Good morning, everyone. Very happy to be with you here this morning for this Investor Day dedicated to the CSR strategy of Carrefour, as I was committed to in the presentation of the Carrefour 2030 in this same auditorium in February. If we wanted to dedicate a morning to this, to deep dive into these commitments, it's because we're convinced of one thing: CSR is a decisive factor of creating value for us. It improves our risk profile, it beefs up our resilience, it attracts new customers, it gets our workers on board, and it values and protects our brand. CSR is not just talking the talk or a conformity button, it's a driver for differentiating us from our competitors and for creating wealth. This is why I want to put this in the successive strategic plans that I've defined for the group. I assume this consistency and the continuity, which I started in 2018 with the launch of our program, Act for Food, which talks about the food transition for everyone in our shops, in our digital initiatives, in our marketing. At the time, the subjects that we were dealing with were emerging, like Bio, like Carrefour quality programs, and to occupy the space that they occupy currently in public debate. We have been the first to have transition. This is a very resolutely modern word for our organization, the guiding principle of our action. The climate, social, and our ambitions for the transition has never left Carrefour, in fact. It is at the heart of our Act for Food in 2018. It has structured our strategic plan for 2022, and it's more than ever today at the center of Carrefour's plan 2030. This is the guiding principle that we want to share with you this morning. Carine Kraus, who's going to present the program for this morning, I just want to share my commitments with you beforehand and my beliefs. CSR is a pragmatic policy and an operational policy. It is supposed to act and respond decisively to the stakes that we're facing and to help us improve our value chain from the farm to the shop, to the plate, going through our logistics. It is the part of the DNA in Carrefour, which is a group which is focused on the field and simple and efficient solutions. Our approach is based on three key stakes for our group: the climate, biodiversity, and natural resources, and health. Let's start talking about climate. In 2018, when we launched the Act for Food program, just after the Paris Agreement, it seemed obvious to me that a group of the size of Carrefour had a special responsibility in fighting against climate change. The climate is the fight of my generation as a Director of a company. It's the one that's going to have the most impact on the longevity of our activities and it's what's most awaited by the younger generations. We've decided to act swiftly and early because to anticipate the transition to a low-carbon model is more efficient than to be subjected to it. We're going to undergo a deep transition of our model to rise to the climate-associated challenges. Our shops and our warehouses and our activities, the results are there. We have attained our targets for reducing emissions with five years in advance, and we have greened up our energy mix. This is important. It's EUR 100 million a year between 2022 and 2030, which are going to enable us to secure our consumption of energy of our shops and warehouses and to increase the share of renewable energies. This determines a winning economic strategy in the current context to use less energy. This means that you are emitting less CO2, but it's also to protect oneself considerably from the increase of energy prices. We also know that the principal challenge for a food distributor is our indirect emissions, our Scope 3, which represents more than 98% of our total emissions. Carrefour launched in 2022 an initiative, which is the Top 100 Suppliers, which enables us to get our main suppliers to decarbonize as well. To be sold in our stores after 2026, our 100 biggest suppliers have got to prove to us that they're also committed to the 1.5 trajectory. There were 27% at the end of 2022 to comply with this obligation. Now they're at 87% to be aligned with this policy. Today, when we look at the Carrefour plan for 2033, we are going to roll this out for our 150 biggest suppliers. Parallel with our action against climate change, we are resolutely committed in favor of protection of biodiversity and natural resources. One of our main fights is to fight against deforestation in Brazil, a major subject that we are going to talk about again this morning and we've been involved in the Forest Positive Coalition, Consumer Goods Forum. We've presided this for several years. Carrefour has made an early start with fighting against plastic pollution. Three years before the law came in in France, we got rid of all our plastic packaging for fruit and veg. We have brought in deposits, and we've reduced plastic by 25,000 tons since our Act for Food program. The subject has become more important because plastic's become even more expensive after the conflict in the Middle East. We've decided to go even further with an initiative. We're going to get rid of 5,000 additional tons of plastic by removing plastic blisters from promotional goods and increase our references from 100- 1,000 that have the proper packaging. We are going to get our clients on board to see this rolled out in practical terms in our shops, because we know that plastic is one of the main irritants when it comes to waste from our shops, but it's also going to help our customers' buying power. We are going to apply all our savings from EUR 5 million from the saving in plastics, we are going to apply it to lowering prices of our products in shops. Carrefour is always early when it comes to CSR, and once again, we are proving this with this new commitment, less plastic and more buying power for our customers. Health through food is the third key pillar of our strategy. Food is shaken up by a lot of new trends, a lot of new medicines, the fight against obesity, and transformation in the United States. In particular, guiding us towards healthy, less fatty, less sugary, and less salty foods. Our customers are more focused on wellbeing and sporting foods, in particular, so hyper protein bar like SKYR, or to change our product ranges. People are legitimately afraid of some foods, especially when we're talking about ultra-processed foods, for example. This is going to open up new segments of markets for us. We're a precursor for these subjects when we're looking at health through food. We're going to roll out the Nutri-Score further for all of our own products and eligible brands. We're going to impose it on our suppliers as well. Otherwise, we're going to do it, and we're going to publish it on our e-commerce site instead of them. We have reduced tons of salt and sugar in our own brands, and we've got rid of 120 controversial substances, which are potentially carcinogenous like aspartame in our products. We've decided to go even further with our Carrefour 2030. We're now going to fight against ultra-processed foods, and we're going to have our Carrefour products only with simple products and with no markers that show that it's ultra-processed. 50% of our turnover in 2030 is going to be composed of more healthy foods. That's one out of 50% of our products sold on our shelves will be a balanced food product. Before these very solid commitments, method is also very important in our approach. An efficient CSR strategy has got to be rolled out by all of the company, and it's got to be associated with robust governance, which is based on management and all of our shops. I am very happy that Patricia Lemoine, who's a Member of the Board, who's here, Marie-Laure Sauty de Chalon, who's a Board Member, Cláudia Almeida, President of the CSR Committee, and Sylvie Dubois, and another Board Member representing the employees are with us all today. Their presence here shows the importance that our board tributes to these subjects, and it guides our decisions, and the board members will tell you more about this afterwards. We're going to have a dedicated organization with a commitment department that I set up in 2022, which is at the ComEx department, which is going to work on all these subjects. This direction is guiding all of the initiatives of our company, and we make sure that they're properly performed and rolled out in integrated countries like our franchise countries. They are based on the CSR index, which by being integrated in the variable pay scale, it's a fantastic way of bringing about these CSR initiatives. The success of our initiatives rests on the adoption of our customers on the ground with the visibility in our shops, which conditions the success with our customers. We've got signage for Bio, for plant-based foods, and for healthy foods. We show you where the promotional is for the Veganuary, the solidarity consumption month, and the plastic challenge. We regularly consult our customers to see if they can see our CSR initiatives in the shops, practical terms. This is the reason for which we wanted to get you here today and bring you to a Carrefour shop today. This is not a flagship. It's not a shop that's been set up just for this occasion. It's just a daily shop going about its daily business. You can see how it rolls out on our shelves, in our operational practices, and in our customer experience. These practical initiatives and a method. Finally, a personal belief. Even more than for other subjects of CSR, policy has got to be incarnated all over the company to deploy CSR initiatives. It's to shake up our habits, to change our ways of operating, to take risks on new ways of consuming, to accept the errors of the past. We have got to be very invested in all CSR subjects. We sometimes ask which is the CSR project that I'm the most proud of in Carrefour? This is the initiative, like the 100 suppliers, which is a real game changer for the retail business. I could also say that I'm proud of our commitments in terms of diversity and inclusion, which