Hello, hello. Yeah, it works. Good morning. Thanks a lot for many of you who came here today for what should be, could be, important day for sure. Interesting? Depends on you. I wanna start with thanking three different persons. They are here on the second row, and it's very important, I think, for many of you, to put a face on Iris Knobloch. Iris Knobloch, she is the Vice Chairwoman of the Board of Directors of Accor. She's a lead independent director. She's a lawyer by background, both in America, in Munich, and in England. She's been at Warner Studio for a long time as CEO for Europe. She's a newly elected president of the Cannes Festival, and she's been with us for a long time, really looking after both of us, looking after each of you. Thank you very much, Iris, for coming here today. You have Isabelle Simon. Isabelle Simon, lawyer, banker, Goldman Sachs, former CEO of SBM. She knows hospitality. She's today the General Corporate Secretary, General Counsel, ESG at Thales, large defense company, and she's chairing the audit committee, and she's here with us. You have Hélène Auriol-Potier, who is former Microsoft executive, knows inside-out digitals, been living in the Anglo-Saxon world, on many boards, and she is chairing today, the new Ethic Compliance Committee for Accor, the Board Director. Please, since you put a face on the three of them, take advantage through the lunchtime. If you do stay through the lunchtime, which I don't know, I hope you do a bit, please go and reach out for the three of you. It's gonna be a combination of many outsiders here, be it a financial analyst, commercial banker, investment bankers, and many Accor executives. I think the room is gonna be filled up during the next 30 or 45 minutes, with people who didn't dare to come down, but now they know they have an empty seat that they could really attend. In the first row of this auditorium, you have the top key executives of this company. I won't introduce them one by one. There's a referral to the organization chart in one of my slide presentation. Again, I'm asking each of you, being my peers, go and reach out to meet as many time as you want with you as analysts and investors. Knowing me, you won't be surprised. I won't show you the slides. You have them in the deck. I decided last night not to go one by one. One is because you know the content inside out, and two is because I want to go back a bit with you, kind of actually a bit more personal, maybe more authentic. I'll probably go on slide number 11, which I want to pause a minute with you, and for you and I to look at the four questions we asked ourselves only a year and a half ago. What I wanted to start with is for you to hopefully agree with me that the, by far, the richest asset of this company happens to be not the brands, not the network, not the leadership, not the balance sheet, but happens to be the people of this organization. It makes us extremely different in the world of hospitality, probably unique in terms of reach, globally and culturally. Part of the deck, you'll see that there's something which no one else probably has achieved over the last 12 months in many industries. It happens to be the numbers of underprivileged people who got access to work over the last 12 months. There is a number in your deck who talks about 123,000 new hired people working for Accor the last 12 months. What's striking is not the number, it's for you to realize that almost 60% of those 123,000 never had a job before, never went better than high school diploma, never had the chance, the privilege, to go to university. They knocked on our door, and they asked whether we can hire them, embark them, train them. Which turned out that in Accor organization, you know, we have 500 hotels. Understand that a third of those hotel general manager don't have any university diploma either. They made it through the ranks over the last 20 years. That is something very important for Accor. When I was in Riyadh a year and a half ago, next to me was two of my peers, CEO of two large hospitality chain in America. One of the officials from Saudi Arabia asked us, what do we do for a living? Of course, we didn't know one another. My peer responded, "I'm a brand hotel distributor." I was struck by it. Then he turned to me, the Saudi official, and he said, "What do you do?" I said, "I'm a hotel operator." That sentence alone tells you that. I'm not saying we are unique, I'm just saying we're different in terms of where do we embark, what are the social purposes of this company? What are the things that we need to do in life to embark people and to give a job? What do we do for diversity and handicap? What do we do for the planet? It's just a different model. There's another thing which makes us a bit different. In the times of gloom and doom, people tend to forget about it, I certainly don't. We went, all of us, through COVID, two years of hell, those two years were not missed, were not really two years of lost. At the time, where we also demonstrated that through the solidarity and a fund that we put together on your behalf, called Heartist Fund, decided to be there, be present, be accessible, and provide what people wanted the most, is a paycheck, even though the hotels were closed, to get access to hospital and to get access to food. Just, I want to thank each of you for being in the room. Thanks to you and what you allowed us to do, thanks to the board of directors who embarked upon it, decided to give EUR 36 million, 410,000 employees of Accor. Mostly, you won't be surprised, 80% in Southeast Asia and South America, precisely in some countries in which you had no access to subsidies. That's the human capital part. I just want to go quickly on the last 10 years. There's one thing which is critical and probably evident, but it's even better that many of us think. I keep saying for the last 10 years that we are in a blessed industry. Blessed in terms of size, it is the 3rd largest industry on the planet, $9 trillion. It is the largest industry in terms of employers. 10% of the worldwide workforce works for travel and tourism industry. It's being a growing industry, 4% - 5% per annum, the last 40 years. Of course, there's a blip of COVID, but put that aside. What people tells us, that then, that industry not only has been growing 4% - 5% the last 40 years, but likely will grow 9% - 14% the next 10 years. Pace of growth, two to three times better than what we enjoyed the last four decades. Why? It's all a question of demography. That's what it is. 70 years ago, the planet was comprised of 2.5 billion people. Today, it's 7.6 billion people. It's all about the emergence of middle class population. It's all a matter of those who have the wherewithal to travel, both domestically and internationally. For the last 10 years, the emerging middle class population has increased by 1 billion people. The next 10 years, it will increase by 1.5 billion people. Where? China, Asia, and of course, India. India alone is 500 million new people in the last five years, from 300 million to 800 million. Guess what? We've been talking quite a bit about India, about China. 150 million people traveling, which is the same as Americans in 2019. You had virtually, maybe less than 10 million Indians traveling. I guarantee you, in the next two years, three years, four years, five years, you will have 50, 70, 100 million new Indians who never traveled internationally, who will travel the next 2-5 years. Where would they go? Five-hour flight. They're gonna go to Southeast Asia. They're gonna go to the Middle East. This is where Accor are the best footprint in those two regions. You have scale, you have growth, you have size, and you have leadership. We ask ourselves a question 10 years ago: How should we play? What should we be focusing on? What are the risks? Who could be the disruptors? Then decided that Accor was probably too French, too European, too mid-scale, eco-centric, i.e., in a very good segment, but the segment growing the least for the previous 20 years, + 2% or 3% RevPAR, where the premium luxury was growing twice faster. We were missing high growth market in Asia, in Middle East, and other places. Decided to shift a bit, and we were too capital intensive, I won't go back with you on the get free, get broad, get light. You know all this. We decided to preserve, enhance, do better with what has been built the last 40 years, which is the eco midscale in Europe. Go and try our luck on trying to get better segments, greater brands, by acquisitions, by penetration, and upskill the talents, by being more internationally cultured, as opposed to be French-cultured. That took us eight years to go one by one. You've seen the increase of brands, you've seen the increase of Europe representing 75%. 10 years ago, today, it's 21%. Today it's actually, sorry, today it's 40%. By doing all this, we had COVID, we had to pause after doing six years of different chapters, different transformation. Through COVID, we said, "This is the first time," Jean-Jacques, myself, a subset of the executives here, we had time to pause, to think, to reflect on cost, on people, on size, on margins, on returns, on many things. We were not traveling. We were there to think and hopefully to act. You've seen 2.5 years ago that we've done reset on trying to be a bit more fit in terms of less people, less different offices, and trying to save cost. That's why I want to go on page 11. Here it is. February 2022, after doing all the things I've talked to you about, we had the last wave of COVID. That was, again, another difficult quarter in tourism. I sat down with Jean-Jacques, again, a dozen people, and I said, "I think we've done great for the employees of this company." I've discussed with you what we've done through COVID, and all the people we've been hiring. I think we've done good for hotel owners. They've been having good returns with Accor over the last 40 years, which is why they've been so loyal. I think we've been pretty good with the brands by acquiring so many brands. I had four questions, which was related to, you won't be surprised, stock price. The stock price in February 2022 was exactly the same as the stock price of August 2013, when I joined Accor, EUR 27. I said to myself, "It's odd. I think we've done the right things. I think we've made the major step. I think the group is so much stronger, better." Bear in mind, by doing all this, there was something in our mind which was super important: preserve at any cost, financial independence, both from lenders and from equity market. Preserve your balance sheet, and thank God we did when we went through COVID. Those were the four questions that was in front of our eyes at the end of February. The first, it's kind of evident. With so many brands, so many segments, should we continue with the same geographic-led organization? I'm just giving you an example, and I was talking with, the previous CEO, put Northern Europe. There was one CEO for Northern Europe. He's actually here in the room, Duncan. Running 31 countries, from Ireland to Vladivostok, going through Germany, Hungary, Kazakhstan, you go on, and I name it. Duncan, through 31 countries, 24-hour a day, was spending an hour and a half meetings with different hotel owners, but it was the same 90 minutes on ibis owner, on a Novotel owner, on a Sofitel owner, and on Raffles owner. The same depth, the same importance, because you have to treat your different owners. The owners were very different. One owner of the Raffles was spending $500 million at risk on one property. The ibis franchisee was barely spending maybe $30 million or $40 million. We were giving the guys the same 90 minutes, and we probably reflected that, I guess, we probably should have prepared six hours before we met the Raffles owners, and maybe 20 minutes before you meet with ibis. He was just disproportionate amount of time, not the right expertise, not at the right moment, and not the right amount of time. On that one, it was fairly easy. We cannot continue to be so generalist of a 46 brand in 31 Northern Europe countries. We ask another question: For the management team, for the employees at the hotel, do they have the sense of ownership? Do they have that sense of purpose, that ability to act? Can they make decision? Do they have the autonomy? The answer was probably, "No, not enough." You go for the clients, the owners. Do they really get the return they expect? Do they really get the expertise and the attention they expect being in different segment? The answer was no. The last question is where I started. Why is it that the stock price in February 2022 is exactly the same as 2013? If I knew the answer, I think I would have done something better. Of course, I was searching for this answer for a long, long time. It has a lot to do with what we're doing today. Should we give you, and I think we owe you, better clarity on the business model, better predictability on where we're going, which is why with confidence, we give you the numbers between 2023 to 2027. Do we give you the proportionate number of returns that you expect for taking the risk? All of those four questions had one answer. It's not the only answer, but at least one answer. If you can go to page 13. It's not that one. Which is, we are lacking focus, and we're lacking focus on three dimensions. Number one, in terms of skills, teams and brands. Some brands should have better attention, should be incarnated, somebody should be behind it and driving the force. Two, that company was too complex to run, and if it's too complex to run, it's too complex to underwrite. Make it simpler for you and make it simpler for those being outsiders. Three, continue to innovate, continue to expand, but search for profitable growth, which is how we went through different segment, including lifestyle. It led to two different pillars, two different organization. Autonomous, not independent. I'll go back to this through the Q&A with you, if you allow me to. One, let's preserve what made that group so strong, the geographic-led organization for Premium, Midscale, and Economy. You have the brands here. There's one objective, and it's a very simple, draconian objective: Let's make sure that this division is super predictable. Let's make sure it is very resilient in bad days, that it can still perform. You've seen, many of you, the numbers for Accor's, again, struck by Wyndham and Choice. If you really look at the numbers for 2020, 2021, 2022 through COVID, for Wyndham and Choice, it's unbelievable how strong they were in the worst-ever storm. Let's go for the highest cash generation and operational leverage and cash transformation. Those are simple words, but that's what Jean-Jacques is gonna be talking to you about, a part of his new role and function. You have another leg, which is vastly different for a reason I've explained to you in two minutes. Make sure it's not market led. It should be person, branded, incarnated, which is why we decided to have the four pillars. You're gonna have the chance to hear three of those people on stage with you. That's a different mission that is very much linked to experience, to brand promise, brand content, brand fulfillment. Has a lot to do with a higher growth, but a higher risk, and has to do with a better value for per dollars, per fee, per room, and you'll see that right now. You were searching for those numbers for a long, long time, and I don't know what took us so long to give you those numbers. You know, for the group, you knew it was EUR 1,400 fee per room on average. Just divide the management and franchise fee, divide it by 800,000 room. That's not too difficult. What you probably didn't know, you were expecting 2.5x to 3 x better for Lux Lifestyle. It's actually 3.5 x better. It's 1 to 1.1, and 3.6 to 3.9 for Lux Lifestyle division. Decided to give you pace of growth, 2023, 2027. Here it is a multiplier of 2x-2.2 x. It is a solid 4%-7% revenue growth, which is exactly the same as the last 40 years I've talked to you about. It's not a bad business at all. It's a resilient, predictable, not a super growth, but super cash generative. It's like a bond. Look at the pace of growth for Lux Lifestyle. Of course, we're starting with a lower network, but it's twice, and it's 11%-13%, which basically permits us to believe that we should be going to 6%-7%, 6%-10% sales and revenue growth. You have the EBITDA, thank God, confirming to you, do we have operating leverage? The greater amounts of room you open with the same amount of cost, you have a better transformation. There again, multiplier of three between PME, 5-9, 15-20, and 9-12 for the group. Confirming to you the cash conversion, and for the first time, being confident on telling shareholders that we should be returning between the last, next four years, $3 billion to you, and you probably saw that in the deck, in the latter pages. Almost half and half. Half through ordinary dividend, half through shareholders return in form of share buyback. You have here a list of 14 individuals. Those are operational in nature or shared platform. I'm just wanna pause a minute with you here. There is a lot of great people, as strong, as good as those on the list, who happens to be in the room, but not on the slide. This should not be missed. I'm talking treasury, I'm talking finance, I'm talking legal, I'm talking talent and culture. Indispensable for all of us to run. We wanted to show you those who are gonna be on stage and those you may be interacting with, if you want, on asking a lot of questions on what we're gonna be presenting. We gonna have a subset, un, deux, trois, quatre, cinq, six set, actually, seven of them, plus Jean-Jacques and myself, so it makes nine, in front of you during the day. You'll have two on the premium mid-scale, you have three on Luxe Lifestyle, we'll have benefit of hearing Alix and Brune on digital and sustainability. The one thing which is interesting about that slide, which I reflected this morning early, 80% of those people were not there 10 years ago. 60% of those 14 people have changed job four months ago, across the top 50, 72% of the top 50 executives of Accor have changed job four months ago, both in terms of tutorship, in terms of reporting, or people they work with. I don't say it lightly, Turbo is a vast new chapter of this company, which already resulted in a sense of ownership, greater energy, greater accountability, and greater pride, you'll see that through the session today. Again, those of you who are gonna be on stage, don't be petrified. It's gonna be absolutely fine and probably fun, but you're gonna be seeing those. I just want to finish by welcoming Martine Gerow. Martine is the new Chief Financial Officer. She started yesterday morning, I'm not gonna put her on stage, but she's right in front of me on the first row here, Martine. She knows quite a bit about tourism, hospitality, bit like I said about Hélène, she is super bilingual, multicultural, being living in the Anglo-Saxon environment for a long, long time. She's starting as a CFO on the first of July. On the Q&A that we'll have in few hours, please, we're still gonna have that gentleman here to my right, fetching two roles, PMO and still responding on a lot of financial question. Which leads me to one side comment, is on your behalf, on my behalf, a very, very warm thank you, Jean-Jacques. It's, I know you're taking a new role, but you've been a hell of a good CFO. Thank you for being here. Thank you. Probably the best I know, actually. I've been here a long time. Yeah, yeah, different from me. Oh, yeah. Which is perfect. It was a good match. Let's not start there. It was a good match. Don't worry, it's gonna be a good match with Martine. I'm sure. Voilà. Thank you again for being there. Let's make this journey as interactive as we could. I'm still asking you to wait until the last part of the day, so we're gonna try to be out of here by 5:30 probably at the at best, not at best, as of clearly undertaking. Please, all the questions on different speeches, different thematic, keep it for the end, so I guess we don't lose time and momentum. Should I ask, Alix is gonna come on stage. Alix, she has a new role, which is a much greater role than the one she had before. She was part of Patrice team. She, how should I say that without you. Alix has been coming from Amazon, for six years, based in Seattle, three years with Accor. Alix, you super bright, you super detailed, you understand customer demands, you understand product, you understand services, you understand revenue. You somebody very important for Accor, as many of you in the room. We are super lucky, to have you on board remaining with the new role. Just, you don't have to surprise, but just be yourself. Merci. Hi, everyone. I'm really delighted to be here today and to share a bit more with you on what we're doing on distribution, digital, and loyalty. Without transition, I'm lucky to be in charge of an organization called Digital and Business Factory. You may have seen on the slides that Sébastien shared previously, that we have a set of services are called Shared Platform. My team is part of this Shared Platform, servicing all the brands and the geographies of the group. More specifically, what do we do? We have six main activities, which are the one you see on this slide. The first one relates to e-commerce and customer engagement. It's everything related to ALL.com, our brand website, working closely with the brand division, our mobile app, and all our e-commerce ecosystem, and the engagement of our member base. The second activity relates to loyalty and partnership, our program, ALL, which I will talk about a bit later in my presentation, as well as the entire ecosystem of partners that are part of this program. The third one is our contact centers. We have 12 today, globally. It's around 1,000 people answering the phone for our customers, both for reservation and for care. Fourth is distribution and hotel services, everything that relates to the tools, the system, and the processes that our hotels uses every day to do bookings, to welcome the guests, to do payments, and to connect more systems. The two last one are the digital factory and the data team, so they're both in charge of delivering the best digital experiences for our guests, for our hotel owners and hotel operation, as well as collecting the data and empowering our business teams and hotels to use this data properly to personalize experiences for our guests. Again, as I mentioned, we're servicing both division. We act as a center of expertise, for both luxury lifestyle as well as Premium Midscale & Economy, and we interact directly with our guests and our hotels to deliver those. Before I jump into some deep dives on distribution and loyalty, I wanted to go back a bit more on the digital factory. While the Digital & Business Factory is new and was launched earlier this year, the digital factory itself is not as new. It was launched end of 2021 with the support of Sébastien and Jean-Jacques. The reason why I'm emphasizing this is that because it was a fairly unique move in the industry, when we launched this organization. It's an organization of around 800 digital and tech experts, both engineers, product managers, designers, data scientists, and so on, that we all put under the same roof to really accelerate the digital transformation that we started already a couple of years ago, including under the leadership of Maud. Also to bring the best practices around tech and digital from tech companies. As Sébastien mentioned, I spent most of my career with tech, big tech guys in the U.S., they have a unique way to work, to manage their teams, to deliver solutions and systems, this is really what, with my leadership team, we've been trying to enforce within this organization. What's also very unique is that a lot of other players have done it at a much smaller scale. Here we took a bold move to do it at a much bigger scale, what we are already observing is the benefits you see on the right. More speed, faster time to market, more efficiency, and eventually more business value, innovation, and ability to bring the best talents in, directly feeding the flywheel of our model. The Digital & Business Factory will build on this, and we'll continue this journey. Zooming now on distribution, you'll see that some of the results of this organization are already paying off in the numbers. We'll share a bit more with you on where we stand and, most importantly, what we're gonna deliver in the upcoming 12 months. First of all, when we talk distribution, what do we have in mind? Really, our goal is to maximize the RGI and the net RevPAR for our owners. How do we do that? It's a simple equation with three pillars that you see here on the slide. The first one is really being in front of the customer. We believe that we need to follow the guest where he books, where he shops, and so as we expand distribution channels, we have more chances to capture the demand. The second one is really around maximizing the revenue. Where we are facing the customer, we do want to close the sale. It means driving conversion on our own channels, on our partner channels, as well as maximizing our pricing power, especially through revenue management and channel management strategies. The third pillar is, obviously, we want to do it at the lowest cost possible for both our hotel owners as well as for Accor. What it means for us and for our hotel owners, it means driving exponential growth on our direct channels, which are obviously more profitable for both sides, as well as on these direct channels, try to acquire and retain our customer with traffic drivers that are less expensive. That's what we call own traffic in our jargon, mostly CRM, mobile app, SEO, and so on. This is the equation of our strategy around distribution, and I'm going to share some numbers with you to illustrate how we've been doing on that front. The numbers you see here are 2023 numbers compared to 2019, pre-COVID level. First of all, in term of expanding our distribution, which I mentioned is the first pillar of our strategy, we now have more than 140 channels. By channels, this includes our direct channels, so our digital websites, as well as our contact center, as well as a network of partners, OTAs, GDS, and so on, with whom we have contracted directly, agreed on commercial terms, and enabled some technology and connectivities. This is 27% more than what we had pre-COVID, a significant push that we've done, especially focusing on locally relevant channels. We have been, for a long time, working with global partners, what we know and what we're seeing is that there are more and more local partners in South Asia, in China, in Latin America, whom we need to partner with if we want to drive distribution. The second piece is around our direct channels. As I mentioned, we really want to drive faster growth on those versus indirect channels. Versus pre-COVID, after the launch of ALL, we've gained 300 basis points of revenue share from our direct channel. This is, in the past 12 months, 4 points more growth than what we are observing with OTAs. If you put all the indirect channels in the mix, not only OTAs, but also GDS and so on, it's actually +7 points. We do see already the goodness of all the work we've done on ALL and our strategy around direct channels. The other important number is the satisfaction of our customers with these channels. We are now across geography at a score that is above 80% of customers that are saying they are satisfied with the experience they have on our channels. Just to give you a sense, the industry average is around 70%, we are scoring significantly higher. I also put for you on this slide the scoring on the stores for the mobile app, because I think this one are way more known. As you can see, both Android and iOS, which are the two main ones, we are scoring very high as well, 4.8 and 4.6 out of 5, respectively. Just to give you a sense, at the beginning of the launch of ALL, we were between 3 and 3.5, so we did a significant improvement as well here. Last is our own traffic. What I was mentioning around driving traffic that is, if not free, the low, at the lowest cost possible, downloading the app, driving traffic through our CRM capabilities, through our natural referencing, through our loyalty as well, because a loyal customer is someone that will come back more naturally towards your direct channel. Today, we are at more than 70% of our traffic driven by these levers. In some brands and geographies, especially in luxury and lifestyle, we are reaching as high as 85%, really growing in a good direction here. Overall, for the group, it's 400 basis points higher than what we had prior COVID and prior to ALL. Again, driving some