Ladies and gentlemen, welcome to the conference call by Emeis Management Team regarding its H1 2025 results. It will be structured in two parts: first, a presentation by Emeis Management Team, represented by Mr. Laurent Guillot, Group CEO, and Mr. Jean- Marc Bortier, Group CFO. Afterwards, there will be a Q&A session during which you can ask written questions or click on the button 'Raise the Hand' on the audio player to ask oral questions. I will now hand over to the management team. Gentlemen, please go ahead. Okay, I'm here speaking. Good morning to all of you, and I'm with Jean-Marc Bortier, our CFO. Thank you for attending this conference related to the presentation of our H1 earnings figures at the end of June 2025. I hope it may sound clear to you along this presentation that we are particularly happy to deliver this set of figures, which provide not only the evidence of the turnaround rate in our operating performance, this is what we showed already at the end of July, but also mark a significant milestone since our disposal target has been once again largely exceeded. All of this news brought confidence, embedding our financial structure improvement for the coming quarters and allowing us to provide mid-term outlook for the years ahead. A few months ago, you may remember why we were publishing our full-year earnings figures. We told you that the resumption of our sales growth and the rise of the inoccupancy rate seen started to support our operating margins recovery from the beginning of the second half of 2024. We were particularly happy to show you the evidence that this operational recovery is well confirmed in the first half of 2025. Occupancy rate has improved further everywhere and quite significantly, now nearing 88% on the mature perimeter. With the price effect captured again in this first half, the organic growth of our revenues posted a selling performance at 6.2%. This positive momentum on the top line is mechanically feeding our operating margins, thanks to the good grip we had on operating expenses, leading to a 29.5% growth in EBITDA, that's 79% on EBITDA on a like-for-like basis. For the first time for a while, at least a decade, our cash flow has turned positive. We are also happy to tell you that we've been particularly active these past months with numerous operations, of which the announcement of the renewed real estate partnership came along with the creation of a new bank account. With a relative cash from this operation around EUR 761 million, our disposal target is largely exceeded. We're close to EUR 2.1 billion of disposal since June 2022. Remember, we communicated end of July EUR 1.15 billion. Our EUR 1.5 billion target before year-end is already achieved and then largely exceeded. This will mechanically improve materially our financial structure, lowering net debt significantly and improving our leverage ratio sharply. Jean-Marc will come back on this element later. Last but not least, we not only confirmed the outlook for 2025, but we are able today to confirm this supportive trend expected for 2025. We are able today to confirm that this supportive trend expected for 2025 will continue to air with a mid-term outlook to 2028 on revenues and EBITDA on a like-for-like basis. We expect a target between 24 and 38, between 12% and 16% for EBITDA. The positive momentum is thus set to continue ahead. Let's dig a little bit in the detail. We've already shown you the numbers in terms of occupancy rate improvement. Year-to-date, the upside captured is a bit stronger on nursing homes, with occupancy rate improved in average a bit less than 200 basis points in 12 months. This positive momentum is not fading out, and we expect this to continue in Q3. This is obviously the result of multiple new processes we put in place, focused on quality of service, segmentation policy to match the different patients and residents. This is, and especially if you look at the performance we had in France, Jean-Marc bortier will come back on that. This is significantly different compared to ours. We are not only showing a continuing supporting momentum on revenue, but we are also posting a positive momentum on operating performance along with our recovering path. After reaching a trough in H1 2024, EBITDA has now entered its way to a normalization with almost 80% growth in one year at constant perimeter. My point is to share with you today our confidence that this momentum will continue to feed our growth later this year and for the years ahead. We do expect a positive contribution to our performance from the following elements. First, occupancy rate should be driven by favorable momentum, providing the capacity to capture further positive price effects. Segmentation, I reviewed regularly. To tell that our Emeis SA offers to residents need and purchasing power. Operating expenses are increasingly monitored with a relative good grip, ensuring a good allocation of workforce and on the cost. New processes and new tools should enhance our efficiency and better adapt our business to the reforms that we have seen these past years with clean gaps. We have also defined for each underperforming facility or underperforming unit dedicated action plans to restore performance in line with expectations. We share, obviously, the best practices, and this is every day more efficient. It's fair to say that the set of figures is a good milestone on the road to an embedded recovery, and we confirm our confidence for 2025 and beyond. We can confirm our guidance for 2025 with EBITDA expected to grow on a like-for-like basis between 15% and 18%. The