Good evening to all. Thanks for joining us at this meeting presenting the 2024 annual results of Eiffage. I'd also like to acknowledge board members, company executives who've joined us this evening. Allow me, for that matter, to begin by warmly thanking Philippe Nourry, who, having spent two and a half years in the company, will be retiring at the end of this week. After a career in our road businesses until he became General Manager of Rhône-Alpes, he was chosen as Senior Executive by Jean-François Roverato to head up APRR in 2006. After the privatization, he accompanied the businesses of motorway concessionaires up to the present day. As you know, Philippe always went to great pains to give detailed answers to your first traditional question on traffic forecasts, and I'm sure you'll miss his very detailed and loquacious answers. Camille Bonenfant-Jeanneney succeeded him yesterday as President of Motorway Concession. She's with us this evening. Camille, would you like to briefly introduce yourself? Good evening. I'm delighted to be with you this evening and very honored to have joined the Eiffage Group. Early January, well, in a few years, I've been working for some 20 years. First half in European institutions in Paris, Brussels, and then network companies, RATP and Engie, the utility. Worked on other infrastructure and concessions businesses, and I got a first taste of motorways being an independent board member of Somfy before joining Eiffage. Thank you, Benoît, for your confidence. It's a first for me. I'm sure that I won't be on a par with Philippe when it comes to traffic forecasts. Turning now to the highlights. 2024, once again, a very strong year, both in terms of earnings as well as order intake. These good results, what's more, were accompanied by extremely good cash flow generation. Order intake 2023 ended with a record order book, boosted by the entry into order of the two major contracts of the EPR2 of Line 15 East of the Grand Paris Express, bringing a major scale change to our order book. 2024 is marked by the acquisition, once again, of some major contracts that strengthen visibility in Europe, but also in Energy Systems and construction business lines. Business franchises remain very active, and we can even note the stabilization, indeed, at a low point of new housing. The order book at the end of 2024 ends up 11% over the record level at the end of 2023, but it's even more solid because its growth, both in volume as well as depth, now covers all the construction businesses of the group. It doesn't integrate the balance of operations that haven't yet got underway of the NOVA project and the future strengthening of works currently underway for Amprion and Rail Baltica, representing several billion EUR for the out years. A few illustrations of our recent order intakes. On the back of the success of the project for the Paris-Saclay Hospital, we won a new contract for the design, build, operation, and maintenance of the University Hospital Campus Greater Paris North at Saint-Ouen. Work will begin in the spring of 2026 after a design period of 17 months to be delivered at the end of 2029. Only the design contract is included in the order book thus far. Another major contract won by Eiffage Construction in consortium, the extension and restructuring of the Henri Becquerel Center at Rouen, one of the 18 French centers specialized in the fight against cancer for an amount of 72 million EUR. It comprises the construction of a new building, a bridge building on three levels to establish the link with the existing structure that will be renovated. Work undertaken in occupied sites so as to continue to care for the patients. Delivery planned in 2026. In Poland, our teams between now and July 2026 will build the Senator Office Building for Enova in Krakow. It's aiming for very good BREEAM certification. In Belgium, we're going to build in a consortium the RealEx project at the heart of European district in Brussels. This is an ensemble comprising the Future Conference Center, European commission office area, and retail space. The group that is anchored in its territory has always been present in niche markets, in ski resorts. Eiffage Immobilier is building a residence at Les Deux Alpes with 78 apartments and high-end services. Work will begin in May this year following the end of the ski season. Eiffage remains very involved as a private developer for over 40 years. Development is a key lever to secure long-term land and to highlight the innovative solutions of the group. It allows us with local authorities to boost city centers or to create eco-districts. The development plan here at Saint-Apollinaire over some 40,000 square meters, guaranteeing better access to social and health services benefiting all local inhabitants. In 2024, we won 11 major contracts in offshore wind, bringing the Smulders order intake to over EUR 1.1 billion. These contracts strengthen the position of Eiffage Métal European leader on the turnkey market for metal structures for wind. There's the platform and jacket foundations of two electrical substations as part of the offshore wind farms, Baltic 2 and Baltic 3 off the coast of Poland. Second contract for the manufacture of 100 transition elements on the same farms. Other example, the foundations of the future power substations of the offshore wind farms, Centre Manche 1 and 2 in Normandy. The structure will weigh around 7,000 tons and support a power conversion substation of a capacity of 1.25 gigawatts. The Spanish and French teams are continuing to expand in agrivoltaic. They won 158 new plants in 2024 for over 1.5 gigawatts. In Germany, Salvia is undertaking all the technical work on the office building and retail space, Le Cœur in Düsseldorf as contract for EUR 50 million, as well as The Q office building in Nuremberg for some EUR 43 million. Let's not forget the major contracts that I mentioned to you last August. The unique site of the Interior Ministry in Saint-Ouen-sur-Seine for some EUR 700 million. Civil engineering of the future project linking Rhine-Main for Amprion in Germany for some EUR 2 billion retained share, 600 km of work supporting power cables, transmission cables from the North Sea offshore wind farms to the Rhine-Main region. Also supply and installation of the 24 diesel backup generations projects of six EPR2 nuclear reactors at Gravelines and Bugey for some EUR 900 million. Eiffage Construction, the new motorway link A412 over 16 km between Thonon-les-Bains and Machilly in Haute-Savoie. The year 2024 was also very dynamic in terms of revenue, both in concessions as well as construction. As you've seen, the last quarter posted growth in the construction division that offset the declining revenue of this business line full year. All in all, the group is delivering a year of dynamic growth, plus 7.3% revenue growth, 7.5% in construction, 6.5% in concessions in works. Organic growth reached 3.5% in spite of the contracting property and housing market in general. External growth in works more dynamic in 2024 brought in a contribution of some 4%. On screen, you have a summary in volume of the external growth transactions of these past few years in construction. Our efforts, in accordance with our strategy, are focused on energy service business. The group and its target countries are the heart Europe, planned to be a market consolidation player buoyed by the major transitions of the green and digital transitions. The highlights of 2024 are without doubt our strengthened presence in the Netherlands, but above all, our total change of scale in Germany. As mentioned in August, the acquisition of Salvia and EQOS Energie, combined with the historical German structures of the group, allows us to now address all energy service markets across the country and, what's more, to have a fine footprint in Austria. Eiffage Energy Systems in Germany henceforth numbers over 4,500 employees. Organic growth was also present in 2024. Let's just review some projects that illustrate the dynamism of all our business lines. Shown here is the Athletes' Village that came into the adaptation phase of the housing units initially designed for the Paris Games in order to transform into family housing and offices. This is part of a circular economy initiative. 