Good afternoon, ladies and gentlemen. Stanislas and myself, and everybody at SEB, we are delighted to welcome you today for this Capital Market Day dedicated to our ESG strategy. Stanislas and the teams are going to take you through our realizations and objectives, but before that, I want to share with you a couple of ideas that reflect not only on the journey that we have gone through, but also on the future we are building. One, today we're celebrating our legacy: 167 years of impact. It's not bad. Groupe SEB history is a testament to resilience and innovation, driven by a mission to improve the daily life of our consumers since 1857. Over generations, our products have touched millions of households worldwide, bringing to them convenience, joy, empowering them to live better from Europe and America to Asia and Africa. We have always remained true to our founding values while continuously adapting to the needs of a changing world. But if durability, repairability, are words which have become very popular today, they represent concepts which were already put in practice by our founder, Antoine Lescure, when, as a tinner in the middle of the 19th century, he was repairing culinary utensils around France. Repairability is indeed part of our DNA. And today, with 95% of our electrical products designed to be repairable, we champion circularity. Two, sustainability is at the core for decarbonizing for tomorrow. Groupe SEB has taken bold steps towards sustainability, reducing greenhouse gas emissions from logistics by 40% since 2013, and energy consumption in industrial sites by 30% since 2010. Our goal: carbon neutrality by 2050. Milestones like the recent installation of a biomass boiler in our factory in Pont-Évêque, by the way, the only iron factory in Europe, demonstrate our determination to improve dramatically our contribution to a better environment. In addition, we know that the most important factor of energy saving is by reducing the energy consumption of our products when utilized by the consumers. More efficient, smarter appliances, but also change of habits of the consumers themselves will be paramount in the future. Three, global impact with local roots. The environmental situation is not at all the same in all countries. This is why across regions, our initiatives are tailored to local needs and priorities: promoting healthy cooking in Latin America, supporting sustainability goals in China, advancing green logistics in Europe, and so on. We strongly believe that as the world leader of the small domestic equipment, but more importantly, the local leader in most of the countries in which we operate, we must set the tone and be at the avant-garde of our industry, and this is what we will continue to do. Progress is inclusive. We see our role as a company which contributes to uplift communities, ensuring that no one is left behind in the overall journey towards sustainability, like products dedicated to the specific needs of consumers because of their age or their physical or mental condition. Finally, we cannot envisage our future and our development without thinking about our place in society in all our communities. Helping people escape from exclusion is a cause in which all our companies around the world are involved, providing programs in four dimensions: education, employment, housing, or health. My fourth point is on innovation, which will definitely drive the future. You know that innovation has always been the engine of Groupe SEB's growth, inventing new products and solutions to answer the needs of the consumers, very often even before they have thought about them. These needs are changing: new trends in consumption, like fitness, age, health, but more and more needs coming from this desire of the consumers to contribute to a better world. Smart cooking appliances that reduce food waste, to air purifiers tackling urban pollution, products made of recycled materials, products that are purchased secondhand. This is an extraordinary chance for our industry, which will lead to tremendous opportunities. Innovation clearly will be the key factor, both in terms of technologies and in terms of marketing initiatives. Finally, a bold vision for progress. Our ambition extends beyond numbers. We aim to enrich lives, prove that sustainability and profitability coexist, and inspire trust in business as a force of good. Guided by the principle, "When we know better, we do better," we are committed to leading with integrity, purpose, and innovation. Together with our employees, partners, stakeholders, and you, our investors, we are shaping a future where innovation and sustainability go hand in hand. Groupe SEB remains an architect of progress, building a legacy that will make life better for generations to come. Thank you very much, and now I turn on to Stanislas. Thank you very much, Thierry, for these inspiring words and vision. Now, before we get on the meat of the day, what I suggest is we look at the video that embraces the key dimensions of our sustainability strategy. Video, please. All evolution is the result of time, of an intent, and of an environment. The result of time is also the aggregation of talents in a specific direction, like a strand that connects the past with the present and the present with the future, which compels us to take care of our environment and to preserve it for future generations. It is the thread of our history, our desire from the very beginning to respect our environment. For more than 165 years, our mission has been to facilitate healthy cooking, contribute to better living, goes with our desire to constantly respect those who are around us. Through our actions and innovations, Groupe SEB has always been a pioneer and a forerunner, reinventing design methods, creating products that can be easily dismantled and easily repaired, guaranteeing the durability of each appliance and the service we offer that enables a circular economy. We strive for a virtuous and engaged approach to consumption that answers consumers' needs and respects the planet and its people around the world. We strive to ensure that everyone can develop, be supported, and contribute to an even more sustainable world. This is the primary focus of our new ambition. At Groupe SEB, we are engaged with our employees on the 2024-2030 roadmap to act for the environment, to accelerate circular economy, and act for all. This genuine engagement permeates everything we do throughout the world. Our commitment is to act every day with passion for better living for our consumers, for the planet and its people. Allow me to welcome on stage the Comité de Direction Générale, Delphine Segura-Vaylet, in charge of human resources, Richard Eloy, in charge of industry, Cyril Buxtorf, in charge of products and innovation, Olivier Casanova, in charge of finance, and our Sustainable Development Director, Juliette Sicot-Crevet, who has been one of the architects of this day. Now, our chairman's message perfectly encapsulates what guides Groupe SEB: innovation, sustainability, and making life better for millions around the world. These elements form the bedrock of our ESG strategy and are central to everything we'll be discussing today. Now, we'll walk you through, together with the leadership team, our journey, our achievements, and our ambitious roadmap. And the starting point on everything is our mission. That's pretty simple. Our mission drives our ESG commitments, and our ESG commitments are totally embedded in our mission. Now, what is it? Back. Our mission is to make consumers' everyday lives easier and more enjoyable, and we want, by doing that, to contribute to better living all around the world. Two simple sentences, but the first one that I will comment on is it actually is focused on consumers, and consumers really adhere to that mission. Consumers crave and aspire to get more of our products, more of our innovative products, more sustainable products in our innovations. This is what makes our industry magic because we contribute to a better living for consumers, but it's also timeless. That mission was valid 100 years ago and will probably be valid in 50 or 100 years from now, and this mission drives and organizes our ESG strategy. When we say contribute to better living around the world, all around the world, that drives the need for more durable and more circular products and solutions. That drives for strong advice and strong input on healthy and homemade cooking. That drives for working on health and well-being in our employees, in our consumers, in all our stakeholders as a key dimension of their personal and collective development. This, of course, drives a lot of things on ethics, on diversity, on inclusion, and last, of course, due diligence and strong pressure or tensions on our supply chain to make our world a less carbon-intensive world. Now, before delving into the future, let's have a flashback on what happened in the long and rich history of Groupe SEB when it comes to sustainable development. Thierry mentioned it all started with Antoine Lescure back in 1857. He was repairing cooking utensils, and this is the DNA of the group. Since then, the group has always been at the forefront of the needs and of the expectations of sustainable development. I would say way and long before that became popular or something to look at or to take care of. We created our first sustainable development department back 20 years ago. We've had, in the last 20, 30 years, a lot of breakthrough milestones, initiatives. We've developed this repairability strategy. As an anecdote, the word repairabilité, which in French means repairability, was invented by Group SEB and became part of the French dictionary on our initiative. We've been promoters of using recycled materials in our products very early on, and we are quite advanced on that front. We've been developing refurbishment programs