Good morning, and thank you for standing by, and welcome to Pluxee fiscal 2024 results presentation. After the presentation, there will be an opportunity to ask questions by pressing star and one at any time. I advise you that this conference is being recorded today on Thursday, the 31st of October 2024. At this time, I would like to hand over the conference to Pauline Bireaud, Head of Investor Relations. Please go ahead, Madame. Good morning, everyone, and thank you for joining us today for Pluxee fiscal year 2024 results. So my name is Pauline. I'm Pluxee Head of Investor Relations, and I'm very happy that you are all here today with us for our first set of full-year results as a standalone listed company. So today I'm joined with our CEO, Aurélien Sonet, and our CFO, Stéphane Lhopiteau, and here is our agenda for the call on page three. So our CEO will start with the highlight and key figures for the fiscal year 2024. This will be followed by a strategic and business review on how we have delivered on our key strategic initiatives, and then our CFO will take you through our financial performance in more detail and come back to our fiscal year 2025 and 2026 outlook. And with that, I will hand over to Aurélien. Thank you, Pauline, and good morning, everyone. It is my pleasure to be with you this morning to present our first full-year results as a listed standalone group. I will start by taking you through the highlights and key figures for what has been a pivotal year for Pluxee. This year has seen a strong acceleration in the execution and delivery of our strategic roadmap. This has been a period of profound transformation for Pluxee, culminating in the successful spinoff and listing. We have transitioned from a business unit of Sodexo to a fully independent company, supported by a strong and experienced board and leadership team. From my point of view, there are three key elements here. First, Pluxee has been given the ability to operate as a standalone company, which has been a major cultural shift for us and has led to a significant reinforcement of our teams. Second, the group has successfully gone through outstanding operational delivery and strong development momentum, which has translated into two consecutive guidance upgrades over the past six months, and last but not least, we have started executing on our M&A roadmap with two significant developments: the completion and active deployment of our strategic partnership with Santander in Brazil, and the acquisition of Cobee, a Spanish digital native employee multi-benefit player. Let's now look at how it translated into figures. This year marked an outstanding performance of our business and an excellent illustration of our virtuous business model, combining strong organic growth, margin improvement, and significant cash conversion. We over-delivered across our three key financial objectives. Total revenues reached EUR 1,210 million, representing a +1 8.6% organic revenue growth, with strong business performance across all regions and significantly exceeding our initial target of low double-digit growth in total revenues. It was mainly driven by a very solid + 22.5% organic revenue growth in employee benefits. Recurring EBITDA is EUR 2.430 million, up + 24.8% organically, corresponding to a recurring EBITDA margin of 35.6%. This represents 36.4% on an organic basis, implying a + 183 basis points increase compared to the initial objective of at least stable margin. This margin expansion, while absorbing new standalone costs, demonstrates the strong operating leverage embedded in our business model. Last, recurring free cash flow amounted to EUR 379 million, while cash conversion rate reached 88%, significantly above the 70% three-year target. Looking at all these aggregates, we are clearly well ahead of our initial plan, allowing us to enhance our shareholder distribution framework, which is covered in the next slide. As you remember, we committed to at least 25% dividend payout from fiscal year 2024 onwards, with a regular revisit of shareholder returns depending on the unfolding of our M&A pipeline. I'm pleased to announce a substantial positive evolution to our shareholder return policy, as we have decided, with the support of the board, to base our payout on adjusted net profit, excluding other operating income and expenses, representing EUR 203 million. This is meant to align more closely our dividend policy with the operational performance of the business, drive a more attractive remuneration policy, corresponding to a significant increase in dividend per share compared to the initial calculation basis, and this will translate to a proposed dividend per share of EUR 0.35, subject to shareholder approval. Stéphane will have an opportunity to comment later on our broader capital allocation policy. I will now focus on our financial objectives for fiscal 2025 and 2026. Now, turning to our financial objectives, we remain confident about our structural growth drivers and reconfirm our low double-digit organic revenue growth objectives for both fiscal 2025 and fiscal 2026. It is based on a higher fiscal 2024 base, given our reported + 18.6% organic revenue growth, and is predicated on a slight organic growth in float revenues year after year. Stéphane will come back on it in more details later in the presentation. We expect our recurring EBITDA margin to continue to expand by + 75 incremental basis points in each of fiscal 2025 and 2026. This improvement is based on constant fiscal 2024 rates and allows us to reach our initial three-year target of + 250 basis points organic increase one year ahead of our plan. Last but not least, we are upgrading our three-year average recurring cash conversion objective from 70% - 75%, which reflects our continued focus on operational efficiency and cash management across the group. One additional comment regarding those objectives: they incorporate the possible regulatory change in Italy, with the potential introduction of a 5% cap on merchant commissions on meal and food benefits in the private sector. You should note that meal and food solutions in Italy for Pluxee contribute to less than 3% to the group's financial aggregate. Let's now focus on how we have accelerated the execution of our strategic roadmap in fiscal 2024, starting with our market opportunities in slide 10. We see a clear opportunity to maintain our profitable growth, given the massive potential of the employee benefit and engagement market. First of all, we operate on a sizable addressable market of EUR 1,000 billion, of which 20%-30% in meal and food, 10%-20% in gift and rewards, and 50%-70% in other employee benefits and engagement solutions. So the global opportunity is massive, and the market is structurally under-penetrated, especially among the SME segment. Second, this market benefits from structural growth that is due to continue, driven by macro trends such as the overall increase in the employee population, notably in emerging markets, and the structural mega trends such as the employer's imperative to acquire and retain talent and employees' evolving expectations for a new model of work. Our business is also supported by well-established regulatory frameworks in most of the countries where we operate. I will take this opportunity to remind you that regulatory evolutions are a normal part of our activity. The regulatory frameworks have evolved continuously over decades to take into consideration the new needs of our stakeholders. Our success relies on our ability to adapt to these changes and to deliver profitable growth over the long run, thanks to the fundamental value we bring to our ecosystem and all our stakeholders. Third, digitization is allowing us to provide employee benefits at attractive conditions to an expanding set of companies, including SMEs, which, as you know, are a key strategic priority for us. I will now remind you of the main pillars of our strategic roadmap in slide 11. You will be familiar with this slide, which is a recap of our strategic framework. As a pure player, our strategy is twofold: reinforce our leadership in meal and food and augment our wider employee benefits and engagement offer. This strategy is enabled by our digitally skilled, diverse, and highly engaged talent, our best-in-class scalable tech and data platform, and a targeted and disciplined M&A strategy. All