profitability of our distribution here as well. What's next in term of distribution? We have six main focus as it comes to distribution. The first one, I mentioned it, is we want to continue to expand our distribution with more locally relevant partners. I've put a few logo here of partners we've already launched. There are way more in the pipe, and every month, we are releasing some new partners. We will continue this journey, especially again, Southeast Asia, Latin America, where we see a lot of potential to onboard new players. The second one is revenue management capabilities at scale. This is an area where we've been in all honesty, behind, and where there is a lot of upside for our business. We're talking about a couple points of RevPAR incremental just by rolling out the right revenue management capabilities in our hotel. This is a journey that we've already started, and that we will accelerate in the upcoming months. The third one is around non-room. We've been focusing a lot of distributing hotel rooms, but the reality is our hotels have a lot more to offer, should it be spas, restaurant, and so on. This is also a strong focus. We've launched, in the past 12 months, a platform called ALL Food, that distributes restaurants. It's now live in Europe, in Southeast Asia, and it's gonna continue deploying across the globe. We've launched another platform around spa in Europe, and same, we are deploying it across all our geographies and brands. We do see that as big enablers, again, to bring business to our hotel owners, and as well as to really bring to life our strategy around augmented hospitality, which is important for all our brands, but especially true in the luxury, where we know customers are looking for a bigger experience than just a stay. At the bottom, you see three other focus. Personalization, one way for us to win on our direct channel is really to personalize the experience we're bringing to our guests. This is a journey we started already more than a year ago. We've built some very strong capabilities around data that enable us now to have much more dynamic pages, content, should it be on our website, when people call in our customer care, on our emails, every single touch point with the customer, and this is something that we will continue, because it is driving incremental conversion. Brand website, if you go to most of our brand website, you'll see that most of them are outdated. It wasn't a strong focus by the past. With the new organization that we have in place, with Luxury & Lifestyle being brand led, but also PME putting a lot of emphasis on relaunching, revamping their brand, we do feel strongly that our digital assets should reflect this brand, specific strategy, so we are working closely with the two division to relaunch their websites. We actually launched, relaunched Novotel and Mövenpick, beginning of the year. We have Fairmont coming up, Sofitel coming up, Raffles coming up, Mercure, ibis, you'll see more and more. As it comes to Premium, Midscale, and Economy, the interesting part is that we have been able to industrialize the model, which will enable us to release more and more of this website, at an accelerated pace. In this priority, I also listed the app. As I mentioned, the app is super important in our strategy. Just to give you a sense, the app, in our direct channel, was 18% of our revenues prior to COVID. We are now at 27%, this is a big driver of the engagement that we have with customers, and we will continue focusing on this. Last but not least, contact center. This is a channel that we often don't mention, but it is significant, especially for Luxury and Lifestyle. To give you a sense, Fairmont, which has been really doing a great job historically in North America with this channel. For North America, Fairmont is at 12% coming from contact centers. This is a success that we are planning to replicate for the other luxury brands. We opened, actually, a new center in Barcelona in December of last year. We're already starting to onboard the new some more luxury brands. That's for distribution. Talking about loyalty, first of all, I wanted to tell you a bit more about ALL. Last time, I think there was a capital market day, it was prior to ALL launching. I wanted to give you a sense of where we stand on the program. You'll see here on this slide that the program have significantly grown and being enriched in the past months. In the center, you have the core benefits of the program, which are promises that we've done when we launched the program and that now are all brought to life, so the member rate, the upgrades, the rewards, the ability to earn points. The two parts on the left and on the right are a bit newer, so the partnership were announced, but now they are a reality. We have 108 partners as part of the ecosystem of the program. We were around 50-ish before COVID, so we did a significant job onboarding those and also making them available, digitally speaking, otherwise they are not a reality for customers. As you can see, we also enlarge the spectrum of these partners, so we have, obviously, airlines, but we have also mobility companies, we have co-branded cards, we have insurance, we have experiences partners, and this is something that we will also continue doing. One area, actually, where we are specifically proud is the cross rewards, so the ability for customers to win points, both at the partner and at Accor. We have three today with the three major airlines. We will continue to do that. We are the only company, the hotel chain in the world to have three. The part of the right, I don't think was announced previously, so it's a bit newer, but it's something we're also super proud and bullish on, it's subscription products. As we've been through our journey around loyalty, we realized that there were a segment of customers from which we could with whom we can generate more engagement by providing them some extra levels of loyalty. This is why we build these paid membership programs that are part of ALL, but tackle some specific segments of the geographies. For instance, we launched last year, with Gary's team, program called ALL Plus China, with specific benefits for the Chinese market. We launched one in Latin America with Thomas' team, ALL Signature. We have one historically in Southeast Asia, ALL Plus, and we have a few also in Europe tackling frequent travelers. Why is loyalty so important to us? What you see here on this slide are 2022 full year numbers. They're actually getting better as we continue recovering in term of business, at least here you have a full year. To read this slide very simply, our members, on average, stays 2 x more than non-members. When they stay with us, they spend on average 10% more per night, they represent 87% of direct bookings. The numbers at the bottom are also very important because they enable us to really measure the true repeat and loyalty of our customers. Here, what you see is, for a member, what is the probability that if he stays with us this year, he will stay with us in the year after? It's 3.2x higher for a member versus a non-member. If this member have used his or her points, you multiply this by 2, so it's 3.2 x 2, so you can multiply each number. If on top of that, he's been using one of our partners, you multiply it again by two. As you can see, we create real retention with this program, and the more the customer discovers the program, the more they stay with us. Now coming to the numbers. Again, these are numbers for 2023 versus 2019, so pre-COVID and pre-ALL. While the COVID didn't help, if you recall, the program was launched in December 2019, then we had a year and a half that was a bit complicated in term of business, but yet what we do see is with the business recovering, we see a very strong pickup and adoption of the program. First of all, the awareness, +33%, just to give you a sense, it's higher than the previous loyalty programs that we had, and it's almost at par with competitors' program, despite the fact that we've launched a couple of years later. Second, number of members, we have now 89 members worldwide. This is +40% versus 2019 levels, and we see the enrollment is still going very, very strong. Year to date versus the same period in 2019, we are +107%. It's not only about enrolling the members, we do want them to be active, to discover the program and to repeat with us. What we put here on the slide is the growth of members earning and burning points with us, +45% versus pre-COVID levels. Again, a very strong activity level. Satisfaction, 7.9 out of 10. To give you a sense, in the industry, the five biggest guys after us are on average around seven, and partnership and subscription, we measure them as a cash-in for the group, 4 x and 3 x, respectively, versus pre-COVID level. Again, we are very, very bullish and pumped by these results, and we believe that we can go even further with the list of topics that you see here on the slide. These are some priorities that we have with my team and with the regions and the brands, and that are really big untapped opportunities that make us really bullish around the potential growth of the program. First is B2B. We've been a bit late in finding the right offering for our B2B partners and customers. This is something that we revamped with the B2B team this year, with more incentives for our partners, status match for the guests, some specific CRM approach, and that we are progressively rolling out. Enrollment, I mentioned enrollment was very strong, but the reality is that 70% is happening on our digital channel, so we know that the in-hotel enrollment is a big untapped opportunity. We are rolling out enrollment through Wi-Fi, through self-check-ins, through QR codes and so on. Activation and add-on capabilities, we want to continue driving the activity of our members through omni-channel activation, but also through the app, all the services we can offer through this app and encouraging our members to download it. The two last one, partnership and subscription. I mentioned that we've significantly expanded our partnership pie, but this is something that we will continue, because we do see a lot of interest from customers. Subscription program, we will first of all, properly deploy and grow the one that we've launched, and we are also exploring some additional one to be launched to tackle certain segments. Last one is luxury. As part of the new organization, we are working closely with the Luxury and Lifestyle organization to really develop some unique features for these brands, as well as some unique capabilities for them to tackle and personalize their experience with their members. Last but not least, as a CDO, I couldn't leave you without talking a bit more about technology and digital. One last slide about our tech strategy. Everything that you've seen here wouldn't be possible without the right tech enablers. All of the enablers that you're seeing here are actually not new for Accor. These are journeys that we started, at least for all of them one year ago, if not 2-3 years ago, and for some of them, we are actually very close to completion. The first one is cloud. The hospitality industry have been really late in moving their assets to the cloud. This is super important, because it enable us to onboard hotel faster, to deploy a solution faster, and also to save costs. On this part, we actually, we had 52, sorry, data center and service centers. At the end of the year, we'll be at six left, so we've done a significant move here. In term of application, we have more than 50% of applications that have been migrated to the cloud, and will be around 70% by end of year. Significant journeys that have been done here. On data, we spoke a lot about personalization. Obviously, everyone is talking about AI. We're doing a lot of AI use cases to personalize, to do revenue management, to pick up our calls with our customer care. Here, I'm super proud to say that we actually finalized our data platform. This is really the infrastructure that allow us to bring all the data from the company together with a clean fashion, and so that we can leverage it across our channels and our experiences. Omnichannel, I mentioned it earlier, but again, we want to interact properly with our guests in a synchronized fashion around all our touch points, so we've built some very strong partnership with Salesforce and Adobe on that front. The platforms are live, we already see significant uplift, especially in our marketing activation. The last one is what we call in our jargon, next generation distribution. This is very important. Our distribution infrastructure was fairly legacy. We want an ecosystem that is open, that can connect easily to partners and other solutions. We completed almost entirely our journey to build our API. Our CRS is in progress to be replaced, and we are also moving at an accelerated pace, all our hotels to PMS cloud. Around 40% of our hotels will have a PMS cloud by Q1 of this year. All of this, again, this is not tech for tech, it's really to drive more speed, agility, and business value. That's it for me. Thank you for your attention. Merci. Without further ado, I'm gonna ask Brune Poirson to come here on a very different topic, Brune. Brune was former minister of Emmanuel Macron's government for 5 years, joined Accor 2 years ago as heading ESG. If you wanna see somebody draconianly committed to biodiversity, to carbon emission, to plastic being removed, to so many endeavors, she's the one, she walks the talk. Thank you very much, Sébastien. Thank you. Good morning, ladies and gentlemen. As Sébastien said, I'm going to detail our priorities in terms of environment, social, governance. Not only our priorities, but what we have achieved and what we will achieve. First of all, everything we do is grounded in science and a performance culture. We think this is critical. This is critical because there's only so much you can achieve with moral arguments and with moral issues, and also because this is the strong basis for our strategy, it's a strong basis to measure our performance. What we're seeing now, and it's not me saying that, it's really the science, it's really the findings of the IPCC reports, of the IPBES reports, of the UN Sustainable Development Goal reports, is that clearly, we do have a responsibility. Travel and tourism is responsible from 9%-12% of greenhouse gases emissions. It's not specific to our company, obviously, it's the entire sector, on the one hand. On the other hand, in some areas, Sébastien has detailed that thoroughly in the introduction, in some areas, we employ, we provide, we cater to the needs of up to 70% of the population of some specific, of some countries. This is huge. That gives us a responsibility. Really, our view, our vision, and it's not only a responsibility, it's also a key and a core business driver, and I will come back to that later, is that our vision is that we want to reduce absolute carbon emissions to reach and to contribute to a net zero world by 2050. We also wanna preserve natural resources and contribute to a nature-positive world, and we wanna put and keep putting, because this is what we've been doing for years now, we wanna keep putting people at the heart of everything we do. Talking about the findings of science, what the IPBES and the IPCC report tell us is that we need to put people and nature at the core of our strategy. Not only sustainable strategy, but also the rest, obviously, of the business strategy. This is what we are doing, and I'll detail that. When I've said that, what's the vision? Our vision is that we want to make every stay a contribution to society and the environment. We wanna become the preferred partner for our owners, for our partners. We want to turn sustainability into a major competitive advantage. We want to make the most of the fact that we are a European company, and it can help us, based on sustainability, conquer new markets and go even further. Now, when I've said all that, how do we do that concretely? First of all, by operating our hotels within the planetary boundaries. What it means is that we need to build or refurbish hotels that are sustainable by design. We also want to operate our hotels in a more and even more, and we can constantly do more, sustainable way through eco-certification, and I'll come back to that. We want to monitor closely, real time, what is our performance, where we need to do better, where we are already doing great. That's for hotel operations. Food and beverage, eat. You're going to ask me, "Why are you talking about food and beverage?" Well, obviously, because we have more than 10,000 bars and restaurants, but also because we know that soils, we know that nature, agriculture, can actually capture a lot of the carbon that is in the atmosphere. That's a key area that we have to focus on. How do we do that? Well, first of all, by doing everything we can to contribute to the food revolution and to the agricultural changes that need to happen. How? Obviously, by reducing food waste, by also sourcing food differently, and we work very closely with Caroline Tissot's team. You know, identifying where is the food coming from? How has it grown? Are we providing the best products? Are people staying in our hotels, getting access to the best type of food and services? We need, and that's what it's already underway, we need to keep shifting food consumption, better products, more local products. Finally, it's about finding new ways and helping to redefine, generally, the way we travel. It's done by sharing space with nature better, in a different way, measuring our impacts. Thinking twice before building an hotel from scratch rather than refurbishing one that is already existing, for example. Building stronger ties as well with the local communities, being really embedded in the local communities. Finally, working closely, hand in hand with our guests, 'cause a lot of them, they want to do more for the environment. They don't know how to do more, but they want to travel without guilt. They want to enjoy, they want to have access to better products. We want to partner with them to raise their sustainability awareness as well. I've shared the strategy, the vision, now we need a plan, we need a methodology. We need to make sure that what we decide and what's in the reports actually gets changes and gets implemented on the ground. How do we do that? Well, first of all, by changing and putting in place a very strong and robust governance that allows us to drive and monitor extra financial performance. I say extra financial performance, I really insist on that. To us, and that's not only because of the European regulation, but for us, financial and extra financial performance are exactly, are the two sides of the same coin. We're putting in place the right way of making sure that we perform, that we measure our performance as well on a regular basis. Second, what we want as well is that sustainability, and it's happening, you'll see, sustainability is not only my job or the job of my team, it is everybody's job. It doesn't come in addition to what people do, it comes with all along what people do. It has allowed us to deliver, and I will show you later how. We have a whole governance in place that allows us to measure, to monitor, to make sure that things happen on the ground, all the way from the board of directors with a specific ESG committee that is headed by Ellen here, all the way down, and when I say down, is by no means down, but like collaboratively with the operations. As you can see, I won't detail everything, but as you can see, we're working with procurement, finance, development, marketing, sales, IT operation. I can go on and on and on. It's really a joint project, and that's how we manage to deliver. Finally, another reasons as well, why we deliver is because we take sustainability seriously. As you can see, it is 15% of our CEO's tip and 20% for long-term incentive plans. As you can see, it's really embedded across the company, across teams, to make sure that we deliver. Talking about delivery, let me perhaps deep dive into. I'm not going to detail everything again, because I only have 15 minutes, and Sébastien told me that, you know, I need to stick to my time, because when I get a mic, I tend not to, you know, put it aside. Anyway, let me just dive into the key KPIs. First of all, carbon emissions. We've managed to reduce them by 16.8% for Scope 1 and 2 versus 2019. Carbon measurement, we have overachieved. As I told you, we want real-time performance monitoring. We are rolling out one of the best tools on the market with one of the best companies, Schneider, and we're rolling it out, and our objective was to get to 60% of hotels last year that have put in place a carbon measurement tool. We are at 71%. Our operations team did an amazing job. Talking about great job, look at the plastics. 84% of our hotels have removed 46 single-use plastic items from the customer experience. 46, sorry, items. It's huge. 84%, it's even more than the target, which was 80, and it's still underway. It puts us really ahead of our peers. We are leading on that. Not only are we leading, but I think we're also designing and showing policymakers that actually private companies can be ahead of the regulation. That's what being discussed at the EU level right now. On ESG training, I talked about a methodology, performance, governance. What really matters as well is that awareness and mindsets, actually, of the entire company shifts. Everybody needs to learn more about sustainability. No one was born knowing sustainability by heart, and this is why we rolled out an ESG training program, where every single of our employee went through six hours of training. That was a long training, but I think it really helped us create a movement within the company. Finally, last but really not least, because it's been a focus of the company for years now, it's women in leadership position. We've achieved 39% of women in management committees, and we're proud of that. Now, in 2023, what do we want to do? How can we go even further? On people, 40% of women in management committee, that is the objective. We want to strengthen human rights. We know that post-COVID, things are, you know, more difficult for some people. Sébastien detailed what we did and how we catered to the needs of our employees and even beyond, but we want to strengthen that even more. Similarly, with women empowerment and social elevator, and I'll come back to that later. We really want to provide and to cater to the needs of people. We can really lift them up, give them opportunities, give them a future, lift them from despair. That's our objective. That's what we're doing. That's what we're putting in place. On stay and the way we operate our hotels, we keep really focusing on carbon. We have absolute reduction targets. That makes us one of the most ambitious, and we have a plan, we're rolling it out. You know, there are objectives, and there is a plan to roll out, but there are also behaviors, the way people actually behave within the hotel. There, we have trained them, and we can, it will allow us to actually get to 10% of energy savings. That is huge, and it gives us a competitive edge also. If you work with Accor as a partner, as an owner, you will get people who actually know how to manage the energy in the best way possible. On single-use plastic items, we want to add 11 more single-use plastic items to go even further and really keep pushing the boundary of reducing waste. On eat, food and beverage, I mentioned that to us, measuring is absolutely critical, so we are currently working on defining a baseline to for 40% of our hotels to set their own food waste baseline. We're training everybody. As I mentioned, behavior change is critical, and that gives us really a competitive edge. We are training 90% of all the concerned staff on reducing food waste. Finally, exploring, you know, beyond the boundaries of hotel operations, we are partnering, and we will partner as well with low-emission mobility providers, such as, for example, you've seen Eurostar, and we want to train and keep training a lot of our Heartists. Again, it's a continuous journey. If we want sustainability to be everybody's job, we need to keep training. On the targets, what's the road ahead? It's great to have objective in 2023, but given the magnitude of the changes that will come in terms of policy, but also as the science is actually finding and getting more and more findings, we need to find the way and define the way ahead all the way to 2030. This is why you must have heard about SBTi, so science-based targets. That was for climate. The same now is being designed for nature. We are part of it. We are ahead of the game. We are defining what should be our priority for 2030, more specifically even on the issue of nature. On stay, I've detailed a lot of it. I won't come back to that. One thing perhaps that I wanted to stress is that on water, we are going to do even more, both in terms of quality and quantity of water that we use. Again, we want to show that sustainability is a business driver. If you look at B2B businesses, and you're all working for businesses, you all have your own sustainability targets. You want to be working with a company that actually doing everything it can to lower its carbon emissions. That's what we will show you and prove through eco-certification. Sustainability is a driver of business and growth. On eat, again, food and beverage, our objective is to reduce food waste all the way to 60% and change and shift food menus. Explore as well, we're working closely with Agnès Roquefort on business development, how to make it even more compatible with sustainability, maximizing as well the impact in the local communities. You know, social elevator, I mentioned that, and bringing on board our guests. I wanted to deep dive on our carbon objectives. As you can see, they're ambitious, they're perfectly aligned, they were validated by the Science Based Targets initiative. By 2030, Scope 1 and 2, -46%, and for Scope 3, -28%. I showed you we have the tools, we have the strategy, we have the training, we have the owner value proposition, we're rolling it out, and we're delivering on that. Finally, again, last but not least, on women and social elevator, this is a really strong focus. We are leading not only in our industry, but also among some of the top European companies in that field. We are the preferred partner for the United Nations. We've been working hand in hand with a lot of other companies to really lead coalitions on this issue. We're working on with women all the way from when they need it the most to train them, to give them the opportunity to be empowered and to go beyond. I say women, but we do increasingly the same, which what we've been doing, but we want to push even further on social elevator. Everything I've shared with you not only has happened, will happen, and we know we can always do more, obviously, but it is not only me saying that and us measuring it's also externally validated. As you can see, we are among the top performers in our industry when it comes to extra financial performance, as you can see here. As a matter of conclusion, I'll just say thank you for your time. Obviously, our focus, our objective, is to keep bringing sustainability even closer with business performance. We are a European company. As a European company, the regulation is stronger, more demanding. We should use this, and we are using it as a competitive advantage to get to new markets, to do things differently, to define new standards, and to bring on board even more people. Thank you. Merci, Brune. The moment we are all waiting for is Monsieur Jean-Jacques Morin, who, for the first time, will not talk to you about numbers, but will talk to you about business. Monsieur Morin, new job, new risk. Just go for it. Thank you, Sébastien. Thank you, everybody. Can we tell you that I'm gonna take this one. I think it works. Mic doesn't work either. Okay, good, it work. I'm delighted to address you in this new capacity, being the CEO of Premium, Midscale and Economy. Really delighted. I would like to, you know, again, welcome Martine. I'm delighted also to see Martine coming on board. Yes, thank you, Maud. I need to look like... Thank you, Maud. Maud is everywhere. She's like my second mother. I don't know if she's gonna be delighted by that. Anyway, more seriously, I'm delighted to be with all of you. The way we're gonna talk about the PME strategy is by me brushing, in fact, the priorities. I also would like to welcome on stage Patrick Mendes and Duncan O'Rourke, please, if you would like to. They are the head of very significant part of the business of PME. They will introduce