on the back of the repairability strategy. We are pushing and promoting the use of renewable energy as and when feasible and appropriate. In short, we give ourselves an ambition. We set ourselves high targets, and we don't hesitate to take bold actions and bold initiatives to execute those ambitions. Now, when we look at what's ahead of us, we have built our 2030 ESG ambition that will be developed by the team right now for a greater impact on all the items and all the matters I've talked about. But before looking at the near future, let's look at what we've done in the near past. We set ourselves back in 2018 bold ambitions for the five years, 2018- 2023. It was the first time that we had SBTi approved carbon emission reductions objectives. And when we look at the 2020 KPIs we set ourselves in 2018, we have an average achievement score of 119% at the end of 2023, with most of those 20 KPIs being at around or above 100%. So it's a great testimony of the fact that not only we set ourselves demanding ambitions back six years ago, but we've been able to beat them. And let me give you a few examples of those achievements. Sorry. It is about gender parity. Today, 43% of our employees are female and 42% of our managers are female. Could still do a bit better, but we're almost there. It is about reduction of lost time incidents. We set ourselves back in 2018 a target of below one. We reached 0.7 lost time injury or lost time incidents by a million of work hours in 2023, coming from 2.6. Very, very significant improvement. That's key for securing the health of our employees in our factories, in our stores, and in our headquarters. We set ourselves an ambition to increase substantially the use of recycled materials, and we've reached 48% in 2023 on this topic. We set ourselves very aggressive carbon emissions reductions on Scope 1 and 2, with a 40% reduction of carbon intensity that was achieved in 2023. Last, as a recognition, I didn't list all of them, but we know that our company's performance is ranked pretty high by quite a few of those rating agencies that follow and track our performance and our records on that front. Now, looking forward to the future, one of the things that will be apparent through that presentation is that for us, there is not a company strategy and an ESG strategy. The group has developed and shared with you a year ago in our capital market day, December 14th last year, a growth strategy. We are supporting that growth strategy with a very strong ESG roadmap. The ESG roadmap, the ESG strategy is part of the group growth strategy, and the group growth strategy depends on the ESG roadmap and strategy to be executed. Now, what is this strategy? It is about growth. It is about strengthening our leadership in the world of consumer goods. It is about becoming a reference player in professional. These both ventures or ambitions are sustained or supported by a strong push on innovations, a strong push on operational excellence. In fact, we embed the ESG strategy at every level on product design. We'll talk about eco-design, on supply chain management, of course. We reckon and we want to prove, and we know that sustainability can be synonymous to profitability. Sustainable development can be synonymous to profitable growth. Looking forward, it's going to be around increasing the use of recycled materials. It's going to be around increasing the use of renewable energies, increasing, developing, breaking through our circular economy models, all these with this double goal of meeting a very strong ESG ambition and at the same time being able to drive profitable growth for our business. Now, I will hand it over to Juliette Sicot-Crevet that will take us through the pillars of our ESG strategy. Thank you, Stanislas. To deliver greater impact and value creation at the same time, we have structured our new ESG ambition around four pillars. All four are embedded at the center of our business activities, and all of them do support our company mission. Acting responsibly and ethically in business is absolutely fundamental. It cascades into all our company policies, and it is the foundation of all ESG pillars. The Act for Nature pillar includes our commitment not only for climate, but for nature as well. Both are cornerstone, and we plan to increase our ambition. Acting as a leader in circular economy is the strongest levers of both impact and value creation for the group. On this pillar, we will pursue the efforts undertaken in many areas, and we will invest in new initiatives. Act for All is a must for our group. Not only do we want to do more for our employees, but also we want to engage and work with suppliers. We want to do more proactively and responsibly for our consumers and the communities. Over the coming years, you can count on us to collectively strive to deliver with excellence on these four pillars. This will contribute to maintain our brands and product attractiveness with retailers and consumers. This will also contribute to engage further our employees and make them proud, and this will obviously make us keep up building a very strong extra financial performance for the group alongside its financial one. Now, let's review our 2030 targets and action plans. We will start with Act for Nature. We'll follow with Circular Economy and Act for All. The group has been engaged in fighting global warming for many years already. I can quote that we have been CDP for several years in a row. I can also quote that we had our first commitment with SBTi back in 2018, and we did mobilize ourselves, and we did deliver on Scope 1 and 2, which Stanislas mentioned, where we achieved our decarbonation target by 2023. We have also, on Scope 3, improved the efficiency of our products thanks to technical solutions at design phase. Now, you have understood that we want to go further, and we want to accelerate our decarbonation. The vision that we have for 2050 is we want to be net zero, and we want to continue to reduce our impact on the environment. We will do that with more and more demanding targets on climate, water, and substances. Starting with our carbon ambition, let me remind you that the carbon footprint of our group is of 18 million tons of CO2 equivalent. As you can see, there are about 80.5% in what we call Scope 3, which are the indirect emissions, which is quite common for international consumer goods companies like us. In this Scope 3, the vast majority are into two categories. The first one is all the emissions linked to the purchasing of materials, accounting for about 31%. The second and by far largest chunk, representing 64%, is related to the use of the product that we sell and the energy consumed by the consumers. In the coming years, we will particularly intensify our efforts on these two categories. I'd like to mention that even though they do represent a small portion of the footprint, our Scope 1 and 2 emissions do represent an important priority for us because these are emissions that are in our control, and we think that this is our responsibility to continue to decarbonate them. Now, you have understood that we really want to step up our decarbonization trajectory. After our first commitment with SBTi, today, we are very happy to announce that we've just been approved by the SBTi with our trajectories near-term and long-term to be at net zero. And this is really a continued commitment to decarbonation of our emissions. On our way to net zero by 2050, we have set challenging, though we think realistically achievable targets for 2030. We want to continue to decarbonate the emissions coming from our production sites all over the world by 42% in absolute terms. For Scope 3, everything related to our product activities, purchasing of materials, logistics of our products, or product usage, we have set an objective of -25% to be achieved by 2030. This considers decarbonation adapted to different levels of maturities by country or by consumers over the world, which is impacting the pace of the decarbonation of Scope 3. I'll let now Richard Eloy drive you through how we are going to achieve those targets. Thank you, Juliette. To achieve our ambitious goal of 42% reduction in Scope 1 and 2 emissions, despite our anticipated growth, we have implemented a threefold strategy, deployed in the following order. First, a strong emphasis on energy sobriety, as the best energy is still the energy we do not consume. Second, a plan for modernization and electrification of our largest energy-consuming equipment. Third, an ambition to deploy renewable energy with a specific focus on our most carbon-intensive locations. I will now provide detailed examples of these plans. First, we aim to anchor energy efficiency into our process and sites. In this plan, we will leverage two strong assets of the group: our energy management system. All our sites are today ISO 50001 certified or follow equivalent standards for the smaller one. The second, the deployment of a digital monitoring tool developed internally. This tool monitors consumption at the equipment level and enables the development of a highly detailed action plan to save energy. In 2024, we have already achieved 20% energy saving within the last 24 months at the sites where we have deployed the tool. By 2027, we will roll out this tool, and we aim to cover more than 90% of our energy consumption with this tool by 2027. The second lever to decarbonize our processes is the progressive modernization of our largest energy-consuming equipment. For example, we have continuously replaced traditional injection molding machines with electrical equipment. Injection molding machines represent 50% of our small domestic appliances' operation energy consumption, and the latest generation machine can save up to 75% of emission depending on the model. In 2023 and in 2024, by replacing most of our Cajicá, Colombia facility equipment, we