Ladies and gentlemen, dear shareholders, thank you for being with us, loyal guests of our annual meetings. On behalf of the Board of Directors, we would like to welcome you to our General Assembly. We are very pleased to have you here with us. Last year, we were celebrating 165 years since it was founded in Limoges. This year, we're celebrating another anniversary. 2026 is 20 years since the IPO of the group. Many of you have been along with us over these 20 years, and we'd like to thank you for your confidence and loyalty. This confidence and loyalty meant that we had to be up to your standards. We have promised the value creation with quite outstanding value creation with a dividend that went up except for the COVID year. This year, 2026, we will be offering an increase of 8.2% of the dividend. This continuous growth is based on a business model that is solid and consistent with an external and organic growth going hand-in-hand with a sustainable growth, which is a CSR strategy, which is a source of high performance for the group, making Legrand even more relevant and attractive for its employees, for its clients and shareholders, and is more profitable. We're in niche of technological disruption and geopolitical difficulties and our agility is allowing us to adapt to this new environment, as shown in our business results and 2030 ambitions. The development of artificial intelligence is a lever for development. We're also using these tools to improve further our productivity and better serve our customers. This year, you will also be invited to express your opinion as to five renewal of terms of office, including that of Benoît Coquart and mine. We have had a dissociative governance system at Legrand, and I would be very pleased to carry on this journey for another three years. After this general assembly, 80% of independent Board of Directors who are open-minded and who are very solid, and they are sitting here in the first row and they are meeting the highest standards in terms of business governance, and this is an ambition that we would like to maintain. Finally, this general assembly will be the time to say goodbye to Mr. Landel, one of the pillar of our Board of Directors, who's been one of our Directors for two terms of office, and he would like now to resume his personal activities. We will have the opportunity to thank him on behalf of the Board later and on your behalf. Some housekeeping information regarding this general assembly. At the entrance, you were given your card as well as a digital tablet to vote on the resolution. After this general assembly, you will have to return this tablet, and in return you will be given a little present made in France to thank you for your presence and loyalty. Around me on the rostrum, we have Benoît Coquart, Executive Officer, Franck Lemery, the Chief Financial Officer, as well as Emmanuelle Levine, who is the Head of the Legal Department and General Secretary of this Board of Directors. This is an open meeting, which is also webstreamed in French and English on our website, Legrand. We will first convene our bureau. The scrutineers are the two shareholders holding the highest number of votes and who have accepted this function. If I refer to the list, which was given by the bank Societe Generale, those shareholders representing the highest number of votes are I, Olivier Bazil, and Gilles Schnepp. Thank you to the two of you. With the approval of scrutineers, we will appoint as the secretary of our General Assembly, Mrs. Emmanuelle Levine, and now our bureau is complete. Regarding the quorum, I will ask the secretary to remind us of the applicable rule. The quorum for an ordinary General Meeting for the first convening is 20% of shareholders with voting rights. For an Extraordinary Meeting, it's 25%. The provisional is at 80.87%. That is the shares being held by those having the equity. We are in compliant with the French law and the general assembly may be officially open. This general assembly is now open. Can you confirm, Emmanuelle, that all the preliminary document have been made available to the shareholders? Yeah. The report of the Board on the consolidated account and statement on December 31st 2025, as well as the text of resolutions and all the legal texts have been made available to the shareholders within the required deadlines. Members of the Board of Directors are also sitting in the room as well as our statutory auditors. Our general assembly is both ordinary and extraordinary with ordinary and extraordinary resolutions which will be presented after this presentation. The ordinary resolutions will go from one to 16, as well as number 27. Resolutions for the extraordinary meeting are from number 17 to 26. We haven't received any request for a new resolution or a new item to be added on the agenda by the shareholders. We are hoping to finish this session around 5:00 P.M. I will spare you the reading all the reports of the Directors' meeting, but you will find them in all the documents that are being made available on the website of the company as well as the head office of the company. Our agenda today is now here displayed on the screen. We will first discuss the strategic model creating value within the group. This will be presented by Benoît Coquart. Our CFO, Franck Lemery, will report about the financial performance, as well as the CSR by Virginie Gatin, who is in charge of our environmental and CSR department. It's a sixth roadmap of the group. It's the first year for this sixth roadmap. Michel Landel will take the floor regarding the composition of the Board of Directors, and she will speak as Head of the Compensation Committee. Then as Head of Compensation, he will also report about the compensation for the Directors for 2025 and 2026. Emmanuelle Levine will also present the resolutions. We will listen to the report of the statutory auditors, then will be a Q&A session, and eventually we will be voting on our resolutions as they have been proposed. I will now give the floor to Benoît Coquart, who will be talking about our business model and our strategic model. Dear shareholders, I'm very pleased, just like every year, to talk to you about Legrand. I wanted to start that we had our IPO 20 years ago. We would need more than today's afternoon to describe and report all the changes Legrand has gone through. There's one figure to be remembered if I were to summarize it in a nutshell. If you had invested EUR 10,000 in Legrand at the time of the IPO 20 years ago, you would be having EUR 110,000. It's quite an outstanding and interesting track record, and it would be EUR 30,000 on the CAC 40. There's one thing which has been our landmark, it's the steady growth of our financial performance. Legrand was first introduced in 1970, and that was 56 years ago, Legrand France, and the dividend of Legrand never went down. Sometimes it was stable during the difficult and challenging years. The management team, the Board of Directors, and all the Legrand teams will try their best to be up to this performance level in the forthcoming years. Our positioning is rather unique in the industry. We are a large group, but we're not as big as some of the big technical companies, and we are bigger than many of the SMEs that are present on the market. This unique position is making us stronger. We are more concentrated on the market. We are more focused than other big companies, and we enjoy the technological, human, and financial resource that large companies and large groups may have. This is making us operating on EUR 150 billion market, which is 50% large companies and 50% SMEs. We have a well-balanced global presence, 42% of our revenue in North and Central America, 38% in Europe, and 20% the rest of the world. Today, data center is around for 26% of our turnover. It was only 5%-10% 10 years ago, and then it's almost 50/50 between residential and non-residential. We are driven by very positive trends that you can see here. The data center, you just need to read the daily papers to realize that it is a booming market driven by artificial intelligence. It is considered that the demand in gigawatts will be multiplied by five in the forthcoming years. We'll talk about it with Franck Lemery, and we'll see that this trend is a major driver of our revenue, but it's not the only one. There is also the energy transition. You've probably read yesterday that the French government has presented the electrification plan, and we are at the heart of this. Every time we shift from fossil fuel to electricity, the electricity production generation should double by 2050, so we need more equipment. It is also driven by the digital lifestyle with the aging of the population. There's a lot of connected healthcare, plus the infrastructures, the traditional business of Legrand, which is also related to the global population, which should grow by 1.5 billion people by 2050. It