Group CEO. Mr. Derichebourg will speak in French with an English translation right afterwards. After this introduction, Didier Grandpré, Group CFO, will carry on with the usual presentation before opening the Q&A session. Mr. Derichebourg, please go ahead. `[Foreign language] Hello everybody. First, I'm sorry for not speaking English, but you know what, at my age, I'm not going to start learning now. We had told you in May that everything was going a lot better, and if everything went according to plan, we would be able to pay out a dividend, and as you've seen in the press release, that has now been confirmed. [Foreign language] Okay, so I'd like to thank you all for being here. It really is an honor to have you all here, and I'd now like to hand over to our Financial Director, Didier Grandpré, who's going to take us through the results. Thank you, Daniel. Good afternoon, ladies and gentlemen, and welcome to Elior Group's full-year result presentation. We have provided detailed financial information in our press release issued earlier this afternoon, which is available on Elior's website. I invite you to read the disclaimer on slide two, which is an integral part of the presentation. I will make a short introduction before covering our full-year results in detail. I will share the progress made in the implementation of our CSR strategy, and I will continue with the business revenue section. Finally, I will conclude with our outlook for the next fiscal year before we answer, Daniel and I, your questions. Two years ago, the 2022 to 2023 fiscal year marked a turnaround in our operational profitability with a positive adjusted EBITDA of EUR 59 million compared to a loss of EUR 48 million in 2021 to 2022. The following year saw a remarkable improvement in performance, with the adjusted EBITDA increasing by EUR 108 million in one year. Now, the 2024 to 2025 fiscal year is a new major milestone. We've not only strengthened operating profitability with adjusted EBITDA exceeding EUR 200 million, but also achieved a turnaround in profit before tax, reaching EUR 65 million compared to a loss of EUR 5 million last year. Elior has once again improved its performance in 2024 to 2025, although this was limited by a particularly challenging year for our temporary staffing business, which recorded an exceptional sharp revenue decline and an unusual negative EBITDA. After the takeover by a new management team in the second half of the year, our objective is clear: achieve a rapid return to profitability in this segment. In this context, it was important for us to present the 2024 to 2025 result, of course, as reported, but also excluding the underperformance of the temporary staffing business. Globally, our results for 2024 to 2025 are in line with the revised objectives set last May. First, in line with the first semester and our revised ambition, the organic growth was modest in the second semester, reaching +1.3% for the year. Growth stands at 1.7% when excluding temporary staffing activities. Adjusted EBITDA continued to grow, both in absolute value and in margin rate, up 50 basis points to 3.3%. Notably, the margin rate for 2024 to 2025 reached 3.5% when excluding the underperformance of temporary staffing activities, corresponding to a 70 basis points increase. We achieved a positive profit before tax of EUR 65 million, an improvement of EUR 70 million, including lower non-recurring charges following the successful implementation of optimized organization across our geographies within two years. The payment of a dividend of EUR 0.04 per share has been approved by the board of directors today and will be proposed to the AGM approval on February 1st, 2026. We remain focused on delivering value to our shareholders while continuing to pursue our delivery-aging objectives. On this front, our leverage ratio was reduced by 0.5 points during the year, reaching 3.3x at the end of September 2025, thanks to a sustained free cash flow exceeding EUR 200 million for the second year in a row. Moving to our financial results in more detail, starting with the revenue on slide seven, group revenue reached EUR 6,115,000,000, corresponding to an overall revenue growth of 1.6%, made of group organic growth at 1.3% within the expected range. Tactical acquisitions contributing for 0.8%, including notably the regional expansion of facility services in Spain to complement our leadership position in contract catering in that country. The negative currency impact of -0.3% came mainly from the softening of the U.S. dollar. Organic growth was driven by contract catering at 2%, itself supported by strong commercial development in Spain, rigorous pricing discipline in the U.K., and successful commercial activity in the U.S., especially in the education market. In 2024 to 2025, activity in Italy declined due to non-renewal of some public contracts at a level of margin below our expectations. In multiservices, the organic revenue decline is mainly due to temporary staff solutions. Excluding this activity, the segment grew by 1.1% thanks to a strong recovery in aeronautics and energy activities in the second semester. Contract retention slightly decreased in H2, including the full-year impact of voluntary exits and non-renewals of some public contracts in Italy at the beginning of the fiscal year, to reach 90.6% at the end of September 2025 versus 91% at the end of March and 91.2% one year ago. Following the rationalization of our portfolio, we expect contract retention to start improving from next year. Operational profitability increased again this year thanks to maintained discipline on price increases, especially in the U.S., U.K., and France, continued productivity improvement in purchasing and labor. It is worth noting, despite a negative commercial