Good morning, everyone. Welcome to this EDF Annual Results Conference. The presentation will last about 40 minutes. We will then take your questions first to the audience. But just before we get started, I suggest you watch a short movie summarizing this year connected to electricity. Plug, baby. Plug. Electricity is available. You can plug it in. It's ready. [Foreign language]. I now invite you to welcome Luc Rémont, CEO of EDF. Bonjour à toutes et à tous, c'est un vrai plaisir d'être avec vous. Thank you so much. Good morning, everyone. It is a real pleasure to be with you, introduced by this short movie that shows how much this year 2024 has been for us. A very intense year. We love watts at EDF, Électricité at EDF, but we are the specialists in electricity. We like the intensity as well. So that shows you how very intense this year 2024 was. And I want to, by saying that, pay tribute to the 1,042,000 women and men in the group who really did, throughout the year, put the totality of their commitment and their talent at the service of a colossal operational challenge, and preparing for the future of our electrical system and the electrification of our customers. So I am going to retrace with you this year 2024. But beyond that, I would like to share with you what finally does, beyond the group's raison d'être, which is to bring decarbonized energy to our customers to be the one that allows the energy transition and what we'll define for the next 10 years our ambition to achieve this energy transition. And this we define in the context of the business project that we let's now deploy with all of our colleagues since the middle of last year, who is called Ambition 2035 and which focuses our attention, our efforts and priorities on only four pillars that represent the four fundamental pillars of the success of electrification and decarbonization. The first of these pillars, they are of course our customers, supporting our customers in decarbonization. That is why we exist. For that, we have set ourselves ambitious goals that will be the first ambition of the group for the years to come. The first ambition of the group, it is first of all to make electricity successful for our customers. You know that today, a lot of effort is being made to develop the means of production and networking for electricity. In Europe and in the developed world as a whole, there is a first challenge, which is the adoption of electricity with an electrical demand that today is still at the same level as 20 years ago. Our first challenge at EDF, it is good to support customers towards electricity and to get them to prefer electricity. We set ourselves an ambitious level of support by creating additional electrical demand with our customers of 150 TWh in France. Let me remind you that French electricity demand today is in the order of 400 TWh. So 150 TWh of additional electrical demand accompanied by EDF. It is our first ambition that will allow us to seek out energies which have uses of energy that today are carbon-based, fossil to bring them towards the use of carbon-free electricity. Concretely, this means multiplying the number of customers with whom we have a decarbonization offer in our four main countries of operations which are France, the United Kingdom, Italy, and Belgium, and to fetch 45 million tons of CO2 avoided per year in these same countries. This is basically a threefold increase in our performance today to achieve in the coming decade. This success in supporting our customers, it determines our capacity to act on the group's other priority pillars, which are good, safe low-carbon production. I will come back in a moment to our production in the year 2024. But we obviously have the ambition to increase our low-carbon production to support the electrical demand of customers with characteristics that are specific to the EDF Group, which is to be able to deliver 24 hours a day, to be the one who allows the electrical system to have a mass of production that accompanies all uses and that follows the demand of customers who obviously change from hour to hour and have availability through 75% of assets, controllable electrical production that allows the electrical system to be resilient. To do that, we need, in our industrial construction capacity, to climb the ladder of our buildings, new nuclear reactors, since this is the field in which the EDF Group is also its own manufacturer. And for that, we have the Ambition 2035 to increase our reactor construction capacity, nuclear, to the delivery of two nuclear reactors per year, not only for the EDF Group, two nuclear reactors per year. It probably means one for the EDF Group, one for another customer. And it is through this ambition that we reflect the group's ability to also support other electricians when needed, especially European, to create a resilient electrical system with sufficient carbon-free capacity, controllable. Which will of course require nuclear power in the renewable field. We will continue our development with a job as a developer. The job of developer means that with other financial partners, we will continue to develop projects. You saw a number of projects abroad in the movie. These projects, we are obviously putting a small share of capital into it. But we are going to look for financial partners because what we bring, we, to the EDF Group, it is the know-how of these projects. It's the knowledge of technology, knowledge of the electrical system and how to develop these projects, to be the best developer possible in the different geographies in which we are working. And that's why our ambition in this job as a developer, it is expressed in gigawatts, brut, brut. It means not those who are our share of the capital, but the ones we trigger with financial partners. And so this ambition, it is higher than our current gross gigawatt connection level. It brings us to an average of 8 GW gross on the period 2024 to 2035, which shows our ambition to continue to grow this profession of developer. Finally, of course, the absolute rule, it is to make electricity available as much as possible and safely and on time. That this is our common rule for all group activities, to achieve the best possible industrial performance in our businesses. And finally, I will come back later to the performance of 2024 years in CO2 content for us. For our production, our ambition, it's to bring back our carbon intensity level on our electricity production at 22 g of CO2 per kWh produced on average, which, for an electrician who produces 24 hours a day, puts us at the best level in the world. The third pillar of our strategy is focused on networks. There is no electrical system that works without efficient networks. Resilient networks must adapt to a new electrical situation that is much more decentralized, more unstable too, and which must carry a lot more potential electricity to support the evolution of uses towards electricity. Therefore, as a shareholder of network companies that are managed independently, our ambition is to be able to support these network activities to obviously monitor the connection needs of customers, whether they are extracted or injected, but also ensure the resilience of our networks in a climate environment that is more and more tense and with specific features, especially for non-interconnected areas which, in an environment that should lead them to become more renewable, must accommodate a lot more instability. The fourth and last pillar, and that's enough. These four pillars summarize the challenges and the group strategy. EDF is about flexibility since an electrical system with much more intermittency and more uses require more flexibility. So we aim to be the leader in the activities of flexibility and an ambition which is to deploy 27 GW of flexibility of all types. Flexibilities can be commercial flexibilities with customers, flexibility in production or storage assets. And it is all of these resources that will be necessary to ensure resilience of our electrical system. And that's why it's our fourth pillar of priority for the group. There it is. It's a very short summary. But we will now continue to explain to you as we go, measure how we are in relation to this ambition over the months and semesters. And it is indeed all of these elements that will guide the group's action in the months and years that are coming. Now I am going back to where we are at the beginning of this journey, around 2035, who, at the bottom, to say low carbon electricity, it is available, it is available, since we have raised our production level to a very high satisfactory and at a speed, I think it's more than satisfactory, a very remarkable speed. Our biggest challenge now, it's this low carbon electricity with 53 TWh of increase in our production in 2024 compared to 2023 to bring the group's total production to 520 TWh, 21% increase in production, thanks in particular to the availability of nuclear power, but also to the availability of our production in favorable hydraulicity, hydroelectric, enabled us to export 89 TWh allowed France to export 89 TWh in 2024. That is to say 78% more than in 2023. This means that we have electricity available today to prefer electricity in our uses. Of course, we need; it's up to us, EDF, to convince our customers, to support our customers to enable them to have confidence in this electricity. And for that, we must start by giving them long-term or medium-term visibility on conditions for marketing electricity. And that's what we've been doing for the whole year 2024, starting with the deployment of our commercial policy, which I will come back to. Finally, second element, to have confidence in electricity, we need key moments in which we demonstrate what electricity can do. And we were lucky that the International Olympic Committee and the French Committee for the organization of the Paris Olympic and Paralympic Games made a bet that might have seemed foolish to put all the games