So you see, this film says really who we are and what we do every day and who we are deep down. Michelin has always been much more than the product and the sum of its product and services. It is much more. We at the very heart of Michelin, there is this core belief on human progress and in innovation. This is really what drives us. Our mastery of matter has been there and has been a key driving force in everything we've done in our history. Why does it matter? To relook at what we do. If you look at the tire, what we've seen is the tire is a composite, and the Michelin tire is the ultimate composite. So why does it matter to look at the tire this way? Because if you look at the tire this way, suddenly it broadens your horizon. Your potential, the market you can reach, are much, even much bigger than what the tire markets are. The Michelin tire being the ultimate composite, we refer to all the other composite applications, and they are numerous, as the Polymer Composite Solutions. That will replace what we used to call High-Tech Materials at Michelin. And, now, at the end, what Michelin is doing overall, what is our business? Michelin, today, is building a world leader, manufacturing, life-changing composites and experiences. That's what we do. Tires, of course, is one composite life-changing our users. Now we turn to Yves, who is going to share what we have done over the past three years, what we intend to do, what will be our goals for 2026, and where we are at in our journey towards our Michelin ambitions by 2030. Yves, the floor is yours. Good afternoon, and good morning for those who are joining us on the other side of the Atlantic. So as Florent mentioned, I will have the pleasure to share with you our roadmap toward 2030, with a milestone in 2026. But first, I would like to come back on the group achievement during the three first years of our journey toward 2030. When we built our 2030 roadmap, it was end of 2020. We disclosed it at the Capital Market Day in April 2021. We were just at the eve of a series of crises. Of course, COVID-19 has already struck, but we were just starting to see some of the ripple effect, such supply chain disruptions, first waves of inflations, the great resignations in some Western countries. We were expecting that by end of 2022, the market will have recovered the 2019 level. Unfortunately, the war in Ukraine changed completely the landscape, and then we have another set of inflation, inflationary pressure. So, the journey between 2020 and 2023 has been pretty bumpy. And in this context, I'm very proud to say that the Michelin team has reached most of the targets that we set for ourself at that time. If we look on the profit side, and I will come back on that, but as well on the people and the planet, the environmental impact of our activities. So now zooming on the different aspect and starting with the profit. So in terms of growth, as I remind you, we were initially expecting that the market will recover the pre-COVID level in the second half of 2022, but unfortunately, it's not this linear story which happened, but it's much more bumpy market evolutions. And this linear pattern did not happen due mostly to supply chain disruptions and very strong inflationary pressure, particularly end of 2021 till early 2023. Our sales are now far above the level they were in 2019 in value, and our non-tire activities have posted a double-digit growth over the period, although our tires volumes are lower in terms of tonnage than in 2019. We achieve our segment operating income target. In fact, we achieve it one year ahead. In 2022, we're already above our EUR 3.3 billion target for 2023. And in 2023, we reach a record high segment operating income at EUR 3.6 billion. Our segment operating margin landed at 12.6%, short of our ambitions, but if we correct it with the effect of inflation, because of inflation, we have to raise our prices, we will be at 13.5%. The group has demonstrate its pricing power and its ability to manage through this very uncertain and very chaotic environment. When we zoom by segment, SR1, even without the retreatment of inflation, was in 2013, above the 12% target. We land at 13.7%. SR2 was landed short of its ambitions due to low volumes and very severe underutilization of our capacities, and probably at that time, a lack of choice and focus, that lead us to take some decisions in the second half of 2023 and early 2024. And SR3, retreated from inflation, was above the 17% target. In terms of cash flow, of free cash flow, over the period, we have generated EUR 6.4 billion of free cash flow, which was slightly above our initial target, despite the strong inflationary pressure and the supply chain disruptions, which had made our working capital very difficult to manage during this period. And above all, we were able, from 2022, to reach our return on capital employed threshold, landing at 11.4% in 2023. So it means that considering a WACC between 8% and 9%, the group has generated in 2023 a substantial value. In terms of shareholder return, we have committed to improve the attractiveness of our shareholder return by raising our payout ratio, and it reached nearly 50% in 2023. If you look at the dividend paid at, in 2023, it represent an increase of nearly 50% between the average of the dividend paid between 2016 and 2018. And given the strength of our balance sheet, we have decided, and we have announced a EUR 1 billion share buyback program over the next three years, of which half of it will be implemented in 2024. Beyond the pure business and financial performance, I would like to come back on the our performance and our value creation in the other dimension that are people and planet. On the people side, the frequency of our labor-related accident has decreased by nearly 30% between 2019 and 2023. We went from 1.43 labor accidents per 200,000 working hours to 1.01 in 2023. The group Diversity and Inclusion Index, IMDI, has improved by 10 points over the period, illustrated in the improvement of our management feminization, as well as the other forms of diversities. We have as well improved our employee engagement by 3.5 points over the period, and we are not too far from the 85 target, which is a signature of a world-class company in this area. On the planet side, CO2 emissions have continuously decreased over the period for all our scopes and primarily Scope 1 and 2, where we have, let's say, all the levers to improve. Our manufacturing site have overall decreased their environmental impact by 10%-16% versus 2019. Thanks, of course, to the action related to the CO2 emissions, but as well, the saving in water consumptions, the reduction in volatile organic components, and the reduction of waste. Last, our renewable and recycled material rate has improved by 2 points, although in 2023, it was impacted by a very favorable mix effect between our different businesses, SR1 having volumes being greater than the SR2 and SR3. So now let's move to merger and acquisition. And regarding merger and acquisition, I believe it's important to look back in the past from 2018. And I would like to come back on the way the group handle its this activity over the period. So from January 2018 to May 2019, we acquire for nearly EUR 4.5 billion of different, assets, and I will come back on the main operations that are on that slide. Between 2021 and 2023, we have started to more actively manage our portfolio of activities, and the group has proceeded with nearly 60 different transactions. Some are, were relatively small, but with these investments representing 60% of acquisitions. And in these figures, I do not count the divestiture of, our retail, activities in our joint venture in, in, in the U.S. So if I will account it, I will land nearly at EUR 900 million. So it's a sign that, the group is more and more actively managing its portfolio of activities. So, looking now at the way we, we manage, all these transactions, you can see that in tire, the group has acquired in 2018 and 2019, Camso and Multistrada. The first operation was aiming to create a leader in Beyond Road segment and to accelerate the group presence in trucks, and particularly in high-tech agricultural trucks, and in solid tires. Multistrada turnaround has been exceptionally quick. The company becoming positive already in 2020 and being margin accretive for SR1, in 2022 and 2023. In retail and distribution, I will... Sorry for the slide. I will focus on the main operation. In 2018, we invested $600 million in TBC JV with Sumitomo Corporation, to create the second largest tire wholesaler in the U.S. market. Since then, we have received more than EUR 500 million as a shareholder loan reimbursements and proceeds from the sales of the retail division. We still have the second-largest wholesaler in the U.S. market, plus two important retail franchise network in the U.S. market, Midas and Big O. In Connected Fleet, we have merged our platform and offers, regrouping Sascar, Masternaut, and NexTraq under Michelin Connected Fleet Mobility umbrella. And thanks to this acquisition and our internal mobility usage know-how, we have been able to incubate Watèa, which is now a scale-up with the full support of Crédit Agricole, which acquired 30%—we acquire 30% of this company. Last, Symbio, which was initially acquired and created by Michelin. We then, afterward, Faurecia joined us in 2020, and in 2023, Symbio has, on one side, opened its mega hydrogen fuel cell factory nearby Lyon, and has welcomed Stellantis as a third shareholder on the basis of a EUR 900 million enterprise value. So now looking at our activities in Polymer Composite Solutions. The group acquired Fenner in August 2018. Since then, we have not only delivered the synergies announced at the acquisition, but the company has delivered a 9% growth over the period, including some small bolt-on M&A. For those who have attended the workshop with Maude this morning or this afternoon, you have seen that Michelin has been able to enrich and complement Fenner's know-how, product, and services. In healthcare, the Solesis subsidiary, which was a healthcare division of Fenner, now is a separate entity, owned at 51% by a private equity company and 49% by Michelin. We have been able to crystallize the value of this activity, which has been valorized at EUR 450 million in 2021, when Altaris step up. FCG has delivered in 2023 the performance announced at the acquisition in September, and it was for us the opportunity to gather under a single business line all our activities in coated fabrics and technical films, mostly in Europe, but also partially in North America. We can now confirm the synergies expected, thanks to acceleration in innovation and the synergies between Michelin Research & Development department and FCG's team. So since 2016, when we first disclosed our ambition to grow beyond tires, we had named historically this activity high-tech materials. So as Florent announced, this division is called now Polymer Composite Solutions, which is a way to refine the name. And also, as you have understood, tires being the ultimate composite, it's also a high-tech material. We have always been clear that we want, in the middle term, to create a separate reporting segment when this activity will reach the 10% threshold of the IFRS norms, either in sales, in assets, or in net results. Since the Fenner acquisition, this activity, that we name Polymer Composite Solutions, has grown by 14% annually, including acquisition, and enhanced its operating margin by 4.5 points. Which show that Michelin has a real parental advantage when we acquire such companies and this margin, this level of margin, is very close and similar to the margin of our SR3 profitability in 2023, while maintaining a capital intensity ratio, which is at 5%, significantly below the one of our three other, our three other businesses. So it shows that, when you compare this data with the Michelin overall data, it shows that the composite polymer solution is clearly accretive for the group in terms of growth and profitability. So let's now turn to the future. If you remember, in 2020, instead of coming back to you with a five-year plan, we have decided with Florent to share with you a 10-year ambition, which is the Michelin in Motion 2030, coupled with a first milestone in 2023. Now it's time to share the next milestone, which will be 2026, now that we have delivered all our 2033 targets. Based on our track record, again, in a business context, which was very different from the previous periods, we're aiming to further improve the group performance. We set three main targets for 2026. The first one is to reach EUR 4.2 billion in segment operating income by 2026, which is an improvement of EUR 600 million versus 2023. It should match with an operating margin of 14%, or 1.3-point above the one we reach in 2023. We are expecting to generate, over the period, EUR 5.5 billion of free cash flow. Given the movement in working capital from one year to another, due to inflationary pressure, supply chain disruptions, we believe that a cumulative three-year free cash flow generation is better than to assess the group performance. You see that it's a significant improvement compared to the free cash flow we generated between 2017 and 2019, as well as between 2021 and 2023. We do not take into account 2020, which was a, let's say, an abnormal year, due to the first wave of COVID. Our ambition is to set the group in a way that we will generate sustainably above EUR 2 million of free cash flow from 2026. This will of course come primarily from our EBITDA generation, but with a reduction of inventory, and I will have the opportunity to come back on that, while maintaining our capital expenditure in a range between EUR 2 billion and EUR 2.4 billion. This level of CapEx can be, let's say, globally breakdown in four buckets. First, the recurring investments that are necessary to maintain our overall manufacturing footprint in a good shape, to improve the attractiveness of our tires factory as a good place to work, the maintenance, the economy, the IS/IT investments, and that represent roughly 40% of our global CapEx. Then we have all the investments related to competitiveness, the investment needed, and it has been presented by Pierre-Louis in the workshop on competitiveness, to adjust our capacities, first to the local, to local strategy, but as well to the evolution of the product mix, which represents roughly another 40%. And the rest is shared between the non-tire investments, non-business, non-tire businesses investments, and the sustainability and decarbonization CapEx that are roughly today representing EUR 100 million a year, including electrification of our curing process, as well as all investments needed to reduce our water withdrawal or to industrialize renewable and recycled materials. In terms of ROCE, we confirm our ROCE target, which is to sustainably deliver ROCE above our weighted average cost of capital, with a threshold at 10.5%. I insist on the fact that this ratio, since 2021, is including not only the goodwill and the amortization of, intangible assets coming from acquisition, but as well the impact of the companies that were consolidated by equity. We will maintain our capital allocation and our shareholder return policy, aiming to distribute 50% of our group net consolidated results as a dividend, and we will, of course, execute the three-year share buyback program that has been announced in February. So let's now dig on the way we will achieve this, particularly the segment operating income improvement. In this indicative bridge, you see that first, we are looking to win where it matters, which is illustrated by the mix effect that we have been able to deliver over the past years, and that will probably reinforce by a better volume tuning between our original equipment and replacement volumes. The three other levers should have, over the period, a similar impact. Even 2024 volumes will probably be negative. We expect a rebound in 2025 and 2026. Operational performance impact, the impact of announced reorganization, digitization, artificial intelligence, and those who are in the workshop, you have seen very concrete example of applications and use case in our factories. As well as the effort we are making with our shared service center, the streamlining of our end-to-end processes should lead us to generate some improvement in terms of operational performance. The non-tire, so polymer composite solution, which is accretive on our SOI, as we have shown earlier in the presentation, as well as the deployment of the connected services offer, should contribute further to the group segment operating income improvement. By achieving a 14% segment operating margin target, we expect that our first segment, automotive, should land above 14%. That the transportation segment, the SR2, should land about 10%, and SR3 above 18%. Zooming on the group competitiveness, so our manufacturing competitiveness has to be look, and Florent mentioned it, over the three dimensions: people, profit, and planet. The main challenge from the profit standpoint that we have faced in the recent years was the global underloading of our factories, particularly in SR2, particularly in Europe, but not only. That's why we are focusing on these KPIs that we intend to improve by at least 9 points by 2026. So we went from 73% capacity utilization to at least 82%. It's a consequence of the footprint decisions that has been announced, and that Pierre-Louis has shared with you, those who have attended the workshop earlier. Our strategy to improve our local-to-local supply chain, while lowering our environmental impact and making our factories a better place to work. We are accelerating the pace of digitalization of our factories, thanks to smart robotization, vision technology, and process control. If you look at our global footprint since 2019, we have already transformed the global manufacturing footprint of the group, and our capacities have moved closer to our customers. As you can see on the right side of, sorry, of this slide, at the end of the period, our manufacturing capacity will even be better balanced between our different market. This is important to improve our resilience, the resilience of our supply chain to geopolitical events, to reduce the CO2 emission of our product and material transportation, which represent nearly half of our Scope 1 and 2 CO2 emissions. Since 2019, we have been reducing our SG&A as a percentage, our gross margin, by close to 3 points, thanks to a transversal simplification program, while increasing the share of our research and development spending in this SG&A. We'll continue to work on improving the group resilience on that dimension, thanks to our global service organization, the streamlining of our end-to-end processes, but without compromising on our research and development efforts. In 2023, if I look now on the right side of the slide, beside the pricing effect, we have already reduced our inventories in volume by EUR 300 million. We intend to pursue this avenue by further reducing our inventory at ISO, raw material, and energy prices, of course, by at least EUR 500 million by 2026. It should be achieved through three main levers: increasing our local-to-local sourcing, implementing more distinctive supply chain models to our different businesses, such direct factory shipping, make to orders, and improving our operational excellence with tools such artificial intelligence, track and trace. So we believe that our unique proficiency in material combination and their application for the most tech-demanding market, is positioning Michelin as a company whose value creation potential is just beginning to be unlocked. This proficiency is relying on 4 main different assets, and from that standpoint, my presentation will echo Florent's comment, introduction. First, the quality and the engagement of our teams. Second, an iconic brand which territory is now being enhanced with our recent campaign. The excellence in terms of quality and performance of our product and services, and those who are with us today have seen that here in, in Ladoux, which are recognized by the multiple awards that the group has received over the past year. Just looking at J.D. Power Awards, we have received more awards than all our competitors in the past 5 or 10 years. And of course, our innovation leadership, which is based on our research and development leadership, our manufacturing capacity, but also the passion for innovation of our teams. With these assets, we are well-equipped to address the three domain: tires, services and experience, and Polymer Composite Solutions. In tires, we'll continue to address the demand of the most demanding customers and consumers. The segments we are focusing on are fueled by sustainability concern, demand for technical products able to enhance the performance of the equipment they are fitted with, while improving their environmental impact. For passenger car. We are addressing the challenge. Sorry, I have to take another mic. So we are addressing the challenge of vehicle electrification, which is making the compromise between the different performance more and more difficult to improve. In the Beyond Road segment, sorry, we are helping farmers to reduce the soil compaction, which is helping them to improve their yield. In all tire segments, the demand for more sustainable product, both from the CO2 emission standpoint, and particularly the one triggered during the usage of the product, as well as the need to increase the rate of recycled and renewable material, is making our value proposition unique. In connected solution and distributions, we are combining with our unique tire quality and performance, first, our capability to understand road and vehicle usage. Our access to a large number of fleets, including 1.2 million vehicles, under a connected solution contract. Our maintenance know-how, thanks to our distribution footprint, either through company-owned or franchise network retailers. Our ability to build predictive maintenance model for tires. And all this data contextualized with other data, such as meteorological data, are used to provide insights to fleet managers or road maintenance managers. We believe that this segment is set for double-digit growth in the coming years. In Polymer Composite Solutions, the group is looking to grow both organically and through acquisition in business segments that are gathering a certain number of characteristics. They are exposed to business with an intrinsic GDP-plus growth pattern. They are providing mission-critical components and solutions for equipment for a value which is relatively low versus the value of the full equipment. An area where the group, through its knowledge in material science, is able to enhance the performance and of the offers of those businesses. That leads us to the way we intend to continue to leverage merger and acquisition as a growth instrument. I have demonstrated over the past three years that we were able to manage M&A in a robust and rigorous manner. We have now well-established teams, and M&A now is, as I used to say internally, a collective sport at Michelin. It's not just the work of the merger and acquisition teams. We have robust operating and teams, but also governance processes around M&A, including our supervisory board involvement for all material transactions. We will continue to actively manage our portfolio of business in the same spirit that has lead us to disinvest more than EUR 500 million over the past three years. To come back on the, our strategy in this domain, I would like to, to share with you how we are contemplating merger and acquisitions. We look at the topics through two kind of criteria: first, business or strategic conditions, and then, financial criterias. The four strategic conditions are the following: First, the strategic fit. So, as I said, we are looking at mission-critical applications for customers with demanding applications and, let's say, embedding technological challenges... The target we are looking for should have a very strong intimacy with our customers, and sometimes with the customer of their customers, including the knowledge of the manufacturing process of their customers. Then, Michelin should have a parental advantage for the company we are aiming for, versus their existing owners or potential other owners. And I believe that there is four main parental advantage: research and development synergies, and for those who are with us today, I think you have well understand the magnitude of the synergies that we can explore. We have as well a strong balance sheet, and the recent bond issuance showed that Michelin credit is well appreciated in the market. Our human and leadership model, which is, I think, an element of attractiveness for the teams that are joining the group, and our operational excellence. The targeted company should be, of course, a value accretive, integrating, including non-financial criteria, such environmental impact and social cohesion. Our due diligence now are integrating elements, including environmental impact of these activities, sustainability of the material they use, or even fair wages. And last, the cultural fit, which is probably the most difficult to appreciate, but which is essential given the fact that we are aiming to generate revenue synergies over a long period, and that, and for that purpose, we need to have the teams able to work together, particularly with our own research and development teams. Regarding financial criteria, we are looking at the company that will provide an accelerated growth to the group while being Segment Operating Income and margin accretive, and delivering a higher cash conversion. The deal should be EPS accretive from year one, and should not lead us to deteriorate the group ROCE below 10.5%, which is a threshold that we have defined already three years ago. So now looking beyond 2026, let's come back to our 2030 ambition. We have redefined our non-tire growth ambition by looking at a larger scope, which include all our non-pure tire manufacturer activity, which are now representing 16% of our global sales. It include polymer composite solution activities, as well our connected solutions, retail and distribution, and lifestyles businesses. We are still aiming to grow this activity in order that they represent more than 20% of the group global revenue by 2030. That's where we refine our ambition regarding non-tire growth. But the growth is only one KPI in our strategic scorecard, and you remember that in 2021, we shared this scorecard as a way to. And it was even before CSRD and the new regulation about sustainability, as a way to express the fact that the performance of the group should be looked not only through financial performance, but also across people and planet criteria. So you have here on this table where we were in 2019, what we achieved by end of 2023, and our 2030 ambitions. You can see that in the three dimension: people, profit, and planet, we have already traveled some significant part of the route towards 2030 ambition. We are confident that from some of these KPIs, we will probably be ahead of our ambition. Scope one and two emissions for pro- will probably be better than what we expected, as an example. But altogether, we consider that these targets are still relevant. Some will probably be reached easier than others, but we consider that it's still reflecting the way we will appreciate the success of Michelin ambition by 2030. So having shared with you all these elements, and I would like to thank you for your attention, and I think, Florent, we can now open the Q&A session. You can applaud. It is a tough journey in front of us. Exciting, but tough. By the- The mic. By the mic. Very good. Okay, so, okay, okay. Let me take a pen. So I'll take... I forgot to take that. So, okay, so we'll have table 4, table 8, table 2, table 6. ... 4, 8, bingo! 2, 6, and then after, after what? seven. Okay, so 4. Good afternoon, everyone, and thanks for taking my question. Monica Bosio from Intesa Sanpaolo. Thanks for sharing with us the capacity utilization rate. It's a consolidated figure. Can you give us some, any flavor, as for the capacity utilization rate in SR1, is it above 82%? And what about the truck business? And, as for, the SR1, the company has a very good track record in improving by 500 basis points. Its weight in tires above 18 inches. Can you just highlight out of the 65%, tires above 18 inches, what is the weight of tires, if I may, above 19 inches? Okay. Yeah. Okay. So, I'm just wondering if the EUR 100 million impact on the EBIT could be more. Ah! Okay, okay, okay. Okay. I was just saying it's already challenging, and thank you for that. Okay, maybe I will start with the first question on loading and then, Yves, you, if you want on the mix, or I can... So on the loading, we don't disclose the loading by segment operating income. What we can say is, but structurally, Yves has been very clear, we had a lower loading rate in truck than in passenger car, basically. So in SR2 than in SR1, and then you can figure out some math out of that. Now, maybe something that take your question as an opportunity to precise that while we are restructuring, we have double inefficiency, unfortunately. We have the ramping down, and then when we reallocate some capacities, we have the ramping up at the same time, which... So as we have announced, a major restructuring plan, we are not as efficient as we, as if we had not made the restructuring plan. So it says that... And it takes time, because if you want to do it properly, respecting people, making sure that it's done adequately, it requires some time. So that's why in the period we will not yet be at the optimum level. Yves, maybe on the mix? Yeah, we don't disclose the mix by, No, your mic doesn't work. My mic doesn't work. Sorry. So we don't disclose the mix by inches, but, well, we publish the share of our volumes for the Michelin brand, Original Equipment and replacement above 18%. You can consider that every year we are progressing by an increment of 300-500 BP, and that's probably slightly higher for 19-inch, because the share of the market of 19-inch and above is increasing faster than the share of the market of 18-inch. Very good. Okay, number 8. Thanks for taking my two questions. Pierre-Yves Quemener with Stifel. Yves, just wanted to clarify the scope of the non-tires business, which should be the foundation of the SR4. It should include CPS, but also connected solution, lifestyle, and retail. That's it? Yeah, that's it. Yeah. Okay, fine. In 2023, when we published the annual results, we shown the share of this activity in 2023. It was already 16%. Okay, thanks. The other one is even simpler. The CAGR of +5% for the top line through 2030, does it include M&A? Yes. Yeah. Thank you. Good answer, yeah. Very good. Number two? Yeah. Thank you, Thomas Besson, Kepler Cheuvreux. I have a few questions. To start, now that this business is 16%, under this new definition, are you going to give us, here or, in another occasion, a new split of your reporting, SR1, SR2, SR3, and this new, SR4? Because I think the threshold was 8%-10%. No, we are speaking of businesses that are very different. I know, I know. SR4, what we call DB4 today, is a business which is standalone. It's benefiting from our R&D synergies, but it's a business which is addressing different consumer segment, customer segments. In the case of connected mobility, for example, it is addressing mostly fleets and mostly transportation fleet, either heavy vehicle or light vehicles. So it's not, So it's gonna stay in each of it- In SR2, that's logical. Just to give us an indication of how much you need to eventually acquire, to get to 20%. You're not going to redefine- No, no, no. 16 per... 20% is for the- Yes. Relative to the 16%. Yes. It shows that the gap is only four. Yeah. But then in terms of segment reporting, the 10% that Yves mentioned is just for these composite activities, because the other ones are really Very clear ... across all other domains. This composite activity represents 4%-5% of the global sales. The IFRS criteria are either 10% of sales, either 10% of the assets, or 10% of the net results. When one of these criteria will be reached, we will disclose a separate segment. But you have seen already that, you know, it's EUR 1.4 billion—it was last year EUR 1.4 billion, and its margin, you can consider, is at 16.5%, which was the margin of SR3. Okay, very clear. So my first real question, when you talk about EUR 5.5 billion accumulated Free Cash Flow, I think it's the only target you set, which is a bit below what the market expect. Can you explain us how much restructuring outflows you have assumed for 2024, 2025 in that EUR 5.5 billion? And what we should assume as well in terms of net interest cost and net tax costs to get to EUR 5.5 billion. The overall restructuring cost for 2024, 2025 and 2026, based on the announcement already done, I think we are in the range of EUR 700 million-EUR 800 million over the three years. So it's a significant part of that. On the tax, we generally, when we build our strategic plan, we use the same tax. Rate ... rate than the one we use for our ROCE, which is 25%. Mm. It's higher than our effective tax rates, which was at 20%. But we don't want to play with the tax rate just to improve the figures. And then on the interest, we were looking recently at our global bond programs. We have today EUR 5.5 billion of bonds with, let's say, a total yield cost of 1.8%. So we take that into account. Plus, we have the cost of transformation because we issue our bonds in euro, but we have to transform part of this debt in dollars or in other currencies, and... Thank you. Last basic and simple question, is it fair to assume that, in terms of growth patterns, we are gonna see your overall third division continue to outgrow the SR1, which is also itself going to outgrow the SR2? So you're gonna continue to benefit automatically from a mix, divisional mix, that are gonna be substantial, substantiating your 14% group margin target? Yeah, the mix between the different activities can contribute to the- Mm-hmm ... improvement in margin. But, probably, for example, the mix between Original Equipment and replacement can further contribute- Mm ... or more better contribute. But what is also important for us is that each division reach the targets that we have set for this division. So we should see an incremental improvement, which is significant for SR2 versus 2023. And we are optimistic that with the choose and focus strategy that was shared by Bénédicte in the workshop this morning, plus a better capacity utilization, we will achieve this target for SR2. You had, you have country mix, segment mix, product mix, OE/RT mix, and we're playing all those. When we talk about making choices, that's what we mean. We want to address the markets that are ready to pay for value proposition. Maybe to come back on the free cash flow of EUR 5.5 billion. If you look at the free cash flow the past three years, it has been completely erratic. We were at 0 in 2022, at EUR 3 billion in 2023. So we consider that we'll probably be in the range of the average of the past years in 2024 and 2025. And then from 2026, probably when most of the restructuring part will be achieved, then we should be set on a pace beyond EUR 2 billion per year. You have finished? You, you say simple questions, but, number six. Yeah. Hi, Harry Martin from Bernstein. The first one is on volumes. So you have in that growth bridge, you are assuming positive volume, 2023 to 2026. This year, obviously, there's some pressures in some of your markets, so it'd be good to understand what's being assumed. Any color you can give on replacement and OE, any color you can give by the segments there would be useful just to understand what you're assuming at the moment. This one is tricky. Yeah. It's for Yves. Oh, so in the volume that we have, first in the volume evolution in 2023 as well as in 2024, there was part of our choose and focus strategy. We decided, and we consider that we want to win where it matters and not necessarily everywhere. So that's why we have, we'll probably post negative volume in 2024, probably even more negative in SR2 and SR3 than in SR1. But that's part of our strategy, and it's included in what we call our value strategy. We don't want to jeopardize the value of our offers. And you, for those who have been with us today, you have seen both the engagement of the teams, but also the complexity and of the offers that we are providing to the market. And then when these choosing focus, which is leading to a redimensioning of our overall business, will be achieved, then we believe that we'll be better equipped to grow with the market. Yeah, especially in the volume activity is not buoyant in the period. Yeah. We think the markets will rebound a little bit more, but as you've rightly mentioned- Yeah ... as we make choices and as we want our technologies to be paid for, this may weigh down. Now, on the new composite activities, the Polymer Composite Solutions and all the service and solutions activities, we expect strong growth. But on surface, that will be lower than what we have on tires. Particularly for SR2 and SR3, which where there is a part of cyclicality in the Original Equipment, but not only construction, agriculture market are cyclical. We believe that 2024 will probably be, will reach a bottom, and then there will be a rebound in 2025 and 2026. Okay, and then just a quick follow-up. I think we can, we can all compute the gap between the structural free cash flow guidance, and the buyback and the dividend. Is it fair to assume that the rest is all invested in M&A through the period, or is there room to, potentially return more capital or use it in another way? First, we don't speak anymore of structural free cash flow. It's posted free cash flow. Mm. So we pay a dividend of nearly EUR 900 million, and we can expect if it grow with the evolution of the net results. So let's say over the period, it will be not too far from EUR 3 billion. You add EUR 1 billion of share buyback, so it's EUR 4 billion on a total of EUR 5.5 billion. So I think it's a decent Shareholder Return, allocating more than two-thirds of the free cash flow generation to a Shareholder Return. Okay, then 7, 7. And sorry, before, can we do another round of questions? So 4, 12, 5... Sorry. 4, 12, 5, 2- Thirteen. 13. Thank you. Sorry, you're right at the back. Eleven. And 11. Good. That's okay now. Very good. Thank you. Martino De Ambrogi, Equita. Follow up on volumes. Am I right in assuming, in your 25 and 26 guidance, a range between +1% and 2%, just as a rough idea, and the operating leverage is typically EUR 100 million every 1 percentage point? First question. Yes, you can take these assumptions, and it's your choice. No, obviously, I was referring to your underlying assumption. No. Yeah, we, yeah, I think it's not too far from our underlying assumptions. Yes. Okay. That's averages. We have to be careful because we are setting three-year objective, and there you're talking about slicing it year by year. We'll have ample time to tell you what we will do in 2025. Okay. The second is on the inventory, EUR 500 million generation. I suppose, first of all, prices of raw materials are expected to be flattish in this assumption? Mm-hmm. Yes. The EUR 500 million you mentioned, local for local, make to orders, track and trace. It's all under your control, it seems to be. I was wondering the split of the weight of these three components or the fourth and the fifth components, I don't know. Well, first, it's not exactly like that. It's local to local is refining our supply chain model by business segment and by geographies. So it can be a direct factory shipping or make- to order, but there is other models in some areas. We have, for example, a different way to go to market in China than in North America or in Western Europe. And the third is operational excellence with AI and track and trace or other tools that has been shared during the workshop on competitiveness. So that's true that these tools are in our hand, in our hands. Nevertheless, we want to decrease our inventory while improving the service to customers, which is not always at a satisfactory level in all the geographies in the segment, while maintaining, managing, or even, if possible, decreasing our cost to serve, our logistics cost, and decreasing our CO2 emissions related to the transportation of our product. So it's not just a single simple equation. It's much more complex, so we have to. We want to improve in the four dimensions. It's like a tire performance. You have a spider chart of performance, and we want to enlarge the global area, not to increase just in one single dimension. ... and then we assume we don't have major crisis to manage. Yeah. On SR4, if we assume organic growth without any acquisition, I estimate that you will arrive in 2030 around 8%-9% of sales. Am I totally wrong in this assumption? This is your estimation. Yeah. But a question for you is, I remember in the past, you provided the capital allocation for M&A. Is there any- Maybe I was not clear enough during the session about M&A, but we are selective in the way, and we apply very selective criteria when we look at the potential targets. First, it has to be looked by the operational team, by the business teams. We are looking if there is a real strategic fit, if there is a cultural fit, if the company will provide us more growth. Then we have the M&A team, which is looking more at the, let's say, the financial, the risk, the due diligence. So we are doing a quite comprehensive assessments of the potential target. And we can... I can tell you how much we are going to invest in Mexico, in our factory next year. I cannot tell you how, what kind of M&A and when we will do which deal, because first, it's we have to agree with the seller. Yeah, yeah. But beyond that, we have to be clear that it should be strategically making sense for the group with a good cultural fit, and it should comply with our financial criteria. We have investigated many deals, and you've only seen the one that went to fruition. The parameters we gave last time are still true. Our balance sheet is still strong, and we don't want to deleverage our balance sheet too quickly. We have demonstrated our ability to manage acquisitions, so we still want to do acquisitions. But as Yves rightly said, we never said we will do stupid things to achieve a volume target. Yeah. Yeah. M&A, it's a question of opportunity. It's not only something that you decide and you buy at any price. It's a question of opportunity. And again, it should make sense, both from a strategic but also as well as financial standpoint. Thank you. Thank you. Number four? Hello, thank you for taking my question also. Sanjay Bhagwani from Citi. So, first one is just going back to this non-tire target. So if I understood it correctly, now that the gap to fill is much smaller, that is from 16% to greater than 20%. So my first question is, in your guidance for 2026, if I understood it correctly, you are already expecting a rebound in sales in 2025 and 2026 for non-tire. Would that really mean that your guidance does not bake in any M&A for 2026, at least? Yeah. We just have a few bolt-on M&A, but no, no other deals, because we don't know whether they will come or not, so we cannot commit on anything. We will see what comes. Yeah. Thank you. So maybe thinking of 2030, I mean, moving from 16% to 20% is more like all you need is two years of double-digit growth in those businesses. So would that necessarily mean that... So how high, let's say, this greater than 20% can go, or all of it can just be done through organically? Yeah. Let me answer on this. The... When we launched 20%-30%, it created a huge anxiety. In the marketplace, people said... And as the years were passing, we had even more anxiety because people were saying: "Hey, they're gonna do stupid things to achieve 20%-30%." We never said we would do stupid things to reach 20%-30%. We said, we have a growth strategy, we want to expand in this field, we want to make acquisitions, but we will—we have never said we will do stupid things to achieve those numbers. So, and that's why we've also said we will change the way we present our activities. Today, strictly, our tire activities account for 84% of the group revenue. 16% are outside, strictly, of the tire manufacturing activities. Therefore, we said the gap, and that's why we have refined. Instead of saying 20%-30%, we said above 20, we think it's reasonable by 20, 30. That's what we have. Thank you, and just the last one, a follow-up on the volumes, maybe just trying to rephrase it differently. So just in terms of the volumes, if you have seen, for example, recently, the market has grown, more for SR1 compared to Michelin volumes. So maybe are you able to provide some color on the market share, specifically on the 18 inches and above tire, that how has this developed over the last few years? And then how do you feel about, the market share on this high-growth segment? Thank you. Since 2017, our overall market share in 18-inch and above has increased. We don't disclose market share, neither by segment or by sub-segment. Here, we are speaking of sub-segment within SR1, so, but you can consider that, it has increased, thanks to our go-to-market approach, as well as all the investment that has been done, both in the upstream and downstream part of, our manufacturing, organization, to adapt our tools to fit the evolution of this market. We are developing internally metrics to know how we are doing, where it matters for us. But we don't disclose it. Thank you. We track it. Number 12. Yeah. Thank you for taking my questions. Akshat from J.P. Morgan. The first one is on CapEx of EUR 2-EUR 2.4 billion per year. Could you just give us some more details in terms of how does the capital allocation, the organic capital allocation look like by division? Some more clarity in terms of how you're spending that CapEx over this timeframe. And the second one is on trucks, and when we think about the margin, the improvement potential from 6.5%-10%, could you just give us the risks and opportunities in achieving that target, or probably a profit bridge for SR2 in terms of how much is volume, how much is cost efficiencies versus pricing and inflation? Thank you. So we give you a potential profit bridge for the group. We are not going to give you any profit bridge by division, because first, it would not make sense either for the group. If I compare—if we'll have share our profit bridge in 2020 versus the one that we delivered, I can tell you that you will have seen huge discrepancies. So the more you go into the detail, the more you are far from what is going to happen. Regarding the CapEx, we have two kind of CapEx, that there are some CapEx that are clearly allocated to a division. For example, all the capital expenditures related to the adaptation of our tools to wider tires in SR1 are clearly managed between the manufacturing organization and the SR1 teams. But there is a lot of CapEx that are more allocated. All what is related to, energy efficiency, curing process, electrification, ergonomics, IS/IT are allocated. So they are allocated according to the revenue or the weight in the production of these, all these, the different, businesses. Now, on your question on, SR2, you should know that, a few years ago, SR2 was the jewel at Michelin, and we still believe our value proposition in this, for, for truck, small or big, are the best one in the market. We still have some tuning to do to adapt, that, that reality, but we are pretty confident that, those numbers that we have presented, these are commitment for 2026. So of course, we, we, we will deliver them. Number 5? 5. Thank you. Ross MacDonald at Morgan Stanley. Thanks for taking the questions. First one is just a clarification point, for Yves on the buyback. I may have misheard, but I thought I heard you say 50% of the buyback would be completed in 2024. So just wanted to confirm firstly if that was the case. Yeah, it has been even published, and we announced that we are going to do EUR 500 million of share buyback in 2024, yeah. Understood. Sorry, maybe I missed that. So that's an easy one. Second one, just on the inventory reduction that you were discussing. Given your shift into higher mixed tires, ultra-high performance tires, potentially more product complexity, higher SKU counts, how confident are you in making that inventory reduction? We are not only confident but determined to achieve it. You are right, and the complexity, particularly for SR1 of the SKU proliferation, is adding another challenge. But we believe that altogether it will mean, looking at 2022, starting in 2022, a reduction of EUR 800 million over four years. So we did EUR 300 million in 2023 because we were able to reduce faster than we were expected. EUR 500 million are reasonable, and we are determined to achieve it by end of 2036. Okay, thank you. And then just one final question. Obviously, we're here in the R&D center. I may have missed it on the slides, but are you committing to a specific range on R&D as a percentage of sales? Or how... You know, as you move into more complex end markets, how we should be thinking about R&D spend? No, we're not doing it this way, but we want to grow the envelope like as we presented. We just want to continue investing in innovation. Now, in percentage, as our growth in revenue outpaces our growth in our R&D spending, so the percentage diminishes structurally. Understood. Thank you. Number two? Eleven. I know, but, Eleven. No, no, there is 2, 13 and 11. No, it's coming. It's coming. Thanks. Thanks. Michael Aspinall from Jefferies here. I think you just answered this one before, but if you can just help me out, did you say that the EUR 4.2 billion SOI target includes just a few minor bolt-on M&A? Yes. Yes. ... Great, thanks. The second one, the manufacturing footprint is probably something that's gonna continue to evolve. Is that within your expectations, kind of beyond 2025 or 2026, that you'll continue to see kind of changes in your manufacturing footprint? I think we've been clear in our workshops on, on this. Of course, you will understand that we cannot disclose what we are... Most of the time, we are constantly reviewing our footprint. It depends on outside circumstances, market evolution, our own evolution. But yes, we still have some things to fix. Mm-hmm. So we should think of kind of in the restructuring cash, there should be some element of that kind of in the future, to continue? We'll see. Great, thanks. Number 12... No, 13, sorry. 13 and then 11. Rémi Le Bailly, Investir. I don't understand very well the reduction of your ambition in non-tire activity, because now you are at 16%, and your ambition now is 20% in 7 year. It's not a very important growth. In the past, you told 20%-30%, and it seems your basis was without distribution in the spectrum. It's a very big difference in your ambition 3 years ago and now, and could you explain it? Yeah. Because this morning we talked a lot about the new activities, and you are, you have a strong, confidence in this growth, and in fact, it appears the growth you project is, finally relatively- Yeah ... tiny. Yeah, yeah. So, yes, on purpose, we have changed the way we project this target because when we launched 20-30, we said, ballpark, this should be. We are ambitious on this, and we are still very ambitious. Our ambition has not changed. Now, the way we want to express it, because when it comes to numbers, that's what has changed. We say we want to be ambitious, but we don't want to be stupid things, because as the clock is ticking, we don't want—because we are 4 years or 3 years close to 2030, and if we cannot complete the acquisitions we want to make with the adequate strategy, the good fit and all the criteria that Yves rightly mentioned, we don't want everybody to say, "Hey, they are going to do stupid things to make an acquisition." So we don't want to make an acquisition for the sake of making an acquisition. We just want to deploy our strategy. We are ambitious, and we are, we... Our ambition has not changed. That's why we want just to be clear on what we mean when we say this is the portion of the business. What we wanted to express as well is we are serious. This, this is still the ambition, is to have a significant portion of our business in these, other type of composites, but we won't do stupid things to reach, that, that level. Number 11? Hi, I'm Samuel from Bank of America. Do you still expect to conclude your EUR 5 billion-EUR 10 billion target for acquisitions by 2030, or are you, you know, sort of unwilling to give a quantification on that? The EUR 5 billion-EUR 10 billion was related to the strength of our, of our balance sheet. Our balance sheet is still very strong, so that remains true. Now, whether we are going to make a EUR 5 billion-EUR 10 billion, we will see. We will, if we have a good opportunity, we will do it. Our balance sheet is strong enough. If it fits, again, all the criteria that, Yves mentioned, it will be okay. Now, what we learn, and every day, is that, it is not that easy, and, sometimes, deals that, could be, that meet certain criteria do not meet others, and therefore, we don't do them. But our balance sheet is still strong, and that's what... So what our balance sheet can sustain is still EUR 5 billion-EUR 10 billion. It, it can sustain this. It doesn't say we are going to do stupid things to spend that money, because our balance sheet is strong. Okay, and just one second question. For your SOI, in 2026, your target there, what proportion do you expect to come from M&A bolt-ons? Oh, it would be minor. Minor. Really, it's minor. Bolt-on is really, it's minor, minor. I mean, it doesn't... On those numbers, it's irrelevant. Thank you. So back, so there's 2, another round of questions. 4, 2, 4? That's it? Okay. Yeah, two follow-up, very simple as well. I mean, you—I don't think you ever had a target to spend EUR 5 billion-EUR 10 billion. It was a potential, right? It was your firepower. Yes, it's never been a target. That's what you mean, right? We, we- Not a target- ... we said our balance sheet- But potential ... is strong enough- Okay ... that we could sustain- Yeah ... 5-10 billion acquisition. We never said we want to make a 5-10 billion acquisition. No, it's an important distinction. Of course, of course. ... the target and open- Yeah, of course. ... firepower. Of course. Okay. Yeah, it's the firepower of the group. We know that up to EUR 5 billion, we can get it without any downgrade, and potentially, let's say up to EUR 10 billion, it will mean one notch downgrade. It was just for the purpose of illustrating the firepower of the group. ... I have another simple modeling question. You had relatively high one-off expenses that translate into the restructuring expenses we've discussed in the last few years. Is it reasonable to expect that in 2024, 2025, 2026, we might get back to something much lower in terms of the P&L impact of new announcements or as you're digesting these large simultaneous announcements in 2023? Yeah, it's a clever way to ask the same question that we did not answer. We cannot answer that question. We have made some hypothesis, and we'll see. Again, the restructuring is a very delicate and a hard decision to make, so we always do it, but we cannot in advance answer to your point. Number four? Hello, thank you. Just one follow-up question. So in your guidance, what sort of raw mat inflation have you baked in? It's... I mean, we can see that the natural rubber and some of the key commodity prices are going back again. So would that mean that you just, at this point, just budget for, let's say, whatever the inflation is going to be, you purely compensate it just with the price? Or it's also a combination of price, mix, and other cost cutting that will flow in? No. On a three-year target, honestly, to build the raw material or energy assumptions will not make sense. So I think we have demonstrated in the past three years our ability to pass through the inflation to the market. And we are confident that if there was another spikes in of inflation, we, we're able to do so. We have. Internally, we are updating raw material hypothesis every month, because every month our purchasing department get informations and, but, and that what are used by the business teams in order to monitor their pricing policy. But on a strategic reason, honestly, we consider that we have the ability to pass through the inflation, and we, we will not pay with this with that. Of course, from one year to another, you can have a price effect because you know that we have some businesses with closures, so there will always be the lag in both way. But on a strategic reasons, it's doesn't make sense. But your question gives me an opportunity to rebound on the group resiliency. I mean, we went through huge crisis over the past three years. Everybody tends to forget that. There were huge crisis. We had war, so we had to cut 2.5% of our revenue, very profitable in an entire place around the world. We had to redesign all our supply chains. We had to face a major inflation. We had to strike huge shortages. We had to redesign most of our sourcing activities. We went through huge crisis. So what we have anticipated is it will be less huge in the next three years. That's the only assumption we've made. But the group really has demonstrated how solid it was in this period. So, of course, if we have a better period in front of us, we expect to achieve the targets more easily. Thank you. So just to confirm, like the normal wage and logistics, all those inflation is, as budgeted for, and, if any additional inflation from raw mats or anything disruptive comes from, then it's a business resilience, Then we- You are committing ... we will manage it. The circumstances, apart if they are very big, do not change the fact that we are committed to these numbers. Okay, number three? Yeah. And then other questions after? Yes, five. Thank you. It's Sian Keegan from Goldman Sachs, and sorry to come back to it again, but just maybe try one more time on the free cash flow. So you obviously have a clear framework around your approach to M&A of 50% divvy payout target, and you're not looking to delever the balance sheet quickly. So kind of in a scenario that you perhaps don't find an appropriate M&A target, is there scope to increase the buyback, or is that something to revisit after 2026? We were not intending to make this 1.1 billion share buyback because we had anticipated that we would do things differently. We've looked at our balance sheet, and we said, "There is no..." We have a strong balance sheet, and the debt is at a very low cost. We have done all our investment, all our... What we wanted to do, the dividend is where we want it to be. So then we said, "Okay, we don't want to deleverage our balance sheet. Let's do it this way." Same people would probably make the same decision in the years to come. Most certainly, yes, unless something major happens to us. Five? ...Thank you. Ross again from, from Morgan Stanley. I'd like to ask a question about M&A, but actually from another angle on, on the tire side. Obviously, with these new targets, potentially there's some headroom to do M&A within the tire space. I'm just curious if that's something you would apply your framework that you've showed us, to, or if you would be open to doing deals in, in the tire segment? I think Multistrada was a very good example of something that we thought was smart to do, and that we did. Again, some people or Camso think something smart that we have an opportunity, then of course we will seize it. Tires is still a very important part of our activity, so of course, if we see something smart to do, we will try and do it. Other questions? Four. Thank you. Monica Bosio, still again. On your three-year plan, what kind of drop-through from price mix have you assumed? Because raw materials, it makes no sense to do an assumption. The mix is improving, the weight of above 18 inches is improving. This should carry a better pricing, no matter what is the raw material. I'm just wondering if you can give us some indication on the drop-through from price mix. No major price effect in these assumptions. Mix, of course, we apply the drop-through that we apply for the 18-inch and above segment for SR1. But we have also, as Florent mentioned already, you have the geographical mix, you have the brand mix, and you have the market mix between original equipment and replacement. So, it not necessarily eighteen inch come with a drop-through because, it... As you have seen in the workshops, we need to invest in order to enhance our manufacturing capabilities to produce more and more 19-, 20-, 21-inch tires. When you have a mix effect between original equipment and replacement, it not necessarily trigger any, but the drop-through is 100%. So am I right if I figure out, something much higher than the 50% you have indicated in the last, conference call for 2024? Am I right? Maybe something- It's- Closer to 60, 70. It's too much? I don't know. I will let you refine the math, mathematics. But, 50% is a drop-through we use for SR1, for 18-inch and above. Okay. Okay, thank you. Yeah, it's the problem with the Excel matrix, because they require precise numbers and boxes, but in businesses, it's tricky. So we look at the mix inside the spreadsheet may change, but the bottom line, we try to achieve the bottom line anyway. Any other question? Four. Four is successful, huh? Any questions? Thank you. Sanjay Bhagwani from Citi again. I mean, just, just a follow-up to Monica's questions now that we are talking about drop-throughs. So just in terms of the volume drop-through, we have seen this quite fluctuating in the recent years. I guess there were a couple of reasons about, first thing, for example, now you are also closing down some of the plants. Then last year, we had this gap between the distribution of sales growth versus the tire sales growth. So, what sort of volume drop-through do you bake in in your midterm guidance? Is it somewhere around like the normal 40%-45%? And does it basically normalize in 2025 and then 2026? If you can provide some color on how you have budgeted for that, please. Yeah, it's... We are using the similar drop-through. Take into account that in 2023, 2024, 2025, and let's say marginally in 2026, you have factories that are ramping down and others that are ramping up. So you-- the drop-through for this factory is not the standard drop-through of the global organization. And you—what you've seen is we have really pushed for more restructuring in the period. So, of course, it, it changes the normal ratios. Thank you. Okay, so I think we've exhausted the questions, and the people maybe as well. So thank you very much, and thank you, Yves, for sharing all our commitments. It's thrilling. So maybe we can start with the conclusion quickly. So let me take my... I took a few notes about the day. The thing about the business is that you never know what is going to happen, and you are always more clever a few years after about the past. For the future, it's always very tricky. Now, as we are reaching the end of this Capital Market Day, so once again, thank you very much for joining, and thank you very much for your interest in Michelin. I think we are to paraphrase something special. I think we are worth it. And some key takeaways for you. The first one is our ambition: to build a worldwide leader of manufacturing composites and experiences. Of course, tires is part of that because tire is a composite, and the Michelin tires is even more part of that because Michelin is the ultimate composite. So I hope we've been able to convince you about that. So, we will still be in tires. However, we will also expand our market reach in many other domains because our technology are worth it. We are uniquely positioned to succeed in this ambition, and that's what we are very ambitious, and we are very determined to achieve this. We have plenty of opportunities in front of us, and of course, as we are adapting, we will still have to navigate a world that is challenging right now, and that's why the path we will use to get to our targets will be adjusted constantly in real time. We pursue our Michelin in Motion strategy deployment, and it will remain our compass for the next few phases. Our All Sustainable approach is very relevant. It's very motivating inside, and also it is very important because the, we think that you can only be successful ongoing if you take care of people, if you manage the interest of people within the planet, and if you are able to generate the means to be able to fulfill the two others. So therefore, a balanced value equation across the three dimensions is absolutely indispensable to be successful in the future, and we think we are very well-placed on this. Our roadmap for 2026 and 2030 is very clear. Our strategy has not changed. We are tuning here and there, but basically, the more we are into this journey, the more we think our strategy is very relevant. And thanks to Michelin unique and highly differentiated capabilities and assets, we are only beginning to unlock our group value, and it's demonstrated in our numbers, and I'm sure after 2026, they will be even better. So, thanks to all of you, and this concludes our webcast activities. So thank you for joining us remotely. See you soon. I think we cut now.