balance in revenue, we still contributed positively to adjusted EBITDA, especially in France, underscoring our strategy of profitable growth. The slide nine illustrates the robustness of the foundation consolidated during the fiscal year 2025, with a strong improvement in the profitability of contract catering activities, up 100 basis points, driven by price increases in the U.S., U.K., and France, and accurate commercial development in Spain, the rationalization of our contract portfolio, and the streamlining of the operational organization in France and Italy. Excluding temporary staffing, there was a slight improvement in the profitability of multiservices activities, up 10 basis points to 3% in fiscal year 2025. This improvement came notably from the increase in the level of activity in the industrial sector in the second semester. The slide 10 presents a major achievement for the past year, with a positive pre-tax profit of EUR 65 million compared to a loss of EUR 5 million last year, an improvement of EUR 70 million, and a positive net profit of EUR 87 million this year compared to a loss of EUR 41 million last year, an improvement of EUR 128 million. This turnaround is due to the continued improvement in operating profitability, as just described, a decrease in amortization of intangible assets down EUR 13 million due to a one-off charge last year in the U.S. for EUR 11 million related to short-term contracts, a sharp reduction in non-recurring charges down to EUR 9 million in fiscal year 2025, following the implementation of reorganization plans over the past two years, especially in France for both support and operational functions, and in Italy to adjust the organization to the level of activity and regain commercial agility. Based on this year's strong performance and outlook, we activated net operating losses in the U.S. and France for a total of EUR 39 million, resulting in a tax benefit of EUR 22 million compared to a EUR 36 million tax charge last year. The adjusted net group profits to that EUR 112 million, corresponding to an adjusted EPS of EUR 0.44. Moving to slide 12, free cash flow for the 2024 to 2025 fiscal year amounted to EUR 228 million, which represented 2/3 of the EBITDA that reached EUR 342 million, or 5.6% of revenue. Free cash flow improved by EUR 13 million compared to last year, mostly from operations. CapEx amounted to EUR 144 million, or 2.3% of revenue, up EUR 46 million, or 70 basis points of revenue year on year. This increase included investment in central kitchen to ensure sufficient production capacity for new contracts, real estate investments to replace more expensive rentals in the long run and offer greater flexibility, and the first phase of our transformation and innovation program to harmonize operational and financial processes within a common ERP platform, on top of business-as-usual investments related to new commercial contracts or renewals. In addition to adjusted EBITDA, up by EUR 10 million, overall components of free cash flow also improved compared to last year, notably the change in operating working capital, which contributed EUR 56 million, an improvement of EUR 32 million thanks to better performance in the timely collection of receivables, the ramp-up of our new securitization program, which began in September 2024 and contributed EUR 89 million for the year, an improvement of EUR 6 million compared to last year. Non-recurring expenses amounted to EUR 15 million for the year, down EUR 11 million from last year following the completion of reorganization programs. IFRS 16 rents were EUR 81 million for the year, down EUR 4 million due to either termination of leases or renewal of leases under better economic conditions. Tax paid remained stable at EUR 17 million. The free cash flow contributed to reducing net debt from EUR 1,269,000,000- EUR 1,125,000,000 at the end of September 2025. Financial interest amounted to EUR 97 million, plus EUR 13 million in refinancing costs for the revolving credit facility and the AIL bond. IFRS 16 debt continued to decline, as previously mentioned, and tactical disposals and acquisitions resulted in a net increase of EUR 9 million for the year. The reduction of the net debt by EUR 144 million, combined with an improved adjusted EBITDA, allowed us to stabilize our leverage ratio at 3.3x, below the covenant of 4.5, and in line with our goal to fall below 3.5 by year-end toward the target of 3x in the short term. Moving to the next session on corporate social responsibility. This year, the group continued to implement its CSR strategy presented last year, MSRT, or Love Your Earth, Horizon 2030. With the new CSRD requirements, we refined the double materiality assessment and identified 37 material items consistent with our strategy. The table shows significant progress this year in the four pillars of our strategy towards the 2030 targets. This is especially true for the first pillar, preserve resources, with a significant step in reducing greenhouse gas emissions in contract catering activities, achieving a 7% reduction in fiscal year 2025, supported by a doubling year-on-year of low carbon recipes. Two-thirds of single-use containers are sustainable packaging, and a 42% reduction in food waste getting closer to the 50% target in five years. Similarly, for the second pillar, sustainable food and services, recipes with the highest Nutri-Score rating increased by 12 points to reach 61% in fiscal year 2025, getting closer to the 70% target. Third, significant social progress was achieved this year, including a 10% decrease year-on-year in the frequency rate of workplace accidents, the promotion of internal resources to management positions whenever relevant. This was actually the case for nearly half of vacancies this year. The group