this is underpinned by our strong CSR commitment and our overall goal to have a positive impact on our ecosystem. Let me now present how we have successfully delivered on our plan, exceeding all our business targets in slide 12. Pluxee has seen continuous strong business momentum over fiscal year 2024. We recorded new client wins of more than EUR 1.6 billion in annualized business, tracking well above our target of over EUR 1.3 billion volumes at constant rate. Our net retention rate stands above 103%, slightly ahead of our midterm objective as we work with our clients in renewing existing contracts and growing our current portfolio, especially through cross-selling. In this respect, the further increase in average fair value of EUR 1.3 billion over fiscal 2024 was a key contributor to the net retention, by advising our clients to increase fair value to our legal caps in all our markets. Let's now dig into our main achievements on our strategic initiatives, starting with our benefit offering. In fiscal 2024, we continued to elevate our offer to clients and consumers by both addressing their needs through a wider range of benefits and by improving the perceived value of our offers. We have continued to roll out our multi-benefit approach wherever it makes sense to do so. As such, three new countries have been onboarded in fiscal 2024, and a total of 16 countries are now benefiting from this integrated multi-benefit offer, including all our main countries. In Brazil, for example, more than 50% of our new clients have opted for multi-benefit. The recent acquisition of Cobee and its innovative and comprehensive multi-benefit offering, encompassing a dozen products, will allow us to enrich further our product portfolio, starting with Spain and Mexico. We have also kept on developing and deploying our payment platform across countries, providing our consumers and merchants with a growing range of payment methods, including fully digital payment options such as Google Pay and Apple Pay or QR code-based payment. Now, let's move to slide 14, where we focus on merchant engagement. With merchants, our philosophy is about developing win-win partnerships and adding value. We benefit from a wide and growing ecosystem of more than 1.7 million affiliated merchants across all our regions. This unique physical and online ecosystem has been constantly growing. In fiscal 2021, the number of affiliates increased by more than 30%. This performance highlights the strength of our strong merchant value proposition, including recurring access to large volumes of consumers with available spend. Overall, the traffic to our merchants that we measure through business volume reimbursed has increased by 41% in employee benefits since fiscal 2021. We are also boosting merchant value proposition by enhancing the range of complementary services we provide to them. Today, more than 60% of our merchants in Spain, India, and Brazil are choosing at least two Pluxee services. Being part of our network should be seen as a valuable asset for our merchants. This is true for large retail chains, but even more important for the small merchants that are key players in the local economy. In fiscal 2024, we achieved more than EUR 6 billion of business volumes with our small and medium-sized merchants, compared to our objective of reaching EUR 8 billion by fiscal 2026. Let's now move to our initiative directly related to the acquisition of new clients. At EUR 1.6 billion of new clients annualized business volumes at constant rates, we have significantly exceeded our annual target of more than EUR 1.3 billion. As an example, in France, we have provided the Pluxee Restaurant Card to more than 90,000 members of the security forces deployed for the Olympic and Paralympic Games. While in India, our local sales team managed to sign a new large contract with one of the biggest multinational IT firms to equip their employees with a Pluxee meal benefit virtual card. This strong commercial momentum in our region is driven by a combination of factors: our powerful commercial engine and high-performing segmented sales and digital marketing strategy, the deployment of our Pluxee brand across all our digital assets, including portals, mobile apps, as well as cards and stickers. Our brand is a tremendous asset on this note, which reinforces our pure player positioning in employee benefit and engagement, as well as our perception as an innovative, digital, and trusted HR partner. Further, the acceleration of our penetration among SMEs highlights the success of our streamlined offering, as well as both our digital sales buying journey and our distribution partnerships. As a result, the contribution of SMEs to new client business volume has reached 29.6% in fiscal 2024, already close to the fiscal 2026 target of 30% set as a Capital Markets Day. Now, switching to how we realize the full potential of our current client portfolio. It has been an outstanding year in which we achieved 103% net retention rate in business volumes compared to our fiscal 2026 objective of over 100%. This results from a + 40 basis points increase in client retention. We have also seen continued increase in average fair value over the year, of course benefiting from sticky inflation, but also driven by our efficient client portfolio management, closely advising our clients. To date, we are well on track and confirm our ambition to deliver our three-year cumulative target of EUR 3 billion growth in business volume from increase in average fair value. Last but not least, portfolio growth mainly driven by cross-selling, strongly contributing to our net retention performance. One example worth highlighting is Belgium, where we seized an opportunity created by a non-recurring public measure designed to sustain employees' purchasing power until the end of February 2024. This allowed us to deploy a large one-off benefit program amounting to EUR 160 million of business volume. We will conclude this focus on our strategic initiative by looking at how we have driven up profitability over fiscal 2024. In terms of profitability improvement, I'm very pleased with the progress that we have achieved this year. The + 183 basis point organic improvement in recurring EBITDA margin represents over 70% of the three-year objective, which we shared with you last January. Stéphane will come back in more details on the drivers of this margin expansion, but in a nutshell, and this is well illustrated by our financial objectives, we are confident that we'll continue to drive profitability improvements supported by increasing operational leverage and further digitization, but also by our current cost structure providing significant potential for further efficiency. To execute our strategic roadmap, we rely on three key enablers: our talent, our tech capability, and our M&A strategy. So now let's look in slide 18 how we have managed in attracting, developing, and retaining talent at Pluxee in fiscal 2024. Our 5,415 employees are key to Pluxee's success and to our ability to sustain growth. Over fiscal 2024, our people continued to show a high-level sense of belonging, with an engagement rate of 71% and a retention rate of 90%, embracing our Life at Pluxee framework, encompassing our culture and principles. We were able to attract around 1,200 new talents, reinforcing critical functions such as sales and marketing and tech and data to sustain future growth as a standalone company. We also focused on upskilling by enabling more than 74,000 training hours over the year, always putting our people on the forefront of innovation. Our strategic roadmap is also supported by technology and continuous innovation. As part of our investment strategy, we continue to strongly invest in technology to be at the forefront in the industry. As a result, we have invested EUR 277 million during fiscal 2024, up + 15% compared to fiscal 2023, enhancing our stakeholders' experience and accelerating internal transformation. The tech CapEx stood at EUR 104 million in line with fiscal 2023, while tech OpEx increased, reflecting our progressive investment shift along the move to cloud migration, IT service management, and process automation. Although tech is a priority, we continue to apply the same financial discipline as we do for our broader operating model, generating concrete operational return on investments. Let's