75% of materials from the Games reutilized. In its new configuration, it will comprise 527 housing units, offices, and shops. Our teams restructured the former Ricqlès Mint Alcohol Distillery at Saint-Ouen-sur-Seine to turn it into the new head office of the Paris regional office of the Construction branch. It's characterized by its high energy and green performance, which seeks to become the first tertiary project of its size in concrete structure to achieve higher certification level. The distillery is also an example of renewed, reasoned deconstruction of the former building, conservation of the facade, use of bricks, recovery of materials with the input of materials from surplus stocks of other worksites. Fine illustration on screen with the auditorium built with the seats of the Palais de Chaillot. In Poland, as general contractor of process, we built a filling and storage plant for gas, for Air Liquide. We launched the major refurbishment work of the Cristalis project. Three main buildings to extend and raise one of the buildings, replace the facade, the engineering works, foundation strengthening, and restructuring of the concourse. These past few years, I mentioned the startup organically of the real estate business in Poland. This activity is now growing strongly and ensures quite a substantial part of the works activities of our Polish subsidiary, Eiffage Polska. This is illustrated on screen in Warsaw with 430 housing units as well as this residence, two buildings with 144 apartments in Poznań. EPR2's Penly management and design team, some 300 people, are mobilized at Tours, at Lyon in the Paris region as well as at Dieppe. There's also over 700 workers who are busy on the site installations and the beginning of the earthworks on site, as you can see on the screen, in support of the logistics necessary to host the many workers who will take part in the constructions of the EPR2 at Penly. Eiffage Immobilier with Eiffage Civil Engineering has applied for planning permission to build in a radius of 10 km of the Penly plant, a first tranche of 480 modular housing, adaptable and temporary, with shared living spaces on the Greater Paris Express. The major contract for Line 15 East for some EUR 2.54 billion has entered the works phase after over a year of design phase. Still in engineering, the work of the Toulouse Métro with the building of some 3.85-kilometer tunnel, three stations, and four ancillary structures are continuing on screen. The descending cutting wheel of one of our tunnel boring machines wearing the local colors. The A3 Autobahn in Germany, essentially lane widening works achieved under traffic by each section in both directions. Four sections out of eight have been completed, and the latest handovers are underway. So as to finalize this project early in 2026. Still in Germany, where we possess strong rail expertise, we're undertaking the renovation work of the rail link at the Potsdamer Platz in the downtown area of Berlin in Norway. On the E18 motorway project, our teams pierce the Grenland tunnel, marking the end of the digging phase and the beginning of the paving phase. Also, the first launch on the Grenland bridge. In the U.K., Eiffage Civil Engineering teams continue work on the HS2 rail link. Early February, Eiffage Métal successfully completed the largest launch on this project. Four days were required to position the 350-meter metal deck and 4,500 tons of the Small Dean Viaduct above the A413 and railway line. Eiffage Métal, in continuity of the Louis Vuitton Foundation and Luma Foundation in Arles, is building the envelope of the LVMH Art Talents Heritage building near the Jardin d'Acclimatation in Paris, designed by Frank Gehry in Paris. After the pilot park, Provence Grand Large, three other floaters on a manufacturing site of Fos-sur-Mer will be delivered in 2025 as part of the pilot project of floating wind farms in the Gulf of Lion. Monção, Portugal designed a new steel structure for the first agrivoltaic on vineyards in the Gard, developed by Sun'Agri within Eiffage concession. This innovative solution, producing low-carbon PV energy, is accompanying agriculture in the face of climate change structures. The activities for renovating bridges and train stations remain very active in Germany, such as Berlin Train Station. SEH is renewing all the metal structures and the glass ceilings. Eiffage Route is still borne by territory development, development of collective urban transport. Our teams have taken part in virtually all the tramway projects and bus high-level service for bus projects over the past 20 years throughout France. Here on the chart, you see the future line 5 of the Montpellier tramway. The road business also draws its strength from our quarries and industries. Our quarries, like the one of Pique-en-Pau, which you see on the slide, have worked on their carbon footprint. They also produce the vital ballast for rail infrastructure. There's also sites that are undergoing transformation to use materials from the surrounding area, contributing to the establishment of the circular economy in the regions. Looking at industry, many investments have been made in order to modernize our production stations in order to increase the recycling level up to 70% and reduce significantly CO2 emissions required for the use of, for the manufacturing of our coverings. You see here our new plant in the Madrid suburbs that we've just inaugurated. On the Eole project, further to the extension of our line E towards the west of Paris, Eiffage Energy Systems delivered in 2024 all the electrical units, the high-voltage units, as well as low-voltage work in order to ensure the proper functioning of the escalators, lifts, and architectural lighting, as well as ensuring the safety of travelers and of the whole structure. Eiffage Energy Systems, European leader in photovoltaic structures, continues to grow with many construction markets. In 2024, 157 plants producing 1.5 gigawatts were connected to the networks. On the screen, you see two Spanish examples, the QBS plant representing 35 megawatts in Albolote near Granada, and the Lorca Solar plant producing 386 megawatts of power in southeastern Spain. In both instances, Eiffage Energy Systems will be in charge of the operating and maintenance for a 20-year period. Again, in Spain, our teams established electrical installations of the industrial logistics hub for Airbus in Albacete. The project concerns low-voltage electrical works in an industrial site with four logistical cells. Our facade contractor, Goyer, has just completed a major phase on the renovation project of the Ariane Tower, which is on the heart of La Défense. Work was undergone while the site was occupied. We've contributed to enhancing the use of materials from deconstruction, and our Polish teams at Defor have just completed the largest contract in their history with the facade of the Bridge Tower with 40 stories, 170 meters, 5 meters high in the center of Warsaw. Of course, we are extremely proud to have contributed to restoring Notre-Dame Cathedral in Paris and to the success of this extraordinary project that was made possible through the know-how and cooperation of Eiffage Energy Systems involving IT installations, safety, the technical management of the building, AC heating, ventilation systems, the fire safety system, and Pradeau Morin for the masonry work. On motorway concessions, notwithstanding economic uncertainty and industrial action by our farmers at the beginning of the year, traffic remained stable across the network. It was higher on our more recent concessions, such as Adelac and the Millau Viaduct. The A79 motorway has continued to develop with impeccable functioning in free-flow mode. Misunderstanding over the concession business model continues to provoke debate with a lot of untruths, even though it has become extremely self-evident that when a new motorway is established with the proof of A79 and A412 that were completed without any public financing. However, in recent years, our motorway concessions have consistently faced criticism, which unfortunately has already led to a new motorway tax, which is contrary to the contractual commitments made to ensure the fiscal stability of our contract. So it's down to us to prove through the quality of our service to our clients and the impeccable state of our infrastructures that the concession model or the public-private partnership, PPP model, is relevant and that as a partner of public authorities, we can ensure proper maintenance of the infrastructure and invest the required capital to contribute to stepping up the ecological transition. After 18 months of work, we have inaugurated the third motorway diffuser established on the A6 motorway north of Chalon-sur-Saône. This development will enable better management of