also strengthened its commitment to gender equality, with 38% of women on leadership committees. Finally, the group expanded its local anchoring with two-thirds of national sourcing and maintained responsible sourcing with more than 15% purchased food products that are certified. In addition, the group has defined a decarbonization plan built around nine levels of action and carried out a vulnerability assessment of its assets to physical risk, paving the way for adaptation plans. Moving to the business review section, starting on slide 18, that shows the evolution of the securitization program in the second semester according to the seasonality of our sales. It is worth noting the weight of the off-balance sheet compartment, reaching 82% at the end of March and 77% at the end of September 2025, up compared to previous years. It illustrates the quality of our receivables and the rigor applied in managing this new program. The right-hand side of the slide is a reminder of the maturity profile of our debt, with extended visibility up to 2029 and 2030, following its refinancing at the beginning of the year. Liquidity remains solid in fiscal year 2025, globally stable around EUR 400 million since our refinancing at the start of the calendar year, supported by several factors, the securitization program providing an additional cash inflow of EUR 18 million at the end of September 2025. As a reminder, the ramp-up of this program in the first quarter of the fiscal year was accompanied by the repayment of the entire term loan at the end of December 2024 for EUR 100 million and a reduction of our bank overdraft credit line by EUR 14 million. The refinancing of the RCF and bond provided a positive net available liquidity of EUR 30 million. The success of our refinancing at the beginning of the year and improved performance already in H1 allowed us to revitalize our new commercial paper program, which reached EUR 81 million at the end of September and has since surpassed EUR 100 million, providing further visibility to this program. Finally, we executed the second annual repayment of the PGE, the state-guaranteed loan, for EUR 56 million. We pursued the deployment of synergies from the combination of Elior and Derichebourg multiservices, with a further increase of EUR 4 million in recorded synergies and EUR 3 million in annualized synergies that reached EUR 43 million at the end of September. We have almost completed the implementation of cost synergies, while commercial synergies are gaining momentum and are expected to further ramp up next year. Following the rationalization of our contract portfolio, the commercial activity developed during the year demonstrated the relevance of our commercial and management organization closer to customers and greater empowerment of regional teams. New contract signings totaled nearly EUR 540 million on an annualized basis, resulting in a net positive commercial balance of EUR 112 million, representing between 1.5% and 2% organic growth. In France, several notable signings occurred in both contract catering and multiservices segments. For contract catering, the signing of Next Generation Campus in the utility sector in the Paris area, thanks to an offer meeting the needs for fluidity, diversity, and innovation catering. The signing of the Ministry of Ecology, responding to a need to an offer integrating CSR innovation and inclusion. For multiservices contracts, reinforcing our position as a leading player in retail and commercial spaces, a rehabilitation contract in the insurance sector, demonstrating our capacity to manage multiple technical lots, including structural works. In temporary staffing solutions, the national expansion of a contract with a major logistics provider, strengthening our position in these sectors. Other examples of notable signings came as well from outside France, in the U.S., with the entry into the public university market, with the signing of a large university, demonstrating our ability to win and deploy complex multi-site programs and campuses. In the U.K., we've expanded the business and industry sector, following the recent rebranding to Elior at Work and the introduction of new culinary innovations, with a particular focus on health, well-being, and digital. In Spain, we contracted with a leading Spanish student residence operator, a fast-growing market for which Elior has developed a specific catering project, consolidating its market leadership. In Italy, commercial development was refocused on the private sector, especially in BNI, including a new site with a major player in defense and another contract in the health hygiene sector, strengthening our position in the high-end market segment. Moving to slide 22, I mentioned previously the drivers of the CapEx increase in fiscal year 2025, reaching 2.3% in percentage of revenue. CapEx are expected to increase up to around 3% in fiscal year 2026, driven by two main factors. First, it is essential for Elior Group to continue investing in its capacity to develop commercial activity in the education and early childhood markets, further strengthening our leadership position in this area. Investment to fulfill additional capacity requirements in our central kitchen were decided soon after Daniel Derichebourg took over as Group CEO. These requirements have been confirmed by a growing commercial momentum in this area. These are medium-term investments, with a first deployment realized in fiscal year 2025 and a strong ramp-up expected this year in fiscal year 2026 to expand our regional footprint with around 10 central kitchens. Second, last semester, we announced the launch of a major transformation and innovation program to complete the integration of DMS and Elior activities on harmonized processes and common