Compagnie Des Alpes Sa

Bonjour à tous, installez-vous pour les derniers. Bienvenue, bienvenue ici au Musée Grévin, comme chaque année maintenant, dans ce lieu magnifique, avec quelques nouvelles statues qui ont été inaugurées cette année. Before starting, you received the communiqué and then received at the arrival the small document on the different slides. We will go through the slides. We wanted to start, to give you a little film that retraces a little the novelties of the year, of the past year, until last week, by the way, and some remarkable facts. So we will first pass the film and then we will take the floor for a presentation. We will obviously leave a lot of time to questions as usual. So can we send the film please? Thank you very much. A good summary of all our activities. of all the experiences that we offer to our customers. And so, we didn't put a lot of numbers because now the part with the numbers is a little less fun, but it's all that generates the numbers that you have seen, that we are going to detail now. It is also the commitment of all the teams which is absolutely incredible. As you know, we have announced a number of things in the film that you have seen appear, in particular the gain of Pralunian, the Havana, the new DSP, but also the renewal of the largest contract for a mechanical comeback in the world at the Plagne, which was announced last week. We will move on to some remarkable facts. La stratégie du groupe, elle est claire, elle est nette. Elle a reçu l'adhésion des actionnaires en juin 21. On poursuit cette croissance, principalement sur l'organique. Il reste beaucoup de croissance, un gros gisement de croissance à aller chercher sur l'organique, mais également par des... Et dans l'organique, je mets également le développement ou le renouvellement de... De délégations de services publics dans le ski. Donc on l'a vu, je l'ai dit, Pralognan-Lavanoise, La Plagne, bien sûr, mais aussi des DSP historiques. Je pense à Flen Grand Massif, je pense à Bride-les-Bains-Méribel. Un certain nombre d'extensions, à Serre-Chevalier également, un certain nombre d'extensions de notre portefeuille. Vous l'avez vu, avec un backlog, on y reviendra dans quelques minutes. On avait annoncé un plan de développement sur le parc Astérix il y a quelques semaines. Ce plan est déjà à l'œuvre et donc avec un temps de marche assez forcé, j'allais dire, pour pouvoir limiter la perte de capacité pendant le temps des travaux. Nous avons également annoncé ce jour que l'acquisition du parc allemand Bellantis, que ce dernier sera transformé Gradually, over the next five years, we have an Asterix park in Germany. This is obviously a very important point. Germany is the second market for Asterix, both films, comics, and series. And so we have signed an agreement with the Albert René editions, who have the right to be able to transform this park into Asterix Park at horizon 2030-31, with a first zone, qui sera ouverte dès mars 2026. Dès mars 2026, dans quelques mois, nous sommes déjà à l'oeuvre, ce sera une zone idée fixe pour les... For purists, in fact, in Germany, the character, well, not the character, but the dog, Idéfix, is the star of Astérix. And so we start with Idéfix, with a zone for the little ones, mainly the families. We continue our commitments and our renouncements, obviously, on the reason to be. We had already talked about it. We're going to move on. I don't have the... In advance, I don't know who... Zapet? I don't have a Zapet. That's it, obviously, a lot of recognition, I think in particular of our ski areas, for the fourth consecutive year recognized as the best operator, but also the best roller coaster in the world, with new roller coasters in Wallibi-Hollande with Joy, Le meilleur parc aquatique, je crois qu'il a raflé tous les prix possibles sur la planète avec l'Aquascope au Futuroscope et un certain nombre d'autres. other prices, it's not so much that it goes into the Excel table and the P&L, it's mostly that it's a recognition, first of all, it can have a commercial marketing effect, but it's also a recognition for the commitment of the teams and on our ability to generate, to create unforgettable experience, always renewed. Same in hospitality, with the pursuit, I believe that we are in almost all of our sites are now labeled as green keys. It's part of the things that are not yet a criterion of choice for customers, but will become one, I hope, one day. And we will be ready. Here are the objectives that had been announced. So you see it on the growth of the EBO. We are starting to get into the hard. So 16.7% compared to the initial guidance that had been given, which had already been raised and then finalized last month. Industrial investments where we are at 256 million. A little back to what we had imagined, either by problems of cut-off on September 30, for half of the gap, and then the other half mainly by some delegates, and in particular at TING, who asked us to overlook a certain number of investments. The operational free cash flow, you know that it is our compass for a few years now, so a very strong increase, almost 55% increase. It is really the compass of the integrity of the collaborators And so we continue. And then a subject that holds us to heart more than anything else, you saw it in the press release, we communicate both in euros and in grams of CO2, minus 73%. So we continue our work. It's already been two years. In skiing, we have no more fossil energy drops, for example. And it's already been two years that this is the case. And then we continue this work. It's always the last grams that are the most complicated to look for. But we stick to it every day. Here, in detail, I don't want to comment too much on the turnover, since it came out a few weeks ago. So almost 1.4 billion, almost 1.4 billion, 1.397 billion. So very satisfying. You see growth since 2018-19 by neutralizing the Covid period. The B.O. in very strong growth for the second year in a row. It had known in 2022-23 a small pause following the electric shock. The price of electricity is coming back, not at the level of before, but it is coming back. But you see this pretty strong progression of the EBO, especially this year, but also this year. following a very growing year, the 2021 strategy pays. We will not deviate from this strategy. We are committed and we are all committed to the objectives that it announces. Le résultat net part du groupe en croissance, forte croissance également, près de 15%. Donc, ce qui générera la proposition qui a été faite, que nous avons faite au Conseil d'administration hier et qui a été approuvée sur la distribution de dividendes. J'y reviendrai. Et puis, le free cash flow opérationnel en très forte croissance. Vous voyez, c'était le niveau exceptionnel de 2022 était lié à l'aide Covid. So the business itself, not only this year in free cash flow operations, but also in free cash flow, is in strong growth and strong generation of cash flow. It's the core of the war, as you all know. Following the acquisition of Bellantis, but also of Urban Soccer and Urban Paddle, of the Urban group, we have a profile of... But in terms of trimester, it remains. S'aplanit un peu pour être un peu plus étalé sur l'année. Donc, on a une marge de BO de 29,3% en progression de 1 point. Les investissements, j'en ai parlé. Ensuite, les ratios de levier financier ont fini cet exercice à 2,3 et le backlog 10%. 7 billion. This is a 82% increase, especially linked to the Plagne, but also to the other DSPs that I mentioned earlier. So it's a very, very good, very, very good progress. We will move on to the next slide. Here is the operational review of activities. I will say a few words. It's you.