back together, Olympics on the French electricity grid. It was the first time that a large-scale sports competition bet on the electricity grid, and that bet was a winning one. It is therefore a world first which will now serve as a reference for all sports competitions and we, we are very happy. It is very largely a mobilization of the whole group, but in particular, of course, a great success for our subsidiary Enedis, who was at the forefront of this great success, so I'm going to start with the first pillar that I was describing, which is to support our customers in reducing their carbon footprint by giving you the elements of progress that we achieved as early as the year 2024 in this direction. I was talking earlier about giving confidence in electricity and especially in these economic conditions of medium term. We started to deploy our commercial policy at the end of 2023 and this year 2024, which is our first year of full deployment with 6,000 supply contracts of signed electricity representing approximately 22 TWh for 2028, 12 TWh for 2029 and a transition from 28 months to 39 months. Average maturity of contracts signed in 2024 compared to 2023. It means that our customers, in particular businesses, have fully understood the advantage of being able to have conditions that are defined on the most long term possible, because this definition, these contracts defined for the longest possible term, intrinsically converge into the electricity economy and therefore are much less likely to be volatile due to exogenous events. The second element, it is that we worked with a number fewer manufacturers with particular characteristics, so rather electro-intensive manufacturers on even longer-term contracts who are the now famous nuclear production allocation contracts for which we have nine signed letters of intent. So these letters of intent are practically finalized contracts. All they have to do is trigger them the moment they decide to make them firm. And then a firm contract to date and we continue to have detailed discussions, intense with a large number of these manufacturers including my confidence in the fact that in the short term, we are going to finalize them. This already represents more than 12 TWh per year over a period of time, therefore much higher than by 2030. Finally, we continue to supply the market as well. That is also to say our potential competitors on the retail market by offering four to five year fixed every day one of five megawatt power option for a period that is beyond three years and therefore allows the entire market to have access every day in the form of auctions to electricity in the medium term. We continue to develop new offers for the provision of flexible electricity and services for heating, control and all uses for residential customers. Of course, there it is. In short, where we are in terms of the commercial effort that we are making to make all our customers prefer electricity. Our commercial performance over the year resulted in a 1.5% increase in our customer portfolio to 41.5 million customers at the end of 2024 across all countries in the G4. That is to say, let me remind you, France, United Kingdom, Italy, Belgium, finally, on the decarbonization of uses. Have you seen the ambition we have formulated for 2035 and 2030? 30 million tons avoided in 2030, 45 million tons avoided in 2035. We are at 13.4 million tons. That is to say one million tons better than in 2023, which shows the beginning of the slope. But it also shows how ambitious we are for 2030 and 2035, which leads us not to soften, as they say, to go and find these decarbonization projects. We have two that were shown in the deck was shown in the film one a very nice project with SWISS KRONO who consists in the complete decarbonization of the entire process of this industrial thanks to the biomass installed by our subsidiary Dalkia, which represents 35 thousand tons of CO2 avoided per year. And then another one in Italy thanks to our subsidiary Edison in a Michelin factory in Cuneo, which represents 18 thousand tons of CO2 avoided per year. In the field of the use of electricity, we also continue to accelerate the installation and the management of charging stations in the G4 countries. That represents an 18% increase in load points deployed or managed. That is to say a little over 400 thousand points. There it is. In short, the results of our action in the field of supporting our customers. I am now moving on to the field of production. So I was just saying 520 TWh of total production for the group. 94% of these 520 TWh are carbon-free and therefore our production decarbonated represents 490 TWh. This obviously places us in the best position in the world for an electric utility available 24 hours a day, 7 days a week. This is a real operational performance with 41.3 TWh of additional nuclear power production in France thanks to the optimization of unit shutdowns and the success of the START 2025 program. I can add that over the year 16 planned reactors at the end of the phase have returned to production before the deadline. So that means that our industrial optimization on the management of short stops is really working. Now it's measurable. We are going to continue, of course, continue to work on this operational performance over the long term. Over 12.7 TWh of hydraulic production in a context of exceptional hydraulicity. You will tell me, is it the fallen water that determines that? Yes. You also have to be available at all times to be able to turbine this water. We must also be able to manage the flood phenomena, which were numerous and which therefore subjected our hydroelectric system at times that are complex to manage for all of our teams. Finally, plus 1.8 TWh of solar and wind production, in particular thanks to the commissioning. All this brings us to a carbon intensity of 30 g of CO2 per kWh compared to 37 g of CO2 per kWh in 2023. That is to say that we will reach our 2030 objective in 2024. So we will have to keep it on the one hand and continue to improve so that we were always going to look a little better and if possible be ahead of our goal. 22 g of CO2 per kWh produced in 2035 in the field of new buildings, of course. December 21st. The year 2024 is marked by the connection to the EPR network of Flamanville 3 after a divergence on September 3rd. We are now in the testing phase and we have for ambition to reach 100% power by summer to prepare for the industrial commissioning of the reactor. On January 31st, we obtained authorization from SMR to move to a power greater than 25% and therefore the ramp-up tests are continuing on the Hinkley Point C side. We have reached an important milestone which is the establishment of the reactor vessel number one in its location final, and the tank was supplied by Framatome and we are now entering the integration electromechanics of reactor number one. While civil engineering work on reactor number two is accelerating and will end in a horizon relatively short. Now, on EPR 2, we have reached a major milestone which is the design maturity review initial of the reactor and we have moved on to the detailed definition phase of the main buildings on the nuclear island, and finally, on small modular reactor projects, we pivoted our NUWARD project strategically in the course of the year to focus on where we think the market is going to be for medium-sized modular reactors. This market, it is made of design based on proven technologies with an objective that will allow us to cover needs that may be at the both electricity and heat. So much for production. Let me say a word about networks. Very good performance of our network subsidiaries over this year 2024 with, in particular, 5.1 GW of installed vehicle charging capacity connected and 5.5 GW of renewable capacity connected to the distribution network in 2024 compared to 4.2 in 2023. I am happy to say that for the third year in a row, Enedis has been recognized globally as the best smart grid in the world. Three years in a row. So it's a bit like winning the World Cup every year and I think that deserves congratulations on the Enedis teams. From the World Cup to the Olympic Games, I already mentioned the success of all of the Olympic Games events fully connected to the network. But beyond this connection to the network, it also made it possible to reduce CO2 emissions in terms of energy by 80% for Paris 2024. One last element which is not anecdotal because it also reflects a trend in which we had to manage in 2024 more of climate events than in all previous years. So, we continue to face climate events that not only affect our network activities, but in particular, which led twice a year to an exceptional mobilization. Means, of course, what is our division of the group in charge of territories? Islanders, but supported by Enedis, by Force d'Action Rapide du Nucléaire and by all the resources of the group, in particular to deal with two cyclones, Cyclone Chido. Absolutely, at the end of the year in Mayotte, of which I think you all followed both the intensity and the extent of the damage it caused on the island of Mayotte, but also after Cyclone Belal a little over a year ago in Réunion and in both cases, the extremely strong mobilization of the group made it possible to connect customers as quickly as possible who had lost the power supply. So, as part of Chido, we were able to, with obviously supporting Électricité de Mayotte and with all the partners who have joined this effort, connect 90% of customers on January 18th and 100% on January 31st and in the Cyclone Belal framework. 