Eiffage Sa Unsp/Adr

Notre monde, c'est le vôtre.

short video to illustrate all of the jobs lines of businesses of our group good evening to all thanks for being present at this meeting of presentation of the annual results of the first group i command the presence of members of the management and the board members who are with us this evening. 2025 concluded on the same trends as the one we had already observed end of June 2025 during our last publication, half-year publication. In spite of the ongoing tension in geopolitical area, the trends of sovereignty for industry, energy and development of new mobilities remain very powerful growth and for the medium and long term drives. It's a very good year again for the group. Lines of business growing strongly improve their profitability. To be noticed the performance of energy system branch who overshoots the perspective that we had said that we had told you about slightly in volume and more important in profitability. This part of the group has been commanded by its integration to the CAC 40 of the Paris Stock Exchange end of December, a recognition appreciated by all of our employees and our partners and an encouragement to follow our strategy based on the complementarity of our businesses and our geographical focus so as to strengthen our positioning as one of the European leaders of the businesses of construction, real estate, service to energy, and concessions. At a time when Europe seeks to strengthen its sovereignty while speeding up its energy transition, the group enjoys very good assets, initiated for some of them since many decades. First and foremost, the positioning of the group as a very large European player of the renewable energies. As said in the past years, the group remains the first sun farm installator in Europe. We delivered numerous stations in 25 in France, Spain, Italy, Ireland, and we have more than renewed our book of order. Those stations are also going together with operational contracts and maintenance as well as linking to the network. Stations of Cabra and Oliver in Spain are a perfect illustration of that. Beyond the ground farms, Many projects of self-consumption are being developed in European countries. We were awarded an installation for the Minister of Ecological Transition in Madrid, aimed at reducing the release and improve the energy efficiency of this public building. And you can see on this picture, right inside, the Sun Farm on metal framing installed by our teams in Rouen, above the parking lot of a bus depot. fueling or feeding electricity to a mechanical workshop and offices. We're also very active on wind farms onshore, onshore, moths for the wind farms and also the rolling out of fields with Eiffage System and Eiffage Génie System in France and in Spain. We were awarded two major contracts for the construction of two onshore wind farms in Castilla y León in Spain for a global amount of 80 million euros and a total capacity of 270 megawatts of renewable energy. Beyond the sun farms, our teams are also ramped up on the rolling out of capacity of storage of energy a major challenge for resilience of the networks. In the north of France, Eiffage Energy Systems ensures the design, engineering, and building of installation of an energy storage station and its high-voltage station, but also maintenance and operation together with the provider of batteries and vision energy. This station of 50 megawatt will enable to store energy when the RTE network would be in overcapacity and be able to re-inject up to 100 megawatt hour once or twice a day during 15 years. In Belgium, mobilization of expertise of several of our entities of EFASH energy system and EFASH construction enabled us to win the contract for the implementation of of a storage station with batteries of the Tesla technology. Our Spanish teams started the installation of a new system of storage with recycled batteries and new batteries from electric cars in a sun farm in Extremadura. The challenge was to analyze the performance and the behavior of recycled battery compared to new batteries contributing to the promotion and development of circular economy. A first concession through SUN-R is active in development, operation and maintenance of sun farms in France. With an installed electric power of 150 megawatts, SUN-R won in grouping on The airport of Toulouse-Blagnac, a project aimed to revalue areas on the airport area with a sun farm of 56 megawatts. Right inside, the solar revision of a parking of HVs of Montbartier operated by Park Plus. Works are being made by FH Route and FH Energy Systems. Second part, our positioning as a European leader on the market of metal frameworks offshore, thanks to our Belgian entity Smulders, which is a subsidiary of Eiffage Metal. Offshore wind farms remains an essential lever for the energy sovereignty strategy, especially on the North and Baltic Sea. Its questioning in the United States is not impacting us since we have no locations there. Smulders has an unequalled capacity in Europe with factories specialized on offshore in