means more houses, more hospitals, universities, schools, and office buildings. Now, the sales. More than 50% of our sales are related to the energy and digital transition. data center and less than 50%, 47% in the essential infrastructure is traditional product at Legrand. It's a regular growth at Legrand. It depends pretty much on the license to build, et c, on a market which is not always buoyant. Everything that is related to digital and energy transition is based on these mega trends that I was referring to earlier, which should be growing even further. We enjoy a broad range of products. Now, we have some 300,000 SKUs + 200,000 SKUs of made to request products. If we were to zoom in on the various activities at Legrand today, we have the complete suite for data center. We were on two or three families of products, like smart switches for various systems in the past. Today we have the full-fledged offering from medium voltage to the testing system, the cooling system, and protection of the electric circuits. For energy transition, we also have everything that is related to the protection, that is for products, UPSs, et c. For digital lifestyle, our offering is based on two segment, Connected Care and smart home. We still have these essential infrastructures, that is what you would find the historical business of Legrand, that is wiring devices. We're still number one globally. We are the one selling the highest number of switches. There are many other products or industrial products. You know the emergency lighting of buildings, a bit of lighting fixtures and floor and ceiling systems, et c. This offering is based on innovation. R&D in the long run is always 5% of our sales. It's twice as much as the rest of the industry, with 3,000 people who are working in the R&D department and more than 20% developing software and firmware solutions. We also work a lot on climate change effect with two pillars. We are developing solutions allowing our customers to reduce their energy bill and their CO2 emissions up to 35% of energy savings and these solutions with smart thermostats, detector of presence, and that's a lot. When we say that the data center consume a lot of energy, but we're part of the solutions, we are offering our customers some solutions to reduce their energy consumption in data centers and to improve the energy efficiency of a data center. That's for the product offering. We also work a lot on circular economy and the impact of our products on the environment. We disclose the full life cycle of our products for 74% of our sales. In total, we consider that 79% of our sales are eco-responsible, and that's a competitive edge. I know eco-responsibility is not as fashionable as a word as it used to be five years ago, we push for this because our customers are pretty sensitive to it. Our customer satisfaction is at the core of our growth strategy. It is measured with market indicators. They have not been invited by Legrand. There is a CSAT. I'm sorry for these English abbreviations. That's customer satisfaction. 80% of our customers are satisfied, and there is also the Net Promoter Score. NPS is a score measuring the difference between those who are fan of Legrand and those who will be criticizing Legrand, and it is considered that above 30% it's a very good score, and we are sitting at 54%. These figures have been now growing year in, year out. It's based on the interview of 576,000 customers surveyed across 79 countries. It's quite valid from the statistical standpoint. Based on these figures, we also develop improvement plans. Artificial intelligence would require hours of debate and the impact of AI on our group can be summarized in three ways. It is accelerating our sales growth. We need data centers. Data centers that need a certain number of Legrand products. We consider that there's one megawatt of data center capacity that is built. If we sell 100% of Legrand capacity, we can sell $2 million-$3 million per megawatt. When you hear about a data center of 50 GW or more gigawatts, you know that there's a huge opportunity here for us. It is also a tool that will improve our customer satisfaction. We have developed two agentic tools that are very useful to generate product data, and AI will, in 10 minutes, summarize the test for our product. That's Gaia. Then we have Elia pre-sale and after-sale product support, which has been developed based on Legrand products and may answer many questions that you might have on 200,000 SKUs, and it will be for all our product range in the future. It is also a driver to improve efficiency. We've worked on 200 use cases for which we develop AI tools, with 6,000 of our employees who have been trained and who can be improving their efficiency. We also have software and firmware where a software team will save 30% of their working time thanks to AI, and these figures will certainly go up pretty soon. Now pricing power is very interesting. It's a capacity for us to increase our prices slightly. 2022 was an unusual year because it was a year of high inflation rate. I would say that the average is more or less 2%. Now why this pricing power? The value creation makes sense and because the price is important for our customer, but many other aspects also matter, the quality of the service, easiness of maintenance, the technical support, et c. We're always very reasonable as to our capacity to increase the prices. We will not increase our prices as much as the competition because we consider that it is important to be competitive in an environment which is that of fierce competition. Another lever for growth are mergers and acquisitions. We made 35 since 2020. We invested EUR 5 billion. We bought back several billion EUR of annual sales, EUR 1.9 billion. It's a good acquisition machine. This is a quality that's been recognized by the market. We can buy nice companies, dock them to the group, create value. We don't destroy value. The impact of acquisitions in the repositioning of the group towards energy and digital transition is massive. These energy and digital transition products account for 75% of the acquired sales. It is one of the levers we have to go towards this energy transition and to have a digital mode of living. The executive committee, you see they look happy. That's very important. I'll just specify that we have a mixture of Legrand veterans, people who've been here for 30-35 years, and others who joined us a few months ago with the management team, which is highly motivated, and they will probably do very well in the future. What for all this? We have objectives for 2030 that are very ambitious. We want to have total sales of EUR 15 billion by 2030. In 2017, it was EUR 5 billion. This year it should be EUR 10 billion. It is a regular growth. Adjusted EBIT margin, more than 20% of sales. Free cash flow, EUR 10 billion during this period of time. Half will be used for acquisitions. We've used this treasure because we've made quite a number of acquisitions. We will have a very dynamic policy of capital allocation, of dividend payout. These are the financial indicators. For the non-financial, we are maintaining pressure. We still have a lot of ambitions in terms of gender diversity. One third of key management positions are held by women. Climate ambitions, 25% in Scope III, 42% in Scope I and II. Circular economy, phasing out single-use plastic in packaging. Virginie will tell you more about this later on. We have a lot of solutions so that customers can save CO2. We would like customers to avoid the emission of 70 million tons of CO2 over 10 years, which is a lot, and 80% of the Legrand sales must be eco-responsible. Whether it's in the financial or extra-financial sector, we are ambitious for 2030. The first year of this roadmap is being laid out perfectly in accordance with our plan. We still have four or five years to go, and your group is motivated to meet these objectives. This is what I wanted to tell you. For those who've been following us for a number of years, so you will say, "Yeah, we've been hearing about this," but this is part of Legrand's quality. We don't change our strategy overnight. We are quite clear. We adapt our strategy according to the market situations, according to the opportunities given to us by this or that segment. It is a clear path, and with Franck Lemery, our financial manager, we will have a look at the figures. Thank you, and before giving the floor to Franck, let's have a look at a very short video film. [Presentation] Good afternoon, ladies and gentlemen. As Benoît and Angeles said, I'm absolutely delighted to share Legrand's news. We have this horizon of 2030. I'm going to tell you about what we've achieved in 2025, 2026. I'm going to tell you what happened in the past five years. You're going to look at the beautiful characteristics of Legrand during the past five years, and we're going to talk about the relations between Legrand and its shareholders. First, 2025. 