90% of customers in Réunion were recharged within 48 hours after the end of the red alert by EDF. So these two phenomena were absolutely major and mobilized the whole of the group. I add to that the flood phenomena that I already mentioned in France, where we had, on some watersheds, an unprecedented number of floods in the year. For example, I am thinking of the Durance-Verdon Basin, which saw 12 episodes of floods pass over the year 2024 and which required end-to-end operational management of the chain of all supply chains, dams, which really called on our teams and their expertise to manage these phenomena. Second element that reflects a trend in the domain, the fourth pillar of the group's priorities, which is the flexibility solutions. I would like to share with you the evolution of the electrical system as we live it and as we have lived it in the year 2024, under circumstances, electrical demand that remains quite low and means of production that are abundant and partly intermittent. A multiplication of the number of hours at an hourly rate of less than EUR 10 per MWh that represented in 2024 15% of the time, 13,366 hours. That is about three times what was experienced in 2023. So what does hourly rates under EUR 10 per MWh mean? That doesn't mean that the cost of electricity is less than EUR 10 per MWh because the cost of electricity, it must include purchase obligations, additional remuneration, etc. that are found elsewhere in the price. But that means that the electrical system must adapt to these hourly prices. So this ultimately results in a stronger instability of the system in the day and which requires in particular, seen from the controllable means operator, that we are a greater modulator of nuclear power. So we've given you an example of a production day that is quite representative. It's not the worst. It's not the best. That's pretty representative of a spring day that was May 11th last year, in which you see a modulation peak in orange at the bottom, which is the proportion of modulation that we carried out to erase, as they say, the solar bell. You see in the middle, which is the solar production that is multiplied. Then you see in an orange curve the price curve that brings prices to zero prices, even negative at certain times. Therefore managing the system with this volatility becomes a challenge for the entire electrical system. Of course, it is becoming a challenge for the EDF Group also because on this day, we modulated 22 reactors between quotation marks. That is to say, we have reduced the power of 22 reactors and in some cases, we go so far as to shut down a certain number of reactors for a certain number of hours. So this is a new electricity deal that we need to prepare the entire electrical system. This is one of the challenges we face in preparing the entire electrical system. Faced with this new situation, we need to increase the flexibility of customers. That's why we have multiplied the flexibility offers to customers with an 18% increase in our flexible offers. That is to say 2.1 GW of capacity in the flexibility offers within G4 countries and that we let's continue to work on the decarbonization of all flexible means, including thermal means, because this instability that is there in this case on the French territory. It is also multiplied in island territories, which are a real management laboratory for the future of electrical stability, and in this sense, the launch of the Ricanto liquid biomass plant project at the end of the year to replace the Vazzio thermal power plant will allow Corsica to have controllable carbon-free production means to ensure the future electrical balance of the Corsican territory. But with carbon-free means, in the same way, we commissioned the combined cycle power plant Gasda, Presenzano in Italy, which itself reduces CO2 emissions by 30% compared to previous turbines and will be ready to use hydrogen as fuel, ensuring their two controllable electrical production. Here are the illustrations of what the urgency and the need to develop the flexibility of the entire electrical system and the role of the EDF Group to ensure this flexibility in all its dimensions. So obviously, we do all this with an objective that corresponds to the raison d'être of the group, which is to build the electrical system of tomorrow to provide, deliver this electricity, this carbon-free energy to all of our customers. Our entire CSR strategy is built around this reason for being with goals that are to continue to fall aggressively our emissions Scope 1 since we are now at 1.1. An ambition to reduce our Scope 1 emissions by 65% compared to 2017 and the same on Scope 3. Our ambition is to reduce by 45% by 2035, 30% of our emissions by 2027 compared to 2019. So that these are our ambitions. I have to say that to achieve these ambitions, us, our objective, it is to obtain real decarbonization. So we don't reach these ambitions by simply going outside the group's perimeter. Carbon-intensive activities, that for us it doesn't make sense because our objective is to seek the decarbonization of the customer to seek the decarbonization of the customer. We consider it to be for a group that is 94% carbon-free. It is also understandable that we are keeping a certain number of activities that today are carbon-intensive because they allow us to work with the customer on the decarbonization of these uses. That's why you can see in the curves that we tolerate a certain number of curves in which finally we will maintain a certain number of relationships with customers. For example, on gas, the objective being based on gas to support them in decarbonization. It's really an effective decarbonization method because as soon as you are really with the customer in their entire energy equation, decarbonization, we have much more ability to determine with them a course of, which is absolutely the raison d'être of the group. In other areas of social responsibility, social and environmental, we continue to have a recruitment strategy that is stable and ambitious in order to attract young people to our jobs and develop diversity. In 2024, we reached the recruitment of 20,000 employees in France, including 10,000 permanent hires, 4,500 work-study students, 5,000 trainees. All this allows us to continue to develop the know-how that is essential to our jobs and all these jobs that have a positive impact on the environment and on the sustainability. We are confident that it will attract more talent in the future. Finally, we are continuing to work on the proportion of women in management with a slight improvement of 26.7% compared to 24% between 2024 and 2023. But you can see that we are still a long way from achieving ambition. So we still have work to do, gentlemen and ladies as well. There you go. All this to finish with our figures that you saw briefly in the movie. So an EBITDA for 2024 of EUR 36.5 billion, compared to EUR 39.9 billion in 2023. So explained quite simply by a very strong improvement in operational performance in an environment of falling prices, a net financial debt that is stable in line with our objective to EUR 54.3 billion. Current net income that reflects the evolution of EBITDA at EUR 15.2 billion compared to EUR 18.5 billion in 2023 and a net income group share of EUR 11.4 billion compared to EUR 10 billion in 2023. There it is. Thank you. I'm going to pass the floor now to Xavier, who will be more specific than me, and that I could not be so sure about the explanation of our results. Thanks. I'll be back later. Good morning, everyone, and good morning, everyone. I am very happy to see you again for you to come back with you to the key figures of the past year. First of all, so actually, turnover was EUR 118.7 billion. The organic decrease of 15.7% is directly linked to the fall in energy prices. EBITDA at EUR 36.5 billion is the second highest ever recorded thanks to the excellent operational performance of the year. And despite the significant impact of lower prices, the current net income was EUR 15.2 billion, following the same evolution as EBITDA and net income group share at EUR 11.4 billion. Net financial debt, as pointed out just now, is stable at EUR 54.3 billion and the net financial debt ratio compared to EBITDA was solid again this year and stood at 1.49. If I now go a little deeper into the analysis of EBITDA, which therefore goes from EUR 39.9 billion, which was the historic level from 2023, to EUR 36.5 billion in 2024. First element of explanation, the very strong increase in production, both nuclear and hydraulic, for a total of 54 additional TWh, contributed positively for EUR 4 billion. These are the first two green bars in this chart. Second, the fall in prices had a combined impact estimated at less EUR 6.2 billion, divided into three components, which are the next three bars. First of all, the drop in electricity prices on our sales, in line with what I presented during the half-year results, was estimated at - EUR 10.85 billion. On the contrary, the fall in prices has reduced by EUR 11 billion the cost of net purchases made on markets, fewer purchases in volume and at lower prices. And finally, third component, well, the cost of buying up network losses by Enedis was reduced by EUR 1.3 billion due to the fall in market prices. The last column of this chart shows essentially the decrease in EDF's EBITDA trading in a context of declining volatility and prices on commodity markets. Even though EDF Trading recorded its third best performance after 2022 and 2023, does this slide show the very strong increase in nuclear and hydraulic production in France thanks to perfect operational control and exceptional hydraulicity in France in 2024, as shown in the graph at the bottom right? Now on to operating income, where EBITDA reaches a historically high level of EUR 18.3 billion, up EUR 5.2 billion. As you can see, this is because losses in value and other operating income and expenses, which certainly contribute negatively for less than EUR 6.6 billion in 2024, had contributed negatively for less than EUR 16 billion in 2023. You remember the fact, in particular the depreciations we had made on the Hinkley Point C project and goodwill of EDF Energy in Great Britain for 2024. Therefore, these losses in value and other operating income and expenses include, first of all, a depreciation