Belgium, UK, Poland, Netherlands, France. On screen, the location of Hoboken. Smulders implemented 40 substations and over 2,500 pieces of transition. It was awarded in 2025 the market for the development and building of three electrical substations to link three wind farms in France for an amount of over 1.5 billion euro. Those three substations with a capacity of 750 megawatt each will enable to be linking the transport of electricity of over two gigawatts of decarbonized electricity. We also took part in the pilot floating wind farm Each one of them has been built on Fos-sur-Mer, and each one is 10 MW of power. The park will provide green electricity to 50,000 households per year. We went on with our strategy of development with the acquisition in 2025 of HSM Offshore Energy in the Netherlands, strengthening our expertise on the offshore wind farms, enabling us, beyond the structure's framework, metal framework to consolidate our capacity in EPC on the substations. Other assets are participation to the program of the French nuclear program with the preparation works on EPR2 and Penly, mobilizing over 1,500 employees at Eiffage Génie Civil Eiffage Metal. In parallel, Eiffage Immobilier develops capacity of housing for the Employees are on the work side, and Eiffage Energy System goes on with studies to contract generators, diesel generators for the EPR2 of Penley, Garvin, and Buget. Beyond that, our teams are active for some years on the nuclear park all through France. They participate in the installation of EDF on new cells of high voltage on the DUS of 24V, nuclear reactors and contribute then to the robustness of the French nuclear stations. Beyond the projects over the framing of the extension of the life cycle, we also intervene on operations of classical maintenance. You see on the screen the Blayet where we have been awarded the renewal of our contract of maintenance for 10 years. This market covers the strategic equipment for the safety of installations and mobilizes over 20 employees for the implementation of training worksites as to train the workers in real conditions and enable the onboarding of new employees. We also have with our subsidiary, Tabelek in Toulouse, a capacity of design and construction of electric boards, very specific, especially for the nuclear market. In 25, Tabelek designed and manufactured boards for the nuclear central, nuclear power point, Hinkley Point in the UK. Beyond this exposure to the wind farms, sun farms and nuclear, the challenges of ecological transition and of electricity are supporting our entities of transport and distribution of electricity very present in France, Spain, Germany, Austria, also through the acquisition of ECWAS. We're one of the major players who participate in the strengthening and the maintenance of the electrical European networks made even more so necessary by the increase of the renewable energy sources. We do also operations in export, mainly in Africa and Central and South America. On screen, a fashion energy system installed switches, non-polluting on a high-voltage station in the area of Anne. We saved 1,000 tons of equivalent CO2 in the frame of commoditization of the high-voltage stations of EDF. To summarise, Eiffage positioned itself on this market 20 years ago. During this strong development, we are really supported by the growth, our global exposure having reached 3.3 billion euros in works in 2025. Beyond production and transport and storage of energy, Energy sovereignty is also supported by the improvement of the energy performance of our buildings, our factories, and our infrastructures. The Brent energy system is also very active in the maintenance and optimization of the buildings. On screen, programming and implementation of the lighting system in several buildings of the Bank of Spain, realized by the teams of IFASH energy system. Building side, crisis of energy in the past years acted as an accelerator for looking for energy efficiency and generated a very strong dynamic in terms of renovation in tertiary and as well as in building. IFASH construction, so an intake of 450 million of book of order, order book, about the renovation of households in France, housing units in France. Contract of design realization won in September for the refurbishing of 620 units, an occupied site in Rouen. Eiffage Construction also launched at the end of the year the refurbishing of 360 housing units in the area of Sage in Pessac. This huge program will give a new life to all of those buildings while improving the quality of life of the inhabitants. The refurbished households will have an energy consumption below 90 kWh per square meter. And the teams of FH Energy Systems support the hospitals Saint-Joseph, Saint-Luc and Lyon. in order to obtain a contract of energy and environmental performance for 10 years, an ambitious partnership aiming at a reduction of 40% of energy consumption per year of this hospital while securing its technical infrastructures. Our concessions are also active on the renovation with the NOVE project, which beyond the construction of over 2,500 