traffic, smoother traffic flows at local level. Looking at services, our teams have mobilized during this winter holiday period in order to respond to peak periods on our service areas with recharging stations, recharging points, additional recharging stations. To the 848 existing stations have been deployed in key areas. Fulli has teamed up with Edenred in order to complete its service offering by including a multi-brand fuel card. This card enables access to the largest network of low-cost petrol stations in France, representing over 4,300 petrol stations, as well as better control over expenses for business travel and the provision of a professional management platform of all fleet services. We have an electric corridor for HGVs and coaches on the Paris-Lyon access. We have celebrated with the city of Millau and the Aveyron department the 20th anniversary of the Millau Viaduct. This celebration was held throughout September with highlights such as the flyover of the viaduct by the Patrouille de France, and we were greatly honored to have them with us once again. The Nové project for the Defense Ministry and its Ambition Logement plan is developing. Nové has renovated and delivered approximately 300 housing units since the launch of the concession in 2022. The peak in the activity is expected in 2025 and 2026 with approximately 600 new units and 2,000 renovated units to be delivered by the end of this year and over 3,000 by the end of 2026. Nové still represents EUR 1 billion of work that have not yet been included in Eiffage Construction's order book as published at the end of 2024, which this work will be completed by end 2029. Eiffage Concessions is completing the modernization of the port of Marina Baie des Anges at Villeneuve-Loubet. In order to complete this major project, the group has involved several of its businesses. The full implementation of the infrastructure is planned by the spring of 2025, and if I may, I would like to dwell on five pillars of the group's strategy. Pillar number one, the increase in the relative share of the construction businesses. Organic growth underpins civil engineering, metal, and energy services. The latter also enjoys the contribution of external growth that has stepped up. In four years, our Energy Systems division has risen from 30% - 37% of our construction activity and 40% - 50% of its operating income. The second pillar is the European development of the group in construction. 2024 saw the acquisition of some major contracts which strengthened our visibility Europe. with only 4% of its activity Europe and business outside France that has grown from 32% - 40% over the past four years, it's the growing presence Europe of the construction businesses with the group that continues. This growth outside of France has taken place with a dynamic underpinning momentum of over 15% over the past four years. Third pillar is the strengthening of our concession portfolio. It is essential that we create new concessions that will take over time from those that are due to expire, particularly APRR and AREA, which are expiring in 2035 and 2036. This strengthening will be done in four complementary manners. New concessions that we have won through tender, such as Nové, the A412, and the port of Toulon, extension of the duration, acquisitions, and increased share in the capital. Looking at, for example, Getlink by 2086, to take into 2086. Fourth pillar, carbon strategy. 2024 confirmed the decline of our CO2 emissions and of the carbon intensity of our revenue and CDP climate has raised our rating to A minus, recognizing our commitment and efforts. The fifth pillar is our extraordinary collective adventure over the past four years. Our headcount has risen from 73,500 - 84,400, which is up 15%. We have managed to preserve the compact structure of our organization, which facilitates the work between the businesses and enables us to extract the value that our clients expect from us, as well as our culture, our entreprenEUR ial spirit, and our anchoring in the regions of the country where we have a strong presence. We can indeed take pride in the work that has been done over the year by the group's employees, which has enabled us to achieve revenue up by 7.3%, operating profitability up 3%, notwithstanding the major impact of motorway tax, because if it hadn't been for that, it would have been up 8.2%. Net income up 2.8% and 9.2% if we exclude the motorway tax. The very significant point is indeed the very strong cash flow generation, which, quite apart from our good results, is also underpinned by a very good WCR for the construction business. Finally, the visibility of the group has been further strengthened with the growth of 11% of our order intake. With all this, we expect for 2025 an increase in our business and of our ordinary operating income, both in concessions and in construction. The Energy Systems division should post revenue close to EUR 8 billion and operating margin that could be as high as 8.6%. Net income group share will be up at constant tax levels, but down after the exceptional contribution from large companies in France in 2024. Against this backdrop, the board will be recommending a dividend of EUR 4.7 per share, up 15%, and from 2025, a payout policy of 45% of the net income group share. Thank you very much, and Christian will now give you some details on the financial aspects. Bonsoir. Good evening to you also. As usual, let's enter the financials with a few photographs. Essentially, figures, a lot of numbers to start. Business growth, once again in 2024, 7.3% on a par with 2023. We're at plus 7.4%, and we said that it would be less sustained in its organic momentum than 2023. That's the case, but we do have organic growth of 3.7%. That's far from negligible, and that was 50/50 achieved between organic and external growth, so all in all, 7.5% growth in contracting, 6.5% in concessions. We opted this year to present the four-year, not five-year history to erase the year 2020, which is not really useful for comparison purposes. We'll return to five years next year. On contracting, major disparities by business marked since 2023. I'll return in the operational review of divisions. Regular growth of contracting Europe, up 16.8% over three years. It's plus Europe outside France, achieved three-quarters organically. Operating profit on ordinary activities, up 3% in spite of the tax on motorways for some EUR 123 million. That displays the operational performance. At constant tax, operating profit up 8.2%. The operating margin in contracting is strong, 4.3%, up 30 basis points. That mechanically increases contribution of contracting to operating income of the group, up 14%, EUR 100 million concessions. Shrinking margin is largely attributable to the new tax on motorways and an amortization expense that is growing at APRR as anticipated. We saw it last year already with this increase in the amortization expense. On the holding since 2023, we include a non-cash expense supplement linked to the new calculation, IFRS 2, for group savings plans, fully booked on the H1. In construction, declined activities limited 6.6%. Limited. We need to compare this number to the decrease noted mid-year, 11.4%. It was still 11.8% 30th September. Q4 was up. Less so should be the case in 2025. Double effect, the landing of new housing returned to its level. And secondly, contribution of Nové that will increase in 2025 and 2026. In the declining context of revenue that I mentioned, we can underscore the resilience of the operating margin of Eiffage Construction linked to good control of execution of building sites in France and Belgium. A contribution that remains positive in spite of the real estate crisis, coming in at EUR 41 million EBIT as compared to EUR 59 million in 2023. EUR 41, that's an operating margin at 5.7%. That's very commendable. So really, the watchword at Eiffage Construction is really good to rely on this integrated model developer, constructor developer, and to remain selective in contracting. What's more, order book, as you can see at the bottom of the slide, has grown in visibility. We saw examples of that in 2024. A shot here of the Eiffage Construction head office in Belgium, La Source. The renovation, instead of building new, we've opted for this sustainability approach with a waste recovery rate that's above 70% during the construction phase. I mentioned that metric. I want to illustrate each of our activities through recovery initiatives. This rate is one of the data points of the sustainability report, the famous