of project Hinkley Point C to the tune of EUR 1.1 billion, exclusively in connection with the revision of the medium and long-term inflation rate. Second, the new estimate of the estimated costs of storing spent fuel in France for an impact of less than EUR 3.2 billion, as well as a reassessment of the cost of deep storage, say Cigéo, for less than EUR 0.8 billion. And finally, a provision of nearly EUR 600 million, 573 exactly for environmental risks at Edison. The financial result is established, as you can see, at least EUR 0.9 billion, an improvement of 2.4 billion compared to 2023. This can be analyzed according to three elements. First of all, the cost of net financial debt for less than EUR 4.1 billion. It is almost stable compared to 2023 after several years of increase in the context of rising interest rates that we are experiencing. This has been possible thanks to our active debt management. The maturity of financial debt is getting longer, going from 11 at the end of 2023 to 13 at the end of 2024, and the average coupon fell by a quarter point to 3.85%. This was made possible by the bond issues carried out for around EUR 6.7 billion. The fall in short-term debts and early repayments of bank loans as well capture the start of falling interest rates. Second, the cost of debt was less than EUR 3.2 billion, an improvement of EUR 0.8 billion. In particular, it benefits by EUR 0.5 billion. The increase in the real discount rate of nuclear provisions, which went from 2.5% at the end of 2023 to 2.6% at the end of 2023-2024. This rate remained stable in 2023. Thirdly, other financial income and expenses for EUR 6.4 billion, as you can see, are up by EUR 1.9 billion. It is explained by the good performance and even the very good performance of the dedicated asset portfolio, which achieved an efficiency of 10.8%, made possible in particular by the favorable evolution of the equity markets. The current financial result was at least EUR 3.7 billion, an improvement of EUR 1.9 billion. It is restated for non-recurring items, including in particular the change in fair value of the portfolio of dedicated assets. Net income, group share, was EUR 11.4 billion, up by EUR 1.4 billion. In addition to the operating results and the financial results that I have just detailed, income tax represents a charge of EUR 4.9 billion. As you can see on the chart, an increase of EUR 2.4 billion in connection with the increase in pre-tax income. The share of net income from joint ventures and associates includes a depreciation of the Atlantic Shores offshore wind project in the United States for EUR 0.9 billion. Once retired, non-current items, including fair values and the new estimate of the projected costs of storing spent fuel, net of taxes, the current net income was EUR 15.2 billion, down EUR 3.3 billion. A few words now on the evolution of cash flow and net financial debt. The group's cash flow is positive at EUR 3.9 billion. It is explained by a cash EBITDA of EUR 35 billion. It is also explained by an increase in working capital requirements of EUR 1.5 billion, which is linked on the one hand to the end of the tariff shield mechanism and, on the other hand, to the drop in prices. That means that if the group had in 2023 a debt to the system, well, at the end of 2024, the group is in debt as a result of this price drop. And then it explains itself. Finally, this cash flow is grouped by net investments, which rose from EUR 19.1 billion in 2023 to EUR 20.2 billion in 2024. A word about these net investments. You see that they are therefore EUR 22.4 billion, with an increase that is linked on the one hand to the growth of new nuclear projects, including Hinkley Point C for EUR 1.4 billion for the development and strengthening of networks for EUR 0.5 billion, and then also to the purchase of the nuclear activities of steam power housed in our new subsidiary Arabelle Solutions and 5% of the capital of Framatome, which were previously owned by Assystem, EUR 0.9 billion. All of this having an impact on the increase in investments for a total amount of. If I go back to this bridge for the evolution of net financial debt, you see that net financial expenses disbursed and other items reached EUR 2.7 billion, taxes disbursed EUR 3.4 billion, consistent with the group's performance level. In addition, we obviously see the remuneration of hybrids and the dividends paid to minority groups for EUR 1.3 billion, and the impact for EUR 2 billion of emissions and especially of reimbursements from hybrids. Net financial debt is therefore established to EUR 54.3 billion at the end of 2024, a stable level compared to the end of 2023. Excluding the movement on hybrids, debt is down by EUR 2.1 billion. Thank you, and I'm giving the floor back to Luc Rémont. I'm just going to conclude by giving you some perspectives for next year. We obviously structured our perspectives around the pillars of the business project. First element, it means continuing to support our customers in reducing their carbon footprint. Of course, we will aggressively pursue our commercial policy to give the maximum of long-term visibility to our customers and to the market. And we will continue to develop everything that is needed for that. Second element, we want to be able to attract electrical customers in France and, in this perspective, for anyone who followed the Artificial Intelligence Summit a few days ago at Paris, you could see that it was also summarized at the beginning of the film with the expression of the President of the Republic. Our territory is attractive for activities that need electricity and, in this context, we plan to launch a call for expressions of interest in the coming days to facilitate the installation of data centers on a certain number of our own sites, which are already connected, so that from the start of these data infrastructure acceleration needs in France on territories that are already connected, which therefore make it possible to go faster than new connections, we can offer a number of data center projects the ability to go faster by taking advantage of some of our land. We are going to launch a call for expressions of interest in the coming days to search for data center projects that would like to set up on these lands. We will obviously continue to work in all areas of electrification of uses and with all possible levers to facilitate the emergence of the 150 TWh of demand that we want to make it emerge by 2035 in the field of production. There are obviously elements that are really in our hands. Our operational performance should determine this. So, it is obviously our nuclear production in France. We announced our production goals, over the years 2025 to 2026, 2027, which are between 350 and 370 TWh, including Flamanville 3. I recall that over these three years, we still have a lot of Big Carénage activities and a big visit for Flamanville 3. After one year of industrial production, finally, we will continue the continuation of the Hinkley Point C project. With both the end of civil engineering and the acceleration of electromechanical assembly, and we are going to continue the ramp-up of Flamanville 3 until industrial commissioning, there are topics that we are working on with our stakeholders, of course, at the forefront of which are the states of the countries in which we operate. In France, we have two very important topics to work with the state. The financing of the EPR2 program, which is in a phase of intense work at the moment. And then, of course, the future of the hydroelectric regime. We will obviously continue to work more generally on our ecosystem at the European level, on the electrification of uses and on the need to have a device of electrical production and a balanced electrical system that assumes a form. Balance between controllable carbon-free production means and means of carbon-free production that cannot be controlled with a network system that is balanced. So here are the elements on which we will continue to work in France and in Europe. Community, of course, we are continuing to work in the United Kingdom and I think we can hope for a decision of the launch of the Sizewell C project this year by the British authorities. Finally, on the networks, we will continue to work with our independent subsidiaries in the networks for that their activities allow for the acceleration of connections, racking and production, with a desire to be able to support the developments of a completely reliable network. The use of electricity, finally, in the field of flexibility, we will continue to work on adapting the electrical system in the face of intermittency and in the face of increasing instability. That it is by using all of our resources, but we will also work with the public authorities to deploy, for example, the new regime, peak hours, off-peak hours, which has a potential impact important on the movement of consumer burdens to hours when there is more electricity available. All of this, we are going to do this in an environment in which prices continue to fall and have fallen a lot between 2024 and 2025. And so that means an impact on EBITDA over the year 2025, which is significant, accurate, which I will summarize without giving you an EBITDA objective, to the nearest billion euros. But that I will still summarize as follows, starting from the EUR 36.5 billion EBITDA reached in 2024. We already have a price effect that is practically certain. Since most of the construction prices for 2025 are known, which is in the order of EUR 7 billion-EUR 9 billion, we have uncertainty about production. It's not an effect. We have uncertainty that is linked in particular to uncertainty on hydraulicity. Let me remind you that in 2024 we had very much higher than average hydraulicity, so we need to integrate a probability of hydraulicity over 2024, which is more in line with the average, and of course nuclear production that is expected, stable, and may be positive or negative