So for the ski areas and outdoor activities, exceptional operational performances, a new record year with a turnover of mechanical increases of 7.6% and ski days that were still growing after a very, very beautiful year, the previous exercise, an average income per ski day of more than 6.5%. So a successful season that salutes the quality of our high altitude areas, with a school holiday calendar that ensured a good mesh, a good distribution of skiers' days. an optimal natural snowfall and a work in common of the whole ecosystem for this success. So a skier satisfaction at the top with a very high satisfaction at 52%. So these are grades that are still higher than 9 out of 10. An attractiveness of the areas still reinforced, an optimized fluidity with the new investments, while minimizing the impacts, especially on biodiversity. So we are always very attentive to each of our projects and these are subjects that are managed very upstream. So, we had some news in Val d'Isère with the Valon cable car financed in credit by, the Transarc cable car at the Arcs and the Marais cable car in particular. When we look at the performance of the ski areas, a turnover that rises to 594 million euros in growth of 7.5%, as I have already said, operating costs that remain controlled, and for an EBO at 219 million euros in growth of 13.3%, and an EBO margin on CA that frees the 37%. of net industrial investments of around 105 million. So you will note the decrease in the relative weight of the exploitation charges in relation to the turnover and the margin gain which is essentially ensured by the weight of electricity which is still decreasing this year thanks to the security that we had made of our electricity prices with the contracts signed over several years. I continue.