2025 was an excellent year, a successful year for the first performance indicator, which is the net sales with the growth, not including Forex, by 13%, up 13%. We see that the two growth drivers, traditionally of Legrand, functioned fully. The organic, non-financial, + 7.7%, and the external growth, +5%. When we look more closely at the organic growth, we leave aside the Forex and the acquisitions, we see two things. The first is that this organic growth at 7.7% is driven by the data centers. They grew last year organically by nearly 40%. This is a great growth driver in the group's organic growth. The second thing we see is that the three geographical zones of the group were positive, especially North and Central America, which is the center of the world today in terms of data centers. It is the cradle of this development. Now let's have a look at our profitability. Here, again, it was a very successful year in terms of adjusted operating margin. A remarkable year because of our results in absolute terms, an operating profitability of 20.7%, which is remarkable. It's one of the best figures reached by the group, and there is an improvement of the profitability compared to the previous years. This is thanks to the organic lever, but also thanks to all the acquisitions. Thirdly, the reason why we have this remarkable performance, these are the conditions in 2025. They were complex in 2025. 2026 is not very easy to start with, but the group has shown its resilience. It faced a certain number of challenges in this macroeconomics, and we set up new tariffs that cost EUR 100 million to the group in the full year of 2025. Therefore, very nice profitability. The conditions are very demanding and the performance is therefore even more remarkable. Now to end with the figures for 2025. Here on this slide, there are two topics on which I'd like to draw your attention. The first is the cash generation, which is very important for a group. It is very important for a group to generate cash. Cash generation is the ability to have an attractive balance sheet, and it is also a question of being able to invest for the future. As every year, Legrand could convert its result more than 100% into cash, at 107%. The second point on which I have to draw your attention is the robustness of the group's balance sheet. Therefore, we can contemplate the future with great peace and calm. Here you see the EBITDA multiple. At the beginning of the year, the rating agency, S&P, confirmed this rating of Legrand with a stable perspective, and this after a year when the M&A was strong. We are capable of generating enough cash to meet all our ambitions. That was for 2025, with all the figures. Somebody not feeling well in the room. We've just shared the figures. Now, beyond the figures, we have the method. How are we going to prepare for the future? Let's start talking about innovation, which is very important in our model. This was underscored by Benoît. We're sharing a few examples of new products that were launched last year here with you. Let's begin with the data centers. I'm not going to go into the details of all the products, but behind all these products, we are supporting the evolution of all the architectures of these data centers, and we are preparing these data centers that will meet the needs of artificial intelligence. We are launching products in the field of energy transition, digital lifestyle, infrastructure, essential infrastructure that account for half of our business. When we talk about the method, the second thing for the group to prepare for the future, these are the acquisitions. From that point of view, this year was a successful year. It was a successful year. I really like this page because we see a lot of acquisitions. We see seven acquisitions. This is a good representation of the acquisition model of the group, which can always find some beautiful companies that are not well-known, but that are leaders in certain market niches. So this acquisition allowed us to acquire EUR 500 million of analyzed revenue. We see acquisitions in all the verticals that can help drive Legrand's growth. Digital lifestyles, data centers, energy transition. This is distributed over nearly all the continents and all the important geographical zones of the group. These are the figures, the achievements in 2025. If you take 2025 alone. I would like to share the history of Legrand during the past five years. The first thing I'd like to share with you, this perfectly illustrates one of the four values of Legrand. We We talk about constant and reliable value creation. One thing that is very important is that Legrand is consistent and dependable in terms of value creation in the past five years and even more. In the past five years, what are the most important indicators? We see a growth of 63%, not including Forex, benefits of 86%, a good cash generation, close to 15% of the sales during this period. The capital allocation policy, which is consistent, coherent, which is creating a lot of value with a very attractive dividend, half of the net profits. The cash generation is dedicated to prepare for the future with acquisitions, and the balance sheet is very solid and robust, as I said. The second thing I'd like to share, therefore, during this period of 2025, that allows us to take a little bit of hindsight, is that we have tried, and this was our strategy. It was a deliberate strategy. We've tried to improve the growth profile of the group. You can see it here through the figures. The last five-year period, the growth, excluding currency effects, was 10.3%. The next five years, we're excluding 2020, which was the COVID period. The next period, 2015, 2019, excluding currency effects, was 8.2%. 10.3% versus 8.2%, that is 25% acceleration. The growth profile, the growth of the group was improved, but also the profitability of the group because in the five years before the COVID, the adjusted operating margin was at 19.8%. It was on an average 20.6% during the past five years, from 2021- 2025. One point that we share at each general meeting, we're deeply attached to this, and I hope that you, shareholders, you are also attached to this. This is the allocation, the added value allocation, which is coherent over the long term. The definition of added value is to subtract purchases to net sales. This is what is given to the suppliers. With this remainder, we see what the group does. Half of what the group does is that it goes to the employees, 1/4 for investment for development. They are the acquisitions, but also the R&D investments in machinery, buildings, IT, and 25% for other stakeholders, and the shareholders are part of this. They benefit from 14% of this add value. This 50%, 25%, 25%, this is very consistent in the past few years. Here again, we recognize the stability and the fact that the Legrand Group is stable and reliable. That was for 2025. Before talking about 2026, I'd like to share a video with you on the data centers that greatly contribute to our growth. [Presentation] That's for the data center, one of the drivers for our 2030 trajectory. We've heard about this ambition that 2025 was quite a buoyant year and the early month of 2026 as well. The first quarter figures are fully in line with the ambitions of the group. Here are the first quarter results. The sales, excluding Forex, + 18%. Based on organic growth, 9%, and that from mergers and acquisitions, + 8%. Regarding acquisitions, as of today, we have announced five new acquisitions for a total sales revenue of EUR 360 million. Another very interesting year. The adjusted operating margin is standing at 20.7%, quite promising for 2025, and it is the same percentage for the first quarter of 2026, with a net profit attributable to the group that is increased by 14%. A very good beginning of the year, allowing us to be confident for the full year. Even though the economic context is not really good this year, we are expecting a growth rate which is in line with our 2030 ambition, with sales increasing by 10% or 15%, which would include 4%-7% of organic growth and 6%-8% of acquisitions, and adjusted operating margin after acquisitions of up to 21%. As Benoît said several times, and I fully agree with him, we are supporting this financial performance with a CSR achievement rate of at least 100% of the second year for the 2025- 2027 roadmap. These are the two pieces of information I wanted to share with you, reviewing 2025 and looking at 2026 and having a hindsight on the five years now. Regarding our relations with you, shareholders, we usually show you this graph. As Benoît has explained, the curve of the stock price is self-explained. The annualized growth rate is not so tangible, with EUR 10,000 invested at Legrand, the performance 20 years ago is 3.7 times the one you would have had if you had invested in the CAC 40 listed