effects, as in any economic activity, so all of this leads us to a significant impact on our EBITDA in 2025, which, however, should not lead us to revise our guide to how we want to continue to maintain a healthy balance sheet with an objective of 2027 that is unchanged. That is to say, a net financial debt on EBITDA of less than 2.5. You saw that it was 1.5 at the end of the year 2024. But so here's this rule. We're saving it for 2027, despite the prospect of a significant drop in EBITDA. Likewise, on the adjusted economic debt to adjusted EBITDA ratio less than or equal to four times. That is what I wanted to share with you in terms of medium-term perspectives. And now, if you want to, we will answer your questions with Xavier and then possibly the members of the executive committee who are in the room. So priority is given to questions in the room. I suggest that you raise your arm. And then after, once you have the mic that should be handed by, there it is. I will ask you to say your name and media before asking your question, please. Yes. Good morning. Thank you so much for the presentation, Juliette Raynal, for La Tribune. I had several questions. I wanted to know already if you could confirm the fact that the consolidated quotation for EPR2 will be postponed to the end of 2025 and what consequences this may have in the construction of the financing mechanism? I also had a question about the new figures you gave concerning nuclear production allocation contracts. Is it really nine letters of intent plus a firm contract or is it the firm contract that is included in all of this? And in terms of volume, so we have 11 TWh, 12 TWh, which is just 1 TWh longer than there was before. There it is. It was to find out if you could communicate about types of actors who had signed with you. And there was a third question about reactor modulation, including you have spoken, a few weeks ago. The CNR had mentioned the fact that this modulation could be one of the sources of stress corrosion and that studies were in progress. I wanted to know if you could give us some information on that? Thanks. Thank you so much. So on estimate EPR2, to date, we have cost estimates on EPR2 that are sufficient in precision to carry out the financial package of the project. Of course, these cost estimates, they will continue to be refined in the coming months until the final investment decision is made, which takes place in the second half of 2026 approximately. So of course we proceed step by step. It's just like any project. It's just that the size of the project is different. Today, priority, it is on the basis of cost assumptions, a large part of which is confirmed, but on which there is still work to be done to establish the financial principles of the project. This is the subject of the discussion we are currently having with the state, which will then lead us to a discussion with the European Commission. And in parallel with this work, we will continue to refine not only the cost assumptions, but also the hypotheses of deadlines, of realization, optimization. And that is how we will gradually converge towards a final investment decision in the second half of 2026. So there you go. It's an assembly of trains in which the cars arrive in fine together and we put not serial cars. There it is. It's just at the end, the train by putting everything together. For now, we are in the process of assembling the cars one by one, so we don't put them in series if not for the moment. Now we would be really late, so there is optimization work in progress. This optimization work does not prevent the other work that is in progress, which is the financial package of the project, and ultimately all the elements will be brought together at the time of the final investment decision. That is where we are at the level? No. I can't remind you because there is still work on it. There it is on nuclear production allocation contracts, so there are letters of intent which, as I said earlier, are contracts that are practically completely documented and that simply require a confirmation to trigger the contract. These letters of intent, there are nine of them. I am speaking under Marc's supervision and we have a contract. I can't tell you if he's inside the nine or he's inside, but we have a contract that is already firm within these nine. The types of actors are industrialists of all sizes. Besides, there are not only very big manufacturers, there are also smaller manufacturers who all have the common characteristic of having electro-intensivity. That is to say a portion of their significant added value that depends on electricity. We have a significant number of expedited discussions in this stage that allow us to hope for additional signatures in the relatively short term. Now, on modulation. Modulation is a phenomenon that we know well because all our power plants have been modulating since their origin, since they do what we call load monitoring, customer demand changing every hour of the day. All our power plants are used to following customer demand and therefore essentially modulating twice per day. The phenomenon we are facing there, it is simply an acceleration or an increase in the proportion of these modulations. We are obviously monitoring all of these phenomena there in terms of safety. On the point that you highlight, who did, I think, reference to a question about the potential impact of oxygen on the stress corrosion. We have done very thorough studies, both scientific studies on the diagnosis focused on the cracks in stress corrosion that we removed so we can diagnose them, on which we did not detect any trace of abnormal oxygen. The second element, we do very extensive analyses on the presence or absence of oxygen in our reactors. This, of course, regardless of the modulation circumstances. We didn't detect oxygen that was different from the thresholds tolerated. Hello Aurélie Barbaux, L'Usine Nouvelle, what impact will the abolition of the EUR 500 million envelope have on France 2030 for? Can we get an idea of the progress of the project? If the goals requested by the government at the beginning of being top seed in 2030 were still tenable, and if not, what were the other goals? The second one, can we get an idea of the share of nuclear investments that was dedicated to the EPR2 program for the year 2024? We want some figures on what EDF had already invested in the program to get an idea? Thanks. I can't answer about the impact of France 2030 because we're not at the stage where we need to discuss the financial package at this stage of the construction of a reactor. We are still in the process of defining the concept for the reactor and our current subject. It is good that the reactor concept meets its market. That is the objective for this year, knowing that this market for small and medium reactors is not formed today, it is not stabilized. There is still a lot of work to do, both on the reactor concept and on a technical level, and on the adequacy of this reactor concept with the needs of customers. That is the priority of the moment. It is only according to the result of this work that we will determine both the reactor that we want to offer to customers and then the method of financing the projects. I don't know if, Xavier, you want to add things? Yes. Good morning, everyone. And indeed, NUWARD, in its design so far, has been awarded one of the France 2030 grants. As you understood in the explanation and in what has already been communicated, we chose to continue the development of this reactor on a more classical design, but which is nevertheless innovative because it is going to be a modular design. And so we are in discussion with France 2030 to see how to extend France 2030's support on this new design. There you go. During the design phase. Thanks, Xavier. Next question, good morning. It's with John Waters. Do you have an update on the expected cost and the completion date for Sizewell C? Sizewell C. I am not sure I understood your question. The cost and the calendar for Sizewell C? Okay, thanks. Thanks for the question in English. Thanks for trying it in French. I am very sensitive to that. But it was easier for me to understand in English. Listen, we are actually working with the British authorities and the Sizewell C project. As you know, is not under our control. It is indeed the project itself that is now developing its project. We are a minority shareholder in this project and we are. I said earlier that we were hopeful that this project could be decided by the British authorities this year. This means that we are in the final stages leading up to the final decision of investment in which the latest estimated time costs and the latest assembly estimates financial will be discussed in the coming months with the British authorities. But we are not the ones in control of this project. So I can't give you the cost and time assumptions. Hi Paul. Message for GreenUnivers. I have a question about renewables. Do you have an electrification goal of 150 TWh? I was wondering if this was compatible with the expected reduction in energy development goals. Renewables to which EDF is not so unfavorable if we believe the list of actors, especially on the solar system. And the second question, it's about the 2025 goals. Can we get more details on the prospects for the development of renewable energies, whether in France or in the other countries in which you have your activities? Thanks. So I would like to start by saying that EDF is not in favor or unfavorable to this or that technology. We, we are electricians. We are in favor of electricity and anything that contributes to electricity is welcome. Simply, we are responsible electricians. A responsible electrician, it provides for the development of an electrical system that is optimized for the needs of customers and an electrical system optimized for the needs of its customers. It needs a mix of production characteristics and a resilient