enables us to change the daily lives of thousands of workers. Women with endometriosis, we recognize this for the first time in the work area. To the inclusion of our disabled colleagues. There's now 15,000 of us within Carrefour. Some initiatives are more visible than others. This is what is motivating us at the end of the day. We've got to do this in spite of negative headwinds. You know the way things are going on today in the international field. You know how things are going for CSR. Some people in the U.S. stopped the CSR policy immediately. Even those who claimed they were doing it for the long term. Others tried to find a medium way by greenwashing, where you continue to roll out CSR policy, but without communicating on the initiatives, in order not to upset the powers that be. Let me tell you that I don't believe in this approach. Greenwashing is not a strategy. It's a form of abandon. In terms of CSR, you can't keep all of this for yourself. Which I'm proud of in Carrefour is this constant commitment to these initiatives over time, which are going to allow us to have an impact over time. An impact which is real. This is what I wanted to tell you in this introduction. I'm going to give the floor now to Marie-Laure Sauty de Chalon, who is our Board Member and who's going to say how CSR is integrated in governance. Thank you. Good morning, everyone. I'm delighted to be here this morning with you and to give you some behind-the-scenes details from the Board. It's interesting. I'm just going to bring you behind the scenes to explain to you that governance and environmental and social stakes is a central subject in Carrefour at all levels, as Alexandre has said, and especially for the Board. Of course, this supervision is carried out by a CSR Board. Cláudia is going to talk to you about this. She's the Staff Representative on the Board, which examines the ambitions and all the stakes involved, and its role is to analyze the main directions before the presentation to the board. We follow up regular topics like reduction of greenhouse gases, the food transition, and sustainable foods, as Alexandre said, and diversity, relations with suppliers, due diligence, and human rights. We talked quickly about climate neutrality or carbon neutrality and these goals. We follow this up through these indicators, which are presented to the government bodies. We also fight against food waste. For us, this is a very important item that we follow up through this. Like food donations or intelligent markings or working with associations in order to fight against food waste. We talk with the CSR and the Board, commission under the Board about this. We're also very committed to the company when we're talking about the Indian Ocean tuna or other initiatives. We have an immediate response to this. I'd like to thank my teams for this, because we've got an incredible fluidity, which means that by the end of the day, the Board have got the answer that I can give them. We consider that this is really a very important issue, but it's not just for CSR. For example, when we've got cybersecurity attacks in the past, for example, we've got answers for the members of the Board immediately. This is crucial. This is a major strategic axis for us. We follow up the development of certified products or organic foods or plant-based foods, which are indicators that are very important for governments. We want to find out what the consumers' expectations are without increasing the impact on the environment of our foods. We also evaluate the risks for the group and our impact on the climate for natural resources. These are risks come for the company and we want to beef up our approach. We've got this CSR food transition approach, which enables us to measure progress and enables us to monitor things for all of the stakeholders. Our approach concerning sustainability is integrated with all our risk management approaches. We've got the central supervision with the risk committee, but also with the audit committee, which I have the honor of presiding. This is an important place in this mechanism because I'm the contact person for the independent administration. I make sure that the governance functions properly. There's a lot of evaluation, there's a lot of work. I would like to thank the Board Members. I can also facilitate discussions between the Board and shareholders on strategic issues like sustainability or risk management. As President of the A udit Committee, we have to deal with several CSR items, like the quality of extra-financial data and other issues which are also controlled in our financial data. The Audit Committee also examines the reliability of CSR indicators published by the group, the internal controlling mechanism, and the main risks that could affect the long-term performance of the group with our statutory auditors. This is an approach that we do with the committee, with the CSRD and our due diligence in our food supply chain. This is done by the CSR and the Audit Committees so we can cross our ambitions, strategic, and financial items. If we look at carbon emissions, the CSR Committee looked at the carbon pathway, whereas the Audit Committee is going to make sure that the data that's published is robust and that the processes are high quality. In that way, the Board has an exhaustive and complete vision before it takes its decisions. This organization illustrates the governance of our company. The stakes are not treated as separate. They are integrated in the control mechanisms of risk management and the creation of value in the same way as traditional financial data. We can see the best governance practice. This isn't the existence of a CSR. This is the capacity of the Board, of the Audit Committee, and the other committees to work together to integrate these CSR items in all of our strategic decisions. I think like Alexandre, in a context where CSR criteria are influencing investors, we've got to beef up the capacity of the Board to supervise these items. I think this is a decisive factor for trust and sustainable performance. I hope that you're sensitive and aware of this issue. Thank you. Good morning, everyone. Carine Kraus. I'm the Commitment Director. Before we get into the nitty-gritty, I just wanted to bring you through the agenda for this morning. As you've heard Alexandre and Marie-Laure, we're now going to show you our CSR strategy through three main subjects, the climate, biodiversity, and the supply chain and health. For about 40, 45 minutes, we are then Cláudia, who's the President of the CSR committee. He's going to talk to you before we got a Q&A session all together about the different subjects and questions that you may have. This is the special part of this morning. We're going to go and visit a Carrefour store. This is going to be a CSR visit. We're going to bring you in a bus. We're going to bring you back here for 1:45 P.M. for the end of this meeting. We're going to have lunch over there with the CSR debate. This is the agenda for this morning, which is dedicated to our CSR strategy, which we wanted to develop around three main points. We want our CSR strategy to create value if it's able to anticipate risk. This is what we wanted to show you this morning, to secure this, to secure our model. We're going to see what the items that can be opportunities to help us create value. We consider that there's a series of transformations that you know perfectly from the world food system. There's the stakes that are environmental, society-related or regulatory, the transformation of customer expectations. All of these transformations create risk for the company model, but this can also be a source of opportunity if we know how to seize those opportunities. Climate, for example, is a major subject which can be a risk for some of our agricultural sectors. It can also be an opportunity for companies who know how to secure the supplies and who know how to master the energy costs. When you've got our health and our transparency and our customer expectations and to be closer to our customers, this can create risks for companies that don't know how to approach these risks. It can create new growth opportunities for health sectors through food. Carrefour's answer, you know this is a food transition for everyone. This is our guiding principle. We've got to guarantee quality food, which is affordable for everyone and which is sustainable and respectful of resources and the planet. We're contributing with the CSR team to this whole series of actions. A lot of action. Today, we've decided to focus on three main actions, which are the guiding principle of our presentation. Climate, of course, which means anticipating a model and a low-carbon world, and to see how we can create new opportunities for some market sectors like vegetable-based proteins, biodiversity, and supply chains, which, as you know, this is a risk-associated subject for our suppliers. But can create development potential for everything which is organic or regenerative agriculture and health, which is the key subject for tomorrow in terms of customer demand and to help progress our turnover. These are the three subjects we're going to present to you this morning. If we start by the key subject, which is climate, why climate? Why is it a central issue? This is a very significant issue for Carrefour. We produce 94 million tons of carbon a year. It's about the same equivalent as a country like Belgium. For a food distributor, our Scope 3 incorporates all the emissions of all our products that we sell in our stores. Our Scope 3 is much heavier than the Scope 3 of a lot of other industrial actors. For example, Scope 3 represents about 98%-99% of all our carbon emissions for an average of about 70%-75% of another industrialist in this sector. This is why Carrefour has been getting involved in climate issues for a long time. We've got a robust climate approach because we've seen that the timeframe is very important if we want to be credible. From 2007, practically 20 years