look finally at our third enabler, the deployment of our M&A strategy. Fiscal 2024 marked the first successful steps in the deployment of our M&A roadmap. Following the closing of the deal with Santander end of June, we have actively deployed our partnership in Brazil, having already migrated more than 50% of Ben's business volumes, trained the 4,000 Santander sales managers, and already signed, as of today, EUR 90 million of annualized business volume comprising of contract renewal and new client wins. We have already mentioned the acquisition of Cobee, completed in September. It will reinforce Pluxee's leadership in both Spain and Mexico and will become accretive to the group's recurring EBITDA margin and net income from fiscal 2026. Finally, we have continued to enrich our product range and tech capabilities through additional smaller investments, and we have a robust pipeline of relevant targets in line with our disciplined M&A strategy to continue delivering a mix of bolt-on and build-up acquisitions in the coming years. I will conclude our strategic and business update by coming back on our strong commitment to sustainability and will take you through our ESG roadmap and target in slide 21. Pluxee ESG commitments are embedded in our strategic roadmap. Fiscal 2024 has been a year of ongoing progress in terms of sustainability across our four focus areas. First, we remain committed to maintaining the highest standards of integrity and transparency. By the end of the fiscal year, 99.6% of our employees had completed training on our responsible business code of conduct. Second, we focus on promoting inclusion within our organization. In terms of diversity goals, we are well on track to reach our objective of 42% of women in leadership positions in fiscal 2026, with already 39.9% reached in fiscal 2024. Further, we are constantly looking for new innovative ways to support our local communities, notably by enhancing the visibility of our small and medium-sized merchants. We aim to reach EUR 8 billion in business volume for our SME merchants by fiscal 2026, with EUR 6.2 billion achieved in fiscal 2024. Finally, in terms of our environmental goals, we are on a solid track towards our net zero trajectory by 2035. In fiscal 2024, we have successfully reduced our Scope 1 and 2 carbon emissions by - 11% compared to the previous year and by an impressive - 50%, 5-0, compared to our fiscal 2017 baseline. And with that, I will hand over to Stéphane to deep dive on our financial performance. Thank you, Aurélien. Good morning, everyone. It is my pleasure to be with you today to present our full-year result for fiscal 2024, starting with the business volumes issued on page 33. Over fiscal 2024, our business volume issued, as a reminder, we call it BVI, reached EUR 24 billion, with employee benefits BVI up 11.5%, increasing to EUR 18.1 billion compared to EUR 16.6 billion in fiscal 2023. Growth in employee benefits BVI has been fueled by strong commercial dynamics across all regions in both new client acquisition and additional volume generated on our current client portfolio, as Aurélien explained. I will come back on these specific drivers in more detail in the following slide. The organic growth trends were also consistent on a quarter-to-quarter basis, exceeding 10% every quarter in fiscal 2024. BVI from other products and services stands at EUR 5.8 billion in fiscal 2024, reflecting mostly the discontinuation of a public benefit contract in Chile, as well as a high comparison base in continental Europe due to large public benefit contracts issued in fiscal 2023. This strong growth in BVI has been fueled by both our existing portfolio expansion and new client gains as introduced on page 24. Focusing here specifically on employee benefits, there are two drivers behind the + 11.5% BVI organic growth that we posted in 2024. About one-third of the EUR 1.5 billion increase in employee benefits BVI came from the net retention of our existing portfolio of clients, reflecting improved client retention, further substantial increases in average fair value, and growing volumes coming from our cross-selling strategy. Then, the other two-thirds of the increase came from new client gain corresponding to last year and current year development impact. It reflects both the performance of our powerful commercial engine and the relevance of our sales and digital marketing strategy in an underpenetrated market. We expect these strong commercial growth dynamics to continue going forward into fiscal 25, fueled by accelerating development and cross-selling, as well as ongoing significant contribution from upward trends in face values. Such growth in employee benefits BVI translated, of course, into strong revenue growth in all regions on slide number 25. Total revenues reached EUR 1,210 million in fiscal 24, which represents a + 18.6% organic growth, well above both the low double-digit objective announced at the Capital Markets Day and the revised guidance released in July. All regions delivered above low double-digit growth over the year, reflecting the positive business dynamics across countries all through fiscal 2024. Focusing on Q4, the strong performance delivered in Western Europe countries such as Belgium and France has allowed us to compensate for the high comparison base effect persisting in Central and Eastern Europe. As such, Continental Europe presented an improved growth profile with organic total revenue growth up +10.3% over 2023, including +12.1% in Q4. In Latin America, as already anticipated and explained, the Q4 revenue organic growth is not representative of the strong underlying business trends in this region. This is due to, first, some well-flagged high comparison base effects fueled by the change in regulation in Brazil, which occurred in May 2023, and second, the discontinuation of a public benefit contract in Chile that weighed on organic growth in LATAM in the fourth quarter. These effects will progressively fade in the course of H1 2025, during which we expect LATAM to regain its double-digit growth trajectory. In the rest of the world, organic revenue growth reached +21.8% in Q4. The positive business dynamics translated into solid double-digit organic growth in most of the countries, especially in Turkey and India, while the U.K. and the U.S. underwent the rationalization of their portfolio to focus on pure digital employee engagement offering. The strong momentum on total revenue was spread over both operating and float revenues on slide number 26. The +18.6% organic growth outperformance has been driven by a strong trend in operating revenue growing at +13.3% over 2024, of which +8.1% in Q4, reflecting fully the non-recurring impact mentioned in Latin America. Growth in total revenues in fiscal 2024 also resulted from the strong increase in float revenue, growing up 69% organically and reaching EUR 155 million reported. In Q4, float revenue increased by 30.3%, up to EUR 40 million. Let's now deep dive further on these two revenue streams, operating revenue and then float revenue, looking first at the operating revenue momentum by lines of service on slide 27. The breakdown of operating revenue organic growth shows remarkable employee benefits growth of 16.7% for the full year, with the EB operating revenue reaching EUR 892 million at the end of fiscal 2024, including 12.1% organic growth in Q4. It has been sustained both by double-digit growth in employee benefits BVI and by a 22 basis points increase in our average take-up rate in fiscal 2024. Such improvements in the take-up rate came from a strong commercial focus and from the progressive handover of negative client commission in Brazil since May 2023. Revenue generated by other products and services reached EUR 163 million in fiscal 2024 compared to EUR 167 million in fiscal 2023. As mentioned previously, it was impacted by, first, the public benefit activity, including the discontinuation of a public contract in Chile and some high comparison base effects in continental Europe, and second, the ongoing portfolio rationalization in the U.K. and the U.S. Except in Chile, where the tendering process has just been relaunched to be awarded in the beginning of next calendar year, all other significant public benefit contracts have been successfully renewed, paving the way for a return to growth of the other products