reduce our energy consumption by 30% despite increased production volumes. By 2027, at least 25% of our global equipment will be of the latest generation, further reducing our energy consumption. The final lever to decarbonize our operation is investing to replace carbonized energy by renewable energy. We already have seven sites equipped with solar panels all across the globe. It's in France, Italy, Colombia, and China. In October, we inaugurate two new biomass boilers in Pont-Évêque, France, which will reduce the site carbon footprint by 45%. In the coming year, we will continue to deploy renewable energy at new sites. We have an extensive pipeline of projects to install up to 300,000 sq m of solar panels by 2030, which will cover approximately 25% of the electricity needs of those sites. Regarding the reduction of our Scope 3 carbon emissions, which we aim to reduce, as Juliette said, by 25% by 2030, we will first focus on the upstream emissions from our purchased materials by activating two levers. Firstly, we will further increase the use of recycled raw materials, plastics, metal, packaging. We aim to boost this usage from an already pretty good 48% in 2023 to 60% by 2030. Using recycled materials can reduce the carbon footprint by up to 90% for the most carbon-intensive material, making it a powerful strategy for decarbonizing this segment. We will provide more detail about this initiative in our circular economy section. Secondly, we will engage our 500 most important suppliers in our ESG program, which we'll describe later in the presentation. But this program, I can already tell you, aims to help our suppliers decarbonize their own operations, targeting a reduction of 1.4 million tons of CO2 equivalent. Thank you, Richard. Good afternoon. We aim at increasing the energy efficiency of our products via three levels: technical innovation, smart solutions, guide and accompany consumers toward eco-design products, and toward more sustainable behaviors. We'll now address the first two of those levers, starting by technical innovations to lower the energy consumption of our products with no compromise on performance. Two examples here with Effitech Motors on vacuum cleaners, with up to 50% less energy and with fans with up to 65% less energy consumption, or new boiler isolation on professional coffee machines, reducing energy loss by 30%. Technical innovations that, even in some cases, improve the performance, and you have here the example of a toaster which has a faster heating system while saving 30% energy. The second lever is to propose smart solutions for sustainable ways of using our products. EcoMode on linen care, with 30%-45% less energy consumption. Temperature control on kettles to reach only the necessary temperature with 20% less energy consumption on average. Or just heat the water for one cup of tea thanks to the one-cup indicator to save 35% energy. Thank you, Stanislas. But Act for Nature is not only about carbon. It's also about water consumption reduction. Regarding water preservation, we pay special attention to our cookware site, which accounts for two-thirds of our water consumption. All our sites globally are ISO 14001 certified and are required to implement optimization measures. We have a proven track record and have developed best practices in this area. For example, in Rumilly, France, we reduced our water consumption by 35% over the past three years through process optimization mainly. In Selongey, we recently invested in a new washing tunnel, reducing their water consumption by 70%. Moving forward, we aim to achieve an additional 25% reduction in water consumption by 2030. We will do it through installing new washing tunnels, like in Selongey, but in Romania, Italy, in Canonsburg, in the USA, implementing a systematic closed-loop cooling system at a global level, and overall maximizing recycling opportunities at every step of the process. The last part of Act for Nature is management of substances. The last pillar is management of substances, sorry. It's our management of substances, particularly those referred to as substances of concern. Our goal is to achieve the highest standard for substances management, exceeding and anticipating regulatory requirements. We follow two important principles in this effort. First, we implement a rigorous process for substances that may pose a concern globally. We stay informed by monitoring the latest publications and opinions from leading international scientific and health agencies, such as FDA, ECHA, World Health Organization, or EFSA, as well as advanced regulations in the USA, Europe, and Asia, including Prop 65, REACH, or RoHS. Based on this thorough screening, we conduct systematic risk assessments for the identified substances. Second, when a risk is identified, we proactively take all necessary actions to reduce or eliminate the risk wherever it is possible, often well before regulations take place. As you can see from the example on the slide, we are committed to proactive risk management. Moving to the second pillar, Act as a leader in circular economy. You've heard from Thierry and Stanislas that durability is in our DNA, that we've been a pioneer in repairability, and you've just heard that we have close to 50% of recycled materials in our products. These are some evidence, out of many, that really prove our unsurpassed commitment towards circular economy. Our vision for the future is quite straightforward. Being a leader in our sector, we want to continue to lead the sector. We want to do more, and we will do it by investing in all three phases of the circular economy: to reduce impact, to reuse products, and to recycle them end of life. To do so, the primary pillar and levers remains the eco-design of our products based on life cycle analysis. What we want to do is to deliver more eco-design products with measured lowered impact without any compromise on their performance. Second, what we want to do is to invest to scale up our refurbishment business model. Our eco-design practice is at the center of our circular economy strategy. Our eco-design practice includes five drivers to develop products that last, reduce their impact, and enable reuse and recyclability: durability of our products with high-quality standards while ensuring repairability, recyclability of the products, recycled materials, eco-packaging, last, product energy efficiency that we have already addressed in the Act for Nature section. So the first lever, durability, thanks to both high-quality standards and repairability. Our products are designed to last. They are developed to last with robust design practice, which is applied. The critical scenario of use and the components with the risk of failure are identified, assessed, and addressed. The product development process includes numerous live tests, a high number of cycles that are repeated in our labs. For example, on Ingenio, our removable handle cookware range, the cycle opening-closing is tested 660,000 times. We prepare over six million cups of coffee to test our fully automatic coffee machine and kettles. Every year. Every year. And kettles are tested more than 10, almost 10,000 hours every year. On top of the tests realized in our labs, we run consumer panels to assess consumer experience and ensure high-quality standards. Groupe SEB has an historical commitment of ensuring repairability of its products. It demands to design products easily dismantlable, to make the spare parts available, and to make the repair possible at affordable prices. Over 90% of our electrical appliances can be repaired at fair price during 15 years, a clear hedge versus our competitors. This is made possible thanks to the 7.5 million units on 50,000 references that we keep in our stock, and thanks to our 6,200 repair centers worldwide. To ease access to repair, extended repair services are proposed with self-repair, repair corners in some of our stores, warranty extension, repair pack, and technical support. The durability made of high-quality standards and of 15 years repairability at fair price is recognized by our retailers. You have here the durability barometer of Fnac Darty. Our brands are acknowledged as number one on most of the categories, contributing to 70% of our sales in France. And you can see that when we are not number one, we are number two. On the right-hand side, you see the details of this barometer on the oil-less fryer category. Groupe SEB brands are capturing the three first positions on the podium with a durability index of Tefal at 191, twice higher than its first two followers, the player number four and the player number five. On professional business, reliability and repairability are part, of course, of the value proposition. Availability of the spare parts is guaranteed during eight years after the last manufacturing of a given range. Perfect coffee, 24/7, is ensured thanks to preventive maintenance and to a worldwide service network, including our own service technicians. Second driver, recyclability. Our products are easily recyclable by design, recyclable to 80% for cookware thanks to the endlessly recyclable aluminum, recyclable to 80% on small domestic equipment, a ratio that will be increased to 85% by 2030, with priority given to plastic and to metal, and recyclable to 90% for professional coffee makers. We support recycling. We support recycling with in-store recycling operations on cookware and on small domestic appliances, and we are actively engaged with eco-organizations in Europe. Next two drivers, recycled materials and eco-packaging. A key matter is aluminum. Aluminum accounts for 10% of our direct purchasing, but for 50% of the associated carbon emissions. This, when recycled aluminum, allows a saving of 90% of CO2 emissions. Already today, 40% of our aluminum is recycled aluminum. It is 50% in Rumilly, our largest cookware factory in France, and 30% in Supor in China, 30% now versus 10% in 2022. From 50% recycled aluminum today, we will reach 65% by 2030. Recycled plastic is our second priority. Recycled plastic allows 70% savings on CO2 emissions versus virgin plastic. We collaborate with suppliers to co-develop new recycled plastics. An internal tool allows, during our product development process, to identify the opportunities of substitution of virgin plastic at the design stage. You have here some examples of achievements: 37% of recycled plastic in this Cookeo, 52% on Evidence Eco full automatic coffee machine, and 70% for our Green Force vacuum cleaner. From 5% recycled plastic in 2023, we will reach 20% by 2030. Strong momentum on eco-packaging as well. Packaging is made of 90% recycled cardboard. 90% of our packaging is without expanded polystyrene. We will reach 95% by 2030. No virgin plastic bag in 100% of our products by 2030 is our commitment, half of the solution being to stop using plastic bags at all. We have already reached 47%. For the other half, when there is no way to avoid using plastic bags, we will be using only recycled plastic. We already addressed the product energy efficiency in the Act for Nature section. I mentioned earlier that eco-design is at the center of our circular economy strategy. Our product development process is addressing eco-design matters in an organic, systemic way. Part of our offer is eco-position, with every eco-parameter pushed to the maximum possible, and you have here two examples showing good sales performance of those eco-position products. Our Evidence Eco fully automatic coffee machine is ranked in the top 10 best sellers in Europe, and our Green Force vacuum cleaner ranges account for 21% of our canister sales. In short, our eco-design will reach by 2030 the following targets: maintain 15 years repairability on over 90% of our small domestic appliances, reach 85% recyclability for our small domestic appliances products versus 80% in 2023, raise the use of recycled materials from 48%- 60% in 2030, eco-packaging with 100% of our products without virgin plastic bags, last, product energy efficiency, contributing to Scope 3 decarbonization 2030 SBTi targets of minus 25% impact. Acting as a leader in circular economy includes as well to develop a business model on product refurbishment. We want to grow this business with three motivations. Buying second-hand products is a growing consumer trend in all industries. It allows us to recruit consumers to categories that those consumers would not consider if at full price. Last, of course, it does contribute to sustainable development ambition. Refurbishing operations are realized today in France, in Germany, in Spain. We want to scale this. An industrial operation will be opened next year in France. Sales of refurbished products should reach 3%-5% of our sales in the targeted West European countries by 2030. Let's wrap up on circular economy with a video now. For more than 165 years, we have been present in homes throughout the entire world and in the hearts of our consumers. Sensitive to social and environmental evolutions, we are engaged in reducing our impact on the planet. This is our commitment and our responsibility. As part of our DNA, we fully integrate sustainability requirements into our product design process for products that last, contribute to reduce our environmental impact, and enable reuse and recycling. Building on our industrial expertise, we pioneered product sustainability 20 years ago through our repairability policy, taking a strong commitment of 10 years repairability on our products, reinforced in 2021, becoming 15 years at fair price. We are also proud to have invented the word repairability, which was added to the French dictionary in 2018. With a growing network of repairers that we have trained and that we support, we can provide all spare parts for our products at the right price, establishing a genuine local bond. Today, repairability is recognized as a strong point of differentiation of Groupe SEB. Repairing products also means returning products to the market at affordable prices, thanks to structures of the social and solidarity economy. In its sector, it is a key element of circular economy and is highly valued by our customers who want durability. As we embark on our new 2024-2030 ESG roadmap, we'll keep acting towards even more repairability and effective repairs, and we will further leverage our eco-design approach as a whole for products that last longer and have a reduced impact on the planet. Let's talk about Act for All. Social responsibility is deeply rooted in the group values and culture. That's why we want to act for all alongside the entire value chain. Act for All means that we want to be a company that is inclusive for all, a company that cares for its employees, develops them so that they feel well, can grow, and can be proud of the company they work for. We also want to act responsibly all along our value chain. We are going to lead you through our objectives and action plans on how we engage with suppliers, how we accompany consumers in the sustainable transition, what we do to do more with employees, and how the group and its employees do support communities. Our Act for All supplier initiatives ensure that all our suppliers meet our high standards in responsible sourcing. This includes sustainability, ethical practices, and regulatory compliance. We focus also on our top 500 suppliers through a strategic plan that maximizes the impact of our policies and accompanies us on our own decarbonization objectives. By setting these rigorous standards, we ensure that our supply chain respects both the environment and the community involved. The Purchasing Charter, last updated in 2024 and available on our website, aims to set high standards for responsible sourcing. It includes commitments on environmental and social aspects, as well as pledges to avoid controversial sourcing and conflict materials. Suppliers are also required to engage their tier two and tier three suppliers with the same principles. Currently, more than 80% of our direct and finished goods suppliers have signed the charter, and we aim for full coverage by 2030. To ensure proper enforcement of this charter, we systematically screen all our suppliers, both direct and indirect, and conduct targeted audits based on identified risks. For anti-corruption, for example, and compliance aspects, we perform systematic assessments based on external standards such as Moody's Compliance Catalyst for all suppliers identified as medium or high risk. For social and environmental aspects, we employ an external audit company to physically audit 100% of our identified high-risk tier one suppliers, which audits occur at least once every four years. Our suppliers and partners are also part of our ESG roadmap. We are launching a new program aimed at engaging 500 of our top suppliers, which together represent approximately 80% of our carbon footprint. With these suppliers, we are defining specific roadmaps to further align our social and environmental standards and to monitor their engagement with their own suppliers. We are also developing clear roadmaps with them for their decarbonization trajectories. They are strongly encouraged to define targets validated by the Science Based Targets initiative, SBTi, but we implement also task forces on specific subjects such as the use of recycled materials as necessary. Additionally, we are implementing an end-to-end tool to collect and monitor their progress as well as their contribution to our Scope 3 decarbonization efforts. We are mobilized to ensure consumer safety and to inspire and facilitate changes in consumers' habits. Consumer safety, which is ensured with quality management system tests at each stage of product development, systematic review of voice of consumer. A robust product recall policy is in place in all geographies. We facilitate healthy homemade cooking with our products that allow fast and easy preparation with delegation modes that secure perfect results, and with thousands of recipes proposed on our sites, on our app, on our smart products to inspire consumers. On this chart, you have examples of communication developed to accompany consumers toward more sustainable behaviors. Sharing tips: a lid on a pot is reducing the energy consumption by 25%, promoting products with better performance from an eco-design standpoint. This air fryer saves up to 70% energy versus a classical oven, and by the way, being 50% faster. Last, running a pilot project in some African countries with an NGO organization replacing charcoal cooking by an affordable electrical pressure cooker. Good afternoon, everyone. We'll talk now about people because Act for All is also for our employees everywhere in the group. We want to create a better workplace where people feel good, supported, and able to be themselves and to be developed. We define four pillars to achieve this objective. The first one is to set high standards of working conditions. It is about providing a high level of labor conditions concerning wage, working hours, but also respect of human rights everywhere. Our KPI to measure our performance on this domain is notably through external social audits done every year in our industrial sites. This indicator is embedded in our short-term incentive plan since a long part of the year. The second pillar aims to provide real and equal opportunities in career development. It is about encouraging various career evolutions to develop strong competencies of our employees and develop themselves to have stronger employability. Our KPIs to follow this equal employee development are the following. The first one is the number of hours of training per employee, but also the percentage of internal mobility among the total number of jobs open. We have two other pillars that I