ago, Carrefour published its carbon footprint under the GHG Protocol. In 2010, we had our first objectives and goals for carbon reduction, as Alexandre has said, the three strategic plans of Carrefour in 2018, 2020, and 2021. This has helped us, whether it be Act for Food with our top 100 suppliers mechanism or the other mechanisms which we're going to show you today, which is Carrefour 2030. These are long-term commitments which are going to show us how to integrate climate dimensions, Scope 1 and Scope 2, which only represent 1% or 2% of our overall emissions, but which is key. Like all of our industrial actors, we need to act on our direct emissions, which are produced by our shops, by our headquarters, by our warehouses, and we're doing this because this is extremely visible for our customers. We've worked on Scope 1 and 2. We're acting a little on Scope 3 because this is where most of our emissions are. We're also acting for the adaptation to climate change because even if Carrefour is very involved, we know that the planet is heating up, which is grinding forward, and we've got to adapt consequently. If we get into most of the detail, look at our ambitions for Scope 1 and 2, which are our stores and our warehouses. We've got a pathway which is 1.5 degrees, which has been approved by SBTi and ADEME, and we aim to reducing our emissions by 60% by 2030. By the end of 2025, we attained -57%, so we've already got there in 2025, practically. This is due to the collective efforts done by all of our teams for all the action that we can do in our stores, EUR 200 million CapEx per year for energy-associated topics. You can see this in our stores. We try to reduce our energy consumption of our stores, the transformation of our cooling systems, and with natural fluids, and to have green energy. This all brings us to attain our goals, and we've got operational performance levers because if you reduce our volume of energy consumption, you pay less, you make savings, and the cost is controlled for these, especially in the current context when energy prices are increasing. These are our Scope 1 and 2 emissions, and I'm going to show you a video about what this means in practical terms for our stores. As energy markets face growing geopolitical uncertainty, Carrefour is accelerating its CSR strategy by expanding renewable energy and reducing consumption, cutting emissions, improving resilience, and controlling costs. As Global Director for Energy at Carrefour, my first priority is to reduce energy consumption. Carrefour has already achieved, at group level, a 19% reduction at the end of 2025 versus 2019. This is driven by advanced energy management systems that allow us to precisely manage lighting, air conditioning, and refrigeration across our stores. They are installed in 100% of our integrated stores in all our countries. At the same time, we are upgrading our equipment. We have LED lighting in all our stores since 2022, and we have closed cabinet refrigeration systems in more than 90% of stores in France. We also focus on cleaner cooling technologies. We already deployed cooling machines using low-emissions gases in 946 stores in 2026. Carrefour reduced its greenhouse gas emissions linked to refrigerant fluids by 62% in 2026 versus 2019. This strategy also concerns franchise stores, with 75% of them having low-carbon equipment. Our second priority is to transform how we source energy. We already achieved 20% of renewable electricity in 2026. We are in the top five renewable energy power purchase agreement buyers in Europe, just behind Big Tech. The group has signed 16 PPA with a cumulative renewable production of more than 1,000 GWh / year. Among them, one with Casa dos Ventos, covering more than 25% of Carrefour Brazil electricity needs. Across the group footprint, we also produce our own electricity directly on our sites through large-scale solar installations, both on rooftops and solar carports. We have 337 sites already equipped, and the group self-produces more than 100,000 MWh in 2025. We are also accelerating low-carbon mobility. Carrefour is deploying more than 6,000 electric charging points, with 4,672 already live in France and representing over 400 MW of charging power, far superior to our retail competitors and making us a key player in supporting electric mobility. Each time that there is a remodeling of a gas station, we add some biofuel for our clients. At the same time, we are decarbonizing logistics with electric trucks, in addition to the 785 trucks running on biomethane in France. Through these actions, Carrefour is positioning itself as one of the leaders in the energy transition within the retail sector worldwide. There you have it about our Scope 1 and 2 emissions. We also have to act on our Scope 3 emissions, which make a significant contribution to our carbon emissions. We've identified what makes up our Scope 3 emissions. It's actually linked to our procuring all our goods and services, what you can find in your shops. SBTi is important for us. We want everything to be science-based and fully signed off on by a third party. We want to make our - 49% target. That's for the Scope 3 emissions. Now I'm going to tell you more specifically about three levers that we want to play on. Our suppliers, development of plant-based alternatives, and the last lever is to fight against waste and plastics to really cut our plastic conditioning, et cetera. The top 100 supplier initiatives that Alexandre Bompard actually announced in our 2022 plan. All our suppliers are multinational companies, we consider that they have the wherewithal to actually help us act. By 2026, if they haven't acted on these initiatives, they will no longer be our partners. It is a very important decision that we've made because it has a major impact on our carbon footprint, and it really made a contribution, because our suppliers who have actually embraced our 1.5 degree strategy now feature a lot more highly amongst our partners. This sort of threat that we've actually leveraged has really borne fruit. David Kennedy, the Head of SBTi, will tell you more about that. I just wanted to take a minute to celebrate Carrefour setting new science-based targets. You are one of the first adopters of the science-based targets framework. You have been doing great work to reduce emissions. Important to continue that journey, I think it's a really positive milestone that you have set targets now for the next phase. A second thing I want to draw attention to, particularly important for a retailer like Carrefour, where most emissions are in supply chains, is the work you're doing with suppliers and the commitment you've made that your Top 100 suppliers should become science-based as well. Commit to 1.5 degree aligned targets. A lot to celebrate there. I think the hard work continues of implementation, setting targets is great, but it's all about implementation. We stand ready to be an implementation partner here at SBTi. That is our new strategic approach. Again, well done, and look forward to our continued working together. As you may have gathered, we put at the center a capacity to really have a conversation with our suppliers to meet our targets. We also want to have a collaborative approach with our suppliers to benefit from their support and to actually co-produce a pathway that is then made visible in our stores. Those are agreements where we actually commit jointly on the same pathway. That is, for example, what we have done with The Coca-Cola. The Coca-Cola CEO came to Paris to sign that agreement with us. It is highly innovative. The pack of six bottles, up until now, you had a plastic blister that represented tons of plastic. The Coca-Cola actually made a major R&D effort to work on conditioning that keeps the bottles together without using plastic. That was our joint effort. In terms of R&D and innovation, The Coca-Cola really used all their firepower. On our side, we use our expertise in logistics and our capacity to test these packs in stores, check that it resists manual handling. We have to promote them. We have to explain it to our customers, because at first they might not realize that it is the same pack of six as before, and that has helped us really decarbonize massively. With L'Oréal, the commitment is that 20% of shampoo and shower gel assortment should be available in refill format by 2030. Again, we have actually made the most of L'Oréal's capacity of innovation and our capacity to really, well, turn it into actual initiatives visible in our stores. With Mondelēz International, looking at frozen products, and that was for McCain Foods, sorry, on scaling regenerative agriculture. We have signed 100 agreements, and our target is to sign 200 of those joint agreements by 2027. Another lever is plant-based alternatives. Between a steak of red meat and a chickpea-based steak really translates into major decarbonization. You have actually 30% of households that have flexitarians amongst them, so it is a real trend on the market, a massive trend. To us, it gives us an opportunity to actually work on decarbonization whilst being attractive to our consumers. It is an objective that we really are confident about because we have seen actually a massive increase in terms of our sales, EUR 664 million. That is a 90% growth over three years. 