housing units, are also refurbishing over 7,500 housing units for the families. Having said about the elements illustrating the force, the strong exposure of the group to the themes of sovereignty, energy and transition, It seems interesting to talk about another asset explaining the growth of the group, its strong exposure to the traction in our sectors of several major countries in Europe, Germany, Spain, UK. Sorry, Netherlands. Netherlands. Spain is our largest country of activity after... Sorry. Germany is now our greatest country of activity after France, with 10,000 employees and sales of 2.5 billion euros, covering all our works and concessions. In Project 2025, Smulders and HSM generated 300 million euro activities in Germany, bearing on the Belgian and Dutch factories. At the time... When the German government said it wishes to invest massively in its infrastructures for the decade to come, Group is very well positioned to enjoy part of it. Among the many contracts won on the first half year, ECOS signed an important market for the building of high-voltage lines and the replacement of cables on 31 kilometers that will increase the capacity of transport of the electric network. SEH, German subsidiary of Eiffage Metall, won a contract for the construction of the new metal bridge on Levensau on the channel of Kiel. The new contract illustrates the recognition of the know-how of Eiffage Metall on the civil engineering works in Germany. Through the recovery plan for the renovation of German infrastructure, Eiffage Metall enjoys a very strong book of order. Eiffage Infrabau finalizes the works on the motorway A3 for the Eiffage concession through a German contract of the type A model. Beyond organic growth and after the phase of integration of Equus and Salvia, FH Energy's system continued to strengthen itself by external growth and by acquisition of small companies and goodwill that are strengthening specialties or new territorial meshing. In 2025, beginning of 2026, we have thus acquired IFT, ESACOM, HTW, StampCat, and the goodwill of Klaus Heinemann. Those five acquisitions represent, in a full year, sales of over 90 million euros and a headcount of 440 people. Second country with a strong traction, Spain. We make there 1.6 billion of sales in the works of services to energy, road, civil engineering and metal, with a headcount of 7,200 employees. Our teams of FH Construcción won in groupment the contract for a design and construction of the new car race circuit F1 in Madrid, as well as a second contract for the new buildings and temporary structures aimed to host the Boothers during the Grand Prix of Spain in 26th. A fresh energy system has a national coverage in Spain, very present on wind farms, sun farms, and transport and distribution of energy, while being the first company to maintain the national network. It's also present on the tertiary market and service to collectivities. So as to strengthen its positioning on industry, EFAS Energia Sistemas acquired three companies, CVS specialized in solutions of refrigeration for industry, M3i Controls and Immotechnia specialized in the control systems. Third country with a strong traction, the Netherlands. EFAS Energy Systems entered through the acquisition of Grobman in 2018. with sales of 150 million and 800 employees. Following several acquisitions and organic growth, Eiffage Energy Systems has now over 2,000 employees and sales over 400 million euros in this country. In 2025, with the acquisition of HSM Offshore Energy, Eiffage Metal now has a long-standing location in the Netherlands with two factories and over 150 employees. One example on screen, Eiffage system implemented in six weeks only the total replacement of the alarm fire system of the Theater of Tambour in the Northern Netherlands. To summarize, Eiffage enjoys the strong traction for our markets of Germany, Spain, and the Netherlands. Those three countries represented 5 billion of activity in works in 25. Beyond those three countries with a strong traction, the Groupen joins its historic French base, solid, robust, and in growth. And of Belgium, where we are the second actor of the country in our works. We build in Groupen the new General Headquarters of Defense in Brussels. The Belgian teams are also working in the port of Antwerp and Bruges. The second greatest port in Europe, Herboschkia, participates in the work of modernization of the Ripper Terminal, that will increase its capacity by one-third, but also towards a transition of a climate-neutral port. Three stages in nine years so that the terminal will remain operational. A further energy system transforms the port in a connected and smart space, thanks to installation of IoT sensors and a new software infrastructure. Teams of Valence were awarded the market of construction for the new buildings of the school Leonardo da Vinci in Brussels. Real estate teams signed a bulk sale of 80 housing units, enabling Perard to start the new works in the future neighborhood of Belleval in Luxembourg. After having talked about the exposure to the dynamic of some