CSRD that you find on our site. It's the sustainability metric that we roll out. It's a key challenge for our businesses, and I'll mention that in our various activities. In the infrastructure division, road slab, as we've seen, less road maintenance, more urban development, a private contract. Civil engineering in France, first of all, the Toulouse Metro worksite. We saw a shot in the arm at the start of preparatory works, apparently more than offset the reduced activities on the Greater Paris Express that nevertheless generated EUR 285 million in revenue in 2024. Civil engineering in France is up 8.6%. Internationally, still in civil engineering, growth is driven by our major projects, HS2 in the U.K. and the E18 autoroute in Norway, whereas our business franchise in Germany and Spain are flat. Lastly, in metal, you see an activity dip in France. It's phasing, final phase of the floating offshore wind contract that's leading to a reduction. Metals up 13% internationally, still driven by offshore wind and also by structures that we're building in Germany. Operating margin slightly up 3.3% due to an increased contribution of metal projects, and visibility remains strong thanks to the major projects announced end of 2023. Also, the orders that we secured in 2024, bringing our order book to above EUR 15 billion. Photograph here, one of the Demcy is a subsidiary that dismantles works, recovers waste, 142 job sites in 2024 with a waste recovery ratio of 95%. The target by 2030 is to achieve waste recovery of dismantled waste of 99%. Energy Systems, organic growth remains the key driver and a major driver for the business line, 9.7% in 2024 of organic growth, 8% in 2023, 7.7% in 2022. So these are pretty substantial figures. When we add the acquisition cited, it brings growth in 2024 to 21.3%, largely focused Europe outside France. Our German capabilities change scale, as was said. That's what we're also achieving more progressively in the Netherlands, where in a few years through successive acquisitions, we've gone from EUR 150 million in activity when we entered the company with the acquisition of Kropman to some EUR 400 million. A very impressive track record in Spain. Through internal growth, we crossed the bar of EUR 1.1 billion activity with high levels of profitability, and our profitability is up 40 basis points this year thanks to market momentum, quality of our business franchise, and best control on the fine construction projects. The order book is heralding a further year of growth, less sustained than in 2024 because of the base effect, lesser contribution of acquisitions. And what about the order book? Companies acquired in 2023 account for EUR 1.4 billion and the EUR 8.2 billion of order. Without those acquisitions, our book would have been up 6%. Here a shot of Cestas. Why Cestas? It's because we've entered a maintenance, ten-year maintenance phase for this solar plant. And so we're changing the parts, 132 tons of electrical electronic waste and recovered to a tune of 85% this year and will be replacing 50,000 parts by 2026 that will be reused externally. Turning now to concessions with this slide that we're showing at the request of somebody who's since last year with the list of our concessions portfolio consolidated through global integration. You have the end date for each of our assets, and the bottom chart shows that henceforth we have a contribution, our concessions and PPP, excluding APRR, to some 20% of revenue of this division. It takes into account the consolidation of Adelac by global integration and, of course, Getlink that's consolidated at equity. Here we're operating our subsidiary that maintains the high-speed line, Brittany and Loire, with an action plan to improve waste recovery on the scope of the concession. We've got great results, a recovery rate of waste above 46% in 2024. We focus on APRR. Traffic on APRR in AREA recovered well in H1 to end the year at +0.3%. We were at -0.9% at the end of July. EBITDA margin is no surprise, significantly impacted by the tax on motorways, 70%. Otherwise, it would have been stable at constant tax that, of course, impacts EBIT in the same proportion. And as regarding the EBIT, the trending increase of amortization, 32% 2024 versus 23%, consequence of a shorter amortization whenever we introduce one of our major investments because the deadline's, of course, the end of the concession. Of course, the other part of motorway concessions, since our meeting in August, we're active in terms of financing. In September, a bond tranche 10 years at 3.125%. And very recently, we refinanced the loan of the APRR Concessions for some EUR 900 million and the undrawn RCF APRR, and we reduced the size of that to EUR 1.5 billion. I'd like to take this opportunity to thank the 17 banks that were involved, more specifically their representatives, most of whom are with us this evening. My thanks to you all. Turning now to our asset side from APRR for the A79 in the 50 million, we have the revenue of the service areas that's up, and this operations of service areas is, of course, very profitable for the rest. You see the margin, EBITDA margin, concessions, very satisfactory, 80%, if not more. In France on the right, the contribution of concession to operating income and increase of some EUR 100 million over 2023, if we exclude the motorway tax mentioned previously. Final part of our concessions, Getlink, we've incorporated in our results in 2024, EUR 24 million of Getlink, three quarter share of net revenue based on the consensus of EUR 246. That's 50 because we're waiting on the publication of the Getlink accounts. Remaining earnings of some EUR 6 million, down the amortization of the goodwill, EUR 13 million per year. The contribution of Getlink in cash is above the EUR 43 million, EUR 62 million. That's the dividend that we receive from Getlink. We remind you the key numbers, 100% on the right. Turning now to the financial statements of the parent, very little to add on the operational front. A word on the financial cost of debt is contained. It's only up EUR 6 million, whereas we consolidated Adelac that brings back some financial expenses, EUR 21 million. We're down EUR 15 million, all things being equal, and that's on the Millau Viaduct capital indexed on inflation. As inflation's down, our fixed costs adjusted. Other products and financial expenses, we had a profit of the reevaluation of Getlink, EUR 33 million that needs to be restated for comparability purposes. The other item is taxes, corporate tax that is up to EUR 612 million, due to the effect of the increased profitability, of course. But of course, the non-deductibility, the motorway tax, which brings our effective tax rate to 29.4% against 26.7% last year. Net income EUR 1 billion, EUR 41 million, up 3% and up over 9% constant scope basis. Net debt shown in the usual form with the 2023 reference, EBITDA up EUR 125 million. The increase would have been double without you know what. We have isolated the dividend flow received from companies consolidated equity, essentially Getlink, EUR 73 million. The seasonal change of WCR generates a lot of cash thanks to growing order book and some projects that contribute more. That's probably a record. Interest and tax paid higher than those of last year, particularly for taxes by some EUR 100 million, leading operating cash flow in green of over EUR 3.7 billion, up EUR 400 million. Investments contained in contracting in spite of increased activity, increase of CapEx on our concessions concerned essentially the Nové contract is ramping up in construction. Of course, that's reflected in concessions CapEx. Total investment flow over EUR 1 billion as in 2023, free cash flow once again record EUR 2.6 billion, once again up this year by EUR 360 million thanks to the good operating performance earning in WCR. Part of the new tax on motorways, this free cash flow is financed. External growth significant this year, EUR 900 million over and above the major acquisitions mentioned by Benoît. There's still smaller acquisitions and the buyback of minority interest. In 2023, we strengthened to the tune of 0.5% the capital of APRR. Firstly, we extended our stake in Adelac to 70%. We now own 84% of Smulders against 70% previously. And then the financing flows are the capital transactions make up, of course, dividend paid to our minority shareholders, APRR paid by Eiffage to its shareholders, close on EUR 400 million, and share movements. Treasury stake that's increased to 5.8% at the end of the year versus 4.1% at the