La Poste des Combes. So the numbers for 2026 assume that the budget law that was imposed in 2025, these provisions, the tax provisions, will not be renewed in 2026. I mean, in 2025, sorry, 2026, hope springs internal. Gross capital expenditure should stand at about 1.250 billion, not including frequencies. And free cash flow before WCR should stand at about 600 million, not including frequency. La Poste Telecom's contributions to Bouygues Telecom, so we've... We've acquired it now for four months. We feel that the effects of integration and the development of La Poste des Comptes will bring the following. First, La Poste des Comptes' contribution to EBITDA after leases will be somewhat limited in 2025. It will reach a low point, almost zero in 2026. And then we'll grow gradually back in 2027. The full effect expected to be, as I said, 140 million euros in 2028 when the migration is completed. In 2026, free cash flow before WCR and not including frequencies will be. reduced by two things. First, operating capex, which will be needed for the successful migration of La Poste Telecom's customers, and that should cost us about 35 million euros. And then we expect that interest expense net of tax associated with the acquisition of La Poste should also stand at about 35 million. So all in all, La Poste Telecom's contribution to big telecoms free cash flow before WCA and not including Frequencies will be gradual neutral in 2027, full effects in 2028 when about 90% of its mobile customers have joined Brick Telecom's own mobile network. Let's move on now to TF1. TF1, as you know, had three objectives for the year 2024. pursue the growth of the digital business building on the very promising launch of TF1+. Advertising revenue was up 39% on TF1+, and brought together as many as 33 million streamers on average in 2024 every month. Margins should be close to that of 2023. TF1 delivered margins at about 12.6%, so slightly up 0.1 percentage point compared to 2023. And for our dividends policy, we expect those to grow over the next few years. And specifically, TF1 on its AGM on 17 April will suggest a payout of $0.60 per share, up 9% compared to 2023. Thank you. If you look at the ratings, then the audiences were strong, 33.5% audience share amongst women under 50 in charge of purchases, 30.5% for individuals aged between 25 and 60. Sorry, at 49%. Revenue was up 3% at 2.4 billion euros, driven by these two aspects, media and new and studios. Media was up 2% over the year, thanks to advertising revenue driven by the strong advertising momentum on TF1+, the digital branch, which was up 39% over the one year. And revenue from New and Studio was up 5% over the year, if you include JPD's contribution over that year. Regarding the audience shares, we are trying to bring them to the digital part in line with new viewers' behavior. But in spite of the changes that meant expenses, COPPA was up 9 million euros to 297 million. The margin was up as well. 0.1 percentage point at 12.6%. We had expenses around the advertising business. It was more dynamic over the nine first months of the year, but we, of course, last year we sold a brand in Q3 that enabled us to pursue our capital investment in digital in Q4. What's the outlook for 2025 again for TF1? In the advertising revenue, we have limited visibility. The advertising market is very much in line with the GDP growth. We're looking at strong double-digit revenue growth in the digital business. Margins should be close to that of 2024. And our dividend policy, again, is looking at growth over the next few years. And now I'll give the floor to Pascal Granger, who will give you more detailed presentations of the numbers. Pascal?