markets in some countries, another asset of the group, thanks to the capacity of its organization, is to know how to mobilize efficiently the complementarity of its businesses to make the difference on several large-size contracts. First example within the construction, the integrated model, developer, promoter, builder, proved its strength, enabled its line of business to face the very significant decrease in real estate. A phase d'aménagement achieved by the end of the year, the main works of infrastructure of the Ilo du Ponant, a project of urban redevelopment with the transformation of a former brown land into a top residential area. Eiffage Immobilie in Poland started the transformation of a former streetcar depot in Poznań, an operation of urban redevelopment that will see the total renovation of the depot as well as the historic buildings made all by Eiffage Construction. Expertise in management of the project of Eiffage Immobilie civil engineering and FH construction combined with the know-how of FH energy systems enabled us to train even more and more teams to face the strong demand of data centers and also to change our scale. We implemented our first hyperscale for CloudHQ in LIS. Its extension has already started, and we are answering to several other requests in France, Germany, Belgium, and Spain. The combination of the know-how of all those Eiffage Énergie Civile, Eiffage Construction, Eiffage Métal Énergie System were necessary to deliver in time the Geiger factory of electric batteries for ACC in the north of France. During the first stage of the Grand Paris Express with lines 15, 16, 17, 18, the group was present on 11 stations and separated batches or on macro-batches. It has always been the combination of the specialties of Eiffage Energy System and Eiffage Construction which enabled the group to be the first provider of the Society of the Greater Paris Area for the implementation of the station. For the new phase, the major project decided to start four mega-projects in a design building. including all the parts of Eiffage construction, Eiffage rail and Eiffage energy system. Eiffage secured the Line 15 East, one of the major lot, mobilizing and integrated teams all of its businesses, all of its jobs, because it's really a system of transportation that will have to be delivered in 2031. Beyond those issues, complementarity, a Fage concessionary was asked to go up and down the value chain by being contractor, designer, builder, financer, but also operator and maintenance operator. Once again, our model meeting call for tenders is to mobilize our internal skills to implement the needed work for the implementation of the new assets that will strengthen our portfolio of concessions. This is the case of our project Nove for the Ministry of Armies and its ambition families, which ramped up with now over 90% of the designs that are being implemented. was the acceleration of production and delivery of housing units with 600 new housing units and over 1,200 which were refurbished. That's also the case of the port of Marseille, which combines a PPP that enables also to revalue a nearby property. Mobilization of most of the lines of business of the group was determining to secure this contract. In Belgium, starting a tremendous amount of PPP projects, buildings, infrastructure, a group of its partners won the PPP for the jail of Vresse-sur-Simoire for a global amount of investment of 171 million euros. On our motorway concession, traffic remained unstable. constant for the HVs and ALVs. Motorway A79 ramped up in power with over 10% of growth of its traffic. On the project of A412, all of the authorization requests has been introduced to us to enable the beginning of the works by the end of 26th. Those two motorway concessions are the perfect example of projects won by the group after tenders on which the expertise of our concessionaires were partnered with the expertise of all of our lines of businesses without any exception. So as to roll out our expertise and our innovation on the servicing areas at an hour of new mobilities, we participated and won the tender for the concession of the servicing area of the Champ d'Amour on Motorway A20 on the network, which is not part of our concession. It's going to be operated under our brand fully. As you have seen, more than a diversification as such, it's the complementarity of the lines of businesses which is there. The compactness of organization and our family mindset embodied by the engagement of all behind our employee shareholding enables us to seize a lot of opportunities. that need the mobilization of many, even all of our lines of business. Facing the ecology transition, which with most of these values at the crossroads of our businesses, this is a special asset to capture development opportunities. Without forgetting, it's also a fantastic asset of resilience when one of our lines of businesses is under pressure, like, for instance, real estate for some time now. In terms of concessions, the quality of the results of the group enabled us progressively for over