and services line of activity in fiscal 2025. Then, on float revenue, the momentum has been even stronger, as disclosed on page 28. The remarkable growth in float revenue was powered by its two drivers, namely the float baseline, the balance sheet, and the increase in average investment yield. As of August 2024, the balance sheet float baseline amounted to EUR 2.8 billion, representing a CAGR of +9% over the past two years, notably fueled by a steady increase in BVI combined with the strength of our prepaid business model. Further, the average yield increased to 5.7% in fiscal 2024 compared to 5.3% over fiscal 2023, boosted by interest rates maintained at a high level overall and by efficient cash management policy. Overall, float revenue reached EUR 155 million in fiscal 2024, of which EUR 40 million in Q4. The strong revenue growth on both operating and float revenue has translated into profitability improvement on page 29. Recurring EBITDA reached EUR 430 million in fiscal 2024, representing a + 24.8% organic growth and a +EUR 67 million upside versus fiscal 2023. On a reported basis, recurring EBITDA margins stood at 35.6%. This corresponds to 36.4% on an organic basis, excluding the scope effect related to the acquisition in Brazil of the Santander employee benefit activity. It represents a +183 basis point improvement, significantly above our initial, at least stable at 34.5% objectives, and achieving in only one year more than 70% of our three-year objective of + 250 basis point improvement. This strong performance was partly driven by the strong growth in float revenue, as well as by the operating leverage embedded in our business model and our drive for efficiency gains, leveraging our global organization and our continuous efforts to further digitalize our business. Conversely, due to the carve-out, the group has supported a new standalone cost of circa EUR 20 million. We managed to offset a significant portion of the additional cost during the year with our recurring operating EBITDA margin, I mean here excluding float revenue, returning to increase in H2. All in all, I am proud to say that we are ahead of our plan in terms of profitability improvement, which will drive up our financial objectives for the years to come. Going below the EBITDA line, I would like to focus on other income and expenses on page 30. In fiscal 2024, other operating income and expenses reached -EUR 92 million versus -EUR 150 million in fiscal 2023 when we booked the provision of EUR 127 million related to the ongoing litigation with the French Competition Authority. Excluding the capital gain on disposal disclosed bottom right, other operating expenses reached EUR 98 million in 2024, including mainly EUR 62 million of one-off expenses related to the spin-off and rebranding cost in line with initial objectives, EUR 16 million in connection with the write-off of digital assets related to the Zeta platform that has now been refocused on only two countries, EUR 8 million of restructuring and rationalization cost, and EUR 7 million of business combinations related cost. All these costs should normalize to something close to EUR 25 million in fiscal 2025, excluding M&A cost, but still including the residual cost associated with IT carve-out finalization. With this detailed OIE, we can now give a look at the full income statement on page 31. Net profit, first line at the bottom highlighted in dark blue, reached EUR 139 million in fiscal 2024, up 67% compared to fiscal 2023 that was impacted by the antitrust fine provision in France. Financial results reached -EUR 20 million in 2024 compared to +EUR 28 million in 2023. This evolution can be rationalized as follows. First, the net borrowing cost made of gross borrowing cost less interest income generated from the group's non-float related cash position, so this net borrowing cost increased by EUR 35 million in 2024 versus 2023 as a consequence of the funding of the new capital structure in relation with the spin-off. In addition, the financial result was also impacted by the hyperinflation charge in relation to Turkey and by a few net foreign exchange losses related to other currencies. Given the current capital structure and interest rates environment, we expect the financial result to remain globally stable in fiscal 2025. Income tax amounted to -EUR 91 million in fiscal 2024, implying an effective tax rate of 39.5%. Such effective tax rate in 2024 reflects the temporary high level of other operating expenses and the ramp-up of the Pluxee tax planning. Going forward, we expect the effective tax rate to progressively normalize at 31% in fiscal 2025 and then around 30%. Finally, we have introduced at the bottom of our P&L an adjusted net profit that reached EUR 203 million in 2024, slightly below 2023 because of the new capital structure of the group. These metrics consist of net profit attributable to equity holders of the parent restated for the impact of other operating income and expenses net of the related income tax and non-controlling interest. As mentioned earlier by Aurélien, it will serve as the basis for our distribution policy going forward. After the full P&L, let's move to how our strong EBITDA converted into high cash flow on slide number 32. Over fiscal 2024, we delivered a recurring free cash flow of EUR 379 million, a significant upside compared to EUR 289 million generated in fiscal 2023, excluding the impact of the evolution to prepaid model in Brazil. Turning to line-by-line items, CapEx were stable at EUR 116 million, representing 9.6% of total revenue, slightly better than our 10% target. It reflects our continued investment in technology and data, including the ongoing shift towards more tech OpEx investment alongside with our move towards cloud migration and IT service management. Change in working capital, excluding restricted cash variation, represented a positive contribution of EUR 168 million, reflecting the strong BVI growth and the related float upside in the balance sheet. Income tax paid increased slightly to EUR 100 million as a consequence of the higher effective tax rates for the time being. All this has resulted in a strong cash conversion rate of 88%, largely above the three-year average target of 70% and ++ 8 points of percentage above fiscal 2023 levels when adjusted for the change in regulation in Brazil. This strong cash generation has directly contributed to the strong improvement of our net cash position as of August 2024 on page 33. The group net financial cash position stands at EUR 1,054 million as of 2024 end, up + 23% year on year, mostly as a result of the very strong free cash flow, largely mitigating foreign exchange headwinds on cash balances. How is this bridge built on the chart? Starting with the EUR 379 million of recurring free cash flow already known, other operating income and expenses represented a cash outflow of EUR 67 million comparing to the EUR 92 million cost in the P&L, which also included EUR 16 million of non-cash asset write-off. Acquisition and disposal are contributing +EUR 131 million, including for half of it, the disposal of our minority stake in ePassi, and for the other half, the net cash contributed by the acquisition of Santander's employee benefit activity in Brazil. Net currency translation effect had a -EUR 190 million impact on cash position, mainly linked to float-related cash balances, excluding restricted cash, which is not taken into account in the net financial cash position. And finally, other items of -EUR 59 million included mainly -EUR 26 million resulting from new IFRS 16 lease liabilities and -EUR 30 million of the treasury share purchase that we completed to cover LTI plans. As a result, our capital structure and financial profile are even stronger as of end of fiscal 2024, as depicted on page 34. As of end of August 2024, the group continues to rely on a very strong balance sheet position illustrated by our current BBB+ investment grade rating and stable outlook from S&P. The net cash position of EUR 1.054 million was composed of more than EUR 2.2 billion of cash after excluding EUR 973 million of float-related restricted cash, net of circa EUR 1.2 billion of gross debt made mainly of the two bond tranches issued in early March 2024 for EUR 550 million each and EUR 62 million lease liabilities. Worth being noted as well that the mix of cash and