Thank you, Olivier. Good morning, everybody. Just a few additional explanations on the statements as of December 31st, beginning with the income statement. I'm not going to dwell on sales and COPPA, which have already been explained by Olivier overall and individually by a business segment. Now, let me begin by telling you that in the course of 2024, we booked €97 million in amortization of PPA, power purchase agreements, including €54 million for equans, which have been carried out to Big SA. The second item... These are the non-recurring items. They are not strictly representative of the activity, but they amount to 196 million over the year. The main non-recurring items are, first of all, equans, which book 96 million euro in non-recurring expenses, mainly in connection with the management incentivization plan that we talked about at length during our Capital Markets Day. This covered the whole period 2024, despite the fact that in the previous year it only concerned part of the year. As a result, the total amount is higher in 2024 than it was in 2023. Second factor, reconstruction booked a non-recurring expense of €56 million. This was due to a change in regulations in the United Kingdom concerning its activities, of course. Thirdly, Brieg Immobilier, as we have said in previous quarters, booked a non-recurring expense of €31 million, mainly due to the streamlining of its activity. Finally, Brieg Telekom carried non-recurring income at the end of the year, mainly due to the disposal of data centers and mobile sites. The third factor I'd like to talk to you about is the cost of net debt, which was minus €187 million. It was an expense of €254 million in 2023. was due to a number of factors, mainly the increase in net cash and the interest on net cash. But on the debt side, our debts are mainly in the form of bonds at fixed rates. The fourth contributing factor, and we're now looking at the bottom of the income statement, with an income expense of 617 million up from 547 in 2023. This gives us an effective tax rate of 33.4% in 2024, up from 32.4% the previous year. The increase in the effective tax rate over 2023 is mainly due to the increase in permanent differences. For this reason, the group's effective rate of taxation in 2024 is higher than the theoretical tax rate in France, which is which was 25.83% in 2024. Fifthly, the net share of net loss attributable to non-controlling interests was $163 million. up from 161 million the previous year. Several reasons for that. Losses that were expected in Brigg Telecom's joint ventures, which are in the investment phase, particularly in fiber, but also the lesser contribution in 2024 of a certain number of co-promotions between Brigg Immobilier and particularly in commercial property, which contributed significantly in 2024, and the lesser contribution of Tipco Asphalt, which is a joint venture with Colas, alongside Colas in Thailand. The upshot of all this is a net profit attributable to the group of 1.058 billion, up 18 million over the year. The second factor I'd like to talk to you about is the change in net debt in 2024 now. This has already been mentioned by Olivier Rousseau. We're on page 39, by the way. Net debt at year end was 6.1 billion, down from 6.3 billion at year end 23. This is a 200 million euro improvement. By comparison with year 2023, this variation, again, as Olivier said earlier, is all the more remarkable that it was achieved despite the fact that in the course of the year we made acquisitions net of disposals totaling over €1.1 billion. So, the variation in net debt can be explained by, first of all, acquisitions net of disposal that mainly included the acquisition by Brick Telecom of La Poste Telecom, as well as investments in joint ventures by Brick Telecom, the acquisition of JPG by TF1, and the buyback of TF1 shares. Secondly, the variation in share capital and others accounting for €61 million includes bigger buybacks for €69 million, mainly for the purposes of cancellation, to compensate the exercising of stock options and the liquidity contract. Thirdly, the dividend payout for €816 million, including €718 million for the Buick shareholders, the remainder being dividends paid out to minority shareholders in TF1 and Buick Telecom. And finally, operations which generated surplus cash flow from operations of €2.2 billion. And I propose to look at this excellent performance on page 40. Let's begin with net cash flow. This includes lease obligations. This amounts to 3.8 billion, up almost 500 million by comparison with the same figure in 2023. Net operating investments totaled $2.3 billion, more than the previous year, not that the business invested more in the course of the year. However, there were fewer disposals than in 2023. Furthermore, the frequencies that we didn't have last year actually represented an investment of $183 million in 2024. Free cash flow before working capital requirements, including frequencies, thus amounts to $1.268 billion. an improvement of almost €90 million by comparison with 2023. Over the year, the variation in working capital requirement was therefore plus €942 million, very similar to the amount we posted in 2023. So this is the second consecutive year where the variation in working capital requirement is very positive, amounting overall in some €1.9 billion generated over two years. Very good performance. Obviously, in 2025, our employees will continue their efforts, the efforts that enable us to achieve these two excellent performances over the last two years, and the variation in working capital requirements, particularly in contracting, is not something that can be modellised. Let's now look at the group's financial structure on page 41. The group's liquidity situation totals 15.8 billion at the end of 2024. It's a very high level of liquidity, comprising 4.8 billion in Treasury and 11 billion in loan facilities, medium and long-term loan facilities that have not been drawn down. On the right-hand chart, you have the scheduling of our debt over time. It's very well balanced. Moving on to page 42, you see that our gearing improved by two points to 42%. This is thanks to the increase in shareholders' equity combined with the decline in our net debt. The rating agencies have given the group solid ratings. Standard & Poor's have rated us an A- with a negative outlook, and Moody's have us rated an A3 with a stable outlook. Finally, let me conclude this presentation by underlining the fact that our next bond maturity is October 26. And at the end of December 24, the average maturity of our bond debt was 7.3 years for an average effective rate of 2.25%. The graph on the bottom right shows you that by comparison to 2021, the average maturity of our bonds has increased significantly. At the same time, the average effective rate has declined. So our financial structure is solid, a good illustration of our financial discipline, which means that we can retain our financial independence, our independence to act in all circumstances. That brings me to the end of this presentation of the accounts. Thank you, ladies and gentlemen, for your attention. Olivier, let me give the floor back to you.