seven years to get to the capital of Getlink and becoming its referential shareholder with 27.66% of the capital, following the last acquisition of 7.1% of the capital on October 23, 25. Our participation in Getlink is, hence, a masterpiece, among others, of the renewal of the portfolio of concessions of the group since Getlink is concessionaire of the channel until 1986. There, again, it is about complementarity because Getlink is active in the businesses of rail infrastructure and electricity transport that we know very well. But this good year of the group should be also in its extra-financial component. Twenty-five was also rewarded by the improvement of most of our extra-financial rating by the various stakeholders, as you see on screen. On screen again, the monitoring of our path of reduction of our gas releases, greenhouse gas releases on scopes one and two, By reference to 2019, the growth of the sales is more important than the simulated normative growth. Our releases are in line with the target meeting our engagement at Horizon 2030. As you have been noticing, 25 has been an excellent year. The group was beyond the 25 billion sales after a growth of 8%, 4.8% in organic growth. The operational results of the works reaches 1 billion euro, 500 million euro for the only branch, Energy Systems, whose profitability reaches 6.2%. A slightly decrease given the overtaxing of major companies' growth to 8.9% in the constant perimeter, thanks to the excellent operational performance, we are much closer than expected of the 24 results. A debt reduction to the tune of €900 million, thanks to a very good operational performance, and a variation of WCRR, generating cash up to 300 million euro, this debt reduction coming after 800 million of investment for external growth. Finally, visibility of the group is comforted by a book of order growing by 3%. For our perspective, 26, we're expecting sales on the increase in works and in concession. And activity and growth at the Eiffage Energy System and of the same amount in infrastructure and in building construction. Operational result, an increase in works and concession with an improvement of the operational margin of a fashion energy system, a consolidation of the level of margin of the other lines of businesses and works. Hence, the net result of the group is expected to be increasing. Thanks to those very good results and the solidity of the group, the Board of Management decided to suggest an increase of 0.1 euro of dividend up to 4.8 euro per share. Thank you for your attention and I invite Christian Kesser to give you the details of our finance.

Hello, good evening. We're now going to go into the details of the figures that have been broached upon. When it comes to our business, it's going up. This has been detailed by Benoît Druffret, so I will simply give you a reminder of the figures. 8% growth, including 4.8% organic growth. And over the last several years, this follows a 2024 year where we already had a strong growth at 7.3%. And on the period of the graph, it's plus 35% over four years. Same commentary over the evolution for contracting a 9.2% growth 5.3% organic after a 7.5% growth in 2024 and 36% over the last four years. If we look at 2025. You can see the geographic distribution in France. Growth is higher than usual at 5.6%. This is because there's been a lot of ramping up on large civil engineering projects and thanks to the Nouvé contract. The growth in Europe outside of France is 16.6%, driven by... acquisitions for 18.4%, and organic growth for 6.2%. Current operating profit is 2.6 billion, increased 5.3%, which seems limited when you look at the performance of the branches, which is far above this average. It was already the case at the 30th of June, because this year we have a higher amount of of expenses for share payouts, which has been calculated according to the IFRS 2 accounting standard, $60 million more than in 2024, including $52 million on the holding. This followed the improvement in the price of the IFRJ share following the equity subscription period that was exclusive for staff. For the rest, you can see our margin has improved, plus 30 base points for contracting. plus 15.8% for an improvement in turnover of 9.2%, and plus 30 base points in concessions in spite of an increased amortization expense. We're going to go into the detail of the branches in construction. After two years of a decrease, we now have a 2.7% increase. despite IFEJ going down 15.5%. This is not an impact on reservations. It's an impact on turnover because reservations has been going slightly up for the last two years, and we've reached the low point of inflection. It should no longer go down in renovation. It's... Renovation and services that allow us to perform the Nouvel Contract has generated 400 million euros of activity at FH Construction versus two which is 220 million more than in 2024. We can see that this contract is very, very important for the figures of the branch. Our global operating margin is improving marginally, but you have to take into account a smaller contribution