cash equivalent versus current financial assets was rebalanced in favor of the latter through 2024 and for approximately EUR 300 million, with the objective to extend the average maturity of our cash investment in order to optimize yield in the longer term. In the end, the improvement in our net cash position and the success of our bond issuance make the group financial profile even stronger. Shifting now to our capital allocation policy on slide number 35. As disclosed at the Capital Markets Day, we have a clear framework for capital allocation based on three priorities. First, we already talked about CapEx. We are on track with our objective of investing around 10% of our total revenue per year, supporting organic growth and development, further enhancing our tech platform and digital capacities. Second, we are focused on delivering targeted and well-executed M&A. Aurélien already commented on the deployment of our partnership with Santander and the acquisition of Cobee. This will continue to be a core growth engine. Last but not least, on shareholder return, we will propose at our general assembly a EUR 0.35 dividend per share calculated on a 25% payout ratio based on the adjusted net profit. This shift in our shareholder remuneration policy will drive a significant increase in the total amount of dividend to be distributed to our shareholders. It is fully consistent with our Capital Markets Day commitment of continuously adapting our shareholder return framework. It also allows us to align our dividend policy more closely with the operational performance of the business. And going forward, we will, of course, continue to look at the available range of options to enhance our framework for shareholder returns subject to the unfolding of our M&A strategy. Building on this excellent fiscal 2024 performance and on our robust strategic plan, we are pleased to upgrade our financial objective for the next two years as disclosed on slide 37. Wrapping up on our guidance for fiscal 2025 and 2026, we are upgrading all our financial objectives, which is a strong signal of confidence in our business model as well as in our commercial and operational momentum. Aurélien already shared the highlights. We confirm the low double-digit organic revenue growth per year and on a higher fiscal 2024 basis that will be more driven by LATAM and rest of the world rather than continental Europe in light of the macro environment in this region. We are committed to deliver + 75 basis points expansion in our recurring EBITDA margin in each of fiscal 2025 and 2026, meaning we are on our way to deliver one year ahead of plan the initial three-year target of + 250 basis points organic increase in margin. Last but not least, we increased our recurring cash conversion objective to above 75%. And anticipating your potential questions, let me also share with you a few observations. Firstly, this revised objective reflects the possible implementation of a 5% cap on merchant commission in Italian meal voucher benefits for the private sector from fiscal 2025. Any such cap would also lead us to rebalance our commission structure and to adapt our model to this new market reality as we have done over the years in many instances, bearing in mind all the value we bring to all our local stakeholders in each of our markets. Secondly, our total revenue organic growth objective comprises a slight organic increase in float revenue, which is balancing out two opposite effects. The increase in the float baseline should more than offset the headwinds related to the expected decreasing interest rates as evidenced by forward curves, bearing in mind that in some countries, interest rates may also increase. Thirdly, our organic revenue growth objective includes the incremental growth contribution of the strong synergies expected from the integration of Cobee in Spain and the partnership with Santander in Brazil. Worth noting that in fiscal 2025, the business synergies we expect to generate through this partnership won't fully offset the minority interest granted to Santander as part of the deal, turning to be neutral as early as fiscal 2026 and then accretive. Lastly, the increase in recurring EBITDA margin will be primarily driven by the expansion of our operating EBITDA margin, that is to say, excluding float revenue. This will reflect our operating leverage, improved efficiency, and the fact that the new standalone cost and some one-off observed in 2024 will no longer play out in a material way. With this observation made, I am adding back to Aurélien for the conclusion. Thank you, Stéphane. Obviously, it was a pivotal year for Pluxee, marked by significant achievements. I want to first thank our employees and all our stakeholders for taking part in this success. And I also would like to thank all of you, the financial community, for your interest and your support in this journey as a public company, as we are building step by step our track record on the market. I would like to convey three main messages in conclusion. First, we exceeded all our business and financial objectives in fiscal 2024. Second, let me share some perspective on the environment and how we think about the past four months. We are monitoring very closely the evolutions within our industry as well as the macro outlook, and we have a proven track record of seizing opportunities and adapting to change. That being said, we continue to be strong believers in the structural growth trends driving our sector, in the strength of our highly scalable business model, and in Pluxee's potential as a standalone company, both in terms of organic growth, operating efficiency, and cash flow generation. We are just at the beginning of our journey. And third, this makes us confident in revising up our guidance and share with you these new ambitious financial objectives for fiscal 2025 and 2026. We will remain laser-focused on execution, and we look forward to keeping you updated on our progress in the quarters ahead. And with that, Stéphane and I are now available to address your questions. This is the conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one under touch-tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. In the interest of time, we ask that you please limit yourself to two questions per caller. The first question is from Ed Young, Morgan Stanley. Please go ahead. Good morning. My first question is on capital allocation. You've been pretty clear in terms of how you see the priorities, and you've also said you'll continue to review and evolve it. You didn't talk at all about the potential for capital returns through a buyback. Is it possible, do you think, to generate stronger returns from M&A than buying back your stock at these valuations? And is there a level you consider doing it, or should we just assume for the political context or other reasons this just isn't in your toolbox? And then the second question was, operating EBITDA margins fell 170 basis points this year. Can you just talk about what's shifting to next year to help you deliver your overall 75 basis points growth in recurring EBITDA margins? Thank you. Okay. Thanks for your question. Stéphane, do you want to take the one regarding the capital allocation first? Regarding the capital allocation, we have a clear framework, and I'm not going to repeat it, but CapEx, M&A, and the shareholder return, we have been listed for nine months. We have said clearly that we will be adapting this policy going forward depending on the unfolding of our M&A strategy. And just after nine months, this is too early to revise things differently. But well noted your question, a question that we have had from many investors. We are fully committed to deliver strong value creation based on this current capital allocation policy, then regarding the decrease of the operating EBITDA margin of 130 basis points in the full year, I can remind you that at the end of H1, we were behind the previous year by something close to 300 basis points, and at this time, we made it clear that this was related to three different effects. First of all, a little bit more bad debts related to Latin America, which were recorded through the H1, then some kind of double cost for us because we were still supporting the Sodexo management fee for the first five months of the fiscal year, while at the same time, we were ramping up on our