will detail now to you more in detail. Yes. Act for All is a primary act for health and safety. How do we ensure that our employees feel safe in their day-to-day work on site? First of all, as said Richard, all sites are committed to the health and safety management system respecting the ISO norm. The second, we developed ourselves a specific program that we called WeCare@ Seb to provide social protection in case of death, in case of hospitalization, but also providing psychological support when needed. We've run a training program on safety everywhere in the industrial site, but also in the tertiary site to make sure that everyone is aware of what is the importance of safety. How do we measure these results? The measurement is done on the Lost Time Injury Rate indicator. This indicator is also in the incentive program that we have in the group, in the short-term incentive, but also in the profit sharing. We succeeded, as you can see in the graph here, to decrease over the year to reach a high level of safety with 0.7 LTIR. Our objective by 2030 is to be below 0.5 LTIR, which is part of the highest standard in the industry. The fourth pillar is to act for diversity and, more precisely, on gender balance. We want to have more women in the group at every level and in all functions. We have set an ambitious action plan with the CEO and the COMEX, and to define this program, we look at different indicators. We have two major objectives. The first one here is to increase the ratio of the women in the overall population from 43% that we have today to reach 50%, and also to increase the ratio of the women managers among the managers from 42% of women managers to 50%, and globally to achieve a ratio of one between the percentage of women in the group and the percentage of women managers. The second objective is really to increase the number of women at the highest level of position of the group. Our ambition is to have more women at the top position from 24% of today to reach 32% of the top 200 key positions of the group. This is a real global worldwide ambition, and this indicator is also included in our incentive scheme in the long-term incentive program to make sure that it will be really visible for all. Now let's talk about communities. Driven by our mission and our values, everyone at Groupe SEB wants to reach and support the communities in the many territories where we operate. The Groupe SEB Foundation wants to support the people who suffer from exclusion and lack what is essential in daily life. That's why there are three main domains of actions: access to cooking equipment, access to education, and access to housing. We donate close to EUR 4 million each year, either in financial or product donations across our different regions. This is only possible through the involvement of many, many of our employers across the world, which I'd like to thank thanks to this presentation, and I will also quote a couple of these projects. In France, we have been supported, and we have been at the creation of Emmaüs Défi more than 10 years ago, and since then, we provide on a yearly basis small equipment to equip homeless people when they first get access to a house. Via the association Entreprise des Possibles, we also support homeless people, who unfortunately are a growing population. Looking at Asia and mainly in China, our support colleagues have been involved for 20 years to build and manage schools in rural areas where children otherwise wouldn't be able to go to schools. In Latin America, our Colombian colleagues have built a program to support the tinteros, who are serving coffee in the streets in order to make sure they can have improved livelihoods, and this program has extended to support also families to get some support in housing. That's how we are engaging our people throughout the years and also especially all around the world during our Charity Week program that is happening each year for 10 years in a row. We want to thank you, and we want to thank them, and we want to continue this progress. This closes the presentation of our action on the three pillars. I will let Olivier Casanova explain to you how we will manage our extra financial performance. Thank you, Juliette, and hello everyone. I'd like to continue by showing you how Groupe SEB's ESG roadmap and ambitions are fully supported at the highest level of the organization and fully integrated in the decision-making processes across the group. It's first embedded into the group's corporate governance. The framework is very comprehensive with various committees, both at the board of directors level on the left-hand side and at management level on the right-hand side, that all have distinctive and complementary roles to play. First, starting on the left, in 2022, we refined the organization of this ESG governance with the creation of the Strategic and ESG Committee, a committee of the board of directors. It plays a key role in defining and approving the overall ESG ambition, its strategy, and its translation into precise targets and milestones. In addition, the Governance and Remuneration Committee defines and monitors ESG-related incentives within the framework of the group's remuneration policy. As a reminder, on top of short-term bonuses, which already include ESG targets, ESG criteria have now, this year, been integrated into our long-term incentive plans, accounting for 20% of the overall consideration. Finally, the Audit and Compliance Committee oversees the review of extra financial information, the evaluation of ESG risks, and validates the durability report. In addition to these committees that support the board, the management team steers the ESG roadmap through additional bodies. First, the General Management Committee is, of course, primarily responsible for the setting of the ESG ambition, the definition of the strategy, and the implementation of the measures that will enable us to meet our target in the defined timing. It does so while ensuring, of course, that these are fully aligned with the broader corporate strategies and business priorities. Second, the ESG Steering Committee manages the day-to-day implementation and execution of our ESG roadmap and the compliance with the CSRD reporting. And therefore, by integrating our operational goals with our ESG ambition, we aim to foster a more resilient and sustainable organization. This framework is also designed to facilitate an efficient implementation of the CSRD. We have adopted guiding principles that emphasize transversal responsibilities supported by senior leadership. This approach ensures that ESG is not siloed but integrated across all functions of the organization. Under the sponsorship of the General Management Committee, our cross-functional governance consists of distinct but equally critical roles. Business leadership, first, is, of course, principally responsible for the execution of the initiatives identified. It's particularly important for transversal topics such as climate change and circular economy that require sponsorship both of industry and product level. The Sustainable Development Team provides guidance, support when needed, monitors our progress, and coordinates the production of the reporting. Meanwhile, the finance function ensures the accuracy of our extra financial data and, of course, its consistency with the financial data, and finally, but to name just the major roles, the IT function manages the CSR tools that we use to measure performance and report on our achievements. You have seen that during today's presentation, there are 2030 ESG ambitions translated into concrete actions and initiatives. And we strongly believe that this ambition must rely on tangible and measurable targets for each of our commitments. The following list of KPIs is not exhaustive, of course, but presents the main ones that we consider key to achieve our 2030 ambitions. They are articulated, as you will see as we presented them, on the three pillars: Act for Nature, Act as a Leader in Circular Economy, and Act for All. I won't go through each KPI again as we've already presented them, but I will focus on the rationale behind each pillar, and I will highlight also that many of these KPIs are included in the short-term and the long-term incentive policy of the group, and therefore make it a collective responsibility to achieve this ambition. Beginning with Act for Nature, we are committed, as you've seen, to reduce our carbon footprint and our water consumption. By 2030, our ambitious goals are to reduce our carbon footprint across Scope 1 and 2 emissions by 42% versus 2021, our Scope 3 emissions by 25%, and equally our water consumption by 25%. Because our own operations are where we have the levers and the primary responsibility, we have decided that the objectives related to Scope1 and 2 emission reduction would be reflected both in the short-term and the long-term incentive plans. Moving to the next pillar, Act as a Leader in Circular Economy, the main KPIs are presented in a table. As you can see, they are around repairability, recyclability, the use of recycled material, and the aim to develop a business of selling refurbished products. As you can see again, the KPI around the use of recycled material is included in our long-term incentive plan with the most weight, in fact, 10%, because it will be the lever to both achieve decarbonization targets but also to limit our impact on resource scarcity and biodiversity. Finally, our main targets for the Act for All pillar, we continue to commit, as you've seen, to high standards in responsible sourcing, as reflected notably in our purchasing charter, will support our strategic supplier to increase their environmental and social standards and to engage to drive, and we will engage them to drive their decarbonization. The main KPI monitoring the improvement in the safety of our employees remains