I take the lead on distribution and hospitality. I greet the new boss of the Business Unit, Paul-Antoine Morézin, who has just joined us. So, an exceptional performance as well, both on MMV and on travel agencies, Mountain Collection. Travel Factory, always with a strategy of concentration on the margin. The volume for the volume is not very interesting. We had to frame all this, but it's a work... that we have been carrying out for two years. And the first one in France is also the restoration of a night train, which is the Travel Ski Night Express, which will circulate from December 19th. It's a product, I'm going to do a little recap on the subject, but it's for five days of vacation. You have eight days of skiing instead of six. And the two days in addition, it's two Saturdays. For those who go skiing, they know that Saturday is a little quieter. And so you have two more days of skiing, two more Saturdays of skiing and 20 hours of road less. So I encourage you, but at least we put the link, I believe, in the communiqué. But it's interesting to see, we work with a small start-up, to be able to package with, since we are the first manager of the ICHO of the Alps, both with the MMV agencies, Travel Factory, but also Terraessence. And so it's interesting to be able to do some synergy, to have an impact on our scope 3. We have not taken any commitment, obviously, on our Scope 3, it is not in our hands. But in any case, we can change things, we can make things evolve, and so we show it with a limited risk. Today, we sell 150 tickets a day, and so we think, we hope, that it will be a great success. A great success for this season, knowing that it starts on December 19 on the entirety of the ski season. And so we are very excited about the idea of this project. For those who were there a few years ago, we had tried to make the Eurostar from London. If this year is a success, we will be able to develop the service perhaps beyond of the current link that will link Paris to the Tarentaise, Paris-Gare de Lyon to the Tarentaise. In terms of figures, here is a 7.5% business growth, we find the B.O. almost 14%, Ce qui est intéressant, on vient de le voir dans les domaines Ski-Am, aussi bien dans Distribution Hospitality, on en parlera aussi dans les parcs, c'est la maîtrise des charges. Tous les taux de marge progressent. C'est la maîtrise des charges où on est capable de transformer une hausse de chiffre d'affaires de 7,5% en hausse de l'EBO de près de 14%. And that's the capacity to react, to master the loads, to be able to maximize the profitability of the tool. It's a job more asset-light, as you know, and so we continue to develop ourselves. But what remains to be retained, the red thread, is the mastery of our exploitation loads. On leisure parks... On the parks of leisure, growth in figures also. We also put at Compara perimeter since you know Urban and Bellantis have been bought during the period. Very good exercise, very very good exercise. The reaction on the figures of the T4 in October, when they were announced, we would have preferred to have a better summer. But we had made a record last year on the Halloween period, which we have beaten this year. even if the trees do not fall into the sky because it remains 20 days, but it works, it worked very well. Christmas had also been good last year, so there is a base effect, we will see this year, for the moment the indicators are very positive. A good spring, the rise in power of the aquascape to the Futuroscope has been phenomenal, we are almost at the maximum of what we can do. to the top of the capacity. We will probably be brought to announce things during the first quarter Civil 26 on the subject of the Futuroscope. So much growth has been strong this year on both the impact of a new attraction to the Futuroscope that the service in full year of the aquascope, and so it has progressed very strongly. On the urban group, we are growing very strongly. The rise in power of the center on the island of Puto, that's the most important, but also centers in Avignon, in Marseille and other centers that are in the process of development. So we are in development at forced march, it's rather asset light, and it works very, very, very well. There are also NPS that are around 50, even for some parks that exceed 50. I still remind you that the unit of measurement is that the NPS at 50 is that you are at the top of the top. So it's hard to stay, but we will stay at these levels and therefore of investment. I take this opportunity to say that in recent years, it is an interesting figure since we have increased capacity if we considered our amusement parks like a fleet of planes, we added seats to the traction, 13% capacity over the last four years. We will come back to it after, 35% additional turnover. So it's a ratio of 1 to 3. When you invest, it's good to remember it. We will move on to the next. Voilà, les parcs de loisirs. Donc, vous voyez les chiffres. On reste encore sur des niveaux de chiffre d'affaires très conséquents, qui progressent à deux chiffres, comme le BO, et des investissements industriels qui sont très significatifs. Et donc, sur des tours, encore pour deux ans, on y reviendra tout à l'heure. The results are yours.