standalone structure, and there were some other one-offs. This 300 basis points deterioration of operating EBITDA margin in the first half of the year, if you spread it over the full year, it corresponds to 150 basis points. In the end, we deliver only 130 basis points deterioration, which is a clear demonstration that we have started to deliver operational leverage in the second half. In the second half of the year, we have improved by 25 basis points, our operating EBITDA margin, thanks to operational leverage, while absorbing the standalone cost, which represents approximately EUR 20 million additional cost in the full year, which is another absorption of 170 basis points. Thank you. T he next question is from Praveen Gupta, Barclays. Please go ahead. Good morning. Thanks for taking my questions and congratulations on the FY results. My two questions first is on regulations. I realize Italy is small for Pluxee, but do you think that other countries will follow similar regulation or fee caps if Italy puts it through? And then how do you think it will stand in court, especially given the EU payment laws on three-party payment systems or closed-loop payment systems? And then do you have any update on the new regulation framework in France as well on the back of that? And secondly, on the organic growth guidance for next year and FY 2026. So Q4 exit rate is Q4 organic growth in operating is around 8%. It's software, especially in LATAM. Can you please elaborate on the different buckets of double-digit organic growth expectations for next two years, given we are likely to see benefit fading and then Chile contract will be a drag in H1 for you? And then you will be also lapping the hyperinflation benefit in Turkey. So what drives your confidence and what are the different bu ckets of double-digit organic growth? Thanks. Thanks, Praveen, for your quite comprehensive questions. So we'll start with one regarding the regulation and with Italy. So indeed, our meal voucher business in Italy represents less than 3% of our financial aggregate. But still, it's fair to say that the meal benefits market in Italy is very atypical because there are very high merchant commissions due to very high discounts historically requested by clients and starting with public sector. But again, I mean, this is very atypical, and we don't see a similar situation in other countries, neither in Europe or the rest of the world. So talking about France, so you probably know that now with the new government, we have a new minister, a new secretary of state for consumer affairs, who is supervising the meal benefit system. So what was officially announced so far is that they're going to work, I mean, the government is going to work on the extension of the extended usage of the meal benefit in order to buy any kind of food items. So it might be for one year or more. I mean, they might try to make it more in a more sustainable manner. We don't know yet. And regarding the project, I mean, the law related to the modernization of the meal benefit, we expect that the discussion will resume beginning of 2025, with the main target being still the full digitization of the system by 2026. Regarding this, I'd like to highlight that we've not been waiting to get, I mean, this modernization law to be voted. I mean, we keep on pushing for the digitization of our clients' portfolio, and we are ahead of the market average. Regarding your question on sharing a bit of more color on organic growth, so we are committed to deliver a double-digit organic growth, low double-digit organic growth in the coming years, and we are confident to be able to do this. However, this is true that when you look at it on a quarter-to-quarter basis, sometimes we might face some headwinds or high comparison base. This is, for example, what happened in Q3 for Continental Europe. In Q4 in Continental Europe, we are back to low double-digit organic growth. This is also what happened in Q4 this time for Latin America, again, for two specific effects that we are sharing clearly: the loss of one contract, one major public benefit contract in Chile, as well as a high comparison basis in Brazil with a change in law. But we are confident to come back to low double-digit organic growth in the beginning of next year. However, I also made it clear that this organic growth in the next year is going to be more driven by Latin America and the Rest of the World than Continental Europe, where the macroeconomic environment is not as good as in other countries in the world. And then your last question regarding Turkey, we'll see what's going to happen with Turkey going forward. But with respect to your question about the contribution of this high-inflation country to the organic growth in 2024, I can tell you that without this push from Turkey, we would have delivered low double-digit organic growth, of course. Thank you very much. That's really helpful. The next question is from André Juillard, Deutsche Bank. Please go ahead. Good morning. Congratulations for these strong results and attractive guidance. A few questions, if I may. Could you give us an update on the antitrust fine in France, where you are, and what are your expectations in terms of procedure? In terms of regulation, your Italian exposure is pretty low, but at this stage, do you have any visibility or any color on potential other regulations which could take place? And last question on France. Could you give us some more color about the market share you have and the way things are evolving between the four historical players, three or four historical players in France? Thank you. Thank you, André, for your questions. Maybe I will start with France. So I mean, I will not disclose market share as such, but you know that Pluxee has been a strong player with a quite comprehensive range of employee benefits, with the meal benefits, but also, I mean, with the best offer in the gift market and being strong in mobility and in the Titre Emploi Service, the CESU. And we are pleased to deliver a strong performance in France for fiscal year 2024 with a 17% organic revenue growth, so meaning that we've been strengthening our position on the French market. Regarding the regulation in Italy, I don't know which other regulation you're mentioning in Italy that could take place. Not in Italy, but in other countries, do you see this kind of regulation evolution which could take place in some other countries? Do you have any visibility? Look, André, I mean, as I was mentioning in the presentation, regulatory evolution are clearly, I mean, a normal part of our activity. So we've been seeing evolution of our regulatory frameworks over decades, and interestingly enough, this happens to take into consideration the new needs of stakeholders because those needs are evolving over time, and to give you an idea, a few examples of which kind of evolution happens in the past, we had the digitization in many countries, except France. So we are still waiting for the French government to, I mean, to push for the law, the cap indexation, the extension of the usage, the maximum limit of usage per day for the consumer, client discount ban in Brazil. So every time these evolutions are a way, finally, for the regulator to ensure the sustainability of the system and somehow increase the attractiveness and forcing for further penetration. So it has always a positive impact. And we see it being Pluxee as an opportunity because we are at the heart of this ecosystem, which is composed of the three main stakeholders, meaning, I mean, companies, employees, I mean, their employees, and the merchants, and including the public authorities as well. So what we've seen is that our success relies deeply on our ability not only to adapt to these changes, but to anticipate them. The way we are anticipating is that we are highly involved in all those discussions. Regarding the antitrust fine in France, there is no specific update. We shared with you last time. We are at the level of the Cour de Cassation. Now we are waiting for the decision to be announced. Of course, I mean, as soon as we have information, we will share it with the market. Thank you very much. Maybe just one follow-up on the payout ratio. Just a quick one. Your payout ratio remains at 25%, even if it's calculated on the adjusted net income now. Why wouldn't you think about a 50% payout