platforms. Fiscal year 2025 and 2026 will be mainly focused on the design and building of a core model, while investments afterward will support deployment in all our geographies. While overall CapEx should actually increase up to around 3% in fiscal year 2026, the ratio should trend towards circa 2% in the midterm. It is also worth keeping in mind the timeline between the investment in new production tools and the subsequent generation of revenue, shorter for early childhood and aligned with school years for education. In other words, revenue growth objectives for fiscal year 2026 include only partially the contribution expected from this CapEx made in fiscal year 2026. This leads us to the last section of this presentation, starting with the outlook for fiscal year 2025 to 2026. After the efforts focused on optimizing the organization, pragmatically streamlining the contract portfolio, and then developing commercial activity close to our customers, the 2025 to 2026 fiscal year should be marked by a return to growth driven by price increases, for which strict application is now established, and a return to positive business development while preserving margin. Organic growth is thus expected to be between 3% and 4% in fiscal year 2026. The same two factors, price increases and business development, should continue to contribute to the ongoing improvement of operational profitability, with an adjusted EBITDA margin expected to increase by 20 to 40 basis points in the 3.5%-3.7% range, framing a margin level equivalent to the last pre-COVID results. Finally, pursuing the net debt deleveraging remains a key priority, with a leverage ratio to further decrease down to around three times by the end of September 2026, consistent with our goal to further upgrade our credit rating. Conclusion. To conclude on page 25, with a further improvement in the profitability despite moderate revenue growth, this fiscal year 2025 demonstrated the robustness of the model that has been put in place under the leadership of Daniel Derichebourg, the commercial approach with greater proximity to customers and empowered regional teams, starting bearing fruit with a positive net development balance on an annualized basis, thanks to the new wins consolidating our leadership in historical and new market segments. Combined with price discipline that will continue with the same rigor, the operating margin is expected to improve to reach next year similar level to pre-COVID. Free cash flow generation and a prudent financial approach remain our priority, while securing investments to support revenue growth and continuous productivity improvement. All these actions contribute to creating value for shareholders, with the payment of dividends that resumed this year and is expected to continue in the coming years. For the future, we expect the payment of dividends to trend towards around 30% of net result group share. This concludes our presentation. We are now ready to answer your questions. Operator, could you please take the first question? Ladies and gentlemen, if you wish to ask a question, please dial hashtag five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial hashtag six on your telephone keypad. The next question comes from Jaafar Mestari from BNP Paribas. Please go ahead. Jaafar, we do not hear you. Just with some direction on what you expect in terms of new business pricing and volumes, please, for 2026. Secondly, on synergies, you said you almost completed the delivery. I just wanted to check if the total target is still EUR 56 million. That would mean another EUR 10-EUR 15 million in the next year. The run rate seems to be lower than that. You're close to adding EUR 4 million synergies, I think, in the second half. Is there a jump in 2026? Is the last batch a bit bigger? Lastly, in terms of your leverage targets, net debt to EBITDA at three times at the end of 2026, this is despite CapEx, which is going to be at least EUR 40 million higher, if I'm correct. Is that reduction in leverage mostly from a growing EBITDA, or can we expect absolute debt to come down meaningfully in 2026, please? Elior, Jaafar, sorry, I'm not sure we understood in full your first question, but my understanding is that you wanted to get more details about the driver of EBITDA improvement, of volume improvement, revenue growth for next year. Actually, the two main drivers that we see for next year are still the price increases, but I would say we would expect between 1.5% and 2%, and then the volume and net development in the same range, meaning in total this range of between 3%-4%. Regarding the synergies, actually, most of the annualized synergies are made of the cost synergies to reach EUR 43 million. We have, I would say, still around EUR 5 million of cost synergies to be generated in fiscal year 2026. We are expecting the ramp-up of commercial synergies that should increase, especially on an annualized basis in fiscal year 2026, to come around, I would say, the initial target. Considering the leverage ratio of 3x at the end of September 2026, this is actually mainly driven by the EBITDA that is expected to increase next year in the same range as EBITDA, while, as you said, CapEx will further increase next year. At the same time, we need to keep in mind that we will have as well a further—we are expecting as well a further ramp-up in the cash flow generated by the reduction of our operating working capital. We made really a very significant progress in fiscal year 2025, especially through the improvement of our collection of receivables. We still see some opportunities in some business lines. They are part of the range we provided as well in our modeling details, contributing to a further contribution of the operating working capital next year that will be as