Les résultats de l'exercice, je ne vais pas redire tout ce qu'on a dit sur le chiffre d'affaires. Des charges d'exploitation effectivement maîtrisées à 988 millions et un EBO qui termine à 409 millions d'euros, donc avec une progression de marge de 1 point comme nous l'avait dit. Au niveau des charges d'exploitation tout de même, un petit commentaire sur les frais de personnel qui restent rapportés en termes de chiffre d'affaires. in a slight decline, energy costs in a decline of 17.4%, so it remains significant at a comparable perimeter, and the other operating charges which remain also well mastered despite the increase in the charges supported by the headquarters, for the account of the subsidiaries, with many IT transformation projects, M&A charges as well, and new regulatory devices such as the CSRD which have still brought some mobilization. The subsidies to the amortizations which are in an increase of 24 million, with 9 million linked to the perimeter effects. The subsidies of 217 million, including 48 million of the right to use IFRS 16. And an operational result in a strong increase of 21.9%, or 16.7% to comparable perimeter, so operational result which rises to nearly 293 million euros. If we look at the result count, up to the net result by the group, we will note an increase in net indebtment, an increase of 9.6 million, which is still under control. So we have an increase of 4.7 million net interest charges correlated with the increase in interest. but I would like to point out that the average financing rate remains stable at a little less than 4% and an increase of 4.9 million in interest charges on rental debt. This is the impact of the full year of the urban group, which is not the owner of these lands, and the impact of the aquascape rental contracts. Finally, an increase in the tax burden of nearly 9 million, since there is a growth of 19.4% of the taxable base and a slightly increased tax rate of 26.7% due to the non-deductible burden observation this year. It remains limited. The equivalences are in a slight drop of 1.4 million euros. This concerns the Mont Blanc and Avorias companies, essentially. And the minorities are at an increase of 2.2 million, due to the annual effect of the consolidation of the urban group, which is still held at less than 100%. The net result of the group is at an increase of 15.8% and rises to 107 million on the exercise against 92% last year. The net debt variation table shows an operational free cash flow of 123 million euros. It is linked to a slight decrease in the need for rolling stock during the exercise. I remind you that we do not have a need for rolling stock but rather a resource of rolling stock. Net industrial investments in very slight decreases. The dividends, on the other hand, below the free cash flow are rather in a slight rise. We are not going to complain about that. And we have made financial acquisitions for a amount of 37 million, so for 100% of the Belantis Park, 24 million euros of cash, 33% of the land capital and a few commercial funds for the new plantations of urban centers, as Dominique announced. The net debt without IFRS 16 is therefore an increase of 69 million euros, including 33 million in credit-buy debt linked to the launch of the work of the two new hotels, the Asterix Park and the Futuroscope. So it is a small particularity that I will perhaps underline. These two hotels will not be treated as IFRS 16 assets. but as immobilizations that do not pass through our CAPEX but still give rise to the observation of an IFRS 9 debt. There are 33 million at the end of the year. Slight increase in the loan debt IFRS 16 up to 12 million euros including the extension of the buy of the Futuroscope of 10 additional years, the financing of the credit buy of the Telecabine du Vallon And the rolling material in the ski areas is our dameuses, which are financed with this mode of financing. And so we have an increase in the total net debt of 82 million euros, which remains limited this year. You can see what it gives graphically, a total debt of 1.34 billion, which remains mastered, with a leverage of 2.3 at the end of the exercise, against 2.4 last year, after the acquisition of the Urban Group. And a little overview of the balance sheet of the debt. So what you see for the exercise 2025-2026 is essentially short-term debt with withdrawals on the RCF and our NUCP. You will also note that we will finish repaying the PGEs on exercise 25-26 and then the next deadlines will arrive in 27-28 or earlier, where we will have to refinance our term loan, which we do regularly, so the term loan which is normally signed for 5 years, with a possibility of 2 additional years. Voilà. Donc pas de grosses échéances de financement, en tout cas, pour l'année à venir.

