Ipsos

Thank you for joining us this morning for this presentation of the results of the year 2025. I am Jean-Laurent Boitou, the Director General of Ipsos since September last year. I have already met some of you. I am going to talk today, on the one hand, about our results for the year 2025, but also as a complement. de ce que nous avons évoqué lors de la réunion du 22 janvier dernier, au cours de laquelle on a présenté notre stratégie Horizon pour les prochaines années, donner des perspectives, sans revenir sur le détail de ce qui a été annoncé à ce moment-là, sur ce que ça veut dire en 2026 spécifiquement. Je suis avec Olivier Champourlier, notre directeur financier, qui commentera plus en détail les chiffres de l'année et les perspectives. The figures of the year 2025 are 2,525,000,000 business figures, which represents an organic growth of 0.6%, which is lower than the ambition that we have displayed for the years to come, and therefore nevertheless accompanied by a profitability In line with the profitability that we had talked about for the year 2025, with 12.8% margin, before taking into account the dilutive effects of acquisitions carried out in 2026, and in particular those of BVA Family and Infas. So we have a growth... It's less than what we wanted, but we have held with budgetary discipline and rigor on costs a margin that is resilient despite this activity that does not believe as much as what the horizon plan, which we talked about in January, must bring us to do in the coming years. Je vais rester un moment sur quelques observations depuis septembre dernier et qui sont matérialisées dans les chiffres que vous avez reçus pour ceux d'entre vous qui ont regardé le communiqué de presse et ses annexes. Tout d'abord, sur la zone IMI, qui est une zone qui représente environ la moitié de notre chiffre d'affaires, on a une croissance organique. which is 2%, while it was already 5.5% in 2025 compared to 2024. So we have a dynamic that continues on the IMEA zone. Moreover, when we look at the different sectors or the different audiences to which we address, regard en particulier les audiences de nos clients du secteur privé, que ce soit les consommateurs, les clients, les patients, les médecins, on est avec une croissance organique de 2,1%. Et la raison pour laquelle on met l'accent là-dessus, c'est pour évidemment signifier que sur la partie citoyen, qui est essentiellement l'activité d'Ipsos auprès des décideurs publics, auprès des grands organismes internationaux, donc le domaine du secteur public, qui pèse sur notre croissance, l'activité qu'on fait... to put it quickly, in the private sector, continues with this dynamic of more than 2%, which means that in one of the sectors where our automated solutions are the most used by our customers, we continue to have a good dynamic of growth, including where we automate services. This manifests itself in particular and very clearly for the Ipsos Digital platform, which is the platform that allows our customers directly or with the help of our teams to conduct the studies on the basis of this automated platform by submitting the questionnaires that allow them to have access to our human respondents through our panels and to obtain directly the restitution on this platform. A growth that remains very sustained at 27%. So we are in the order of magnitude of recent years with a growth of 30%. And obviously, as it is an automated platform, Produit une rentabilité qui est environ deux fois supérieure à la moyenne du groupe donc ça c'est très prometteur parce que effectivement dans un monde où la technologie l'automatisation et l'intelligence artificielle permettent de mener un certain nombre d'activités de recherche de façon. It's very encouraging, even if we have to do more. Finally, it's a year marked by the return to significant size acquisitions with the BVA family and with a phase, so BVA in France, DOXA in Italy, activities in England, to quote the main countries, and also... Nos activités qui étaient dans PRS in vivo, qui sont les activités d'évaluation, des emballages, des tests de packaging, pour lesquels on a avec PRS in vivo une présence maintenant dans un certain nombre de grands marchés, y compris les États-Unis. Et puis, InFast, qui nous permet d'avoir une présence plus solide et significativement renforcée en Allemagne. dans le secteur public. Secteur public qui donc pèse sur la croissance. Qui pèse sur la croissance, ça représente plusieurs centaines de millions avec une croissance négative, au moins 8%. Donc ça pèse environ pas loin de 30 millions de décroissance par rapport à l'année précédente. Mais néanmoins, affaires publiques est un atout stratégique majeur pour Ipsos. On l'a réaffirmé lors du Capital Markets Day pour quelques raisons assez simples. D'abord, On a grâce à la compréhension qu'on a des citoyens, des éléments de contexte qui informent un certain nombre d'informations et de recommandations, ou en tout cas d'insights qu'on peut fournir à nos clients, en comprenant à la fois les réponses des gens qu'on a interrogés en tant que clients, en tant que consommateurs, en tant que patients, mais aussi en tenant compte du contexte, de leurs convictions, de leurs opinions, et on voit que ça enrichit les résultats des