company. An attractive dividend, I've already said it several times, as well as Legrand. That's our allocation policy. Some 50% of the payout. This is allowing us to put as a resolution a dividend of EUR 2.38, that is + 8.2%. Another way to pay attention to our shareholders is to provide you with a full-fledged set of data information, access to regulated information, tools allowing you to be part of the company's life. Like for instance, recently, you were invited to visit our Paris campus, to visit our showroom and discuss with our teams. It's a comprehensive system that is supported by the team of the financial communication and legal departments. That's all from me. Thank you. Now, Legrand is also present when it comes to CSR performance. Thanks to Virginie Gatin, we are going to have an eye on our CSR performance. CSR performance, as Franck explained, is a non-financial performance for Legrand. It is making us more relevant to our customers. We work on customer satisfaction a lot to improve these rates and scores, making us more relevant to our customers. We also want to be more attractive. We have high-end efficiency products that are also meeting our customers' expectations. We are being more attractive for our teams, because these topics are very important to our employees. It allows us to attract and develop new talents, and that is something very important for those people who would like to join the company. It's also a source of pride for those who are already working with the community. It helps to unite our employees around our purpose and our values, and to highlight this strong corporate culture, which also is a driver for performance. CSR makes us more efficient. It helps to reduce our cost in a significant way through our energy consumption reductions, and also it helps to optimize our processes. It was already presented, and I won't go into the details. We launched in 2025 our sixth roadmap for CSR for the 2025- 2027 period with five pillars. Here are the first two pillars. Promote diversity and inclusion. Our objective is to have 35% of management positions held by women by 2027, 100% of our headcount working in a diversified, labeled organization. That is a GEEIS-Diversity label. We will be offering 4,000 job position in early career people and 100 new businesses developed with suppliers committed to diversity inclusions. Regarding climate change, we have presented our goals for 2030. For the 2025- 2027 period, we have an intermediate objective to reduce by 10% our emissions for Scope I and Scope II, and to reduce by 30% our CO2 emissions from our suppliers' operations. Our suppliers will have to commit to reduce by 30% their own emissions by 2030, and we are committed to the fact that it will be representing 70% of our purchased goods emissions. The third pillar is the development of a more circular economy. It is an increasingly important topic for our customers. We are working with all our R&D team on this. Our objective by 2027 is that 50% of new or redesigned projects, that is product range, be compliant with the Eco-Design index criteria of Legrand. Very stringent criteria to qualify the products as eco-designed. We also want to increase the sustainable materials included in our products. Benoît talked about 2030 with the reduction of packages to remove 100% of our packages by 2030. For 2027, we want to remove 80% of this plastic in our primary packaging. Serving our customer is the fourth pillar. We want to keep on developing energy efficiency solutions for our customers. We talked about electrification of uses, the need to reduce the energy consumption. These solutions are part of the project. For 2027, we have 20 million tons of CO2 emissions avoided thanks to our energy efficiency offerings that will result in 70 million tons for the 2020-2030 period. For the customer experience, as we've all said, it's very important. It really is needed to improve our customer satisfaction with two indicators: with the CSAT and the NPS, Net Promoter Score. Provide our customers with information on the product that they buy. What is its environmental impact, its footprint? We have Product Sustainability Profiles, we deliver to our customer all the information on the life cycle of the product and the impact of the product in the environment. We want to have 72% of the annual revenue covered by Product Sustainability Profiles. Finally, it's about being a responsible business. We want to have 100% of major suppliers engaged and compliant with our standards. They will have to meet EcoVadis human rights scores and 100% of risky supplier engaged. Business ethics, we still work on training our employees on business ethics and on compliance frequency rate with and without leave for our employees. That over interim, we want to reduce this rate by 20% by 2027. Train our employees, keep on training our employees and increase the number of employees with 10 hours of annual training for each employee by 2027. This year, the first year of the sixth roadmap, the 2025 performance level was very good. 123% on diversity inclusion, on climate change, and circular economy, 89% on being a responsible business, and 102% serving our customers. That's a total rate of 110 achievement rate for the first year. What does that mean in real life? We have now, at the end of 2025, 31.3% of management position are held by women. This is improving year in, year out. We have close to 5,600 opportunities that were offered to early in careers in 2025. Regarding climate change, we're very pleased to keep on delivering. Our teams are locally pretty much involved in reducing the emissions, that's -19% reduction of Scope I and II in 2025 versus 2025. We have reduced by 34% the weight of plastic in primary packages. We have some 37 of sustainable materials in our Group. 6 million CO2 Scope IV emissions were avoided. 74% of our revenue is covered by Product Sustainability Profiles. We have reduced by 3% our frequency rate, more than 97 of our employees were trained for at least eight hours. This has been recognized by non-financial rating agencies, the leading ones being listed here. We're still A on CDP. We're still very proud of that. We are platinum in the EcoVadis ranking system. Franck has also talked about the financial and non-financial results. The roadmap is not only about 2025. If we consider over the last five years, we've reduced by 64% our CO2 emissions for Scope I and Scope II. We have improved by 27% the number of women as managers in the group. We've reduced by 40% the frequency rate of accident over five years. We have already avoided 24 million tons of CO2 emissions over five years. We are very satisfied with this result. Our teams are fully engaged to improve this even further in the future. I've said that this was making us more attractive to our employees and customers. I'd like to show you this video about employer branding. Thank you very much, Virginie. The time has come to talk about corporate governance and compensation. Michel Landel will take the floor. Ladies and gentlemen, good afternoon. Thank you to you, Mrs. Chair. She's reminded us that our company wants to be very stringent regarding governance. This means that our governance structure, the separation of the functions of the Chair and that of CEO, we are in line with the best practices. We are in line with the French AFEP-MEDEF recommendations. A strong commitment of the Board members and a team gathering of diverse levels of experience. Regarding the composition of the Board of Directors, there are five objectives to be made. To maintain up to 12 members who are not employees of the company, have more than 70% then of independent, ensure gender equality and representation, and have a relevant experience considering the strategy of the company and making the Board more international. During this shareholders meeting, you will be asked to vote on the renewal of five of those members. Starting with Benoît Coquart, Mrs. Isabelle Boccon-Gibod, who would come after me as a referent Board of Directors, Mrs. Valérie Chort, Mrs. Angeles Garcia-Poveda, who would be renewed as a President of the Board of Directors, and finally, Mrs. Clare Scherrer. After this general assembly, and provided you agree, this would be the composition of the Board of Directors. 