Empreinte carbone, sujet très important pour nous, comme vous le savez. Donc nous réduisons notre... évidemment nos émissions avec un effort particulier sur les parcs de loisirs cette année mais aussi le maintien dans nos autres activités donc vous voyez on a remis les chiffres quand on met trajectoire octobre 22 c'est que vous vous souvenez que pour ceux qui étaient déjà là enfin en octobre 2022 nous avons proposed a trajectory to reach net zero carbon, that is to say, obviously, without compensation for the purchase of carbon credits. We are not working on indulgences in the Middle Ages, now we call it carbon credits. So we don't do that at all. It's even forbidden. So it's a real reduction. So we are on this scheme. So it's our perimeter at the time of October 2022. And then, of course, we put the real figures, since with the acquisitions that have been made since, I remind you that our transition, and without wanting to give lessons to anyone, for us, in any case, our ecological transition to reach net zero carbon will be profitable by 2030. So we can reconcile the economic and social logic and the environmental logic. So you see here the reduction trajectory and the promise, there we can put numbers, I think. So on the trajectory that we had made public in 2022, we are ahead on this trajectory. And so we continue to work gram by gram. with 190 grams for a ski day, in scope 1 and 2, and 430 grams for the leisure park, the DL part, the leisure area, and so we are on this trajectory. And we allowed ourselves to put in our communique, it is always interesting to have dimensioning images, which represent the emissions in scope 1 and 2 of CO2 of a kilo of French apples. This will give you a good dimensioning image. So we have to work, since the objective is not 190 grams, it is not 430, it is zero. So we are working on this subject. Obviously, all these figures are audited by our account commissioners in the same way as our figures in euros. That's what we can say. The work continues and the last grams, the last kilometers are always the most complicated. You will see, the RSE commitments of the Group, it is also a subject that holds us to heart. You know our commitments and our renouncements. So everyone is followed. We had announced almost a year ago that we had concluded an agreement on electric dams. since the transition to HVO allowed to reduce emissions by 93%. But when the target is zero, it remains 7%. And so we can do it with the electric dams in exchange for a volume of orders. We have, and the cessation of our intellectual property on the electric part. We have concluded an agreement with an Italian industrialist and which will build a new plant, a new assembly line in the Alps, closer, and therefore activities, and therefore the first, we will have the opportunity to talk about it, the first industrial series will be in test in the month of March, April, on one of our areas, I still have to choose which one, and then we have a rhythm of orders and entry into the park to continue, to extend over 8 years this migration of HVO machines to electric machines. And so it will give work on the territory, alternators, apprentices, Obviously, all this without any public aid. There are a number of things you will see. Then, we will continue on the main axes of our strategy. It's very important. So, obviously, a DSP portfolio, but you saw it, I said it in the introduction, with the largest ski station in the world, which gives way to the largest contract of public service delegation of mechanical comeback in the world. with small changes since we will recover the Bob's Leg track post-2030. So it's obviously a very important contract for us. But as it had been, there we were in the defensive, as it had been Pralognan, even if it's not the same size, but Pralognan in terms of offensive, I think it's the first time or almost the first time we were in competition on an offer call and that the CDA won an offensive offer call. I may be saying a mistake, but I do not have enough knowledge for... No, David Ponson, the boss of the ABU, tells me that's right. I also quoted the DSPs that were extended, renewed or renewed over the period. And so here is the picture of the backlog. The backlog is the accumulated turnover, as estimated by our health, post our appreciation of climate change. And so here is the evolution, a progression of 82%. We will move on. That's what I was saying earlier, 12% more capacity. as if an airline added 12% more seats and 34% more turnover since 2022. And I think we can underline that it is not only the turnover but also the EBO. Yes, of course, after we know our ability to transform the turnover into EBO with a margin which is in progress each year. So we see these investments are very profitable. And it's the job where we have an extensive growth. On the other hand, in skiing, we are in intensive growth, that is to say, in the sense that we make investments in maintenance, renewal, improvement. But, as you know, one of our renouncements is to renounce the extensions of the ski area. On the other hand, in the parks, On est sur une trajectoire où on continue à croître et en intensif par l'amélioration des recettes, effet prix, etc., et effet volume, et également en extensif, en rajoutant de la capacité, la capacité qu'on arrive à transformer, vous le voyez, par un ratio de 3 sur 1 euro d'investi, combien de chiffre d'affaires et de BO complémentaires ça rapporte. Voilà ce qu'on pouvait dire. Ça a été cité, donc je l'ai dit aussi en introduction, donc on ne va pas trop s'étendre. Effectivement, on avait acheté le parc Bélantis, qui se situe entre Berlin et Leipzig, en Prusse orientale. Et donc, nous allons graduellement, sur les cinq prochaines années, le transformer en parc Astérix Allemagne, avec une première zone idée fixe dès mars 2026. Prusse-Orientale is a region of Germany, for those who know, who knows almost the strongest growth of Germany. So we continue our plan, I said it earlier, the example of the Assyrian park is what we had announced, of the investment of 150 million euros, everything will not be financed on a private fund, there is a part credit-buy of course, in the film you have seen the new hotel on the basis of a sort of caravanserai. The work is progressing very, very well. It will be open. The keys will be put back on December 31, 2026 for an opening from the beginning of the season 2027. 300 rooms. There is the same thing at the Futuroscope. We will have the opportunity to come back. Conclusions before your questions. The proposal made to the General Assembly is a dividend of 1.10 euros for each action. This would be the third consecutive year of dividend distribution, with a growth of 10% each year. You can see it here on the screen. So a rather aggressive policy, but largely sustainable in the distribution of dividends. Growth allows it to justify it, and growth also the future. And so you see the amounts that are indicated here. It is obviously a record dividend for the company of the Alps. So, the perspectives, we tried to show a little about the duration and also show the horizon of 3-4 years. on a growth, we hope, close to 10% on the exercise 2026. We still have a share of investments close to 20%. And so we maintain our guidance in the medium term, in 3-4 years, at 500 million, above 500 million of B.O. and a margin from 28-29 and in a sustainable way, a margin of 30%. In the same way for CAPEX, CAPEX will remain still on 26-27, close to 20% to then stabilize to a normative level close to 15-16% of the turnover. Obviously, all this on the current perimeter. We will continue our dividend policy of 50% net result by the group, except non-recurrent elements. And then a financial leverage that would remain subject to eventual future acquisitions. I can say a few words about it. We are looking at issues of... Two M&A always. You saw it, we have a history with operations that are getting closer and closer to each other. But indeed, we have the power of strike to be able to transform, as we did with Bellantis, where finally we bought... A park with a very interesting paddock area, the security of a field and then we know the talent of the teams do the rest, the know-how of the teams do the rest to be able to transform it or improve it quickly. And of course, the net zero carbon, we continue. I think we have this objective of net zero carbon in scope 1 and 2 in 2030. A certain number of sites may reach it by 2026. We will wait for the final figures to be able to express. We will have the opportunity, possibly, to communicate on this subject. So it's a subject that obviously holds us particularly close. Voilà ce qu'on pouvait dire en résumé. Vous pourrez lire. Donc maintenant, on va prendre le temps de répondre à vos questions, si vous en avez. Ça a été un exercice. Nous, on est très fiers de présenter ces résultats à la communauté, j'allais dire, financière, au marché, à nos actionnaires, mais aussi à nos salariés. J'ai eu l'occasion de faire une grande conférence cet après-midi avec l'ensemble de nos salariés. C'est un travail considérable qui se répète d'année en année. and which gives a lot of enthusiasm and desire to continue to develop the group, develop the group obviously respecting the creation of value which remains our compass and therefore as the compass remains the creation of value, obviously the compass of management reste le cash. Voilà ce que je pouvais dire. On finira sur ce mot-là. Nous sommes tous à votre disposition si vous avez des questions. Merci beaucoup de votre attention.