Right then.

So before we take your questions, the outlook for 2025 for our group, we will know that all in all, the global environment is rather uncertain. Nonetheless, we intend to adapt and we can show how we can adjust to new conditions and and new markets, and we will continue our efforts to improve profitability. For 2025, we're looking at slightly improved both revenue and COPPA compared to 2024. And you can see at the bottom of the slide that as things tend, the effects of the new budget law, the tax law, is expected to cost us about 100 million euros, as things tend. That's all we can say, but unfortunately that's the least we can expect. It could be worse than that. Having said all that, we're ready to take your questions. We have the heads of all the branches and subsidiaries. Right. If you'd like to put a question using your phone line, do press star 1 on your phone and make sure that when you do put your question, you do open your microphone. The first question comes from Nicolas from HSBC. It's all yours. Good morning, everyone. I had a question about the investment opportunities in Europe. I know you were involved in Chernobyl, but could you say something about your take on business in 2025 in the U.K. and Switzerland that are also significant countries regarding risks? What's your analysis of tariffs? I know that you import equipment from the U.S. Can you tell us just how exposed you are to the U.S.? Also a question about telecom. On the need for equity capital in joint ventures in the short run, I believe that you have to pay out 50 million euros in three years. Are there any other payments expected? Well, on Ukraine, Nicolas, I will disappoint you. Ukraine is a rather challenging country from an ethical standpoint. So the work we had done on Chernobyl together with Vinci was an international project. But if you are looking at a local deal, it's difficult to stay in line. with the provisions of the Sapin Law of 2016. So this is really not our... say, our playground. It's not an ethical play. Regarding the other issues and the markets in the UK and Switzerland, my two colleagues who know all about it will start. Mr. Stuer, who will... Sorry, he didn't have a microphone. He was going to steal the show. Yes. Sorry, we can't really hear. Ah, yes. So 2024 revenue was above our expectations in the UK, driven both by capital expenditure in solar plants and solar energy in the UK. We have data centers as well. And decarbonization, there is a huge decarbonization project for public buildings, social housing in Britain, and we've been involved in that. Regarding Switzerland, the market is pretty stable, driven by manufacturing industry, which is doing rather well in Switzerland. And then we'll have with Colas in the U.K. Yes, Pascal Bunet from Bouygues Construction first. In the U.K., we have two businesses building. The construction business has suffered over the years. There were a number of disruptions. That market, well... The British government, new government, has announced stimulus programs. Having said that, our business has remained stable. We expect to... Enjoy growth starting next year. Regarding public work, we completed the HS2 line. That project was successfully completed. We are still working on the Hickley Point power plants, and we're working on the Sizewell plant. We expect a final closing date. Later this year. So that's the UK. So the outlook is rather positive, both in the construction business and public works. Last year, we got the Lower Thames Crossing project. And, indeed, the new government has confirmed that this project will be completed, and so the funds will come in from private partners as well. That's the U.K. Switzerland is an island of stability in Europe. The property market is doing well. Migration is sustained, so we have good performances in Switzerland with a positive outlook. And then Colas. For us in Britain, we're mostly looking at rail. The rail business is doing rather well. We renewed at the end of last year most of the contracts for rail and track maintenance, ballast and such like. And we had the HS2 contract, which we just mentioned, the power lines for the high-speed trains. On the road business in Britain, that is a more challenging market. In fact, it is shrinking, rather, so we have to hang on. So Britain is an important territory, a significant territory in terms of revenue and also in terms of exposure. We pulled out of the New Deal negotiations activities that were driven by equants, but still a number of other businesses are doing well in Britain. Regarding tariffs, Briggs overall, I mean, we don't have manufactured products that we send to other products. Basically, manufacturing is done separately. Locally, if you look at the situation in the U.S., Colas' revenue stands at about 2 billion euros. Equans' is worth about 1 billion, upwards of a billion, and a few hundred million if you include Bouygues Construction's branch there. In these conditions, with increased tariffs, attitude will be to have, in our various contracts, to have a direct pass-through to our customers when unit costs go up for things purchased outside the U.S. If there is an additional