1,350 plant-based products, SKUs. Carrefour-branded products are really a good alternative for our consumers because their prices are very attractive, and we will actually show you these products in store during our tour later on. You will see all the signposting and the conditioning. We want to also speed up our fight against food waste. If we actually look at China and then the U.S. in terms of CO2 emission reduction, well, Carrefour has for a very long time, decided to really combat food waste, -51% food waste versus 2016. From upstream to downstream, we will actually present that to you in details in the store. We have to really rethink our orders. We have to also, for expired products, sell them at attractive prices. We have a Too Good To Go initiative, and donations to the charity sector, and also recycling this waste. We are very confident that we can meet our targets. Our target is 60% reduction in food waste by 2030 versus 2016. We have invested in AI as an accelerator. Makes it easier for us to be better at order forecasting, ordering the right quantity, and also it makes us better at smart discounts. Sometimes it's difficult for our teams to decide what the discount rates should be for each product. Thanks to AI, we've made significant progress, and that should make it possible for us to do even better to fight food waste. That was a quick overview of our environmental policies that makes it possible for us to really show how well we're doing in any benchmark exercise in terms of climate action. We actually are amongst the more advanced companies. We are in the top five in terms of MSCI. We also had the first BDO study on how we applied the CSRD directive, looking at all the KPIs, and Carrefour ranked first in Europe thanks to its climate policy. That climate policy is also very important, finally, for us, in terms of sustainable finance, and our manager here being responsible for that. Seven billion emissions are linked to CSR with a very good subscription rate. That goes to show how determined and credible we are. This is what I wanted to tell you on our climate action. We think we've really become a lot more mature, and we want to do the same on the other teams. Around the different aspects of our business model. Supply chains and biodiversity are very important as well. In terms of natural resources and supply chains, of course, needless to say, it's a critical resilience issue. Our farming upstream is very important, and 94% of our biodiversity impact is not linked to our sites, but linked to food production, to our supply chain. We've decided on deploying a three-step strategy. First, anticipating risks across value chains so as to be able to secure them. We have to strengthen our governance, and we have to see how we can generate value. We have a risk mapping. I'm sure you're all familiar with it. It is a very important assessment that we carry out in-house, not only in the CSR department, but through all our departments and operational teams. It's very intense work and very collaborative. It's presented to the CSR committee, but also to the Board, and it's published in our different documents. This is really the compass we want to keep in mind to steer the right course. All the risks that you see top right, that are the main risks for Carrefour, are the ones we are talking to you about linked to climate, biodiversity, and supply chains. Concretely speaking, to give you some examples of what we do and implement in our value chains, human rights are absolutely at the center of everything we do. With all our suppliers, and notably in Southeast Asia, we have ethics charters that include all the regulations that they have to abide by in terms of human rights, decent remuneration. On that basis, we have a three-step protocol or mechanism. 100% of factories located in high-risk countries are audited. That represents 1,800 audits carried out every year. We actually publish it in our reporting and our reference document every year. Of course, it can lead us to make the decision to stop working with these factories. We also have made the possibility, through our Worker Voice initiative, to collect feedback from any workers anonymously in India and Bangladesh. We also have a Sentinel, digital monitoring to detect upstream controversies so that we can act upon any red flags or alarms that are raised. Biodiversity ranks very highly on our agenda. We've started publishing our biodiversity footprint. I think that's quite unique if you look at the CAC 40 companies. We're amongst the very few who have decided to publish, well, to first actually calculate our biodiversity and footprint, and to publish it. We've looked at sustainable products. Of course, organic products, all the products that are produced through regenerative farming and sustainable forestry, sustainable fishing. Our objective is very ambitious, is to go over EUR 8 billion, so EUR 8.5 billion in certified sustainable product sales by 2030. We're currently at EUR 7.5 billion in certified sustainable product sales, and that represents a growth of 42% in two years. Extremely important for our planet, but also a way of actually catering to our consumers and meeting their expectations. Also the problem of high-risk raw materials, soy, cocoa, beef. Today, we decided to tell you more about beef, because this is really symbolic of the problems we can have in our supply chains and how we tackle these problems. Beef is symbolic because in Brazil, it is linked to deforestation. When a Brazilian farmer extends the surface area of their land, they can contribute to deforestation. It's a matter of traceability as well. Our customers want to know where the beef comes from, so they want traceability, and it is a matter of trust with Carrefour, and it's also a matter of actually respecting human rights and the rights of indigenous peoples. At the end of 2022, our objective was to have zero deforestation in Brazil, we've actually made that objective, we met that objective in 2025. Our private label products have also been targeted first. We have Carlos Nobre, a Nobel Prize winner, sitting on a committee with different members. Let's look at a video that will actually speak volumes. Pablo Lorenzo will tell you more about that. You will also be introduced to the NGO that now considers that we're exemplary in our fight against deforestation. Hello, I'm Pablo Lorenzo. I'm the CEO of Carrefour Brazil. Brazil is one of those that really play a critical role in supply chains, but we're also one of the most exposed to deforestation in the animal protein industry. At Carrefour, we really look at it as a strategic priority. We have an approach based on traceability, technology, and governance. We actually look at 100% of cattle farms that are a part of our beef production, and we control on all of them lot by lot. We look at tax bills, but also geo-monitoring. We look at satellite imaging and geospatial imagery. We analyze it all, and if there's any non-compliance, we block the farm immediately. Down to the slaughterhouse, in 2025, we've analyzed more than 38,000 farms, and less than 2.5% needed to be blocked. We know that the main challenge is in the indirect supply chain, which is why we foster this dialogue so as to expand traceability end-to-end. That work is really supported by robust governance, including a Forest Committee. [Non-English content]. I'm Glenn Hurowitz, the Founder and CEO of Mighty Earth, a global nature advocacy organization. Our flagship campaign works to transform the meat industry. Because Carrefour is the largest supermarket chain in Brazil and because of its leading market position in Europe, we believed that this was the single company best positioned to transform the industry. A few years ago, Carrefour's largest beef suppliers were continuing to source their products from companies who were buying from ranches that had destroyed hundreds of thousands of hectares. We highlighted these issues with Carrefour executives and eventually did so in the media with investors and customers. Although I know that being highlighted and criticized publicly can be stressful, Carrefour's highly capable sustainability team and leadership remained throughout open-minded, straightforward, and interested in the evidence we presented them. Then Carrefour acted. They did so at a scale that has driven real positive change across the forest frontier. With the clear signal that Carrefour is sending, Carrefour has also helped inspire Marfrig, the world's second-largest beef company, to cut methane emissions by a third, ban deforestation across all of its supply chains, and establish industry-leading cattle traceability. [Non-English content] Finally, our last topic in terms of supply chain, animal wellbeing, which is something that our customers expect from us, and it also makes our different sectors more sustainable. Around five fundamental principles, we try to implement it through our different farming industries. 88% of slaughterhouses are audited, 88% of all slaughterhouses that produce for Carrefour. We've really rolled out a policy that we'd like to replicate in all sectors linked to animal wellbeing. We've been really pioneers, for example, regarding male chicks and on eggs. The eggs with shells that you buy to make an omelet and the ingredients that you find in the batter of a lot of products. We actually focused on eggs that don't come from caged chickens. We actually try to really roll out that policy throughout our supply chains. This is essential for our supply chains to prove sustainable. That's what I wanted to share with you on supply chains and biodiversity. Now I'm going to give the floor to Bertrand Swiderski who's going to tell you more about health and plastic and how they can help grow our model. [Non-English content] Hello, everybody. I'm going to tell you about something that should be everybody's business, it's also one of the main challenges of our sector. It's also an opportunity. It's an opportunity to actually help our consumers and our customers have a more healthy purchasing. We want to turn that opportunity into an opportunity for growth. Let's look at the figures. Eating healthy is one of the priorities amongst Europeans. If you look at French consumers, 53% of French consumers actually pay close attention to the composition of the foods they eat. They need to be able to find their bearings. Alongside that, there are demographics trends, health and societal trends that are reshaping nutritional needs. We have one out of every six children that is overweight in France. We have an aging population. We see also a lot of pathologies that are linked to nutrition that grow. 5.7% of French people actually are being treated for diabetes. All of that is part and