Good afternoon, this is the conference operator. Welcome to the EDF 2025 full year results investor call. Anyone who wishes to ask a question may press star and one on their touchtone telephone. At this time, I would like to turn the conference over to Mr. Claude Laruelle, Group CFO. Please go ahead, sir. Thank you very much, and good afternoon, everyone. I'm very pleased to welcome you to this call, and together with the team around me, especially the IR team that you know very well, we will be happy to answer your questions. Just maybe, as an introduction, a few words about our results. 2025 has been a very, very solid year for EDF. EBITDA has been at a high level, EUR 29.3 billion, thanks to the nuclear output in France and despite the falling market prices. Indeed, the operational performance is very strong, with an increase by more than 11 TWh of the nuclear output in France, and we have to come back to 2019 to find the equivalent of production in France. Notably, thanks to the availability of the reactors and the well-managed schedule of outages, program that we call START 2025. With a 95% low carbon electricity generation, EDF reached again a very low carbon intensity, 10% lower than last year, at 26.5 g CO2 per kWh. Cash flow generation has been strong at EUR 2.9 billion. It allowed reducing the debt of the group by EUR 2.9 billion to EUR 51.5 billion after serving a dividend to the State of EUR 2 billion. The net financial debt to EBITDA ratio was therefore at a very good level of 1.8 times. Net investment reached EUR 24 billion, an increase notably due to nuclear projects and network development and reinforcement. 94% of those investments are devoted to our net zero emission target. We have pursued to deploy our commercial strategy with 47 terawatt hour per year of medium and long-term contract signed at the end of 2025, and we continue to sign in 2026. The group had significant progress in its nuclear projects. Flamanville 3 reached 100% power. The forecast cost estimate of EUR 72.8 billion in 2021 euros was presented to the State, and the final investment decision and final financial closing of Sizewell C were made. Several major steps were reached at Hinkley Point C, despite difficulties with the electromechanical work, what we call the MEH scope. As for 2026, we expect EBITDA to retreat slightly in a context of market price downturns. The leverage ratio is a key target, so we confirm our ambition of a net financial debt to EBITDA ratio of less or equal to 2.5 times, and an adjusted economic debt to adjusted EBITDA ratio of less or equal to 4 times at the end of 2027. So I propose that we move now to our Q&A session, and the floor is yours. Thank you. This is the conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Michael Charlton, Banco Santander. Please go ahead. Mr. Charlton, we cannot hear you. Maybe the line is on mute. Sorry. Thank you very much for taking my call. What update can you give us regarding the European Commission's sign-off for the State loan for the construction of the new nuclear power stations? And the second question is, what effect do you expect the Italian decree published yesterday to have on the prospects for the divestment of a stake in Edison? Mm-hmm. Okay. So two good questions. Thank you very much. So we have started the process to get the approval of the European Commission on EPR 2. Just as a reminder, we need this green light because it's we have the subsidy from the State on the loan, plus the CFD. So we follow the same process as the projects in Czech Republic or Poland. So we have started the process because we have filed in November. So now we are exchanging back and forth questions with the European Commission. We still have the goal to get the FID, the final investment decision, the FID, at the end of the year. And this is well understood by the commission. The second question is the Italian decree. We are looking, the Italian decree is not completely, I would say, it's in the process of being approved, but, we will not stop our process of opening the equity of Edison. It's an ongoing process. You know, part of the big move of Edison is also moving to renewables, because we are investing a lot on renewables in Italy. So this process will continue. Just as a reminder, we have a dual track process, which is under preparation with two main bankers, Lazard on one side and Banco Intesa Sanpaolo on the other side. We can move to the next question. The next question is from Ivan Pavlovic, Natixis CIB. Please go ahead. Yes. Good afternoon, sir. Thank you very much for taking my question. I would have two questions, please. The first one is on free cash flow generation in 2026. While obviously you expect EBITDA to slightly retreat this year, last year you had a very, very solid free cash flow generation performance. Can we expect free cash flow to remain positive in 2026? That's my first question. My second question would be on the state of the discussions at the French Parliament on the law for the opening of the hydro concession. Could you shed some light on the ongoing discussions and the potential outcome for EDF? Thank you very much. Okay. So, I will maybe start by this one. So we have reached a very significant milestone for the new law, for the hydro and the move from a concession to authorization regime. It was approved by the vast majority of the lower