network. He needs that. And so there are phases in the development of an electrical system in which the electrical system can accept more intermittent production, phases in which it needs more controllable production. There needs to be a balance between these different phases. There is no reason for EDF to be more or less in favor of this or that technology. It turns out that today, France, for the very short term, we are talking about the next two or three years and in a situation of low demand compared to the production of the country. I noted the decision of the public authorities to give a minus price guarantee signal on a type of solar project, especially decentralized, for reasons that can be understood from the point of view of the electrical system. From the point of view of the electrical system, this type of decentralized production is quick to deploy, but it also has the characteristic of adding production to hours when there is already some, a lot. Therefore it has a relatively higher cost for the community, at least as long as there is no greater demand. There you go. Once again, there is no, there is no preference on the part of the EDF Group for this or that mode of production. We are present in all carbon-free production methods. We have the ambition to develop them all. Simply, geography by geography. There are times when development patterns need to be balanced differently. Indeed, the current circumstances in France are a lot of electricity production with low demand, which should lead to a temporary revision, I think, by the way, and without reaching self-consumption. I also think it was a wise decision on the part of the government, that to continue to have an electrical system that is developing from a sustainable way, both technically to avoid instability and in terms of economic, including what it costs the community. There it is, on the goals for 2020. Finally, on the results for 2024, we achieved 2.5 GW gross in 2024 more than in 2023 and we continue to have 8.6 GW gross under construction. So in line with what I described earlier about our development model, with financial partners who allow us to maximize our positive impact based on the know-how of the group, we will seek to maximize our gross impact in the years to come. So it means a development ambition that remains strong. By adapting these developments to the needs of different geographies, there are geographies that need a balance of renewable storage, for example, today. In these cases, we will ensure this balance of projects that ensure this renewable balance, storage, for example, and that growth of 2.5 GW gross. The group with a gross capacity of 26.8 GW gross. In addition, we have a GDP of 114 GW, which will then feed development. Good morning. Sorry for the context. Several questions. The NBI tax ceiling was raised in the finance law. Do you know if the government intends to increase its taxation by regulatory decision in the coming months? Another question about increasing the power of existing reactors. The government asked you to study a few months ago, in 2023, I think. What is the status of EDF's thinking on this subject? Finally, one last question about dividends. Do you have any perspectives from the state on the dividends it will ask you in the coming years? Thanks. Listen, so on the tax on INBs, I note that Parliament authorized the government to raise the tax on INB. NB tax is a production tax, and of course, if this tax on NB was actually raised, it would be a production tax that a prima facie contradicts the objective of a nuclear. On the one hand of having low electricity prices and on the other hand of increasing the level of investment in the, so by definition, can you imagine that this increase in the tax on INB does not delight the EDF Group? So that's part of the discussions we need to have with the government at this time, where we are also discussing very large future investments to increase nuclear capacity. We need to have visibility on our conditions of operation, on, excuse me, I forgot your second and third questions. How much power do existing reactors have? Are we continuing to make progress on 900 megawatts? Because this increase in power is relatively simple to achieve based on an optimization of the turbine. And so that, let's go, if I dare say, increasing the power of 1,300 MW is more difficult because it requires more engineering and therefore we are not yet in a situation of being able to say if and when we are going to make this increase in power. There it is, on dividends, on dividends. We know that we have been informed by the state that he wants a dividend of EUR 2 billion. And it seems natural to me for a company that shows that it is efficient and that it is economically healthy since it produces a result, that it can provide a dividend to its shareholder over the next few years. It will really depend on how we go with the state. Our financial trajectory obviously includes our investments. Because if we were to have a very steady dividend curve in the years to come, it can call into question our ability to invest. So it must be aligned with the state in a medium-term perspective, and on the tax. So the tax, NB, so, as you mentioned, the finance law offers a perspective between just over EUR 300 million and up to EUR 895 million. The evolution of this tax, which will be decided by the regulatory authority, and then it is also necessary to put fiscal developments into perspective. In addition to Cigéo, which will potentially come only in 2025, changes also in the water regime, whether it is the Voies Navigables de France or the basin agencies, and then, of course, EDF is also subject to changes in general taxation. The exceptional contribution on corporate tax, which should be around 430 million EUR for EDF in 2025 and the postponement of the cancellation of the CVAE. I already have the microphone, but I am Johnson from the Financial Times. Thank you so much for the presentation. I had a question about Hinkley Point, CGN. The Chinese group seems to be unable to give more than time. Can you update us on your new investor charge? How much money do you need and how are these discussions progressing? Thanks. Thank you so much. On Hinkley Point C, you are right to say that our partner CGN did not want to. For now, it has the ability to do it in the future, if it wants to fund the project beyond its equity commitment, as they say. In the meantime, it is the EDF Group that is responsible for the investment, which remains a profitable investment for the EDF Group, even if it obviously represents a significant part of our investments in the total of the group. We continue to search without urgency, but on a regular basis, financial partners who, in one form or another, might want to join the HPC project, provided that these conditions are attractive vis-à-vis the project and vis-à-vis the EDF Group. We had a lot of discussions with a lot of potential partners about the year 2024. Some discussions opening up interesting perspectives, but not enough for now for us to make the decision to implement some of these projects. The amount, today, we don't have a fixed amount at this point. We're looking at the options we have. Like any project manager who, at some point, you may want to lower your co-payment. We mainly look at the instruments that would be within our reach and their conditions. Hello, Alexandre Léchenet from POLITICO. I have questions about EPRs. Do you think you would have won the tender if there had been one in France for the construction of the next six EPRs? Besides, were there others? There are other projects in Europe that are still being resolved. Then in France, there was the Court of Auditors and the deal that said that they preferred that you give priority to France and that you were not going to let you spread out across Europe. If I understood correctly, the strategy is also to go to Europe to facilitate industrialization. Do you hear their concerns or reassure them? So to start, I cannot answer you about France since I have not seen a call for tenders so far. But I can tell you that I think we would have won in the Czech Republic if our competitors respected the European rules. This is the reason why we filed an appeal with the Czech authorities and European regulations on the conditions under which our competitor made its proposal to the Czech authorities. So, we think that we have an instrument that is competitive in the European world and that, in addition, we have the know-how to produce and that now, for the time being, there is no dispute possible since we have been the only ones for 20 years who have dared to continue to invest and to build and develop reactors in Europe on what we can do for the future. It is not the objective of the EDF Group to disperse by definition, but we need the head of industry. This industry of construction and maintenance of nuclear reactors. It needs sufficient industrial space to be able to be maintained on an economic and productive scale. So, today, this industry, there it is. She is working on France and the United Kingdom. These are the two markets in which this industry works. And France and the United Kingdom can generate, over the next 15 years, a portfolio of new reactors of about 10 reactors. We think that a dozen reactors, it is insufficient in terms of volume of activity for this industry to bring it to the best level of performance. And that is why we want the development of a European supply chain, allowing to serve other European countries that wish to develop their own program of reactors. We will not be nuclear operators in other European countries. We are not intended to do that. And that's why when in the goals of the group, I am quoting two reactors per year, I specify every time that it is not a reactor. It's not two reactors for the EDF Group. It's one for us, one for another group that would like to develop its business. And so again, it's not a desire to disperse. It