Good morning, ladies and gentlemen. Before we get into the details of this meeting, let me point out that you will find on your seats a headset that will enable you to listen to the translation channel. One is for English, and channel two is for French. We tested it out this morning, and I trust this is working. Dear shareholders, it is my honor to welcome you to this [Foreign language] General annual meeting. I'm Michel de Rosen, the Chairman of the Board of FORVIA. I have Martin Fischer next to me, who's been the CEO since March. We have our CFO to my left, and Jill Greene, who's the Head of the Legal Department and Secretary of the Board of Directors. I would like to thank you for having come. I would also like to thank the many shareholders who've already exercised their postal voting rights and those who are following the meeting remotely. As you know, this meeting is being broadcast live on our website. It's recorded and made available on a delayed basis. I'd also like to thank the members of the Board of Directors who are present in the room with us today. There are others here in the audience, or they are connected online. Finally, I'd like to thank all those who've prepared this annual general meeting. It's always a lot of work, and they make it possible for this to run smoothly and professionally. FORVIA's annual general meeting is an essential opportunity to inform and exchange views with our shareholders on critical issues for the group. As you know, 2024 was a year of major challenges for the automotive industry. It was marked by geopolitical tensions, production cuts, questions about the pace of electrification, changing consumer expectations, and the growing influence of certain markets, notably, of course, the Chinese market. In spite of this complex international environment, our group, FORVIA, demonstrated its agility, its resilience. The group was able to maintain stable sales. Indeed, it improved its global positioning and implemented its commitment to sustainability. FORVIA recorded a solid, indeed a record year, of intakes, particularly in its Asian segments. This order of intake also demonstrates the quality of the relationships we have established with our customers worldwide and our ability to seize growth opportunities, illustrated by our extensive collaboration with major Chinese automakers, both in Asia and abroad. We have also continued to make steady progress in sustainability, as evidenced by the ongoing improvement of our ESG assessments. The deployment of a comprehensive action plan to meet our Scope 3 emissions reduction targets and the launch of our Blue Effect program, a collective call to action for sustainability, reflects these efforts. Innovation also remained a key focus for FORVIA. We acquired full ownership of our app marketplace, now renamed Appning, thus strengthening our position in the ecosystem of automotive app and software. Last April, at the Shanghai Auto Show in 2025, we unveiled as many as nine world firsts and a broad portfolio of sustainable AI and software-driven innovations, illustrating FORVIA's vision for enhanced customer-centric mobility experiences. At the same time, the group remains fully committed to restoring a strong balance sheet and reducing its debt. In 2024, we accelerated the execution of key initiatives such as West to East, Engage, and EU Forward, designed to strengthen our competitiveness in a complex environment where speed is of the essence. I am convinced, and so is your board of directors, we're convinced that these initiatives will play a crucial role in the group's future success. Let us retrace the story of our group by watching the. My mission was to transform the company. The history of FORVIA is really characterized by reinvention. The landscape of our customers has been profound, reshaping the way we should collaborate with them. In the last 10 years, we transformed the group from a traditional auto parts maker to a real high-tech company. The first real sign of the transformation was to see us in 2018, the technology place to be. The customers and the different partners we could meet were enthusiastic about what we presented. This was a recognition we wanted to get. The most significant change in our industry is really the arrival of China as a marketplace, but also as an auto nation that is conquering the world right now. We are increasing our presence in China. It is now one of the major components of the life of our group. We had a strategic joint venture with BYD and with Chery. In March 2021, the spin-off of FORVIA was realized just after the creation of Stellantis. The new independence acquired from Stellantis was good news because it allowed FORVIA to acquire HELLA. The fit was perfect. This is happening once in your lifetime. When you think about it, we have created a brand in four months, and we defined the mission. We pioneer technology for mobility experiences that matter to people. Without a sustainability approach, you are not in the game. We defined a strategy which is very ambitious. Matter is a good example to show that we go for future neutrality for real. What you will remember when you leave an organization are the people. I do recognize the quality of the teams, their resilience, their fighting spirit, their entrepreneurship. When I look at FORVIA today, there is a lot of reinvention that's happening in fields that are really enabling our future. If we can move that forward into the next 10 years, there are no limits to the development of the group. It's a good movie. That was a good movie. In 2024, a new page was turned for the group with the arrival of a new CEO, appointed Deputy CEO on December 6, 2024. Martin Fischer took up the position of CEO on March 1, 2025. Martin Fischer has over 25 years' experience in the automotive industry. He was Chairman and CEO of HELLA's Americas Electronics business, and then he headed in Europe BorgWarner's Turbo Charger business. That's an American company. Before being promoted to head of its powertrain systems business, he subsequently became a member of the ZF Group executive committee, known for the Zeppelins. He played an active part in the profitable growth of its four business areas while overseeing the North and South American regions and being in charge of group quality. Thanks to his experience and expertise in the automotive industry and his links with Europe and the U.S., thanks to his experience in Asia and his leadership qualities, Martin has all the qualities required to lead our company, your company. As this is his last annual general meeting, I'd like to extend my warmest thanks to Patrick Koller for his absolute commitment to the group, his unfailing commitment to your group. For almost 10 years, he's guided the company through major strategic changes leading to the creation of FORVIA, which has become a global technology leader and a pioneer in sustainable mobility. Patrick is the one who took your group from the 20th to the 21st century. I'd also like to thank Patrick for his impeccable professionalism during the last three months of his term during the transition phase with Martin Fischer. The board of directors unanimously joined me in wishing Patrick all the best for the future. Patrick, you deserve a round of applause. As I was saying, for several years, the automotive industry has been facing the most serious crisis in its history. Clearly, our current share price is extremely disappointing and very frustrating for all shareholders, as it is for all of us because we're also shareholders. Restoring our financial structure and boosting our performance in a challenging environment are key priorities in our roadmap. Martin Fischer's roadmap. Martin Fischer and his team are focused on creating long-term value for all our stakeholders who will be introduced later on this year. I remain convinced that the market will eventually recognize the value created by your company, as well as the relevance of long-term projects to which we're committed. It is impossible, of course, to predict the future trajectory of our share price, especially as this industry is and remains under strong pressure nonetheless. We all believe that all the company's efforts, those initially initiated, those in progress, and those to come, will be recognized by the financial markets in the future development of our future evolution of our share price. At every level of the FORVIA group, from the CEO and members of the executive committee to operators in our plants, everyone is fighting day after day to innovate, to produce with quality and safety and satisfy customers. In short, getting the job done is a daily struggle for all. I'd like to thank all FORVIA Group employees for their commitment, their resilience, their professionalism, their agility, always palpable and deployed in spite of the rugged context of an industry undergoing profound transformation. I'd like to welcome now a new director who's just left our board, Nikolas Peter. It's been announced that Nikolas had become chairman of the supervisory board of the BMW Group following the approval of the 25th AGM annual general meeting of BMW. For that reason, Nikolas stepped down as a member of the board of directors of FORVIA. The board of directors, through me, would like to warmly thank Nikolas Peter for his outstanding contribution to the board's work and productive discussions, both in his capacity as director and member of the audit committee. We'll miss him and wish him, of course, all the best for the future. Now, to succeed Nikolas Peter and, as agreed with the Hueck and Röpke family pool, two families that are the historic shareholders of HELLA, we propose that our shareholders appoint Lutz Meschke to join the board of directors of FORVIA effective on January 1, 2026. That is one of the resolutions that will be put to your approval later on. Lutz Meschke is a leader in the global automotive industry with over 20 years' experience with the Porsche Group as Chief Financial Officer of Porsche from 2009- 2025 and Deputy Chairman of the Supervisory Board from 2015- 2025. We're confident that he will bring his vast experience and knowledge to our board. To conclude this introduction, I'd like to thank you, our shareholders, for your trust, your patience, and for believing in our vision for FORVIA's long-term value. I'd like to come back to the people in charge here today. I'd like to welcome the members of the board of directors who will be speaking alongside me, Denis Mercier, who chairs the Compensation Committee, and Jean Bernard Levy, who chairs the Governance, Appointments, and Sustainable Development Committee. Each will present a report on the key issues addressed by their respective committees. This combined general meeting of shareholders is convened on first notice. This is legalese for you. The legal notices convening the meeting of shareholders were published within the regulatory deadlines. The financial statements, reports, and other documents required to be made available to shareholders have been made available in accordance with applicable laws and regulations. These documents, rest assured, I'm not going to read them out. They are on the table at the back of the room. For those of you who do want to read them, they are available here also at the front of the room. We'll now appoint the officers. We'll check the quorum and remind you of the meeting's agenda. I know that amongst the shareholders, we have Peugeot 1810, represented by Guillaume Falger, who's here, and Robert Peugeot himself is there as well. We have the mutual fund FCP4SO, and these are employee shareholders represented by Daniel Humbert Droze, also on the front row. Peugeot 1810 and FCP4SO are the shareholders with the largest number of votes. I checked before that, and they accepted. They agreed to act as scrutineers. I'd like to thank them. Frédérique Laudieu, who's out there, and Stéphane von Kemel, who is coming in as we speak. Here he comes. At our request, they will be attending this AGM to observe the proceedings. I would like to thank you both for your presence. I suggest that Jill Greene should act as secretary to the meeting, and I'd like to thank her for. In keeping with applicable provisions, I shall be chairing the AGM in my capacity as Chairman of the Board of Directors. I'd like to remind you that on an ordinary basis, the meeting is valid only if 1/5 of the shares with voting rights are either present or represented. One-fifth for the ordinary part. For the extraordinary part, the shareholders' meeting is valid only if 1/4 of the shares entitled to vote are present or represented. Regarding the quorum, we just chose that the FORVIA share capital has 197,089,340 shares. From this number of shares, we must be deducting the number of treasury shares held by FORVIA, 547,414 shares, to work out the actual quorum. The number of shares held by shareholders present in this room or represented by proxy or having voted by post or by online. I'll have to go through the numbers because the number was just given. My apologies. There we go. 110,431,335 shares. That is 56.25% of the shares with voting rights. As you can note, we are way above the minimum 20% and 25% quorums required for the validity of deliberations at the ordinary and extraordinary general meetings convened on first notice. The quorum has been amply reached, and therefore, the meeting can validly deliberate. Let me point out that when it comes to ordinary resolutions, the latter will have to be adopted on a simple majority. For the extraordinary session, the resolutions will require a two-thirds majority. I remind you