chamber, so it's a very good sign that we have almost a political consensus regarding this bill. So the next step will be the Senate. So the upper house is expected to be in April. So that's what we have today under the radar, so we could expect a final approval, if I understand correctly, but before the summer, so, or during the summer. After that, we have to discuss with the state about the financial model of the new regime compared to the previous one and what could be the difference between the two. So it's also ongoing in order to have we expect the final go next year for the entire process. In terms of free cash flow, that will that I will come back to the previous question that we had, that with on the Italian project, the Edison equity disposal, you know, we want to keep a majority stake in Edison. It's a key asset to EDF. So also depending on the schedule of this, because it's a significant project for us, we, we have, it could be at the end of 2026 or early 2027, so we don't have full visibility on this one. So that could also materialize free cash flow, or that could have a significant impact on the free cash flow. So it's hard to give you a direct answer on the free cash flow generation, but what we know is that operating free cash flow will be well-oriented in 2026. As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question is from Damien de Saint -Germain at Crédit Agricole CIB. Please go ahead. Yes, good afternoon. Thanks for taking my question, and congrats for this still very high level of results. Couple of questions on my side. First, looking into 2026, could you shed some light on what will be the drivers for the EBITDA? I understand power prices will be on the negative side, nuclear outputs would be rather stable, but what are the expected other driving forces for the 2026? The second question is on the contract you signed under the CAPN mechanism. I heard this morning you had roughly 16 TWh being secured under that type of contract. Could you tell us how much you cashed in in 2025? Whether it's expected to repeat in 2026. And finally, two questions related to the cash equation, following up on the previous one. Can you give us a kind of guidance on what could be the CapEx level for 2025? Earlier this morning, I understand you expect some sharp increase in CapEx for EPR2, you were counting historically to EUR 25 billion. Is this a CapEx envelope we should be looking at for 2026? And looking beyond 2026, we have a sharp drop in power prices. CRE has been releasing some a cheaper price that could be down EUR 6 per MWh in 2027. Do you confirm that level, and what would be a mark-to-market of the EBITDA at current forward power prices at EUR 52? Thank you. Okay. So maybe so it's a lot of questions. Thank you very much. So, if I look at 2026, the main driver for EBITDA, and that's the reason why we said a slight decrease of EBITDA, is the end of ARENH. So if you remember correctly, ARENH, we had to sell 100 TWh at EUR 42. This system has been replaced by the so-called VNU. Maybe the team, you can comment or you know exactly. So we are not capped, but above EUR 78, we have to share the profit that we make on the nuclear output. So, we have a sharing mechanism above EUR 78. Above EUR 78. I would be very happy to be at EUR 78, because currently we are lower than that. And in 2024 for 2026, we have a very good visibility of 2026 because we have a hedging policy that you know very well. So we have sold most of 2026, and we started to sell 2026 in 2024. So we sold a very large majority of the 2026 production in, on mostly linear basis in 2024 and 2025. So we are able to capture good price plus the end of ARENH. All of this makes a slight decrease in EBITDA, but still a very strong EBITDA for 2026. For the CAPN contract, the so-called CAPN contract, we don't release any confidential and commercial information. So that is part of the free cash flow, of course, the so-called, I don't know how you say that in English, advance on head, but it's not part of what we disclose as a number. Okay? It's not a public information. You were mentioning the third question on the cash equation regarding the CapEx. Yes, we said that we will continue to invest in CapEx, especially for EPR2 and HPC. So and EPR2, we said we will continue to increase CapEx. So we expect CapEx to be above EUR 25 billion in 2020-2026. And your last question was about, sorry, the CRE and what the CRE has published. Maybe you- Yeah, so you're right. As you know, with the VNU new system, we now like to address the prices for the nuclear fleet, and so the regulators all calculated that for 2026, which will be around like 66 EUR, and the last assessment they made a few months ago was around 60 EUR. So actually, when you look at the forward prices, the forward prices for 2027 are below 2026. So it's completely in line with the kind of calculation that they made. And that's where we stand, and you see they will be like revising this figure up to the end of 2026. Mm-hmm. And, and it's looking at the... I would say it's two things, because they look at the market price, but in fact, what you have to understand is, we are able to capture, and this is what we did in 2025, very good prices with the hydro. Because, we are able to be available when we had higher prices. So it's, it was also a significant boost to EBITDA in 2020, in 2025. So and we expect this to continue as we will see, you know, a transformation of the curve, the daily curve of power prices, especially, in, in during the summer. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question is from Alessandra Mac Donald, BlackRock. Please go ahead. Hi there. Good afternoon. Thank you for taking my call. I only had one, and I was just curious to hear how are your discussions going with the government around the construction of the additional eight reactors? I mean, I appreciate that it might be early times. You're still getting the approval, trying to get the approval for the six reactors. But, like, if you can just give us a little bit more color on the sentiment, like, what is the government thinking? Is there a need? Is it just a matter of we will take the decision later and so it's gonna happen, or it's really very much uncertain if that, those reactors will be needed or not? That would be great to have more color. Thank you so much. Okay. So, first of all, the most of the discussion that we have today is about the six EPR2. It's a lot, which is ongoing. And just to give you a little bit of an update, we are in the middle of a process of an audit from the intergovernmental or Interministerial Direction for New Nuclear. They are departments on new nuclear, the famous DINN. So we're in the middle of this process, in order to make a final decision on investment at the end of the year. If you look at what has been ordered from the previous CPN, also the Nuclear Presidential Committee, they ordered us to look at the potential eight additional EPR2. But, so we will have to be prepared for that. But the priority for the time being is six. After the series of six, we will benefit from a series to have a lower, cost of implementing eight EPR. So it makes a lot of sense to do 14 instead just of six.... And the good news also is that the new, planification for electricity in France, the so-called PPE3, that has been issued last week, has, confirmed that, nuclear, and new nuclear is a priority for France, and has given us a green light to implement the new, the new EPR2. So, after that, as I said before, we have to get the green light from, from, from the European Commission. Yes, EPR2 it's, or it's, an ongoing process, but I would say, less urgent than the six PPA, the six EPR2, because we are already focused on delivering the six EPR2 for the timing. The next question is from Andrew Moulder, CreditSights. Please go ahead. Yes. Hi. Thanks very much, and thanks for taking my question. Just a minute ago, Claude, you said that you thought EBITDA in 2026 would decline because of the end of the ARENH regime. That surprised me a little bit because I would have thought that the EBITDA would potentially have increased with the ending of the ARENH regime. So, so can you just clarify, is it really the ending of the ARENH regime that will reduce the EBITDA, or is it just because market power prices have come down? So that's my first question, please. My second question, you answered, about Edison and the potential opening of capital at Edison, but also, the disposal of your U.S. renewables business was, one of the other things that was mentioned in your asset rotation. Could you just talk about where you are on that? I mean, is that an ongoing process, and how far along are you advanced with that? And then I just have two more small questions. You talked about the sharing mechanism at 78 EUR/MWh. As I recall, there were originally two caps for the sharing mechanism. One was at 50% and one was at 90%. Is the 78 EUR/MWh the 50% one, and is there now only going to be one sharing mechanism? And the final question I wanted to ask, there were a lot of questions this morning at the conference about the modulation and the paper you produced earlier on a few weeks ago, I think it was. Could you just give us some idea of how much extra you think it will cost you, to do the necessary modulation, given the amount of increasing renewables in the system in France? So those are my... I think that was four questions. Thanks very much. Okay. Okay. So I said that EBITDA is expected to be slightly below 2026. Maybe my English was not very good. Sorry about that, Andrew, but because some people, they expected EBITDA very much lower than 2025 in 2026. So I said, slightly, slightly below because of the ARENH, and you're right, ARENH has a positive impact. But declining power prices have also some impact. And if you look at the balance of the two, it's slightly negative, as we see it from today. So that's the two main impacts for 2026. And keep in mind that it's not only France, but we have also U.K. and Italy that are part, a little bit Belgium, but U.K. and Italy, that are also part of the group. So just, just to clarify, but maybe I was not clear enough. That's my bad, my bad English. About disposal on U.S., so we have, we have started. It was a complex process because you're talking about many, many different assets. So it's a complex process for us in order to prepare the data room for the investors. And on the other side, it's also a complex process for the buyers. But we have a lot of appetite. That's good news. So we had many, many, you know, non-binding bids at the end of phase one. Phase one ended up, you know, with a lot of appetite in December, and we started the process of phase two mid-January, expecting a first round of binding