cost, that should be passed through to our customers. But that should be in our contracts now, that these clauses should be there now, because the way in which tariffs seem to go up and down, disappear and reappear. This is not a very precise sign. So all we can do is just get ready for any developments and provide for that in the clause of our contracts. Regarding the joint ventures, the SDF and the SDF-FAS, Yes, these are joint ventures. We bring in capital as and when needed. This year we'll provide the same order of magnitude as last year, but then in the next few years it will be less because we've passed the peaks. And the $50 million that you've mentioned are already included in our financial debt. Well, thank you, Benoit. Any further questions? The following question comes from Nanua Christini from Morgan Stanley. Take it away. Yes, good morning, everyone, and thank you for this session. I have three questions, all three on the telecom business. Number one, regarding... The targets of WIC Telecom for 2026, you said, well, you provided quite a bit of information on La Poste Telecom. That's very relevant, but that was not included in the targets you set for 2026. That's question number one. Number two is about Big Telecom's free cash flow. Again, in your target, you do not include WCR, but can we have more light on WCR between 2025 and 2026? And then finally, could we have an update on consolidation plans? An update on what? What's the update you need? I mean, not to my knowledge, there's no new plan in terms of... Well, the way in which you can see the market developing, your position, and take part in a future acquisition maybe. We're talking about consolidation of the telecom market. Well, Europe's position in consolidation hasn't changed much. Even after Mr. Bestreger left, the units at Digicom remain the same. I don't believe we will be able to consolidate the market from four operators to three. I assume that's what you meant by consolidation. And I may be wrongly You thought that the departure of one of these operators might address the problem? No, no, no. It was a more general question. I mean, would you like to do something? In view of the competition on the mobile business and We Take Home's free cash flow has become quite significant, you might wish to consider – I mean, this is a general question. Look, I'll give you a general answer. If you have a cake with four slices – If you cut it in three slices, the slices are bigger. So, of course, when you are in a fixed-cost business, it's worth it. But the present competition framework, the French Competition Authority and the European Competition Authority, I do not know what the French authorities' policy might be, whether they would accept a consolidation of the market and what would come in return. What just happened in Britain with the agreement with remedies that are behavioral rather than structural, I mean, that's the new doctrine. In Britain, of course, the European Commission is no longer involved. Will that doctrine take over in Europe? We do not know. Or will they go on as before? In other words, whenever you wish to consolidate from four to three operators and then you are required to recreate a fourth, So you go from four to three and back to four. That's going nowhere. I don't know. I have no idea what Europe's position. Again, if you have three slices instead of four in a cake, the cake is the slices are bigger. That's for sure. Having said that, Benoit, maybe? Well, on the outlook for 2026, for Bouygues Télécom, Olivier was rather comprehensive in his presentation. I can give you a brief summary, but I believe you were given all the items you needed for your analysis. First, we can confirm what we announced in October, that is, the outlook for 2026, not including La Poste Télécom, Earlier in October, we said that we confirmed free cash flow before WCR at about 600 million euros for 2026, and this is confirmed again, not including La Poste Telecom. Again, what we said in October is that we'd get back to you once the La Poste Telecom was – when the transaction was completed and indeed completed. we gave you an update today regarding free cash flow in 2026. We told you that in 2026, La Poste Telecom, as Olivier pointed out, we need to migrate La Poste Telecom's mobile customers from SFR's network to Big Telecom's network. Once that has been completed, when all the migration is completed, only then will we have the full benefit of La Poste Telecom, both in terms of EBITDA and free cash flow. That will be done immediately. by 2028, I mean 90% by 2027, so the full effect in 2028. But before that, there will be a number of integration costs. And, of course, we'll have to carry over the financial debt that we had to incur to acquire La Poste Télécom. And so we can confirm WCR not including La Poste Télécom at €600 million. And La Poste Télécom will, of course, weigh down to the word of 35 million in the integration costs, and that's the capital expenditure needed to integrate these customers, and 35 million for the net debt, not including tax, the debt that we incurred for the acquisition of La Poste Télécom. If you all add it up, you will get the actual