end of 2023. Net debt down by EUR 500 million to EUR 9.4 billion. We like this chart in black without recourse, down EUR 120 million to EUR 10.8 billion and EUR 1.3 billion available cash in the holding company and in the contracting division. Thanks to good operating performance, contracting dividends received from concessions also allows us, of course, to maintain all requisite financial agility after EUR 900 million acquisitions while significantly upping the dividend and having reduced our debt by EUR 500 million. Final point, order book, its composition was illustrated by Benoît's points. What's notable, it's up across business lines, incorporates to the tune of EUR 1.4 billion the book of newly acquired companies in 2024. And the growth in the order book of companies that were already in our scope in 2023, that represents 6%, reflecting the good organic momentum that I mentioned at the outset of my presentation. That's it for me on the financials. Let's move to Q&A. Thank you. Bonsoir, [Foreign language]. Good evening. Thank you very much for the presentation. Well, first question for Philippe. Could we have the forecast for APRR traffic, please? I'm delighted. Can you hear me? What can we say on the traffic at the beginning of the year? The trend is positive. Due to two specific factors, we have a favorable base. Firstly, the farmers' crisis, which had a significant impact on our traffic between the 20th of January and 10th of February 2024. During that period, there were many blocks on almost all of our network. The second special factor, you're aware of the lack of snow of low and medium altitude ski resorts, and you know what the impact has on AREA and APRR during the skiing seasons. Specifically, February of this year is not yet over, but I think we can forecast at this point a growth at the end of February of +5% to +5.5%. That's a good answer, indeed. Second question, there's a major effort on the dividend and on the payout policy. Just one clarification: if in 2025 the net income is down, you said it will be down after tax, but if it's down and the 45% are not enough to protect dividends versus 2024, is there some margin nevertheless for protecting the payout ratio? The interpreter cannot hear what Benoît is saying, unfortunately. The interpreter cannot hear Benoît's answer to the question. On a [Foreign language]. Unfortunately, the interpreter cannot hear Benoît's answer to the question, and we cannot hear Christian in the room. The interpreter cannot hear Christian in the room. [Foreign language] question. Next, I have a question on construction. The margin is down slightly due to housing. Now, on the housing segment, can you see an end to the decline? Do you see the situation stabilizing? Well, I'll hand over to Olivier to answer the question. It doesn't look great. It's reflecting the general state of the property market. I'm sorry. I'm sorry about my voice. I'm very sorry for my hoarse voice. Of course, we've come out of 2024, still shows a decline in the property market, the housing market. And in 2025, the outlook is still very uncertain. There's economic uncertainty, political instability, which obviously weighs on both companies and households. Constraints on use of land, on the acceptability criteria for more dense urban planning. This obviously makes things more complex. Of course, there's some reason for optimism. First of all, there's a need for housing, which is still huge in France, and there's going to have to be an answer, a response to this. There are also some signals, lower interest rates, measures that have been taken in order to improve the ability to purchase property, so against this backdrop, we forecast stability of our real estate business in 2025, but the improvement will probably only come in 2026 after local elections, so we're looking ahead, looking to the future. We're quite optimistic. We're preparing the future for the future with two strengths. First of all, our model. As you know, our model brings together know-how, both in construction and in real estate, which means that we really can be a player in the transformation of the property market for durable housing. And also, as planners, this makes a difference, of course, in the housing shortage that we see at present, because with the local and regional authorities, we can sit down with them and look at regeneration, urban regeneration. I think we're quite confident on our growth, but obviously, it's going to take some time. Thank you very much. Thank you for that long answer despite your very hoarse voice. Working capital requirement, excellent performance. Again, last year, Christian, is that something that can be sustained, do you think? Well, it's very difficult to forecast that. Part Part of the flow comes at the very end of the year. And some of it's linked to the size of the order book. When the order book's growing, then obviously, the WCR is growing as well. So we'll have to adjust depending on our order book. And we have some positive developments on the WCR, which with longer-term contracts, we're not looking at any short-term exits, but there may be fluctuation to the tune of EUR 100 million. No particular alarm signals, but at this early part of the year, we think it should be stable if the order book remains as it stands by the end of the year. So it's actually quite difficult to forecast. Thank you very much. That was my last question. CIC. First question on free-flow on AREA. Do you have any feedback from clients? Do you have any negative feedback from clients? Is there any risk that you may have to go back on that? And also on these free-flows, how much of this cost and how do you achieve profits on this kind of flow? Philippe is just so keen to answer your question. I'll hand over to him. You're referring to A79 rather than AREA. In AREA, there is a free-flow part on almost three quarters of the AREA network. On the A79, it's fully under control technically. We had some difficulties initially. We started in November 2022. We initially encountered some difficulties because we were the only motorway company without any barriers in an ocean of motorways with barriers. We communicated a lot. There were many billboards providing information on our program. And if you compare the number of phone calls that we had between 2023 and 2024, the inquiries were down by 50%. So we're beginning to have a positive response from our customers. And the opening of the A13 and the A14 improves the customer's understanding of this new model, which should be rolled out far more over the next four to five years. And I had an experience on the A79. So I was a bit surprised, but they were caught up with me after a few days. Well, indeed, yes, they're about you're one of the 10% of clients who don't pay immediately. Well, well, Éric, just ask for the badge, and that'll make life so much easier. But what I might add for the benefit of the teams, they established. I mean, we really do provide support. I mean, some people are so far from electronics, from their bank accounts. So there's very strong social support from our teams. And that's part of the effort for the entry point. And our teams have set up a partnership with the La Française des Jeux, providing facilities whereby at a tobacconist, there's no problem at all. You can go into a tobacconist and pay. And that greatly helped with the understanding of the system. And I think that was a good solution because others have followed suit. Question on APRR. Looking at all the comments in the press on investments for the motorway concession companies, could you recall, could you help us with what we should input into our models on investments between now and the end of the concessions in 2035 and 2036 on APRR and AREA? And tell us whether there's any risk of a surprise investment on both of those assets. Well, Philippe won't be around to negotiate, so I think we'll hand over to Camille to answer the question. Well, indeed, 2035, 2036, well, that's in 10 years' time. And as you know, we're not the first on the list for renewal of concessions, but we've decided to launch this year negotiations with the French authorities to start these discussions and negotiations. Well, we're not starting from scratch at present. We have good follow-up from the ministry on the state of our heritage, on the structures, the roads since 2007. Since 2013, there are no penalties, but up till 2013, there were penalties, but since 2013, we've been meeting the criteria, and against this backdrop, we're very confident that we will be able