of real estate, which is significant. $29 million less in 2025 versus $41 million in 2024. It was $84 million in 2022. And this lower contribution, because both the rates and the base have been going down, has been compensated by an increase in margin for buildings, thanks to very careful attention to the execution of projects and a better selection. I have chosen this year to illustrate the activity of the group through its history, looking at our roots, which often run deep. In 2025, we had two anniversaries in the branch Perard, our billing subsidiary in Luxembourg, which is 150 years old, and Herbosch Kira, which works in trawling and maritime works, and celebrated its 50th anniversary. The infrastructure branch has reached a high point of activity at 9 billion, which is the result of several factors. A good year all in all in roads for France, plus 3.9%. There was also an increase in our big major projects in civil engineering in France, Greater Paris Express, EPR2, Lyon-Turin. The European projects also are working very well, HS2 in Norway, a sustained level of activity in civil engineering in Germany without any real acceleration. And finally, we've talked about it, it's linked to the improvement of wind and sea activity in France and internationally, which also benefited from the acquisition and integration of HSM. This has allowed us to make over 9.2 billion in turnover, mostly on sustainable mobility, infrastructure and energy production. Profitability is mainly connected to the activity of effage métal, plus 22% growth, half of which organic and half of which connected to the acquisition of HSM. In Senegal, you will know that it's the only country in Europe where Eiffage deploys its construction concession model, which allows us to design multi-branch projects. And this subsidiary is now 100 years old. At Eiffage Energy Systems 2025 was a new year of growth with 11.8% growth rate. with external growth, and will also have a strong year of improvement for profitability, which is up 40 base points. Organic growth is 3.4%, 2.4% in France, which is the country growth plus inflation, plus a little more, and plus 4.8% internationally, where we are gaining market shares mostly in Germany, Spain, and the Netherlands. This organic growth of almost 5% internationally is was completed with targeted acquisitions. In 2025, we benefited from the integration of ECOS, which was there with us the whole year, against only two months in 2024, and we consolidated with the acquisitions, close nearby acquisitions in Spain and Germany. We talked about these. Our profitability has improved. strongly improved beyond the target that we had set for ourselves because of the quick integration of acquired companies in 2024 and 2025, which has allowed us to fully capitalize upon new opportunities in the German and Spanish market. This is because of our remarkable historic implantation in France and Europe. We're very agile. We can integrate in multi-branch projects and which allows us to go look for both opportunities and added value in other branches. 125 years ago, the Société de Force et de Lumière Électrique, which became FORCLOM, and then Eiffage Energy Systems, had worked on the lighting for the Paris Exposition Universelle. In concessions, you can see here our main assets consolidated globally with the date of end of concession and our rate of retention. The main number to look at is 800 million euros of turnover on PPPs and concessions in APRR and area. There's been an increase in capacity, including in Aliai. There's been a slight slowdown in other PPP activities in a light gray because of the contract for renovation of Nouvelle. The renovation of Nouvelle is generating a decrease in rent, which is planned for in the model. And the Decathlon Arena Stade Pierre-Maurois had enjoyed an exceptional year in 2024 because of the Olympic Games. 15 years ago, SNCF Réseau gave FH Construction the task of funding and maintaining the rail line in Bretagne-Pays-de-la-Loire, which is now one of our key assets in our concessions portfolio. Here we look at the APRR scope. an area where traffic has improved 1.3% with a turnover that has increased 2.9%. EBITDA margin has slightly gone up despite the increase in share payouts expenses that I mentioned earlier. And I'd like to remind you that since 2024, EBITDA has been diminished of the tax on highways for 127 million this year, 123 million in 2024. When it comes to funding, we've issued two bond tranches, one in May 2025, one in 2026 for 500 million euros with a fixed income coupon of 3%, which is competitive. which contributes to a slight increase of the cost of debt. Finally, last point mentioned, APRR, we've sold our co-owned subsidiary, Access, which has allowed us to generate €20 million, about half of which for Eiffage, not included in EBITDA. You'll find it in other financial revenues. 20 years ago, it's another anniversary, on the 20th of February, almost 20 years ago, day for day, we've integrated APR to the privatization process. 18 candidates were competing, and AFH with its Australian partner made the best offer. Outside of the APR network, we're looking here at the EBITDA margin for main assets, You can see that it's around 80%. And on the right, we wanted to indicate for PPPs and concessions that are being constructed, the incoming turnover for projects, which you can see is not negligible, which is at the heart of our integrated construction concession model. And this was explained to great lengths. The final brink of our concessions, you can see our participation get link. We're now at 27.66% participation. The figures on the right are 100% get link. And you can see our quota share is 62 million euros for 66 millions of dividends perceived. This quota share is based on the consensus. We don't have final figures. And we took into account our detention rate, prorata temporis. which gives us a final result of 62 million. We had a remainder of the result of 2024. The consensus had resulted in 14.6 million and amortizations for overvaluation of 14.3 million. This is concerning operational elements when it comes to the profit and loss. I don't have a lot of comments beyond what we've already mentioned. You can see that the cost of net debt is stable, which means that the cost of the new bonds that I talked about was absorbed by the reduction of net debt. And the element that we have to comment upon is the increase of corporate tax. It's a strong increase of 200 million euro, 176 million of which are connected to the new taxation in France, which impacts our net result and our net result group share, which is nevertheless very close to its 2024 levels. Adjusted for tax fluctuations, it would have been an increase of 8.9%. You can see the evolution of net debt for 2024. EBITDA is up 378 million euros, which is very significant. Dividends received from equity associates is mostly GetLink. Working capital requirements has generated cash for the sixth year in a row, 300 million euros of which come from projects. Taxes paid are up because of the new French taxation, which gives us 3.5 billion in free cash flow. Investments in projects are higher than in 2024 because of the increase of the activity, but also the 2024 base reference, which was not that high. Over two years, this increased. has increased proportional to activity. In concessions, investments have increased. They were connected to the Nové contract without any effect on the debt at the end of the year because this company is now consolidated as an equity associate. I'll come back to that. We have free cash flow at $2.1 billion after investments. You understand that this is because the investment of Nové, of taxation, and because working capital requirement contributed less than last year. But it remains very high. thanks to a strong EBITDA and the contribution of working capital requirements. This cash flow has allowed us to finance 825 million investments for growth after 900 million in 2024. You can see that we're reinvesting our cash flow significantly. The 825 million amount includes the acquisition of 7.11% of Gatling's equity and acquisitions that were presented in the Netherlands, Germany, Spain, and Italy as well. When we come to no-flow variations, it's a bit technical, but we're talking about the $370 million of debt of Nouvé, which was consolidated as an equity associated at the end of 2025 because of a change in our groupment agreements at the end of the design phase. The final flow, I will comment upon capital operations. You will find the usual movements on equity. Dividends paid out to APRR, to its minority shareholder, and the dividend paid by Eiffage, 453 million euros, which brings us to our net debt of 8.5 billion, which is down 870 million euros after more than 800 million invested in external growth. This 8.5 billion debt includes our debt for concession of 10 billion euros, down 685 million euros, and net treasury of the holding and the projects branch, 1.5 billion euros, which allows us to remain very agile financially to capitalize upon any growth opportunity as we've done, especially these last two years. When it comes to our order book for projects, we see a 3% growth over a year. We can see it's a growth in every branch, which allows us to expect a new year of organic growth at a slower rhythm nonetheless than in 2024 and 2025. This concludes for the figures, and I believe we can now move to the Q&A. Thank you very much. Thank you. I'm from CIC. I had a few questions. First question, could you share with us your vision of the market of real estate in France and development? We say in France there's a concession. Second question, we say in France there's a consensus on the concession system which should last with new tenders. Don't you think... that this will depend on foreign investments. It's not obvious that these investments will be massive, and without massive investments, maybe the state could change the system, which would not be the same scenario for us. Third question for 2026, it's a year for local government elections in France. Do you consider there will be an impact risk with these elections? with the project's activity for Eiffage in France, and you also said that there was a German economic plan. Do you think you'll be signing the first orders connected to this new German plan? Olivier? Please answer the question on real estate and development. The market in 2026 for real estate development will remain under pressure, especially since 2026 is a year, as you've said, where there will be local government elections, and these are never favorable to launching new projects or obtaining new permits. Nevertheless, We will not experience in 2026 what we experienced in 2025 with the collapse of demand for private investors because of the penal change. And we favorably welcome the housing plan of the government, especially the Jean Brun law, which should improve our sales. So in this context, we imagine that 2026 will see an increase in real estate activity, both when it comes to operating income and turnover. Camille? Good evening. So you've interrogated me on the consensus concerning highway projects. It's true that this consensus you reference is is the conclusion of the work of the Ambition France Transports Conference, which was presented to the Council of Ministers by Minister Tabarro. So today, this is the most probable outcome, and it's the one on which the Transport Ministry is working when it comes to services, and we are talking to them concerning that, and we are preparing for that as well. I would like to indicate as well that even if highways are in fact already built, You mustn't imagine that there are no investments, and you need three types of investments. First of all, renovations, exploitation, and maintenance. Adaptation to new mobilities, everything that has to do with electric cars. And investments connected to resilience when it comes to climate change. We can see that in the mountainous regions in the Alps, we already see the effects of that. So there will still be investments that will justify the concessional model in the future. Concerning 2026 and the elections, the upcoming elections, I believe that's something we already shared with you. The decision is more and more... made in a broader local government. So it's further detached from the direct voter. And we see more and more projects that know how to overcome local government elections. I won't say there's no effect, but there's a lot of mitigation. It's much less impactful than in the past. I would like to add to that, that our teams and your neighbor to the right, which takes care of roads, They're so used historically to have huge gaps. They're so worried about it that they're extremely agile in the face of that. And I must say that it's something that impacts us less and less. It's more significant in terms of construction permits. That's where the impact is. When it comes to Germany... Of course, as of today, we're not talking about orders. There is one big German client, Deutsche Bahn. The entire German railway network needs significant work. Their activity is increasing. They had a model to attribute contracts. which was very cumbersome, let's say, and they're working on their operating model now to go faster. I don't know how to make a direct budgetary connection, but fundamentally their investments are much more significant than in the past. We have a strong growth when it comes to that, and the growth in metalworks are also connected to railroads. So we can already see it on Deutsche Bahn. On other issues, we don't see it yet. I believe there's a real issue when it comes to the way in which German ministries can... implement these projects because traditionally they did construction and only after that did they make public tenders that we could act upon. But I believe there will be more and more models in the future like the A3 Highway, and we already have partnerships that are operating from time to time. This is what will allow us to accelerate it when it comes to implementation. What you have to remember in the end is that everyone is talking about it. That's great news. because we were facing a big deficit in terms of attractiveness, and now it's completely changing. There's a lot of restructuration in German industry. I believe that historically we wouldn't have been able to hire... workers from the automobile industry, but now there's visibility, long-term visibility. People see that this is work that there's recruitment on, and we will be able to accelerate, not only because of budget constraints and budget opportunities, but because there are new people available in the field. So we're very confident that it will be a growth factor in the future. But I want to say, Cevapiano Vassano, because you can't change as quickly when it comes to human capacities as we often want to, but it's very good news for the sector in the mid and long term. There has been some level of We've managed to stabilize at 1.2 billion when it comes to German roads, despite the lower contribution of the A3. So we've managed, thanks to orders, mid-size orders, to compensate and generate 4 percent, about 4 percent growth on civil engineering and roads in Germany and railroads.