is a desire to scale up, in particular, our construction industry, shared with other European countries that would like, like us, enter into a European logic for the development of this sector, which is the only one that ensures our energy independence. In reality, because it is the only one that allows us to develop available controllable power, H24 at the scale of the continent's needs, in the time we need to ensure the competitive decarbonization of the continent. There it is. That is precisely our objective. Aurélie Barbaux, you were unable to answer my question on the EUR 6.3 billion invested in new nuclear power because you spent on last year's EPRs. I want to take this opportunity to ask you how, except for call for tender on data centers, you expected to reach or the plus 150 TWh of electricity consumption in 2035? I can't get more details. Yes, of course. So how much did we spend on last year's budget? We are at EUR 2.8 billion. We've been at EUR 2.8 billion since the start. So last year, it was just under EUR 1 billion. Absolutely. There you go. That's where we are on EPR 2 so far, and all this carried only by the group, on how to reach 150 TWh. So we took all the segments of energy use, not only the use of electricity, of course. And in all energy use segments, we have determined the levers we have to support customers in their decarbonization from electricity. Therefore, by main categories of customers and levers, we set ourselves goals and then also the means to support customers. To cite examples, there it is. Over the 150 TWh of mobility, for example, electric mobility will represent a little less than half. It's still a big part of the effort will be based on the success of the electric mobility. Electric mobility in France, we can see that it is progressing well. The charging infrastructure is present, but it must continue to be developed and, above all, you must gradually look for categories of users who gradually go switch to electric mobility. We think of trucks, of course, but we think among individual users to facilitate the adoption by individual users who live in collective housing, for example. In short, you have to search for customer categories by customer category, the levers that allow this acceleration. So half a little less than half for mobility, and then the other half, it is divided into three-thirds, roughly a lot of it on the building. The building can decarbonize further in the building. The main decarbonization lever, its energy efficiency. And with Dalkia, we obviously have a very relevant know-how to support all types of buildings in energy efficiency. But beyond energy efficiency, usage conversions are now completely relevant, either in the form of a heat pump or in the form of geothermal energy. And in both cases, we have proposals that are accelerating today on the building of the second third of this half. It is, of course, the industry. So the industry, I mentioned a few cases and in industry, it is necessary to provide comprehensive support because most industrial processes use a mix of energy and you must be able to support customers on step-by-step evolutions, not of their entire process. And that's what we're doing here too, most of the time with Dalkia and with obviously the necessary reinforcement of public policies, which must also be able to support manufacturers, in particular in their choice of electricity, especially when they are choosing the electrification investment, which is a step important for an industrialist. We plead for, as part of the Clean Industrial Deal, these key moments for manufacturers when they choose electrification are recognized as legitimate to be accompanied by public policies. And finally, the last third, it is the emergence of new industrial uses of electricity. Now, in this last third, of course, data activity has a very particular role to play. That's why we have already taken the initiative on data centers. There it is. I hope that with that, I'm giving you a bit more granularity. Yes. Hello, Amélie Laurin from Les Echos. I have three questions. The first on the United Kingdom. Can you tell us if the discussions, if you are having discussions with the British government about HPC, are you conducting them alone or with the French government and, and is it that, as requested by the Court of Auditors, did you want the HPC and Sizewell C folders or not? In addition, can you tell us what the planned investment for HPC is this year and to date? How much did you spend on this project? There it is. My other two questions about modulation. The Inspector General of Nuclear Safety recently indicated that he expresses concerns about reactivity and maintenance, the longevity and operating cost of your installations. Do you share this observation? And finally, you said that you want to maintain a stable debt? Does that mean that EDF is excluded from significant asset sales or is that possibly on your agenda? Thanks. Thank you so much. So on the United Kingdom, we are obviously talking to the British authorities about all of our operations in the United Kingdom. Let me remind you that our operations in the United Kingdom, they concern, of course, first of all, customers from the United Kingdom, since we are operators both in the world of commerce, of electricity, both B2B, B2C, but also different means of production that are both nuclear, existing since we have our nuclear business operations, which includes several reactors in operation, renewable. And then our projects and our projects. In our projects, there are Hinkley Point C and Sizewell C on this whole relationship with the British government. Our aim is, of course, let our development in the United Kingdom be, as for any sustainable and profitable business. And indeed, under the circumstances of the moment, the fact that our partner CGN is no longer injecting capital into the HPC frame is effectively a weight. It's not an additional burden. It is just an additional investment weight for EDF that we are looking for, with the support of the British authorities, the means that will allow us to look for additional financing options on this project. And at the same time, we are having discussions as a partner of the Sizewell C project. On the financial closure of the Sizewell C project, which I would like to remind you that from the EDF Group, it is not primarily an investment since we will not be in a position to pilot this project. Project Sizewell C technically replicates the HPC project, but we were the initial owner of the project. From now on, we are no longer the main project owner. And so it is indeed on the British authorities that the effort to the constitution of the round table and of the entire financial system which will allow, I think so, to carry out the project. Afterwards, I have noted your reference to the Court of Auditors. There is an important clarification in relation to what the Court of Auditors says. It is that, once again, seen from the EDF Group, the Sizewell C project, it is primarily an industrial project before being an investment. This industrial project, it continues to make the European nuclear industry successful quite widely today, based on French capabilities and those we created with the United Kingdom on HPC. And so the first vector for us to analyze the Sizewell C project, and of course, first from an industrial angle, and then we will examine it for its own merits by so much, what investment, depending on the conditions that will be met at the time when the British government will wish to make a final investment decision on the modulation. In fact, we have our own internal security inspector who identified the issues for mobilization of modulation rather in the form of an interrogation. These questions, they are shared within the group, not in the form of concern, I have to say, but in the form of telling each other we are entering a world that is new, who, as I said earlier, reaches proportions of modulations that have not been known hitherto. And so we not only have the wish, but also the duty to look at in all its components what this world of modulation means. So, we don't have any particular concerns about aging, nor on the technical reliability of our reactors, because they've been doing that forever. And again, every time we ask ourselves a question, we are completely at the end of the analysis. But if the whole system relies more on modulation in the future, we need to ask ourselves questions rather about the organization of the system and of using our nuclear tool in the face of a more unstable system. So that these are questions that we ask ourselves, on which we are working deeply and we are going to devote significant resources this year to have, I hope so, a better projection into the future. How we approach this new phase of the electrical system in the future? On the level of investment, if you want to answer gladly. So to date, we invested EUR 34.6 billion in HPC, including EUR 2.7 billion in capitalized interest over this year. And we plan to invest around EUR 6 billion. And to date as well, the HPC ownership rate by EDF is 72.6%, and by CGN's 27.4%. That, just to give you the dilution level of CGN's, knowing that the figures I gave earlier are obviously 100% figures. Thank you, Xavier, for your last question. So we didn't say stable debt. Debt-to-EBITDA ratios were given as a target. But basically, to answer your question about asset sales, it depends on our business models. We have a business model that is our developer model, in which asset disposals are part of the business model. So, we realize, to be able to start new projects on a regular basis, we carry out what we call farm downs to be able to free up capital and create value that we have carried out on projects that are already in service in order to be able to re-engage him on new projects, so we're going to continue to do it on a larger scale than we did in the past, there it is, and that is absolutely clear. In