outlook for La Poste Télécom for 2026. Well, thank you, Benoit. Is there another question? Yes, a final call. If you wish to put a question online, press star 1. The following question comes from Augustin Sombre from Stiefel. Yes, thank you. I have as many as four questions. Number one, on Equan's profit margin, if you look at these margins, it looks as though Well, you picked the low-hanging fruit, and now you were able to improve some of the contracts that had problems with them, what you called your bug killers that you announced at the capital markets day. So what's the next stage for equants? What do you still need to do to reach your objective of 5% by 2027? What are the remaining initiatives? That was equal in the margins this year. I saw that the top line was down, and yet profit margin was up. So where does that come from? Is it just the rail business, or is it the case that in the roads business this may vary from one territory to another? Question number three is about the residential property. Have you changed your take since 2023? The new housing minister in France took a rather welcome position. Her position was welcomed by France. in this industry? Have you, since the new government, have you taken a new outlook? And then what's your take on the defense business, both for the construction business and the telecom? Right, equance margin. Did the equance people start with the easy part of the work? Jérôme, please reassure us. Well, look, the question is fair enough. Every year we focus on the following year. So that's the first part of my question. I've been saying this for two years now. So year after year, we look at the task we have to perform to stay on track or at least or even slightly above that. To improve a company's performance, you have the financial performance, but behind this, there is significant management work. You might consider that the last steps are more difficult to climb than the first steps because this is – Maybe more subtle, but the first steps are not that easy either. You have to change mindsets in the perform plan. And so the first steps are also a combination of managerial changes, changes in mindset, and then in some of the businesses, the steps were pretty high. But in any case... If you look at the PERFORM plan, we still have work to do on bug killing, on turning around profit centers that are running losses. On our procurement trajectory, there is some ways to go because we've been working hard in France. There is still work to do in the rest of Europe. And we are starting off in North America, U.S. and Canada. And then the last two items, pricing, we've made significant efforts. Nonetheless, there's still some work to do there as well because price adjustments are gradual depending on. on the business, and so there are a few areas which we'll need to work on to be as profitable as the competitors. Well, the announcements of Capital Markets Day will be met when we publish our numbers at the end of 27. We are looking at 5%. We have no doubt at all that we'll get there. Regarding improvement of Colas' profit margins, yeah, well, on Colas, there is one part of the real business that has been driving profitability thanks to the large projects that were taken overseas. But all the other businesses have been working on improving performance, being more selective in the deals, getting high value, high quality. projects, but it means that in some cases revenue was done. In Canada we didn't decide to cut down on prices to preserve volume, but that is why we've been improving profitability. On the housing, on the residential property business, before Emmanuel takes the floor, let me just give you an important reminder just to illustrate what I was saying earlier on. We try to ensure that Adov will bring spring. Sales were cut last year, and institutional investors might buy fewer blocks. The PINEN mechanism was not renewed. It's been discontinued. But in spite of it all, Emmanuel, in terms of market shares, compared to 2024. Well, in 2024, we were able to make the most of the PDZ low interest rate house loans. So that was extended throughout the territory, and there's tax-free loans. donations for new housing, that will have less effect than low-interest loans in the countryside, and we're expecting the PINEL mechanism to be somehow reconstituted. It was very beneficial, but because we cannot tell for sure, we're looking rather at a stable outlook for next year. For the defense industry, we're working on decarbonization of the British military. There's a company called Vivo working on that and also working in the Navy. Yes, indeed. That's not consolidated. All the support work in Britain, the decarbonization of army barracks and military bases, we're working on that. We're working on military facilities in northern Europe, especially in Belgium. That... will mean more volume for the military business. We provide support work. We're working also in defense electronics. I can't tell you much more. And then I cannot give you figures, but we're fortunate enough to be involved in issues related to atomic weapons. And again, there is significant demand there, but we're not saying more.