ratio, which is the normalization level for most of the French companies being part of the main index? André, on this one, so we have this well-defined, clearly defined capital allocation policy. We are a new standalone company, and the priority for the time being to focus on this key lever for us, which is accelerating by seeding M&A opportunities. And so this allocation policy clearly reflects this priority. However, going forward, because we will also be very disciplined in the rollout of this M&A strategy, in case this was not to be consistent with what we have in mind, of course, we might adapt this allocation policy. But for the time, it is too early. And as you noticed it very clearly, because this was part of your question, we have already started with a preliminary move by improving this policy with this calculation of the 25 payout ratio based on the adjusted net profit and no more than just net profit. Very clear. Thank you very much. The next question is from Justin Forsythe, UBS. Please go ahead. Hello. How's it going? Thank you so much for taking the question. So I wanted to hit a couple if that's okay. First question is, I caught that stat that the voucher market penetration rate is now at 25%. Maybe you could talk about the actual growth rate of that relative to what your expectations were. And further, I guess, what gives you the confidence in the longer term that you're going to grow faster than the global food and meal market? I recall that growth rate being around 7%-9%. Maybe we've come in closer to the lower end of that. What gives you that confidence? And you mentioned a little bit earlier the Latin America and Rest of the World would be driving that faster growth. Maybe you could just talk in a little bit more detail what is happening in Latin America. Is that market-driven, or is that more idiosyncratic related to something that Pluxee is doing? And then the second question, I wanted to unpack a little bit more the operating EBITDA margin progression going forward because it seems like your float expectations are maybe coming in a little bit higher than expected. So is there something that's going to drive that operating EBITDA margin progression forward as well with relation to certain OpEx efficiencies that you're gaining across the different lines? Thank you. Justin, thank you for your question. Sorry because the line was not very, very good, but I see that we got the meaning of your two questions. So Stéphane, you might want to start with the question regarding the EBITDA progression? Yeah. And maybe the one on okay. And I'm on. And you might complement. On the EBITDA improvement, again, 2024 was not representative of what's going to happen going forward. In 2024, we were in this pivoting year, absorbing the new standalone cost structure, absorbing some specific effect through H1. So we delivered some improvement, better than initially expected. But this is true and fair to say that this EBITDA margin was also supported by the strong float revenue, the strong momentum on float revenue. Going forward, we don't expect to be able to rely on the float revenue with such a growth as the one we've been able to benefit from in 2024. But the standalone cost structure is in place, and we are going to be able to benefit on the full operational leverage that we expect from the scale first because, of course, within our cost base, there is a part of these costs which are fixed, and so we'll be able to leverage scale. But we'll also drive efficiency, as Aurélien explained and recalled. This is our sixth strategic initiative where we consider that we have a very strong potential. So we are very confident in our ability to deliver on this + 75 basis points improvement in 2025 and then 2026. Then regarding LATAM, yes, we don't have any specific Pluxee things. The growth we are expecting is going to be related by overall the global market trends with still highly underpenetrated market. Of course, on top of this, Pluxee is going to be able to benefit on the strong momentum it has delivered. This is maybe the Pluxee recipe, but there are no specific things to mention except that this strong achievement from our commercial team and all the team in Brazil that we have had in the last years, plus the new synergies that we will be able to deliver with our new partner in Brazil, with Santander. This is really a key partnership, and we consider that this is going to add some more organic growth going forward on top of what we have been able to deliver on a standalone base. The last question. Sorry, Justin. Maybe the last question regarding the evolution of the multi-benefit market and our trend both in terms of penetration and market growth. Yes, we do plan. I mean, we do aim, of course, at growing faster than the market growth, so I mean, the 7%-9%, and we are confident in our ability to deliver on this objective based on the three growth drivers that are, I mean, first, in terms of development, and we do have a very strong pipeline across regions. On top of this pipeline, the SME approach that we briefly talked about is currently delivering a strong performance, so we do have a high expectation in terms of the portion of SME in our future development. Still, there is the opportunity around the average sales value. I mean, it will continue to contribute significantly to our fiscal 2025 performance because even though the inflation has started to slow down, companies are still looking for some ways to give more purchasing power to their employees. And while looking for a way to optimize their cost, and it's even truer today than it was in the past. And finally, our multi-benefit strategy that has been programmatically implemented, but it's going to help us to boost our cross-selling moving forward. So I mean, this is why we are confident in our ability, again, to grow faster than the market growth, that we still expect to be between 7% - 9% year on year. That's really helpful. Thank you, Aurélien and Stéphane. Appreciate it. Thank you, Justin. The next question is from Hannes Leitner at Jefferies. Please go ahead. Thanks, Hege. Those are a couple of questions. Thanks for talking a little bit about your tech spend. You mentioned EUR 173 million sitting within OpEx and talking about cloud transition. Is this now a capitalization of R&D and internal-generated software, or what is feeding into this EUR 173 million? And then, just in terms of the take-up rate, it looked like you had general operating revenues outpacing BVI growth. Maybe you can double down here. What measurements did you take here? So that's the two questions on my side. Sorry. Thanks for your question. Stéphane, do you want to start with the take-up rate evolution and? Okay. So the take-up rate improvement is related to two things. First of all, the strong commercial push of our commercial forces. And then we had a little bit of tailwind with the change in the regulation in Brazil as well. And regarding the commercial push, what I can tell you to provide you with more color on this, so we have on one side the BVI growth, and on the other side, this is the volume effect, the price effect. This improvement in the take-up rate is more related to some push on the client commission than anything else. This is really on this front that we are improving the take-up rate. Regarding the slight switch from CapEx to OpEx in terms of R&D, this is not about capitalization of R&D. This is related to the compliance with accounting standards for all the investment, the tech investment, which include the relying on our side on some software provided by our external suppliers and which are more and more on the SaaS mode in accordance with accounting standards. You can't capitalize any cost of subscription. Here, we are not talking about coding or development costs because we are relying on SaaS systems. So we are talking more about specifications for Pluxee, and all these costs are expensed as incurred and are incurred in the income statement with no possibility to capitalize them, even though they are an investment for the future. Maybe to complement regarding the take-up rates, we also had, of course, and it's going to be an ongoing effort to keep on investing in cybersecurity. And we have to build up, I mean, right at the moment of separation with Sodexo, our SOC, so our operations center for cybersecurity. And