Yes, hello, Alain Sivignon from OBHF. I had three questions. The first on the EBITDA guidance for the current year. It suggests a lot of operational leverage a priori. I had in mind that the cost of electricity, you had bought it at a much lower price on 26-27 compared to 2025 in the calendar year. Can you confirm it and to what extent will it impact the margin next year? This is the first question.

On electricity, as Alexia said earlier, prices are coming back to normal levels. No, yes, to normal levels rather, it will be better. We have a coverage doctrine of hedging. qui est glissante sur trois ans sur une base forward, en fait. Et puis, par ailleurs, on a développé, vous l'avez vu, nos panneaux photovoltaïques que nous utilisons uniquement en autoconsommation, autoproduction. Moreover, we are currently working on the capacity to have batteries of a certain size to be able to store electricity and be able to ourselves smooth our consumption, our production, well, not the production, but in any case the consumption profile. So it's a way to hedge the price of electricity, because given the taxes and various connections, etc., we do not connect to the network. and we do not inject, we consume, and for the part that we do not consume, we must find a solution, and it's the battery. So we are working on topics of this type. So the price of coverage remains consistent with what we had said over the next few years. we had recruited a specialist in electricity purchases, and that it is the right skill in the right place, and who made us improve a lot in skills on these subjects, and so today we begin to have a profile much less exposed to an erratic evolution of the price of electricity. So we continue, it will never be the 42 euros pre-crisis, but that's for everyone. But in any case, we bought in good circumstances. It's true that this year we did not put the prices, but it remains on the good trend.

So on 2026, there is still an impact linked to this drop as there was on 2026?

Ah yes, 26, we had bought on 25, 26, now 27, 28 and we are starting since it is a methodology, a forward coverage doctrine on 3 years, so we buy by 12th per quarter.

The second question is about CAPEX. You have communicated a trajectory of 16% by 2028-2029, and you could perhaps give a decomposition by division, especially in amusement parks versus ski areas. And the intrinsic question was to what extent the use of credit-buy for some investments, I think Alexia mentioned, hotels on a slide also influence this return to 16% of the CAPEX-CAPEX turnover ratio.

You will complete one, Alexia. In fact, the issue is that the growth caps are, as I said, at 95% in skiing. These are improvements, improvements and not extensions of ski areas. So there, the capacity investments in the sense of extension are in the parks. And so, every time we have a new attraction, we add seats, as if we were a plane. We add seats whose objective is to enhance them. We saw it on a ratio of 2 times 3 over the last four years. So, we did not give the detail in the guidance by division, but you understood that it is a level of... It's a normative level, it's at the current level. After two more years, the Astérix Park, the Futuroscope and Bellantis, when we give guidance on the current level, it's post-announcements that have been made on Astérix, etc. So we still have two years, as always, two years of CAPEX levels close to the levels we had this year. And then we wanted to give a guidance to show where, what was the normative point of convergence on a normal situation. And so that's what we tried to do between the ski and the amusement parks, knowing that the distribution of hospitality is to this light. and therefore the extensive growth will be only in the field of leisure.

In terms of credit buy, we have to know that we are limited in local financing with our covenants in our main financing contracts, so we cannot go today beyond 10% of the total of the balance sheet, which means that after the two credit buy on our two beautiful future hotels, we will be almost at the top, it leaves a little space, but that's it. And in the whole, the whole rents, ski remittances, rents on urban and credit-buy redevelopment, it makes us about 5% of the turnover today. And sustainably, by the way.

It's around this ratio. It's an acceleration tool. It was done in the past by the company of the Alps. We estimate that it doesn't make sense to mobilize committed capital, in terms of the creation of action value, in the walls of a hotel in the Acerix Park, for example. So it doesn't make sense. This is not where we create the most value by being wall owners. There are investors or creditors, whatever, whose job they do very well and who are happy to do it. So there is no reason to mobilize, once again, these employees' capital in hotel walls. This is not where we have the best leverage effect, you saw it earlier, on our ability to transform CAPEX into business cards and into EBO.

And by the way, the credit buy allows us to have long-term financing, obviously, since we finance over 15 or 18 years.

Thank you. And last question on the M&A. Are you still looking at Bolton or maybe a slightly more transformative acquisition?

No, we are rather on, to answer your question, on Bolton. we are looking for bases on which we will be able to make organic growth as well. And so to leverage the know-how of our teams, whether it is in the ski or in the leisure areas or in accommodation and hospitality distribution. So we are looking at a number of subjects. There are still a number of groups that were listed and who did LBOs before Covid. are in less shape today, so we are looking to see if there are assets that could be made available. But again, we will do it, we have done it, you have seen it, on the record track in the last quarter of the year. Well, there is still such a spread of growth and actionary value to be sought in our existing parks, in particular, but also in skiing, that we always appreciate the risk of the best, where is the best employment of the committed capital. And today, in terms of value creation and future value creation, organic holds the rope, I was going to say. This is where it is less risky, where we will pay less goodwill. That being said, again, I think there will be operations in the coming months. Yes, we are looking at very precise things right now.

Hello, Manuel Parot, Gilbert Dupont, if you can see me. Hello, how are you? Very well. I also had three questions. The first was your guidance on the growth of 10% of the EBO. Did I understand correctly that it is an improvement of the margin of the EBO that is included, which would mean that your underlying hypothesis is an activity that would not be in growth of 10%, but perhaps below that? If I'm clear in my question.

Yes, close to 10%. You know, you write it, by the way, I'm very careful. So close to 10%, it's rather slightly below 10%, but we're used to being careful. I don't know if it's the margin, it's the amount of BO. Knowing that in the year 2026, we have the end of the ADSP of Tignes, normally, and so we will recover, and we put a slide in the presentations, on the particular impact of Tignes in the case where the ADSP would actually end on May 31, But what we do is take the B.O. and we say close to 10%. We will have the opportunity in the year to talk about it.

But we will obviously try to play on all the tables, both those of growth and the improvement of the operational margin. And in particular, we started work on our purchases and our main contracts.

So Tignes, since you're talking about it, do you think they haven't had their funding yet? Do you think that with the municipal elections coming up, etc., I don't know the context as well as you do, but is there a possibility that the DSP will return to the market?

Le scénario nominal, c'est que la DSP s'achève le 31 mai 2026. C'est d'ailleurs le scénario juridique, puisque c'était la fin normale de notre DSP. Pour l'instant, l'équipe municipale majoritaire en place a annoncé vouloir faire une SPL. Je sais que dans le débat démocratique, il y a d'autres listes qui sont sur une approche différente. Well, we'll see. The people will cut. The people will cut at the time of the elections, which take place, as you know, a month and a half before the end, even a little more, two and a half months before the end of the ADSP, the deadline of May 31, 2026. I don't know what the people will decide during the elections. Legally, to make a legal point, a delegate in French law can force us to extend the existing contract from one year to two years. So maybe if there was a new team who had a different vision, who would like to give themselves time to think, they could be brought to ask us to extend the contract from one additional year or up to, let's say, two additional years maximum. in the equivalent conditions, either the time to make an appeal, or the time to confirm that it is the choice of the SPL, which would be the choice of the new team or not, municipal, following the choice of the people during the elections.

OK. And my last question was about Futuro. The question I was asking myself is that I had in mind that historically it was a... So it works very well, according to what you presented us, etc. On the other hand, at the margin level, I had in mind that it was a bit dilutive compared to the margin of the leisure BU for reasons that were a bit specific to the park. Have we filled the gap? Are we currently on 26% of the BU margin or not on Futuro?

We do not give figures per asset, but what I can tell you is that it has worked very, very well. I do not know if we, I think the figures, since we were waiting for the results, but we are 2.6 million visitors. 2.6 million visitors. Including water centers, etc. Where at the Assyrian Park, we are at 3 million. So it's a very, very strong progression of the Futuroscope. It is also the result of investments that we have made over the last few years and that we are about to make probably for the next ones. So, no, it works very well. After, the margin rate, at some point, it's also the millions of euros, but it comes back, and it's quite consistent with the margin rates that we can find on the Assyrian park. There's no debate on that. I didn't say the number, but I still answered you.

Thank you.

Yes, hello, Christian Devim, CIC Market Solutions. I have two questions. The first is about investments. You have given the weight of maintenance in the ski, 95% or 100%. I was curious to know if you could give figures on amusement parks, what is the weight of maintenance in investments and the weight of extensive growth, as you called it. And the second question is about the margin of BO 2026. I'm not sure I understood correctly. In terms of energy, is there a new gain in terms of margin to be expected in 2026, or are we only going to stay at 50 million euros of memory, or 50 million euros? And the second question, to make a link, is that you have a strong rise, you have highlighted in fact, holding costs. Thank you. Thank you.

My first question is about maintenance costs in the parks. We consider that we are rather at 9% of maintenance, really pure, in the amusement parks in terms of CAPEX.

Then your second question was about... Just one point, it's maintenance in the Anglo-Saxon sense of the term, it's probably not a good term. Now it's renewal, etc. That is to say, new attraction, new development of capacity. Just to be very clear. Maintain, we should... In French, excuse me.