parcel of our innovative policy. There's a growth of functional food for sporty people. We have a growth also in the protein-enriched products, 30% annual growth. Also growth of products that are gluten-free, lactose-free, 5.7% annual growth. There's room for innovation. For example, we've noticed that our consumers need more fiber-rich food, we have to make that available to them. Carrefour has been at the forefront of healthier food for 30 years. We've been one of the first to really focus on that. We have a 24% market share on organic products. We're ranking number one in France. We want to make that organic range really affordable thanks to our loyalty cards. We want to really popularize organic products. For people who become Bio specialists, even Bio addicts, we have 145 specialist organic stores that help turn the Bio addict into a Bio super addict. Commitments that we've made as part of our Carrefour 2030 strategy is to meet the target of 50% of food sales contributing to a healthier diet by 2030. To tackle that, we want to reformulate existing products, less sugar, banning a certain number of substances. We want to add specific requirements. Non-GMO feed, raised without antibiotic treatments, grown without chemical treatment. Reformulating existing products. Secondly, developing new health-focused ranges. We want every other customer to leave with at least one piece of fruit or one vegetable from our store. You will actually find out more in our store. Really, our core business is to make these products more affordable through the loyalty card, also 10%-15% discounts on fruit and vegetable. We've also identified geographical areas in which we want to help shape the way our customers consume and actually help them turn towards healthier products. Products rich in fiber, rich in omega-3. E-commerce is another target. We want to promote healthier alternatives. 60% of those who've clicked validate at least one product. With Hopla, it's an AI chatbot that helps you plan a whole week of gluten-free products, a whole week of omega-3 rich products, or a whole week of healthy eating if you are a very sporty person. We have to use a robust methodology. That robust methodology is the French National Nutrition and Health Programs, PNNS. We've listed the products where we have to boost the consumption, those where we have to really help move our consumers towards them, and those for which we have to maintain the level of consumption. It's impossible to rise to this challenge. We need our customers to do that. To get our customers on board, our idea is to develop transparency. Transparency with respect to the origin or the no sugar, like in Belgium, the amount of sugar added or the Nutri-Score. We know that when we applied the Nutri-Score, customers then went for the brands A, B, and C. Most of the suppliers move that direction. If we display the Nutri-Score, we increase our sales by 10%-20%. Transparency has become clear, and it's a question of trust. If we've got 2,100% that are compliant with our reference, that they haven't been ultra-processed. We count on our transparency. We want our customer to adopt this and to standardize the market. Our logic consists in making sure that the suppliers work together, whether they be competitors of one another, whether they be complementary. We make sure that they work together in coalitions, for example, our 100 or for plant-based products, and that they have collective initiatives within the stores which help us to popularize this type of product and to make sure that the market attains maturity. There's also the signature of SLBP, which is going to influence the consumption of tomorrow. This is a stake which is not only practical, which is very technical, which is a source of innovation, which is ethical and responsible. The health pillar is a major stake for the group. I'm going to continue with health by saying that some things are on your plate in spite of you, or they're in the food supply chain. This is plastic, whether you want it or not. This is why I want to explain the plan that was announced by Alexandre earlier, and this is why we've introduced this initiative. This is based on one phenomenon. There's a European regiment, which is the PPWR, or which we've got to have a certain percentage of less plastic by 2030. This European regulation means that there's got to be a contribution which is going to increase by 20% in one year on plastics. The second issue is the Middle East conflict, which has increased raw materials by 50% in one year. These two effects, we saw them coming. We saw them coming as of 2018 because we've got our three Rs, which is Reduce, Recycle, Reemploy. Since 2018, we've had a reduction of about 25,000 tons of packaging. This has enabled us to get to 67%. We're the leader in France of reusing plastics with 57% of shops that help us reemploy materials. We've seen this, and in anticipation of the new regulations that are going to be issued in 2030. We've got to have 5,000 tons of plastic less by 2030. There's an economy of 2030, with EUR 5 million of savings on the eco-construction. We're also avoiding raw materials by avoiding plastics that are becoming more and more expensive. We've decided to invest them in purchasing power for the development of major format refillable packaging. The development of reusable, 10% less expensive per liter if you reuse the container. 500 tons, we're going to get rid of useless packaging. We're going to use cardboard instead of plastic, and we've got to be transparent on this. If we get rid of half of the plastic, we're going to have half cardboard, half plastic. I've finished wrapping it up with the plastic plan and with this reduction for the two subjects. You've seen that our strategy is always to anticipate things, to ask questions about what's in the pipeline for the future, and less plastic, improve health, innovation. I'm going to leave the floor now to Carine Kraus, who's going to give us the CSR methodology. Thank you very much. Just a few words at the end of the presentation to see how we're going to roll out all of that, because we've got to anticipate, secure and grow, but we've got to walk the walk and not just talk the talk. The subject, we've got to have a D&I policy that's at the right level because we've got all these society and environmental commitments. If we want to have the commitment of our workers, we've got to deploy a D&I policy that's robust. We're doing this over the last few years. We're doing it with our human resources team and with the D&I. Just like gender equality, which is a key thing. 52% workers in Carrefour are women. We've got a series of programs to promote diversity and professional equality. We've 42% of women managers. We've got 32% of women in top management in our top 200. We've still got measures in our Carrefour plan for 2030, and strict gender equality for our leaders and for our graduate programs. We insist that all our companies are labeled, like GEEIS, and they've got to have five out of five for that. Equality between men and women and disability, which is also a major cause of the strategic plan for 2026 in Carrefour. In 2022, we had 11,000 disabled workers. We committed ourselves to having 15,000 disabled workers by the end of 2026. We're at 14,400 by the end of 2025. We're going to continue to attain this ambitious target, which helps people to stay employed, but to make sure that our workers that are disabled feel well at work. There's a series of initiatives, like we've got people that you can reach out to if you're disabled, for our customers as well, this enables us to reach out to them, and we can show them how we can have barrier-free shops and stores. You've got to look at the context of the different countries. For example, in Belgium, we are resolutely fighting against discrimination with respect to origins. We've trained a lot of people in Brazil to raise the awareness about this, we try to promote managers who are from diversity backgrounds. We've had an indicator which has been there for 25 years. This is a foundation, the budget has been the same for the last 25 years. It doesn't depend what the market context is. Our foundation resists with a budget that enables us to have significant action, which enables us to have 22 million meals in France and a lot of action which are very important for our workers and colleagues, and the foundation is very important for them. That's the first point. It's a pre-requirement. To deploy a successful CSR policy, you've got to have a diagonal approach. The second requirement is to get our franchisees on board. This has a growing share of the Carrefour model, we've got a series of mechanisms to make sure that our franchisees, whoever they are, apply our CSR policy. For our franchisees who are in integrated countries, we've got a dedicated network of CSR advisors who contact them about our initiatives, who offer them packs so that it can be rolled out immediately. For a subject that is very important to us, which is reduction of our emissions, Scope 1 and 2, Carrefour has preferential prices on low-carbon options, which enables them to reduce the impact of their shops. We've got 75% of our franchise partners that have low-carbon technology. Our partners are deploying this massively. If you go to our local network and our fight against food waste and our CSR, especially deposit systems, which are working really well as well. That's for our partners in integrated countries. For our international partners in other countries, in CPI, we've got a series of initiatives. We've got roadmaps, which for all of our international partners, about 95% of our partners have signed a new group ethics charter, which enables us to have better reporting requirements and more audit rights for Carrefour. We're rolling this out with our franchise, which is at the heart of our business. Scope 3 is really important for us. If we roll this out with our top 100 suppliers It has a huge impact on our own stores, like our franchise stores. Through the