80% of Independent Directors, that's well above what is recommended by the French AFEP-MEDEF code, 60% women, and seven different nationalities. As you will read on the following slide, we will have a wide range of complementary skills to be relied on for our future work. As my position is concerned, as a Lead Director, I've worked with the compensation committee on the succession plan. I've also worked on the evaluation of the Board's functioning, which was an internal evaluation which has revealed that this Board is working rather well. I've also moderated two meetings of the Non-executive Directors, and I've met with a series of managers of the group during a roadshow. Regarding the Board of Directors activity, 14 meetings were held, 16 meetings of the committees, an attendance rate of approximately 100%. I let you discover the composition of the committees after the general assembly, provided you agree on renewal of the Directors' terms of office as will be presented to you. I will be talking about the compensation of these Directors. The compensation policy adopted by the Board is simple, transparent, and responsible. As for the Chairlady, the policy does not plan for any annual variable compensation and no compensation as Director. As for the Chief Executive Officer, the structure of compensation is aligned with the interests of the stakeholders, and it is consistent with the long-term strategy of the company, and the performance conditions are very demanding. As for the directors, the variable share of their compensation is predominant. If we look at the Chairlady, in 2025, her fixed compensation was EUR 625,000. In 2026, your Board proposes to maintain this same amount. As for the executive director, his fixed compensation was EUR 900,000. The variable share that can go from 0% to 150% was reached at 120.2% of the target. The very long-term variation that can reach 200% of the fixed version through performance shares was valued by an independent expert at the amount that you can see here. As for 2026, the Board. To raise the compensation of the Chief Executive Officer from EUR 900,000- EUR 1.1 million. It hasn't changed since 2021, and it will position the compensation of the chief executive officer at a reasonable level compared to the CAC 40 companies, which is the index. As for the other compensation elements of the Chief Executive Officer, they remain unchanged. On the next slide, you can see that the structure in 2026 and 2025 for this compensation of the Chief Executive Officer was based at 75% on the variable compensation, 50% for the long-term variable compensation, 20% on the annual variable compensation. The fixed share is 25% of the total compensation. As for CSR, you see that there's a significant component, because it is 17.5% of the target value for the total annual compensation. As for the compensation of the Directors in 2026, the Board proposes to renew the policy that we had in 2025 with one difference, which is the amount of the variable share for each attendance to an exceptional Board meeting, which will go to EUR 25,000 instead of EUR 5,000. Sorry, EUR 2,500 instead of EUR 5,000. Thank you. Please don't leave, Michel, because as I said in my introduction, it will be the last participation of Michel Landel as a Director, since his term will expire at the end of this meeting. He's enriched this meeting, this group, with his great wisdom and his great humanity, and I'd like to thank him for these years of service and wish him the best for the future. Thank you, Michel. Thank you very much. Thank you. It was a very interesting experience to take part in this Board. A company with a great culture, wonderful teams, because the company's made up of men and women, and I can guarantee you that the people we meet within Legrand are all worth it. Thank you very much. Thank you very much, Michel. It is time now to review the resolutions. Emmanuelle Levine, you have the floor. The first three resolutions presented at the Board are on the approval of the company's financial statements, consolidated financial statements and earnings. The dividend is EUR 2.38 per share, which is taken from the distributable earnings. The date of detachment of the dividend will be on May 22nd, 2026, and the dividend will be paid out to the shareholders on June 2nd, 2026. The fourth resolution concerns the vote on the information on the compensation paid to all the officers in 2025 and attributed during that same financial year. That is Article L. 2210-34-1 of the French Commercial Code. Fifth and sixth resolutions are the say-on-pay ex post. This is for the compensation of the Chairperson of the Board and the CEO for 2025. Seventh and eighth resolution concern the say-on-pay ex ante. You have to vote on the 2026 pay for the Chair and the CEO. The ninth resolution is the maximum amount of compensation of the Directors. The 10th resolution is for the say-on-pay ex ante. You have to approve the compensation for 2026 applicable to the members of the Board. 11th and 15th resolutions are on the renewal of the terms of office of Benoît Coquart, Isabelle Boccon-Gibod, Valérie Chort, Angeles Garcia-Poveda, and Clare Scherrer. The next resolution is for all the formalities after your meeting is held. 16th and 17th resolutions concern the renewal for the authorization to buy back shares and the authorization to cancel shares. The 16th resolution, which is under the ordinary meeting, will increase the maximum purchase price to EUR 250 per share. The extraordinary part is to give the Board to proceed to reduce the share capital by canceling the treasury shares. Resolutions 16 and 17, the Board can buy back the shares of the company and reduce the corporate share according to the conditions in compliance with the market. Resolutions 18- 25, this is to renew the financial authorizations approved by the general meeting of May 20th, 2024. By voting on these resolutions, you will allow the Board to issue some shares under certain conditions, according to the market opportunities and the group's financial needs. As to preserve the rights of each shareholder, this would be limited in terms of time, amount, and there would be a cap according to the legislation applicable, according to the recommendations, according to the practices on the market. Therefore, we propose to limit the financial delegations granted to the board to a duration of 26 months. Maximum caps that will be strictly determined for each authorization, beyond which the Board will need to convene a general assembly meeting to obtain more authorizations. With the nos, when you do not have any subscription rights, there cannot be any increase in capitals above EUR 100 million. For resolutions with maintenance of preferential subscription rights, we cannot have any increase of capital above EUR 200 million, knowing that this amount is also the overall cap applying to any financial delegation, except for the 22nd resolution on the increase of capital by incorporation of reserves, benefits or premiums or others, some whose capitalization would be omitted. As for Resolution 21, it would allow the Board, according to the limitations, to maintain the preferential subscription rights in case of an excess demand, according to the resolutions in application with which the issuing is carried out. Finally, the 26th resolution concerns the modification of Article 9.2 of the articles of association on the nomination of the Directors representing the employees. Thank you, Emmanuelle. Now it is time to listen to our statutory auditors. The joint auditors will be represented by Gaël Lamant from Forvis Mazars. Gaël, you have the floor. Thank you, Angeles Garcia-Poveda. Ladies and gentlemen, dear shareholders, good afternoon. On behalf of the statutory auditors, I will present a summary of all the various reports that we established to your attention for this general meeting. These reports have been given to you, are at your disposal, I'll limit my comments to all the essential items. For 2025, our reports are on the following points: the certification of the consolidated financial statements, the certification of the individual accounts of Legrand SA, the issuing of a limited opinion in terms of sustainability established by the group, the related party agreements, and the increase in capital contemplated by your company that have been just presented to you. To begin. As for the second resolution, I confirm that we have certified, without any reservations, the consolidated financial statements of 2025, considering the international IFRS reference. There are two points of our consolidated financial statements that are developed in our report. These are the tests of the goodwill and the, in undetermined time, the litigations and the possible liabilities. For each of these points, we've reviewed the accounting methods implemented, and we made sure that all these assessments were reasonable, all the assessments made by the company, and that all the information which are given in the annex are correct. As for the individual accounts of Legrand SA, they have also been audited without any reservations. The key points of the audit are on the assessment of the fair value measurement of the equity securities. On the next slide, you can see that we issued a report on the information in terms of sustainability established by Legrand in order to implement the CSRD directive. This has been done according to the [Non-English content]. Our report complies with the analysis process of the