the lost time injury rate. And as you can see, it is included both in the short-term incentive plan and also in the calculation of the employee profit sharing. Finally, we have set ourselves objectives for gender balance, and this KPI, as already mentioned, is included in the long-term incentive plan. I'll now hand over to Stanislas for the conclusion of this presentation. Merci, Olivier. Thank you to all the team for this very, very good and synthetic work that you've done today. I think coming to the conclusion of this section of this session today, we've seen that we've shared with you a journey through our vision, through milestones, through ambitions, and there is one thing that is undeniable, undeniable. We stand at a crossroads between possibilities and progress. Looking at our timeline, we show a history of bold and forward-looking decisions. Our growth strategy, our business growth strategy lays a clear path forward, and we see that our commitment to ESG demonstrates that leadership isn't just about doing what's required, but also doing what we know and we feel is right, and I think that's exactly the way we've tackled that ESG ambition and this ESG strategy. For the innovations we launch, the initiatives we undertake, we want them to also create value for business today, but also generations to come. We want to empower our people and our communities. We want to achieve gender parity in leadership roles, driving equity and inclusion at all levels of the organization, and we want to do that because we think we believe it's right. We want to expand our global community engagement programs to enhance education and skill-building opportunities. This is great for the communities we deal with. This is also great for all the employees, thousands of employees that get deeply committed and involved in those initiatives. We want to innovate for impact. We want to deliver smart, energy-efficient products that reduce weight and empower consumers to make sustainable choices. We are challenging our supply chains to become low-carbon emissions and to guarantee ethical sourcing in a fast-changing and fast-evolving world. We are integrating digital tools to monitor and accelerate our ESG progress. As a conclusion, our 2030 ambitions are a reflection of our determination to lead with purpose and conviction. You've seen an ambition that is both visionary but very concrete, that is set with two feet on the ground, with very concrete, practical, pragmatic ambitions, with action plans and commitments behind those. Together with all our stakeholders, because it's not only a Groupe SEB and Groupe SEB employees' endeavor, all our stakeholders are involved, we want to build a future where sustainability and profitable growth are aligned. Thank you very much. Thank you for your attention. We will now take your questions through a Q&A session. Ladies and gentlemen, if you would like to ask a question or make a contribution on today's call, please press star one now on your telephone keypad, and to withdraw your question, please press star two. Also, ensure that your line remains unmuted. Locally, I will then ask you. You will be advised when to ask your question. The first question comes from the line of Sarah Thiel calling from TP ICAP. Please go ahead. Good afternoon. Thank you for this presentation. I had a few questions for you, three of them, actually. I was wondering, first, what your ambition means in terms of cost inflation on that part of ESG. The second one would be to understand how you will achieve your new targets for recycled materials inside of your product and which would be the most challenging raw material subjects inside of this. and the third one would be to understand if ESG strategy would be a discriminating subject when you look at the potential acquisition, meaning that if the company you are looking at is not having the same standards as yours, would you pass your way or try to improve the company you are looking at? Thank you very much, Sarah. Thank you for your, as usual, precise and to-the-point questions. I will take the third question. Richard will take the second question, and Olivier, you will take the first question. I will start maybe with the third one. Do we make ESG discrimination when we evaluate acquisitions? Well, of course, as we said, we think we are kind of ahead of the pack of our industry, and we don't expect all companies to be as developed, as advanced, and in particular when we speak about smaller companies, smaller entities. So I would say we are, again, and as always, very pragmatic. We look at the company 360 degrees. We try to understand their strengths, their capabilities, their know-how, their knowledge. We also look at what we're seeing, what are the gaps. So I would say that we would look at a company with an ambitious view on their ESG performance, but that can be driven through a roadmap, a journey, the same way as we drive quality improvements, health and safety improvements in companies that we acquire. So in short, it is not maybe a discriminating factor. I'm talking about companies working in a safe environment. I mean, we're not talking about buying mining companies in Congo. I mean, that's within the companies we're looking at. We would look at their ESG footprint and performance, and if they're not at our standards, we would work and strive to bring them to our standards very fast. Richard? Okay. On your second question, if I understood right, what is our most challenging raw material that we'll have to change and go to more recycled material? Increase of recycled plastic is definitely going to be the main one, for sure, for different reasons. First, for technical reasons, because it's not always easy to find today good plastic grade that can replace our grade, especially as most of the time we require food-grade contact. So it is not completely available still today on all our grade. The second one is consumer acceptance for this product. Here, it's very cultural. Whether in some region, we have an appetence for recycled plastic. In some other region, we actually may see recycled plastic as less clean. And I think here, especially in China, people may see the recycled plastic more as less clean plastic. So we may have less acceptance and sometimes difficulty to get the same aesthetic. But things are going very fast. Innovations are going very fast, and we are getting closer and closer. And year after year, we get more and more grades that fulfill all our requirements. And the last one is availability, because with a lot of companies now trying also to improve the level of recycled material, we may face difficulty in here or there to get the necessary supply. However, I think we are engaged in this process relatively early on, so we are pretty confident, however, to get there. Olivier? Okay. On the first question, Sarah, I think the short answer is no, we don't think that this roadmap should translate into materially higher cost. First, of course, as you have seen, a large part of this ambition, in fact, doesn't per se translate into cost. For example, all of the work that we are doing on the eco-design of our product involves many actions that do not translate into either spending internally or, let's say, cost in purchasing components or material. But the second part is that it's true that some, let's say, the purchasing of recycled material, for example, in some cases, it can be slightly more expensive, but we believe that over time, the difference will certainly become more and more minor. There are, of course, some instances where, in fact, recycled, I think I have in mind in particular the polypropylene recycled, which may be slightly, in fact, cheaper than virgin, but in most cases, it is slightly higher. But the difference, as I say, over time will reduce. Then there is also the part of the plan which relates to our own production. And here, we expect that the CapEx will be, by and large, let's say, managed within the normal envelope of the group. And in fact, the new machines are, the new generation of machines, in particular the plastic injection molding machines, do not necessarily cost more but are definitely much more efficient and much more, let's say, energy-saving. So on balance, we don't think that this translates into a material impact on cost base. Merci. Thank you so much. Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star one now on your telephone keypad. The next question comes from the line of Alessandro Cecchini calling from Equita. Please go ahead. Hello, everybody, and thank you for taking my questions. The first one, actually, is on copper. So it seems a very scarce resource in this moment and probably also in the future. So how do you think to cope with this kind of material? So if your ESG strategy and ESG strategies can help to smooth the utilization of these, I would say, important raw materials that probably will increase in the cost over the next years. My second question instead is, all in all, do you think that your enhanced ESG strategy can reduce your unit production costs? Or, I mean, it's something all in all balanced between additional costs and savings. Thank you. I think Richard will take the first one on copper, and Olivier will take the second one on the cost evolution. It's a bit like the previous question, so. Yes. Same answer. Okay. So regarding copper, I mean, first, maybe we should say we are not a significant buyer of copper directly. We are an indirect buyer of copper. However, we do follow very closely the evolution of all metals, and especially copper. And we see the trend that we have seen in the past few years. Also, right now, it's maybe a little bit different. Again, I think we are not a very big buyer. We are exposed in an indirect manner because we buy products that eventually use copper. Today, we follow it. I think everybody, anyway, in the industry, will follow more or less the same trend. We do not think, however, this is material and significantly material in our cost base. Merci. Olivier? On the second question, I think, let's say, we'll repeat a little bit the same answer as the answer to Sarah's question. I think on balance, there are, of course, elements which will drive the reduction of the production cost. If we save on energy, for example, by a new generation of injection molding machine, then, of course, we spend less in the production process. But at the same time, and there are, of course, also some products which are cheaper, let's say, in their recycled version. But there are also other products which are more expensive. So on balance, we think that this will not lead to material, let's say, increase in the PRU of our products. And therefore. PRU? Sorry, the production cost. I think you mentioned the unit production cost. So on balance, the answer is no, we don't think that this, let's say, changes significantly the business model and the balance of cost and price. But maybe if we step back on our production industrial footprint, as you know, we make 60% of our production in-house. 