goods that are sold, we can roll this out in a better manner. The last subject, which is really important to deploy a CSR policy, is our CSR index, which has existed over the last few years, which is a summarized index. You've got four pillars here. You've got the products that you sell in the stores. For innovation, which is the score, we ask them to auto-evaluate the CSR policies themselves. You've got the customer perception as well that Alexandre talked about, you've also got how the employees perceive things. All of this provides data which enables us to have found our index, and we publish this annually, that we then roll it out by quarter in every country, by format, which is edited by statutory auditors and which is a part of our variable pay package for anybody subject to a bonus. This strongly encourages our managers to employ this. I'm not going to roll it out for you. You can see the new goals of Carrefour for 2030. I'm just going to give the floor to Cláudia, who's going to talk about the CSR committee, who's going to show you a short video. This is a typical video that we send out to all our workers and which should be for managerial dialogue, because we've got to have a dialogue with each manager and their teams. I'm going to give the floor now to Cláudia. Good morning, all. I will switch to English. I'm sorry, but I think there is translation. First of all, I want to congrats Carrefour to the invitation. I'm very pleased to be here. I think it's quite an important day for Carrefour, and I think we are the first retailer to dedicate Investor Day just to CSR subjects. I'm very glad to be here. In the next minutes, I would like to just to provide you a quick overview on Carrefour CSR committee, our mission, objectives, and key sustainability issues we oversee on behalf of the Board of Directors. I'm pleased to be here with other members of the committee. At Carrefour, as you could see along all this morning, sustainability is embedded in the corporate strategy through a clear mission, as Alexandre mentioned, to lead the food transition for all. This means delivering healthy, quality food, accessible and affordable, while reducing environmental impact, promoting responsible sourcing, and creating long-term value for shareholders. Two key message in this first sentence. The first one is that, and we all see on the presentation, that it's not just something that Carrefour has in its corporate websites or in some nice slides or in some nice speeches, as we saw for other retail leaders. This is part of the daily operations, daily routines, even if you are in São Paulo, in Valencia or here in Paris. Take into account that we are talking about total different geographies, environment issues and political policies, even though a global and unique commitment. Second, this commitment is not set just for our clients, for our employees in a local landscape. It was set to generate a mobilization. I want you to think on this word, mobilization, that influence all the stakeholders and value chain. In the committee, we total believe that if there is one player that can really change behaviors, impacts, it's Carrefour. To feed better and leave a better planet for future generations, continuing day by day, serving each customer as unique. There is no better purpose than this one as a leader retailer in the world. The CSR committee plays a critical governance role in supporting the mission. Our purpose is quite simple, to assist the Board in overseeing Carrefour CSR commitments, ensuring that sustainability considerations are integrated into strategic decision-making, risk management and performance monitoring. We focus on three main objectives. First, guiding Carrefour's sustainable strategy. The committee reviews and monitors the group ESG commitments and duty of care plan, ensuring they remain aligned with both stakeholder expectations and long-term business priorities. A good example, Carine also referred, is the management remuneration is linked to the CSR index result that you saw. I think there is no other leading retailer with this commitment and this policy. Second, monitoring performance and accountability. It's really important. Through regular reviews of key sustainability indicators and targets, the committee ensures progress is measured, is transparent, and aligned with Carrefour commitments. It's materialized in the CSR index that you all saw. This rollout, it's not, again, something global and unique. It's declined business by business, country by country, and concrete action plans. We are pleased to dialogue in the committee with different people in the countries and the CSR leaders in each country now in order to follow this index. Third objective, identifying and managing ESG-related risks and opportunities. Sustainability challenge, we all know this by heart, such as climate change, supply chain resiliency, now so strong in those days, human rights and changing consumer expectations can have significant finance and operating impacts. The committee helps to ensure these issues are proactively addressed. As an example, in the last, I think one, two years, we dedicate specific sessions and time with Brazil teams, mainly with Pablo, that you just saw, and local suppliers and institutions regarding the deforestation topic. We were really near this topic with the local teams. These objectives follow our values through transparency, integrity, and initiative. These ones follow all our meetings and decisions. Now looking ahead, the committee pays particular attention to several strategic issues. We define four areas of vigilance, really aligned with what we just saw. First, climate change and decarbonization. Second, sustainability, sourcing, and supply chain responsibility. Third, food quality, health, and nutrition. At the committee, we were very glad to see that this topic is now in the core of the new strategic plan of Carrefour Group. Four, social responsibility and human rights, talking about employee wellbeing, diversity, inclusion, responsibility practice throughout the supply chain. Across these areas of vigilance, we have lots of achievements already, lots of commitments. I'll just point out four. One, as Carine was saying, the in-store climate score. It's really something that is at the store level. They can now follow what each store, the impact at the climate level, and they can benchmark and challenge between stores. Second, top 100 suppliers committed with 1.5 decarbonization journey, as Alexandre was saying. Again, the unique retailer worldwide to have this strong commitment. Third, the handicap plan. It's not something because it's nice to be in the press, but it was decided, it was implemented, and we looked at the results, and we over-score these targets. Finally, the extra financial agreements that Carine told, the SLBP contracts. We know in our interactions in the committee, it's not easy. It's to put in the same table the commercial buyer to discuss promotions, to discuss and negotiate prices and conditions. In the same table, you have the negotiation of the CSR commitments in the same table. Again, I think in these contracts, Carrefour was also a unique and leading retail player worldwide to have these commitments. To conclude, just two key takeaways for you. First, Carrefour views sustainability not as a standalone initiative, but part of its business risk management and long-term value creation. A strong mobilization, the word I want you to keep, side by side with economic performance. Second, the CSR committee ensures that these priorities remain embedded in the group governance and strategic decision, supporting just two things and two main focuses, sustainable growth and shareholder value. Thank you for your attention, and I will be here, and my colleagues from the committee to answer your questions. Thank you for your attention. Carine? Thank you very much, Cláudia, for your presentation. Thank you very much, Marie-Laure, Patricia, Sylvie, for your interesting presentations, and your work, which has enabled us to make progress for CSR over the last week, for management, for Carine, Bertrand, Agathe, and all the rest of the team for all the energy that you're investing to make sure that this subject is part of our daily routine in spite of all the negative headwinds. Thank you for all the teams for the preparation. I think that the presentations that we've had illustrate the wealth and the precision of our actions and initiatives, and thank you very much journalists and investors who've come to spend this morning with us. We're now going to pursue this morning in a few minutes. We're going to get into more detail because we're going to go into a local store. Because it's Carrefour Massy, it's just beside our headquarters, and we're going to have lunch over there, and we're going to have CSR fresh produce lunch over there. Thank you very much. We're here for your questions and answers. Carine, perhaps you're going to come up on the stage. I think there's a roving mic as well. A few questions. [Non-English content] For all of you who are here in the room with us, are there any questions? Thank you very much. [François] from Kepler Cheuvreux. For the commitments for the top 100 suppliers soon to be 150, you've made a lot of progress and there's been some resistance that you've talked about. What are the commercial impacts according to you? For those who aren't supporting us, I know the idea is that everyone's supported, but have you already tested resistance? Are there categories of suppliers where sort of like some are unavoidable or is everyone replaceable? Thank you for this question, François, because when we launched Carrefour 2026, we had the idea that 100% of our 100 top suppliers would respect our initiative. We were at 27%. We really, clearly and strongly indicated to it, and I signed a letter as well and sent it out to all of the 100 top suppliers that we wanted them to support us to get to our 1.5% trajectory, otherwise they'd be de-referenced. We had doubts about our capacity of bringing industry behind us 27% to get to 100%. We started quite a while ago. We've been doing this now for a few years. We've had a lot of progress to make. The very good news is that this coercion that, I'm proud of this, it worked. We could have done like a lot of our retail competitors by saying, we're going to work together and then we'll see. We didn't tell them we're going to see. We told them we're either on the pathway or we're not. We said it very diplomatically but really determinedly. It's yes or no. The good news is that the cooperation was set up really quickly. Let's remain modest about this. Sort of like the industrials are doing a lot of things to accelerate the policies as well. Out of the top 100, I think we've brought the point across. I think we're at 85% or 87%, so we've still got seven or eight months. I think we're going to attain our goal by the end of the year, and then we're going to roll it out for 150, so 50 more by 2030. When we launched this initiative, this means that we are willing to get rid of those who don't join us in this adventure. Now we've a strong belief that we're going to attain our goals and that we can actually roll it out for the top 150. The goal of making sure that we respect the 1.5 degree of temperature increase. This is where Carrefour is playing its role as a top-level trainer, for example. I remember the first Consumer Goods Forum, which followed what we did within this initiative, I met my colleagues who on the industrial level who said, I don't know if we're going to manage it. I don't know if we're there. I told them they just had to do it and that was that. They've adopted this approach. They've also got their own policies that are bringing them along that path as well. I think the approach has been successful and I think we're going to manage to roll it out totally. If they're not, then they'll be de-referenced. Thank you very much. I'm from BNP Paribas. Thank you very much for organizing this day. I think this is the first time for the investors, so good faith. Thank you very much for this discussion. I think it's very interesting to be here. I think you said you were demanding. I don't think I heard the word with respect to the local level, where you were talking about this local level action, sort of like organic and where you can develop organic plus local. I think you've got a role to play that's quite strong in the mix of products that you're supplying, especially with respect to organic produce. I think that if you insisted on French local organic produce, I think that would be a good plan. Do you have any thoughts on that? Well, apologies, because we could only cover big topics. We didn't have time to cover everything. When we talk about local, it actually is integral in everything we do, quality, sectors and industries, through our organic product partners, 7,000 partners. Also, referencing local partners, it used to be a real powerhouse to actually be on the list for these partners. We've simplified that a lot. That's all part and parcel of our local strategy, our local approach. We'd rather act than to showcase it with a nice picture of a cattle breeder at the entrance of the store. I think some of our competitors are very good at this. It works. I know that it kind of showcasing, but we have to leverage our size and power to drive change in our whole industry. Having partners who really are fully committed, turning to organic farming, and we know how important and difficult it is for farmers. They need visibility on volumes and prices, so this is a full-fledged approach through our tripartite agreements. I think we're one step ahead. Michel-Édouard Leclerc often says that on quality, productions and farming sectors, we are one step ahead in how we've built loyalty with farmers and cattle breeders. Maybe it wasn't too highlighted enough in the overview we gave you, but local is a priority, so all our organic teams, Marc Gomez and the others, all our specialized team, Organic is Good, Bio c' Bon, they're obsessed with actually adding more references amongst local organic producers. Hello, I'm from CIC CIB. I had a question about the CSR strategy as part of the value generation strategy. What are the tangible elements, ROI, for example, that are used on some projects, and what is the part that is more intangible? Anticipating on risks that it's very hard to put a figure on, protecting reputation, that is not a value that you can actually quantify. As part of that value generation policy, what is tangible and what is more intangible, but nonetheless real? Is it something that you can put a figure on, that you can cost? When you have a very robust strategy to invest in decarbonization, EUR 200 million per year invested for decarbonization to reduce energy consumption by 20%, this is very tangible. Remember, we launched that when the energy prices were going through the roof, that really required very strong efforts from our teams for cold storage equipment, using different refrigerating fluids, not based on fluorides. All of these investments to reduce our energy consumption, that's very concrete, that's very tangible with a return on investment that is all the quicker because of the volatility in prices. Spain actually started first, which means that return on investment was very quick in Spain when energy prices went through the roof. We have a partnership in France. Investment, Return on Investment goes through the CIG, headed by Matthieu Malige. Setting priorities, CSR and return on investment, that can be pretty quick, and really deliver very fast. We also have more long-term projects, it's not as fast in terms of return on investment because those are transformational projects to really reshape our model. Charging points, 5,000 charging stations across all our stores, that's very tangible. I chose energy as an example, but I could've used many other examples. What we endeavor to do all the time is to actually combine our economic objectives with those climate-oriented objectives. With our health plan, we want to actually help our customers to be healthier. We want to attract new customers. We want to stand out from our competitors. When we become number one on plant-based alternatives, when we have that objective of top 100 suppliers, plant-based alternatives, the ROI can be quite quick. Once we've started rolling out these policies, we also have very good relations with our industrial partners, despite what can be stumbling blocks in those relations at times. We want to combine our CSR strategy with delivering on our economic targets. Any further questions? Hello. Dorothée Lafitte from La Financière de l'Echiquier. I want to thank you for this very interesting Investor Day. I had a question. Coming back on your commitments in terms of health and healthier eating, you talked about the importance of giving more choice to your customers. You talked about Nutri-Score and e-commerce. Have you had conversations with the brands and all the products that you have in store, bearing in mind that there are a lot of brands that have given up on the Nutri-Score? On that topic, same as on other topics, I think the catch word is we try to set an example, working on what's in our hands. What's in our hands is our private labels. On our private label products that you'll find Nutri-Score, that's in our control. By being exemplary, we have a bargaining chip in our negotiations with the other brands. We try to convince them that on the one hand, it is a trend that is there to stay, and on the other hand, that it would be in their interest to actually tag along to be part of that policy. It's better to have a D or E Nutri-Score than no Nutri-Score at all, because Nutri-Score is synonymous with transparency. It's always going to be better to have a Nutri-Score, whatever it is, meaning that you're not trying to hide information from the consumers. There are some national brands that still refuse to put Nutri-Score on their products. We decided to make them available on our digital applications. I've had conversations with a number of CEOs who were dead against Nutri-Scores a few years ago, but we've made progress with them. Some who were dead against it have started actually putting Nutri-Score on their products. I'm a firm believer that once you've started working at this, and you work hard at demonstrating, and you fostered a dialogue, and you've been exemplary in the way you roll out the policy, you can make progress. Hello. Livia Carloganu from the CIC CIB. On the sustainability linked framework that dates back to 2022, have you looked into updating it with your SBTi trajectory? Because it covers Scope 1 and 2 and the top suppliers. With this new commitment that includes flag emissions, have you planned on an update? I'll start, and then Matthieu can tell you about the SLB. We've actually adapted it over time. We only had indicators on Scope 1 and 2 to begin with, and we added Scope 3, and the SBTi is quite recent, 2026. We're looking into the possibility of adding another indicator. We want a simpler indicator that's easier to understand. We are definitely looking into adding other indicators. I think there was another question, but maybe it's been answered. Yes, hello. Thank you for organizing this Investor Day. [Marine Dulong]. I'm at [Groupe BPCE Asset Management]. You've already made a number of commitments in terms of protecting biodiversity and combating deforestation on a number of raw materials. How do you plan on broadening these commitments across all the stores and countries where you operate in the years to come? I'm sure you know the subject well, but it's a daily fight. I know that firsthand because I actually was at the Head of the Commission on Deforestation at the Consumer Forum. And it is complex to onboard a number of retailers or industrialists, more so than on other topics. It is a tricky topic. Of course, there's the fact that we have a very big foothold in Brazil. That makes the topic more complex for us. You have to onboard traders. A