One final point. We work for the three armies in France. In 2024, we were selected for a a general project that we were selected for, following two more major contracts called Capital Buy Unique, a game between 100 and 120 million euros in each case. So we have consistent work. We also work in a number of naval bases or air force bases. We also work on projects abroad with the British Navy, Ministry of Defence. We're currently on the upstream part of a particular project. As for defence infrastructure, let's call it that. In other words, how you get a tank or a plane moving particularly in the last two or three years, these investments have been ramped up in a number of European countries. So we're taking an active part in air bases in Finland, Poland, France, Belgium, even in the U.S., where we have work on a number of very large air bases. This is part of our core business and a part that's developing very rapidly. Thank you, gentlemen. Next question. Next question is from . Good morning. Thank you for your presentation. How do you see the order intake from local government in France? In 2025, The backlog, Colas' backlog, and Colas works mainly with local and regional government in France. That's the bulk of Colas' clientele. The backlog, as I told you, is up on 2024, which is quite logical insofar as we are in the build-up to elections. So we expect it to improve in 2025. If I look at our activities in construction as a whole, between projects that may be postponed, but there are also projects that in terms of energy renovation in public buildings, these are new projects, which means that our backlog in building in France is also up. So overall, our level of business is good. There are no particular red flags anywhere in Iquans. Even if France can be deemed sluggish, our construction business on the whole in France is improving. Well, it did improve in 24 or 23, and we expect it to improve again in 25. Next question from Eric Ravary from CIC. Thank you. Yes, good morning, everybody. Thank you for your questions. I have two questions, Brigue Immobilier and Brigue Telecom. Concerning Brigue Immobilier, given the restructuring and streamlining that you've implemented, can we expect COPPA to break even in 2025? And in Brigue Telecom, we saw that certain figures were down in 2024. Were you expecting this to continue in 2025? Could you say a few words about competition in the mobile sector early 2025? Let's begin with Benoit. We will let Emmanuel answer your question on real estate. Oh, no, he's ready. Okay, off you go straight away. Well, we talked about the difficulties in property and the residential market in particular with a number of important pillars here. One of them is confidence. And as you know, there are a lot of uncertainties in the international market. The other one is interest rates. We have some difficulty understanding what way interest rates are heading. Certainly, buyers of residential property struggle with that. But as for the restructuring of big immobility, this... Streamlining has borne fruit. We've saved about 50 million euros, which we expect will bring us back to a break even very soon. And we should be close to that by the end of the year. In real estate, in residential, we need confidence. People have to be confident about the future. postponements rocketed because people didn't know what way the market was heading. When you don't know, it's very difficult to get involved in a purchase that will involve you over 15, 20, 25 years. So confidence is an essential component. We need lower interest rates, of course, but you have to be confident about the future before buying a home. Very clearly at this juncture, the future is all very rosy, so people have no trouble at all committing to the future. I'm only joking. In the mobile business, we are talking about a market that is now mature. In fact, it was overheated back in 2024. It's been more than mature and was highly competitive. But the growth of the mobile market in France, the growth in the number of plans in France... has slowed considerably in 23 and further again in 24. And yet there's a fierce competition on prices, in particular in 24. Acquisition prices remain very low. This is why we said early last year that we could foresee tension in the market and probably be a drop in the ABPU and mobile. We expect that to continue in the next few quarters. This is why in 2024 we devise a new strategy. The initial outcomes were explained here today. This strategy is based on fixed lines, which has become a driver of growth. be it in network boxes, our experience with our customer base, also based on a family-type approach. We're now talking about revenue per household. This is the type of thing we're looking at, not individuals or whatever, but strategies also based on anchoring customer loyalty. This is fixed and mobile. So we're endeavoring to reduce the churn That's the strategy. That's what we're doing. You'll have seen the initial sales figures. Now we'll see over the quarters to come how that pans out. Thank you. Next question. We're now going to take questions from the conference in English.