to find a balanced agreement with the French authorities, and we'll give back the infrastructure in very good condition by the expiry of our concession, so I'll be like Philippe now. I can tell you that we've invested EUR 280 million in our motorways in 2024, and in 2025, we should be around EUR 300 million and EUR 350 million next year, so that gives you a short-term view to give you some idea. Namely, of course, we'll continue to invest in our motorways, in particular for upkeep and also in terms of the mobility investment plan negotiated with the government in 2023 so that we meet our objectives. One last question, if I may, on Eiffage Energy Systems in the pipeline of potential acquisitions for Eiffage Energy Systems. How do you view the pipeline? And in terms of multiple acquisitions, do you expect inflation, or are the multiples still under control? Regarding external growth at present, we've just made some significant acquisitions. So the priority now is integrating them and dealing, in particular, with Germany. We don't have any specific plan. We don't have any new countries in our target, but we might go for a bolt-on type acquisition to extend our presence in countries where we have a presence and also to complete our offering in all four segments of the business line. In terms of multiples, these vary depending on the size of the companies we acquire, profitability. As you've seen, we posted major growth without impacting the margin. So we're extremely vigilant in terms of our targets. We tend to buy basically profitable companies. And of course, there are differences in multiples depending on the size of the company, their business, the countries, etc. So there's no general rule to be derived from this. To be a bit more specific on the multiples, the smallest companies we're looking at low multiples because we have to integrate structure. It's about five or even below for a very small company. The biggest, the largest that we've acquired this year, eight to nine times is EBIT, not EBITDA, because for contracting, it's EBIT, the right metric, eight times for the largest acquisitions, not the medium-sized ones. For a company of a reasonable size structured, organized, easy to integrate, if it's ever easy to integrate. Oui, bonsoir. Yes, good evening. On the great German slide that you showed us on Salvia Group, would it be possible to display it again? Because unfortunately, it's not in the book. It's a bit of a shame. It showed the revenue of both. It's a crying shame that you didn't leave that German setup. That's pretty interesting. It's a scoop for Eiffage that was kind of running behind on that front. What, that of the territory of the photographs? No, there's a great map with the German locations of Eiffage Energy. We should be able to show you that. The principle that we're seeking, the Energy Systems, we have four major markets. We have everything we do for industry, for infrastructure, in general terms, what we do for tertiary buildings, and then services to local authorities. So these four major markets, the fundamental goal wherein a country fundamentally is to be in a position to respond on these four major markets and then be sufficiently dense in terms of local presence so as to capture from the smallest to the largest project. That's how it happened. Germany's a good example. It's a case in point when we had our entities essentially on tertiary and where we acquired Salvia. We changed dimension on tertiary services to local authorities, but wasn't at all present in the infrastructure market, led us to acquire EQOS that's a pure player on these infrastructure markets that are very significant this day. Because of the green transition, energy transition in Germany, we need to set it up. We need to integrate it and get that the markets respond that clients interact. And that's going to be the job of the teams to structure. All All good order of magnitude of the margins of the two companies acquired before restructuring and acquisition costs or what. There's no restructuring. Ludovic said as much. We're not seeking to acquire companies that are in difficulty. Our management capabilities did all this effort. We're really looking for companies where we have an understanding of the organization, ability to have a kind of a good cultural fit that's going to facilitate group integration, but we want things that are in a good state of repair. And then, of course, for small companies, that happens naturally. But today, we don't have the human capacity to take companies that are in difficulty to turn them around in short or slightly longer time frames. So these are margins that have higher markets with higher risk. And it's accretive. The setup is being bolstered in Germany. We have a small company that's going to be joining us post-close. That's EUR 32 million in revenue. Ditto the same thing in the Netherlands and fundamentally on countries that we've picked in terms of strategy: Belgium, Luxembourg, Switzerland, Germany, Netherlands, Portugal, or Spain. The ideal setup is to be able to operate in these four major markets, have dense country coverage to be permanently present, including for long-term maintenance so as to be able to respond, is to end up in the four or five major players in energy services in these countries. That's what's happening in France, already underway in Spain. It's what we're currently working on in the Netherlands and the same goal for Germany. These are markets that are moving fast. We're only a few players that are consolidating. So obviously, we want to be part of that consolidation process. Germany, we discussed it. Through our existing structure, we didn't have the managerial effort to take a bolt-on in phase two. So we need to acquire more structured companies, and it took two for the four major markets because we didn't find any that covered all the four markets. Now we do. We have that. We integrate. We get organized with the bolt-ons later to cover the country with a few more dots than you see on the map. Pierre Rousseau, Barclays, well done for these good results. A question about in France. Over the years, we've had various promises from the infrastructure world to up funding for transport infrastructure. Recently, the CapEx fund for RTE. Could you give us your insight in the current budget context on what is possible, probable, and what's the most interesting for Eiffage? Yes. Well, we're often asked about the underlying dynamics of our market. Now, if you look across the board, and this came up clearly in Christian's presentation of the figures, you can see that local authorities sometimes have healthy finances but are very concerned about the future and the subsidy from the state. They've lost their basic landmarks. They're far more wait-and-see than before. Looking at roads, if you don't have the private sector to support road construction and projects European subsidies for collective on public transport, then our businesses will be going down. Conversely, the deep state, if I may use that expression, in military terms, in defense, is a major investor. And it's an example. They've used the concession. What's being done to have new weapon systems in France, which are coming to maturity. When you have the new submarines of the Barracuda-class, which you have to host for the group, for our energy system, this led to major contracts. And this also for our civil engineering because we had to completely change our infrastructure approach for these new submarines. And you have the same thing with the new nuclear aircraft carriers. We'll need massive infrastructure investments. Similarly, you have all the French nuclear deterrent, where you consistently have major investment. Looking at defense, without the will to invest in munitions, ordnance, both in France and Germany. Looking at the Ségur plan, about which much has been said, well, we don't hear so much about it now, but we have never had so many projects for extending existing hospitals, building new hospitals, and these are all done under tender, and these political decisions made some years ago, well, the process that was explained very clearly by Olivier in terms of having planning permission, etc., leads to all this, and nobody's challenging, even with the current state of public finances, that investment will go ahead, even if it goes ahead a bit less quickly. The prison investment plan is something that's very active at present, and I could continue with a list of examples. There's no calling into question of this. Maybe it'll take a bit