60% of what we sell is made in-house, and 40% is purchased from outside. We believe that sustainable production based on good treatment of employees, good social conditions, great attention to health and safety, great attention to our cost base, energy efficiency, less energy consumption, less water consumption. We believe that all these can be managed in the frame of the current investments of the group, in the current CapEx, and also will be cost neutral. Some things will be more expensive. Some things will be cost-saving initiatives. But we don't see this roadmap as one that affects one way or another the evolution of the cost base of the group. What we see is that more and more sustainable production, sustainable sourcing, sustainable, or the ability to demonstrate that our employees are dealt with in a fair, equitable, and manner with great attention to the health and safety. We believe that this is structurally a long-term advantage of the group, and we want to capitalize on being an operator and make the best of that situation and that position. Okay. In fact, my question was also focusing, of course, on unit production costs, also including, of course, energy costs. That I was just wondering if, of course, with your enhanced ESG activity, of course, also including this part. And you answered yes. And basically, do you think also that this can lead you to increase the internal production, or you mean you expect, I mean, to maintain the current percentage that you said? There is no impact and no relationship between the implementation of the ESG strategy and the in-house production or source production. We have the same demanding requirements on our suppliers than we have on ourselves. So this is neutral, and it is not a factor impacting that choice. We choose to source, to go faster, to have faster access to new products and new technologies. It is not a criteria. It's not a discriminating criteria. Okay. Okay? Many thanks. Thank you, Alessandro. Ladies and gentlemen, as a final reminder, if you would like to ask a question, please press star one now. The next question comes from the line of Emira Semmama calling from Oddo BHF. Please go ahead. Thank you very much. Hello all. Thank you for this very insightful presentation. I had three questions. The first one is on your ambition to engage with your suppliers, the 500 suppliers, covering a great part of your emissions. I was wondering if you could elaborate on the challenges to roll out this engagement, because maybe it depends also on the profile of the supplier, and if you can also remind us what is the level of fragmentation of your supply chain. This was for my first question, and then I'll go for the others. Thank you. Richard? Okay. So to elaborate a little bit about this program, so that 500, that represents a large part of our carbon emission. I said during the presentation around 80%. However, talking to the fragmentation, it's a relatively small part of the number of suppliers we have all around us. So our idea and our strategy is to really focus on the 500, which are the most important one and on which we can have the main impact. In terms of fragmentation of this 500, in fact, you will find indeed the raw material ones, aluminum producer, plastic producer, packaging producer. That represents a big part of them. And with each of them, it's a very detailed and very tailor-made roadmap that we are discussing with them so that either the target SBTi or the set SBTi target is defined with us, a very detailed roadmap of how they are going to decarbonate. It could be with a specific workshop on using or providing more recycled material or using themselves more recycling material. Or it could be through inviting them or helping them, training them on how to decarbonate their own operation. It's very difficult to give you a very generic answer because it's very tailor-made. It will depend on the region. It will depend on the materials. But the bottom line is really to have an operational detailed action plan. And I explained the slide. We intend to monitor that through a digital tool and monthly reporting with them so that we can track, monitor, support them in their journey. Maybe if I can ask, we have a supplier charter which covers all our suppliers, which covers a lot of the groundwork like controversial sourcing, etc., which I think is so the 500 is a very special, specific extra plan to proactively contribute to this reduction of Scope 3 purchasing emissions. But the base of our interaction with our suppliers is defined by our purchasing charter, which is signed by all of them. Already 80%, which represents a very, very large majority of all our direct suppliers, and as you said, it includes all aspects from environment, social, controversial sourcing, etc., etc. All right. Thank you. That was the first question. I hope we answered it. Can I have the second question? Yes, it was very clear. Thank you. I have two other questions. So I have one question on the circular economy. You are quite advanced in integrating circular economy in your strategy. Do you see it as a competitive advantage versus your peers, especially in Europe, because there are also new regulations on eco-design and the repairability of the products? And then just following up on Sarah's question on recycled materials, because we see players such as Danone and Nestlé going back, scaling back their ambitions on the use of recycled PET. I was wondering if you are exposed to that kind of plastics, or are there other plastics that you are sourcing? I will take the second one. I will let Richard answer the third one because having spent 22 years in Danone, I will. You will not comment. I'll avoid commenting on that. Maybe on the circular economy, is it a competitive advantage? I think I will give you two or three different answers. First, repairability is something that you decide to have or not. If you want to repair a product, you need to be able to dismantle it. If you want to be able to dismantle it, you need to design it and conceive it and build it in a way that it can be dismantled. Namely, you use screws instead of using rivets or welding. So I think repairability per se is something very structural and very intrinsic. And if you want one day, if you think that one day products will be circular, then you'd better start having repairable products because otherwise, it would take you ages from product conception, product design, to product manufacturing to be able to become repairable. The second thing is today, in our industry, we see a boom in second-hand products purchase in circular purchases. But this boom is limited to 0.5%, 1%, 1.5% of the industry. According to what we hear and what we see, it is focused on Western Europe, in some countries in Western Europe. We see some marketplaces having some great and growing successes. One of them, a French-based marketplace, is now operating in 17 countries. That's interesting. They will make their first profit this year. That's also interesting. So that business becomes a sustainable business. But we also see that the smartphone industry in some markets is now 30%-35% second-hand. And who would have told ten years ago, five years ago, fifteen years ago that a third of the smartphones purchased would be second-hand smartphones? So we don't know how big it's going to be. We know that if we lay the grounds, if we lay the foundations for being able to be repairable, to be repaired, to have the spare parts, and to be able to manufacture this repairability, I think if that market explodes one day, we will be well positioned, and the last part of the answer, of course, is there's not one average consumer. Some consumers are much more sensitive to products that are eco-design or products that are really meeting a very stringent and demanding set of specifications. Some consumers don't care, so what we do today is we increase the number of products that meet those increased requirements. You've seen in Cyril's presentation that this coffee machine is now in the top 10 bestsellers in Europe, which is an eco-design coffee machine. That's great. Maybe one day, we don't know, this coffee machine will be in the top three or the number one position. What we know is that we have to prepare the future. And we think that if today there's not really a way of saying it's a competitive advantage, maybe one day it will be a competitive advantage. And I think the people that will be sitting in this seat in two years, five years, 10 years will be happy that people that were sitting in this seat 20 years ago, 10 years ago, and today have taken those steps to make the company ready for an economy that would become substantially more circular. Recycled material? Recycled