double materiality carried out by Legrand to identify the material issues and the information that can be published. The compliance of the information published according to the ESRS sustainability standards and the IFRS taxes. For these three points, we've issued a compliance. This means that we have not noted any errors, no inconsistencies, or any significant omissions. Next slide. We have issued a report on the related party agreements where we indicate that no convention were concluded or authorized during the financial year or approved by the Board that were pursued during this financial year. To end, as for Resolutions 17 and 25, on the extraordinary part of your general meeting, we have issued three reports on the delegations granted to your Board to proceed with operations on the capital of your company. We have no observations to make on these operations that are part of the conditions planned by the French Commercial Code and the definitive conditions according to which the increase in capital will be made have not been fixed. Therefore, we're not expressing any opinion about that. Ladies and gentlemen, thank you for your attention. Thank you very much, Gaël. I'd like to thank all the joint auditors for their work. Now we'd like to give the floor to the shareholders. We've received six written questions from two shareholders, the answer to these questions are published on the internet site of legrand.com in the sections of the combined general meeting. Now, in addition to all the legal formalities, the shareholders had the possibilities between Wednesday, May 20th and May 26th, 3:00 P.M. Paris time, to address your questions by email. I suggest we move on to the oral questions. Please be brief when you present your questions so that we can give the floor to the greatest number of shareholders. Please wait to be given a microphone before putting your question, please introduce yourself. When you finish putting all your questions, we will proceed with the voting of the resolutions. Good afternoon, dear shareholders. My name is Guillaume Dalibot. I represent Katko Capital, shareholder of Legrand since its launch in 2021. We've always considered Legrand as a great investment. It has always generated cash, and it has always presented a strong balance sheet. I was surprised by the issuing in June 25 of a convertible bond of EUR 800 million over eight years. Unless I'm mistaken, this is the first one since the IPO in 2006. My question is the following. What operational elements, financial and strategic, led the Board to favor this mode of financing? How will the Board justify a conversion premium of 45% when it is not very protective for the existing shareholders, considering the historical performance that you've recalled and the very enthusiastic forecasts presented by the management? Thank you. Thank you for your question. I will answer this question. We answered this question in writing also because actually it's the same question. I think we even exchanged on this during the year. You have to remember the conditions we had at the time and why we had to have recourse to this type of financing. It's a very highly competitive financing. The coupon is half of the coupon of a normal bond, 1.5%. Normally, we'd have had 3.35%. Very competitive coupon. Issuing premium, which is benchmark, 45%, which is a very good premium. The moment was very favorable. The convertible bond was issued two days after Legrand reached its historical high. That was the threshold to trigger this conversion, which was a very high threshold. The traditional financial needs, which are the acquisitions. It is a traditional instrument that had not been used by Legrand in the past, as you recalled. It was studied several times by Legrand. It was used by a great number of companies of the CAC 40, peers of Legrand, other very good companies at a time which was the right time for the company. When you look at Legrand's stock exchange performance in the past few years, you can see that conversion is possible. It's good news. That means that the share has progressed, and conversion, if it takes place, it will dilute the capital by 1.9%, which is not that great an amount. We still have time to address dilution. Once again, if we properly manage the group's dilution, we avoided more modest dilutions for shares for the employee, the employee share ownership plan, etc. The number of shares went down from 2020- 2025 by 5 million. That is the hypothetical conversion of this instrument. It's all these arguments that were brought to the Board, the diversification of the financing at a time that was the right time, very competitive moment, no threat on the balance sheet, as I recalled earlier on. The S&P rating I gave took place after this, after this year, which was a very rich year. These are the arguments I shared with the Board in June, and it convinced us, says Angeles. I'd like also that it was more than 50% increase in our stock price. It was not really a problem. It's a kind of problem we're happy with. We don't want to go in a recurrent cycle of convertible bonds, and you can be sure that we pay great attention to this. Even three people also who've asked for questions. Make sure you speak in the microphone. My name is Christian Delaroche. Mrs. Poveda, President, we didn't talk about China, neither India. Are there any opportunities or are they threatening countries? Well, these two countries are two countries where we have a strong operation. India is bigger than China. We've been there for a long time. We have an organic growth there, except for the 2020 year, which was the year of COVID, and it's the fourth leading country of the group. We delocate their R&D and production. We use India as a base for the U.S. market. India will probably the third leading country within the group, enjoying a very high growth rate. China, it's a bit different. Highly competitive, access is difficult. Nevertheless, Legrand is profitable in China, but the real estate market has been suffering quite a lot in China recently, and this has an impact on us. We have shifted, and we bought the Chinese leader of the cabinet for data centers. 50% of our sales revenue will come from data center in China. What we do at the group level also is true for China. We're hoping that we will resume with growth, but we're smaller than India. Now, is China a threat for our positions outside China? Well, we are fortunate to be in a rather protected business, which is rather complex, where there's a need of having a very high number of SKUs, 300,000, as I've already said. Not necessarily the same for each country. Our sector is not necessarily targeted by the Chinese operators. We have the strength to respond to this. In a nutshell, India is an extraordinary country for opportunities. I have more reservation regarding China because of our position, but we've good hope to resume with growth in this market in the future. Good afternoon, everyone. Christian Chabory. I'm an individual shareholder. I have a question about artificial intelligence. Could you make the difference between Perception AI and generative AI and Physical AI and agentic AI? Could you give us actual examples on physical and agentic AI? Well, we're not in the same position in the value chain of the AI business. We are allowing hyperscalers to install the equipment with the cabinet, or we use AI for agentic AI. I've talked about it in my presentation. Product support systems. It is an extremely complex and technical environment, and today we have many people who are answering the phone to questions raised by various clients, be they individual or businesses. We are using this tool for our after-sale services, and in long term, we will have them on our website to answer in a more relevant fashion to your questions. That's an example of agentic AI. Now, for the actual physical part, I don't know what you're referring to. That is the infrastructure to support AI. These are all the solutions that we are putting on the market for data centers. Even though we don't talk very much about it, we are partners of Nvidia on some product solutions. We're working with them on the next generation of chips so as to see how we can adapt our cooling systems, protection system or testing systems which will be on the market in the future. I hope I've answered your question. Thank you for your explanations. I'd like to talk about the external growth. Cogelec. Is it an industry or an installer of access systems? Now I'd like to talk about distribution networks and whether you were a prescriber. Do you have direct contract with- Data center operators such as OVHcloud, for instance? Are you providing technical solutions and not only equipment to those operators? Are you only selling parts or full-fledged systems? I'll try and be brief to answer your questions, your many questions. Cogelec is a manufacturer of access control systems. In a building, for instance, you ring, and it will send a signal to you as a dweller of the building or to the service managing the access to the building, which is really coming as a complement to Legrand business. We are very good with the wired system, while Cogelec is using a GSM solution for access to building. It's a very good example of the industry in France. Cogelec is a leading employer in Cholet. We were present in Senlis, Limoges, Antibes, Strasbourg, and various industrial sites in France, and we're adding Cholet. Are we acting as a company prescribing solutions? Well, if I take the French example, we have three sales reps in France. Very few of them are involved in distribution. These companies, these businesses are installers, small or big ones, or they are prescribing for buildings with architects and designers or more technical prescribers. I do confirm that we do work a lot in the prescription side to have our products put in the terms of reference. The direct markets, that's some 80% of the data center market. We deal directly with operators such as Google, Microsoft, Amazon, xAI, and in China, Tencent, Alibaba, and others. That's most of our sales revenue. We have also co-locators, as we call them, with data centers that are rented to hyperscalers. I would say that more than 80% of our data center contracts are direct contracts with direct customers. There is another question here on the left. Lionel Amascroiziam, an individual shareholder. My question is the following. The growth rate in the U.S. has been quite high, as you've explained. My understanding is that it is because you're selling equipment for data centers. Once you've sold equipment, is there more revenue or sales revenue generated after that in terms, for instance, of services? I've heard that there were some problems regarding power generation in the U.S., that the data centers were consuming so much power that it was even difficult for the local communities to have access to electricity, or that the price of electricity went up too much, and that we wonder whether the power generation will be good enough to provide power to the data center. My second question regarding financial aspects, you said the Forex impact is excluded. I would assume that the euro-dollar exchange rate does have an impact on your business. Is there any hedging solution regarding this? Any way to compensate for losses due to Forex? I've been a shareholder for many, many years, and every year you present that there are mergers and acquisitions. How can you make sure that it's not a hodgepodge of different companies that are not truly Legrand-labeled, and that they're truly meeting the CSR objectives, and that they do stand by the standards. While we know that in many countries you have different standards. Benoît will answer the first two questions and the last question, then Franck will answer the question regarding Forex, foreign exchange. There is a lot of pre-sale and little after sale for the data centers. We sell a bit of services, supply of components, but 95% of the value is at the time of the initial equipment providing to the data center. What is an opportunity for future business is made for by halls. If hall I is well completed, and that their client is happy, they will ask for us to be involved in the construction and the equipment of hall II, hall III, et c. It's not truly after sales. For power generation, I think there is a bit of exaggerated comment about this. Data center accounts for 3% of electricity consumption and 6% in 2030 global electricity consumption. We're not talking 30%. It is true that in some areas. In Northern Virginia, around Dublin, Amsterdam, highly densed population where it can account for 15%-20% raising true social problems. Is it a problem? Well, it's an opportunity for Legrand. Quite the opposite. Everything that we can do to reduce the electricity consumption of data center is PUE, that is how much power do you actually need for the data centers. This PUE was 1.6 up until recently. 1.6 MW of electricity to have 1 megawatt of data center equipment running. Now it is going down, so we're making data centers even more efficient, and also means that there is new needs of generation. Few people know about it, is that renewables, in spite of the Trump administration, the renewable market is really high because there's truly a payback between solar panels, wind power, et c, and the cost of these systems and the payback of these systems. Over the last acquisitions we've made in the U.S., I'm thinking about Kratos, and Aftron providing testing solutions have 50% of their turnover in data centers and the other half in other energy transition-related items, PV panels, et c. More products are making data centers more efficient from the energy standpoint, and we're also working on energy generation products. I leave it up then to Franck answering the question regarding foreign exchange. Now regarding acquisitions, you've noticed that we've had one acquisition per month, more than we did prior to that. We have some margin for maneuver. It's an extremely industrialized process. Very quickly, we have rules and procedures that are in place, financial procedures to start with. The companies that are acquired are reporting their figures based on our Legrand standards. Same for CSR. They will have to meet our CSR roadmap. They have to comply with the same obligations as any other Legrand entity. I think that all this is done in a rather efficient manner. There is a docking but no actual integration. We work in partnership with the targeted companies' employees. It's a smooth process. Oftentimes when these companies join Legrand, their growth rate will be accelerated. We're not talking about restructuring failing companies. It is a source of revenue, and it is making our processes easier. Sometimes you have a few glitches. It might take some time for more companies, but it's a docking system that works a lot, and we've done many acquisitions, and our margin has gone up. Now, regarding the foreign exchange impact, you're absolutely right to say that regarding the sales revenue, we exclude the foreign exchange because what we control is truly organic and acquisitions. Our exposure is to the U.S. dollar, but a few other emerging currencies, 40% of our sales revenue is made in euros. Over the last decade, it's really non-significant, this foreign exchange impact. It's not because of hedging. We don't go for hedging. It's just that we have a kind of so-called natural hedging. Based on the supply chain, we quite often manufacture in the region where we sell. Ultimately, the foreign exchange doesn't have an impact on the margin. On the value, maybe, but the profitability is unchanged. It is smoothed out and balanced out over the year. It doesn't have an impact on the overall performance. When we communicate our figures excluding foreign exchange, it is better reflecting the actual reality of the group. A question here on the right. Good afternoon. I'd like to thank you all for this general meeting of shareholders. I've listened to you with great attention. You are reassuring your shareholders because of the stability that you are presenting today and reporting today. I've listened to you with great attention when you talked about the data centers and that they will be a driver of organic growth of the group with Cadolto and Siemens. My question is the following. 1.9% of the expected growth rate for Europe. What is the growth rate you were expecting for data centers in Europe and at the group level? Le t me remind you, 26% of their sales revenue from data centers. We've said this year that they should grow by 10%-20% organically, and at the end of the first quarter, we said it would be a higher level, so closer to 20%, with possible good surprises. This growth rate is mainly observable in the U.S., accounting for some 17% of the market. The data center market is not enjoying the same growth rate in Europe, unfortunately, and in other countries either, because the investments have just started, and it takes some time between the time you invest the first euro, dollar, and to the time the data center is actually built. In France, you have a problem of connection to the grid. 1 km of grid, it takes one to three months. You need sometimes two to three years before you actually have data centers. It's going to happen. All specialists agree on saying that the European data center market will be enjoying high growth rates. It's a promising market, but the growth rate is not as rapid in Europe, France, and Germany as in the U.S. There's another question here on the right, number 4. As I'm mistaken, you showed that you had activities in the charging of electric vehicles. Each time I stop, I try to see who is the manufacturer of the charging station. I've never seen a station with Legrand written on it, so maybe I didn't observe well. Please correct me if I'm wrong. Well, the question is, why don't we sell more stations? You mean charging stations? Well, maybe you've seen stations with Ecotap written on it. Ecotap is Legrand. Bticino is also Legrand, or Ensto, that's also Legrand. We are victims of our brand policy, and all that we sell does not appear under the brand Legrand. Now, more seriously speaking, this is a highly competitive market. We have business, but that's less than 20% of our net sales. We don't have great ambitions in that sector because it is highly competitive and there are hundreds of players who manufacture stations, and many of them are not profitable. What I'm interested in electrification is what's there behind the station that you can't see. Often there's a transformer that isn't too far away, a low voltage panel measuring storage of energy. For a company like Legrand, that's not where the value would lie as in the station itself. When you charge in station X, Z, or Y, you would think that it's the circuit breaker of the company of which I'm a shareholder. Thank you. Thank you very much. Thank you. Well, if there are no more questions, let's proceed to the vote of the resolutions. Our investor relations teams are always in contact with you, and you will always have the opportunity to contact them and discuss with them. Emmanuelle. I will give you the definitive quorum before proceeding with the vote. The definitive figures for the shareholders present or represented are following: 10,585 shareholders that represent 80.87% of the capital, and a total number of shares with the voting rights of 211,397,917. We confirm that the required quorum for the ordinary shareholders meeting and for the extraordinary shareholders meeting are there. I'm going to give the floor to Emmanuelle so that we proceed with the voting. Thank you, Angeles. We're going to vote on the resolutions. It's an electronic vote. We're going to show you the film to show you how to use the tablets. To vote on the resolutions of the general meeting, you've been handed a tablet. It is strictly personal and will only serve during this shareholder meeting. When we ask you to vote for a resolution, the window will display automatically on the tablet, even if the tablet is in sleep. To vote, nothing simpler, just press on the button corresponding to your choice, in favor, abstention, or against. Press on OK to validate your choice before the closing of the poll. Once your vote has been validated, you cannot change it anymore. Please return your tablet before exiting this room. We're going to vote on the resolutions. I suggest these resolutions not be read fully before each vote. First resolution, approval of the company's financial statements for 2025. The poll is open. The poll is closed. The resolution is adopted. Resolution number two, approval of the consolidated financial statements for 2025. The poll is open. The poll is closed. This resolution is adopted. Resolution number three, allocation of earnings of 2025 and determination of the dividend. The poll is open. The poll is closed. This resolution is adopted. Fourth resolution, approval of information referred to in Article L. 22-10-9 of the French Commercial Code in accordance with Article L. 22-10-34-1 of the French Commercial Code. The poll is open. The poll is closed. This resolution is adopted. Fifth resolution, approval of compensation components and benefits of any kind paid during or granted in respect of 2025 to Angeles Garcia-Poveda, Chair of the Board of Directors. The poll is open. The poll is closed. This resolution is adopted. Sixth resolution, approval of compensation components and benefits of any kind paid during or granted with respect to 2025 to Benoît Coquart, Chief Executive Officer. The poll is open. The poll is closed. This resolution is approved. Seventh resolution, approval of the compensation policy applicable to the Chair of the Board of Directors. The poll is open. The poll is closed. This resolution stands approved. Eighth resolution, approval of the compensation policy applicable to the Chief Executive Officer. The poll is open. The poll is closed. This resolution is adopted. Ninth resolution, maximum amount of compensation paid to the members of the Board of Directors. The poll is open. The poll is closed. This resolution is approved. 10th resolution, approval of the compensation policy applicable to the members of the Board of Directors. The poll is open. The poll is closed. This resolution is adopted. 11th resolution, renewal of Benoît Coquart's term of office as Director. The poll is open. The poll is closed. This resolution is adopted. 12th resolution, renewal of Isabelle Boccon-Gibod's term of office as director. The poll is open. The poll is closed. This resolution is adopted. Resolution number 13, renewal of Valérie Chort's term of office as director. The poll is open. The poll is closed. This resolution is adopted. 14th resolution, renewal of Angeles Garcia-Poveda's term of office as director. The poll is open. The poll is closed. This resolution is adopted. 15th resolution, renewal of Clare Scherrer's term of office as director. The poll is open. The poll is closed. This resolution is adopted. 16th resolution, authorization granted to the Board of Directors to allow the company to trade its own shares. The vote is open. The poll is closed. This resolution stands approved. 17th resolution, authorization granted to the Board of Directors to carry out a share capital decrease by cancellation of treasury shares. The poll is open. The poll is closed. This resolution stands approved. 18th resolution, delegation of authority granted to the Board of Directors to increase the share capital by issuing ordinary shares, equity securities giving access to other equity securities, or giving right to the allocation of debt securities and/or securities giving access to equity securities with preferential subscription rights. The poll is open. The poll is closed. This resolution is adopted. 19th resolution, delegation of authority granted to the Board of Directors to issue shares or complex securities by way of a public offering other than those referred to in Article L. 411-2-1 of the French Monetary and Financial Code without preferential subscription rights. The poll is open. The poll is closed. The resolution is approved. Resolution number 20, delegation of authority granted to the Board of Directors to issue shares or complex securities by way of a public offering as referred to in Article L. 411-2-1 of the French Monetary and Financial Code without preferential subscription rights. The poll is open. Poll is closed. Resolution approved. Resolution 21, delegation of authority granted to the board of directors in view of increasing the amount of issuances carried out with or without preferential subscription rights in the event of excess demand pursuant to the 18th, 19th, and 20th resolutions. The poll is open. Poll is closed. Resolution approved. Resolution number 22, delegation of authority granted to the Board of Directors to increase the share capital by incorporation of reserves, earnings, premiums, or other sums which may be capitalized under the applicable regulations. Poll is open. Poll is closed. Resolution approved. Delegation number 23, delegation of authority granted to the Board of Directors to issue shares or complex securities to members of a company or group savings plan without shareholders' preferential subscription rights. Poll is open. Poll is closed. Resolution approved. Resolution number 24, delegation of authority granted to the Board of Directors to issue shares or complex securities as consideration for contributions in kind granted to the company with shareholders' preferential subscription rights waived in favor of the holders of the shares or securities constituting the contribution in kind. Poll is open. Poll is closed. Resolution approved. Resolution number 25, overall limit of delegations of authority. The poll is open. Poll is closed. Resolution is approved. Resolution number 26, amendment to Article 9.2 of the company's articles of association. Poll is open. Poll is closed. Resolution approved. Finally, resolution number 27, powers to carry out legal formalities. The poll is open. Poll is closed. Resolution is approved. Well, thank you. Thank you, ladies and gentlemen. We'd like to thank you again for your confidence with this very high rate of approval. Personally, I'm very pleased to carry on in my term of office as President of the Board of Directors. The items of the agenda have all been exhausted. We are informing you that the next general assembly will be held next year on May 26, 2027. Please do not forget to hand back your tablet, in return of which you will be given a present, a souvenir, as a sign of recognition of your loyalty to the group. Thank you again for your participation. We wish you a very nice afternoon. Thank you.