longer. The Grand Paris Express, nobody talks about this, but this is the biggest infrastructure Europe, which has completely revolutionized the Île-de-France region, and after its initial phase, we're now in the second phase and others to come, these projects that will keep us busy all the way through to 2030, so none of this is being called into question, and I think that that will continue, so the real instability, as far as I'm concerned, or the wait-and-see attitude, is more on the part of local authorities, and if I take it a step further, because it's not just France, you could have a similar view on the rest Europe, where you have similar, very similar phenomena. If you look at the will to invest, driven Europe on the green, the energy transition, you have projects with increasing investment growing by a factor of two, all the way up to times eight, depending on the countries. Quite frankly, we don't have the human capacity to go as fast as that. If it goes a little more slowly soon, and it's rolled out a bit more slowly, as far as I'm concerned, that's actually quite good news. I don't think that calls into question the will to invest. I think the depth, the quality of the markets on which we're operating is extremely deep. And if we were to look at those major trends, then we could say, okay, you think about the energy system business, but in the civil engineering, even in construction with all the renovation aspect, the whole spectrum of our construction business is significantly impacted by this major trend, which may take a bit longer to roll out, but I don't see the trend itself actually changing. Thank you very much. Sorry, I didn't answer about RTE. There are indeed very significant CapEx plans for the future. We are responding to calls for tenders for the electrical substations to host the new wind farms. These calls for tender are underway as I speak. Again, the needs in terms of distribution of electrical networks Europe and the real challenge is where are all the men and women you need to keep up these investments in the European countries we're talking about? The group is fundamentally European group. So the current geopolitical debate does not impact us directly because our footprint is very consistent, because all this fundamentally is the rolling out of European policy across the EU member states. Thank you very much. Perhaps a question on the electrical power for the heavy goods vehicle system. Is that going to be the main option? What's your business model for those charging stations? On n'est pas sur un business. Well, we're not on a rollout business model. We operate motorway concessions where we must be able to receive our customers. So the development isn't huge, but there are already trucks, buses, coaches on our network. We had to accompany that. It's done with sub-concessions and pure players. We have an obligation in our contracts to operate via sub-concessions to open up the market. We don't possess the business model, but the ability to plan, organize, do the engineering to make it possible. That's part of the obligations to receive and serve our customers. Solutions such as having catenaries along the motorways. I mean, is that on the cards or not? We're not yet at the choice stage of the type of electrification for heavy goods vehicles because it requires an agreement Europe on a single model between induction, catenaries, rails, charging stations. We're kind of feeling our way. People are trialing and experimenting, but the jury's still out Europe because heavy goods traffic isn't just Franco-French. It's European. so it would be absolutely necessary for European countries to agree on the model, which is not yet the case today. Thanks. Do we have any further questions in the room? If not, let's see if we have any questions online. Thank you, ladies and gentlemen. If you'd like to ask a question, please press star one on your telephone keypad. The first question comes from Augustin Vincent. Thanks for taking my question. Two first questions on infrastructure division. I saw there was a slowdown in H2 in civil engineering and metal. I'd like to know what your vision is in 2025 for that division, also subdivisions, activity, and margin. Second question has more repetition, but could you repeat your answer to the question on dividend in 2025 if the earnings were done because the mic was off? Sorry, that was an unfortunate error on my part. So payout in 2025, I think it's sound to generate the earnings before deciding how we're going to distribute the. We're focused on that, of course. And depending on 2025, we'll factor in your questions when we discuss all that with the board of directors. On the first point on infrastructure division, the Métal, there are great many major projects that make up and contribute to consolidating the revenue of the different metal infrastructure, the three business lines. And depending on the phasing of the major project, of course, you have a significant impact. I'll just mention one. Overall, we've completed all the part done by civil engineering in the Grand Paris Express, where we were very active on the big project of line 16, but also on line 15. All that portion is now completed. The significant activity was considerable in H1. It wasn't the case in H2. And of course, that impacts global consolidation. In the meantime, we have new contracts in the Line 15 East that picked up for EUR 2.54 billion for the group this year. We're doing essentially the design work. We've only just begun the physical work at the end of last year. So you see the phasing of that work has an impact, but the overall vision is it will continue to grow for civil engineering next year. Road, it depends far more on local authorities. So we're expecting a kind of stability in its activity. Then we got metal construction. The final segment, we have a great many major projects. The second fact, and I think we discussed that six months ago, is that we can capture market growth only with investments in our plants. There's no linearity and increase in our industrial capability. Today, we've bolstered our presence in the Netherlands in a yard that allowed us to capture a bit more growth. And we're going to stay in growth on these businesses next year. So expect growth for infrastructure. And then the profitability, it's too soon to say, but it won't be major. It'll be plus or minus 10 basis points, but don't expect much more than that. Thanks. The next question is from the conference in English, from Gregor Kuglitsch from UBS. Over to you. Hi. Thank you. I will try to be brief. So I just want to summarize what you've said so far on the segments. So I think I heard you say on energies that you think you can make around 8 billion of sales and 6% margin in 2025. I want to check that that's what you said. You just answered the question on infrastructure and then construction. Are you saying sort of stable volumes and stable margin? Is that your message? Just sort of if you could summarize the sort of comments you've made on the three different contracting segments, please. Thank you. Bon, infrastructure, on en a parlé. Infrastructure, we've spoken about it. On construction, what we said is that we expect growth in revenue. You saw that with the order book. And the step up of the Nové contract will generate an increase in revenue. We're always still at a low point on real estate, but I think the stability of the margin in itself would be a good result. And you never know. Olivier, maybe we'll do a little bit better on the energy system business. I think Ludovic can confirm what has been said. I mean, we've said so, so we're going to do it, right? Well, we've committed in writing, so we're going to stick to that in the various businesses. Excluding energy, the average order book is up. We expect growth in the various businesses in 2025. That's our forecast. Thank you. La prochaine. The next question is from Luis Prieto from Kepler. Over to you. Hello. Good evening. Just a couple of questions from me. And I apologize in advance if this has been asked before. I had a technical glitch. The first one is, as of late, we're hearing a lot on data center construction and, more interestingly, on peers of yours being interested in deploying equity in these projects. So my question is, what your current stance is on the possibility of investing equity in digital infrastructure? And then the second is, you're currently at 27.6% of voting rights in Getlink. What is the next step? In what purely hypothetical scenario could you adopt a more