themselves and give you some more data on what their scope is, if you will. The one thing that they've got in common is they are tremendous leader. They know that business by heart. I think they were both born in the hotel business, not like me, and they are, you know, both of them, very international in their experiences. They've lived abroad, they have been traveling extensively the world, and that's exactly what we need in Accor, because that human dimension and the capability to understand various culture in order to execute is so key. Duncan is Irish, Patrick is kind of French, but he will tell you more. He will tell you more. You know, reflecting about the move from CFO to CEO, there is one thing that I have learned over the last years, which is embarking people is critical to getting anything done. You know, that's how we went through many transformations throughout my career, and that's really what I would like to go do and execute on as part of the PME CEO position. It's a very large organization when we talk about PME, and it needs embarking. We talk about a company, a division, which is 90% of the network of Accor, so very large number of hotel, close to 5,000 hotel. It is the art, it is the essence, it is the heritage. It is, call it the way you want, but that's where Accor was born 50 years ago, with Messieurs Pélisson and Dubrule. There is a lot of good things existing in the division, as I will show you. Another number that would scope the size of what needs to be done is that we are talking here of a very large number of people working in the hotel, 230,000, what we call Heartists, which are people working in the hotel under the flag of Accor. Sébastien was mentioning the depth, the importance of the culture in Accor. In order to go and direct the boat in any direction, that embarkment is critical, and we've got, in fact, a great base to start with. Today, I'll talk to you about PME strategy. A couple of reflection here on strategy. I've been looking and discussing with the management team for now several months of what we should be doing. One thing that comes clear here is the fact that we do have good strategies. The problem is we have probably too many, and when we start a strategy, we do not necessarily go for the last mile. That's a little bit of a problem, and that's what, as a management team, we plan to, you know, really focus on. Sébastien has been using extensively the word focus. You will see that I use the word focus even more extensively in the rest of the strategy presentation that I will do. There is a common underlying here, which is in the end, strategy is what you don't do, right? It's not so much what you do, it's what you stop doing. When you do that, normally, you arrive to something which is a good strategy. The focus is basically with the team, with the management, deciding on what we won't do in order to get the result. Because in the end, the other element of what we've tried to do is to go for what is called in the rest of the presentation, by profit from the core. The idea behind it is that where you can optimize the performance of a given body, is by focusing on what you do well and doing it even more. It doesn't mean that you shouldn't be innovative, it doesn't mean that you should be looking at other things, but naturally, every one of us is good at doing things, and when we deliver best is when we refocus on what we do best. All that focusing, all that profit from the core, will be based on that thinking, that statement. That's what we're gonna go through. Last but not least, on the comment of not going for the last mile, okay? Execution is critical, and so we will make sure that, as you say in English, we stay the course, i.e., we say something, we do it, and the next day we do it even better. With that being said, I would like to go through the strategy itself. We start from a great base. You've got on the left what PME is today. In fact, it addresses the largest, most resilient hospitality segment. I'll show you that. It has a very strong footprint, a very strong whole footprint. It has a very nice portfolio of brands, and, you know, as I introduced, potential for further optimization. The strategy is on the right. The path that we will go together today on, is profit from the core, which is focusing on brands, focusing on markets, focusing on the industrialization of the process. That's all what it is. If you do that, then you derive profit. That's on the overall, you know, statement of where we stand. I'd like to now make you a kind of overview of the market positioning, which was the left part of the slide I just went through with you. You can see that if you look at the addressable market, it's an important notion. I'll talk about the addressable market in the rest of the presentation. The accommodation by itself is a EUR 1,000 billion business. EUR 1,000 billion business. If you take off rental, if you take off the U.S. and China market, if you take off luxury, you've got what is addressable by PME, right? We discuss here of a EUR 300 billion business, which is split, as you see, between eco, midscale, and premium. Remember the number 36% of the market being premium, 'cause I'll get back to that in the strategy. You can see on the right part of that table that the dynamic by which you go through. Sébastien has been mentioning that, you know, that's a blessed industry. We grow year after year. We make more business every year. You can see here, before COVID, it was growing by 7% a year. In the current year, what the market, you know, data is coming from Oxford Economics, Euromonitor, is discussing an 8% growth. As you have seen in the guidance that we published this morning, we are way above the 8%. The most resilient and the largest hospitality segment, resiliency is the fact that midscale and eco are fundamentally less affected by crisis than they are, the rest of the segments, the luxury or the upper scale, and we saw that so well during the crisis with Wyndham and Choice, as Sébastien illustrated earlier. If you move to the positioning, and I mentioned the leadership, the strong whole position, you see here the values, geography in which we are, and I talk addressable market, i.e., I am gonna exclude from the rest of my discussion, the China and the U.S. I talk about the rest of the world. In Europe, we are by far the largest in that segment. In Asia Pacific, the same. Middle East, the same. South America, the same. You can see that Europe in itself represents more than 60% of what we do. So very strong positioning in terms of geography. You do the same by segment, and you've got about the same data, i.e., economy is 37% of what we do, and we are, you know, way above the second guy in all markets. Our market share is 18%. The second guy is at 6%. Same thing on midscale and economy. Again, here, very strong all, that are the legacy of 50 years of work by all my predecessors and the team in Accor. If you, if you want to look at the snapshot of the Premium, Midscale & Economy division, here is the table. I will not talk more about geography in the rest of the presentation. I'll talk about brands, I'll talk about development, because I have Patrick, I have Duncan, and they will illustrate for you what's happening in the geography. They will illustrate for you how the values levers, which are the strategic levers, will be declined in each of their geography. One data point here is the operating model. You can see that we are 30% franchised in term of fees, which corresponds to about 46% in term of rooms, and I'll get back to that data later in the discussion, as moving to more franchise is one of the lever that we will push. Just a last slide on the positioning, the brands. In IT, if you look at the height table of this page, you see that 87% of what we do in term of business is made into two buckets: the iconic brands, iconic being defined by ibis, Novotel, Pullman, and the conversion brands, which you've got the list here, which is Mövenpick, Mercure, and Handwritten and greet. Focusing is, in fact, not so difficult to do because the portfolio is already very well focused. Doesn't mean that you don't, you know, look at what is in the other pie, but the other pie addresses, you know, more dedicated market like Australia or the Extended Stay as an illustration here. We have a portfolio that allows us to be focused. I move now into the strategic priority themselves. You saw the table, brands, markets, industrialization. I'm gonna go and detail each of those pillars for you. Starting for brands. On brands, we've got three things we want to do: focus on iconic brands, leverage the conversion in order to increase density, and reinforce brand standards. That's what we want to do. On iconic brands, just a very simple snapshot of what we call iconic. ibis, it's the best known economy brands in our addressable market. If you are to look worldwide, it's the third best-known brand in the economy, including the U.S. and China. Novotel is top three. Pullman, it's the oldest brand in hospitality. Pullman dates back 1867. It has been in the portfolio only for a few years, 2007, but it has been with, in existing and hence, has a very strong DNA and potential, because it has more than 100 years existence, and we can build on that. I'll show you that. If you deep dive now on each of the brands, the iconic brands, you will have, for each of them, two pages. One, which is a snapshot, the messages you want to keep, and the other one are the value proposition. ibis, 2,500 hotels. It's 37% of the business, so a huge contributor of the business, and it's three different branches that addresses different needs. What does it mean? You look at the value proposition, you've got ibis Blue, ibis Red, ibis Green, for those of you who can't read. ibis Blue is affordability, it's low cost. ibis Red is social connection. Some of you may know about ibis Music. ibis Styles, it's in fact as many properties as different hotels. You've got more than 600 hotels, and they are all each different. That's what we call ibis Styles. If you go to Novotel, again, the ID card, it's 500 hotels, it's 24% of the fees, and it's the leading brand for families. I think we've all experienced that. It was the first brand of the portfolio of Accor. It was created back in 1967. Looking at the value proposition, family and friends, we are very good. That's where we've been baking bread and butter. What we need to do better, improve the value proposition, is on making it also a business efficient and flexible solution. i.e., doing a little bit more nice in a way which is using the facilities as they exist, and on top of that, do what people are looking for post-COVID, which is including an element of lifestyle into it, balancing the life, fitness, you can read it. It's all the things that people have now as part of the top of their agenda in any of their trip. If you move now to Pullman, the world oldest brand, I've said that five times, it is only 7% of the fees. In fact, you may know or you may not know, it has always been a very innovative company. It's the first company that was creating links between trains, for example. It's the first company that launched luxury carriages, as two examples of things that were done long before we were born, that's what Pullman is about. Pullman, we've got some work. I think we do well on business, we are not so good at blending business, so-called leisure, which post-COVID, has been growing so much in value and in size. We need to give to the Pullman a standard, the capability to be offering something which is more of a blended business solution. On top of that, you know, post-COVID, social living, very important. There here, we've got some things going on in order to create restaurant with the help of Ennismore, that will ensure that we've got an offer, which is, you know, more to the tune of the air, I should say. I was talking to you about innovative. I mean, Brune was talking about the importance of everything which is eco, and we've got an eco-certified design, which is ongoing in Pullman. That's exactly where we want to be, because that's exactly where the customer will go more and more going forward. I now move to the conversion brands. We at Accor have always been super good at conversions. We are much better than the American competition at conversions. We do close to 50% of our development through conversions, and this is obviously true for PME. You see on the left part, the brand that are historically Mercure, close to 1,000 hotels, Mövenpick, 120 hotels, a brand that we acquired back in 2017, 2018, and which has been doing super well. We've got those engines, and what we do there is that we are complementing them with greet and Handwritten. You may recall we launched Handwritten a couple of months ago. It's a collection brand. That's exactly where the market is heading. Why does conversion matter? In fact, in a world which is restricted in term of available capital, in a world which is so much ESG, I would say, focused or getting more and more ESG focused, I think Brune is working on that, we have, in fact, a solution here, which is a much better solution than building up a totally brand-new hotel. Not only it's faster in term of cycle time, but it fits the requirements of the market. By the way, the two things I just mentioned are not gonna disappear for the next years. They are just gonna continue to accelerate. We are here, very well fitted, and this is one way for us, on top of the iconic brand, to continue to densify, sorry, because the iconic brand being super strong in their market, that's the way by which you can add on. I would like to finish on the brands, by something which is maybe less funny, but in fact, at least as important, which is compliance to brand standard. Compliance to brand standard is just the fact that if you want the brand to really get a strong print and be able to be, in fact, getting the recognition that it deserve, it need to be pure. In order to be pure, it need to respect standards. That is based on guest feedback, but it's also based on product standards, it's also based on ESG elements. We've got a program that has been running on for some years that we're gonna accelerate to just make sure that if we focus on brand, the brands we focus on are perfect. I am not gonna talk about numbers, nevertheless, I kind of like to talk about numbers. This is gonna cost me somewhere between 0.5-1 point of net unit growth, doing that, it is for the better of the brands going forward. I saw my friend from Bergen, he's waking up when I talk about numbers. Hey, Chad? Okay, I'm moving now to the markets. On the markets, two things: consolidate the leadership in mid-scale and eco, and see how we can capture our fair share in premium. We are very good in mid-scale and eco, consolidate, and we are not good in premium, go further. On mid-scale and eco, it's easy. We are in 110 countries. We're just gonna say that 90% of the development plan will be done in 30 countries. Just refocus the effort, get people to really work on those countries. You've got, by the way, the little flags. Don't ask me necessarily all of them, but I think I can find that on the web. You see here, it's really focused, and that's what we want the people to do. The development teams, if you let them go, they're gonna do anything and everything, huh, Camil? I need to put a little bit of discipline here, which I will. Premium. Camil, I see you smiling, so that's good. Camil Yazbeck, please wake up. Stand up. If you want to sell ice to an Eskimo, ask Camil. He is the best salesman I've ever seen, and super smart, coming from private equity, so very, very deep understanding of what a number means. Thank you, Camil, for that. Premium. Premium, this table tells you it all. It is 36% of the market. I showed you that on the first slide. Remember, I told you to remember that number? We have 5% market share, when in the rest of our business, we are more at 12%, i.e., we are 50% less market share on premium than in any of our other businesses. We have not done the job here. The fee in that segment is at minimum 30% higher than what you can get into midscale and eco, which is no different than what Sébastien has explained. When you go the ladder, obviously, you get more fees. We just have built up with Camil and the team, a very strong expansion plan in order to, you know, get the percentage of our share in premium to grow in the next years. That's about what we do on markets. I'd like now to talk to you about industrialization. I know it doesn't sound so well in the hotel industry to talk about industrialization. I was told not to use that word, I have not listened. What I mean by that, I've started my career in the industry. For those of you who may not know, I've been working in semiconductor for 13 years, and then I worked in engineering on high speed train and gas station for an additional 10 years. I've been born into Six Sigma, quality, Kanban, all those things. It doesn't always pertain to each and every model, but there is one thing for sure that you can do, is bridge a gap. From where we are to where we could be, there are things that we can do, and that's what we are trying to put on that slide. It simply means being a little bit more disciplined. We've got Alix, which is gonna give us a wonderful digital landscape. Hence, if we just use the tools, be disciplined in the development strategy, and continue to work as a continuous improvement plan on any of the processes and things we do, they are gonna improve our performance. That's what I call industrialization. Development, it looks like a complex table, it's in fact, super easy. We've been doing mostly management for the last years. We're gonna move and do more franchise, but we're gonna do it in a structured manner. There are places where it makes sense to do franchise, there are places where it doesn't make sense to do franchise. Anything here, which is in orange, is where we want to keep management, or at least management preferred or management only. Management only being in prime location within large capitals or international cities. There are places in the suburbs of the so-called Tier Three cities, in which franchise make a lot of sense, because we're not gonna create the structure in order to manage those hotels if they are remote, and we don't have the density. That's all this slide says. This is what we will execute to. This table, I think, Alix talked of all of the systems. She did it probably much better than I can say. I'll just, you know, say a couple of things. Revenue management, you said it, super important for money. You know, if you have the right revenue management, and we will get an automated solution by 2024 in each and every of our 5,000 hotels, it's several points more of RevPAR. PMS, you know, it's the heart of the hotel, it's the block that you absolutely have to be on the cloud-based solution. It's gonna take us a little bit more time. We're gonna be out of the 5,000 hotel, 1,600 would be on cloud by the end of 2023, and then the rest will take a couple more years to get there, but a strong push plan here again. CRS, on this one, it was super well explained, the necessity to get through the distribution battle with all the results we've got, does rely on the CRS solution of quality, that's what we are working on being helped, notably by our friends from The Edge, Pierre, Charles, Rob, all these people that we integrated in the teams a couple of years ago. One slide on continued operational excellence. Specialization, simplification, automation. Patrick and Duncan will give you illustration of what they do in those into their own presentation. Specialization mean just that you put all the expert together. It just means that you get density on the teams who've got knowledge, and you put them in one place, which help them being better because they are together. You may call it shared services, but in fact, it's not the right wording. For example, one of the things that we are doing in sales and marketing, and I see Karelle Lamouche, who is the head of sales and marketing in our team, is to put in fact, you know, cluster of sellers and clusters of marketers. It also applies to very operational functions. That's what we do. Simplification, I mean, Patrick and Duncan will explain to you what they do on the regional hubs there. Automation, good example of it, Steven Daines, our Head of HR, is sleeping around there. Steven, you want to say hello? He's not sleeping, I'm just a bad man. On this, on that, for example, you know, we put a solution by which the payroll will be a centralized payroll for as much as we can. The less we are in many geographies, the better we are at putting those kind of solution and helping, in the end, the people that work in the hotel on other things, just like recruitment, education, trainings, through, you know, global framework systems. That's about operational excellence and discipline. I'll close with the slide I started with, and I think I've illustrated throughout my pitch, what the various blocks, the various pillars of the strategy are: the focus on the brand, the iconic, relayed by the conversion, and on top of that, a good quality of brand standards. The focus on the largest focus on market, if you will, premium and mid-scale, a very focused development plan so that we don't go in each and every direction, but get to the places where we know we've got the density to get more density, and add even more leverage to the financial statement, the P&L. On top of that, looking at the nuggets that we've got in our hands, which is called Pullman, what we can do with Pullman, from Pullman, I think here it is just the fact that we've got so many brands that we added to the portfolio, that in the end, it's a question of getting it at the top of the various priorities. We went through significant amount of transformation over the last 10 years, this is one of the things that we did not do the right way, I should say. The industrialization of the growth model, I think I went through that, it's pretty clear, a clear development plan, then some, you know, optimization and the tools that helps you being industrialized. With all of that, we should see more EBITDA, and so happy shareholders, and happy employees, and happy owners, because when we do all those things, everybody benefits from it. I think this is it for me. What we will do now is hear from you, but there is two movies that we've done. One is on ibis, so we'll listen to that now. In between Duncan and Patrick, there will be another movie on Pullman. Please, on the movie. Come as you are. Open your hearts, breaking down the barriers. All together now, relax, get into the groove. Stay, stay, give me shelter. Breakfast in bed, magic ambience. Shout, I feel good, more than this. Scream, I want it all, 'cause nothing compares to you. We take care around the world, night and day, on every street. Come on, everybody, make yourself at home and let the music play. This is kind of magic. Definitely maybe, this will be the place. We are open. We are open. Good morning. Well, I just want to say before I start, we're having fun, huh? We're having lots of fun since we started, I just wanted to say a few words about what Sébastien said at the beginning. I can tell you, since we decided, Duncan and I, Jean-Jacques, and all the teams here, to take the new roles, it's complex, it's tough, I can feel a lot of energy in the teams. Fun, also. That's why I'm kidding them by saying fun, but it's important. People are really engaged and being focused on those brands was one of the key elements for this reorganization. Well, I'm very happy to be here. I don't know if it's appropriate, but I will do it anyway. Sébastien asked me, present yourself, introduce yourself, because they don't know you. It's the first time for me that I'm in front of all of you, so I will spend a minute presenting myself before I start to talk about Europe, North Africa. I'm, you were asking my nationality. I'm Portuguese-French, or double nationality. I've been living abroad for roughly 20 years. Passionate about hospitality, extreme sport, travel in general. I've been working in different functions in corporate and in operation. Started in hospitality in another company after I worked for many years for Edenred, that you probably know, all of you, and started with Accor 18 years ago. Accor, I had three periods, very different periods. I started in global sales or international sales with two clear mission: One, build big offices, outbound offices. We opened Japan, Korea, South Korea, Dubai. I was managing the U.S., et cetera. The second part was the beginning of the negotiation with the big distributors, Booking, Expedia, travel agencies, Carlson Wagonlit, et cetera. That was my first job for five, six years. After, I moved to operation, and I stayed nine years in Latin America. I was based in São Paulo, beginning managing operation, luxury, premium, and midscale, and I became a CEO of Latam after three years. With a mission to transform a group, really mid-eco in Brazil, to a multi-segment from super ecos to luxury in Brazil and the other Latin America countries, Colombia, Argentina, Peru, Mexico, et cetera. In a very tough economic environment, as you know, but that was a great experience. I came back for the third part of my career at Accor three years ago, where I had the pleasure to lead SMDL, a big name, but sales, marketing, distribution, and loyalty and digital for three years. I was with also Karel and Alix, and all the people you will be referring to, with a tough or difficult environment with the COVID. Preparing the rebound, mainly preparing the rebound, eliminating overlap, of course, cost optimization, was the objective of those three years. I'm happy to say that, after those three years, we are back to equilibrium in 2022, and we are now surfing or starting to surf seriously, the wave of the recovery since mid-2022. Voilà, in one minute, I tried to do a summary about what I did. I've been through a lot of transitions, big reorganization, and I'm very fortunate and happy and privileged, and thank you, Jean-Jacques and Sébastien, to give me the opportunity to lead, of course, a big region that I will present to you now. I did the wrong one. Yes. What is Europe, North Africa, ENA? A big overview or a simple overview. We are the number one player in the region, far from the number two, with roughly 3,000 properties in operation today, and more or less 400 hotels in the pipeline. You have 364 here, but we have a team developing every day, so we will have roughly 400 properties in the pipeline. It represents more or less 50% of the whole PME globally. It's a big region, and you will see after with Duncan, we are with those two big regions, representing roughly 80%, 85% of the volume. We are operating in many countries, in 45 countries, but I will tell you after, the focus will be on five main regions in the region. More than 100,000 artists or talents that we are managing or that are working in one of our hotels, either in franchise or in manage. Interesting, very different from what Duncan will present to you, franchise and manage. Today, franchise represents 39% of the fees, even if it represents 56% of the rooms, and we will maintain roughly a 50/50. This is a target, 50/50 between franchise and manage, which means we will develop more franchise hotels in the years to come in Europe, North Africa. In term of split, again, very different from other regions. In Europe, North Africa, we are mainly eco and mid. It's good, but it's also bad. Good, because we are far, number one with ibis, with Mercure, with Novotel. As you can see, the blue is economy, so it's 47% of our fees, and 47% also is exactly the same, our fees are midscale, but only 6% on premium. Here, I think we have a big potential, as Jean-Jacques was referring to a minute ago. I think we can double that. We can double with the new brands we have, Mövenpick, Swissôtel, and also with Pullman, which has a big traction in the region. We've been perhaps a bit behind on Pullman, so this will be a big push of my team and of myself. I was part of the team that created Pullman a few years ago when we decided to upscale Sofitel. Really, I think we can have a big push on Pullman and achieve a 10%-12% of our fees in the region within the next 3-5 years in premium. In term of geography, as you can see, I told you, five core markets. 