offer late March. So the goal is to sign this disposal in Q2 this year and to close it, of course, this year as well. So, and why we see so much appetite, because the U.S. is in a really—it's a booming country for electricity demand, thanks to AI and a lot of data center. So we see a lot of interest from many investors on the U.S. renewable. The third question was on the sharing mechanism. Sorry, I was not precise enough. So yes, 78 EUR/MWh is 50/50 sharing mechanism, but when you look at the market prices and what the CRE, the regulator said a couple of months ago, that it will not be applied, in fact, it will have no impact in 2026. There is another threshold, which is 110, if I remember correctly, with a sharing mechanism of 90% to 10%. So you have two levels, 78, 50/50... and 110 EUR/MWh for 90/10. And the last one is a modulation report. I think it was important for everyone to understand that the nuclear fleet in France has been designed to have modulation, but to have a modulation, I would say, once a week or at the maximum once a day. Today, we see much more than that, because we the renewables are, I would say, have the kind of a priority and on the merit order, they are called first, especially during the summer and even during the spring, where we see prices at 0, quite often. So this, we wanted to explain what is the impact of the modulation on our nuclear fleet. The main impact first is, we have a lot of availability, but we have no production. That, for us, is the main impact. The second impact is when we have to completely shut down the reactors, because, you know, we can go, we cannot go below 20% in terms of production, nuclear production. So when we are, when we have to be below 20%, we have to shut down, until we start, it takes quite a long time. It's a matter of days. So we wanted to explain that this is an impact. And also another impact is because we have a lot of rotating equipment. Those rotating equipment, they have steers and wheels, because of the stop and start much more than what they used to have in the past. And it's not only on the nuclear fleet, it's also on hydro, and it's also on CCGT. So it's the entire fleet, but it's not only in France. If you talk to other utilities, they will tell you that, when they do a support to the grid, and they are called many times a day, they will see more maintenance costs or more renewable, more renewals, renewal costs in their equipment. So, we don't have a precise number yet. We are working on it. But the first effect, of course, is a loss of production. Can I just follow up with one question on the EBITDA, if you don't mind? So the last couple of years, you've given a bridge between sort of the current EBITDA and then the EBITDA expected next year. I noticed that that was not something that you included this year. So is that... Can we now say that that's gone? You're not gonna be giving sort of the bridge to the next year's EBITDA anymore? No, I don't know. Maybe my colleagues can help me on this question. I was not like—I was not part of this year. No, I apologize, Claude. I'm sorry. No problem, Andrew. We thought that this year, because it's a slight decrease, was not absolutely necessary to highlight this to everyone. Because we said that the end of our ARENH is compensating, as I said, the decrease in power prices, showing something which is more flattish was maybe less useful, but Yeah, exactly, Andrew. As you know, previously, the magnitude of the volume effect of the price effect was super significant. And so as this year, when you look at the nuclear output, generation expected for the year, which is pretty much in line with what was performed in 2025, and as well, because the positive ARENH effect is more or less offset with a negative impact from the market prices. At the end, we thought it was not super meaningful, actually, like, to have, like, a bridge of the EBITDA with only, like, very small boxes. Obviously, if next year, for whatever reason, we had like to give such a bridge, as long as it's helpful, we will be doing so, I guess. Right. Thanks, Nicholas. Thank you. Once again, if you wish to register for a question, please press star and one on your telephone. The next question is a follow-up from Damien de Saint Germain, Crédit Agricole CIB. Please go ahead. Yes, thank you. Just two follow-up question. First, very simple one on the assets in the U.S., you plan to be selling. Could you give us a rough idea of the EBITDA we are talking about? And the second question is on the demand side in France. You have record high exports, both in 2024 and 2025, mainly related to recovery on your side, but also lack of pickup in demand on the French market. I know you expect a recovery, especially that maybe come from data centers' demand. Could you shed your light on what is the competition here? How do you attract data center in France as compared to other countries that are all willing to capture this demand going forward? Okay. So maybe, EBITDA is not very significant for the asset in the U.S., with a very high multiple. So, you're talking about a few hundred million. So, that will be a minimal effect on the EBITDA of the group. Okay? So to the second question, which is record high production in France. So I was talking about the Star 2025, we will continue to improve. We are driving our nuclear fleet, I would say department, to increase