Thank you. We'll now take the question from Carlos Cabrassi of Kepler. The line is open. Please go ahead.

Hi, everyone. Thank you for the presentation and for taking my questions. I have two. First, on equines, you continue to deliver, and I see that to achieve your 25 and 27 targets, you have to expand your margins by 50 basis points per annum. Do you think that should be the norm beyond 2027, or you would expect a normalization towards the low to meet 5%? And second, on the dividend side, historically, we've seen flat dividends per share for at least a couple of years before increasing. But can we assume now that the new norm will be this 10 cent increase per annum going forward? Thank you.

Thank you.

in the equine's performance as explained, or I should say the equine's targets as we've explained them for 2027. What I can say is that we are very confident, we have no doubts whatsoever about the fact that we will achieve our targets in 2027. When I turn to my peers and look at their results, I am convinced that it's possible to do even better. So over and beyond the 5%, after 5 is 6. So we'll see when we achieve that and when we can aim at higher margins. Jean. Well, first of all, as you said, there is a comparison with our peers. and the methods used may vary from one operation to another, which can create a variance of 1 to 1.2 or 3% in terms of results. In the case of SPI and VASI, but if we adjust for that, their profitability is already above the 6% mark. So depending on the method of calculation you use, We've announced a profitability margin or profitability goal of 5%. We're well on target. But it may be that at some point in time we will want to adjust that. But after 27, there's 2028. There's time. This is an annual appointment, so we will update it next year. We're not going to keep updating or upgrading by 0.5 or 50 basis points every year. We are not – there are people ahead of us. There are people paving the way. It makes it easier for us to upgrade our results. Thank you. Next question. Oh, the dividend. Sorry, sorry, the dividend. Pascal. The question on the dividend. Well, today's good news is that we have increased the dividend by 10 euro cents. We also increased it last year. So I can't call that the new normal. What is the group's dividend strategy? Well, we increase the dividend when we are confident or very confident that we can maintain that in the future. We've, let's say, risen a step. Next year, we'll see. But I'm not going to give you guidance saying that the dividend will increase by 10 euro cents every year. It's not going to be a systematic 10 euro cent increase every year. No.

Clear. Thank you.

Thank you. And we'll now take our next question from Akhil Duttani of J.P. Morgan. Your line is open. Please go ahead.

Hi, good morning. Thanks for taking the questions. I've got two, please, if I can. The first is on the Fibre JVs. You mentioned you won't be exercising the SDAF option this year. Could you just talk us through your thought process there? What's going to drive you to decide as and when you exercise this? And if you can remind us, when are the key exercise dates? And if there's any sort of high-level financials you can provide as well, that would be interesting. And the second one is going back to SFR. Given the debt restructuring we've now seen at SFR, leverage still remains on the higher side. If they were to consider selling pieces of the business as they look to continue deleveraging, could you talk us through whether assets like that could be of interest, I guess, specifically with specific brands or infrastructure? What are the sorts of things that could potentially be of interest to BRIC? Thank you.

While Benoit is preparing about SD Fast, we'll tell you how we produced to cut up a carved SDF and tell you what we're interested in. I think that's what you're asking me. Well, that is pure science fiction, I'm afraid, so I can't answer that. What I can tell you, because I saw this back in 2016, is that if there were to be a consolidation in the market, reducing the number of players from four to three, and if the antitrust authorities were to authorize that, if that were to be the case, what we saw back in 2016 is that only works if all four players agree about cutting up the one that we have decided to chop up. So this is from experience. So this is something that has to be done together, collectively, in full compliance with antitrust law. So I have no way of knowing how to answer that question. So what about the options on SDIF? I think we've answered the second question. Okay, we can tick that box. The buildup in the capital of our joint ventures. Well, we've told you more or less what we intend to do this year. Every year we have a window of opportunity in which to decide how we position ourselves. Next window will be next year. This year we decided not to take up the option. Next year we'll see. And we review all the components and all the aspects of the deal every year. If one day we were to integrate this, if we were to, let's say, take the option to 51%, That would generate $100 million to increase our EBITDA by $100 million, but our debt would increase by $700 million. That's the dilemma. Next question.

Thank you. We'll now take our next question from Rohit Modi of Citi. The line is open. Please go ahead.