trajectory for revenues between 2024 and 2025 is now expected to continue the momentum at the end of 2025. With increasing confidence for the future, we have decided to communicate today mid-term outlook for 2025. The average annual growth of revenue on a like-for-like perimeter is now expected to be between 4% and 5% between 2024 and 2028. The group average annual growth rate for EBITDA on a like-for-like basis is expected to be between 12% and 16% per year between 2024 and 2028. Before any more words Jean-Marc bortier, I would like also to share with you some of the major achievements we have secured so far in Q3. Since the end of July, we have secured EUR 1 billion in new disposal transactions. This is mainly due to the real estate partnership we announced last week with the creation of a new real estate company. The transaction will result in EUR 761 million in cash on the baseboard when it closes, expected to work the end of the year. You may have understood that this innovative deal is expected to strongly enhance our financial structure. It is also structured to keep the likely benefit from the upside we can reasonably expect from the real estate cycle factor and from the recovery phase of our sector globally and Emeis SA in particular. On top of this transaction, we have secured a little bit more than EUR 200 million of other real estate deals since the end of Q3. At the same time, our team has been able to increase access to liquidity by more than EUR 200 million, not only through two factoring sectors, which is also enhancing our financial profile. These two transaction awards are major milestones that significantly strengthen the solidity of our financial structure and give us even greater confidence in our operational performance, which is set to continue improving for the coming years. Now I hand over to Jean-Marc bortier for a little bit more details on the numbers. Thank you, Laurent, and thank you all for attending this call this morning. We understand that the sound is not super good, so I will try to speak as loud and clear as possible. We are very pleased to present the publication today that we believe is particularly strong. Six main points stand out in this publication. First, a very positive growth momentum in our revenue. Second, a significant improvement in operating margin. EBITDA is up to less than 72%, and EBITDA has improved by EUR 116 million in one year. Three, our net income is still negative, but the trend is improving significantly. Losses have been reduced by EUR 120 million in this semester, feeding our confidence for the coming quarters. Fourth, our free cash flow generation has improved sharply. The group, as said by Laurent, is now free cash flow positive, an improvement by more than EUR 200 million in one year. Five, our net debt, excluding IFRS 16 and 5, is stable compared to the end of 2024, but is already down EUR 233 million when including IFRS 5. I remind you that this is a norm related to assets held for sale, so considering transactions for which negotiations are at a very advanced stage. This decrease in net debt will continue even further by year-end when the closing of certain transactions, such as the creation of our real estate company, will occur. Sixth and final, the leverage ratio is also improving considerably, even before considering the second transaction that will improve strongly. Let's start with the hotels. I will be relatively quick on that slide since elements were already published for H1 at the end of July. Sales posted a substantial organic growth of 6.2%, driven by a combination of three factors, all of which having a positive impact. First, the price effect of + 3.4% in line with the Q1. Second, an occupancy rate effect of + 1.8%. Finally, for 0.9%, the effect of the ramp-up of recently opened facilities. This favorable growth trend can mostly be observed on nursing homes, + 8.6%, whilst clinics have been more muted at only + 1.8%. The group average occupancy rate rose by 1.7 points year on year to 87% versus 85.3% at the end of June 2024, continuing the gradual recovery in this aggregate that began almost 18 months ago. This recovery was mainly driven by nursing homes, where the average occupancy rate rose by 1.9 points year on year to 86.5% versus 85.3% at the end of 2024 and even 82.1% at the end of 2023. As you can see on this graph in some rural and southern Europe, the levels achieved are now above or close to 92% back on pre-COVID levels, especially if we remove from those computations the ramp-up side. Those occupancy rates are obviously lower than those of mature sites for the time being. Note that excluding ramp-up facilities, occupancy rates for the whole group would have been today at 88.2%. Although still below our ambition, we are happy to see this supporting momentum to be continuing. A few words about our two largest markets: Germany on one hand and French nursing homes. In France, it is interesting to note that the improvement in occupancy rates for nursing homes is gradually confirmed quarter after quarter since March marked each quarter versus the previous one. The gap in occupancy rates versus the previous years is growing every single quarter and is now two points when it was only 0.5 points above a year ago. This acceleration clearly illustrates, as you can see on the top right hand of the chart, that the recovery in France is well underway since 2024 and is gaining momentum. This provides confidence for the coming quarters. In Germany, the recovery is following a steady and constant pace. Here again, the momentum doesn't seem to fade out, thus