availability as much as we can in order to capture whatever we can, whenever we can. We see today a stable demand, but we see also some movement in electric vehicles. So when you look at, because now in France, we have a lot of, it's possible to recharge on highways, it's on motorways, and so on. So we have a network of station that is much larger than what it was three years ago. So there is a much more confidence that you can drive, I would say, across France without having any problems. So we see a pickup there, which is good. We are pushing also all the forces of EDF and the State in order to put electrification as a priority. Priority, so to connect new customers, priority also to help industries to move to electricity. The good example for me is ArcelorMittal is one, for example, but ArcelorMittal, they need a long-term view on electricity prices, and CAPN is exactly designed for that, in order to help those customers to move to electrification. Would be the same, because we know that there is an ongoing project for Saint-Gobain in Pont-à-Mousson, in order to move from gas-fired steam generation to electricity. So same. And visibility on power prices are key in order to move to electrification. So that's because electrification of industry, we don't talk much about it, but can be significant. And on data center, what we have done, we have identified within EDF some existing sites where we are decommissioning some old thermal power generation units. They are already connected to the grid, so connection is existing. The idea is to be able to transform those sites and to put a data center, so that will save the time of the connection to the grid, and that will ease the process and make sure that we can attract, by this way, data centers. We have already a lot of interest from some investors. If I remember correctly, we have in Montereau we have OpCo and we have a new, a fourth site that has been put for, I would say, market of interest in December, in Loire-sur-Rhône. Because we have existing sites with connection, that's a big driver to push for a data center installation in France. We have a decarbonized energy. You have seen the numbers. We are producing, in France, I don't know, 98% of decarbonized energy, something like that. I'm talking only about France. So it's very much decarbonized energy on one side, and on the other hand, what we have, we have a lot of energy available, and more than that, available and with a stable production. So because, so we are able to guarantee the production, not only during the day, but also at night, which is important for data centers. Okay, thank you. Gentlemen, Mr. Laruelle, there are no more questions registered at this time. I turn the conference back to you. Excuse me, there is. We do have one last question from Jerome Poret, MUFG. Please go ahead. Hello. Thank you for taking my question. Maybe, a couple of questions on the electricity price again. Earlier in this conference call, you said that you were able to capture, you know, good power price, with hydro. Could you give us an idea of how much that represents compared to the base load, you know, prices that you're, you're achieving? That would be my first question. Secondly, you know, with power price being where they are today, I think around EUR 55, maybe I'm, I'm wrong. Could you give us an idea of how much that would, you know, that would represent if we were to have these prices, for, you know, in two years' time, in terms of EBITDA on a pro forma basis? That would be very, very helpful. And then I'd, I'd like to... Maybe a third question, on the purchase of the dams. You've communicated an amount of CapEx to be spent to, you know, to expand the capacity, to create stats and so on, so forth. But you've not given any number in terms of the purchase price that would have to be delivered to the State. And if you had any color on that, it would be very helpful. Thank you. So purchase price is an ongoing discussion with the State, and, frankly speaking, is a lot of moving parameters. So the only thing I can tell you is the unit. The unit will be in EUR billion, but the number in front of the unit is today is really uncertain. Because, when we are modeling, it really depends on, how much is paid up front, how much we have to pay, how do you view the concession? You have to agree on CapEx and so on. So it's a lot of moving parts. Discussions are ongoing, so when we will see more, we will be able to give you a better idea. But, it's difficult to give you a number today, on the hydro. On the electricity prices, in fact, what you can do is, if you look at the price curve during the day, you look at what you see, the shape, the shaping of the curve, even during the summer, if I make a long story short, you have 0 during the day, and at evening and in the morning, you're more in the EUR 100 range and sometimes higher. So that gives you an idea of how much we can capture with the step, you know, pumping, pumping and storage. So with this type of mechanism, you can capture a much better prices during those days. And you have seen that we have a record high level of pumping on the hydro side, because we have produced 6 terawatt hours. So, capturing very good prices, not only during the summer, but also during the rest of the year. And maybe you want to add something on, Nicolas? So it's hard to comment on the prices