Hi. Thank you for taking my questions. Most of them have been answered. Just to follow up. On the fixed business, you've seen a bit of a slowdown in the service revenue growth from the fixed business. If you can give us, you know, what are you seeing in terms of market and how should we look at the growth in 2025, whether it should be fading from here. Secondly, on the apostate impact. You mentioned 90% migration completed in 2027, but overall impact being neutral. So if you can just guide us, you know, what are the mitigating factors in terms of whatever benefit you're getting and what is mitigating from that? Thank you.

Okay, beginning with the fixed market and the possible slowdown. There is no slowdown in the fixed market that we can see. Benoit? On the contrary, we've told you this is our best quarter since 2011, which isn't exactly what we call a slowdown on the country. We would call that accelerated growth. Yeah, the Brick Telecom's performance has accelerated. If you look at the RCEP, the regulator's figure for fixed market growth, okay, the growth has slowed slightly, but it's still growing. During the COVID years, the growth was especially high. We're now back to a market growth that is not that high as it was before. It's not exactly what we call weak growth either. So in the fixed market, there's a lot of upside potential in terms of equipment. A lot of homes aren't fully equipped. A lot of holiday homes aren't fully equipped either. So our fixed market expects growth and good growth. In this market, big telecoms performance is itself significant. thanks to the assets we have, thanks to the quality that we've built up over the years and our boxes and our SAV. These are all producing results. We also have new categories of offering since late last year. In Pure Fiber, we've opened up whole new segments in which we are alone, which, of course, generates performance for Big Telecom. Thank you, Benoit. Next question. Nicolas Morad from Morgan Stanley. You have the floor.

Yes, hello, gentlemen. I joined the call a little late. You must have answered. A question about the BFR. I know Philippe talked about... It's more an art than a science. We've been seeing for a few years at your place, like at your concurrents from West Paris, structural improvements, payment cycles, maybe milestones on contracts, etc. Could you explain to us a little bit what has changed for you, basically, since COVID, and if we have structural trends that could lead you to generate GDP year after year ?

will generate income over the year. Secondly, on equines, margins seem to be well-headed. You talked about upside in the medium term. In terms of organic growth, can we expect good organic growth in 2025? Has the cleanup in the UK been completed? What about data centers? Or is the macro environment still sluggish? Okay, working capital requirement. I'm going to ask Pascal to take that question. WCR, as we call it. He called you Philippe, but this is the current Pascal Ganger. Okay, on working capital requirements, well, the techniques aren't new. I've been in construction for years and years now. We've been telling you that WCR is good because all our people are focusing on it at all stages of the process in generating working capital requirements. First of all, we negotiate contracts in which the payment clauses are positive because over and beyond the amount of treasury they generate, not a lot last year, by the way, but it's a way of controlling risk. And that's extremely important from that point of view. So it begins with the negotiation of our contract. Secondly, you have to bill on time. Easier said than done, but every day counts. So that's important to get the bills out. Then there's the whole process of supporting our clients to be sure that they pay us in the fullness of time and not several days later. And particularly with, let's say, more fragile clients, it's important to have structures that make sure that we are paid on time. We've been doing this for quite some time at reconstruction. In our other businesses, we support our clients in the same way. But in the other businesses, there's room for improvement that we identified at the time of acquiring Equans. But at Colas, too, there's an upside potential that we've identified over the last two years. And this is theoretical. But in contracting, this is not a model. We can't say that because we had a good year last year that we will do a very good year in 2025. All our people are... highly motivated every week, every quarter. They are all geared towards improving that figure, but I think we can still improve a little more in the medium to long term. As for where we'll lie at the end of the year, which is what I say at every single analyst meeting since I've been CFO, quite some time now, this is not something you can modelize, so we can't give you any guidance. In the slide on sales growth, we said continued organic growth. That's what we said. Is that not enough? Continued organic growth? Allez, Pascal. He has the mic. He'd like to say a few words. Okay. I'd just like to say, Jérôme was talking about this earlier on. We're still working on our top priority. It's not growth. It's improved margins. When and if we can do the two at the same time, as we did in the last two years, then we're obviously very happy about it. But there's no question of jeopardizing our margins to boost organic growth. Thank you, Pascal. I believe that was the last question. Unless there's another question from the room, in which case...