few years back, they were not very interested, same for a number of producers. It's really a big effort that we need to make to persuade them. Coming back to beef, remember where we were at a few years ago? When you say that 100% of the private label and national brands in Brazil are now from areas that have not been impacted by deforestation, it's a giant leap forward. Other raw materials are also under scrutiny, soy, for example. There have been recent developments with regards to soy that has actually reshaped the conversation on deforestation. We try to get as many of our partners in the industry on board. I think we can be quite proud collectively, not only as Carrefour, even though we really pushed for it within Carrefour. We can be proud of what we've achieved. We're trying to now broaden it to other raw materials. With the main raw materials that present a risk of deforestation, what we've demonstrated on soy goes to show that we have to revisit that topic constantly. There's the fact that it features in politicians' conversations, and speeches, and policies or not. It's a sensitive subject. We have proven our capacity to get a number of traders on board, but it's still a very sensitive subject. Hello. Kim-Anh Fabvier from CIC CIB. Same words of thanks from me with regards to the organization of this day and the videos that shed some light on what you actually are engineering in countries as far as Brazil. Coming back to what you said about beef, some NGOs can actually come and challenge you on these subjects. There have been controversies. Would you say that some of these controversies still need to be addressed? Do you think that some NGOs might come and question your policies and your achievements? What's the lie of the land? Where are you at? It's a very good question. Made me smile. Was it the Founder of Mighty Earth that we saw? Yes, I think he's the Founder. Made me smile when he agreed to list what we had achieved, because a few years back, when we referred to that gentleman, it was only to say that we were trying to foster dialogue. I think the video told you a lot about our achievements, our past frustrations. In the video, what he said was that to change production conditions for beef in Brazil, he knew he had to tackle Carrefour. He's not saying that you were the worst at it because he agrees that we were more advanced than others, but he had decided to make Carrefour a target. Why? Because we are big, because we're a listed company, you can come to the annual general meeting, so it's easier to have a more organized dialogue. I have the utmost respect for these activists and these NGOs. They make us progress, thanks to their questioning. Sometimes I'm a bit annoyed and I want to tell them, well, be careful in the way we tackle these subjects. Do we do everything perfectly on animal well-being? Of course not. We don't claim that. Are we one step ahead in terms of animal well-being? Absolutely so. On eggs that's outside of cages, on yellowfin tuna, are we one step ahead? Yes, absolutely. We're one step ahead compared to other industrial players. Do we do everything right? Of course not. What I observe is that it might be easier and quite convenient to decide that they want to target Carrefour because it's going to get more media coverage. I think it can prove to be quite counterproductive sometimes. The risk they take is that they can actually encourage us to stop. We've never actually decided to stop, even though the going gets rough sometimes. I find that that's the limitations of those controversies. Good news is that sometimes things turn for the better, same as for Mighty Earth. For years, they were very negative on Carrefour. When I went to Brazil and I could see firsthand what other competitors did, that made me frustrated at how hard they were on us. They proved to be open-minded enough and objective enough. That doesn't always go hand in hand with activism. When they prove open-minded like that, rather than only trying to get more media coverage by targeting Carrefour, I think it's very positive. I think what I can safely say is that we try to tackle one controversy at a time. We don't do everything well, but we're one step ahead on certain topics. Yes, Sir? Wow. Way more questions than when we focus only on finance. Florent Vacheret, I have two quick questions. Could you clarify the objectives on organic products more specifically? Unless I misunderstood, it actually is part of your sustainable products policy. In the previous plan, there was a specific organic product plan that actually could not be achieved, your objectives could not be achieved because of the way the market evolved. Second question, what do you think of the pretty slow start on the latest project that you launched that didn't seem to be too popular? The organic product market in 2018, 2019, had nothing to do with the post-COVID market, hence the objectives we set for ourselves. Have we met our first objective? Yes. To become a leader. We did so because we are present in all our formats, supermarkets, hypermarkets, and in those specialist formats that we've acquired and developed. I would include our digital activities as well. The market slowed down, and you know that, of course, very well. It actually became more buoyant, and we benefited from that. We decided to include organic products in the certified sustainable products, EUR 8.5 billion. That is a very ambitious target, and organic products feature high, but together with the quality industries and quality production and sustainable fishing, to name only a few, we believe in this. The market is back on the up. We made the most of it. We are strengthening ourselves, opening new stores, and we try to bring together small organic players who join us. We are trying to work hard at making our organic products more attractive. All of that included from now on in the broader category of certified sustainable products. On the pickup points, we really believe in it. Take away segment where Reuse is one out of eight in-depth projects. It's about collecting used bottles and collecting bottles and packaging. We want to test interoperability between the operator and the distributor. The second objective was to test packaging. The packaging, that will be a standard packaging, so as to be able to be recycled, reused and collected in the first place. EUR 500,000 / month is the sales linked to that recycling and recovering. The aim is, of course, zero waste, but the fact that structurally we have not really found a solution in terms of interoperability. In most of our stores, this is real, this policy actually has materialized and we working our way to our zero waste policy. Any further questions before we take the tour? Hello. I'm CSR Officer at GiFi. I want to tell you that we've made a note of the fact that you position yourselves with regard to the EUDR- Deforestation Regulation. We really made a note of that. We really appreciate it, and the quality of the cooperation that you've had on deforestation, on PPWR. We really appreciated that. WWF actually ranked Carrefour amongst the top three CAC 40 companies on nature. I think the remaining points on which we expect more from you has to do with sustainability. That is, for now, the preserve of quality products, Carrefour quality products. We want you to expand it, broaden it, not only make it the preserve of your private label products, but all the national brand products. We'll also scrutinize the lobbying part, because you've been very vocal on EUDR. You talked about the moratorium. We know that it's a tricky subject, we have high expectations on all these subjects. Thanks for the quality of the dialogue. Well, thank you very much. I'll share this with our teams. Last two questions, we have to leave for the tour. We can go on chatting during the tour. Thank you very much. I have a question for the administrator and the CSR committee with a long-term perspective, what has been the thinking process in addressing these different subjects? What's next? What are the next big projects, what is your policy, your reasoning? The subjects are so many, because we are not just in one country, the challenge of the geographies and being a global group, it's quite a challenge. We try to address the different environmental issues that you have in Brazil are completely, not totally different, but quite challenging regarding France. If you look to South Europe, the climate change is impacting strongly Spain, for example. I would say that addressing what we have now, it's quite a challenge. If we look forwards, all the climate change impacts, it will be one of the most critical, I think, that we will try to be more vigilant and be more proactive. Pushing the countries in order to have their risk map very identified and measured. Thank you. I don't know. Just wanted to add to what Cláudia said. The CSR committee 10 years back was a small thing when I actually joined it. It's become a really determining element because actually can be connected to products or stores, the producers we work with, the employees, because what is important within the CSR committee is to work on diversity and our employees in general. It's become a much bigger and much more diverse committee, I've been able to observe that firsthand because I've sat on the committee for 10 years. What I can add personally is that CSR members are very vocal. There's lots of committee meetings. They meet often, they want to have a dialogue with the board of directors, which means that as a consequence, the time we dedicate to CSR subjects at the board of directors meetings has been growing. The capacity to actually red flag major subjects and controversies, to bring them to the attention of the board, has been absolutely decisive. Was there a last question, or it's been answered? Well, we can go on chatting during the tour. Well, I want to thank you. That was sort of the first halftime of this morning. Let's go in the field and show how we actually turn that into concrete examples. Thank you.