capture for hydro, but obviously, especially with the pumping system and what Claude just said, the difference obviously represents a few tenths of additional EUR per megawatt hour, which is obviously a key way to benefit, especially from the lower prices. Because at this time, you will be using the electricity in excess to do the pumping at a very cheap price, and then resell the energy a few hours later. About the evolution of prices in the years to come, obviously, you know, that the ARENH came to an end. A very large portion of the output now is sold according to market prices. So this morning, I guess we were commenting that we have more and more volumes, which are secured in the middle or long term, but anyway, you have, like, a significant amount. So obviously, when prices are down, you're out of the more or less 400-something terawatt hour, the group is generating each year. The large portion is directly impacted by those prices. And that's pretty much what you saw actually, when we were discussing about the calculation made by the regulator for 2027 compared to 2026, which were directly actually reproducing the evolution of prices. With a regulated tariff, we have kind of a, I would say, delay in the way the declining prices are put into the tariff, because it's an average price over a couple of years. Yeah. It's also helping EDF because we have a lot of customer on regulated tariff to amortize the price decrease. Thank you very much. Okay. One more question. Okay. The last question is a follow-up from Andrew Moulder, CreditSights. Please go ahead. Yes, thanks. I've taken my question again. No, I just wanted a bit more information on Hinkley Point. I mean, obviously, you gave the update today, where you took the write-down on provision. Then you also had. You pushed out the operational date now to 2030, but you also said there's, if there's another sort of 12-month delay, then it could be 2031. And I just wonder, what kind of things are you anticipating or are you worried about that could force the project to start in 2031 rather than 2030, you know, if there is the 12-month delay? Okay, so You also talked... Oh, sorry, just a little bit more on Hinkley Point. Sorry. You also said in your, in your presentation, appendix, that you had, you were considering complementary alternative financing solutions for Hinkley Point. Obviously, you've signed a deal with Apollo, but what else are you considering to finance Hinkley Point now that the, the Chinese are not putting any additional equity in there? Thank you. Mm-hmm. So to answer your question, we tried, or my predecessor tried with Apollo, to have equity injection. In fact, it was too complex or too safe for Apollo, so they decided—he decided to have a more senior debt, private debt kind of deal with Apollo. Which is very good because it's a diversification of sources of financing for EDF. So, but at the present time, we did a lot of call with some investors, but we don't expect anything material because we are still on the construction phase, so we don't see today enough appetite from investors. To go back from Hinkley Point, we have a new schedule. New schedule with a team which is, I would say, very much dedicated. I've been to Hinkley Point myself already twice. Once in September and the second time in December, I will go back to the site, I think it's in April. So in order to look at the situation there, because it's clearly a high priority for the group, and the chairman is doing the same. So in order to have a full review of the project with the team, we follow very, very closely the construction. So the good news is on the civil works, it's well advanced, but as I said, the MEH, electrical, electric, mechanical, electrical, mechanical works is still ongoing. And we have put, as we did before, a buffer in our accounts. We have the schedule, but because we are on the safe side, at the upper level, we have this buffer of one year. Okay, great. We put the management to deliver on 2030. That's really what they have as a target. Okay, good. I'd. You know, as an analyst, I'd certainly be happy to accompany you on a visit to Hinkley Point, if you'd like to organize that. So maybe Nicola can do that. That would, that would be good. Thank you. Maybe for you, Andrew, what you should do first is to go to Flamanville 3, because you will see the final product, which is up and running. Yes. So we can do that in Flamanville, you know, so you have to take the boat and to cross the channel. I think you can land in Caen or somewhere else in Normandy. So that will be not William the Great, but the other way around. So you will land in Normandy, and so we can visit together Flamanville 3. Yep, I'd be open to that. That'd be great. Thank you. Let's consider that. William the Conqueror, sorry. Okay, thank you very much. No more questions. So, just, in a nutshell, I would say that I am very pleased, we are very pleased by the very good, I would say very good results of 2025. Especially with a very strong operating, free cash flow, very strong cash flow as well, that, allows us to reduce the debt, giving us a full confidence for 2026, and especially after the upgrade of S&P to BBB+. Thanks to the team around me that did great work in order to get there. Merci beaucoup. Thank you very much, and talk to you very soon. Bye-bye. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.