83% of the business of the hotels or the fees are in five key markets: France, what we call DACH, which is Germany, Austria, and Switzerland, U.K. and Ireland, Benelux, and Poland. In those markets, we are all number one or number two. In fact, we are number one everywhere, but in the U.K., Ireland, where we are number two. Big market, big strengths, big platform, and I will tell you after what we will do on those markets. We are seeing on the right, two new markets or two growing markets, where we will focus a lot on the next 3 - 5 years. Mediterranean, as you can see, already 31,000 rooms, and I'm talking about leisure and not only leisure, and Mediterranean. I mean, Spain, Italy, Croatia, Greece, Morocco, both countries have a big potential, and we are seeing a lot of potential for leisure, even for mid, eco, and premium brands. The new one, Eastern Europe. Everywhere or everyone is going to Eastern Europe. You have Marriott, InterContinental, growing fast in this market. It's a market that will grow for the next 3 - 5 years. After, it will be done. We're already focusing with Camil and Philippe Bijaoui, which is our head of development on Eastern Europe, for the next 2- 3 years. You've got the ID card or what is Europe, North Africa. I will focus on what will be my three priorities or our three priorities. Of course, we have many more priorities, but I want you to focus on three key one that will impact, I think, EBITDA, client perception, attractiveness of our brands, for our owners and for our talents. The number one, and for me, it's clearly the number one, after five, six months, I've been traveling a lot in many cities, many region, I've seen very good surprise, some other, not as good, but clearly, we need to gain consistency. That's why I'm putting here network growth and modernization, we put here three pillars. The number one is consistency. Jean-Jacques explained that earlier, we have great ibises, great Pullman. We have some other that are not at the right level. This is why we have the Pure project. Pure means we want to reassess and to define who are or what are the detractors, the hotels that are not playing the game, in order to find a solution. A solution can be investment, can be a rebranding, can be an exit, but we will do it, and it is priority number one. Number two, as I told you, we're having fun. Clearly, when we, and I say we, I'm putting in the same boat Mr. Duncan and myself. When we accepted the challenge, and we're coming more from premium and luxury, originally, to take the lead of premium, midscale, and eco, is because we think that those brands are wonderful. I was myself surprised by visiting a lot of hotels. The energy with ibis, the energy that I can see with Mercure, the local flavor you can feel in those brands, we think we have a lot of space here. A lot of space to maintain standardization, perhaps behind the scene, but you can increase experience, increase design, put F&B, food and beverage, event, fun, music, in those brands. It's not only for lifestyle. Sorry, Gaurav, I love you. We think that we can remodernize, we can be more funky on those brands, and this will be part of my job, and I will put all my energy to make sure that we are transforming those brands, putting design and experience at the center. Last, communication. We did a lot, and I'll show you after, but the market does not know. Sometimes we think ibis is still an old brand in certain countries, when we have already lots of properties. I can illustrate that here. These are three hotels, ibis, Novotel, and Pullman, three different brands, three recent hotels. You will never see that or will never think that it is an ibis or a Novotel or Pullman. It shows that. We did a job, or they did a job before me, the previous CEOs, and they started to renovate many hotels. In ibis, 30% of the network is already renovated. 40% at Novotel, 50% at Pullman. The journey has already started. I'm not starting from scratch, I just want to accelerate the modernization of the network. How do we do that? Convincing owners. I'll give you an example here. I like this example. This was last year. After one year, we took all the renovated hotel that we renovated in 2021. What was the impact in 2022? + 8 points in guest satisfaction, plus for 15% in RevPAR. This is the best way for us to convince an owner, not to commit that it will happen, but to do everything to make sure it happens, and it's happening. + 15% in RevPAR, you can, let's say, recover your investment in 3-5 years. Point number two, or priority number two, profitable growth. As Jean-Jacques was saying, we won't grow everywhere. We will focus. Here we have two clear buckets. Bucket number one on the left, focus on our top five markets, as I explained to you earlier. Here it's clear: densify, densify. In the U.K., in France, in Benelux, we have potential to densify more mid-scale and more eco, and we will use conversion brands. We do more than 50% of our development in Europe, North Africa, through conversion. We're using those brands, Mövenpick, Mercure, ibis Styles, greet, Handwritten. Those brands are easy to plug in. In three months, you can transform a hotel. Of course, very important, catch up on premium. This is for the whole, the whole perimeter of PME, but it will be instrumental for Europe, North Africa to catch up on premium. On the right side, be opportunistic. I touched a bit earlier, we think there are two very interesting pockets or buckets. One is Mediterranean Basin, and I was explaining leisure, historic destinations, sun and beach, ski. We have a lot of potential there and a lot of business coming. We just opened in Benidorm, we opened in Croatia, we opened a new hotel in Malaga. A lot of openings are happening in, on historic and leisure or sun and beach. As I told you, European Eastern destination. Third priority, important one for cash and for EBITDA: boost margin. Boost margin through optimization. Of course, we say we don't like the word industrialization, but in fact, it's happening in the region. By merging North Europe, South Europe, plus a few countries in Northern Africa, we optimize the organization, clearly. We have now one leadership team for the whole Europe. We have created center of excellences. For example, revenue management is managed through the U.K. for the whole Europe, marketing through France for the whole Europe, et cetera, et cetera. We reduce roughly 10-15 offices. It doesn't mean we are leaving countries, but we are using our hotels with co-working space instead of having the offices opening everywhere. Second, we industrialize the management by having a franchise organization, roughly 50% of the operation, and another side, management operation. A very different way to manage operation and management. We have a dedicated organization for both sides, for the whole Europe, North Africa. Third, scaling development by using our multi-owners or multi-geographic owners. We have more than 35% of our owners that own hotels in France, in Belgium, in Germany. We are managing them now as one owner, and we are accelerating. I was telling you, roughly 50%-60% of our development today is done with existing owners. It's key for us to maintain a great relationship with our franchisees and our owners, multiplying or increasing the market share with them. On the right side, this is an interesting one, post-COVID. 85% of the business in Europe for PME are European, it's intra-regional flows. It doesn't mean that American or Brazilian or Southeast Asian are not interesting for us, but by having one organization defining, I want to push in the U.K. for Morocco or for Spain now, for the summer, we have only one decision-making process. We're not negotiating between different organizations. One organization is managing the full intra-regional flows, which represent 85%. To conclude, we did the same slides, Duncan and I, to illustrate what Jean-Jacques presented to you earlier. How do we implement in our region? For ENA, number one, modernizing our network. I told you, we have already 30%-40%, which is renovated. We have work to do to modernize and to have a network more consistent. Number two, profitable growth. Focusing, densifying our market where we are the leader, the core market, and be opportunistic in two big markets, Mediterranean and Eastern Europe. Number three, industrialize, scale, use the fact of having a big organization managing 3,000 properties, using our platforms, our center of excellence, to gain margin and to boost EBITDA. Voilà. This is a simple plan. I'm very happy to take lead, and I have the full team ready now to start and to put all our energy in Europe, North Africa. Thank you. Now, I have to introduce my friend? ... Match your heart! Ooh, ooh. Ooh, Ooh, ooh. Ooh, ooh, match your heart. Ooh, ooh. Match your heart. It's still good morning. Good morning. Well, it is a good afternoon. Nearly time for lunch. Duncan O'Rourke. Sébastien did mention briefly my previous role I had from Dublin to Vladivostok, and I actually thought that was just a wonderful region and theater to play in until I was given the opportunity to deep dive and manage Middle East, Africa, Asia Pacific. Just when you hear those regions, I'm sure you understand, and you get as excited as I do about it. I have experience. I've worked in many different continents and different companies and I've saved the best till last, joining Accor. Just showing my age here a little bit as well, but really excited about that. In just six months. Sébastien had mentioned, and the first 6 months of this role, you know, I'm really excited what progress he's made, that significant progress we have made in this short span of time. We've not only implemented really crucial initiatives, but also charted a clear path forward for this region going forward. The region is now run by one team. It used to be three hubs. It's run by one team, but we still keep those offices in those regions, and that gives us that competitive advantage of being closer to the owners, closer to our guests, and closer to the important employees. The leadership team, my leadership team is efficient, it's effective, it's passionate, and it's lean. There's only seven people in my executive committee team there, I'll take you through that, leads to a faster productivity and efficient process. Patrick showed you his plate there, mine as well. I'm also number one, like Patrick was in Europe, in my region, also number 1. 29% of PME's rooms count. We're growing that. 985 hotels opened. Excitingly, 279 in the pipeline coming as well. 40 countries, 130 talents that we have, employees, Heartists that we call them, that mix there, you see there, in the fees there, 89% coming from the managed side of it, and in rooms about 83%. A little bit different there to Europe, but a very heavily driven managed side, which is extremely beneficial to us, with business as good as it is in terms of food and beverage and incentive fees going forward. The fee breakdown, as you can see there, of 89% for managed hotels versus around 11% for the franchise hotels, and that just shows you that contribution of managed, which I mentioned. Furthermore, the midscale, and that's very different a little bit here, the midscale segment still is the largest of what we have in this portfolio, accounting for around 45% of the BTI fees and around 43% of the room count, just slightly above premium. We do feel, we still see, JJ mentioned that in his strategic presentation there, we still see there's growth in the economy segment, where with these iconic brands, with the ibis, with the greet, where we feel we can protect our market share via franchise, and different options going forward. This is an interesting slide. Every time I look at it's, it really strikes me that you look at this geographic region, five countries account for 2/3 of the rooms. In those blue, the ones you see there in blue, those five countries, Accor is clearly the number one operator with over 600 hotels in those five. That's extremely important to remember and take through. Not only do these top five markets only showcase our strategic focus and the continued focus we'll do, but it also clearly demonstrates our commitment to capitalizing on these growth opportunities in this very diverse region. With that in mind, we have three strategic priorities exactly aligned with what Patrick does, exactly aligned with the PME strategy. Three strategic priorities to operate in this region. The first priority is to continue to grow in our core market. Fact. We're gonna focus on the premium segment. We're gonna increase our hotel portfolio by around 30% in rooms in the next 4-5 years. We want to increase, you remember, on the slide, it was 32% premium. We wanna grow that by 30% in rooms in the next 4-5 years. Really focus via that incentivized development team, which Camil heads up. A good example of that, when we do convert into that premium, I've specifically put the photo of the Pullman Singapore also, which opened in March this year. This used to be called, for all of you who know Singapore well, the Grand Park Hotel there, and since our takeover, we have increased the average rate, the average rate there by 30% already. The owners are extremely happy, and it's clearly sending the right messages in a dynamic market as such. Simultaneously, we are really dedicated to protecting and expanding our market leader position, clearly in the mid-scale and economy segments, where we can do this by leveraging the powers we have in franchise and these convergent brands, which are at our disposal. We also gonna accelerate on the expanding of these promising countries. I'm just naming three of them already, but three big ones there. We're gonna continue, clearly, to continue to play big in Saudi Arabia. We're already big in Saudi Arabia for all the obvious reasons. I'm not saying just the PME, but Accor is big there. We're gonna underwrite this by opening a second support office and Accor office in the capital, Riyadh. We have already an office in Jeddah. We're gonna open a second support office in Riyadh. We're gonna increase in Japan. We're gonna increase our portfolio in Japan. We recognize the potential of this market. We are already there with over 22 hotels, but we're gonna expand in there. We're gonna add human resources, expand the efforts in there, and we're gonna double the size of our portfolio in Japan in the next 14 months. Furthermore, we very much determined to continue to expand our presence in India. Sébastien mentioned that in the opening there, largest population in the world right now. We have a very good presence in India, but we want to capitalize on that Indian market, on that growing market, on that middle-class segment. No, if you listen to what Sébastien said, and you also read, and you know, you probably read that already, that the largest airline order that was just put in in the Paris show recently, it was by India, the largest in the history, the largest single order of new planes by India itself. We want to continue to expand in that presence in India. The second priority is to drive innovation in our products. We have established ourselves as a powerhouse, and I don't use that word lightly, but a powerhouse of new designs, new concepts, and we continuously look and strive to innovate and involve the expectations not only of our partners, but also of our guests. To support this development pace, we have 35 project leaders already strategically located throughout the region to keep up with the demand of development going through them. With this commitment already, we currently have around 79 ongoing renovations that aim to enhance properties, exactly as I mentioned in Singapore Orchard. Many more of those. We're very excited as well to introduce new concepts in the hotels, including the new concepts for ibis, the new concepts for Novotel, and the new concepts for the Pullman as well. Furthermore, which I slightly mentioned already, we're extremely proud with the launch of this Handwritten Collection in Pacific and Redesign in Sydney as well. We're well positioned in there to drive and innovate and keep updated with this development growth. The third priority, it's not by order, the third priority, probably the most important in all of this here, is to increase revenue and margins by a very effective operational practice. What did we do here? I mentioned before, we merged all the support functions at those regions, at those three regions, and streamlined operations for maximum efficiency. We are investing in establishing shared service centers in low-cost regions. We can take advantage of this geographic theater we have and really go into low-cost locations, and establish centralized and optimized processes over there. We've already eliminated in the first six months, between two and three, depending on departments, two or three operational organizational layers, which we had with this new structure. On the business benefit, it was just mentioned in the presentation as well. We are really focusing on scaling our revenue, forgot the name there. Scaling our revenue management systems and implementing them across the region. Alix mentioned that already in the presentation. It's so important. We're gonna have an opportunity to have around 89%- 90% of all our hotels covered with a professional, modern, updated revenue management system, which will allow us to optimize pricing, inventory, management, and of course, these distribution strategies that we have. China, as China is gradually reopening, we are really strategically well-positioned to capture that outbound market coming through there by really tailoring offers via the marketing efforts we have already in place for the Chinese travelers. In 2019, it was around 103 million seats that left China. Around 58%-59% of that came into Asia. It's critical that we are ready, that we have the marketing campaign, that we are focused, and be able to really capture what we want in there. Patrick had this slide as well, and it's aligned with JJ's slide as well, and it's important as well. In the essence of all of this, in this distribution, in this development, in this synergies, in this optimization, we really gonna continue to accelerate our market growth. Absolutely important and imperative. Secondly, we are innovating our products to be the best in class to increase revenues. I gave you the example in Singapore. With all the margins and really contribute, we already see that happening with these better margins contributing to the EBITDA growth and the drop-through, which JJ enjoys to see so much. We continue to drive that forward as well. I wanted to end quickly with how Sébastien started and acknowledge, I've worked in many, many companies, not many, but a few good companies in this industry. I wanted to end with exactly how Sébastien had started. All of this, what I just presented here, is all this, is only possible with this tremendous talent that we have and that I have at my disposal. It is second to none, I'm speaking from experience here, second to none. The fact that we have this tremendous talent, the fact that we can retain this talent, and just as importantly, the fact that we can attract from other companies, this great talent coming in, really gives me tremendous confidence going forward. With that, I'd like to thank all of you very, very much and look forward to welcoming you all in either the Middle East, Asia, or the Pacific. Thank you so much. Okay, I think we should start again with the strategy. What do you think? Let's do it again to just make sure you got it. No? Okay, we'll stop for a break for lunch. We need to be here at 14:45 sharp so that we can, you know, keep up with the people that connect to this presentation. There will be going outside, two elevators, which are reserved to go to the 23rd floor, and so people will be waiting for you to help you. We said 2:30? Okay. As PME was very efficient, we've been gaining time, and so we've been thinking, how does that sound? 2:30, not 2:45. Thank you. In case it rings, you answer. You pick it up, please. Again, thank you. I hope you had a good lunch. Sorry for those of you listening to us on Zoom. Lunch was good. It was actually good and outside. Congrats to Potel et Chabot, the caterer. I think the food was exceptional and very diverse. We're back. We're back with something rather different. I don't mean better. I really do, I mean different in nature, in scope, in growth, and in different facts from what we just heard from Jean-Jacques a bit earlier, I didn't have the time to do it. Jean-Jacques, Duncan, Patrick, well done. I heard from many that he was extremely consistent. Coherent in between the three of you, in terms of where you're going, how to get there, and what you need to accomplish. Don't want to forget Alix and Brune. I won't go back because I'm gonna be going too deeply with each of you, but thank you for what you presented. I was making a remark to one or two investors, which is interesting. Somebody came to see me and said, "Sébastien, I didn't know you were that committed to Japan." You heard Duncan in between the lines, telling you that he does intend to double up the Japanese leadership penetration of Accor, which he will, and we know exactly how. The reason why I bring it up is because you need to see how intertwin, interconnected is Accor's ability to develop in Japan when it correlates to ESG. Japanese pension fund are extremely picky when it comes to biodiversity, water reduction, food waste, carbon. In part of hotel groups, they will give their real estate to you. One of the reason why Duncan is being confident in telling you we're gonna make a big push in Japan, is precisely because they know, they've seen, they measured the level of commitment that we're making on ESG, which Brune said it also lightly, which is on parallel to the same level of commitment to some other hotel operators. It's, it goes hand in hand. Let's go rather quickly on on Lux Lifestyle. That way, you don't see my photograph for too long. I'm starting with something which is a bit unconventional, because here am I, talking to you about Lux Lifestyle, and the first slide is middle class. I'm doing it on purpose, and I talked about it this morning, so I won't dwell into it too much. But it's very much correlated to Ennismore lifestyle. You might remember, I think it was seven years ago, and we failed. I've talked to some of you seven years ago on something which I called Accor Local. Accor Local was a very simple idea. Was to say, it is kind of foolish that we address a 7.8 billion population in the world, but we only cater to 1.5 billion travelers, and another 1.5 billion- 2 billion domestic travelers. Which means that we leave aside half of the world population who can't afford traveling, who don't have any desire to travel. That's a vast amount of people that you never sell any services to, when you happen to be in their home countries. Seven years ago, I said, "Can we open the doors and windows 24/7 of the hotels of Accor, to cater for day-to-day services, concierge, dropping a bag or something else?" It did not work. Lack of commitment, probably lack of business model, and probably difficult to deploy, or maybe distraction for hotel managers. Turns out that in 2014, we decided to go into Mama Shelter, and to first chip in for 30% of that brand. Why? Mama Shelter demonstrated to us that in a country as big as France, in terms of mature country in development, in a small neighborhood of Paris, kind of actually the east district, Port de Bagnolet, Paris, which is kind of a bit less underprivileged 20 years ago, less so today. They managed to create a brand, a destination, a new brand, and within five years, have 60% of their clients who never slept, never seen a room. They came to meet somebody, they came to have a drink, they came to share a meal, and it was extraordinary because it is absolutely across the entire age pyramid. You can be a grandfather with your grandchildren, you can be a banker, you can be a lawyer, you can be a student. Absolutely everybody gathered together in this. 80% of those were local community-driven around that hotel, same neighborhood. The reason I put that to you is, let's not underestimate the size, the strength of the emerging middle class, because those may not be traveling, but those surely, if you do it properly, could be your customers of tomorrow when it comes to the lifestyle, which is, in most cases, affordable segment. That's what I wanted to share with you. The next slide, I'm a bit anticipating what Gaurav will tell you. By the way, I should have started with this. First, I want to start with something which is totally different. Vivian Xu, I don't know, I haven't told you how appreciative I am that you took a flight from Shanghai. Some of you don't know, Vivian Xu. She is heading hospitality at Jin Jiang, which is the largest state-owned company in Shanghai. They have a lot of real estate development, a lot of land bank, a lot of commercial building, and a lot of hotels, which is today, by far, the largest Chinese operator. I think it's now 13,000 hotels, but you open, like, 3,000 a year, so I may have lost it by 1 year. Viviane is absolutely, totally bilingual. She's been bilingual, Chinese, English, not French yet. She's been living in France, looking after Le Louvre, helping on Radisson. Vivian, thank you so much for making the effort to coming here with us. You know, of course, you happen to be our larger shareholder, for a long time, and have been committed to Accor in all the good ways. Thank you. I was thinking of you. If you don't have time to talk to her, it's a bit too late, or you do it before you go off to Eurostar. Gaurav Bhushan is CEO of Ennismore. You're gonna hear from him in a minute. You have Maud Bailly. She's done so many jobs. Gaurav, 25 years veterans at Accor, business school, but started as a beverage waiter and then scaled up all the way to different regions. He's gonna talk about him. Maud did not start as a beverage waiter, but as a train station operator, and then French government. Maud is spearheading in Sofitel and MGallery and Emblems. Huge challenge, but a super good one for you, because you're gonna crack it as you did with Southern Europe, which was a splendid executions. Mark Willis, we inherited from the acquisition of Mövenpick. It doesn't sound complimentary. No, of course it is. Why not? Why not? Well, defend yourself. You're gonna have the microphone in a minute. I meant it as that. I meant it. He was a CEO of Mövenpick, for God's sake. Long-time veterans, knows deeply Middle East region, and he's been based for 20 years, and accepted to move away from being heading Middle East for Accor, and Africa, and accepted another big challenge, which is brand incarnation and brand CEO on Fairmont globally. You're gonna hear from him. Sorry. That's on those three team members, and you have other team members here, which I hope you had a chance to meet. You have Agnès, heading development, Kamal, our General Corporate Secretary, Johny Zakhem, our CFO, Omer Acar, as a new comer for heading Orient Express and Raffles, and I'm probably missing some others. Go back to this, because it is very close to my heart and probably explains quite a bit about what we went through. Told you, Mama Shelter, 2014, we feel there is something we've missed, which is that local community attraction and founders-led brand. New design, a bit more daring, stronger concept, something that which is far away from being commoditized and very difficult to replicate if you're a large organization. Smells good, so we go 30%, 49%, 60%, then 100% over the years. Two years after, we have another gentleman called Christoph Hoffmann. Way different geographies. You're talking Austria, Germany, Switzerland, called 25hours. Exact same principle of Mama Shelter, two notches above. He's German, Swiss. He is even more unique than the Trigano. He goes probably off space, much more attached to design and very stringent on his concept. 25hours, same principle, 30%, 49%, all the way through. Banyan Tree, KP Ho, extraordinary gentleman, based out of Bangkok and lives in Singapore. Top establishment of Bangkok and Singapore. Wellbeing, wellness. Except this one, we never managed to seduce them for more than 5%, then 10% on a convertible, so it's a partner's brand, but we never acquired at the majority. Rixos, Turkish entrepreneur, super strong, super smart, super fast. Understand the entire eastern region of Europe, including Russia, Kazakhstan, all the Stan countries, and of course, Turkey. Great, all-inclusive operator, founder, super strong brand, and the best money machine in terms of margin. There, same, 30%, 49%, 70%. We still have 70%, he has 30% left. Great partners of ours, very close to Gaurav and myself. 21c, the Laura Lee, out of, out of Kentucky. Museum brands, a bit more difficult to scale. Then SBE, Sam Nazarian, Delano, SLS, Mondrian in 2018, and Sharan Pasricha, The Hoxton, knock on the door. The reason why I talk to you about it is eight years of conviction, instinct, feeling, commitment, and coherence. We knew there was something. We knew we cannot build it on our own. It's impossible when you have a large organization, there's too many chef in the kitchen. We knew we could only survive if we keep the brand founders. None of those people I've talked to you left Accor. They're all there. They sold almost 100%, but they have an unwritten negative right. There is no hotel of any brand they founded to be open without them blessing it ahead of time. They won't, because they know better, because they incarnate the brand. Then decided it was in so many jurisdiction, 30 countries, why don't we make it one scalable platform, where we have the synergies of what clients don't see, which is called back of the house, which includes social medias and marketing and sales and distribution. We've done that in 2021. It took us a year and a half. We made the decision in end of 19, 18 months after, because it was super complex, legal, accounting, socially, to put 30 countries under one U.K. hat, which you have Gaurav and Sharan being co-CEOs. It is a very powerful country, which led into a very good success story. You know, we've done, we have the somebody else enter in last year actually, for 10.7% on an enterprise value of EUR 2 billion, equity value EUR 1.7 billion. Well in excess of what Accor paid for when you assemble everything. They've accepted to pay 40 x trailing EBITDA, 18 x forward EBITDA. Believe me, if we were to do the same transaction today, it would be the same 40 x trailing, 18 x forward. This company is growing extraordinarily fast, it's creating a lot of, kind of, actually seduceness in front of the owners. Again, I won't get privy, I guess we provided you a number here, which you haven't seen as of yet, is the EBITDA CAGR for Ennismore, which is 20%+ per annum. Far more than the 9% or 12% you have for the group at large. Of course, included in the 9%-12%, so don't add it up. On the luxury side, which is a different story, and you'll see different personalities giving you different stories, but with the same incarnation, or at least the same strengths. Remember, we talked about the EUR 9 trillion travel and tourism market. Here's kind of a different KPIs. It's coming from Bain and Altagamma. It's a EUR 1.4 billion in terms of spending in the luxury space in the world. What's intriguing about it is the vast majority of it is Vuitton, Hermès, Chanel bags and many other things, shoes, which is a 50% you're seeing here, growing at 6.10%. Half of what people spend happens to be material goods. You have, on the other side, anything which is furniture, design, homeware, fine arts. This is 30% and growing at 5%-9%. What's so interesting here, even though it is the smallest piece of this, which is 20%, anything which is experience, so non-material, grows above 15%, the last five years and the next 20 years. You find here, dining, entertainment, and transport, and hospitality, which is why we invaded that space some time ago, because it is a very fast-growing space with the highest dollar at stake per room. The one thing which is underneath here, since I talked to you about the emerging middle class, here you have the high net worth individual. Definition is rather simple: anybody has over EUR 1 million in his bank account as free cash, which is not part of his real estate holdings or salary, which is spare cash, is claimed to be a high net worth individuals. There is 70 million of those people in the world. There was 40 million only five years ago, and it will be over 100 million in five years from today. That's clearly the Orient Express customers. If you want to go above 30 million, if you want to know the number, because it's also interesting, I don't know whether you can guess. Above 30 million, ultra-high net worth, 600,000 people. Far less than the 70 million I told you here. Here you have the luxury lifestyle portfolio of Accor. We put the four pillars, which we're going to talk about, Raffles, Orient Express, Fairmont, Mantis, Sofitel, and of course, MGallery, and then the 17 brands of Ennismore. You see the 25? We did not break down for our peers because we don't know exactly where do they put all-inclusive resorts. Luxury is not, hasn't been shown as such, but it is by far the greatest amount of brands and portfolio size existing on the planet under the same roof. That one is very, very close to what I wanted to say to you today, because that occurred to me very recently. You know, I'm spending vast amount of time on trying to understand better the world of lifestyle, the world of luxury, because it is not inherent to Accor heritage. Realized, which we should have known a long time ago, which we should have extracted value from, we haven't done so far. There is seven brands on the planet who can celebrate being over 100 years old. Rightly so, you had our dear friend, JJ, who talked to you about Pullman, the oldest brand in hospitality. Think about it, Accor owns four of the seven over 100 years old brand. Orient Express, 1883, by far, probably the broadest brand in terms of transport, literature, movie, perfume, art deco, Baccarat, Mahogany. Very large brand, always at the upper level. Raffles, clearly colonial origin in Singapore, in Asia, probably the one which is the most admired in terms of history. You see Fairmont, 1907 with San Francisco. I can guarantee you, if we were to pay attention to only the archives of the last 140 years of those brands, you will find, and we already started four months ago, all the different important people of the world, being Nobel prizes, being politician, being music, being whomever you want, has been at one of those brand for five minutes or for a week. All those time event exist. That is immense value that you can never extract from a brand that got created in 1945. It's only the beginning of it, and this is how you shine, is respect your history, but give it to somebody else's hand. I, just as an anecdote, if you haven't gone, please go to the Dior Museum, Avenue Montaigne. It's only 20 minutes. You go there, you have the last 60 years of Christian Dior legacy. You see all different dresses. You see people from Gianfranco Ferré to John Galliano to Maria Grazia. Some of those guys are very different in nature. When you walk through, even though it's different hands, some more audacious than others, the thread is still there. The elegance is still there. It's remarkable to understand how do you drive value by respecting the heritage of that brand. This is the portfolio. There is 500 rooms, 500 hotel, which you know. One thing interesting here, is the size of the pipeline. It is 45%, probably 50% as we speak, as of last night, of pipeline, compared to this in network, which is by far the best in the industry, including Hyatt and others. Very, very strong in terms of brand appetite and brand owners' demand. You see the different pipeline compared to the network. The one thing we need to attack, which is probably the most difficult challenge by far, is America. America, this is the ground of Fairmont, certainly when it comes to North America, with Canada and America. We probably need to be better than 10% of the whole pipeline being Americas, but it is the most challenging, I mean, it's the most challenged and competitive market by far. There is a place. There is a place for Sofitel. There's certainly a place for some of the lifestyle brand, in which we're already very strong in America. That's where we are on the pipeline. On the brand organization, I just talked to you a minute about it. I won't dwell into this one, because I think I want each of you to talk about your brand value, brand concept, and who we are. The last slide for me is all about entrepreneurship. It will only work if the people in the team, wherever they are, it could be, again, the CFO function, the talent and culture function. If we have somebody who breathes the brand, who is proud about the brand, who wants to dive into the history, who wants to talk about it a bit like I could or I should, this is a success. Any brands has a face behind it. You can talk about any luxury brand, call the Hermès family, call the Kering family, Pinault. There's always a family. There's always a man or woman. If you don't have that incarnation could change, thank God, because it happens to be the case in all the artistic director of so many brand value. They never diminish your brand. You're only a caretaker during the time you host it. That's where we are with entrepreneurs. Some of those should be totally autonomous. Operations, marketing, product, which is brand content, brand promise, brand fulfillment, TNC, they decide. They decide everything. Anything which is on the shared back of the house, expertise, finance, legal, sales, commercial, should be driven centrally to massify. When you're selling New York as a destination, Paris as a destination, you know your group or your accounts manager will look to go what's in between a Sofitel, a Fairmont, and MGallery in terms of price point. That's as simple as it is. It's a question of actually delivering. Voilà! With this, I give the microphone, and I'll take his seat. This is a hot seat. We're all switching. With Mr. Mark Willis. Grand by nature. Let's begin at the beginning with the story of James Fair, an Irish American who struck gold in the Wild West. One of his daughters married a Vanderbilt, the other, a shipping tycoon, and together, the sisters commissioned the Fairmont San Francisco, a hotel so splendid, they built the city around it, or so the story goes. It opened with a terrific celebration, at which 13,000 oysters, 600 pounds of truffles, and a river of champagne were consumed. A party that was to set something of a precedent for the most iconic balls and celebrations, and for cocktails to fly you to the moon. This is where Scott and Zelda Fitzgerald danced in the fountain, and where their Gatsby became great. This is the place where the art of influencing began and national parks were born, where service goes the extra mile, and full-time chandelier cleaners are a must. Where Solomon Guggenheim opened his very first art gallery, and Frank Lloyd Wright designed the Guggenheim Museum to finally host it. Where Gucci got his big idea as an elevator boy, Dior and Valentino got a lift to their international dream, and American Fashion Week was born. Where history was made, and the global peacekeeping organization was born, where presidents were elected, kept their second Oval Office, and made momentous moves. Fabled photographers snapped stars, and Trump fell in love with gold. Mark Twain found paradise, Vladimir Nabokov, butterflies, and Oscar Wilde, trouble. This is also the place where Karen Blixen fell in love with Africa, and Grace Kelly with Clark Gable. Hollywood settled there when it moved north, and settled back in L.A. Where James Bond was born, and Hitchcock heroes live, have a drink, and get kidnapped. Where the music never stops, and John Lennon and Yoko Ono staged their bed-in. Where Queen Victoria's dream came true, and William fell in love with Kate. Princess Louise and Queen Elizabeth felt so at home, they even gave their name to three hotels. Fairmont is also the shaper of iconic skylines, as well as awe-inspiring land art. It rises where magnificence meets fairy tales, where beehives make a buzz on roofs, turtles hatch on the beaches, coral flourishes underwater, while sea and springs power the air con. Where sustainability simply comes by nature, because for a brand to live on as a loved brand, it has to be sustainable from its very heart. It's such an emotional movie when you see the history of the brand. Just amazing to see. Great to be with you today to paint a picture of Fairmont, where we come from. Obviously, the brand has got a lot of history, where we are today, and indeed, what the future is going to hold for us. It truly is an iconic brand, and I don't say that lightly. It's a place where, over the years, history has definitely been made. Ultimate host, a pioneer of sustainability, a brand with a real legacy. It's both elegant and timeless, and it really has some landmark hotels, as you're going to see. You can see here from the timeline, I'm not going to go through everything. Some of the points are touched on in the video that you've just seen. First Fairmont, in 1907, San Francisco, UN Charter that was signed in 45 at the very same hotel. The infamous Black and White Ball at the Plaza in 66, and John Lennon writing Give Peace a Chance in 69. First hotel to sign a sustainable charter or mandate in 1990. I just wanted to mention there, for reference, 2006, the merger with Raffles and Swissôtel, and FRHI being born, and some 10 years later, Accor acquiring. From a global footprint perspective, it's an interesting one to see. Sébastien mentioned the U.S. You can see here, 50% of the operational hotels are in America and Canada, and the remainder, obviously, rest of world. But a huge amount of the development, some 70% is rest of world, as we open up Fairmonts in eight new countries. Clearly, a luxury brand with a great footprint, but a real room to grow and develop as we move forward. Some key facts about the brand. A third of the portfolio of resorts. Golf plays a key part at Fairmont, which I'm going to show you. We have 15 operational open residences and 21 in the pipeline, are seen very much as a market leader within that segment. Our MICE segment is also 30% of revenue, which is extremely strong. Another key fact, a third of the portfolio is currently under renovation. This is a key point as we've come out of COVID, owners see the opportunities of investing into the brand and indeed the ROI that it brings. I mentioned iconic hotels, you can see it from the video. There's some big ones. LA Century Plaza needs absolutely no introduction. The Savoy, with its glittering history, from The Plaza, New York, to Peace Hotel in Shanghai. It's not all history. It's not all heritage for Fairmont. No more so than if you look at the Fairmont in Doha, which obviously opened just before the World Cup. This is going to be one of the most photographed hotels in the world for sure. We also have a wonderful connection of chateaus, not least in Canada, of course, from Frontenac to Laurier. Some really iconic hotels in this collection. Banff Springs, Lake Louise, the absolute essence of luxury. Really wonderful destinations. To the resorts, as mentioned, a third of the portfolio. It's a segment of the business where we have a truly global footprint, from Mexico to Maldives. Award-winning luxury locations across the world, again, a huge opportunity to grow here with the portfolio that we have, which is really well-recognized. Just touching on golf, it's synonymous with Fairmont. 16 golf resorts globally, four currently in the pipeline, another four under discussion. From Scottsdale in the U.S., Marrakech in Morocco, to Jasper in Canada. Some big golf resorts out there, again, as I mentioned, more to come. Indeed, we're also present in the home of golf, with the Fairmont St Andrews in Scotland. From a restaurant perspective, obviously, we have a great opportunity to leverage the wonderful brands within Ennismore as part of Carte Blanche, and Paris Society. We also have a wonderful portfolio of restaurants. The Savoy Grill, which needs absolutely no introduction whatsoever. Haerlin, which is a two-star Michelin in the center of Hamburg, a wonderfully elegant restaurant. If you get the chance to go, you should definitely go. If you can get a table, that is. We have a three-star Michelin restaurant in Addison at Grand Del Mar. Again, an amazing experience to go and dine there, and also some wonderful brand association with brands such as Nobu and others. I wanted to just mention Little Miss India, recognized as one of the top restaurants in Dubai, in what is an absolute food and beverage crazy city. It's wonderful to see. What are we looking to do with Fairmont? One thing is for sure, we need to preserve where we sit from an iconic perspective. It's a heritage brand, of course, it is. We want to look forward. We want to push Fairmont to the forefront of the luxury segment, but we mustn't forget the past of the brand, that is for sure. From a strategic lever perspective, obviously, we have the opportunity to develop high fee per key in key destinations where the brand is not. Currently 90 operational hotels, so plenty of scope to grow, as I've already mentioned. Introducing brand clarity and absolute consistency as we move forward. New brand manifesto, new brand partners, new brand ambassadors in order to reposition Fairmont from a social media perspective globally. Service and culture at Fairmont, absolutely high today. On all the indicators that you see, Fairmont sits very, very well versus its competition. This is something that we're absolutely gonna work on and make better as we move forward. From an ESG perspective, this is a key topic for Fairmont. We have the opportunity to make it an absolute market leader, a segment leader at the forefront of what we're doing from a decision perspective and also from a communication perspective. I've painted a very brief overview of where we sit today. I would add to that, we have a full luxury team in place based in Dubai, Toronto, Singapore. Over the next 12-36 months, you look Fairmont 2.0, change the look and feel, take us forward in a positive manner, our communication, various design elements, architectural elements, and also work a lot on the brand markers that we have in place currently. The next 36-48 months, total brand clarity we're after, exceeding guest expectations. Easy to say, but of course, difficult to do. No brand detractors. We're in a very good situation with Fairmont today. I mentioned that a third of the portfolio is currently under renovation. You know, out of the 90 hotels, it's a big figure post-COVID. Aligned brand consistency, which is absolutely paramount. Indeed, if it's not luxury, it's definitely not a Fairmont. The development principles, key destinations, major cities, no tertiary locations, an absolute must as we redefine where we open hotels and where we grow Fairmont. Inspiring luxury, architecture, and interior design. A lot of work going into this element of the business at the moment, as we try and redefine where we take the brand and how it looks and feels. Management contracts only, absolutely no franchise. Defined and clear takeover practices. Only branding the hotel when it's fully complete. Maintain and grow our leadership position in both MICE, golf, and residential. Put a lot of effort into food and beverage, which, as I mentioned, in collaboration with Ennismore, leveraging on that luxury and lifestyle infrastructure, we really have the opportunity to grow that area of the business, and also grow with regards to wellness and fitness. We've 34 hotels to open in the next 36 months, and that is what we have on the table currently. Some of that is a backlog, of course, as we've come through COVID, as hotels didn't open globally, especially in Asia, in some locations, Africa, Middle East. You can see it's a really, really strong portfolio of hotels to open, and this 34 is without things that will come as we move forward over the coming years. Since the announcement was made for Fairmont and the luxury and lifestyle infrastructure, like all my colleagues in similar positions, you spend a lot of your time involved in business development, and that element of the business. I don't think we've ever seen any such interest as we've seen since the announcement with regards to Fairmont. It's been exceptional. Third parties, owners, proactively coming to us, seeking out the brand. Of course, not everything is for Fairmont, that is for sure. The opportunities to move ahead and grow positively are very good indeed. I've listed out there some key locations that we've got coming. The Americas, New Orleans, San Diego, Miami is also under discussion. Europe, Prague, a great pipeline in Middle East, with Riyadh, Cairo, Jeddah. Obviously, the brand is extremely strong in that location. Africa, Djibouti, and Abuja, which is a key destination if you want to do business on the continent, which is obviously in Nigeria. India is a key one for us. We've mentioned India a number of times through the presentation today. We're currently operating one of the most recognized hotels in the country, in Jaipur, and we have great growth there on the way, Mumbai, Udaipur, and of course, Agra, the site of the Taj Mahal, which is super critical for us. Asia, key destinations, we talked about Japan. We have a wonderful Fairmont, which will open in 2025 in Tokyo, and a recently signed 500 bedrooms hotel in Bangkok to come, which again, is a takeover. Continued wonderful growth in China and Australia. That paints a very quick and brief overview of Fairmont. Thank you so much for your time. Thank you. Maud, you don't need any introduction, do you? Why don't you go? The floor is yours, Maud. Good afternoon, good morning, good evening, everyone. My name is Maud Bailly. I've been with Accor executive committee for now six years. I've joined the group as Chief Digital Officer, now, it's you, wonderful Alix. In 2020, at the heart of COVID crisis, I took over Southern Europe Hub, in charge of 1,900 hotels in seven countries. It's been quite a massive resilience journey, full of reinvention and passion, according to one of my favorite quotes, "Life is not about waiting for the storm to pass, it's about learning to dance in the rain." When Sébastien offered me the opportunity to lead MGallery, Emblems, and Sofitel brands, I immediately said, "Yes!" First of all, because I love these brands, and I love the idea of reigniting them. They were a bit lost in this huge organization. Second, having a brand-led organization allows you to become the guardian of the brands. You are in charge of the entirety of the guest journey in a full entrepreneurial mindset. Three, I said yes, because small is beautiful, and having only 250 hotels was allowing me to get into the nitty-gritty of each hotel, each ownership, and to travel everywhere with my wonderful teams to see each product and to understand where our beautiful brands stand. Talking about the brands, they are addressing very different markets and owners' needs. On one hand, Sofitel signature brand with very well-defined standards, and on the other end, MGallery and Emblems, two collection brands belonging to a more flexible boutique hotel vertical. I'd like to share with you where we are today, but above all, where we want to go. Looking at Sofitel covers, as of today, a network of 120 hotels. It's been the first luxury brand incarnating hospitality à la française, and we will celebrate its 60th anniversary next year. Sofitel benefits from a very strong presence in many key destinations, with iconic and key locations, attracting both leisure and business travelers. It does also benefit from a strong awareness, being ranked in the top three brands in France, of course, but also Brazil and Australia. Ranked in the top 10 brands in the U.K., U.S., Saudi Arabia, and China, Gary, which boasts alone 21 beautiful Sofitel. Within the Sofitel brand, you will find different hotel categories, out of which Sofitel Legend is, without contest, the most luxurious one. These six legendary landmarks won more than 200 awards in 2022 alone, and Sofitel Legend has been voted as the sixth best hotel brand of the world by Travel + Leisure. Agatha Christie wrote Death on the Nile in Sofitel Legend, Old Cataract. Sofitel Legend Metropole has been the first five-star hotel of Hanoi, and the first place where motion pictures were projected in Indochina. We just opened last year, Sofitel Legend Casco Viejo, in Panama City, in a unique United Nations World Heritage site. Sofitel encompass is also urban hotels, you may know in Dubai, Sydney, the London, St. James, and its Michelin-starred restaurant. Sofitel Mexico City, Sofitel Washington, D.C., being both ranked number one in town. Our last born in Europe, Sofitel Barcelona Skipper, embodying the next new generation of Sofitel, with its fusion tapas F&B concept and its panoramic rooftop. If you want to escape from big cities, you can also enjoy one of our 30 Sofitel resorts all around the world. Moving now to our collection brands, starting with MGallery. Created only 15 years ago, in 2008, MGallery already covers a network of 121 boutique hotels. Especially after COVID, people have been looking more than ever for intimacy. MGallery meets the deep need for a charming, homey feeling, human-sized boutique hotel. Not more than 150 keys, a distinct design for each hotel, becoming in itself a unique destination. MGallery benefits from a strong brand appeal for our guests, mostly leisure, and from our owners, with already 40 MGallery in our pipeline. Here is a glimpse of some MGallery character-full places. The Porter House, which just opened in Sydney this year, used to be a tannery. The minute you get into this MGallery, you will discover a remarkable work around leather. DongFengYun Mi’Le, in China, just won the design award of Prix Versailles for its pottery-shaped buildings as a tribute to the art of Chinese porcelain. The hotel of la Cité, in Carcassonne, has been built on the former Episcopal Palace. Depending on you will stay with us, you will sleep in a former church, a former tannery, a former police station, a town hall, a coffee, or a tea house. Emblems, which is a new brand, embodies the same ethos of singular character, bringing the boutique hotel experience to a higher level. With more handpicked locations and more exclusive venues. It differs by MGallery, from MGallery by offering mostly suites and villas. If you look at these Emblems on the screen, we signed these Emblems in Guiyang, in China. These Emblems, which used to be a private residence, will be exclusively designed around 64 suites. With three distinctive categories, heritage, signature, or retreat, Emblems stands for our highest luxury collection in a very interesting launch contest, requesting a lot of discipline and consistency. I'm happy, by the way, to share with you the first five Emblems we signed, two in China, one in Philippines, one in Vietnam, and one we just signed this month in North America, in the Rocky Mountains. I'm happy to announce you that we will be able to announce very soon, the first Emblems in Europe. Bringing all these brands together, our global P&L covers a network of 243 hotels, representing 44,000 rooms. Asia Pacific and Greater China are today almost half of my network, also our top region in development. Middle East and Africa shows a growing interest in our brands with 19% of my pipeline. Americas, as you said, Sébastien, remains by far our smallest market, but it can also be an amazing development play field for these brands. To support our hotel performance and growth, we've been designing since the 1st of January, from scratch, a brand-led organization, gathering all the function within one business entity for more focus and more clarity. It's been quite a unique journey. We were literally 26th in January, and we went up to 100 people, each of them carefully chosen for their hard and soft skills, while we were starting traveling everywhere with my teams. This organization achieves the strengths of global scale, delivering the vision and the relevance of regional expertise with many local relays. Because every great brand relies on a strong culture, this organization will also promote seven strong values: Passion and pride for our guests and for our brand and for our people. Excellence in everything, revenue maximization, NGI, RPS, EBITDA, business performance, quality, and service, because luxury is, above all, an attitude. Empowerment with a strong entrepreneurial mindset, revealing people's full potential, allowing a bespoke and bold way of doing business. Proximity and solidarity, a flat organization, fewer layers, constant dialogue with our GMs, trust and transparency to build long-term relationships with our owners and talent. On this foundation, we want to bring these brands into a new dimension. Starting with Sofitel, which will differentiate itself in the specific positioning of the French zest for life, i.e., a quiet luxury, combining quality, generosity, and affordability in a very recognizable signature around four brand pillars. The first one is about being French. Not being French, meaning being arrogant, but being French as a certain manner of embracing life in all its dimensions, with joy, freedom, a touch of impertinence. Just like Voltaire's quote, "I've decided to be happy because it's good for my health." "J'ai décidé d'être heureux parce que c'est bon pour la santé." I.e, the French art of good living, combining effortless chic and deliberate hedonism, which will also lead to a very specific service culture for Sofitel, with the same touch of freedom, of creativity, of panache, greatly valuing emotional intelligence. This is what we call at Sofitel, coup d'humain. All these little attentions and gestures designed to give our guests a special and a certain emotion. We are currently working on a unique training program to develop this Sofitel touch everywhere, and make guests come back and choose us for this service, too. Sofitel promise is about also the cultural link, symbolized in this logo. Two interlocking rings, reflecting the encounter of French culture and the local one. This is why you will find Mexican cultural artifacts in Sofitel Mexico City, or pieces of art inspired by Gaudi in Sofitel Barcelona. All our Sofitel will embody this union of two cultures, proving that there are also places meant for their neighbors. Last but not least, Brune, which leads us to our fourth brand marker. We want Sofitel to lead the way of sustainable luxury, with a strong CSR commitment, deeply embedded into the brand around plastic, carbon, food waste, eco-certification, diversity. We will therefore scale up great practices, such as in Sofitel Dubai The Obelisk, their own glass water bottle recycling factory in the basement, or Sofitel Legend Amsterdam The Grand, already eco-certified at gold level by Green Key. In a nutshell, Sofitel shall stand for the French zest for life, elevating hotel with a genuine soul and a positive social impact. Talking now about the MGallery ambition. It will relies on three complementary pillars. First of all, we want to ensure that for each MGallery, there is a meaningful story, what we call a memorable moment, scripted by our teams for our guests to create more stickiness and business. For instance, a yoga class on the rooftop of MGallery Pompeii, in front of the Vesuvius volcano, or a breakfast at the top of a holy mountain at the sunrise at the MGallery Legacy Yen Tu, in Vietnam. Second, in line with this collection spirit, we will create a strong community of passionate MGallery collectors to reward our repeating guests and make them feel excited about discovering the next MGallery, and to increase their sense of belonging. Thirdly, because MGallery hotels owe everything to their local roots, they need to give back. Therefore, we will make sure that all our MGallery will specifically support local craftsmanship, associations, festivals, everything that feeds and sustain their local anchorage. For all my three brands, to maximize their equity and business performance, we'll activate four levers. The first one, of course, is about people: to train, to retain, to attract the best profile around a strong culture. The second is about elevating the brand, new brand platform, new website, preparing the sixtieth anniversary, new campaigns, and for Emblems, ensuring a successful launch of a new, clear, perfectly understood brand. Elevating our brand promise means also elevating the guest experience, starting by being obsessed with quality. Quality of the service, of course, but quality of the products, too. By cleaning the network, what we call de tractors, i.e., hotel in huge need for renovation, with three very clear scenarios. Scenario one, getting fully refurbished to deserve the brand. Scenario two, getting rebranded. Scenario three, exiting the network, period. This zero-compromise policy will be the key to our credibility over the long term. We'll also develop our own F&B and entertainment and wellness concept, and revamp our partnership and collab strategy. Our last lever is obviously about development, driven by four strong common principles: conquer new destination with a real flagship strategy to prove, to showcase for real, our luxury know-how. Focus on the most contributing leads per key, putting value before volume. Boost the pipeline with resorts and branded residences everywhere. Last, but not least, embed CSR in each new lead through sustainable standards or even eco-regenerative buildings project. Beyond these common principles, each brand will also follow its own development strategy. We are facing a momentum. Since the beginning of the year, we are pushing hard Sofitel development in Europe, and I'm happy to share with you the fact that we already signed beautiful Sofitel on the Adriatic Coast, and we received already five LOIs, representing 1,000 rooms for Sofitel only in Europe. We'll capitalize on regions with flagship, such as Mexico, Vietnam, Thailand, Middle East, China, and we'll go to booming countries, obviously, such as India, Saudi, and Turkey. Sofitel Legend will help us to target high-contributing properties, and we see the momentum, too, the benefit of a brand-led organization with already five leads of Sofitel Legend. For MGallery, very fast-growing market with 40 hotels in the next three years. We will target Southern Europe, especially Spain, Greece, Portugal, Israel, but also China, South and Central America, and U.S.A, which could be an amazing market for boutique hotel like MGallery. Emblems, we will be extremely selective with top venues in primary markets or key cities and iconic resort destination, with a global objective of 60 Emblems by 2032. As of today, our pipeline represents, for these three brands, 77 hotel and 14,000 rooms, i.e., a third of our current network, with the following regional breakdown: 23 in Europe and North Africa, 13 in Middle East, 21 in Asia Pacific, 17 in People's Republic of China, and only three in Americas, for now. Last but not least, we shall achieve this ambition in a very clear timeline. Today, we are finalizing our organization, building the culture and service signature, revamping our brand platforms. Within a year, we should have made great progress on cleaning the network, launched our new brand campaigns, gain in quality of all our leads, and boosted our social visibility on social media. Within three years, we want to achieve a super consistent network of only great quality hotels, supported by a service which should become our signature, attracting a renewed clientele in all eco-certified hotels. As a conclusion, I would like to say that my wonderful teams and I are taking on this unique journey with great lucidity, determination, and absolute passion. With one quote of Pierre Corneille, a French playwright, again, guiding us: "To those who know how to love, nothing is impossible." Thank you. Well, good afternoon, everyone. I'm a bit embarrassed because I don't have brands with a 100-year histories, but we have some pretty fun brands, pretty exciting brands, and they make quite a bit of money. I'm pleased to be here number six. I wanted to share a bit about Ennismore with you. You've seen some information come through, and Sébastien talked a lot about that, so I'm not gonna get into repeating some of what he said, but it's very important to understand how Ennismore came about. It's a vision, as Sébastien said, that started eight years ago and accelerated over COVID, but these words here are extremely important. The entrepreneurial and founder-built nature of the brands is key to our success. Before I launch into telling you a lot more about Ennismore, just a couple of quick words about myself. As Sébastien said, I'm the old guy in the room. I've been around with Accor a long time. No one else gave me a job, so I'm still here. I've been around. I started my career in Accor, in Australia. I grew up in India, born and brought up in India, grew up there, moved to Australia, spent, started my career with Accor in Australia. Spent over 10 years there, moved to Singapore, and then spent another decade in Singapore, and now most recently, to London, and now really shuttling between Europe and the Middle East, which forms the biggest part of our business. I've been all over in many exciting and different roles, but most of my career has been focused on building hotels, investing in hotels, and developing brands. I was fortunate enough to come through and work with Sébastien on the investment and the acquisition of a lot of these hotels, a lot of these brands, which now form part of Ennismore. We started our journey in 2014 in lifestyle and leisure. In fact, what's not here is that we acquired Rixos in 2017. It came into Ennismore in 2022. In fact, the journey with Rixos started with our partner, Fettah, in 2017. We began this journey investing in these brands, really trying to understand what made them different, what made them tick, why were these hotels so successful, why were they delivering a superior financial performance to big brands? There was a lot of key learnings out of that. One, the programming and focus on product and design was absolutely fundamental to the success of these hotels. You had to make sure that the spirit of the brand DNA lived very strongly in these hotels, no matter there were two, five, or 50. We've tried to set up an organization that replicates that. Two, the embodiment of the founders was crucial to the success, we talked about how there is a strong creative person behind every brand. It is so true for what we do with Ennismore today, I'll talk a little bit more about that. You know, over 2021, October 21, we started the discussion with our partner, my co-CEO, Sharan, who's an incredible entrepreneur, launched Hoxton and Gleneagles. We started the conversation with him about putting together, really an innovative, the largest and the fastest-growing lifestyle-focused hospitality platform. We came together in late 2021, formed what was Ennismore 2.0. Exactly a year later, with the success of everything that we were seeing and the reaction we got and the growth that we were experiencing, expanded that footprint to incorporate the leisure business with our luxury all-inclusive business, Rixos, launched the All-Inclusive Collection, which I'll talk a bit more about, and took in Paris Society, which is the most incredible luxury restaurant business, which has huge synergies with what we do in lifestyle and leisure. Today, we have Ennismore, which is fast-growing, innovative. We put six companies together from all different parts of the world, brands out of Europe, brands out of the U.S., brands out of the Middle East, brands out of Asia. It truly is a melting pot of brands, of people, highly multicultural, but most importantly, we set up quite a different organization to how Accor was run at that point in time, a brand-led organization. That was the key to our success in making sure that whilst we were building scale, we were building it with a very focused organization. For example, a Hoxton organization has dedicated people just doing Hoxton from brand to digital to design, programming, revenue management, operations, end-to-end. They live and breathe their brand, and that has been a key pillar of our success today. Our brand founders, we've all talked a lot about that today. Really this is fundamental to our success because all our brand founders have come with us. They've come with us for the journey. They're actively involved in the development of our brand, of our product, of our network. This is a huge advantage. It's key for our development. It gives us a good leg up. Our owners love interacting with our owners. They with our brand founders, they love the fact that there's a soul behind the DNA of the brand, which is still existing. Engaging with these brand founders, I spend a big chunk of my time making sure that they have the resources they need, they have the footprint they need, the teams at their resource at their disposal, they are thriving under the Ennismore platform, that shows, quite frankly, in our numbers and our pace of growth. We see ourselves as an ecosystem, brands and services. Hopefully, you'll see why. Our big focus is on curating everything that happens outside the hotel room, not in the room. The rooms business, we know how to do that, and I think we do that pretty well. The delta is everything that is happening outside the room and creating revenue streams that happen outside the room. That creates the delta in between what we do versus our competitors, and I'll try and show you that in the next few slides. Our brand portfolio is what sets us apart from our competitors. I do believe we have an unrivaled platform in the lifestyle and leisure space. No one has been able to create, in a short period of time, the brand platform we have with very three clear lines of business. We have a lifestyle hotels with iconic brands, with the Mama Shelter, Hoxton, 25hours, Delano, SLS. A really, really great set of brands and a dedicated co-working brand, which is working super well, called Working From. We have our resorts business, driven by the Rixos, All-Inclusive business. We launched the All-Inclusive Collection, which is eight brands further off Accor and Ennismore, which leverage off the expertise of the Rixos All-Inclusive platform, and I'll show you the results that that platform is now showing. Paris Society. You were in a Paris Society venue last night, MUN, which is one of the brands represented here. Paris Society is a collection of the most iconic venues you can find in Paris, certainly, and now in most other parts of the world. If you were to pick the top 20 restaurants in Paris, 15 of them would be Paris Society restaurants, and our ambition is to take this business global. It's not just a interesting and fast-growing and great business today, but it creates a massive amount of content and creativity and credibility for our luxury and lifestyle hotels as we start to build our business. As I said, that's the snapshot of the business today. The lifestyle collective, 100 hotels, and I'll talk about the pipeline a bit more, the immersive resorts and Paris Society. As I mentioned, our ambition is to grow global with Paris Society. We're taking all these brands out of Paris, taking them to L.A., taking them to Miami, taking them to New York, to Dubai. We're starting to open venues in our hotels, independent venues. The idea is to really curate a collection of iconic venues all over the world and build these brands worldwide. We are starting to get real traction. As you can see, we have a very strong pipeline now building up in different parts of the world, in key lifestyle and leisure destinations. The Ennismore ecosystem is a little bit unique. I'll pause here and talk about that, because this is the crux of how we run our business, and how we create a delta in our revenue, and which is resulting in our fee per key compared to our competitors. We do our hotels and resorts, but we also do restaurants, we do membership, we do branded residential, co-working. We're trying to program a lot more in the same space than a traditional hotel, and you'll see that come through the numbers. The top part is the business lines of Ennismore, and the bottom is all the studios and all the platforms that support the growth and the operation of the various business lines, and these platforms are critical to our success. A third of the entire Ennismore team is totally focused on creating content, whether it's digital content, design, programming, marketing, F&B. It's a complete and a 100% focus on creating the best product for that location, and that drives the success in what we do in our bars and restaurants, in our entertainment venues, in our clubs, and in our hotels. Talking about ESG for a second, because this is not just talking the talk, this is a serious business for us. Our brands are young brands, they attract a very, very specific clientele, and the sustainability piece is crucial to our customers. They identify with it, they resonate with it. Brands like Hoxton, brands like Mama Shelter, brands like 25hours, in particular, the European brands, have actually embodied ESG pillars in their DNA from the very beginning, 10 years ago, before people were really talking in a meaningful way about sustainability. I believe we are ahead of the curve. We now want to bring in the strong DNA of ESG into all our brands and really focus on this as a key pillar of our brand DNA. Not just because it's the right thing to do, it's also because our customers love it, and they identify with what we're doing. This is a very important piece of the puzzle for us. Talking about our network a little bit more. Here's our network and the pipeline. There's a few elements that I'd like to highlight here and pause here a bit. One, that pipeline. These numbers are as of the 31st of March, that pipeline that you see of 24,000 rooms is now up to 29,000 rooms. In the space of a few months, we've grown that quite substantially. The pipeline today is 100% of our network. That's our committed pipeline, and obviously, we have good momentum and new signings every day. We've had 50% growth in our pipeline in the last 12 months. That just starts to show you how our owners are reacting to it, the response we've had from our customers, which our owners are looking at very carefully. That starts to drive a real momentum and a real inertia in our development. I think this will just continue to snowball as we build out our business in other parts of the world. If you look at the Middle East, which is now 40% of our pipeline, almost 40% of our business, very, very strong pipeline. The pipeline is almost 100% of our network. Have a look at Asia. We're just getting started. We've opened our first few hotels, but the pipeline is 6,000 rooms versus an operating 1,000 rooms, right? The Americas, most of the growth in the last few months has actually come from the Americas and the Middle East. The Americas today, which is 25% of the business, 10% of the network, 10% of the pipeline, sorry. It's a bit skewed because of the weight of Middle East, but I can assure you, the Americas business is gonna grow fast. Our brands are very interesting for the American markets. None of our large competitors in America have a dedicated lifestyle platform with a focus like we do, and we intend to absolutely focus on that American market, particularly the Caribbean and the Central American market, because of our positioning in the lifestyle and leisure space, has a huge, huge scope for growth for us. Altogether, we have a pretty strong pipeline, a very diversified and global business with great growth potential, not just in our home market, which is Europe, but increasingly now in the Middle East, in Asia Pacific, and in the U.S. Branded residential is a key additional revenue stream that we're working on. Our brands resonate so well with our owners, we are now really focusing a lot on developing branded residential next to our hotels. About a third of our entire pipeline has a branded residential component. This is very interesting because it actually drives not just an additional revenue stream with license fees, which has a very high EBITDA margin, it also helps us curate the entire asset. We populate these villas, these buildings, with our restaurants, our bars, our clubs, and that all creates a community. Our big focus is creating a community that helps, not just creating a great community, but it helps our owners and the developers drive a premium of anywhere between 15%-40% on their sale price per square meter, because the buyers want to be in that community. This is a big focus for us going forward, and we will continue to grow this pipeline. A word on the all-inclusive business. I talked about the fact that we started up and started investing in this business in 2017. Look at the result over the last few years, we've tripled our network and pipeline. We launched the All-Inclusive Collection last year. In 12 months' time, the non-Rixos branded properties are already 20% of the pipeline, we're just getting started. This is probably the business with the highest growth potential within everything we're doing in Ennismore. We are seeing amazing growth opportunities. We've started out predominantly as a Middle East and Turkish business. We're now entering Europe, we're now entering Central America. We're about to enter Asia with a large asset. The focus is to build a global business, which is highly profitable both for our owners and for us as operators. Our brand network is actually quite unique and gives us a unique space in the lifestyle space. If you look at this is pretty interesting because 45% of our entire revenue from our properties comes from four key destinations: London, Paris, Dubai, and Miami. Miami and the Bahamas together. This is actually quite interesting because these are the top four lifestyle destinations in the world. If you want to be a credible player in the lifestyle business, you need to be visible. This is where we lead, this is where we're the strongest. We are actually capitalizing on this, increasing our visibility in these markets, and that helps substantially to drive our development in other markets, because these are super visible global destinations, and it really helps to have a leading position in these four key markets. As I mentioned, we put together literally the United Nations of Lifestyle Brands, so we have our brands from all parts of the world. It gives us a very strong global appeal. A brand like Rixos has a very strong global appeal in the GCC and also in the U.K. The U.K. is our number one market for Rixos outside of the Middle East. SLS, Mondrian, not surprisingly, driving really strong visibility, really strong appeal in the American market. Hoxton in the U.K. and the U.S., and 25hours, and Mama Shelter, super well known in the European market and now growing global, but really driving strong visibility and a strong client base from the European market. When you put that picture together, we really have a very diversified customer base, both in demographics, in age, in gender. We are attracting a very, very interesting and different mix of people, of predominantly people between 25 - 40 years of age, that will stay with us, hopefully for a long time to come and develop that brand loyalty. A bit of a focus on how we've performed over the last few years and where we are heading. This is a very important slide to me because this defines the whole lifestyle business model, and Sébastien talked a bit about it before. As you will see, 55% or more of our entire revenue comes from the non-rooms business, whether it's F&B, co-working, memberships, digital. We are driving multiple revenue streams, from our business, not just from managing the rooms. This will grow to over 60% over the next few years as we grow more and more into the different business models that we are working on and curating our properties better, in a more effective way. That, in the essence, defines lifestyle. I mean, anyone can have a nicely designed hotel. Just because you have a colorful hotel, doesn't make it lifestyle, in my view. It's how you curate the building, the concepts you put in there, the programming, your delivery of service, and the ambiance you create that drives your customers. Here, well, the most important part is, most of this business, the non-rooms business, is local business. It comes from people living around the hotel. Crucial, because even if I take the example over the Covid period, even when the hotels were running 20%, 25%, 30% occupancies, the restaurants and bars were absolutely full. People weren't traveling, but our F&B business was booming, and the F&B business last year, by Q2, had recovered to pre-Covid levels. We provide a diversified income stream, which is less risky also from an owner, owners love the fact that we have a diversified income stream, and half of our revenue is locally generated, as opposed to being reliant only on the travelers that are coming and staying in our hotels. This is actually a pretty interesting case study we ran last year, looking at our Hoxton hotels in London and trying to understand what the lifestyle hotel business, if done well, really delivered for our owners. This is an interesting case study because we compared all our operating Hoxton hotels versus comparable hotels in and around London, in the same area. You will see the performance metrics of these hotels on 22 actuals versus the comparable hotels of similar size, similar locations, similar gross floor area. Whilst we doing better on RevPAR, what's interesting is, look at the delta on the F&B revenue. Right? It is significantly higher. That then translates into a much better total revenue per available room. Whilst you could argue the margin, the actual operating margin could be lower, but you don't bank percentages, you bank dollars and euros. What we are delivering actually is a significantly higher GOP per key compared to a comparable classic hotel, because effectively, in the same box, we're able to create revenue streams that traditional hotels are not able to create. A lifestyle hotel executed well, is of course, a lot of fun to develop and operate, but it also delivers a superior return to our owners, and that's a big reason of why our owners are now really coming to us with new projects, because they, of course, want to open hotels that are fun and interesting, but they also want to get a better return on capital. For the same development cost per key, you're getting a much better return on investment for the owner. Looking at our growth over the last few years, we had actually a pretty strong growth period over COVID. We grew almost 10,000 rooms, 9,000 rooms, from the end of 2019 to 2023, consistently opening successfully, hotels over the last three years. As we sit here, going forward, in 2025, we see a +70% growth. You'll recall, the pipeline, as I mentioned, is now up to 29,000 rooms. Opening another 20,000 rooms is looks pretty good because that pipeline is pretty much committed for us. We can safely forecast our growth over the coming years. To conclude, I won't go through all of that, but because honestly, it is, you can read it all, but there's two or three key things I want to highlight. Yes, we're growing fast, but we're also growing at a pace which is accretive in terms of a fee per key. You'll notice that our BTI, our management fee per key, is at about EUR 4,000 for our operating hotels, but the run rate fee for our pipeline is about EUR 5,000, substantially higher. We're not just developing fast-paced growth, we're showing great growth, but an accretive fee per key, which of course, will have an incremental positive impact on our EBITDA margin as we move forward and start to build real scale, 'cause we're only in the second year of our business, we have a long way to go. We have an amazing portfolio of brands, we have strong growth to cover. You know, I've been in this business a long time. As I said, I'm the old guy in the room. I've spent my life, most of my career developing hotels, developing brands, and I can tell you, I have never seen momentum like this. The response from our owners and our partners and our customers has far exceeded my expectations. What's very clear is that, and you can see it clear as day, in my view, our customers are looking for experiences more and more over functionality. Very clear. That's an unmistakable trend. Our owners are seeing this trend and are responding to us, asking for our brands that not just create a point of difference to what's been developed in the past, but also gives them a much better bottom line. We are in the right place at the right time with the right brands, and I think we're just getting warmed up. Thank you. I guess, Gaurav, you forgot with the right CEO. I'm not talking about me. I'm talking about you. Congrats, and I know Sharan is probably in London, so he may be listening, but I guess you did mention Sharan Pasricha, and I just want to thank him because he's done two things for us. In 2019, after having set up his own brand organization, of which he controlled 100% of The Hoxton, and then managed Gleneagles and Maison Estelle and others, he was an enormous risk for him to relinquish control against shares, non-liquid, of a new entity to be set up. He did have an ask. He said, "Sébastien, could we call the entity Ennismore?" I said, "Why?" It happened, I guess, his family entity for The Hoxton was called Ennismore. He said, "Because that way, I believe it's still mine." Of course, I said, of course, I said yes. That was what I called a leap of faith when he accepted. He wanted no cash. He said, "Sébastien, it's not valuable enough. I'm gonna do so much better. I don't want to sell. I just want to partner." He did, and to my biggest surprise, Sharan and Gaurav as co-CEO, are extremely complimentary. Gaurav, you probably felt it. He is a developer, he's a financial person, he is super talented in leadership, in management, in assessing risk, in understanding culture, and he's a driving force, and he's accountable. Sharan, product driven, creative content, programming, design, social network, anything which is not what I've talked to you about, Gaurav. Those two together, have been, not only they've never been fighting, but the reason why it's been growing so fast is precisely because they happen to be a duo and a very fine, and probably the best one by far in the industry. You've been lying before. It's, it's not because nobody made you an offer that you stayed. You have an offer a week from somebody else, so it's just because you have been extremely loyal to the group, and I think because we've been feeding you with what you wanted, which is challenges. Gaurav, thank you. Thank you for, Mark. Mark, we saw the presentation, at least the slide. Sorry, I meant the film. Poof! I don't know whether I was alone in the room, but it just hits me. The richness, the force of the video on Fairmont is beyond belief, and it gives an impression on me and probably on you, and I saw you on stage, of humbleness. When I told you're only a curator and a caretaker, that's exactly who we are vis-à-vis Fairmont. It's a brand which is bigger than life, which we have to respect, which we have to preserve, and which we have to enhance. Which is very difficult, but you'll do it very finely. Maud, you're perfect for what you want to accomplish. It's another challenge, and once again, you're gonna be there. The reason why I wanted to mention Ennismore. Two seconds, sorry, before I go to this. I started this morning, telling you what we tried to build over 10 years. I'll grant you, it's probably taking us three years longer than I expected myself. That includes two years of COVID. Gosh, does it take a long time? There's something which has been evident to me. I mentioned to you February 2022, stock price being at 27 and reflecting on why. We can't afford to continue like this. Turbo, as a new organization, at least half of the thinking was Ennismore. Ennismore was 18 months of work between 2019 and closing October 2021, four months before those reflections. By doing Ennismore, we saw the twist. We saw the material difference with two core entrepreneur CEO, putting teams together, brand led, fighting their own way, being different, and delivering much better result than I ever expected myself. This is why we decided to have two separate organizations. This is why we decided to luxury lifestyle. Luxury lifestyle, it's only a replica of Ennismore. That's what it is. There's nothing better, there's nothing getting smart about it. It's just learnings for what we've done well in the past. You saw that slide a bit earlier this morning. You of course saw the fee per room. You got another information, which I knew it was given to you, is out of this EUR 3,639. He just told you that Ennismore alone is above that number, at EUR 4,000 fee per room and EUR 5,000 moving forward. Believe me, whether it's Omer Acar here with Orient Express, and Raffles is gonna be beating that EUR 5,000 easily, so would Mark and Maud. On this, I just wanted to say one quick word because I didn't have a time to mention you, Gary Rosen. Gary is the only guy who can actually preserved his territory, preserved his leadership. Gary Rosen is heading China, Greater China, for Accor. Joined Accor five years ago. Americans speaking fully Chinese, understand the Chinese market inside out. Gary, thanks a lot for having came all over. He is having two father or mothers, happens to be Jean-Jacques and myself. He's in between the two seat, and I think he likes it that way. On the first line, those numbers are being given to you this morning. The second line is probably the one which is the most striking, I don't know, but it's the different pace of growth. We talked about it. We gave you the 6% for luxury lifestyles, and we're even getting more granular with each of you, which is a 17% pace of growth for Ennismore alone, which you have seen, which is 100% of the network. Which leads to, let's say, a conservative 2%-3% growth for the group. You've seen the RevPAR growth, that's for this year, 15%-20% M&F, and then promise to you that we won't repeat the mistake we've made last year in 2022 to be negative on STO. We knew where we were negative, and Patrick talked about it, to surf and prepare the rebound, and we don't regret. We regret having surprised you. We don't regret having invested wisely at the time we should have invested, which was the first semester of 2022. That was ultra indispensable, which is why we're having RevPAR, which is much greater than some of our competitors, because we knew when and how to invest at the time. We could continue doing it while MICE becoming and remaining positive. You saw the EUR 920 million, EUR 960 million, we being granular again on purpose, in the appendix of your document, we've been breaking 2022 in between PME and Luxury Lifestyle. You will see in those numbers for 2022, that Luxury Lifestyle is a EUR 202 million, I believe, of EBITDA. It's simple, if you want to believe the EBITDA for Lux Lifestyle for 2023, just add 55%-65% growth. Which is why we gave it to you that way, that way you can probably easily model those division for 2022, 2023, and then it's gonna be up to you to move forward. On the 2023, 2027, I'm not gonna be spending too much time. Many of you had the time to not only read it, but to make your own assessment on the quality of those numbers. It's just the last line, which is a return to shareholders. Many of you through the lunchtime has been asking me: How convinced are you that you can do the EUR 3 billion? I responded, "I'm not convinced, I am certain that if we do have the environment we believe we are in, that EUR 3 billion will come back to shareholders in the next 2023-2027." It is, I'm just saying it now, it's not a question of precaution. All those hypotheses, all those growth factors, has been assessed under what we know about the world today, I don't know of any other mechanism we can do on projecting either a better or a more difficult environment. I'm not an economist. What we can tell you is we know what the demand is, we know what the brand love is, we know what when we can deliver in terms of performances, and that's what we assessed. If the world gets to be better, we likely to have better results. If the world is gonna be tougher, then we'll see how to respond to it. We had a slide on conclusion, which was part of usually typical 4- 5 different lines, which we decided, with Jean-Jacques, to scrap entirely. At the end, sorry, that's the return to shareholder, the EUR 3 billion I just referred to you, it is a 50% of free cash flow. Some of you also asked me during lunchtime, "It's odd that I guess you're becoming very consistent, very coherent, very focused," and maybe I was not, but I think we have been, in terms of model, extremely disciplined for at least 10 years. That any free cash flow, 50% of it should be back in ordinary dividend. We've made some exception, but positive exception last year by topping the dividend to go back to EUR 1.05, to make sure that, yes, we can go back to the EUR 2.19 level, knowing at the time that we were entering a positive environment. Moving forward, we're not changing the rules. The rule is the same, 50% of free cash flow, which under our own business plan, is EUR 1.3 billion-EUR 1.6 billion, cumulative over 2023-2027. That means that the leftover, you're gonna have an additional EUR 1.5 billion-EUR 2 billion going back to shareholders. We have a line here, and I'm, I don't want to drive too quickly because we're gonna have the Q&A session. On the word here, opportunistic, I should have changed it. It is not opportunistic, it's probably tactical investment, if any. Which is kind of a top up as opposed to opportunistic, which probably means something more severe, that's not what we have in our mind. However, I want to make sure that you understand, then we don't surprise negatively the rating agencies. All of those numbers, they must be in line with gaining back investment grade. Again, that's another commitment we've made over the last 10 years, to go back to it, we should not be budging from it, that's where we are. The last line is what I said to you, which could have been a seven lines or six lines conclusion, only one line suffice. It's no longer a question of strategy. My belief, job is done. We knew where we wanted to take this company in terms of geography, in terms of segment, in terms of demands, in terms of brand, in terms of talent. I told you it took us two to three years more than we expected, the job is done. It has nothing to do with strategy, the next three to five years, it has to do on can we just deliver on what are being built? That line is good enough, that's probably a good opening for the Q&A session. I think we're gonna be right on time. Voilà! Hello. We have. Let's try to make it one hour, maybe one hour is too many or too long. I promise you, by 5:30 max, we'll be out of this session for you to be back to wherever you need to go back to. First, I don't see anything, so because of the light. If you were to actually yell. I see, I see your hands. Good news, I don't even know who you are, so do we have Madam, I think you need the microphone to go on the fourth. Maybe you can open actually the light. Are you standing? You already got the microphone, huh? Be mindful that I guess, I'm gonna try to mix in between you and if you can introduce yourself and what we'll have on the screen, because some of those not being physically present in the room will indeed ask question on the web. We'll try to respond to everybody. Je vous en prie. Yes, sir. Okay, thank you. I got the mic, I start, I guess. Alex Brignall from Redburn. I'll do three because it's traditional. Thank you. Within the RevPAR growth and in historic releases, you've talked about the faster growth of the higher end parts of the business. Could you talk about the mix component within RevPAR growth? Likely it's not all like-for-like RevPAR, so maybe there's a component which is from the mix of your rooms. Secondly, on the financing conditions in the U.S., we spoke a little bit about this at lunch. I guess if you could talk about your expectations of how that will affect outside of the U.S., if there are any ripple effects from the changing financing environments and potentially negative consequences or maybe even positive ones. The third one, I'm sure, Jean-Jacques, you'll enjoy this as much as Pierre-Loup did. There's clearly some conservatism in the EBITDA guidance as it relates to the RevPAR guidance. I wonder whether maybe you can just extrapolate on that a little bit. Thank you. You want to take one and three, and I'll take two? Start with the conservatism. Normally, at this time of the year, we don't give any guidance, you know, we do more than what we typically do. Last time that I got that comment was when we provided the first guidance on RevPAR back in January, if you recall, and my comment at that point in time was that I wanted to make sure that I would surprise you positively. I think you've got your answer. The financing condition. Yeah, you heard me this morning on development when I was talking about conversion. You know, I think this is a very good illustration of what we see and the numbers that you see in terms of Net Unit Growth do reflect some stiffening in the financing conditions for any activity linked to development. In the U.S., it's more acute. I mean, the crisis in the U.S. is, I don't know if you can say in advance, but is tougher than what we've seen yet in the rest of the world. We do take that into our plans, hence what you see in the projection for the current year, but also for the upcoming year. We do not assume that this is going to last forever, which is why there is also some kind of recovery after, let's say, two years, but God knows. That's really where we are. I think, you know, what we do in term of those conversion brands is probably the best thing that you can do, because fundamentally, you are limiting any financing needs. Maybe a last comment that maybe doesn't pertain so well to the U.S. and distinguishes ourselves from the investor community that you may have there. We do have, and this is specifically true, in Asia, a lot of individual people investing in the hotels. When they do that, they do that with local financing, and hence, the relationship that those people may have, with local banks is also different than some of the more institutional investor may have with larger banks. The fact that there is an intuitu personae, if you feel relationship, a deeper relationship, also may provide people some facilities that you wouldn't get if you are in a more corporate world than that you have in the U.S. Yes, my only add up to JJ's answers is on question number two that you asked. The one thing which I want to stress for each of you, of course, we've been projecting ourselves for 2023, 2027, which is not an easy exercise. The reason why we are, let's say, positive or bullish, it's not because we're not lucid about what's happening in the U.S. We are, and he answered correctly on it's being impacted in those numbers. One thing that we have in mind, which you may not have with the same precision, is the amount of wealth, the amount of appetite, the amount of sophistication which exist in the non-U.S. environment. You understood from Gaurav, if he's increasing his pipeline by 50% the last 12 months, in the worst ever inflationary interest rate environment, is precisely, and he told you, 60% Asia. Just be with me. The amount of wealth in Malaysia, Indonesia, Singapore, Middle East, Inc, is mind-boggling, those will put the resources instead of what could have come from America in the past. That's why Accor is the best in terms of attracting those sorts of capital, 'cause we've been there for over 50 years. That's why we put those numbers forward. Sorry, it's Jared Cassel from UBS, also three. You've spoken a lot about revenues from food and bev, residences. Any commentary in terms of your guidance on partnership revenues? Historically, you have given commentary about your ambitions there. Secondly, just coming back to kind of the economic climate, if you kind of compare yourselves to 2009, clearly you're a different group. Can you give any color on kind of the resilience that you think you've built into the model now, having gone through Covid and the transformation? I guess, would you perform better? I guess, probably the answer is yes, but just kind of give color on the resilience that's been built into the organization. Then just because it's flavor of the month, any commentary on AI, and the opportunity there in terms of distribution or customer service and how you're thinking about it? Thanks. I'll start with the difficult one, Sébastien. I'll do AI. Are you going to do partnership memberships? No, no, this one is for you. This one we'll ask her. No, AI is the flavor of the month. You're absolutely right. In fact, we were in NYU with Sébastien two weeks ago, and everybody was talking about AI. I'll try to make it relatively quick. I think AI will definitely help what we do on chatbot, i.e., the way you would book, and all the intelligence that you can have with any kind of, you know, answers have been being to some extent pre-thought. I think that's one clear and obvious thing that you can do. The other one is anything that you can do around the CRM. I mean, Alix was mentioning this morning that we've done a significant investment in order to better know our customer. All the intelligence here that you can be gathering through the CRM is added, will be even more added by artificial intelligence, in terms of determining what should be the behavior of those people and basically data mining. The last one, which is a very clear one that everybody is going to chase, is revenue management. Basically, revenue management is super critical. We've said it several times today. I mean, Alix said it in his presentation, and I had it in mine. In fact, artificial intelligence helps you basically getting value sources of information to complement the typical analysis that you would do on what should be the behavior. For example, weather information, you know, information on the economy, and much more than what is happening in a given vicinity. All of that added helps you by getting deeper in the data and being able to better customize to get AI into our system. It's gonna come. What we do there is we are basically embracing technology. What it means is that, you know, we're never gonna be number one on that. We can't, and this is not the right strategy, but we'll surely listen and ensure that we keep an advantage versus our competition at using those kind of technologies. On the membership partnerships, it's Alix been showing us the numbers. From the EUR 6 million number that I gave you in 2018 as being a minuscule numbers from a partnership membership, should be this year above EUR 60 million, between EUR 60 million and EUR 70 million, and that has to do with the partnership she signed with. This is cash. Yeah. You remember there is IFRS 15, for those of you who've got the pleasure to understand accounting, this is cash. This is the money that you get. This is not when you recognize revenue. Just so that you don't play it in your model. Yeah. I can do the accounting course. It's my last day, so. No, you haven't. On resiliency, by the way, it's a good question. You may recall when we went through the reset. It's fine. It's your last as CFO, just take advantage of it, to do it. On resiliency and your question, Jared, I purposely talked about it this morning. We're gonna have some hiccup. Of course, we will. I believe that the resiliency of PME is super robust, is being built into what we've done the last 20 years, what we project for the next 10 years. You heard focus, strategy, trying to actually be more kind of actually niche market. If we have hiccups, and we will, I am certain that this gentleman to my right knows exactly how to extract what we never extracted. The buffer will be improved performances, being able to weather some mild storms. That's my true sentiment. I did tell you this morning that when you talk about, 15 to whatever that day, yeah, 15-20% EBITDA growth, 2023-2027 for luxury lifestyle, I told you this morning, this is a high risk. This is uncharted territories for Accor. This is a much better reward, much greater risk, and the buffer is not built in, but I would have never assessed, Ennismore being 20% growth, over the next five years, but I know they've done so much better the last three years. Which is why w e gave you that confidence. You may also recall, I think it's a complimentary answer, but it's an important one. As part of reset, you know, what we've done is we worked at reducing the fixed cost base. That's the best answer in term of, you know, structurally dealing with challenges, i.e., don't have a mass of cost, which are linked to data center that you basically can't play with. That's why we've got all those things that were explained this morning in Alix's presentation on the move to cloud, so that you get much more of a transaction approach to cost versus a fixed approach to cost. Fixed approach to cost works when you are asset heavy and you believe the world will only go one way. We need the microphone to go in the middle, otherwise, you're never gonna have it. Is that you, Jared? Not Jared, Jaafar, is that you, or? Yeah, it's you. I don't know who, since I tell you, I cannot see anything. Good afternoon. Sabrina Blanc speaking from Societe Generale. I have three question, please. The first one is regarding what has been mentioned in the PME segment in terms of exit by Patrick, but also in the Sofitel and MGallery segment by Maud, by mentioning some cleaning and the portfolio. I would like to have more color on that part. The second question is more for Gaurav, regarding Ennismore. Could we have an idea of the profitability the difference of profitability between the room revenues and what is non-room revenues? My last question is regarding the cash flow generation. We have a cash conversion for the group overall, but could we have more color between PME from one part and lifestyle and luxury for the other part? You should be unhappy with the answers. I do the exits because it's part of the PME, and Maud and I have the same approach on that. As I said this morning, you can either do what we've done for a long time, i.e., not be draconian, but then pay the price over time of brands which are not what you want them to be, and hence, in fact, losing in the long-term development, or decide, as you know, a new leadership being there and willing to do the right thing, to do and cleanse what needs to be cleansed. The effect, which is really your question, I mentioned this morning, 0.5 to 1 point of NUG for PME, and so that's a significant amount. It's not an insignificant amount. The total NUG, it used to be to the tune of 5%-5%, which is also why, in the guidance for PME and also in the guidance of Maud, you have incorporated those actions. Will things go exactly per plan? You know, you never really know how your negotiations are gonna be. We believe as a management team, that the assumption that you've got in the NUG do reflect, in fact, the project, which is called Pure in the company. Pure is not only for PME, it's for the full group. For the last two question, which is why I said, we spent enormous amount of time, the last, 20 days, on what to give, what not to share. I think we went beyond what probably we wanted to share. When it comes to rooms and non-rooms, profitability for Ennismore, this is not to be shared with anyone, and we won't. When it comes to the mix and the 55% for the group, how to split it between PME and Lux Lifestyle, we purposely decided not to share it either. Thanks very much. Richard Clarke from Bernstein. Three questions, if I may. Firstly, just want to understand the CEO role that you've created above these brands. What exactly does that mean? Does each CEO have its own balance sheet, its own KPIs? How do you control internal competition? Maybe sub to that, why is China being separated? Why is China not under the brand CEOs? What's the rationale behind that? Secondly, I guess what we've heard from a lot of the U.S. hotel companies is going more for value, for money. They've all been launching mid-scale, upper mid-scale brands, doubling down in that area. Sounds like you're moving in the opposite direction. You're gonna grow faster in luxury and lifestyle. Just want to understand the different. You know, why you see that differently. Is it the DNA, the geographies of the businesses? Why the opposite there? Then maybe a little bit more prosaic, we had the announcement yesterday of the disposal of Risma. Hopefully, I've got that name right. We've had the disposal of the headquarters. Are those two things baked into the cash return guidance? Maybe any sign of timing and scope for further cleaning up of the hotel assets and JV assets, et cetera, you've got within the business. On the I'll leave the last one for Jean-Jacques. On the first question, when it comes to the P&L and how it works, it's Ennismore has a true P&L and balance sheet allocations. It is a independent company, and this one has something particular. You have external shareholders to the extent of 38%. They have the proper allocation of service agreements and a full P&L. They have access to treasury pool of Accor and cash is pooled, but again, they also have asset being allocated. There is an operating P&L for Sofitel, for Raffles, for Fairmont, but there's no legal entity as an owner of that P&L, let along any asset and balance sheet allocation. It might be the case one day, but it's not the case today. It is not necessary to reopen and to recreate a lot of legal entities with the costs associated with the auditing and so forth. So that's not the case. When it comes to the Greater China, Greater China does not have a P&L, so the entire development of Fairmont or Raffles or Ennismore or Sofitel happens to be under the Sofitel Fairmont Ennismore. That way, there's no confusion when you see the numbers from Maud and others. That includes the expansion in Greater China. There's kind of a negative right on both side, i.e., the execution on the ground, the development on the ground, the owner's relationship is totally under the tutorship of Gary. He's the one who knows, understand, and probably has the best eyes to navigate through Greater China, where others don't have the experience, been to China five times in their, in their life, and it's too risky for them to make wrong assessment with the wrong owners. Gary cannot open a Sofitel without Maud blessing it, but Maud cannot force Gary to open a Sofitel without Gary blessing it. That's the way we work, and it's many companies have Greater China being different for the reason I just talked to you about. You just have to understand your market and who you're dealing with. It's been working very fine, which is why Gary has two seats, one on the PME executive committee. He also has one on the Luxury & Lifestyle executive committee. The value for money questions on mid-scale and Americans. It's a very deep question, and it's a question where we differ. I just want to be super humble because I've been telling you in true candidness that, I guess, I was not too happy in February 2022 with the stock price, where it was. Of course, I've seen the share price performances of our peers over the last 10 years, which is vastly different from what we went through. They might know better. The one thing which is, you have to endorse with me, 80% of the growth of the American peers happens to be mostly in U.S. domestic market, which at the time, 10 years ago, was a 55% consolidated branded market. Today, it's 83%. They keep grabbing on invading the space because they have the best brand recognition, the best CRS, the best loyalty system. We are at 85%, and I guarantee you some of the remaining 15%, maybe half of it, could be converted. Half of it will never be converted, because those hotels will never be able to put a brand. Wait until they're gonna be forced to continue expansion and yet need growth. That will be the time. They're gonna have to go and penetrate other territories because job is done, and that will be as they started in the Middle East with Marriott, as they started elsewhere. That's where you're gonna see that maybe what you referred to is not exactly the same model. It has a lot to do with geography and nature of the consolidated market. Richard, you know, on that one, that a large part of the place where they wanted to expand was China. The relationship being what it is between the U.S. and China, I think some people are also figuring out what could be plan B kind of solution for expanding. The model works on you expanding your network year after year, as we all know. On Risma and Sequana, the third question, it's totally included into the guidance we provided, obviously. Again, it's no different than what we've been discussing for the last, I would say, three years on the asset light roadmap, step by step, we are doing it. You know, Sequana was a big achievement, taking into account what we know of the markets, the financial markets turmoil nowadays. Risma is also a very nice move, and it all concur to simplifying the balance sheet, and this is the same path that we will continue with Mantra, that we will continue with AccorInvest. Yes. Go ahead. Yep, I think mine's on, so I'm gonna go. Hi, it's Vicki Stern. Hi, Jamie. Sorry, Jamie. It's the good news, Vicki. I don't see you, but I recognize your voice. Over here. Vicki Stern from Barclays. Hi, the first one's just coming back to the cash. I think your slide was pretty clear. Just to clarify, though, the EUR 3 billion that you talk about in terms of cash return, that's before any disposal of AccorInvest, and if that's the case, just what would be the intended use of that cash? Secondly, you sort of touched on tactical investments. I couldn't sort of not probe further on that. What could tempt you from an investment standpoint? You've made it pretty clear that that's not the intended use for the bulk of the proceeds, but what could be of interest when we're thinking about possible further investments? And then just coming back to the net unit growth. The guidance for this year is obviously 2%-3%. You've walked through a pretty clear presentation on why that future unit growth is going to be quite powerful. If you could just help us understand the journey from getting from 2%-3% today to something more like the 3%-5%, obviously the medium-term target. To clarify on that closures point, you said 0.5%-1%, I think, Jean-Jacques. Is that on top of a normal conversion, closure level? Just to understand what the total level of closures we should expect would be. Thanks. Just on the new guy, because it's an easy answer. The 0.5%-1% point more is versus what the historical performance was, so it is included in the guidance of 2%-3%. If you want to make it rough, there was probably a level of 2% of churn in PME. I'm just talking PME here, huh? You could add 0.5%-1% point of additional churn coming from the various action that we have been discussing on Pure. When it comes to the Vicky, on the EUR 3 billion, it is absolutely before Accor Invest disposal, which is not included in that EUR 3 billion. I don't know when Accor Invest is gonna be disposed. I think we shared with you last time, in the first quarter release, likely to be in 2025. I hope sooner, but it has a lot to do with being able to diminish the amount of debt of Accor Invest. Accor Invest has debt structured problems because of COVID, but has no longer any operating difficulties. They're back to 2019 level and probably benefit from the exact same rebound as we've been benefiting through our hotel service. We just have to finish the job in terms of restructuring the debt and the balance sheet. We are doing it. We're board members, we have 30%, the minute it's done, we're gonna be able to find liquidity on that AccorInvest stake. I'll be able to give you a better answer by the time we have the cash in hand, which is probably 18 months to 24 months from today. I don't see any need of investing that money. When it comes to opportunistic, I said tactical, I won't give you the names of what could be likely target. One is because it's not precise enough in my mind. Two, because we're not working on any tactical acquisition. Three, because if that were the case, and it's not, then this is the last thing I'm gonna do, is to give my competitors any clear sight on what we could be buying. What I could tell you, which we chit-chatted a bit over lunch, is those tactical, if they were to exist, likely will be to enhance the speed, the return, and the growth of Lux Lifestyle. That's where they are, and that's where we see maybe opportunities of the same extent as we have seen with Hoxton. Did we really foresee buying or partnering with Hoxton? The answer is no. He called us. They'll have know, there is a lot of small, founder-led operators who are a little bit often. They're missing scale, they're missing social network, they're missing balance sheet, and they've been maybe missing a partner. That's what I refer to, what could be bolt-on tactical. I cannot be more clear, we are not working, nor did we hire any investment banker to investigate any opportunities. Yes, finally, you should have it back. If somebody could give it to Jamie before he. Test, test. Great to have it. Thank you. Jamie Rollo from Morgan Stanley. Three questions, please. First, I was a bit surprised that there's not more sort of mixed benefit in the forward-looking revenue guidance. I mean, simply adding together the 3%-4% NUG and the 3%-5% on RevPAR, pretty well gets to the 6%-10% of revenue growth. Is that simply because you've got the opposite effect in PME expanding into franchises and in luxury expanding into emerging markets? Secondly, on- Stop there, because it's a difficult question. Do you have the answer, JJ? I'm not sure. I don't have it, which is why I'm turning to you. No, no. I mean, yes, Jamie, I said it clearly this morning, we're gonna go for more franchised, right? That will have an effect on the level of fees, everything being equal. The phenomenon that you describe is not true on lifestyle and luxury, but it is true, I think, more on PME. On the other hand, when we move to franchise, it is not to the detriment of profitability. When what you do at EBITDA level is different. You should find back the fact that you do that move in order to be more accretive at EBITDA level, but you won't see that on the line, which is M&F. That's definitely part of the answer, because, as you know, in franchise contract, you don't have any incentive, notably. I like it when your questions, we can't hear them. That's a new thing that we should have done for six years. Actually on the same table, if my math is right, the 6%-10% revenue growth and the 9%-12% EBITDA growth implies pretty low cost, or very low single-digit cost inflation each year. I know you've said there's no need for investment, just wanna understand you're happy with that. The final question is really for Sébastien. You've mentioned the share price quite a few times today in the presentation. I, you know, if this strategy doesn't work to get it where it perhaps should be, what other levers do you have at your disposal, such as a full separation of the two divisions? I think we're happy with the number we are giving. We are giving here for the next five years, so I think at this juncture, there are still so many things that may happen in this world, that this is a good guidance. For the, for the question on share price and what should I be expecting, I've been wrong in the last 10 years on share price of Accor. We do everything we can to make it easy on us in terms of improving performances with greater, deeper, more focused leadership, probably a simpler model. We make it hopefully clearer with you today on being able to assess the risk, the opportunities, the rewards, the valuations. We don't give you anything you ask for, and I apologize for the earlier question on the mix. We'll continue to convince the market that the company should be trading at a better multiple than what it is today, but you know how much it is not part of, part of what I control. I can only add, which we. Iris is there as the lead independent director. Of course, we had a number of discussions on making sure that when we built in a dedicated legal holding entity for luxury lifestyle, which we are doing as we speak, which is part of a restructuring cost, which we discussed with you three months ago. It is another 18 months process, by the way. The same 18 months of pain we went on Yosemite. Yosemite was a code name for Ennismore, which I told you need to put together social issues, accounting issues, tax issues, regulatory issues, owners to accept that you transfer management contract from one entity to a newly held entity. We also doing it to create opportunities to make sure that the board and the management could make proper decision, if needed, at the time valuation hasn't been enhanced. That the maximum I could say to you. Working? Hi. Hi, hello. Hi, it's Jaafar Mestari, started from BNP Paribas Exane. Two questions for me. The first one is completely unfair because it's been almost five years. When we last were in this room, I think in 2018, we were listening to a very focused presentation. We had a very moderate Q&A session, three months down the line, you came up with a big round of OpEx investments, EUR 225 million, if I remember correctly. Let's assume you've told us everything this time. I guess the more important question would be: what has changed? What is different this time around in the board dynamics, in the shareholder dynamics, in your personal ambitions? What makes it that an airline cannot come and tempt you, a sponsorship cannot come and tempt you, a big relaunch cannot come and tempt you this time? Separately, on the numbers, on the guidance, if we ignore 2023 and really look at the medium term, 2024, 2025, 2026, 2027, on the RevPAR, it's 3%-4% for the group is what you're budgeting. If I pick up all the different elements of self-help in RevPAR, revenue management is several points of upside. The refurbishments in Europe, in PME, are 15% upside for about half of them are not done yet. If I add all of this together, it's not difficult to get 2%-3% just on self-help and stuff that's not reliant on macro. Would you broadly agree with that you have you know, a few points a year just of self-help? Jeff, since you, by the way, nice to hear from you. Since you like history, okay, let's go back to those five years in 2018. At that point in time, the RevPAR we provided was 2%-4%. If you go back to that presentation that you are referring to, this time I'm more aggressive, I'm 3%-5%. Joke aside, because it's half a joke. You're right, the revenue management should be definitely a definite help into the revenue and the RevPAR. That's most definitely something that should help, we've played it to some extent into those numbers. After that, you know, there is always, in something that we provide, which is a five-year guidance, a little bit of cautiousness and a little bit of intelligence on how we build the numbers. If we play the revenue management plan right, that should definitely boost that number. Jeff, your question is pertinent to the point and needed. On the second question, which is what JJ just answered. Jared, 10 minutes earlier, asked a similar question on what is it that makes you feel you're gonna be able to deliver on performances without knowing what the market is gonna be and any external economic environment, which happens to be pretty negative or at least opaque. What you talked about in terms of data content, revenue management, a new partnership, what Alix told you in terms of extraordinary performances the last 12 months because of new tools, those are the buffers we need to make sure we can over-deliver. We know they exist, but the last thing we're gonna do is being wrong in 18 months from today. Which is why it's being built in, but just leave it to us, because we've been making mistakes the last 10 years, but we never under-delivered in terms of what we said. We never been short of any guidance the last 10 years of the management in place. That being said, there was an enormous mistake last Investor Day, to enter into a EUR 225 million Accor Live Limitless loyalty program investment announced in Berlin, I think 45 days or a couple of months after. We were naive, a bit stupid, and we believed because it was EBITDA enhancer, that I guess it was not in a capital market day, there would be extra EBITDA against an extra cost. We will never repeat that mistake again. On the airline, our fault again. Naivety, probably part of it. I confirm to you that the two loyalty system will be great together. Do we need to buy 14% of an airline to do it? Answer is simply no. Did we really commit to buy 14%? You know, the answer is no, either. We lost EUR 1 billion market cap only on the verge of, "Those guys don't know what they're doing," and we never got back that EUR 1 billion. There's probably two ton of multiples on what I call management discredit. And it's been costing us where we are today. Since we're getting older, maybe wiser, I can guarantee you, I told you what we've learned on how to do something better, Ennismore /Turbo. It is exactly the same. Whatever we've done badly, wrongly, believe me, we're never gonna do it again. Thank you. Good afternoon, Leo Carrington from Citi. Could I ask firstly on food, non-lodging revenues for your hotels. I noticed this point was made for both the new divisions. How do you decide when you're choosing to franchise or manage a hotel? How you can also optimize the non-lodging revenue? As a second part to that question, how does Paris Society tie into those plans? On a separate topic, in terms of the net unit growth in PME, the growth rate you're looking at is a bit lower than luxury and lifestyle. To what extent could that growth be higher, were it not for your selectivity with your development resources? Do you see this, the PME segment, or perhaps it's a geographical factor as well, as being structurally less interesting at this point in time? On the NUG. I think one thing that has been a key driver of the NUG for PME over the last years, has been China. As part of the number that we are playing in this capital market day, we've been discounting the numbers in the future versus what they have been in history. One of the thing that could be proving us better is if China was to come back faster and stronger than what we have in the plan, and even what we had in history. I think that would be one way, Gary is here, there are a series of things that we are doing, master franchises, things like that, which, you know, it's a market that we've always privileged. You heard Sébastien, the fact that we've put in place a management structure, which is such that we really keep close to what's happening and ensure that we've got the right relationship, understanding of what's happening on that market to capture it. I think we've done good there. So that would be a differential, clearly a differential. After that, I think, you know, Middle East is also a place, Gaurav was mentioning a lot of things happening there. It could be a market which develops faster than what anybody could foresee. We've not played that because it is still, you know, work in progress, but Middle East has got a dynamic that you don't find in many other places. On the non-room revenues, I'm not sure I got your question entirely right. I just want to specify one thing. When it come to PME, you really do not want, and you can't afford a lot of non-lodging revenues, i.e. non-room, because you happen to be in select service operating mode. Minimum amount of personnel to service people occupying a room, which is why you fetch a 70%, kind of, actually, margin from room revenues, because you have a select service, which is really the model for a lot of Americans, eco mid-scale. In a normal stage for the last 20 years, when it come to midscale/upper midscale premium, max is 25%-30% of F&B revenues, but in probably older cases, no margin on the F&B revenues because you don't have a high ticket, and there's a cost of operation. You probably have a barely 10% or 12% margin on F&B when you go to upper midscale and premium. If you go to a Sofitel Fairmont, it's logical that the part of the experience has to be non-room, which is 35%, 30%-40% of the venue is room, is F&B, on which you make money on a beverage, on the bar, up to 80% money, but you have barely 20% on the restaurant part of it. It is an income, and it's part of what you need, and you have personnel associated with it. You have the Ennismore saga. Why is it that the year is at 65% or 50%, sorry, 55%? It's only because it's been programmed that way. At the time of build and design, it was meant to be occupied for repeat, loyal customer base. The personnel has been trained as being part of the model. No great Sofitel Fairmont has been programmed for the non-room revenues, except MICE, where you see the large convention hotel which exists in America, and Fairmont is one of the best when it come to MICE. You do make significant margin on banqueting, because that's the model, you know exactly. Those kitchen have been built in and programmed for serving 1,000 people. Let's be very, very conscious that, I guess, it is all about program and what you're basically telling your owners. The more non-room, the less margin, which is back to your question, the less margin you make. It is part of your brand content. André Juillard, Deutsche Bank. Three question, if I may. First one is about Ennismore. You do not own 100% of this entity, can you come back on your vision for the future? Do you look for buying the remaining part of the share, or are you happy with the actual structure? Second question about CapEx. Could you give us some more color about the investments you are planning to do, especially on lifestyle and luxury, which, by a sense, need more money and need some more regular CapEx and investment to keep the brand updated. Last one is more general question about the benchmark. When we look at the top 10 in the world, which are all either U.S. or Chinese. You are almost the only one, European. We can consider InterContinental as a, as a U.S. group, regarding its, geographical exposure. What is your analysis, on what the others did better, and what you missed, or what you need to do better to really, accelerate growth, be more profitable, and all that kind of things? Thank you. On Ennismore, I'm not sure we ever talked about it, but it's probably the right moment. We own 62% of Ennismore, 38% in between two partners, Qatar First Bank and Sharan's family. Which is of no surprise to each of you, when you have minority investors popping into a controlled entity, there is part of the shareholders agreement, some liquidity rights. Part of the liquidity rights, what we've accepted some months ago, is to do something we've done in many circumstances with Rixos and with Paris Society and many different acquisition, Mama Shelter and many others. Same formula. Upon the third anniversary of the entry of the partners, we need to go to an assessment of what the market value is of Ennismore. It's done by five investment banks. It's done on one common management package presentation, and the five investment banks should assess a valuation 100% of Ennismore under three criterias: DCF, multiples in the listed environment, and transaction comparables, if any M&A. Those investment banks, since they have the same management price, the same numbers, they may have different assessment on PE and on transactions, one on DCF, depending on the WACC interest rate, and you name it. You delete the highest valuation, you delete the lowest valuation, you take the average of the remaining three. That is the valuation upon which we either buy the minority interest, or if we don't buy them, they can actually buy us. That is a liquidity event we had in all the different transactions we've made with all our different partners. This is a price for a partner to come, not to be kidnapped. That's something I feel very comfortable with, except we know we have a rendezvous clause, and we'd be happy to meet that rendezvous clause. Then I'll tell you by that time, whether Accor should be a purchaser of that 38%, or Accor should tag along and sell, whether we do a half-half. There's so many things going to be happening, different partners, but that is the liquidity event that we've been signing and undertaking. When it comes to CapEx, part of the business plan that we put together with Jean-Jacques, and of course, discussed it with Martine, Patrick Laurent, who is chief auditing guy and Deputy CFO, Pierre Boisselier, who is the Head Treasurer and Deputy CFO as well. We talked about it, but I want to be super clear. On the new model, we've been telling you that the average CapEx for the group for the last five years has been EUR 150 million-EUR 200 million. That includes key money, and that includes all CapEx related to Accor tech and Digital Factory. Going into a different segmentation, different mix, faster growth, which is luxury lifestyle, that CapEx should be added between EUR 50 million and EUR 100 million. The EUR 150 million norm is becoming EUR 250 million-EUR 300 million norm. The return is actually very good on the extra EUR 50 million-EUR 100 million. I'll give you an example. We won't give you the destination to preserve confidentiality. When Gaurav's talked to you about conversion and signing deals, there is a deal that I guess we are signing, which is EUR 17 million of key money, against which we get EUR 12 million of fees per year for a 20-year management contract. That's a very good investment for such a return. When you have 80% + of all the deals of Accor are dry, i.e., no key money, it's 90% for PME, it is 70% for Lux Lifestyle. No question, when it comes to developing a Fairmont, a Sofitel, and some of the lifestyle brand, you have to pay in, because Marriott, Hilton, Intercon, are the one pushing for those investment to be made. This is where you have a very good use of the cash. I'm just want to warn you, when you do your modeling, it is a EUR 50 million-EUR 100 million per year. That's going to be gradual, by the way. The EUR 300 million is probably four years from today, we're not going to be spending EUR 300 million in 2024. It's probably being an increment of EUR 10 million-EUR 20 million additional per year. That's on your question on the on the key money. It doesn't change the 55%? It is included in the 55%. Yeah, it doesn't change the 55% conversion. Of course is being factored in. When it comes to the last question, André, the last question is. It's so difficult for us. I told you, the one thing, the U.S. hospitality market has been the best environment to live through the last 50 years. Why? It's because it has been consolidated for a long time by five guys who has been able to push pricing to the detriment of real estate owners. They control the system in a good way. I'm not saying that by this being anything which is unhealthy. But the price of a management contract, the price of a franchise contract in America, is 30%-40% of a greater magnitude than the same management contract in Europe, and it's 50%-70% greater than the same management contract in China. Which is also why I've been asking many of you, when you talk about net unit growth, dive in. Where is the net unit growth coming from? Because the revenue of 100 room hotel in Atlanta does not have the same performances of 100 hotel room in Shenzhen. That's okay. We all know about it, that's part of which is why I'm saying it's interesting to watch. Since the heydays of America may be behind in terms of capacity to grow, we may have more competitiveness in outside the U.S. This is where I believe Accor has the best leadership. That's the nature of different geographies. By the way, the footprint of Accor in France is 25%-30% better than the same management contract in Italy, because Accor has so much density in France that we can impose because of a distribution, and the RPS of our brand in Paris, something we cannot afford to enforce, in Milan. You know all this, Andre, you know better. Hi, it's Jaina Mistry from Jefferies. Three questions from me. The first one is on net unit growth, I think it goes back to an earlier question on this. The 2%-4% group net unit growth for this year is slightly below the 3%-5% growth for the medium term. The first part of the question is: why is this? Are there technical factors, such as portfolio terminations, that are lowering the growth rate this year? Secondly, in the context of a higher cost of debt environment, what does this imply for the phasing of growth over the next four years? Is net unit growth expected to be back-end loaded in the medium-term guidance? My last question is around margins. In 2022, Luxury & Lifestyle made lower margins than Premium, Midscale & Economy. I guess, what's driving this, and is there a path to reach 70% or above EBITDA margins in the medium term, or is the management contract nature of Luxury & Lifestyle, structurally depressing margins in the long term? Right. On, on the phasing, in fact, that's the comment I was just making when I answered the question on the difficulty to get financing, which the assumption that we take is that it will be difficult for the next 24 months, 18-24 months, because of the, I would say, crisis that you've got on rates, inflation, and financing. It's not something that will resolve itself in one month or in two months. The phasing is such that 23 is the number that we provided to you. 2024 will be better than 2023, but marginally, and then you will be at the run rate, and a number which is higher in 2026, 2027, hence the average that is the one that we provided as a compound gross rate of, you know, the 3%-5% for the group. It's not back-end loaded. It's not back-end loaded. You're gonna have that linearly over the different years. When it comes to the margins, it's implicit in the nature of the business model. The highest margin is on franchise, the highest margin is on franchise economic segment, because you could have five guys looking after 50 franchises. You have a good margin on management contract, on select service, because you can have one guy looking after 20 managed properties, because there is not that much non-room revenues. The upper you go, you have a diminishing margin because you need to allocate a greater amount of resources at a corporate level, or at a sales office level, or at the experience level, or you have to have greater tools for the experience and the loyalty system. That being said, you accept it because in terms of absolute dollars profit, if you have 50% profit on $4,000 room, it's better than 75% profit on $1,000 a room. I think I'm saying the evidence. Maybe just an additional point. I think you know, in the service to honor, if you take that in the competition, which I am not sure, because I have not totally grasped what you do you take the STO into the competition when you do the margin? No, I was just looking. Okay, because in the STO, you've got Fairmont, which is, you know, reimbursed cost to the tune of EUR 1 billion and is zero margin. Hi, this is Huishing Lim from Aristotle Capital. I have two questions. One is on owner relationships. It seems like you guys have a better, you know, give and take with the owners than in the U.S.. Besides COVID, put COVID aside, is there any precedent where you, when the owners are losing money, you kind of give up on some fee revenue that you can get just so that, you know, kind of owner relationship situation? A second question being, you are basically talking about luxury experience, should grow faster than luxury goods, right? You're making that comparison there. Following that comparison, one thing that I haven't heard is, luxury goods creates scarcity. When you have you guys building, new luxury and lifestyle, knowing that it's the highest growing segment, Hyatt is also building luxury and lifestyle with their ALG acquisition. Where's the scarcity? Do you know that supply/demand is gonna generate a scarcity situation, or is it gonna be, like, excess situation, when everybody know that this is the higher growing segment and kind of going there a little bit, between you and Hyatt? Those are my two questions. Thank you for your time. Thank you for asking the question. on the owner's relationship, this is one of the topics in which I think we should do and could do better. We have a multiple of our owners happens to be in multiple segments of Accor. If you take any sovereign fund, insurance company, they happen to be investing cross-continent and cross-segments. Many of them have a Pullman, they have a Fairmont, they have a Sofitel, they could have an MGallery, they have a Mercure, but they also have a Sofitel. we are reflecting on probably having a better tutorship cross owners, as some of you mentioned this morning, on having a better sales cluster organization. That's one thing where, without surprising you, some of our competitors have chief owners, CEOs, somebody really looking after, day and night, at the owners. It's something to be reflected upon. We do a very good job, but I think we can do better on listening to each other. It's the second thing on COVID, we never forfeited fees, we've been giving some holiday period through the COVID for people not to pay us at the time the hotel were closed, but all those deferred have been 90% accrued and paid by now, what is by the end of this year. If somebody doesn't pay the fee, he should leave the network. That means he doesn't have the right result to continue basically being under Accor brands. When it comes to luxury experiences and the 15%-20%, you are absolutely right that, I guess, luxury goods, high-end luxury goods, have scarcities, which helps them getting great pricing because the product is just not available, and it's true for a lot of bags that you and I know about. The one thing which is evident today, we have a higher demand today from the high net worth individual than we can serve. I'll give you an anecdote, which being the case for the last seven months for the high-end luxury hotels, Accor and my competitors, because we've been chit-chatting about it at NYU. 50% of an ultra-net worth individuals, when he calls a hotel for booking for spring, summer, fall, 50% of them, there's only one ask: "Give me your best suite." They never ask for the price of the suite. The elasticity is not gonna go onto the sky, but I can tell you the level of demand from customers, the same who is furious not to have the bag ready when he or she wants to buy it, he's also furious not to have the best suite. We have been able, all of us, to price efficiently the rooms by volume and because of the same demand for the same suite. Then they got furious because they don't have the same suite they had the year before. It's even worse. They want the same floor and the same number. I just want you to believe that what happened in luxury goods industry, in terms of scarcity, happened to be the same because of the lack of mixed suites. 5:15. Unless somebody wants to go, I think we've been talking quite a bit. We know what we're doing, we probably know how to do it's a hell of a good story with a hell of a good team. We're very proud, extremely eager to deliver and happily, probably do something of a greater force, greater strength, greater discipline than we ever done before. Merci beaucoup.