well complemented by a further ramp-up of our securitization program. Thank you. As a reminder, if you wish to ask a question, please dial pound key five or hashtag five on your telephone keypad. The next question comes from Pravin Gondhale from Barclays. Please go ahead. Hi, Pravin from Barclays here. Thanks for taking my questions. Firstly, on the next year's EBITDA margin guidance of 3.5%-3.7%, it appears a bit conservative given the ramp-up in organic growth, as well as you are expecting net retention to trend upwards next year, which should be margin-accretive. Could you please help us provide some steer on what are the drivers of margin growth assumptions in your guidance there? Then secondly, the working capital securitization and factoring benefit of around EUR 90 million this year, you explained that it was due to ramp-up of new securitization program. How should we be thinking about evolution of this in FY 2026 and thereafter? Thanks. Okay. On your first question regarding the EBITDA drivers, what we have seen in H2, and which was, according to, as per our expectation, is that we will have in 2026, let's say, a convergence of price increases towards close to a break-even balance, while it was contributing this year to EUR 13 million on a full-year basis, which is the first element. Second, we are actually expecting a further contribution of net commercial balance that should take also into account the slight impacts of higher CapEx that will impact slightly the EBITDA moving forward. We are still expecting our operational efficiency plans to deliver further benefits. I would say it would be mainly a split between the net development and efficiencies and synergies contributing to this increase between 20 basis points and 40 basis points next year. The expected contribution of the operating working capital is in the range that we have provided in the modeling details between EUR 40 million and EUR 60 million. I would say, roughly speaking, you should expect 1/3 coming from the operational improvement, especially driven by a continuous improvement in the collection of receivables, as previously mentioned. The remaining part coming from the further ramp-up of the securitization program during the year, but still keeping in mind the seasonality, so meaning that we are still expecting a peak in mid-year around March, as it was the case in fiscal year 2025, and then a decline in the second semester, which is offset in parallel by the free cash flow generation from operational activities. After next year, we expect this to be fairly stable or slightly improving, but to a lesser extent. Thank you very much. This is really helpful. Thanks. You're welcome, Pravin. As a reminder, if you wish to ask a question, please dial pound key five or hashtag on your telephone keypad. We'll wait a little while to give you time to participate. The next question comes from Sabrina Blanc from Bernstein. Please go ahead. Yes. Good evening, gentlemen. I have two questions for my part. The first one is regarding the multi-service performance. You have provided organic growth, excluding temporary staffing solutions. I would like to understand, firstly, could you remind us the size of the temporary staffing solutions? Do you anticipate any, I don't know, selling or something like that regarding this activity, or just to highlight the fact that this year, the activity was not very good? My second question is regarding the taxes. I understood for 2025, you have benefited from positive elements, but could we have a guidance for 2026, please? On your first question, the temporary staffing services are representing around 10% of the multi-services activity. We do expect this activity to come back to a positive territory quickly. That is why it was important for us to highlight that this year was an exceptional one. We have now a new management team fully in place with a new general manager, a new Financial Officer. They have worked on the reorganization of the activity. They have redirected the organization towards commercial development. We have seen the first positive signs in terms of commercial momentum at the end of the fiscal year, and we are expecting the recovery to start already next year. No other plans than recovering the level of performance that we used to get in the past. Regarding tax, we are not providing any guidance for next year. I mean, we still have some room to activate net operating losses as we did this year. It will be to a lesser extent, but it is today a little bit premature to assess what it could bring. Thank you very much. You're welcome. The next question comes from Christian Dev ismes from CIC Market Solutions. Please go ahead. Yes. Good evening. I have one question about the growth guidance in 2026 in terms of EBITDA margin and EBITA margin, because in 2025, we have an increase by 50 basis points in the EBITA margin, but only 10 basis points in the EBITDA margin due to the move in provision and so on. What should we expect in 2026? You guide on a growth of between 20 and 30 basis points on the EBITA margin. What should we expect on the EBITDA margin? Thank you. Yeah. You are right. There were different movements in EBITDA and EBITA in the last two years. For 2026, we expect a kind of normalization, if you want, from that perspective. Our expectation is the same level of contribution at the level of EBITDA than at the level of EBITA. Thank you. You're welcome. There are no more questions at this time, so I hand the conference back to the speakers for any closing remarks. This concludes our call today. Our next financial release will be on May 20 post-market with our half-year result for fiscal year 2025 to 2026. Until then, please do not hesitate to get in touch. Thank you, and good evening, everyone. Goodbye.