this developer model, when gross gigawatt targets are announced, it's good in making this developer model work, which is based on basically what we do best for the EDF Group, to financial partners in electrification, which is our expertise of design and implementation, to detect the best projects of design and implementation, leaving it up to them in general to capitalize on the very long term the benefit of these projects. That's how we do it regularly. We did some in 2024. In 2025, we will make some transfers of projects that are already in service to Framatome. I don't know if Xavier, maybe you just want to specify that, for example, in 2024, we were able to achieve interesting capital gains in this frame, in particular on the park cession in the United States. We made just over EUR 350 million capital gains for a total of EUR 500 million sales. So that's it for to show you that this development model, which aims to optimize tools that we inject into each of the projects, also aims to create value and to crystallize this value during transfer transactions. I'm going to take questions remotely. We have Elsa Bembaron from Le Figaro asking, who asks, "Few questions: Are your nuclear production forecasts deliberately very conservative?" And second question, "Do Trump's decisions have an impact on offshore U.S.?" So, our nuclear production forecasts, they are as realistic as possible. That's what we're doing in terms of forecasting. Once again, we raised the production level very significantly in 2001, in 2024, and this despite an increase in modulation since modulation has affected our production level. We have in 2025, 2026, 2027, an estimate of our average production level, which must also take into account some of the modulation, but also of the efforts that we must continue to maintain on the Grand Carénage with a Grand Carénage load, with the arrival, the continuation of the decennial visits to the 900-MW 40-year and the start of decennial visits, 40 years of the 1,300 MW, which obviously represent a load of fixed asset part, but also a significant capital burden, and then the fact that after one year of industrial commissioning, Flamanville will also have to move on to its first big visit, which is also a heavy visit, so all of this is integrated into our forecast, and this forecast, she is, I think, realistic. That is how I can describe it. Elsa Pardon's second question on U.S. offshore U.S. So yes, by definition, the announcements of the new American president are having an impact since he aims, namely offshore activity, and it has already taken a number of actions that specifically target offshore activity, guidelines. It is too early to be able to say what is the real impact of these decisions and these. Nevertheless, with Xavier and with the board of directors and the auditors, we thought it was prudent at this stage to depreciate our investments that had been made in offshore U.S. Even if that doesn't mean we're not going to continue working, to achieve as much as possible value from these developments. And we have good reason to think that we will eventually find a path for to realize some of the value of these investments. But for now, we think it is realistic given the degree of uncertainty and, basically, the threat to the implementation of these activities, to depreciate them. Xavier, I don't know if you, like I said earlier, the amount that we depreciated on the project, Atlantic Shores, which is therefore the development project for this offshore project in front of the New Jersey coast, reached EUR 934 million. It is the shares of companies that put into equivalence, and so this can be read on the line, share of the results of equity-accounted companies. We have a question from Montel: Is EDF still planning to launch auctions in the second half semester for 10 TWh of long-term nuclear contract? Nuclear production allocation contracts will the agreement with the state have to be changed in this case? We have a number of counterparts from potential partners who we ask to go home, including Fever, recently, that he asked publicly who are asking us to enter into an open process on nuclear production allocation contracts. As I said earlier, today we have discussions that can be described as final with many partners with whom we started bilateral discussions several months ago. We're going to leave a little bit more time to finalize these discussions, hopefully in a few weeks at most. In fact, I think that this is obviously in EDF's interest both for secure long-term sales, but also the importance of the electrical system and the performance of our electrical system. As much as we can, offer the same types of instruments that are long-term, a greater number of potential partners. We are seriously considering it. Once again, after the horizon of a few weeks in which we think we will be able to conclude a number of discussions that are progressing well today. Is there a last question in the room? So I saw, excuse me, I saw François just now. And it's true that you had, please. Yes, a question about, it is possible to auction on nuclear production allocation contracts. Would it also be open to electricity distributors, basically competitors, or would it be just for end users? And the second question, I wanted to go back to what you said about the Czech Republic's tender, to fully understand why you think that European rules have not been respected. Can you tell us in a few words? Thanks. Thanks François. So when we say open, we say open, so it would by definition be open to anyone who wants to be able to compete by offering a minimum counterparty guarantees, who are, which are normal for this kind of partnership, and again with in mind the fact that we can continue to extend the maturity of this market, because the maturity of this market, in fact, it determines its stability and therefore the choice of electricity as well. That is our objective, and I think that it is an objective that is both in the interest of EDF, because this maturity, it is useful for us to have visibility on our long-term sales conditions, but also in the interests of the market to offer this long-term visibility on over the Czech Republic. I'm sorry, François, we are in litigation, so I'm not going to publicly deliver the items, fundamental principles that lead us to consider that our competitor did not respect European rules. But these are elements that are fed, because we have time for one more question, sir. Thank you so much, Stephan. Regarding, you have, did you mention the schedule from Lille to Brussels? I wanted to understand if you see risks in this European plan for EDF and also if you have concrete requests for policymakers at Brussels. Thanks, yes, so we are doing our job as industrial players to try to feed the reflections of the European authorities, to make the right decisions, to accelerate clean industry in Europe. There are a lot of areas in which I think the axis that is set by the President of the Commission corresponds to the right direction and in which we can feed with ideas. It starts with the slogan and who's, let's wait a lot who the red tape is. There it is, it happened to me, there it is, a bit like that. In a round table a few weeks ago, to say that the procedures were really difficult. It is at the level of all of Europe that the procedures are difficult for investment. Simplify procedures for all types of investors. It is an absolutely decisive element in the pursuit of development, of industrial activity in Europe, all over Europe. It is generally community and national procedures that are slowing down these investment decisions and especially their implementation through forms of procedures that are far too long compared to other geographies in the world. So here is a first axis on which we have nourished professional associations. Then the European Commission has a lot of ideas to shorten the deadlines. Though there are other regions of the world that have a relationship to time that is a lot, a lot, much shorter than ours. Among the elements of competitiveness that Europe must really regain, mentally, it is the relationship with time that is the most decisive. Afterwards, there is obviously in the Clean Industrial Deal there is the desire to provide carbon-free energy, competitive. Above that, we must have the agnostic character of the different means of carbon-free production as a common rule. In other words, we were not trying to re-emerge ideological debates that, in the end, only one thing is lost, in general, the ideological debates that waste time, and they mostly make the customer lose in the end, so I believe that we now have all the instruments that make it possible to build a decarbonized strategy, competitive, and that this is provided that we use all the levers and technologies that are within our reach, and to put it mildly, nuclear power is one of them, so the fact that for carbon-free hydrogen, nuclear is considered in the same way as any other means, electrical production, it is obviously absolutely essential to the success of hydrogen itself. And so that's one of the topics we're insisting on so that the agnostic nature of the various means of carbon-free production, i.e., the common rule, as was the case at the time, in 2023, of the definition of new market rules for the electricity market, that must be the case. The approach to clean industrial development issues as a vector of fundamental competitiveness in Europe, which, unlike other regions of the world, cannot rely on its own fossil resources to ensure its competitiveness. So, this decarbonization choice, it's not only obviously good for the planet, but it is vital for our Europe in a context in which our decarbonization is our best competitive axis. Thanks. So we go, we have a microphone on because I know Laurianne is in a hurry. So if we can come back later, we're going to stop the press conference now. Thank you, good day everyone. Thank you so much. Thank you all.