material? Are we going to reduce the use of recycled material because of the scarcity of their availability? If I got the question right. Yeah. I hope that that's effectively. Is that the question? Is that the question? The question was the fact that is there any specific difficulties in sourcing some recycled materials, especially in plastics, because we are seeing other players in the consumer goods sector scaling back their ambitions? So I was wondering if, for example, the plastics that you intend to use as recycled, is it the recycled PET, or is it another kind of recycled plastics that has nothing to do with other players such as Danone and Nestlé use? I think I partially answered this question before, but effectively, it really depends on the plastic, in fact. It's really. There you have PET. You clearly face sometimes right now recycled PET to be even more expensive than fresh material because you have scarcity of possibility. This is not the case of ABS when we can find sometimes cheaper ABS. So it really depends plastic by plastic. However, if we are looking more on a longer term, what we do believe is that we have a lot of new technology, a lot of innovation on the chemical industry that improves the recyclability of plastic. The offer is getting bigger and bigger. So I think there's no single answer. On what we can see for our raw material and what we are using mainly, which is mainly polypropylene, for the timing, we do not see difficulty in terms of availability. What we do see is sometimes some technical difficulty because we want food-grade material, which are more demanding in terms of specification indeed, or some difficulty to have very white polypropylene so that we can have the correct appearance for the product, but overall, I think this is something, this is work that needs to be done. That's, I think, one of the challenges I was saying before that from the 5% we have today to the 20% we target by 2030, that's a challenge we have to manage, and this will be more a technical issue rather than a market issue as far as we can speak today. Thank you, Richard. We have a question on the chat. Why did you not include Scope 3 objectives in STIs and/or LTIs? Thank you. I think it's a valid question. First, we don't have only carbon objectives in our STIs and LTIs. We have social objectives. We have health and safety objectives. We have carbon footprint objectives. We have gender diversity objectives. We think that if you want to be meaningful on the quantified and quantitative objectives, they have to have some weight. We've made some choices. That's the first question. In fact, in our STIs and LTIs, we have one social objective. We have one carbon objective. We have one gender diversity on long term and health and safety on the short term. Now, when it comes to why did we choose Scope 1 and 2 objectives in the SBTi and LTIR, I think in a way, we also reflect the fact that we are more directly in control of those objectives. Those are more driven by our own actions and our own needs than Scope 3 objectives, which in a way are also influenced and impacted by the country's own emissions. So if you sell more in China, which has a carbon intensity of its electricity that is 10, 20 times greater than more nuclear markets, then your product mix will debalance and unbalance your objectives realization. Besides, we still do have some Scope 3 dimensions. When we set ourselves in our LTIRs an objective on the use of SBTis on recycled materials, the use of recycled materials is going to be in our factories, but not only. It's also in our suppliers' factories, both in packaging and in products. It will contribute to decarbonate our Scope 3. It will also contribute to decarbonate our Scope 3. It's half of the LTI. It's half of the LTI. So indirectly, we do include Scope 3 in our LTI remuneration. Thank you. The next question is about, can you tell us more about the measures taken by the company in the event of stricter regulation against PFAS? All right. I knew there would be one. Thank you very much for that question. Maybe starting with repeating our stance on PFAS. There is PFAS and PFAS. The PFAS we use are polymers, very heavy, long molecules. And those polymers are recognized by food safety agencies as being safe for usage, as being safe for the implementation in our production facilities, and as being safe for our emissions in the air and in the water. So today, the PFAS we use, which are polymers, don't present any harmful impact on consumers, on our employees, or on the environment. That said, we know that there are some initiatives in Europe, in the United States, that aim at regulating more the use of PFAS, some of them calling for a ban. We use PFAS in a number of cookware and small domestic appliance products. What we can say is that, first, PTFE is the best coating, and the PTFE-coated pan is the best frying pan you can buy. It's the best frying pan you can buy because of its cost efficiency, because of its performance, because of its durability. Make no mistakes, consumers buy a majority of PTFE-coated pans because they are the best choice. Now, we also know that there are some alternative choices. Ceramics are less performing on the non-stick performance. Ceramics are 20% more expensive. Ceramic-coated pans are four times less durable. That means you will have to substitute them four times more often if you want the same performance. We are close to being the leader in ceramics in Europe, and we are number two in the world, and we will be pretty soon the leaders worldwide on ceramic-coated pans. So in a way, the best answer is to say, well, we need to be in the alternative pans. Equally, a lot of people talk about stainless steel pans. Well, first, a lot of stainless steel cookware is actually coated with PTFE, so it can be stainless steel if it is coated. It has the same challenge as an aluminum-coated pan, but that's a side comment. We are leaders in Europe on the stainless steel non-coated pots and pans. So the first answer, if I can summarize it, is we have the best product. The second answer is we are covering all offers that consumers can have access to, and we aim to be leaders in all the categories of the various materials and coatings that are available in the market. But make no mistake, at the end of the day, I often hear, why don't you sell more ceramic-coated pans or stainless steel non-coated pans? For a very simple reason. Consumers prefer to buy aluminum PTFE-coated pans for a very simple reason. It's the best product. It's the best in performance, in cost, and in durability. There is a new question. Yep. Do you see your customers accepting to pay more for a more durable product? Today, I wouldn't say on a large scale that consumers are prepared to pay 5% more, 3% more, 10% more for products. On average, we know that some consumers that are more sensitive to these preoccupations are quite capable of paying more. We know that those consumers tend to be a bit younger. We know that they tend to be more and more numerous. We know that there are more of them in Northwestern Europe than in the rest of the world. So the straight answer is probably no. But then we know that this is likely to develop and emerge as a bigger segment of consumers, and we strive to make sure that they find in our company the appropriate and the adequate product offerings that will meet their requirements for more durable products. Then, what is the strategy for your in-store take-back recycling program? Is there an opportunity to roll this out to other markets? And how relevant is this for creating barriers to entry in the industry? Cyril, you want to take that one? I speak too much. Maybe I will take the opportunity to complement the answer of Stanislas on the previous question. In fact, another dimension is that some consumers are ready to take a step back and to look at the total cost of ownership. In some cases, a product would be slightly more costly because using other technology, brushless motor, for example. But since it will be saving on energy, the total cost of ownership will be lower. The overall economical picture will be more attractive. Of course, there is no average consumer, and this will depend on consumers. On your question, yes, we do roll out a recycling program in several markets. Several markets are already active with this kind of program that we propose to shoppers in the stores. We want to develop this further. True that today, to my knowledge, we are the only one active with this kind of program, and we do get strong support from retailers and strong attractiveness to shoppers on this kind of program. It seems that there are no more questions. Right. Maybe one more request on questions. No more questions. Right. Thank you very much for your questions and shared interest. I think we're over 100 people on that call for that ESG strategy. I think you have in front of you a company that has been committed for a very long time on managing its business in a sustainable manner. We want to stay at the forefront of our industries. We confront and tackle the challenges of today and tomorrow. And we see that circularity can and could be and will become a key element of superiority and differentiation. So we cannot say today that we are creating more profit through sustainability strategy. We can say that sustainability doesn't impact adversely our profitability, but we are really striving to make circularity something that could transform the relationship between brands, products, and consumers to the greater advantage of those companies that are leading in that field of circularity and recyclability. Thank you very much, everyone. And I wish you all Merry Christmas. Now we can say that. We are mid-December, and we will meet you all again at the end of April or January, sorry, for the presentation of the annual results. Thank you very much.