études qu'on fournit. Deuxième volet, c'est une activité résiliente. Alors là, on voit le mauvais côté du caractère cyclique de cette activité d'affaires publiques. Ça a été effectivement touché par des situations politiques compliquées dans un certain nombre de nos grands marchés, que ce soit aux États-Unis, en France, mais aussi en Australie, en Nouvelle-Zélande, en Inde. And then budgetary situations, particularly with the shutdown in the United States, which did not help. So it's an activity that can have negative cycles, but it's also an activity that, in a certain number of situations, is counter-cyclical. So we think it's something that we also keep for that reason. And then thirdly, we have not maximized the potential for growth of this activity. For example, our global footprint, our presence in many countries, permet, quand on a fait des études sur un grand thème de politique publique, les transports, la santé ou autre dans un pays, d'informer les décideurs dans d'autres pays. Donc il y a des leviers de croissance en capitalisant sur notre présence dans le secteur des affaires publiques dans de nombreux pays pour retrouver une dynamique plus forte de cette activité. But I'm not going to go through the whole meeting on public affairs, I'm just going to confirm the importance of this activity for us, despite this performance in half tint or frankly negative in 2025, and let the floor go to Olivier Champourlier, our financial director, to comment on the details of the figures of 2025. Olivier.

Ladies and gentlemen. Hello. As Jean-Laurent explained, the total turnover of the exercise is 2,525,000,000, with a total growth of 3,4%, which decomposes into an organic growth of 0,6%. Perimeter effects of 5.8%, which are mainly linked to the acquisitions of the exercise The BVA Family and InFace, and also negative exchange effects of minus 3%, which have been quite strongly imposed on the turnover, and which are the consequences of the price of the euro compared to the dollar and other currencies. If we look at the decomposition by region, In EMEA, we had a total growth of 12%, so it's a significant growth that was positively impacted by acquisitions, because the main acquisitions when we did the previous exercise, Infas and BVA, were in Europe, Infas in Germany and the BVA family in France, in Italy and in England. A l'intérieur de cette région, on a connu une croissance organique de 2%, qui est une croissance organique que je considérais comme une bonne performance. Après une année 2024, on avait cru déjà de 5,5%. Within this zone, we have several dynamics. We have continental Europe, which also grows by 2%, with countries like Spain, where we have a growth of 6%, Belgium of 3%, and Eastern Europe, which is 10% higher than Turkey. In this zone, we also have the Middle East, which continues to experience a fairly dynamic growth of 8%. However, it should be noted that in this area, we have a country that has had a negative growth, which is France. France has had a growth of less than 3%, but which has been mainly impacted by the decrease in public order. If we exclude the political uncertainty that we all know and budget restrictions, and on France in particular, if we exclude the effects of the decrease in public order, we would have had a slight growth. The Americas then experienced an organic growth of 0.3% and a total growth of minus 3.4%. The transition from one to the other is mainly explained by negative change effects. Le dollar s'étant déprécié par rapport à l'euro. Dans cette zone, on a à la fois le LATAM qui continue à croître de façon assez significative, donc le LATAM de l'Amérique latine de plus 5%, et l'Amérique du Nord, par contre, qui connaît une légère décroissance de moins 0,4%. Notre activité aux Etats-Unis a été principalement pénalisée l'année dernière par une baisse de l'activité des affaires publiques. Là aussi, comme l'a souligné Jean Laurent, le shutdown et les restrictions budgétaires ont impacté notre business. Donc les activités affaires publiques aux Etats-Unis ont baissé de 15%. If we retrain public affairs on the rest of the activities in North America, we have a growth that is close to 2%. We have activities that are quite resilient in the service lines that are linked to large consumption and that performed well last year. Then we have the Asia-Pacific area, which decomposes into two sub-regions. mainly China, which is the first country in the area for which we experienced a stable growth last year, which is an honorable performance in a complicated and retreating market. And on the rest of the area, we had a decrease of minus 4%. So that's what we call Pacific Asia outside of China, outside of Great China, of minus 4%. And there, which was also impacted by a decrease in activities in the field of public affairs in Australia, in New Zealand and in India after an important election cycle in 2024. Maintenant, je vais vous commenter le chiffre d'affaires par audience. On a des audiences, des lignes de service sur les consommateurs et les clients et employés qui ont connu une croissance organique à peu près similaire de 2,1%. Ces lignes de service regroupent principalement les activités de compréhension des marchés et des marques, la mesure de l'efficacité publicitaire et les clients mystères. La ligne de service citoyen, donc, c'est la ligne de service qui regroupe principalement les affaires publiques et ce qu'on appelle corporate reputation. Donc, il y a connu une croissance organique négative de moins 8%. Les principaux marchés sur lesquels on a été impacté, c'est les Etats-Unis et la France, comme l'a souligné Jean Laurent, dans un environnement politique assez incertain, le shutdown aux Etats-Unis et des restrictions budgétaires de certains Etats. An element of satisfaction, c'est l'activité pour les médecins et les patients qui a connu une croissance organique de 2,4%, à comparer l'année précédente avec une décroissance de moins 3%, donc là on est reparti sur une dynamique de croissance dans cette zone. avec des activités qui ont porté principalement sur l'innovation en oncologie dans les maladies rares, ainsi que des études liées au GLP1, qui concernent le traitement du diabète de type P2 et de l'obésité, qui ont été principalement ces facteurs de croissance. Je tiens à souligner aussi que notre activité sur notre plateforme digitale, USOS Digital, a connu une croissance de 27%. and this platform serves us to deliver mainly studies for consumers, which is the first service line that is here. If we retrace the impact of the service line on citizens with activities of public affairs of less than 8%, on the private sector we have a growth of 2.1%. It is important to underline that our activity with private actors continues to be quite honorable. Now I'm going to comment on the results. So the turnover has grown by 3.4%. Our gross margin has increased by 2%, so at a rate a little lower than that of the turnover. Our gross margin has risen by 67.8%, with a decrease of 90 base points compared to the previous year. So how do I explain the drop in gross margin? So there are two main effects. There is a first effect that concerns the perimeter effects linked to acquisitions of BVA and Infas, which have impacted the gross margin at a base of 60 points. It should be noted that Infas is a public business activity, so it uses very few online platforms, and where we have a lower margin rate, que la marge moyenne du groupe. Donc ça, c'était attendu et ce n'est pas une surprise. On a également sur notre périmètre constant une baisse de la marge brute de 30 points de base qui est liée à une hausse du coût de collecte de nos données, une tendance qui est temporaire. Et pour 2026, nous attendons une amélioration de ce taux de marge qui devrait continuer à progresser comme on l'avait connu les années précédentes. Under the gross margin, we have the wage and general fees, which have increased online mainly due to the impact of acquisitions. If we retrace the impact of acquisitions, the wage has remained stable, so we have been able to adapt our cost structure to the evolution of the activity. And as for the general fees, They have also been stable. There are two phenomena. We have continued to invest in our technology and IT expenses, which we believed to be quite significant. But we have managed to finance this high activity of technological spending within the general office by savings on other general offices, mainly our offices. A noté également dans ce compte de résultat un taux d'impôt de 26% en 2025, qui est en ligne avec le taux d'impôt de 2024. Donc si on regarde maintenant un peu plus bas dans le compte de résultat, le taux de marge opérationnelle, comme il a été annoncé au cours de la journée investisseur, est de 12,3%, qui est un équivalent à 12,8% à périmètre constant, retraité des effets du litif, temporaire des acquisitions de BVA, et... which demonstrates the capacity of Ipsos, in a context of low growth, to maintain the costs and to preserve profitability. The net adjusted result by the Group is a return of 1.5% and is established at 240 million. The net adjusted result, diluted by action, is raised to 5.5 euros. Concernant la génération de trésorerie, notre capacité d'autofinancement en 2025 a atteint un niveau de 411 millions d'euros contre 430 millions d'euros l'année précédente, donc il y a une baisse en ligne avec la baisse de notre marge opérationnelle. Concerne la variation du BFR, on a connu une variation du BFR qui est négative d'environ 30 millions d'euros et qui s'explique de deux façons. Une, la hausse de l'activité, parce qu'on a eu une hausse d'activité de 3,2% au quatrième trimestre 2025. Et on a également les provisions pour les minérations variables dans le bilan à la fin 2025 qui sont en baisse par rapport à l'année précédente et qui concernent les décaissements qui auront lieu au premier semestre 2026. A line that I would like to comment on is the line of corporate and non-corporate immobilization that corresponds to our investments, which has risen to 78 million and which has an increase of about 9 million compared to 2024. And which are in line with what we said to the market, is that we are going to continue to invest in our strategic solutions, our platforms, our panels and the generative IA. Finally, the free cash flow is 181 million, which is comparable to the average of the last four years of 195 million. So we can consider that the free cash flow this year is relatively in line and close to the average performance of the last four years. If we look below the available treasury flows, I named it Free Cash Flow. We have acquisitions and financial investments of 178 million which concern the acquisitions that we have made, mainly the BVA, FEMI and INFAS. We have also bought back own shares to deliver free share plans to our employees at a height of 14 million. Finally, we have invested dividends in our shareholders around 80 million. And as far as financing operations are concerned, We have a net increase in our funding of 100 million euros, which is decomposed into two operations. The first, we have put in place an obligation of 400 million euros in January 2025, and in June 2025, we have refunded our previous obligation of 300 million euros. So, in net, we have a financing impact of 100 million euros. Finally, I would like to end this presentation by the group's financial situation, which is excellent. We have a very solid balance sheet. The net debt rises to €219 million compared to €57 million last year. The variation is mainly due to the acquisitions we have made on the exercise. The ratio of leverage, which is the net debt on EBITDA, remains solid and rises to 0.5 times. slightly higher than that of the previous year, but which is also explained by our acquisitions. As for the gross debt, we have a gross debt of 525 million euros. Thanks to our refinancing of the obligatory loan, we do not have a short-term deadline in the next four years. The next deadline is in 2030 for 400 million euros. And furthermore, we would like to underline that we have a non-used credit line of a surplus amount of 400 million euros, which ensures us an excellent level of liquidity. Thank you for your attention and I give the floor back to Jean-Laurent for a more detailed analysis of the activity.

Thank you Olivier. We talked about 2025. On January 22nd, we talked about the years to come, about the two time horizons, the 2026-2028 horizon and the longer horizon of 2030. And we will come back briefly on this, to focus on what it implies, both in terms of intervention and action on our activity, and in terms of figures on the year in progress. Our priority is a return to organic growth, We are in a dynamic sector. So we continue to see our clients, the example of the evolution of our activity outside the public service continues to show it in 2025, who need more and more information, always faster, with always more predictive capacity, capacity to cross information coming from several sources to inform their investment decisions in advertisements, in new products, in new packaging, in new real points of sale. So we are on a market that will continue to bring our growth. And for that, we have taken six strategic orientations on which I will come back very briefly because it was the object of a longer intervention on January 22nd, but which I want to recall here the first. C'est qu'on a fait le choix de garder l'ensemble des activités qu'on peut ensuite croiser entre elles. L'ensemble de nos 70 services regroupés dans 16 lignes de service qui nous permettent d'avoir une compréhension très large des gens qu'on interroge et dont on fournit ensuite des informations à partir des réponses que nous ont fournies ces gens à nos clients. Deuxième conviction forte, c'est que notre présence mondiale, à la fois parce qu'elle nous permet de prendre des mandats globaux auprès des grands comptes, But also because it allows us in each market to have the specificity of this market, whether it is to know how we question people in the villages of the cities of Peru or how we question people online in the United States. All these modes are very specific to each market. So our global presence is both a quality criterion of the access we have to respondents. and it is a criterion of capacity to deploy solutions worldwide. Third conviction, We must go radically faster in the supply of answers to our customers. At a time when we can, with a good prompt, have a first version of a storyboard or an image for an advertising campaign, it is obviously not a question of waiting weeks to have the answer to what will be the possible impact, what is the score of this storyboard or this image. Quatrième conviction, pour faire ça, il faut capitaliser sur les technologies et l'intelligence artificielle et Ipsos a commencé depuis des années à investir sur des solutions de technologies contemporaines et d'intelligence artificielle, mais plus profondément ça doit transformer nos façons de travailler pour atteindre cet objectif de vitesse et on y reviendra dans quelques minutes. I talked about respondents and what our local presence, in addition to our global presence, was an access criterion. Human respondents are the basis on which we can then feed, recalibrate, for example, synthetic data. Human respondents are, by the millions of people that we can question every day, a criterion of quality and relevance of the information that we provide to our customers. And so we will continue to... améliorer, à investir dans nos panels pour continuer à internaliser notre capacité à interroger directement des gens qu'on connaît et qu'on interroge régulièrement et donc accroître le développement de nos panels propriétaires. Sixième conviction. Notre activité continue à être centrée sur la fourniture d'informations à nos clients, mais on doit améliorer notre positionnement sur les services à plus forte valeur ajoutée, que ce soit prédictif, que ce soit la capacité à analyser des données, à intégrer les données issues de sources différentes que nos clients peuvent avoir, soit des réseaux sociaux, soit de leurs propres outils de gestion de relations clients, soit des études qu'on leur fournit, voire des études que leur fournissent d'autres acteurs du marché. So these six strategic convictions are interesting, but what is important is the implementation. And so the implementation begins with the actions that we carry out since 2026. The first of them is the implementation, both in terms of technical solutions, methods and strategies. Thank you very much. The identification, we have named six responsible of six first globally managed services. So you could say 6 out of 70 is a small proportion, but in reality it represents several hundreds of millions of euros. These are already well established services on which these six responsible will have everywhere in the world the responsibility of growth and profitability of these services. With local teams. Because it's not about doing it entirely in a centralized way. In coherence with our approach. Which combines world presence. And local relevance. And we equip them. And we invest. And it's on that that goes in priority. notre investissement sur des nouvelles solutions technologiques et à base d'IA pour qu'on récupère au maximum le retour sur investissement que seule une approche homogène permet, quand on investit sur la même plateforme partout et qu'on déploie cette plateforme de façon cohérente, à ce moment-là on maximise le retour sur ces investissements technologiques qui rendent possible ces six premiers globally managed services. Je dis les six premiers parce qu'une fois qu'on aura établi un modèle opérationnel équilibrant La gestion centralisée de ces services et la gestion locale de leur déploiement, on continuera. C'est le début et il y en aura d'autres sur les 70. On étendra progressivement ce modèle à d'autres qui présentent les mêmes caractéristiques, qui peuvent être productisés, qui peuvent être déployés de façon cohérente au niveau mondial et qui se prêtent à un modèle de gestion plus centralisé. Deuxième grand sujet d'intervention immédiate, c'est qu'on doit continuer à accélérer le développement d'Ipsos Digital et l'utilisation par nos équipes et directement par nos clients de cette plateforme qui est à la fois remarquable, 140 millions de chiffres d'affaires sur une plateforme qui a une rentabilité double de celle d'Ipsos et qui croît à 30%, c'est quand même quelque chose de remarquable, mais on doit pouvoir faire beaucoup plus parce que quand on regarde nos différentes régions, l'usage d'Ipsos Digital est assez hétérogène et donc on va Thank you very much. brand studies, with in particular a set of relatively simpler and more accessible solutions called Essentials, which rely on the Ipsos Digital platform and which allow our customers access to services that they would not otherwise have access to. And finally, we will open Ipsos Digital to new audiences. That is to say, concretely, today, a client who will carry out an inquiry with our help or directly on Ipsos Digital has access to our panels. We will be able to connect other sets of respondents, for example, the files of our clients themselves or respondents who are not only consumers but decision-makers in companies to offer surveys on the trends in the B2B world. or patients or doctors. So we will continue to open more access to panels other than those that are available today on Ipsos Digital. So we think that the acceleration of the growth of Ipsos Digital is one of our priorities absolutely to our advantage this year. Third major intervention around commercial efficiency. We have Today, a growth that is lower than what we want. Obviously, we must put the package on, on the one hand, the responsibility of all the leaders, both, for example, the bosses of the main countries, the bosses of the main lines of activity in our major markets, on the fact of having each one, two or three customers with whom there are explicit, encrypted objectives to which their annual performance is linked. So we are going to Thank you very much. those that we have to preserve them at the time of renewals, and then go look for those contracts that have been renewed and that we are not the current holders. So a commercial activity centered on these large contracts. And on the other end, a reinforcement in the markets in which it is justified, or the economic equation of having a local development team for the smallest accounts, we strengthen our activity of pursuit, of conquest, of new logos, With business development teams where it is justified. So with that, we have to rely on this enhanced commercial efficiency to accelerate organic growth. But none of this is possible. Without the reinforcement, I talked about it at Satiété, of our technological capabilities and of our ability to capitalize on the opportunities that are offered to us with artificial intelligence. So we reinforced our management team with the arrival of Nathan Brumby. Nathan is the Chief Platforms and Technology Officer at Ipsos. He has the responsibility of all of our developments and of our technological solutions. With two simple priorities. On the one hand, continue to ensure that all the tools on which we have already invested and which are a major differentiating asset of Ipsos are more used wherever they can be, which is not the case today everywhere. And secondly, by investing in solutions that are for our service lines, solutions based on AI, and especially to achieve our speed goal, to automate much more than it is today, our production chains. The speed, since we just said that technology had to allow, on our production chains, to accelerate and achieve an objective, which we talked about during the Capital Markets Day, that the answers provided to our customers can be, for some of them, provided in real time, for others, in less than 48 hours. It's a change, it's a deep change of our ways of working and the tools with which we work. It will obviously not be done in a snap of a finger. I'm talking about what we started in 2026. This project will not end in 2026. But it is essential to decompose it according to the services, those on which the speed imperative is the most urgent for our customers, those on which our automation capabilities will have the fastest effect. And so we have cut and we are juggling the development of this speed imperative over the years to come. By fully taking part of our platforms... by reinventing the production chain and by introducing agents that will automate a certain number of tasks done today by our teams, and more deeply, by rethinking our working methods around several of our main services. To do this, we rely on the assets that remain, the teams, the customers, the innovation. C'est des dizaines d'années que je suis dans les services professionnels. On a des équipes qui mesurent le taux d'engagement de nos salariés qui le font pour nos clients et qui, de temps en temps, le font pour nous. Le taux de 76% d'engagement est significativement supérieur au taux d'engagement moyen qu'on constate, qui est de 72%. Ça, c'est le benchmark. Donc on a des salariés qui sont passionnés par ce qu'ils font chez Ipsos. On a des salariés qui sont engagés. Deuxièmement, on a des clients qui sont fidèles. Finally, innovation. The organization GRIT, which is an organization that looks at the different actors of our market at a global level, has named Ipsos the most innovative company in the sector. And when we see the importance of innovation in this turning point that the market studies and surveys sector is experiencing, it is absolutely critical to have this competitive advantage that innovation brings us. By relying on these advantages, we reaffirm our ambition to make DeepSource the global leader of actionable insights on the basis of which our customers can make decisions on which they often commit significant expenses in product innovation, in advertising, in commercial deployment, with a strong impact and relying on artificial intelligence. How does this translate into figures? I remind you of the calculated objectives announced during the capital market stay. An average growth over the years 26 to 28, including between 3 and 4%, which then accelerates to the phase of 2029-2030 to exceed 5%. An operational margin of 13.5% by the end of 2028 and which must exceed 14% over the following period. A flow of available treasury, free cash flow, accumulated over these five years, of 1.4 billion, allowing, coupled with our low debt, of which Olivier was speaking, and our capacity to mobilize debt, if we need to invest mainly on acquisitions, a good part of them on solutions and technical accelerators, but also on our panels and on acquisitions closer to Ipsos, of 1.2 billion that we have planned to mobilize over five years. En 2026, notre perspective de croissance organique est dans la fourchette de 2 à 3%. Donc on s'engage dans cette trajectoire qui nous a amené sur une croissance moyenne comprise entre 3 et 4% sur les trois années à venir. Et un taux de marge opérationnel qui sera de l'ordre de celui qu'on a eu en 2025. As for the other commitment that we took during the capital market, it is a return to the shareholder that is in increase. We talked about a return to the shareholder that is 40 to 50% of the result per adjusted diluted share. This return will be decomposed this year into two components. One which is an increase of our dividend per adjusted diluted share to 2 euros. But in addition, we consider that we have the capacity, without breaking our strategic plan, so without modifying the trajectory that I just recalled, of investment in acquisitions and in the increase of our technological capacities and of our panels, to make a program of shareholding in the form of annulments, which will be submitted to the General Assembly in May, of 100 million euros in 2026. So these are the main elements of perspective that I wanted to share with you before opening up to questions and answers. With two appointments to come, on April 16th for the announcement of the results of the first quarter and on May 20th for our annual General Assembly. Thank you for your attention and we will now start the question and answer session. First question, Emmanuel.