that this meeting is called to vote on the items of the agenda, which was communicated in the notice of the meeting brochure, which was made available to you prior to this meeting. As no changes have been made to this agenda, I do not propose to read it out in full. I therefore declare the meeting open. I do apologize for this lengthy introduction, but now the meeting is open. The meeting will cover the following topics. Number one, building on our strengths. That will be Martin Fischer. Number two, financial performance 2024 and the outlook for 2024. That's Olivier Durand, CFO. Number three, impulse change, Martin Fischer. Number four, governance and sustainable development, Jean Bernard Levy. Number five, compensation of corporate officers. That will be Denis Mercier. Number six, the statutory auditors' report, both on FORVIA and CRD. By the auditors and then the Q&A and then finally voting on the resolution. I point out that some of the presentations will be in English, and so that's why the headsets are there. I believe you know all about this. I will call on Martin Fischer to introduce the first topic entitled, "Capitalize on our strengths." Thank you, Michel. Dear shareholders, first of all, I'd like to express my sincere thanks to Michel de Rosen and the entire board of directors for their trust. I'd also like to thank Patrick for ensuring a smooth transition between my arrival on December 6th and my official appointment on the 1st of March. It's a great honor for me to take over the leadership of FORVIA and begin a new chapter in its history. It's an adventure I'm embarking upon with enthusiasm and determination. I'm convinced that we will strengthen our position as a technology leader and indeed accelerate our growth worldwide. A few words about myself. I'm engineering by trade. I grew up in Germany. From a very early age, I've been passionate about technology and cars. This passion has led me to devote more than 25 years of my career to the automotive industry in Germany, in the United States, and in France. This international background has enabled me to understand the global challenges facing the industry today, including the transition to electrification, digitalization, and indeed the emergence of new technologies at the heart of our industry's transformation. On a more personal note, I'm married. I have two daughters who are studying in the United States. Their curiosity, their ambition, and their view of the world make me understand the absolute need to build a sustainable and innovative future for generations to come. Before joining FORVIA, I held management positions in such equipment manufacturers as Siemens, BorgWarner, ZF, and HELLA. At At HELLA, I led teams in electronic control systems and energy optimization solutions. I was familiar with HELLA even before the merger. Beyond innovation, I've always focused on operational excellence. At BorgWarner, I oversaw the transition to cleaner and more efficient powertrain solutions. I also implemented continuous improvement initiatives to strengthen competitiveness. At ZF, I led the digital transformation of industrial processes and oversaw projects to improve operational efficiency and quality. In doing so, I was able to reduce, to cut costs, and increase productivity. These experiences have taught me that in an ever-changing industry, you need to combine technological innovation with operational excellence. For FORVIA, this means strengthening our ability to innovate and indeed optimize our operations to ensure sustainable profitability. I'd like now to share the key strengths I have identified at FORVIA and indeed the strategy I'm deploying to ensure our performance and seize growth opportunities. I will now switch to English, but I promise to continue making progress in the beautiful language of Molière. Building on our strengths. Coming into FORVIA, I had really the pleasure to engage with many teams in FORVIA and with many of our external stakeholders as well, such as customers, business partners, and you, the shareholders. I'm really pleased that we can rely on a number of strengths in an environment that is clearly complex, uncertainty, and fast-changing. I see three exciting features that we push forward. It's a solid base of business, it's customer intimacy, and it's our organizational strengths. In the next couple of minutes, I would like to elaborate on all three of them. Let's start into the business setup. With EUR 27 billion of global sales in 2024, we belong to the top group of tier-one suppliers in the world. We offer a very robust product portfolio over six business groups, and three of them have been acquired or have been strengthened through the HELLA acquisition in 2022. It's a very important element of ours. I like to see that already we have leadership positions in most of our activities. On the slide, you can see the ranks one through three. That's what we strive for, and that's a good guarantee for profitable growth. Furthermore, we can look at a good mix of stable product lines, such as seats and interiors. Every car needs them, and growth products, predominantly in the fields of electronics and software. Last but not least, our portfolio is mostly agnostic to powertrain. It is to be said in recent months, the recent year, also our ultra-low emissions business has gained a little bit more fresh momentum since the trend of electrification has slowed down. Nevertheless, we expect that is going to be the future in electric driving. We are clearly technology-driven. That's the core of the company. We play all the important trends in the automotive industry right now. Let's start with electrification and energy management, where we provide power electronic solutions and energy management systems. We go to safe and automated driving, where we have products for ADAS as well as for intelligent lighting. The third one on the list is connected and personalized mobility. Michel already referred to our app store, AppNing, where we are state-of-the-art, providing more than 200 apps to drivers and passengers in vehicles. Also, another example, when you use our most state-of-the-art access systems to vehicles, there are no keys involved anymore. We open cars by cell phone, and that goes with a lot of advanced and cybersecure technology. We are generating all these innovations both internally and with partners. I'm proudly heading up an organization with 15,000 engineers distributed over the world and 78 locations. At the same time, it's very important for us to be open when it comes to innovations. We do work with smaller partners from universities, startup companies, think tanks, but also with big tech. Microsoft and Palantir are firm partners of ours when it comes to cloud technology and the use of artificial intelligence. Next, I would like to. I really want to thank all of you for your strong contributions. I hope we could convey a little bit of that very energizing moment, being out there in front of our customers with an excellent team of professionals demonstrating nine world premiers. All these innovations are being created around the globe. There are innovations not only from Europe, but also from the Americas and Asia that we could display there. Next, I would like to update you on our best-in-class sustainability approach. Our ambition of net zero in 2045 remains unchanged. The sustainability, the efforts that go with it, are deeply embedded in the group's processes and in our decision-making. This way, we are a very valuable partner to our customers, and we are an attractive employer at the same time. In fact, FORVIA has been the first French company and the first auto company globally to receive Net Zero standard certification in June of 2022. Our continuous improvement shows in the ratings that we get now from the agencies. We increased our sustainability rating both with Moody's and Sustainalytics. We got an A rating from MSCI, and CDP awarded us an A for climate. We moved from a B to an A- on water utilization and water recycling. When looking at our achievements in the year 2024, we are ahead of schedule. The Scope 1 and Scope 2 emissions, we worked down minus 67% versus the baseline in 2019. On scope 3, we are continuously improving, and we hit the mark of -15% last year. I want to give you examples. How does that look for our customers? What are the products behind? Scope 3 is now in the focus, and we drive design processes to take CO2 out of the product. We help downstream our customers to be in a better CO2 status. On the left-hand side, you see the Renault 5 E-Tech 2025 Car of the Year, which has plenty of FORVIA content. Amongst that, the seats, both in the front and the rear row. Here, we have been introducing a new material. On some of the vehicles, there is a material that's called Accorium, and that's substituting traditional leather. It is, in fact, made from recycled plastic and hemp fibers. With this reutilization and natural ingredients, we can reduce the CO2 by 90% compared to a traditional leather seat. The second example on the right-hand side is about exterior lighting. Here, also, we put a lot of emphasis in designing for scope 3. We are using lightweight and recycled materials. We intelligently control the light intensity depending on the driving situation and the need for illumination. This way, we can conserve energy, which is particularly good when driving electric vehicles and when sustaining range there too. This design, furthermore, enables upgrades, repairs, and recycling. With all that, we reach up to 80% CO2 reductions with these most state-of-the-art headlamps. We can also achieve a 65% rate reduction. That's big. Let's move forward into the customer intimacy. First of all, we enjoy a very balanced geographical mix. On our home turf here in Europe, we have 47% of our business, 26% goes to the Americas, and 27% to Asia. It is definitely important to highlight Asia as a growth region. And 21% of the global sales are for China, the automotive market of the times. It is, for us, very important that we provide effective local-for-local services to our customers. That is true from the engineering times then all the way into production. It is also key that we source our materials locally in the region to overcome any challenges that might arise from geopolitical tensions or the tariffs more lately. Looking through the three regions, Europe is pretty flat, still by far lower than the market used to be. We used to sell 21 million new vehicles every year. The market is down to 15. We expect that to stay, which for us means that we have to adjust our capacities to these realities. EU Forward is an important initiative to accomplish this. The American market is also under pressure more lately through the tariff. We expect 14 million - 15 million vehicles only this year. Also there, we have to structurally attain efficiencies. We are particularly taking care of our interiors business in North America to solidify its performance and its operational excellence. Last but not least, Asia. Again, China is a big growth story of FORVIA's. In 2018, we had only 14% of our sales in China that grew to the demonstrated 21% last year. Beyond China, our objective is to also grow India as another big growth place for automotive in the world. Let's dive into FORVIA's customer base. It is to be noted, it is very well diversified. We serve our customers in 40 countries, and we serve all major OEMs, while Volkswagen Group, Stellantis, and Ford are our three biggest customers. Also here, I want to refer to our China growth. 10% of our global sales last year came through China and Chinese customers. BYD is leading that list. BYD is expected this year to become the number five in the world of automotive globally. We are happy to be a strong partner with already more than EUR 1 billion in sales last year. Now we follow global extensions of BYD, and we are a supply partner both in Thailand and in Europe. The second one I want to mention is Chery Group. Also here, Chery is on a growth trajectory. We signed a strategic partnership last year for the Cabin of the Future, which means we are the partner of choice of Chery's for seats, interior parts, and cockpit electronics. Also here, we pursue the target to grow that account to more than EUR 1 billion of sales a year. We expect that to happen by 2029. The ultimate proof of customer intimacy is our robust order intake. In short, we accumulated EUR 31 billion in new orders from our customers last year. The EUR 11 billion in Asia underscore our overproportional growth over there. The solid electronics growth displayed by EUR 7 billion here goes across all product groups. That is the growth axis that I mentioned before. We place about EUR 16 billion in high-content vehicles. Why is that important to us? Because these high-content vehicles leverage our most innovative solutions, and they come from all business groups. Now let's go into the next chapter, which is about the organizational strengths. Coming into FORVIA, I'm truly enjoying our diverse and committed teams. Having representatives of 140 nations on our teams expresses true cultural diversity. I also want to mention our efforts in promoting women in leadership. In 2024, we reached 29% of women among our managers and the skilled professionals. 27% of our top 300 leaders in the company are women. This is not enough. We push further for that part of diversity. We do it through programs like our RISE program, where we offer female talent leadership education, but also personal mentoring and a good network of ambassadors. Second point here is learning. We are evolving so quickly in this industry and in the world. We need training for our people. The FORVIA University has become a real institution. We are offering internally both conventional and digital learning opportunities. You can see the numbers of hours per training per employee, 24.5, pretty much last year. That is expressing that strong endeavor that we are on as a learning organization. The third point I want to highlight here is our commitment to our communities. Hosted by the FORVIA Foundation, we drive initiatives for education, mobility, and the environment. Not only do we give money to these charitable purposes, but we engage our employees in driving projects. We can really admire 75 employee-led projects since its inception. There are fantastic examples. I want to share those with you. In France, for instance, we helped 320 disabled children, and we supported them with orthopedic equipment and rehabilitation sessions. In India, we created a sustainable green village. That is all employee initiatives. Last but not least, in collaborating with the More Fonds to the Fund Foundation and with Plastic Odyssey, we educate the youth both on marine preservation and plastic pollution. That is a very noble side here of FORVIA. Last but not least, who am I working with? Who is the organization? What are the organizational strengths that I can rely on? I do witness a really strongly expressed can-do attitude. The organization is open to change, which is very important for me, new in the CEO role. I come in with new ideas, with new initiatives. I need support immediately, and I can rely on that. Accountability is a very high standard in the firm. There is a performance-based environment. We also have strong incentive systems in place to motivate the results in all areas, from financial targets to sustainability targets. Last but not least, FORVIA has demonstrated execution. Think about, for those who have been joining us for longer, the turnaround of the seating business. In 2022, we had an operating margin of 2.5%, which now in 2024 reached 5%. It is really a turnaround of that business that was due and that was executed. The other one that I enjoy myself very much is the delivery on what the tariff challenge poses to us. The organization has been utmost fast in reacting to this new situation, both localizing more business of suppliers and ourselves, for instance, into the North American region, and then also discussing implications with our customers. A very strong starting point for me. Next step in the agenda, I would like to hand over to our CFO, Olivier Durand, for an overview of the 2024 results and an outlook on 2025. Olivier. Merci, Martin. Et bonjour à. Thank you, Martin. Thank you. And hello to all of you. I'd like to talk about the performance of your company in 2024 during Q1 2025 as well, and then talk about the financial prospect, the forecast. Let's start with our performance in 2024. All indicators are in line with our targets as adjusted to account for the lower production in the second quarter of 2024. Our sales totaled EUR 27 billion, reflecting organic growth of 0.4% compared with 2023 in a market that is down 1.1%. This means that your group outperformed the market by 150 basis points or 1.5 percentage points, despite an unfavorable regional mix of 2 percentage points. Against this difficult market backdrop, our operating margin stood at 5.2%, very close to our 2023 target of 5.3%. We significantly improved the performance of a few business lines. Martin mentioned Seating, but also Clean Mobility and Clarion Electronics as well, to a lesser extent. Our net cash flow reached EUR 655 million, above our target of EUR 550 million for the year and in line with our 2023 performance. I'll come back to this in a moment, but this result is mainly due to reduced capital expenditure and inventory reduction. With the additional contribution of two asset disposals in the first half of 2024, your group has reduced its debt by almost EUR 400 million during fiscal year 2024. This brought the net debt to adjusted EBITDA ratio down to just under 2x, compared with 2.1x a year earlier and 3.1x just after the acquisition of 82% of HELLA's capital in 2022. [Foreign language]. So [Foreign language]. So let's look at the income statement. We posted a net consolidated net income of EUR 185 million, in addition to the slight decline in sales due to the currency and scope effects and in operating income. The change in net income was due to three factors. First, the EUR 181 million increase in restructuring costs linked to the rapid ramp-up of our EU Forward project, which aims to restore the group's competitiveness in Europe, penalized by the lasting decline in production volumes. Secondly, we posted capital gains on disposal carried out in 2024, but these were lower than those obtained on disposals carried out in the previous year. Finally, net income was also penalized, compromised by a significant rise in non-recurring expenses, such as the settlement of a dispute with a Mexico-based supplier in the beginning of last year. [Foreign language]. Let's cover the cash flow and net cash flow for 2024. As I stated, this was EUR 655 million, about the same level as last year, but it is composed of more recurring factors and of a higher quality than last year. The reduction in tangible investments contributed nearly EUR 170 million to this performance and represents a major step forward in the trajectory of CapEx and capitalized R&D cost reduction. The contribution from working capital was largely driven by the reduction in inventories, which for the most part resulted from the sale of tooling for production startups. [Foreign language]. That was the end of 2023, beginning of 2024. Yet inventories are still above EUR 2.5 billion, so 40 days at the end of 2024, and should remain for 2025 a cash-generating reservoir and also will help us optimize our performance. I'd like to note the slight increase of EUR 35 million of our financial costs in 2024, sorry, not 2025. This corresponds to the cost of buying back certain bond issues as part of the active management of our debt maturities. Lastly, performance last year was weighed down by a number of non-recurring items, which by their nature will not recur in 2025. [Foreign language]. Your group reduced its debt from EUR 7 billion - EUR 6.6 billion at the end of 2024. This brings the amount of net debt reduced since the acquisition of HELLA to EUR 1.8 billion, reducing financial leverage, and the absolute amount of debt are and remain your group's top priority. In 2024, as in the first quarter of 2025, we were very proactive in refinancing our bond and bank maturities. In 15 months, we have issued more than EUR 3.5 billion in debt to 2029 and beyond, diversifying our sources of financing, including our first issue on the U.S. bond market, which is the world's largest. This took place in March 2025. This has enabled us to extend our maturities and push back our next significant maturities to 2027. Coupled with a solid level of liquidity, this gives us the flexibility we need to manage our financial obligations in the current environment. [Foreign language]. Turn to 2025. Your group has made a good start of the year. Sales totaled EUR 6.7 billion in the first quarter, accounting for an organic growth of 2.1%. This growth was driven by Asia, organic growth of 5.8%, and Europe with more than 3.9%. Electronics and Seating were the driving forces, with sales up by 12.2% and 8.2%, respectively. As you know, complementary tariffs placed by the U.S. administration pose new risks for the auto industry. Your group has taken swift steps to meet these challenges. Production is highly regional, so direct exposure to rising tariffs is rather limited. To neutralize the impact of tariffs on its residual exposure, so flows between Mexico and the U.S., FORVIA quickly took action on its supply chain and entered into negotiations with its customers. Today, all of these initiatives have neutralized more than 80% of the impact. Of course, we continue to aim to cover by the end of the year all of the risk. FORVIA also preempted the indirect impact of these taxes, i.e., the impact on global production volumes to the U.S. market by taking measures to make its production costs more flexible, by cutting its budgets for operating expenses, such as travel and marketing costs, and by freezing new recruitment. Finally, we identified additional measures to reduce investment in certain non-priority activities to protect cash flow generation. These initiatives enable us to confirm our 2025 objectives. These include sales between EUR 26.3 billion and EUR 27.5 billion, an operating margin between 5.2%-6% of sales. [Foreign language]. Call [Foreign language]. Call that we were at 5.2% in 2024, net cash flow of at least equal to that of last year, and a reduction in net debt over adjusted EBITDA leverage to 1.8x or less by the end of 2025. Finally, FORVIA continues to make progress on the divestment front and remains fully committed to restoring a strong balance sheet and hence reducing its net debt over adjusted EBITDA ratio to below 1.5x by the end of 2026. This concludes my presentation, and I now hand it over back to Martin. Thank you. Thank you, Olivier. Driving change. We looked in the short term. Now we really have to see how we drive the company forward. In the short term, there is the one priority that we pursue as a leadership team and with all associates of FORVIA, and that is deleveraging the company. This works through financial performance, asset divestitures, and adjusting our operating model. Let me briefly comment on the financial performance. This goes with really an utmost disciplined cost management that we have instructed our teams to pursue. We are fixing underperforming platforms. Here again, I want to point out that our interiors business in North America needs that fixing. We continue to run our competitiveness programs, notably EU Forward and Engage. The last point that we are also processing is we adjust our investments to the speed of the market. When we have activities like hydrogen, where the market does not move as quickly as we still assumed two to three years ago, we are adjusting our efforts to these new realities. Point number two, the disposal programs. They are in process for sizable parts of our business, for sizable parts of the company. Last but not least, the operating model. We are simplifying the organizational structure in order to have a clearly expressed profit and loss responsibility along the chain of command, and we go for streamlined decision-making. I look forward to announcing what precisely we do during our H1 investors call. That deleveraging as the first priority is going to yield us as well the freedom that we need for strategic structuring the company in a transforming environment. In order to define now the longer-term strategy of FORVIA, it is important to understand the global business environment. There are geopolitical developments and trade tensions that put immediate stress on the automotive and the automotive supply base. We work on regionalization and compensation measures. Climate change is a threat to the world. We are highly committed to sustainability. AI is entering all areas of the business. We embrace AI both for our products and for our processes. The way we are dealing with these trends is really through a lot of anticipation, thinking and working in scenarios, and being agile. This is most important to be able to react to also the little unforeseen things. When we now dive deeper into the automotive industry, here are the trends. We certainly observe very contrasted regional dynamics, and we have talked about it this morning already, which also leads to a more fragmented OEM landscape, predominantly driven by new players from China. We see technological disruption, and we do see increased competition both for vehicle makers and suppliers. How do we react to that? First of all, we do pursue our customer and regional diversification. We want to be there where the market is and where the growth is. The emerging technologies we see as an opportunity. We are strong in electronics. We are strong in software. We can nurture these businesses and really benefit from those technology trends. The third one is I'm definitely convinced we want to lead. We have to lead in those areas that we do business in. Competitiveness is key and working always through innovations and operational excellence into leading positions for all businesses that we cover. Once more, agility and speed matter so much for us at FORVIA these days. With my thought, we have defined three strategic priorities to build long-term momentum. It is about best-in-class performance, the continued business transformation, and invigorating our culture. First of all, let me say performance comes natural to me. It is one of my personal motifs in life, and I am very happy to share that with the organization. We are running excellence approaches to make FORVIA a well-oiled machine in all of our processes. That is a clear prerequisite for financial performance. All this is fueled by good innovation both in product and in processes. When it comes to transformation, we are right now defining our future portfolio. Again, it's characterized by strong leadership positions and long-term competitive advantages. We will announce today for the Capital Markets Day with our Earnings Call in July. During that Capital Markets Day, that's when we are going to explain the comprehensive strategy to you, our shareholders. Last but not least, invigorating culture. Again, we need momentum on the people side. There are three characteristics that I consider so important for FORVIA to be successful. It's about accountability and empowerment of our leaders and teams. It's also about recognition of the performance being delivered by our global teams. This wave is going to go across the whole FORVIA group, including HELLA, to deliver the one FORVIA culture. In summary, we are developing and implementing a sustainable value creation strategy. It is based on solid technology and is with long-term competitive advantages. This in turn will drive our and your shareholder returns. Thank you very much, ladies and gentlemen. With this, Michel, I would like to hand back to you. Merci. On repasse. Thank you. We'll switch back to French. Thank you so much, Martin and Olivier, for these comprehensive presentations, which will enable our shareholders better to understand the immediate priorities of this group. Now I'll call on Jean-Bernard Lévy, who's head of the Appointments Governance and Sustainable Development Committee, to tell us about CSR initiatives, the work conducted by his committee and that chaired by Jean- Bernard. Thank you, sir. [Foreign language]. Good morning, shareholders. Let me tell you about governance appointments and a few illustrations in terms of sustainable development. Regarding governance, your board includes 14 directors, including two directors representing employees, including five women, women accounting for 42% of the lot. You have five nationalities. We have diversified competencies so as to provide FORVIA with what the board needs in terms of experience and expertise on the board. We have 83% of independent board members in 2024. The Board Audit Committee met 34 times, 34 meetings. The makeup of the board may change and should change after today's AGM, because shareholders will be asked to vote on appointments that you find on the right-hand side of the slide. Of course, the first appointment for your approval is that of Martin Fischer, as a CEO who will now be a new board member to replace Patrick Koller, that will complete the transition that started in March. We'll have not just a full-blown CEO, but a full-blown board member. No need to return to Martin's introduction. He introduced himself early on. The second proposal is to renew Penny Herscher as an independent board member. She, of course, is based in California. She attends board meetings. Of course, she's been with the board since 2017, I believe. All board members will be delighted to see her term renewed. Likewise for Valérie Landon, sitting right here. She's also an independent board member, and she's also been a board member since 2017. If you should decide so, she will be a member of the Audit Committee, and Penny will remain a member of the Governance, Appointments, and Sustainable Development Committee. We also propose to renew Peugeot 1810 as a board member. The permanent representative of the Peugeot company is none other than Robert Peugeot himself. Of course, should you vote this renewal, Robert should remain a member of the Appointments and Sustainability Committee. There is a new member, Lutz Meschke. We also propose to appoint him as an independent board member. We thought we should show you a little video where he introduces. Ladies and gentlemen, dear shareholders, my name is Lutz Meschke, and I'm pleased to introduce myself as a candidate for the Board of Directors of FORVIA, bringing over three decades of extensive experience in business administration, financial, and strategic management. After completing my studies in business administration at the University of Cologne, I started my professional career in 1991 with KPMG Pittmarburg in Düsseldorf and later in Milan as an auditor and advisor. In 1999, I transitioned into a corporate role in the fashion industry and took on the role as Head of Group Reporting at Hugo Boss, overseeing controlling and accounting. In 2001, I decided to enter the fast lane and joined Porsche AG as Head of Accounting and later controlling. In 2009, I was appointed Chief Financial Officer, and from 2015, I also served as Deputy Chairman of the Executive Board. A significant highlight of my career was leading the landmark IPO of Porsche AG in 2022 as CFO. In February 2025, I agreed with the Supervisory Board to resign from my board mandate at Porsche AG. Since July 2020, I have been a member of the Board of Management of Porsche Automobil Holding SE, responsible for investment management. Throughout my professional career, especially in the automotive sector, I have been involved in numerous M&A deals, further enhancing my expertise in financial management and strategic planning. My extensive experience and my guiding values align with the strategic vision, discipline, and the long-term perspective required for a board member. Being married and a father of six children has instilled in me a strong sense of commitment and responsibility, qualities that I bring to both my professional and personal life. If chosen and entrusted by the shareholders, I will bring my full dedication to the company, committed to contributing to its continued success and growth. Thank you for your time and consideration. [Foreign language]. Lutz Meschke has introduced himself, has just introduced himself. If you decide to appoint him, he will be a member of the board. You have three permanent committees from the board, each chaired by an independent board member. The Audit Committee, which met nine times in 2024, chaired by Esther Gade, who's here. The Compensation Committee, headed by Denis Mercier, they met seven times in 2024. You note that the attendance rate of directors on this committee is 100%. You have the list of the directors that sit on these committees that were there in 2024. There will be new board members after you have voted on the expected appointments. This is what the board should look like. Should you vote in favor, you'll have a number again of independent directors. 10 out of 12 are independent, and by definition, employee representatives are not included in that calculation. De gouvernance. Two words about the Governance Committee per se. It met seven times. Main issues addressed in 2024 were preparations of Chapter 4. That is on corporate social responsibility in Chapter 4 of the 2024 URD. A few words, review rather, of the group CSR strategy and an update of the roadmap, the CSR roadmap. Martin gave you some of the key figures that were achieved under the stewardship of Patrick Koller, enabling FORVIA to stand as one of the best in class in the automotive industry in terms of social responsibility and carbon emissions. Regarding external relations and everything we do in terms of diversity, we have also been exemplary. We have also been working hard together with the Audit Committee to monitor the implementation of our roadmap. In 2025, we produce our first CSRD report. You may remember this is a European directive. The idea there is to harmonize sustainability, governance, and environmental reports. The Governance and Appointments Committee looked after Patrick Koller's succession and indeed the arrival of Martin Fischer so as to come up with the best possible recommendation for the Board of Directors. Of course, they have a say on that. A few words of CSRD. What does that stand for? It is a Sustainable Reporting Directive. It is a European directive which has been enforced since January 2024. This brings about new obligations, new requirements for non-financial criteria to promote sustainable development in big companies and enable people to make their own judgment using harmonized indicators on the quality of the work being conducted in European companies. This comes after the directive on non-financial reporting dating back to 1994. This has new requirements. You have a number of four categories, 11 subcategories, known as ESRS standards. This applies to all companies. Many of you probably know that it has been discussed not to apply this to medium-sized companies. Unfortunately, for such big companies as FORVIA, this will be an obligation for the coming years. In any looking at the subcategories, many as cross-cutting standards, the nine other standards come under the various chapters, corporate social and governance. Right, I'll give you the floor back to our Chairman. Thank you, Jean- Bernard. I'll call Denis Mercier, who chairs the Compensation Committee, to give us information on the compensation of corporate officers. [Foreign language]. Michel. Good morning, shareholders. Thank you, Michel. On compensation, we have six resolutions, resolutions 14- 19. Resolution 14 is on the compensation paid to corporate officers in the year completed to the Chairman of the Board, the CEO, and indeed directors. The compensation of each corporate officer will come under a specific resolution for the compensation of the Chairman of the Board. What is being proposed is for the year 2024 to be in line with the compensation policy that was voted at the AGM of 2024 and to pursue the same policy in 2025 as approved by the AGM of 2024, i.e., an amount of EUR 400,000, not including benefits in kind. Regarding board members, board members for the year 2024 and EUR 1.2 million, and that's the total amount that is the amount for all board members. That's because we used up that budget because there were additional meetings because of Patrick Koller's successions and also the new work on CSRD requirements. It is also being proposed to continue the same budget for the year 2025. [Foreign language]. Regarding the CEO, there was a resolution number 16 on the total compensation and benefits in kind paid out in the year 2024 or indeed granted for the same year to Patrick Koller in his capacity as CEO. The amount paid for the year 2024 ex- post includes as follows: a fixed compensation of EUR 1.1 million on change compared to last year. There's a short-term variable compensation, which is EUR 1.161875 million, down compared to the previous year. Variable long-term compensation as performance shares. The compensation package for the CEO is strongly correlated to the group's performance, as you can see with the changes over time. We are very much committed to that for the CEO to have, as it was, skin in the game. Regarding the compensation policy approved by the 2024 AGM, allowed FORVIA to pay Patrick Koller, should he step down as CEO at FORVIA's initiative, a severance pay equal to twice the fixed amount plus the variable compensation for the 12 months prior to the dismissal, provided that performance criteria were met. The Board of Directors found that the performance criteria for the severance pay had been entirely met and so that therefore Patrick Koller could have the full severance pay of EUR 5,765,000, subject to approval by the AGM. For ex- ante, we decided to have a pro rata of the performance shares not acquired at the time of his dismissal. Since the dismissal takes effect on 25 February 2025, there will be a fixed compensation for the first two months on a pro rata basis from 1 January to 28 February 2025, but there will be no variable annual compensation, nor there will be any long-term compensation or additional pension points for defined contributions or rather defined benefits for the extra period. For the CEO, for the ex ante period, and that applies to Martin Fischer, the Board of Directors decided to change the compensation policy as of March 1, 2025, to adjust to Martin Fischer's specific situation because he's what we call the impact U.S. citizen. The compensation package will be in line with the company's performance. The Board of Directors reviewed downwards the annual fixed package of EUR 1.1 million from EUR 1.1 million to EUR 1 million, but that annual fixed compensation includes EUR 100,000 in impact bonus. There's a long-term variable compensation and other variable items listed in the universal registration document for 2024. The pension funds with defined contributions under Article 82 replaces the defined benefits pension plans that applied until now. The company's financial contribution to that new pension scheme will be, in fact, very much like the previous defined benefits plan. This only applies for the year 2025. This is a special, this is to compensate for the benefits that Martin Fischer had previously. Now, that will be subject to criteria, performance criteria. The first part will be paid out in 2026, the second half in 2027, subject to approval of the AGM in 2026 and 2027. Martin Fischer will have benefits in kind granted by the company. There will be a car, international medical coverage, and the usual settling subsidy. That completes the compensation part. Thank you. I'll now give the floor back to the Chairman of the Board. Thank you for this very comprehensive presentation. I will call on our auditors, Guillaume Brunet-Moret from E Y Audit and Anne-Laure Rousselot from Forvis Mazars. They will give their reports as prepared for this AGM. Thank you. Dear shareholders, you speak on behalf of you. No, no, I will look at the financial part, and my colleague here will look at the non-financial aspects. On behalf of the auditors represented by E Y and Forvis, this is our report for the financial statements for 2024. We have two reports: an audit on the statutory financial statements of FORVIA, one report on the consolidated statements of FORVIA Group, one report on related party agreements, and five reports about resolutions from 21 - 30 in the extraordinary part of the AGM. These reports were made available to you. Let's go through the highlights. Let's go through the resolutions which you will be asked to vote on as part of this AGM. Regarding the first report on the statutory financial statements prepared according to French accounting standards, we felt that as a key point, we looked at the renewable shares as the key item. We certified these reports, these accounts without reservations. Regarding the consolidated financial statements of FORVIA, the latter were prepared according to the IFRS standards as approved by the European Union, and there again, we certified these accounts without observations or reservations. The key items of the audit are in line with those of previous years, and they concern the recoverable value of goodwill amortization on goodwill, the recoverable value of development costs, and the recognition of deferred tax assets. Regarding both the statutory financial statements and consolidated statements, we went through what ensured that the electronic format version under the rules of 18 December 2018 of the European Union were complied with. In any case, regarding related party agreements, there were new such agreements outside of Michelin, one on licensing agreement and another one collaboration agreement over and beyond the convention of 2022 that was approved by the AGM of 2023. That's of the AGM for the extraordinary part, and these are the five additional reports that were published for the following resolutions from 21- 25 on the proposal for the Board of Directors to issue shares and/or marketable securities with or without cancellation of preferential subscription rights under Resolution 27 on the authorization to grant free existing shares or shares to be issued, Resolution 28 on the issue of ordinary shares and/or securities carrying rights to the share capital and reserved for members of a company savings plan, on Resolution 29 on the issue of shares and other securities giving access to the share capital of the company with cancellation of the shareholders' preferential subscription rights, and then Resolution 30 on a potential possible capital reduction. We have no comments about such operations which come under the conditions of the Code of Commerce. Thank you, and I'll give the floor to my colleague on non-financial reports. Thank you, Guillaume. Ernst & Young Audit and Forvis Mazars, it is my honor to introduce our report on the first review of the state of sustainability for the year 2024. Let me just summarize this report, which was made available by the company and which you will find in the Universal Registration Document for 2024. Regarding the state of sustainability, the report has three parts, and we have limited assurances under CSRD. The items we looked at are the issue of double materiality, ESRS E1 on climate change, ESRS S1 on company employees, and the alignment of what we call eligible activities. In summary, we found no mistakes, no omissions, or no inconsistencies regarding the compliance of the process regarding information on sustainability as regards ESRS, or indeed the compliance with the taxonomy regulation that we present without reservation, without changing our conclusions. We do call your attention to information in paragraph 3.1, which is the state base of preparation for sustainability for the year 2024, which lists the specificities due to the fact that this is the first year of implementation. Second, the positions taken by FORVIA on taxonomy, underlying the fact that there are several interpretations regarding the applicability of these criteria to the automotive industry and the alignment criteria. Thank you for your attention. I would like to thank the auditors for these presentations, and I can only salute their positive approach, but I would like to also say thank you to Ernst & Young, whose contract comes to an end today. I would like to thank them for their very professional, rigorous, and very careful support they have extended to our company. We'll move on to the next part of this AGM. We have received questions in writing from our shareholders, and more specifically, the companies Wigland Securities LLP and Wigfield Securities LLC. They passed on as many as nine questions in writing to our company. In keeping with legal and regulatory provisions, the Board of Directors met prior to the AGM so as to provide answers to these questions. The questions will be made available on the company's website after this AGM, both in French and in English. As to be completely transparent with our shareholders, both in line and those in the room, we'll read out the questions and the answers. Without further ado, I'll give the floor to Jill Greene, who is Head of the Legal Department, and she will provide the answers of the board to the nine questions. Since the questions were put in English, she will also answer them in English just as well because her English is better still than her French. As we said earlier on, there will be a French version on the website, on the company's website after this session. Jill, take it away. Question one received. We understand that HELLA is not yet fully integrated into the FORVIA Group. Could you please specify how the EUR 334 million of synergies have been realized to date? What is the breakdown of such synergies between FORVIA and HELLA and by function, e.g., procurement, production, IT, R&D? Are there legal risks to FORVIA and HELLA associated with the realization of these synergies? What is the total EUR million synergy potential in a full integration of HELLA scenario? The answer. Cumulative synergies between FORVIA and HELLA have reached EUR 334 million as of year-end 2024. The pace and scale of these synergies have outpaced FORVIA's initial expectations, which is why the synergy target has been increased to EUR 400 million by leveraging on additional initiatives, notably in the fields of purchasing and operations. In procurement, synergies totaling EUR 205 million were achieved, with FORVIA accounting for around 24%. In operations, synergies amounted to EUR 74 million, with FORVIA contributing about 30%. The group's global business services division realized EUR 23 million in synergies, with FORVIA accounting for 62%. In IT, synergies of EUR 12 million were achieved, half of which is attributable to FORVIA. FORVIA's long-term expectation remains a 50/50 distribution of synergies between FORVIA and HELLA. Transactions between HELLA and FORVIA are carried out at arm's length under pre-established guidelines and frameworks, and at all times in compliance with applicable laws and regulations, as well as highest corporate governance standards in consideration of FORVIA's shareholders' interests. Question two. In the 2024 financial results press release, FORVIA announced that the group has two fully undrawn facilities for approximately EUR 2 billion, EUR 1.5 billion, excuse me, from a FORVIA senior credit facility and EUR 450 million from a FORVIA HELLA senior credit facility. Is there a cash pooling arrangement between FORVIA and HELLA, or have intercompany loans been entered into? If not, how will FORVIA be in a position to also use the EUR 450 million HELLA senior credit facility? Can FORVIA also use other cash or liquidity available at HELLA? Our answer. There is currently no cash pooling arrangement between FORVIA and HELLA, nor are there any intercompany loans between the two companies. FORVIA and HELLA financial facilities are structured separately in accordance with applicable laws and regulations applicable to FORVIA and HELLA, as well as highest corporate governance standards that FORVIA promotes. Question number three. How does FORVIA plan to address risks of further credit rating downgrades by the rating agencies, and could full integration of HELLA help mitigate such risks? If so, what could the EUR million financing benefit be from the full integration with HELLA? Our answer. FORVIA does not comment on hypothetical actions of rating agencies. FORVIA's top priority, as we mentioned before, is deleveraging. Since the acquisition of HELLA, FORVIA has reduced its debt by EUR 1.8 billion and its leverage ratio from 3.1 times - 2.0 times. FORVIA's objectives in this respect are organic, deleveraging this year to get to 1.8 times and to restore its balance sheet structure by the end of 2026 with a leverage below 1.5 times, supported by organic performance and sizable disposals. Cost reduction efforts such as EU Forward do also support FORVIA's deleveraging. The cost savings from these programs, as well as continued increases in the synergies between FORVIA and HELLA, which have been achieved ahead of expectations, will help FORVIA achieve credit rating risk. Next question four. Is the EUR 1 billion second disposal program still expected to be finalized by the end of 2025, as indicated in April 2024? If so, how do you expect to finalize the EUR 1 billion disposal program by the end of 2025? Please specify which amount of disposals is contemplated at the FORVIA level and at the HELLA group, respectively. Our answer. FORVIA does not comment on any specifics related to unannounced corporate actions, such as specific businesses that might be included in potential disposals. FORVIA has updated its deleveraging objectives in the context of the 2024 annual results presentation in February 2025. FORVIA is focused on sizable disposals at proper conditions. The company therefore communicated that the deleveraging will be organic this year and will get FORVIA to a leverage ratio of 1.8 times. Subject to market conditions, the sizable disposals will be cashed in in 2026, leading to a restored balance sheet structure by the end of 2026 with a leverage ratio below 1.5 times. Processes are ongoing in this direction. Regarding HELLA, please note that HELLA is a separate legal entity from FORVIA, with its own governance, structure, and procedures which cover its own M&A activities. Question number five. German press reported recently that HELLA plans a potential disposal of its lifecycle solutions business to meet FORVIA's deleveraging targets. Subpoint one, please explain the relevance of lifecycle solutions for FORVIA and FORVIA's preference whether to sell or keep the business unit. Subpoint two, if that sale is in the interest of FORVIA, how can FORVIA enforce it? Does FORVIA board or group executive committee have a say here? Subpoint three, if a sale of lifecycle solutions were to proceed, how would FORVIA access those proceeds sitting at the HELLA level? Would FORVIA expect this potential HELLA business unit sale to meet the outstanding EUR 750 million disposal target for FORVIA? And our answer. As a matter of policy, FORVIA does not comment on rumors. HELLA is a separate legal entity from FORVIA, as I mentioned before, with separate governance. While FORVIA communicates with HELLA regularly regarding its views as a shareholder and FORVIA representatives sit on the shareholder committee of HELLA, any decision to sell HELLA assets would be made in accordance with HELLA's governance structure and procedures pursuant to applicable laws and regulations. As a general principle, FORVIA, as a shareholder of HELLA, supports the actions of management of HELLA that are in the best interest of HELLA and HELLA's shareholders. Question number six. On the 23rd of September 2024, FORVIA and HELLA entered into, sub one, a trademark license agreement relating to the joint use of the umbrella brand FORVIA and the slogan "Inspiring Mobility." Sub two, a collaboration agreement establishing the framework for conducting the joint advance pricing procedure, APA, with the competent tax authorities. Please provide the contemplated financial conditions of the trademark license agreement subject to the APA procedure. And our answer. The trademark license agreement entered into on September 23rd, 2024, between FORVIA and HELLA provides that until the date on which German and French authorities have agreed on the APA, the license under the trademark license agreement is granted with no royalty to be paid or invoiced. The approach that the authorities shall deem appropriate under the APAs shall apply retroactively as of July 1st, 2024. Thus, the parties will apply the approach deemed appropriate by the German and French authorities and will be bound by the terms of the APA for the financial conditions of the trademark license agreement. This approach ensures compliance with applicable laws and regulations, in particular tax regulations, and provides a structured framework for financial management related to the use of the FORVIA brand. Question seven. FORVIA indicates on its website that no royalty shall be charged until the APA advance pricing agreement process with the tax authorities is completed. What happens after the APA process is completed? Sub one. Will the financial conditions be applied retroactively? If so, back to 2022. Sub two. What payment obligations or earnings in EUR does FORVIA expect in case the tax authorities do not accept royalties suggested in the APA? And our answer. The financial conditions post APA completion, including potential retroactive application and payment obligations, will depend on the outcomes of the negotiations with the tax authorities. If adjustments are mandated to FORVIA or HELLA, they will be applied retroactively, as I said, to July 1, 2024. Question eight. How were the financial conditions of the trademark license agreement and cooperation agreement entered into between FORVIA and HELLA determined? Has a study been conducted by a consultant? Sub one, if yes, what are the conclusions of such study? In case that FORVIA does not receive any royalties under the trademark license agreement, as it seems to have happened in the past, please explain what benefit FORVIA receives and how FORVIA does such value benefit. Sub two, if no, how did the company come to the conclusion that the financial conditions of the trademark license agreement and the cooperation agreement are appropriate? Our answer. Both the trademark license agreement and the cooperation agreement were entered into following FORVIA's thorough assessment of their interests to FORVIA after careful process, including board-level and shareholder meetings in accordance with the applicable laws and regulations with respect to the related party transactions of each company. A study was conducted by consultant Landor & Fitch at the direction of HELLA regarding the use of the HELLA brand, as well as the regular assessments made by FORVIA with respect to its own branding. FORVIA came to the conclusion that entering into the trademark license agreement was in its interest because of the benefit it provides the group in promoting the brands under its scope in new markets and business areas, leading to the creation of a common identity within the group and strengthening the feeling for employees that they belong to one and the same group. FORVIA also took into consideration the appropriate and necessary tax considerations, which is in part the reasoning to conclude the APA process in front of both the French and the German taxing authorities. FORVIA found this to be advisable to seek the taxing authorities' view, as well as have the advantage of getting a neutral viewpoint on the methodology for assessing any adjustment to the brand pricing. Similarly, the cooperation agreement followed the highest standards of corporate governance, including board-level and shareholders' meetings in accordance with the applicable laws and regulations with respect to related party transactions. FORVIA benefits from exploring the advance pricing agreement procedure with competent tax authorities as an optimizing tool for management of royalties under the trademark license agreement. All of this serves the broader purpose of creating a common identity within the group and strengthening the feeling for employees to belong to one and the same group. Finally, question nine. Please explain why HELLA was authorized under a letter agreement to use the umbrella name FORVIA and the motto "Inspiring Mobility" and the intellectual property rights relating thereto, for free, between April 2022 and September 2024. How did the management of FORVIA come to the conclusion that the absence of any consideration by HELLA for the use of the FORVIA name or motto and the intellectual property rights is appropriate for FORVIA? What was the benefit for FORVIA under this letter agreement? Please specify the value in EUR per year. What is the financial risk for FORVIA? Are there scenarios in which FORVIA might be obligated to make payment to HELLA? Our answer. The cooperation between HELLA and FORVIA with respect to the use of brands has been designed to maximize cross-market penetration of each brand. HELLA benefits from the use of FORVIA brand in markets and business areas where it did not have a legacy presence. In return, FORVIA benefits from the value increase and promotion of its brand by HELLA in the new markets and business areas. FORVIA brand was introduced recently, and as such, management has favored maximizing brand penetration in line with the group's expansion strategy. This strategy was—I almost made it. This strategy was implemented in partnership with HELLA and following negotiation on arm's length basis and after thorough assessment. With this, all written questions that were provided in advance have been answered. [Foreign language]. Thank you for this marathon of questions. As you understood, surely all the questions that were sent last week to us were very accurate. So we took great pains to provide minute answers and subject them to the approval of the board that met extraordinarily on an extraordinary basis Sunday. We'll switch now. We'll move now to the second part of the Q&A. That is to better manage the time constraints for questions and answers and to facilitate the flow of exchanges. We made forms available at the entrance to the room for you to be able to submit your questions. We've collected these forms during the proceedings. We'll begin by answering the questions that you submitted to us. Jill, do we have the aforementioned questions? I think several subparts. We have six in advance. So I suggest that you answer the first four, and then we will move to the next one by one. [Foreign language]. I'll start to read by reading. [Foreign language]. Four first questions. [Foreign language]. It through the form. [Foreign language]. When [Foreign language]. When will you give us more details on FORVIA's strategy? [Foreign language]. [Foreign language]. Two. What concerns FORVIA's plan regarding minority shareholders of HELLA? [Foreign language]. [Foreign language]. Three. [Foreign language] Explain the justification of granting two extraordinary compensations to Mr. Fischer. Four, could you explain why you paid compensations to Mr. Patrick Koller? [Foreign language]. [Foreign language]. These are the four first questions. On [Foreign language]. Continue in French. [Foreign language]. [Foreign language]. If you agree, and we'll answer one by one. Martin. Okay, the first question is for you. [Foreign language]. Still prefer speaking in English, but you may try in French, but I'd rather not. To announce and explain our full strategy for FORVIA. This is going to happen during an upcoming capital markets day, and the date for that day we are going to announce with the first half results. We already want to invite you to our investors' call in July. The date has been published already. 2025 is a very crucial year for FORVIA and transition, and we need some time to review comprehensively and deeply the market environment. We are looking at the evolution, and we are looking at geopolitics, the regulations, the technology changes, the competition, and finally also the strategies of our customers. All this is taken into account for defining our future core for our future strategies. We are developing, in fact, a very comprehensive strategy for the whole group, and that will include portfolio with all its elements, technology, organizational changes, financial guardrails, and some others. Stay tuned, and please see us for the half-on results as well as for the capital markets day. Martin, [Foreign language]. Martin, the second question is for you as well. What is FORVIA's plan regarding HELLA's minority shareholders? We expressed that a couple of times today. Deleveraging is our top priority. We do not need to own 100% of HELLA in order to work and collaborate with HELLA. In fact, we have reached a very stable way of doing so. Furthermore, we regularly assess the options to help us achieve our deleveraging trajectory, bearing in mind really the best interests of you, our shareholders. [Foreign language]. The third question. [Foreign language]. For me, could you explain how you justify the two extraordinary compensations granted to Mr. Fischer? So the answer, Martin Fischer was eligible for two bonuses when he entered in. [Foreign language]. They're conditioned on strict performance criteria, and they compensate the gap with the previous package, compensation package in ZF. The fourth question is for me as well. Could you tell us why you paid compensations to Mr. Patrick Koller? [Foreign language] Company fully went by applicable laws and bylaws and AFEP-MEDEF codes. The revocation, dismissal of Patrick Koller was planned. Initially, we agreed that the departure, the dismissal of Patrick Koller, would take place in mid-2026. To kidnap, if I may say, Martin Fischer, we had to adjust the timeline that was agreed to previously, and in French law, we had to proceed to a revocation. The performance of Martin Koller is not in question. It is attested by the percentage points. As you know, for the past few years, the compensation was therefore applied by the rules. The board took into account the return of shareholders in 2025 and applied a pro-rata basis to the compensation of Patrick Koller. The compensation policy approved in 2024 and in previous years was fully applied. Those were the four questions that were read out. [Foreign language] Question five. In the press statement on financial results 2024, FORVIA announced that it is our target for results of EUR 450 million in net synergies as previously calculated. How do these amounts? Will these amounts be attained? [Foreign language] Could you please explain? I'm trying to read off of the screen. Could you explain how the rise in synergies realized in 24? Had an impact on the cash results and if there are costs linked with it? I'm almost done. What are the distributions of synergies between HELLA and FORVIA? What are the benefits from HELLA to FORVIA? What is the date for the realization of the synergies? Merci Michel. On Merci Michel. On to you. Thank you, Michel. First item, as previously stated, we realized EUR 334 million accumulated synergies by the end of 2024. [Foreign language] The components to these synergies are mainly due to purchases by combining the volumes of both companies to drive the best purchasing conditions, costs, or conditions of payments, and the pooling of back-office functions, especially when it comes to shared service centers, IT, and procurement. [Foreign language] Thank you, Michel. First item, as previously stated, we realized EUR 334 million accumulated synergies by the end of 2024. [Foreign language] The components to these synergies are mainly due to purchases by combining the volumes of both companies to drive the best purchasing conditions, costs, or conditions of payments, and the pooling of back-office functions, especially when it comes to shared service centers, IT, and procurement. [Foreign language] Synergies that will allow us to reach at least EUR 400 million are in the same nature of those that took place previously, were on target, and since the beginning of the integration, we have been ahead of schedule. When it comes to the amounts of synergies, this is why we revised up the synergies. Compared to previous year. When it comes to the cost of restructuring linked with these operations, the costs are low. For purchases, there are no costs, and this is a sizable part of synergies, and for back offices, the costs are limited. There were about EUR 12 million in 2024, to give you a rough idea. When it comes to the distribution in the income statement, the purchases gain are on a variable margin basis, and this helps us compensate the [Foreign language] High rates of inflation these past few years and for other functions, other units. It is mostly in terms of add expenses or AG&A. When it comes to the distribution between the two companies, the distribution goes by the origin of these expenditure, fully in line with the origin of expenditure. Gilles explained it very well. This was favorable to HELLA. À terme, we hope to reach 50-50 in due course. The volumes, if the volumes are higher at HELLA, this does not change anything for the consolidation. It is not a target. Our target is to maximize synergies for the company. May I call that all these efforts are part of current governance, and all our targets are part of this framework. [Foreign language] To answer in part the last question, a date of full integration. May I recall all the information we stated? We talked about deleveraging. We have separated activities, business, in terms of production and R&D. It's fully distinct. We go by the governance by laws. [Foreign language] In a way that is in keeping with all applicable laws. Martin, there is nothing you want to add to this? No, I didn't hear you say it at all. I mean, we have already exceeded what we had as the original target for our synergies, and therefore have raised the 2025 target to EUR 400 million. As we make progress towards this target, we will continue to find ways to collaborate with HELLA and maximize the value. Thank you. [Foreign language] Olivier Martin. Thank you, Olivier Martin. Next question. Could you please explain to us the change in value in euros of the FORVIA and HELLA brands since 2022? FORVIA oversees the change in value of the brand, and with what method, and when was the last assessment, and what was the results? [Foreign language] Answer. The brands seem to attract particular attention, and I'm quite surprised, but let's go. Absolutely. Largely before, but at the risk of being repetitive, of course, we follow the evolution of our brand. We do so regularly. We do not comment on figures to any specific element of our brand or the value of our IP. We follow the valuation, and we do not communicate on the figures. [Foreign language]. Next question. Again, still on the topic of brands. Again. [Foreign language] I think it's this one. FORVIA brand created three years ago was sustained by the brand HELLA. [Foreign language] [Foreign language]. Next question. Again, still on the topic of brands. Again. [Foreign language] I think it's this one. FORVIA brand created three years ago was sustained by the brand HELLA. [Foreign language] [Foreign language]. Next question. Again, still on the topic of brands. Again. [Foreign language] I think it's this one. FORVIA brand created three years ago was sustained by the brand HELLA. [Foreign language] [Foreign language]. Next question. Again, still on the topic of brands. Again. [Foreign language] I think it's this one. FORVIA brand created three years ago was sustained by the brand HELLA. [Foreign language] [Foreign language]. Next question. Again, still on the topic of brands. Again. [Foreign language] I think it's this one. FORVIA brand created three years ago was sustained by the brand HELLA. [Foreign language] Brand FORVIA was sustained or supported by the brand HELLA. I don't understand, Jill, but you may understand. What is the financial gain by FORVIA of the selling of HELLA's brands and products? What are the arguments by FORVIA to convince HELLA to use the brand FORVIA? As we see it, both companies benefit from the use and the development of the FORVIA brand by one another. Our branding strategy is consistent with this philosophy. It follows an endorsed brand architecture, or more simply put, an umbrella, where FORVIA and HELLA, we maintain our distinct identities, but we're endorsed by FORVIA as the umbrella brand. This model allows us to leverage our strengths and allows HELLA to leverage its strengths while preserving the assets of each brand. Sorry, short and sweet. [Foreign language] Indeed. The next question is on intergroup conventions, like related parties. There are as many as 86 relations between HELLA and FORVIA for about EUR 46 million in 2023. At FORVIA itself, there is only one agreement, the coordination agreement, that is considered to be a related party agreement, and there is no payment either way. Can you explain? Maybe Olivier can address this. Maybe I understand the question better than I understand it myself. I'm sure you can have an answer. Yes. I'll try to answer the question, and I hope that this will shed light on the matter. From a legal standpoint, FORVIA SE has only one coordination agreement with HELLA in the URD report. You will find under the related party agreement, you will see that convention and that agreement alone, that related party agreement alone. Now, in this report, and I'm a member of that committee, we list all the transactions between HELLA and FORVIA, and there is a comprehensive review of the terms and conditions of these agreements so as to ensure the transactions make sure that none are to the detriment of HELLA. That is called the dependency report. The dependency report is reviewed and audited by HELLA's auditors to ensure that all existing transactions between HELLA and FORVIA, all the transactions, should be at arm's length condition or to HELLA's advantage. Now, the transactions are listed. They're worth EUR 46 million in 2023. They include sales between the two companies or billing of services as part of what is pooled. The dependency report ensures that the interests of all the HELLA's shareholders, in particular, minority shareholders, be protected, and this should be reviewed comprehensively on a regular basis. All right. Thank you, Olivier. Martin Fischer tells me that there's a figure that was given on synergies between the two companies, and that figure needs to be corrected, maybe, Olivier? The purpose, of course, is to do better than EUR 400 million in synergies by the end of 2025. That can be a significant overshoot in some cases, and sometimes our internal ambitions can be more than the EUR 400 million, and that is what Martin was referring to, the figure of EUR 450 million. Our review is there to ensure that we should reach or indeed go beyond the EUR 400 million mark by the end of 2025. That's the figure, and guidance will be given to the financial markets. Jill, I believe this is the last of the questions that was provided on paper. We'll move on. This is, I can reassure you, the final part of the Q&A, and that is questions from the audience. If there are any questions from the audience, this is your chance to ask the questions, and then I'll call, I'll ask all participants to stand up so we can see you and introduce yourselves prior to giving your questions. I believe there are microphones going round. If there are any questions, please raise your hands, and you will be handed a microphone. You may remember that there were a number of questions in writing. It may well be that people believe this was all the questions were, in fact, addressed. There are no second thoughts going once or twice. No. I would like to thank all shareholders for their questions. We've never had so many questions in the past, and I really would like to thank those who provided answers because some of the questions, once again, were highly technical in nature. Now we move on to the very last part of the AGM, and that's the resolutions. Jill? I'll ask Mr. Bensimon, who is Vice Chair and Head of Governance and Regulatory Affairs, to join us for the resolutions in French. Mélissa, please take it away. You understand why it's better for Jill to speak English rather than French. Yes, indeed. Ladies and gentlemen, before we move on to the votes, let us remind you that regarding the final attendance, the number of shares held by shareholders voting or having voted or having given proxy is 110,467,549 or 110,467,749, or 56.26% of all the share capital with, or shares rather, with voting rights. Regarding the voting conditions for ordinary resolutions, that is, those resolutions from 1- 21, 20, and plus resolution 34, they require a simple majority of shareholders, either represented or having voted by post. For For extraordinary sessions from 21 - 33, they require two-thirds of the votes having already voted or who are represented. You have a little device here, a voting device, and you can see on the slide how it works. If you want to vote, when the vote is open, you should press the key, either one, four, to against, and three, abstention. You may change your mind while the vote is going by pressing a new key. You should see the words received to show that your vote was indeed cast. The text of all the resolutions were published in due time, and you find this on pages 23- 50 of the notice of the meeting that you will find online. That is the reason why we'll only give a short presentation of the resolutions when it comes to the vote. We'll start off with ordinary questions. Resolution number one is about the approval of the parent company financial statements for the year 2024, and with approval of non-tax deductible expenses and charges. Please vote now. [Foreign language] Vote is closed, and the resolution is adopted. Resolution number two concerns the approval of the consolidated financial statements for the year ended 31 December 2024. Please vote now. [Foreign language] Voting is closed, and the resolution was carried. For For resolution number three, you're being asked to vote on the appropriation of net income for the year ended December 31, 2024. Please vote now. [Foreig language] Vote is closed, and the resolution was carried. Resolution number four is on related party agreements entered into in 2024. You're asked to approve the statutory auditor's special report on related party agreements and to approve two new such agreements entered into during the year 2024. Please vote now. [Foreign language] Vote is closed, and the resolution was carried. Resolution number five is on the appointment of PricewaterhouseCoopers audit to replace Ernst & Young audit to act as statutory auditors. Please vote now. [Foreign language] V ote is closed, and the resolution is carried. Resolution number six concerns the reappointment of Forvis Mazars as statutory auditor. Please vote now. [Foreign language] Voting is closed, and the resolution was carried as well. [Foreign language] Resolution number seven is on the appointment of PricewaterhouseCoopers audit to replace Ernst & Young audit in the capacity as statutory auditor in charge of certifying sustainability information. Please vote now. [Foreign language] Vote is closed. [Foreign language] And the resolution was carried. [Foreign language] Number eight, reappointment of Forvis Mazars in the capacity as statutory auditor in charge of certifying sustainability information. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] The following resolutions are the governance of the company. Number nine is on the appointment of Martin Fischer as director. You're asked to appoint Martin Fischer to the board of directors for a four-year term. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] For resolution number ten, you're asked to renew Penelope Herscher's term of office as director. Her term comes to a close at the end of this AGM. Please vote now. [Foreign language] The vote is closed. [Foreign language] The resolution was carried. Eleven is on the renewal of Valérie Landon's term of office as director. Her term expires at the close of this AGM. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Resolution number twelve is on the renewal of the term of office as director of Peugeot 1810 for further four years. Their term comes to an end at the close of this AGM. Please vote now. [Foreign language] Vote is closed. The resolution is carried. Under resolution number thirteen, you're asked to appoint Lutz Meschke as a director. His term will start off as 1 January 2026, and it will expire at the close of the AGM to be held in 2029 at the end of a four-year period. Please vote now. [Foreign language] Vote is closed. [Foreign language] The resolution was carried. The six next resolutions are on compensation issues. Resolution number fourteen, you're asked to approve the information referred to in article L2210-9 of the French Commercial Code concerning the report on the compensation of corporate officers for the year 2024. Please vote now. [Foreign language] Vote is closed. The resolution is carried. [Foreign language] Fifteenth resolution relates to the exposed vote on the 2024 compensation of the Chairman of the Board of Directors. You're asked to approve the components of the total compensation package and the benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Michel de Rosen, Chairman of the Board of Directors. Please vote now. [Foreign language] Vote is closed. The resolution is carried. [Foreign language] The sixteenth is exposed vote on the Chief Executive Officer's 2024 compensation. You're asked to approve the components of the total compensation package and benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Patrick Koller, Chief Executive Officer until February 28, 2025. Please vote now. [Foreign language] on the 2024 compensation of the Chairman of the Board of Directors. You're asked to approve the components of the total compensation package and the benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Michel de Rosen, Chairman of the Board of Directors. Please vote now. [Foreign language] Vote is closed. The resolution is carried. [Foreign language] The sixteenth is exposed vote on the Chief Executive Officer's 2024 compensation. You're asked to approve the components of the total compensation package and benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Patrick Koller, Chief Executive Officer until February 28, 2025. Please vote now. [Foreign language] on the 2024 compensation of the Chairman of the Board of Directors. You're asked to approve the components of the total compensation package and the benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Michel de Rosen, Chairman of the Board of Directors. Please vote now. [Foreign language] Vote is closed. The resolution is carried. [Foreign language] The sixteenth is exposed vote on the Chief Executive Officer's 2024 compensation. You're asked to approve the components of the total compensation package and benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Patrick Koller, Chief Executive Officer until February 28, 2025. Please vote now. [Foreign language] on the 2024 compensation of the Chairman of the Board of Directors. You're asked to approve the components of the total compensation package and the benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Michel de Rosen, Chairman of the Board of Directors. Please vote now. [Foreign language] Vote is closed. The resolution is carried. [Foreign language] The sixteenth is exposed vote on the Chief Executive Officer's 2024 compensation. You're asked to approve the components of the total compensation package and benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Patrick Koller, Chief Executive Officer until February 28, 2025. Please vote now. [Foreign language] on the 2024 compensation of the Chairman of the Board of Directors. You're asked to approve the components of the total compensation package and the benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Michel de Rosen, Chairman of the Board of Directors. Please vote now. [Foreign language] Vote is closed. The resolution is carried. [Foreign language] The sixteenth is exposed vote on the Chief Executive Officer's 2024 compensation. You're asked to approve the components of the total compensation package and benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Patrick Koller, Chief Executive Officer until February 28, 2025. Please vote now. [Foreign language] on the 2024 compensation of the Chairman of the Board of Directors. You're asked to approve the components of the total compensation package and the benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Michel de Rosen, Chairman of the Board of Directors. Please vote now. [Foreign language] Vote is closed. The resolution is carried. [Foreign language] The sixteenth is exposed vote on the Chief Executive Officer's 2024 compensation. You're asked to approve the components of the total compensation package and benefits of any kind paid during the year ended 31 December 2024 or granted in respect of the same year to Patrick Koller, Chief Executive Officer until February 28, 2025. Please vote now. [Foreign language] The vote is closed, and the resolution is carried. Seventeenth resolution relates to the ex ante vote on the director's compensation policy. You're asked therefore to approve the director's compensation policy for the year 2025. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Resolution number eighteen is on the compensation policy, ex ante vote on the compensation policy for the chairman of the board of directors. You're asked to approve the compensation policy for the year 2025 for the chairman of the board. Please vote now. [Foreign language] Vote is closed, and the resolution is adopted. Resolution nineteen is on the ex ante vote on the compensation policy for the chief executive officer. You're asked to approve the compensation policy for the chief executive officer for the year 2025. Please vote now. [Foreign language] The vote is closed, and the resolution is carried. Seventeenth resolution relates to the ex ante vote on the director's compensation policy. You're asked therefore to approve the director's compensation policy for the year 2025. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Resolution number eighteen is on the compensation policy, ex ante vote on the compensation policy for the chairman of the board of directors. You're asked to approve the compensation policy for the year 2025 for the chairman of the board. Please vote now. [Foreign language] Vote is closed, and the resolution is adopted. Resolution nineteen is on the ex ante vote on the compensation policy for the chief executive officer. You're asked to approve the compensation policy for the chief executive officer for the year 2025. Please vote now. [Foreign language] The vote is closed, and the resolution is carried. Seventeenth resolution relates to the ex ante vote on the director's compensation policy. You're asked therefore to approve the director's compensation policy for the year 2025. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Resolution number eighteen is on the compensation policy, ex ante vote on the compensation policy for the chairman of the board of directors. You're asked to approve the compensation policy for the year 2025 for the chairman of the board. Please vote now. [Foreign language] Vote is closed, and the resolution is adopted. Resolution nineteen is on the ex ante vote on the compensation policy for the chief executive officer. You're asked to approve the compensation policy for the chief executive officer for the year 2025. Please vote now. [Foreign language] The vote is closed, and the resolution is carried. Seventeenth resolution relates to the ex ante vote on the director's compensation policy. You're asked therefore to approve the director's compensation policy for the year 2025. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Resolution number eighteen is on the compensation policy, ex ante vote on the compensation policy for the chairman of the board of directors. You're asked to approve the compensation policy for the year 2025 for the chairman of the board. Please vote now. [Foreign language] Vote is closed, and the resolution is adopted. Resolution nineteen is on the ex ante vote on the compensation policy for the chief executive officer. You're asked to approve the compensation policy for the chief executive officer for the year 2025. Please vote now. [Foreign language] The vote is closed, and the resolution is carried. Seventeenth resolution relates to the ex ante vote on the director's compensation policy. You're asked therefore to approve the director's compensation policy for the year 2025. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Resolution number eighteen is on the compensation policy, ex ante vote on the compensation policy for the chairman of the board of directors. You're asked to approve the compensation policy for the year 2025 for the chairman of the board. Please vote now. [Foreign language] Vote is closed, and the resolution is adopted. Resolution nineteen is on the ex ante vote on the compensation policy for the chief executive officer. You're asked to approve the compensation policy for the chief executive officer for the year 2025. Please vote now. [Foreign language] The vote is closed, and the resolution is carried. Seventeenth resolution relates to the ex ante vote on the director's compensation policy. You're asked therefore to approve the director's compensation policy for the year 2025. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Resolution number eighteen is on the compensation policy, ex ante vote on the compensation policy for the chairman of the board of directors. You're asked to approve the compensation policy for the year 2025 for the chairman of the board. Please vote now. [Foreign language] Vote is closed, and the resolution is adopted. Resolution nineteen is on the ex ante vote on the compensation policy for the chief executive officer. You're asked to approve the compensation policy for the chief executive officer for the year 2025. Please vote now. [Foreign language] The vote is closed, and the resolution is carried. Seventeenth resolution relates to the ex ante vote on the director's compensation policy. You're asked therefore to approve the director's compensation policy for the year 2025. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Resolution number eighteen is on the compensation policy, ex ante vote on the compensation policy for the chairman of the board of directors. You're asked to approve the compensation policy for the year 2025 for the chairman of the board. Please vote now. [Foreign language] Vote is closed, and the resolution is adopted. Resolution nineteen is on the ex ante vote on the compensation policy for the chief executive officer. You're asked to approve the compensation policy for the chief executive officer for the year 2025. Please vote now. [Foreign language] The vote is closed, and the resolution is carried. Seventeenth resolution relates to the ex ante vote on the director's compensation policy. You're asked therefore to approve the director's compensation policy for the year 2025. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Resolution number eighteen is on the compensation policy, ex ante vote on the compensation policy for the chairman of the board of directors. You're asked to approve the compensation policy for the year 2025 for the chairman of the board. Please vote now. [Foreign language] Vote is closed, and the resolution is adopted. Resolution nineteen is on the ex ante vote on the compensation policy for the chief executive officer. You're asked to approve the compensation policy for the chief executive officer for the year 2025. Please vote now. [Foreign language] The vote is closed, and the resolution is carried. Seventeenth resolution relates to the ex ante vote on the director's compensation policy. You're asked therefore to approve the director's compensation policy for the year 2025. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Resolution number eighteen is on the compensation policy, ex ante vote on the compensation policy for the chairman of the board of directors. You're asked to approve the compensation policy for the year 2025 for the chairman of the board. Please vote now. [Foreign language] Vote is closed, and the resolution is adopted. Resolution nineteen is on the ex ante vote on the compensation policy for the chief executive officer. You're asked to approve the compensation policy for the chief executive officer for the year 2025. Please vote now. [Foreign language] Vote is closed. [Foreign language] And the resolution is carried. [Foreign language] Twentieth resolution authorizes the board of directors to buy back the company's own shares. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. Now we'll move on to the powers and financial authorization and delegations. The twenty-first resolution considers the delegation of authority to the board of directors to issue shares and/or securities carrying immediate or deferred rights to shares in the company and/or subsidiary and/or that securities with preemptive subscription rights. Please vote now. [Foreign language] Voting is closed. [Foreign language] The resolution is carried. [Foreign language] Twenty-second resolution, you're asked to allow the board of directors to issue shares and/or securities giving access immediately or in the future to the share capital of the company and/or of the subsidiary and/or that securities without preferential subscription rights through a public offering and/or as compensation for securities as part of a public exchange. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. Now, for resolution twenty-three, you're asked to allow the board of directors to issue shares and/or securities giving access immediately or in the future to the share capital of the company and/or of a subsidiary and/or that securities without preferential subscription rights through an offer exclusively targeting a restricted circle of investors acting for their own account or qualified investors. Please vote now. [foreign language] Vote is closed. [Foreign language] Vote is carried. [Foreign language] Resolution twenty-four allows the board of directors to increase the amount of issues provided for in the twenty-first, twenty-second, and twenty-third resolutions. Please vote now. [Foreign language] Vote is closed. [Foreign language] The resolution is carried. [Foreign language] Resolution twenty-five enables the board of directors to issue shares and/or securities giving immediate or future access to the company's capital without preemptive subscription rights to remunerate contributions in kind of securities granted to the company. Please vote now. [Foreign language] The resolution is closed, and the resolution is carried. [Foreign language] Resolution twenty-six allows the board of directors to increase the company's capital by capitalizing reserves, profits, premiums, or other amounts that may be capitalized. Please vote now. [Foreign language] Vote is closed. [Foreign language] The resolution is carried. [Foreign language] Twenty-fifth resolution allows the board of directors to grant for free existing shares and/or shares to be issued to employees and/or certain corporate officers of the company or of affiliated companies or economic interest groups with a waiver by the shareholders of their preferential subscription rights. Please vote now. [Foreign language] Vote is closed. [Foreign language] The resolution is carried. [Foreign language] Resolution twenty-eight allows the board of directors to increase the share capital through the issue of shares and/or securities giving access to the share capital with removal of the preferential subscription rights for the benefit of members of a company or group savings plan. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Twenty-ninth resolution. [Foreign language] Would enable the board of directors to carry out capital increases without preemptive subscription rights for a category of beneficiaries. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. [Foreign language] Thirtieth resolution would allow the board of directors to reduce the share capital by canceling shares. Please vote now. [Foreign language] Vote is closed. [Foreign language] And the resolution is carried. [Foreign language] Thirtieth resolution relates to the harmonization of the fourth paragraph of article fourteen and articles twenty-four and twenty-five of the company's bylaws concerning the use of a means of telecommunication at meetings of the board of directors and shareholders' meetings. Please vote now. [Foreign language] The vote is closed. [Foreign language] And the resolution is carried. [Foreign language] Thirtieth resolution is on the amendment of article or paragraph five of article fourteen of the company's articles of association concerning the written consultation of members of the board. Please vote now. [Foreign Language] Vote is closed. [Foreign language] The resolution is carried. Thirtieth resolution concerns the amendment of article thirteen of the company's articles of association relating to non-voting directors. Please vote now. [Foreign language] Vote is closed, and the resolution is carried. Enfin. And Enfin. And now, the thirty-fourth resolution concerns powers to carry out filing and publication formalities. Please vote now. [Foreign language] Vote is closed. [Foreign language] The resolution is carried. All the resolutions were adopted, Michel? You have the floor. Thank you, Mélissa. I'd like to conclude with three points. First, I should like to thank our shareholders for their attendance, either here in the room or online, and I would like to thank them for giving a massive approval to the resolutions put to the vote. I should also like to thank all those who prepared this AGM and ensured that it ran smoothly. You have colleagues in the back of the room. You may see them. The simpler the AGM looks, the more work goes on behind the scenes for this to go smoothly. Many, many thanks indeed to all our people who are working either here in the room or in other rooms. It is often in the ship's hold that all the action takes place. In July, there will be a session where we will be presenting our performance, our numbers for H1, and then there will be capital markets there attended by top management. In 2026, of course, there will be another AGM during which it will be your chance to take note of the progress achieved until then. Since this comes to an end, the session stands adjourned at 12:28 P.M. I would like to thank those who asked questions. That makes the AGM more lively and more interesting for all. Many thanks to you all.