ambitious stance on your exposure to Getlink and even consider a bid for it? Thank you. Regarding the data centers, we have no ambition to operate in equity, to be an investor on data centers. It's not a business that we master or we're familiar with. So we've got no plans to invest in those. But, however, we are a player in the construction business for data centers in several ways, and not since last year. I mean, for a fair while, we were operating on far smaller items because that's how the market was structured. We're also active on operation and maintenance. You've got major electrical challenges on electricity, high, low voltage, and then also AC, climate control of data centers. Today, the market's evolving, as you mentioned, with far more substantial data centers. These are projects that are very significant in size, highly complex because you've got kind of redundancy levels that are very high, testing commissioning levels that are very strict. As always in major projects and energy, the key is to have the teams that are capable of delivering because nothing whatsoever to do with the kind of run-of-the-mill ordinary maintenance operation. We're already active on medium-sized data centers. Often, we manage to enter by bringing in all our businesses. Our energy division is supported either by construction or infrastructure in civil engineering to do the roof of the building. Of course, the key is the technical lots with teams that can lead and plan and implement these very substantial projects. Today, we're active on one hyperscale, but when you mention equity or, I mean, it's phased on 75 megawatts for each, it's very hugely demanding. We're very happy with what we're doing there, but we're careful because we can't generate several teams that can deliver projects of some EUR 200 million in technical lots. And if you realize that it's hugely exacting and demanding, it's rarely done. We have the ability because we've done that in the past. We're continuing to ramp up. But our problem is, above all, to be convinced that we have the teams in place to be able to accept a project before accepting the one that we haven't got the teams to cover. It's about EUR 250 million activities globally on data centers. Our ability to grow our human capability is necessarily smaller than market demand, and so we're very careful to remain on what we can do and continue to ramp up little by little the number of teams to operate on smaller data centers. We'll also do some in Germany, Belgium, or Italy, but not hyperscales. The only place we're doing hyperscale for the time being is in Essonne in the Paris region. Getlink, no change versus what I said six months, a year ago, 18 months back. We're very happy with our investment. I think it's fully in sync with the group's strategy. It's a very long-term concession that calls upon businesses that we know and understand. It's very long-term through 2086 at the heart of territories where the group operates, so it makes a lot of sense. We've already said that we'd be prepared to strengthen, but we don't plan to take control. It remains the case, and it's just issues of kind of price opportunity you'll have seen in the past. On two occasions, we increased our stake because we're able to seize a block in financial conditions that we viewed as quite acceptable. So we remain keenly interested in this asset, prepared to up our stake depending on market opportunities, but none more than that. La prochaine. The next question is from Dario Marioni at BNP Paribas. Over to you. And congratulations for the strong results. Just one question for me on future investment. What is your latest thinking on how you expect to replace the profit contribution that might be lost when the APRR concession expires? Thank you. Je pense qu'il faut que vous repreniez. I think you should go back to the slide. Now, I understand that you're talking about reinvestment. We've tried to explain, and we do this quite regularly, on the four complementary ways of strengthening our portfolio of concessions and on what will happen afterwards. All we can say at present is that in relation to the public debate and the recommendations from the regulatory authority, these are public knowledge. The regulator is convinced that the concession model is the best model. He's pushing for shorter periods for more regulation with review clauses similar to the review clauses for airports and also the need to have additional investment. Now, having said that, it's something on which there's a relative consensus among the different political parties. Of course, this is a debate that's going to take some time. There's the idea of having a major conference on infrastructure investment. We're following this closely, but we can't really have a final understanding of what the future model will be before 2027, 2028. And at some point, we'll be getting so close to 2031 that we definitely will have to know what we can do. I'm still convinced that while the model in its risk-sharing component and financial expense has many differences, the fact that private operators will remain in the concession business, I think that is fully understood. It's accepted in the public debates. And as we say with the teams, the best way of displaying this is to show that we have impeccable infrastructure and that we're fully meeting the expectations of our customers. So, to summarize, I'm convinced that after these existing concessions, how the risk will be shared, what are the needs in investment terms, it's still far too early to be able to say. Y a-t-il encore des questions? Further questions? Okay. Next question. Graham Hunt from Jefferies. Over to you, sir. Yeah. Thanks very much. I'll just stick to one, and I'll try again on the dividend point. I mean, I just wanted to try and triangulate your net profit guidance, including the tax, and then on the higher payout. I mean, can you reassure us that the 470 is the kind of floor going from here, barring any kind of exceptional event in 2025, and then the 45% payout is the target going forward? Is that how we should think? Je pense qu'on vous. I think we've given you a payout policy, 45% of our earnings. We've often had discussions with our investors. There was a request for us to clarify our payout policy with the board. We felt it was important to do that, and that's what we did, but it's not a flaw, of course. It's not a flaw, of course. If there were to be an exceptional tax, depending on how the year has unfolded, we'd have that debate at the board, and that's where that debate needs to happen. What's important in your models is to model this 45% payout policy. That's what's important. Thank you. La question. Next question from Marcin Wojtal from Bank of America. Over to you. And good evening. My first question is on your share buybacks. I see that your treasury stock right now is at 5.8% of the share capital increasing in the second half of 2024. I would be interested to know if you see room to increase your treasury stock further from here. Would you be opportunistic in your approach? And would you be at some point considering to cancel some of the shares? And my question number two, if you allow me, is on your exposure to a nuclear project. You indicate what percentage of your backlog is related to nuclear right now, and do you believe that could be a relevant growth area for the company for the years to come? On the share buybacks, well, on share buybacks, you've understood, since you've said so yourself, we've been opportunistic. We'll continue to be opportunistic. We're not going to cancel our share buybacks, and we're not going to cut back our treasury stock by 2027, and we're going to maintain that opportunistic approach. Now, on nuclear projects, several points here. For years now, we have recurring activity on the French nuclear network for our civil engineering and in Energy Systems, and the investments that are needed on the existing French nuclear network to extend its life cycle will continue, and in actual fact, will be stepped up. So that part is to the tune of EUR 1,200 million, and it's going to increase gradually as time goes by. And after that, we have special cases with the new nuclear projects with the EPR2s, which stand at EUR 5 billion in our current order book. Y a-t-il d'autres questions? Are there any further questions? No, we have no further questions at present. Thank you very much. Are there any further questions in the room? Well, in that case, I would like to thank you all for being with us this evening. Thank you so much.