today, we have more than 55+ cybersecurity experts. So it's also somehow contributing to this total take-up rate. And if I may add something as well, this small shift from CapEx to OpEx is going to weigh on our operating EBITDA margin. However, we will absorb it, of course, because this is just a way to illustrate that we are truly going to deliver significant improvement in the operating EBITDA margin, even absorbing this kind of effect, which is going to weigh on the EBITDA margin going forward. Thanks for that, and just a quick follow-up on Italy. You mentioned it's 3% on financials. That sounds like the bottom line. Maybe you can talk about how much it is contributing in terms of operating revenues, and then just lastly here, what is the average take-up rate in Italy? Is it above or below the group average pre the expected headwinds? Okay, so we don't communicate specifically on take-up rate by countries, so we can't share this with you. Then regarding the impact, Aurélien made it clear that on all our key metrics, the contribution of the multi-benefit business in Italy is less than 3% of the group metrics. And we don't anticipate any significant impact from this potential change. This is still potential. And whatever is going to happen, as Aurélien explained in the previous question, it's going to be our duty to adapt to accompany these kinds of changes. And so we expect in the end, the final impact to be minimal, and we don't change the guidance further to this potential change. Thank you. The next question is from Pavan Daswani, Citi. Please go ahead. G ood morning. Thanks for taking my questions. I've got a couple if I may. Firstly, just following up on the prior question on take-up rates, I appreciate the color on the drivers. Can you also give us some color on the 2025 and 2026 growth guidance in terms of issued volumes versus take-up rates? Do you expect take-up rates to continue to be a big driver going forward? And then secondly, I appreciate the 2025 and 2026 guidance assumes a slight growth in float revenue. Do you also expect operating organic growth to be low double digits in 2025 and 2026? Stéphane, you want to take a question from Pavan? So, regarding the take-up rate, we don't expect any significant change in the take-up rate going forward. So, our growth is going to be fully driven by volumes rather than changes in the take-up rate going forward. So, this is how we see it. So, there might be some slight moves, but no, it's nothing significant that we have on the radar yet. And regarding the low double digit, float revenue is going to contribute a slight increase, so meaning that it's going to be diluted to the global organic growth. So in the end, yes, we will, of course, because we are committed to deliver a low double digit organic growth on total revenue. When I say that float revenue is going to deliver slight growth, slight increase, this means that operating revenue is going to do even better. But overall, operating revenue will grow low double digit in 2025 and 2026. This is our commitment. This is our objective. Thank you. And the last question is from Estelle Weingrod, JP Morgan. Please go ahead. Hi, good morning. Thanks for taking my questions. I've got three quick ones. I mean, the first one on the float, you mentioned in the release, optimization of the group's investments compensating for the expected evolution in interest rates. Could you just comment on this, what has been implemented more precisely? I've also got one question on that discontinuation of the contract in Chile. What's the latest update on this? I mean, I've heard that it was possible that perhaps you get some part of that contract back. Just want to understand a bit better where we stand, and the last one on operating organic growth, so you confirmed just now low double digit for that. You also mentioned driven by LATAM and rest of the world. I just wanted to ask if you see scope for continental Europe to grow low double digit as well in the next two years or more? Should we think more of a sort of mid-single digit to high single digit territory? Thank you. Thank you for your question. Maybe I would start with the Junaeb contract, the discontinuation of the Junaeb contract. So to give you maybe more detailed information. So it is a very large public benefits program for students in Chile. And it's a contract that was initially allocated to multiple players, and Pluxee for many years was partly managing it. And this year, during the tendering process, we were disqualified for unfounded reasons. So that's why we challenged that decision, and we put a claim. And based on this procedure, I mean, the decision was made to invalidate the process. So now we are waiting. The tendering process for the 2025 school year is currently ongoing. It was launched a couple of weeks ago. So I mean, this contract, the discontinuation of this contract will impact us till the end of December. And again, this is part of our projection. Regarding the float, Stéphane? Yeah. So So regarding the float, so first of all, I would like to say further to the previous question that we only guide on total revenue. So we are happy to share with you some color and to explain that we are confident we will be able to deliver a slight increase on the, sorry, slight organic growth on float revenue. However, that will depend on how interest rates will change over time. So this is currently based on our view from the Bloomberg consensus or the forward curves that interest rates are going to evolve as currently viewed by the market in the coming year. Interest rates should decrease. When we look at the global basket of currency with which we operate to something close to 20-40 basis points overall in the coming year in average, but with some countries with higher decreases and other countries where interest rates might increase a little bit. Then in order to offset this trend in the interest rates, we have two ways to offset this. First of all, we will, of course, rely on the strong improvement of the baseline, the balance sheet, because we're going to deliver organic growth on the business volume, which will improve the baseline, the balance sheet. Of course, we have this cash management policy, cash management, strong focus, which relies on we have started to extend a little bit the maturity of our investment of cash all along 2024 in order to, and this is the reason why we have this shift in the balance sheet with EUR 300 million moving from cash and cash equivalent to current financial assets as this is the same cash that is invested but on a longer term. And so this is based on this push from the strong business volume issued and then the management of our interest rates internally in terms of increasing the maturity of our investment, something that we have done in 2024 that we are confident to be able to deliver a slight increase in float revenue in 2025. Regarding your question for more color on the region, again, we don't guide on the region. What we told you is that we have seen in the past, and this is going to happen again in the future, that on a quarter-to-quarter basis, there might be some swings in the low double-digit organic growth, but that will not prevent us from delivering for the full year low double-digit organic growth. This is the same thing. We have the quarter-to-quarter, and this is the same thing for our geographic footprint. We are seeing Europe as being less dynamic than the two other regions. It's too early to share the details, but overall, this is true that Continental Europe might be lower than the two others. But we are not going to share with you some precise figure on this because we don't want to guide on region. Thank you very much. Thank you, Stéphane. And thanks, everyone, for your questions. So to wrap up, I'd like to emphasize the three main takeaways. So Pluxee, we are in a very strong and healthy position with 2024 results exceeding expectations. Pluxee is a unique employee benefits and engagement pure player leader at the forefront of tech and product innovation and well-positioned across all geographies. And last, we are very confident in our ability to deliver on our upgraded objectives for both fiscal 2025 and 2026. So with that, I would like to thank you for attending this call and speak to you soon. Bye-bye. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephone.