Good morning, everybody. We'll start the conference now. Pens ready, co-pilots ready. Let's start. Welcome to this, the 23rd annual dbAccess Global Consumer Conference. This year we have over 120 companies attending. We have over EUR 5 trillion market cap in those companies attending. This is the consumer conference you need to be at. Like any good product, we have our dupes. Nicolas will vouch for that as a trend in some areas, but you want to be inside the big tent, not outside looking in, especially when it really does feel like we are at such a pivotal moment. AI adoption, the conflict, the bifurcation of the consumer, the channel shifts occurring. You really need to hear how the best companies are handling these issues, and you really need to be here. It's my pleasure to introduce the L'Oréal management to start the conference. Nicolas Hieronimus, CEO, Christophe Babule, CFO, and also Omar Hajeri, the President of the Professional Products Division. Thank you, Tom. Good morning to all. Happy to be the opener of this beautiful conference. As always at L'Oréal, without further ado, just to put you in the mood, a little video to remind you about who we are. Welcome to the world of L'Oréal. This morning I'm going to just make a few comments on the start of the year, try to explain to you why L'Oréal is today a winning model. Omar will present a deep dive on the Professional Products Division, which has been our fastest-growing division over the last couple of years and continues to do so, and then tell you that we still have a few acceleration engines for the future. Indeed, L'Oréal published its 1st quarter not so long ago, and it's been a great start of the year, but I would say for me, the most important element of the beginning of the year is once again the demonstration of the resilience of the beauty industry. Last year, we ended the year at the market was around 3.5. Right now it's shy of 4.0, so more or less in line with what was the second half of last year, which shows that despite everything that Tom has been commenting upon, despite all the events, the war, the conflicts, the tensions, people continue to buy beauty because either they need it, they want it's a balm on their wounds, it's something that lifts their morale, and this is why this category continues to grow. It grows for all the reasons I mentioned, but also because it is constantly stimulated by new products, new innovations. It's a category where you have new services, whether in salons or in aesthetic clinics or even in department stores. You have new categories that are rising all the time. Styling is exploding. Oral supplements are back into the beauty game. There are new technologies. LEDs are a part of the complement of what are the traditionally topical products. It's a constantly expanding category, always innovating and always growing. I often have debates with investors about staples, which is why I'm eager to say that beauty is not staples. First of all, you can't use that to put makeup on, but more importantly, it's a very animated, beautiful, and sexy category, which of course we are happy and proud to be the leaders of. The start of the year, as I said, was good for L'Oréal. We did a first quarter at + 6.7% adjusted of our IT transformation. On the market, as I said, it was between 3.5% and 4.0%. A very good start of the year overall with growth in all regions and all divisions. If I take all the regions, as you can see, all the regions were positive, with double digits in our SAPMENA region, which is emerging markets, Southeast Asia, and despite the Gulf, by the way. North Asia was positive. Europe remains very positive. North America, very dynamic above the market. The only region in the world that has shown a little slowdown at market level was Latin America, which we have continued to over-perform. In our divisions, as you can see, the four divisions were positive, with the Professional Division in double digit. Like Dermatological Beauty, which was an important comeback as this division accelerated over the back end of last year. We are back really with a very strong growth in Dermatological Beauty and Luxury and Mass growing mid-single digits, both gaining shares in sell-outs. It is an acceleration that has been confirmed quarter after quarter or half after half. You see the first half of last year at three, second half at 4.9, and first quarter of this year at + 6.7. It's true it was our easiest comp, as it relates to last year, but it's a start of the year that we wanted and that we planned because 18 months ago, when we saw that the market was slowing down a bit and the world needed some, I would say, excitation, we really truly decided to step up our innovation plan. We've really done it in a very significant way, and it's not a one-off. It's a durable decision to step up our innovation. You see the weight of our launches in terms of extra basis points was 100 more in the first half of 2025, 200 more second half, and this first quarter was slightly above 350 basis points more of innovations because, of course, it takes a bit of time to get these launches ready and prepare them. We are now, I would say, in a much more accelerated innovation pace because that's what the market needs, and that's what allows us to win and to gain share on all our categories. That's really, for me, at the heart of the L'Oréal winning model, which is made of many things. We'll talk about research, about creativity, about the know-how and beauty that we have. We have, I think, something that's very unique and that our capacity to accelerate on launches in a very short period of time has demonstrated. I think we have a very unique combination of scale, we are a big company, we're global, and we've been there for 117 years, but of agility. Our teams at L'Oréal have a capacity not only to seize the trends but also to react very quickly, either geographically or by category, when trends evolve or when there's a need to do more. I think that's what really allowed us to outperform our peers. If I look here at the WWD ranking in terms of beauty players, you can see that obviously we are by far the biggest. If you look at the track record in terms of CAGR over the last couple of years, like three years exactly, we had a CAGR of + 6.6 over the last three year, whereas the sum of all our followers was at half that growth speed. It means that despite being big, because of this agility, because of the acquisitions we make, and I say a word about it, we have this capacity to over-deliver despite being already the leader of this market. I would say with only 15% market share, so there's still room to grow, and that's what we intend to do. One of the ways for us to grow is, of course, is organic growth, and there is acquisitions. They are at the heart. I often get questioned about acquisitions. Out of the 40+ brands that we have at L'Oréal, only two were created by L'Oréal, Kérastase and L'Oréal. The rest were acquisitions made over the course of history. If I take the last 10 years, around a fourth of our growth has been generated by the acquisitions, which mean that close to 3/4 were done by the organic growth of our brands. It is something that we continuously do, and we made a few important acquisitions or deal last year because beauty is a very diverse market in terms of consumers' expectations, price points, and personas, archetypes of beauty. That is why, and that's a chart I showed here for the first time this conference last year, we have a very big portfolio of brands. This portfolio of brands addresses different types of beauty from more to less premium, or from more glamorous to more health-oriented, and depending on the categories, the times of the year, and the countries, you will have different type of expectations. This portfolio is being rolled out as we speak, and you can see that only part of it is everywhere. Part of the work that our teams are doing on the ground is constantly assessing which brands can we launch and is it relevant for our consumers. Not all brands are relevant for all consumers. We have a Korean makeup brand that's probably never going to be a big success in France, but it's great for Southeast Asia. That's the work we do, and this occupation of the beauty playground allows us to have a multi-division category strategy and allow us to win on all categories. An example is fragrance, where actually it was only one division where we have a 22% market share, and as you can see, we continue to outpace the market. Libre from Saint Laurent has become the number one female fragrance in the world, and we have great successes from Prada, Valentino, now expanding Aesop into fragrance. We really truly cover with our divisions the full price brackets. We've launched on NYX, which is a mass-market makeup brand, a mist that's very affordable. We are launching mists on brands like Lancôme or even Valentino. To be able to attract younger consumers that can't afford the most expensive fragrances. On the other end of the spectrum, you have people that want to have exclusive fragrances that are much more expensive, which is where the acquisition of Creed makes total sense, the acceleration we're right now making on Aesop, and a few other brands. We do that in every category. It's true in makeup, where we are the world number ones, and we have clearly been accelerating product launches, both in mass, in luxury, to satisfy all consumer price points. A brand like NYX is doing phenomenal, as well as Saint Laurent. They're two extreme in terms of price coverage. Probably the two categories where we have, I would say, the biggest or the largest number of divisions trying to occupy the playground are skincare and haircare. On skincare, we are the leaders by 15%, and we have four brands in the global top five. What's interesting is that one is from our mass-market division, L'Oréal Paris, two are from our Dermatological Beauty Division, La Roche-Posay and CeraVe, and one is from our luxury division. All different price points, different types of beauty approach, and that's how we grow and became by far number one of the skincare market. We had lost a little bit of market share last year. We've re-accelerated again. It has proven to be effective on LDB, which is now back to double digits. Again, when we see that the market's a bit slower, we double down on innovation. Last year, we innovated on Dermatological Beauty. Start of the year, we've had many initiatives on Lancôme, on Kiehl's, on Helena Rubinstein, and on our mass-market brands to accelerate again on skincare. It's again, multi-division, different price points, innovation stream to occupy the market. The one category where we've really clearly had our best over performance over the last three years is haircare. Haircare, as you can see, we've been growing at 13% last year, twice the market speed, still doing it this year, and it was already the case at the end of 2024. Market share of 16%. Here it is where we truly have the best multi-division strategy because we have mass markets, and mass market's flying right now. I was in Brazil or in Spain last week, in the U.S., Elvive, depending on the name of the brand, is growing high double digits and really becoming a leader in many countries. We're also addressing the more medical part of haircare, anti-dandruff, anti-hair fall in pharmacies with the Dermatological Beauty Division, and CeraVe launch is an example of that. Of course, where we have the best performance right now and an absolute stellar success is in the Professional Products Division with brands such as Kérastase and Redken and the likes. To tell you more about that before I come back to conclude, I would like to hand over to Omar, who's the president of this beautiful division. Good morning, everyone. I'm absolutely delighted to show you how the oldest division of L'Oréal, the founding division, has been able during the last years actually to reinvent itself and put the division on a strong trajectory in terms of growth. We are the oldest. We have been founded 117 years ago. Since our foundation, actually, we have one mission, which is to serve the professional hairdressing market, a very fragmented one. There is more than two million salons in the world, seven million stylists. It's quite a fragmented industry. In France, just to give you a perspective, there is more salons than bakeries. It's quite an important element. It's an industry also which is generating quite a large business because the sell-out of this industry is EUR 140 billion in terms of services. This industry has been going through two deep, massive transformation during the last 10 years. The first one that is only visible when you are in this industry is that this industry is fragmented, but it's going through a hyper fragmentation because we see the rise of self-employed stylists everywhere in the world. They represent today more than 60% of stylists in the U.S., more than 60% of stylists in U.K. This phenomenon of self-employed stylists is going everywhere. For a manufacturer like us, it means that our customer base is hyper fragmenting during the last five to 10 years. I will show you how we have adapted successfully to this transformation. The second big element, which is explaining actually that haircare is booming everywhere in the world, is the change of consumers and the change of the habits of consumption of consumers all around the world. The first element that you need to have in mind is that women have long hair everywhere in the world. It's 79% of women in Europe, and this number has moved by eight point in term of penetration during the last five years, more than 83% in U.S., 94% in China, and it's across every type of consumers. Boomers. In the U.S., women above 60 years old, where 10% of them 15 years ago had long hair, now they are 60%. The second element that you need to have in mind is that the mixity of population makes by itself that we have more women with curly hair. It's 1/3 of the millennials that today have curly hair in Europe. This type of hair, long hair and curly hair, are demanding more haircare product, more treatment. The second phenomenon that we see everywhere in the world is the sophistication of haircare routines. We call it the skinification of haircare, meaning that in the routine of a woman today, they are using not only shampoo and conditioners, but also treatments such as serums, oils. That has become embedded in the routine of women all around the world. Just an illustration, if you look at Europe, France, more than 72% of women actually have a routine of more than three steps, which is quite phenomenal. The last element, women are ultra-connected, and I can tell you that the appetite, the desirability for haircare is big. When we look at the number of conversations that we have online on #hairstyling, it's more than 13 billion views every month. On haircare, it's six billion views every month. These women are not only connected, but they buy online. A big proportion of them, in the U.S., almost one in two American women has bought a haircare product online during the last six months. It's a big phenomenon. It's a big shift. When it comes now to our professional selling haircare market, it's a market of EUR 13.5 billion. This market has grown steadily at 3% during the last 10 years year-on-year. One element that you have to notice is actually that we see a strong acceleration of haircare on that market. That moved from a year-over-year growth from 2015 to 2019 by 4%, to now during the last five years, an acceleration at +7%. The second element in our professional haircare and professional industry is that we see the rise of new channel, being e-commerce and selective retail. Now, if we look at the weight of this channel, they represent 38% of the total value of the market, when they were representing in 2017 only 16%. This market has become extremely omnichannel. On that market, we have drastically accelerated our growth. Our CAGR was from 2015 to 2019, a CAGR of 2.1%, and we have totally step-changed our growth on that market, growing at 7.8%. As Nicolas showed you, the start of the year is very promising because we are now growing at +13.1%, so we keep accelerating. We keep accelerating by gaining massive market share. We reach in 2025 our record market share of 27%. For you to have some perspective, which is higher than the next market share of our competitors combined. We are an absolute leader on this professional haircare market. This has been done definitely by embracing the omnichannel landscape in which we are. As you can see on the chart, we keep accelerating on the hair salon market, but we adapt on it e-commerce and selective retail, which have been massive accelerator for us. The reason of success. Number one, we have the most powerful portfolio of our industry. Going from brands which are accessible in term of pricing like Matrix to ultimate selective high-end champion such as Kérastase. Our brands are culturally relevant. They are touching any type of consumers with a strong appeal of Gen Z. Last but not least, I would say these brands are benefiting from incredible power of the R&I of L'Oréal. We have, thanks to the R&I, the most advanced discovery in the haircare category, unmatched performance. I have to say also, we benefit also from the science of perfume that the L'Oréal Group has, because our formula smells extremely good. The other element of success, as I was mentioning prior, is omnichannel strategy. We are building equity in new channel and desirability and recruiting at scale new consumers, being on e-commerce, being in selective retail. Whilst, and this is why we are saying that our omnichannel strategy is a winning one, whilst also continuing to accelerate in salons as well. I was mentioning before the hyperfragmentation of the market that we are exposed to. What the division has done during the last years is actually to transform itself from a salon model to a stylist-centric model. We have become completely O+O. We've launched some platforms, online platforms, e-commerce platforms such as L'Oréal Partner Shop, saloncentric.com. It means that we have made our product accessible to any stylist whenever he wants, and these platforms are present in more than 36 countries in the world. We have digitalized our education, launching online education platforms, completely demultiplying our capacity to educate stylists. We were educating 900,000 stylists in 2019. We are now educating more than 2.5 million stylists. Last but not least, we kept our strong striking power on the field. We have more than 2,000 sales representatives in the world, but also stores in the U.S. that are giving us an incredible competitive advantage. One element that you need to get in mind is that this transformation on O+O transformation has been also very strongly driven by data. We have now in our database more than three million stylists out of seven million stylists worldwide, which give us an incredible competitive advantage to reach the professional hairdressing market. We are growing fast, but I can tell you it's not going to stop because the outlook are very good. When we look at the stage of premiumization of the haircare market, we are still on an early stage. When you compare the premium skincare market on total market versus the premium haircare market on total market. On skincare, premium represents 50% of the value of the market. In haircare, it's only representing 25%. If I want to give you an illustration in volume. If you look at the most advanced premium market in the world, which is the U.S., only one out of 10 products sold in the U.S. is a professional haircare product. It shows the incredible potential of recruitment that we have still in front of us. We are going to grow in retail, but also in services. As Nicolas was mentioning prior, we strongly believe that the future of haircare will pass also through services in salons. What you can see on the chart here is the latest concept that we have launched in Saudi, which is a salon totally dedicated to haircare treatments. Hairstylists are going to play a very important role in terms of prescription, because we are also giving to our stylists some devices, powered by AI, to do the best prescription and recruit new consumers in salon on the haircare category. We have also another engine of growth for the division, which is styling. We just acquired Color Wow, which is the ultimate worldwide champion in the styling category, only present in U.S. and in U.K. We are, as we speak, deploying Color Wow everywhere in the world. It's going to give us an extra boost because the styling market has been booming the last couple of years, growing at +6%. Next to haircare, we have now styling, which is going to be a very strong layer of growth. As you can hear, we are set for success, set for accelerating growth, and we will definitely keep significantly outperforming the professional haircare market. Thank you. I think it's a good idea to invite my presidents of division to this type of conference because they make public commitments on accelerations, which of course, everybody has taken note. At least it's good for next year's budget to hear that. How are we going to continue to accelerate or to drive growth on such a big company? There are many growth drivers that I can share with you. First of all, as we've already discussed here, the number of consumers who are going to be entering the beauty market, having the purchasing power to do so is very important. We have 400 million new consumers that are entering the growing middle classes in emerging markets. You have 125 people that are going to be in age of consumption, somewhere between 16 and 25. Of course, as the population ages, and we are one of these categories that you continue to use until you die, you have 170 million people that are 60+ and people living until 100 years old that are going to be using beauty. Our objective at L'Oréal is indeed to increase the number of consumers that we have to reach two billion consumers in the next decade. Today, we estimate that we have approximately 1.2 billion-1.3 billion consumers using at least one L'Oréal products around the world. We are on a recruitment mode to increase that number. We do that through several strategies. The first one is affordability. Indeed, on top of our very premium brands and luxury brands, we are making sure that consumers can enter the market either with mass market products that we have in our mass brands. Specific formats such as this Mini Kérastase that allows people to discover the professional quality, and of course, all through e-commerce, which represent 30% of our business today and gives us a fabulous penetration tool to recruit, particularly in the emerging markets. It's not just about units. It is also about value, and the great thing is that the beauty market is constantly sophisticating. You've seen it in haircare, where the number of products used, the quality that people are looking for is increasing constantly. Today, haircare has become a very profitable category, which probably it wasn't 10 years ago. It's happening across many categories. If we look at body care, body care was super basic, and body care is increasingly sophisticating because people are paying more attention than ever at their body. I'm not even talking about the GLP-1 usage that generates some needs to firm the skin and to use more moisturizers. This market is valorizing, as is the fragrance market with the strong rise of haute parfumerie. We have really a market that both has more consumers coming in and prices going up with consumers sophisticating as they discover more and more beauty products. Another driver of the market growth is the fact that there is an increasing diversification of what I would call cultural expectations. Beauty has always been very cultural, I would say it's a market that was dominated by a couple of countries, France, Italy, where many of the categories were born. It is really expanding to many sources of inspiration. You've heard about Korean beauty, about fragrances from the Middle East or even Chinese brands that are growing. We are part of that game. We are part of that game, first of all, with our brand portfolio. I've shown you another way to look at our brand portfolio, which is from its countries of origin. As you can see, of course, we have, first of all, many American brands, which makes us a force to reckon with in the North America, European brands. We also have Korean brands, Chinese brands, Japanese brands, Aesop as an Australian brands. Of course, we make sure that these brands are more connected to their original culture than ever. As if it weren't enough, I think one of L'Oréal's strengths has always been to be able to adapt to the local tastes and the local culture, even with its global brands. Here, what I have on these screens are two examples of the L'Oréal Paris brand and how it communicates to local consumers, tapping into very important cultural festivals or moments like Chinese New Year with a very specific commercial, or Diwali in India. These are with local celebrities, local teams that do local creation, and that allows us to really be often seen as local brands, even though we could be from France or Italy or the U.S. The fourth driver of acceleration is longevity, which is this new word you heard a lot about, but it is about the fact that people not only know they are going to be living longer, but they want to live longer, better, and healthier. It's redefining skincare. We've been investing a lot in understanding the mechanism of what happens at cellular level and what makes your skin age, and how you can not just correct it, but anticipate it. That is driving a lot of innovations that have just begun to appear on the market, like the new Absolue Longevity MD Lancôme skincare line that's doing phenomenal, and that make people use all sorts of, I would say, routines or techniques to protect their youth. It can be diagnostic tools, which is where our beauty tech investments have allowed it to propose very sophisticated recommendations. Of course, topicals, which remain the heart of our business, but devices or supplements which are now integrated into the L'Oréal categories of products that we are launching on several brands. Because we want to stay always at the forefront of these trends, we clearly invest. We invest in longevity, in understanding more longevity, more aesthetics, so it's L'Oréal Advanced Research. We are one of the only beauty groups that has an advanced research. I am working upstream trying to understand, create new molecules, and understand the mechanisms of skin. We, of course, have announced a partnership with Kering on longevity, which we are just beginning to work on. We have this investment in Galderma, which is very important for us to be both in the cockpit of this beautiful company and to understand more what are the mechanisms and the recipes for success in the world of aesthetics and be, of course, associated to this part of the business, as we are with brands like SkinCeuticals today, sold and prescribed by derms. Really, longevity is going to be a strong accelerator for the growth of L'Oréal. Of course, I couldn't make this presentation without talking about AI. AI is truly going to power up beauty, to augment beauty in many ways. We've embarked a few years ago now on AI and now generative AI. I think the R&D of L'Oréal was working with AI already a long time ago. It's really a big acceleration now, and we have organized to really focus on our AI and transformation with three pillars. One is the consumer engagement. How does the consumer look for products, get informed about products? How we improve and increase the efficacy of all our functions in the group. It goes from BETiq, which is our AI-powered prognostic prediction tool for our A&P investment that really creates a lot of productivity. It's about creating content in our AI factories internally, and of course, it's our big IT transformation to create the backbone of this. The third part, of course, is AI for our employees. We've trained more than 65,000 L'Oréalians in how to use AI with the L'Oréal GPT. They have a test that can help them assess their own mastery, and we provide more and more sophisticated learning. It is really transformative, and probably the part where it is the most transformative is on the way people look for beauty. They are now more than half of consumers, especially the younger ones, do not go through the search bar. They ask questions to large language models, and of course, we want to make sure that we become the reference source of knowledge for all LLMs. We have multiple partnerships with all the big AI companies to make sure that the combination of our beauty know-how and their computing power allows consumer to find the best answers in their beauty quest. Of course, the best answers have to be the choice of a L'Oréal product. Finally, as I said, AI is a big accelerator of our discoveries. Our R&I was at the forefront of this technology adventure. We have partnerships with companies like IBM to create formulas. We work with Nvidia too. That allows us to increase in a very spectacular way our capacity to create new products, to scan molecules, to create the molecule that will make this new cream that indeed works on making your skin stay young or reset it. In the last 12 months, we've tested more molecules than in the last five years. It's an incredible acceleration. We use digital twins. Frankly, again, if you combine our data with this computing power, it's a fantastic competitive advantage. It allowed us last year to be named number one's most innovative company in Europe across all sectors. More than that, it's what lies behind the acceleration in product launches and innovation that I've shown at the beginning of the presentation, and that allows us to accelerate our outperformance versus the market. Lots of possibilities to accelerate, lots of sources of growth, consumers, valorization, cultural relevance, AI to accelerate and augment both the consumer and our employees. I would say the one thing that I tried to do a video, which I couldn't do to show you that. The real secret sauce of L'Oréal, I would say it all the time, is the L'Oréal culture. For anybody that wants to spend some time at L'Oréal, it's a very unique blend of passion, energy, search for excellence, competitive fighting spirit. I put here a few images we had last week or 10 days ago, our worldwide meetings where all the leaders of L'Oréal come to Paris to be presented the next year's plans by the brands. They see all the brands that you know. They spend a week, all the country manager, in a room where they see a fireworks of initiatives, of engagements, of communication. I can tell you that the energy, not just the parties at night, but the energy in the room and the passion these teams are for beauty, which they're all specialists of, is absolutely incomparable. I think in the end, that's the one reason why I truly believe that L'Oréal will continue to grow and to outperform the beauty market, a beauty market that will indeed continue to be extremely dynamic, and that is not just a staple. Thank you so much. Well, thank you very much, everybody, for attending. We've come to the end of the time for the presentation. The company will also be attending meetings over the course of the next couple of days to ask questions. Nicolas, Christophe, and Omar, thank you very much indeed for your time. Thank you, Tom.