In terms of... Electricity costs. We will not have the gain at the same level as the one we saw this year. We continue to have a small gain but lower. So the levers on the margin will not come only from electricity. As I said, we are working on other levers as well. And finally, the last question. On the cost of holding, we are currently working a lot on different projects, which are projects in SAS, which means that in reality, in our social accounts, for example, these projects are in CAPEX and amortized over several years, and there we are forced to take the one-shot cost of development, uh... sur les quelques années de développement donc là par exemple on change tout notre système IT finance c'est un projet qui va s'étaler sur 3-4 ans sur 3-4 ans dans nos comptes consolidés on va avoir la grosse charge tout d'un coup alors qu'en réalité c'est un projet qui va nous amener sur 10-12 ans de de système et qui, dans nos comptes sociaux, est bien amorti sur cette durée-là et refacturé aux filiales selon ce timing aussi. Donc on a une petite distorsion en fait actuellement dans nos comptes qui explique principalement cette surcharge, si l'on peut dire, sur les coûts de holding.

Qui n'est pas cash, qui est juste, vous l'avez compris. Le cash est là, mais ce qu'il y a, c'est de la méthode de comptabilisation. Dès que vous passez dans le cloud, en SaaS, vous le passez, vous devez le passé en norme IFRS en charge de l'année on n'avait pas ça sur nos anciens systèmes en tout cas voilà

Arnaud, Després, Ports-en-Pars, BNP Paribas. Question concerning the Plagne, since you have, if we come back to the contribution backlog of this renewal, it leads to a growth rate in the average of about 4%. Could we have an idea of the price-JS mix? And also, can we take these same hypotheses on the rest of the ski areas? Thank you.

The answer is unfortunately no, because we do not give the details of our contracts and the hypotheses. What I can tell you is that, I think I wrote it, I wrote it in the communiqué on the Plagne, is that we are in terms of profitability quite consistent with the average of the group at the time when we talk to each other. And so that's the first thing, which is the most important. I was going to say it's a winning-winning agreement, it's even a very winning-very winning agreement. Voilà, mais on ne donnera pas le détail par contrat. D'abord, il y a d'autres appels d'hôtes qui arrivent. Et puis, voilà, c'est notre... Et on laisse le déléguant, c'est-à-dire le syndicat intercommunal de Grande Plagne, de communiquer. Ils ont sorti un communiqué, mais ils n'ont pas donné ce détail-là. On ne rentre pas dans le détail. Puis si je commence à dire des répartitions prix-volume, ça sera interprété, déformé par je ne sais quel... Partie prenante. Ça sera créateur de valeur pour les actionnaires. I don't see any other questions. Just a little word about the current trading. So the current trading, you saw it, we announced it just for the Asterix Park, but Halloween was exceptional. Christmas trees for companies are also very good, because everything had already been sold for almost a year. Christmas, the general public announces well. So on the first trimester compared to last year, we were already very high. So it's progressing well. On the ski and the distribution of hospitality on the mountain, the reservations are very, very well oriented. with a lot of snow that made the wake-up call. I hope you all reserved for skiing. And it is also well announced, even if this year, you know, it's a year out of four where the holidays of Paris, of Easter are... Last year, so it will be less good than last year, but I think we are rather well oriented. And the fact that there is a lot of snowfall, etc., has allowed us to work well, I don't know if it's under David's control, but to work well the underlayer for the season, etc. We are very satisfied, the conditions are optimal. Really, on current trading, so far, everything is fine. If there are other questions, yes.

Hello, yes, Flavien Boulmont from Bernstein. At the end of the communique, you talk about an acquisition of the Sport 4 Lux. Can you detail it a little more, please?

Yes, we have specified it because it is to show the development. We bought a company at Sport4Lux, which is in Luxembourg, so we become the world leader in padel in Luxembourg, and football at 5, and soon several centers, 3 or 4 centers, and so it is interesting to specify it. After that, it remains a relatively limited operation in its size. in its symbolism, it's interesting because it also sends a signal that we could look at the development outside the purely French borders. And then it's a good market, with affordable demand, as you know, and so on which we would be almost the only ones. So there are two or three centers that are planned in the months, the semesters to come. And so we have specified it to show that There are not only the big operations, there are also small operations from Bolton that allow us to progress and leverage the technology of the app that has been developed, etc. which allows us to evolve. In addition, there are many transfrontaliers, so there are French, we also have centers on the French side, so all that is well under control. But it's not significant at the group level. No other questions? We were clear. No, I wanted to tell you, we have a lot of enthusiasm, a lot of enthusiasm for the prospects that are announced for 2026. Another, I hope, a beautiful year of progress. Everyone is at work. We have seen a lot of prices that have been put back. Well, it's going back to zero now. So, every year, we have to reinvent ourselves. So, we, our objective, is to create value. As usual, I thank you for your attention.