shielding confidence in this market as well. In terms of operating margin, the improvement in performance is considerable. EBITDA, which we break down on this slide, is up 18.4% and even 19.5% on a like-for-like basis, so we exclude the effect of the disposal of our activities in Czech Republic. By isolating pure operational performance, so excluding the effect of disposal, change in perimeter, change in real estate capital gains, and exchange rates, for instance, we see that the performance is increasing by EUR 94 million on the first half of this year compared to last year. This is an off-event strong trend, which is the result of solid organic growth on one hand and a limited increase in operating expenses, as you can see, only + 3.1% like-for-like, whereas turnover is up 6.2%. As you can see on the next slide, if we look at the cost as a percentage of sales, you can see that staff costs have been reduced by one point, reflecting the measures that we progressively implemented during the past 12 months to optimize the allocation of our human resources. At the same time, we also benefited from the initial effect of our cost rationalization measures launched in H1, which have led to a reduction in the intensity of all the costs as well. As a result, these measures are enabling us to maximize the production of revenue growth into operational profitability. Our EBITDA margin, although still below our target, has increased consequently from 12.1% in H1 last year to 13.8% in H1 this year. If we add on to that the steady performance of our rental expenses, we can rationalize the improvement in our EBITDA margin, which rose by more than two points to 5.4% EBITDA margin. More of the same here, on the next slide, this chart illustrates that operating margins have started their way toward normalization. In million Euro, please note that the positive upside in sales, EUR +136 million in H1, was largely transferred into EBITDA, EUR +62 million, and into EBIT, EUR +56 million. As a negative, the operational leverage to the upside is strong and should continue to be strong again today. It is interesting to note that when looking at EBITDA by geography, the two main contributors to this growth in EBITDA are France and Northern Europe, given that Germany posted the most significant growth in Northern Europe. It should also be noted that the growth momentum in Central Europe is particularly marked by the sale of our activity in Czech Republic at the end of March. Indeed, EBITDA in France grew by 36% and by 21% in Northern Europe. There is still significant room for further growth ahead, since you can see on the right-hand side of the chart that EBITDA margins in those markets are still largely lower than what we have as a reasonable target for the coming years. Although still below our ambition in terms of percentage of sales, these margins are everywhere moving in the right direction. If I continue our analysis of the P&L, below EBITDA margin, the momentum remains very positive for us on almost every single line of the P&L. First, because external rental expenses excluding IFRS 16 have declined. This includes requisition formulas in 2024, not only in Italy and France, which brought real estate assets operated by the group into the group scope when previously owned by third parties. As you can see, EBITDA excluding IFRS 16 rose by 72% and even 79% on a like-for-like basis. Second, when looking at EBIT, EBIT increased significantly as well and is now positive. It rose by EUR 116 million to EUR 102 million in H1 2025. This is interesting to note that the line depreciation and provision will go a positive amount in the first half of the year. This is the sign that our provision for living care charges have been historically prudently valued, and the risk environment is indeed improving for a bit. Below EBIT, I would like to pay more attention on two things. First, financial expenses have continued to benefit from the effect of the bankers' capital increase carried out in February 2024, and financial expenses are down EUR 16 million versus H1 last year. Second, loan recovery items are up largely due to non-cash adjustments, such as a certain residual depreciation on a few items possibly intended for sale. Let's move on now on the cash flow statements. At the end of June, compared to the first half of 2024, EBITDA has increased by EUR 66 million to EUR 158 million. Net current operating cash flow has increased by EUR 74 million- EUR 62 million, and free cash flow has improved by more than EUR 200 million to EUR 26 million. The lower you go in this slide, the strongest increase you will find. This is, if I may, the result of the particular attention we pay to every single line of the cash flow statements. As a result, free cash flow is strongly increasing now into positive territories as a result of the combined effect of the group improved operational performance, the stability of maintenance capex in working capital, the successful execution of our divestment program, and the gradual reduction in development capex. I will come back to it in a few moments. The improvement of our cash flow generation is not a one-off. As you can see on this slide, this is part of a gradual trend that has been ongoing semester after semester since last year, and that should continue ahead. The graph on this page fits for itself, illustrating the gradual result of our effort and the momentum that has characterized this first semester again. It is particularly interesting to note how capital intensity has been driven in recent years. First, it should be noted that maintenance capex and IT capex have remained quite stable overall. We share the conviction with Laurent that it is essential to maintain our assets in a condition that is consistent with the quality of care that we owe to our customers. At the same time, we have deeply reviewed the group's development strategy. Development capex has been reduced by nearly 80% for years, reflecting our willingness to reduce project payback and therefore increase development selectivity. I would also like to remind you that we have developed innovative and capex-like partnerships, as in, for instance, the Forward Sales scheme, that allow us to maintain the operational benefits of certain projects while not having to deal with the real estate capex on our balance sheet. A few words now about our disposal strategy. As Laurent told you earlier, we have been quite highly active since the beginning of the third quarter, securing nearly EUR 1 billion in new disposals. The main contribution of this achievement is the creation of Emeis' new real estate vehicle open to third-party investors for a total consideration of EUR 761 million. This vehicle brings together assets with an appraised value of EUR 1.22 billion by the end of 2024 for an average yield of around 6%. The investment received from these two investors represents approximately 62% of the total value. The 60 assets concerned are located in France, Germany, and Spain, as you can see on the map. Half of them are nursing homes and half are clinics. The partnership, which is planned for at least five years, grants investors the minimum annual remuneration at 6%. In addition, depending on the value created by the vehicle, the value creation will be shared between them and the Emeis group. Our partners are targeting a total IRR of 12%, above which 90% of the value created will be retained by Emeis. The governance of this vehicle will allow the group to retain exclusive control of it, which means that it will be fully consolidated in our consolidated financial statements. This innovative preferred equity structure is particularly relevant for Emeis. First, because it will strengthen our financial structure with an impact of approximately EUR 700 million reduction on the group net debt upon closing of the transaction and a significant decrease in our leverage ratio, which will fall to almost 13 times pro forma versus 15 times previously today. I remind you, 19.5 times at the end of December 2024. Second, because this structure is a strategic move for the group. This vehicle is designed to provide real estate solutions in the future. Emeis will therefore be able to size the opportunity offered as a sharp increase in care needs over the next decade. In the medium to long term, this vehicle should attract new investors and should become the real estate operator that will meet Emeis' real estate needs. Third, because this vehicle is also an opportunistic move considering elsewhere real estate cycles are likely to upturn. The deal is structured to allow Emeis SA to keep the benefits from affecting the upside for the coming years on real estate valuation and value creation. We strongly share the view that our mid-term perspectives are promising, as our mid-term guidance shows, and because the likelihood of seeing property valuation upward again is significant, we believe that the potential revaluation of these assets is particularly significant over the coming five years. This deal structure will provide Emeis SA part of this upside, contrary to more classical Emeis SA bank operations. As a result, the volume of disposal completed or secured to date has reached EUR 2.1 billion since mid-2022, as explained by Laurent Guillot. This is therefore largely above our initial target of EUR 1.5 billion, with nearly EUR 1 billion in new transactions secured in Q3 and nearly EUR 1.62 billion in disposal that should be collected in the coming months, the majority of which by or around the end of the year. As a result of everything we said earlier today, the financial structure will continue to strengthen significantly in the coming months. While net debt excluding IFRS 5 and IFRS 16 remains broadly stable between the end of December and the end of June, a reduction of nearly EUR 300 million resulting from the application of IFRS 5 provides an initial indication of the strengthening of our balance sheet. We cannot be much more precise than that, but this is linked to very well advanced negotiations ongoing today. In addition, the creation of the real estate partnerships will reduce the pro forma net debt to around EUR 3.8 billion, representing a very significant reduction. This is already underway, expected around year-end. At the same time, the leverage ratio is improving very significantly also, from 23 times in H1 2024 to 19.5 times at the end of December last year, then 15.5 times at the end of June 2025. This is mainly due to the operational recovery of our activity, resulting in a strong EBITDA growth. If we take into consideration the new real estate partnership, this ratio would be lowered even further, now approaching 13.5. Thank you very much for your attention, and I hand over to Laurent Guillot to complete his presentation. Thank you, Jean-Marc. I think I will try to speak a little bit louder apparently. I'm not quite doing well on the phone. Discussion. What are the lessons from this presentation? First, the positive trend on the top line continues with a strong organic growth, 6.2% overall and 8.7% on nursing homes, which is supported by positive momentum on occupancy rate and positive pricing effect. Second is a strong momentum on operating margin, + 19.5% for EBITDA and 79% for the EBITDA, mostly driven in absolute terms by France and Northern Europe, with strong performance, especially in our two biggest countries. As a consequence of this, and along with other components, our free cash flow after positive this semester for the very first time for a long time. Third, our EUR 1.5 billion disposal target before year-end 2025 is now largely exceeded, with EUR 2.1 billion now achieved or secured. This was reached partly thanks to a major real estate partnership recently signed, bringing EUR 761 million into the benefit of Emeis SA, but also other transactions. Fourth, this will accelerate further the strengthening of our financial structure with an all-for-man net debt of around EUR 3.8 billion versus EUR 4.7 billion one year ago and a leverage ratio nearing now 13 times versus 23 times during the same period. Fifth, the positive currency in H1 2025 is continuing. I reiterate our guidance for 2025, expecting the EBITDA to grow between 15% and 18% at constant perimeter. Confidence brought us also into a situation to deliver a mid-term outlook. We are now expecting revenues to continue growing again between 4% and 5% per year at constant perimeter from 2024 to 2028. EBITDA dynamics is also set to continue on the same path for income and good cost control with a CAGR between 12% and 16% at constant perimeter over the same period between 2024 and 2028. Thank you for your attention. Now we are available with Jean-Marc to answer your questions you may have. Questions? If you wish to ask a question, please click on the Raise the Hand button on the audio player, or you may submit a written question. One other question. First question, what is the plan in terms of distributing the proceeds from the 25 real estate disposal, the EUR 1 billion in Q3 that I was mentioning? The purpose is really definitely to strengthen the financial position of the company. It goes to reducing the debt and staying in the company. No plan for distributing proceeds. Neither any plan to accelerate a new capex plan or acquisition. It's really to stretch the balance sheet. Another question? Can you elaborate on what is happening in Ireland and all the backlash? Have you changed management? Have you changed your processes and procedures? For people that do not know, we had a TV report a few months ago. This was, I would say, in the frame of a political debate on the legitimacy of the private sector for the healthcare sector. Also, I would say, very close to 20 years after a big event on the sector that happened in Ireland also. What we did after this report is clearly we audited both at the same time the two facilities involved and the 26 facilities, the other 24 facilities that we have in Ireland to be sure that all our procedures, all our processes are well in place in these facilities. We have decided for one period of time to stop the admissions in some facilities. In most of the cases, because the process and the procedures have been verified with the support of and with the cooperation with the local authority, which is HIQA, we've decided to reopen this facility and the admission in this facility. We are very confident that the team in place in Ireland is doing a great job. They've been improving further with small changes. At the same time, the job that we are doing in Ireland is a great job. We will never tolerate in our facilities any deviation from our standards. When we find things, we obviously fire and let the people go, the people that are involved. I can reassure you that we are always focused on the quality of what we are doing in all the countries. Ireland is not different from the other countries. We strongly believe that this TV report was, let's say, not completely fair to the situation of our facilities in Ireland. That's part of our reason. As always, we are reacting strictly, quickly, audits, measures to improve, discussion with the authorities. Another question? What are the potential tax costs associated with the transfer of real estate assets in connection with the creation of the real estate company? Jean-Marc, you have given the numbers in the presentation, but can you repeat them? Yes. As you have heard me say, we are receiving at closing EUR 761 million from the investors, but the net debt production is only around EUR 700 million. The difference is related to three components. The first one is the real estate duties and transfer taxes. The second component is the income tax because the assets are valued at a higher value than the book values; we generated from income tax in some countries. Third is related to the deep fees. In total, all the costs related to this production are around EUR 16 million. Hello, here is my question. Gas in 38 should be packed and loaded or rather linear amount. What are the underlying assumptions on price and rate of occupancy per year? What is the debt maturity now, the level of reimbursement of 25, 36, 37 in the value? I take the first question. You take the one that would be better. The guidance 28, we are still in a phase of recovery. The recovery is progressive. You see that our guidance in terms of EBITDA improvement for 25 is 15% - 18%. If you look at the guidance for the midterm, it's 12% - 16%. It's more front-end loaded because the recovery is faster at the beginning than at the end. At the end, while at the same time, against that, clearly, we have, we will between towards 27, 28, we will have more pricing power because our facilities will be more, I'd say, poor. Occupancy rate will have increased to reach almost normalized or normal. Thus, at that time, we have more pricing power. You see a little bit more coming from the cost at the beginning and a little bit more coming from the prices at the end with a positive impact throughout the occupancy rate improvement. With regards to the second part of the question, what is the debt maturity and what are the amounts of reimbursement for 25, 26, and 27? This hasn't changed. You will find all the details on page 43 of this presentation. You have a precise analysis of our debt maturity, and we have, of course, scheduled as an appendix of this presentation. Next question, Jean-Marc, where do you stand as his debt financial covenant and what is the plan to deal with the 2027 maturity work? We have one covenant, as you would all remember, which is a minimum liquidity quarter after quarter of EUR 300 million. This hasn't changed. The net debt remedial covenant that we had with some creditors, as in renegotiated last year, so that was the existing rule almost. Are we currently negotiating with banks? The answer is yes for one simple reason. As you have noted in our press release for the real estate vehicle, there are two conditions precedent to the creation of this vehicle. The first one is an internal one. We need to obtain the approval by our unions. Obviously, it's a no-brainer if we have to do it in the proper way. Second, we have to obtain also the approval by our creditors because some of those assets have been pledged under the current credit agreement. We need to obtain the release of those securities and obviously, we are going to give some other assets in exchange. We are currently negotiating the securities with our creditors to make sure that all of that can be finalized before year-end so that the closing could be done in a quick and efficient manner. I read the question. It's also a question for you, Jean-Marc. We both can answer this one, obviously. Is there a room for additional provisions reversal in H2 or in 2026? Could you tell us a bit more on the nature of non-recurring items in the P&L of EUR 79 million? Okay. There are two questions in this question. The first one is related to a provision for liability and charges that flows in our EBIT. As you have noticed, we have released some provisions that were related to historical risks that we were facing in France. I think we need much more precise than that. We thought that we were slightly overcovered. Could we potentially contemplate additional provision release in the year to come? Who are you to say what we will receive? My message is we are well covered if we are going to enjoy some provision release. With regards to non-recurring expenses, I told you this is largely due to non-cash adjustment. A little bit of cost related to the transaction I was explaining, but the vast majority is related to non-cash adjustment. I provided for some depreciation related to some assets that we are intending to sell that are seen too significant as you all know. Could you elaborate on Q3 outlook regarding occupancy rate? Yes, a little bit. I mean, in my three weeks or four weeks from now, we have a quick revision on our Q3 numbers. We have more details. Clearly, on the occupancy rate, the trend that we have seen to now during 2025 is continuing with a good improvement. The rate of increase compared to what we experienced in H1 is not very different. We continue to have strong debt management in our main country, Germany, Liberia. Good. We continue to see a recovery in France in the environment. It's not super simple. We see an improvement in the occupancy rate also in Q3 compared to last year. As you know, the summer is always a period where we have a better occupancy rate than the average of the year. You should expect in Q3 compared to Q2 a further improvement in occupancy rate. What will be the level of maintenance capex in 2025, 2028, and development capex in 2026, 2028? As you know, two things. Probably maintenance capex and the IT capex that Jean-Marc Boursier showed you a little bit before are at a low point, and we will increase progressively this maintenance and IT capex to modernize and continue to push for price increases or for services. It is critical to be sure that we maintain a good level of maintenance and that we continue to modernize our service with more IT investment. This kind of capex will increase a little bit more, to a reasonable money, and we will continue to be very forecast. Very slight and moderate increase on this maintenance and IT capex. On the other side, on development projects, we have been very, very selective. Most of the development now is happening through asset-light projects where we have contracts with partners. From that point of view, the vehicle we just set up with our partners can be a way to move to further development with being at the same time a subscription for Emeis SA. We continue to have some development capex. We continue to be very in control. You should not expect a lower increase on this from next year. With your 4% - 5% revenue growth capex, how much you have done to improve occupancy rate, pricing effect, and also new opening if they are improving in our cargo. I mean, we do not communicate formally on this into the detail, but you can expect that a little bit less than half is done for occupancy rate. Then price effect, I gave you some details a little bit earlier where you will have a little bit lower pricing effect at the beginning and an improvement in pricing effect on the same second part. New openings, you have some remaining new openings, I would say, from the past and growth that are impending at the beginning of the period. Towards the end of the period, you have some impact that is tolerated on new openings that have been done mostly asset free. Are you now done with disposal? Would you be open to more deals should they come at a good price in order to continue to push ahead with the average of the merger? This is exactly the point. The question is the bottom line with what we are currently contemplating. I would say we are done with our project of and with our commitment. Now, as I was saying already in July and earlier in the year also, we would be very opportunistic. Should we have good prices, we could move on at unobstructive prices. We will keep with our assets. Now, we are very, very selective and very, very, very opportunistic should proposal come at a good price. How will the partnership be structured? What will be the voting rights or preferred shares of the majority of partners, parliament, and principals? I'm speaking too much. Do you want to take this one? Yes, for sure. I'm going to disclose the voting rights in the weekend, but just keep in mind that the majority of the voting rights will be retained by Emeis SA. Obviously, the reason why we will have the full control of this vehicle, the vehicle will be fully consolidated in our books. The way the rights are shared amongst the parliament and the constituents is something we wish to keep public. The majority of the voting rights will be privacy. How should we model the growth in customer expenses and salaries? What would be the mid-term CAGR, please? We don't provide guidance on this one, but clearly, given our cost structure, if you look at them and you compare with our peers, the growth rate of our personal staff costs will be far below the CAGR of our top line. This is one of the reasons why we will have significant improvement in the ROI moving forward. This is particularly the case in France, where our staff ratio is still quite high and due to the decisions that we have taken at the beginning of the refundation of the company to staff much better our facilities. Now, we are entering a period where we reduce the staffing ratio constantly, facility by facility throughout all the facilities, especially in France. For sure, we benefit from that also on the occupancy rate improvement. What consequences from the current political mess in France? Security funding, pricing revolution, implementation of our security carry fund. I would not bet, I don't know if this is the proper word. I would not use a mess. You know, we are used for three years that I've been in this job. I have had eight different Ministers for Health. You know it's not a particularly new situation that we are experiencing now. Clearly, we would welcome any new initiatives to give more resources to nursing homes and the health care system, especially for the private sector, as we are more efficient, far more efficient than the public sector. This will be a way to make savings. Knowing the political environment in France, the forecast that we have given to you for the next three years is not including any significant improvement of the regulatory environment for us in the next years. We are planning, and we are, I mean, we are working on self-help measures to deliver this performance, not on outside environment improvement. At the same time, we are working with our peers, private-public NGOs, to try to improve the regulation framework in France. We don't count on it in the forecast we have given for the next four years. Are you planning to pay the $300 million position payment due to October 28? Yes, for sure. No doubt about that. We've never planned differently. Can you please comment on the evolution of market share in the French care home sector? If your increased occupancy is driven by increasing market share, who are you gaining market share from? Yes, we are gaining market share. At the same time, we start from a lower level compared to our peers. At the same time, the company was in a turmoil in 2023. From some respect, we are gaining back our forefront share, and we are not playing hard on prices of the opposite. We continue with the sales being a very significant decision from the beginning to defend prices, prices, prices, as it is for the long-term best solution. We are recovering on our normal market share and on occupancy rate, and we are not doing that at the expense of prices. This is critical for dynamics. Any further non-recurring costs in H2? The answer is yes. As you have understood, there will be at least the $60 million I talked about, about the setup of our invested data. Any further questions? Can you go back to the? No. Do you have any other points? It has been very clear to you? It seems that there is no further point. Let me summarize very, very quickly. We continue to show a good business recovery, and we continue, obviously, to confirm our target for 2025. We've also given new numbers on mid-term outlook with a growth rate of 45% and a goal of 12% - 16%. At the same time, we have strongly improved our balance sheet thanks to a significant transaction that will lead to a very significant deleveraging of the company, giving us a lot of trust and confidence for the future. Now we are all set to face the growth in this market because the needs in front of us, both in terms of dependents and the handling of people and in terms of health, are surging very importantly in the next five years. We are ready. We have a great balance sheet, and we have the business recovery agenda ready. We are ready to take on this growth period in front of us. Thanks a lot. Thank you.