Good morning, everyone. Welcome to this Groupe SEB 2025 Full Year Results Presentations. I am Stanislas de Gramont, Chief Executive Officer of the group, and I will be doing this presentation together with Olivier Casanova, our Chief Financial Officer. Right, we will cover the following points in this presentation. Of course, after these presentations, there will be a question and answer session. The points of the agenda will be the key elements of 2025 regarding sales, our results, our financial structures, what have been our ESG achievements. We will talk about the growth relaunch, Rebound plan initiative that we've announced today to our employees and shareholders. We will conclude. We'll take, of course, your questions together with Olivier. As way of introduction, I think it's fair to say that 2025 performance is closing on a better note. We are in line with the targets that we revised in October. We've confirmed and launched the Rebound plan that we again announced in October. If I step back and look at the overall year, we have a very slight organic sales growth, 0.3%. We are in a complex environment, yet our small domestic equipment markets remain resilient. Our results are down in 2025. Yes, we have good sales growth in floor care, in linen care, in cookware, and this is supported by good product innovation. We have a very dynamic growth in e-commerce, especially via our direct-to-consumer sales. We've seen, as you know, and we've amply talked about it through the second and third quarter of the year, significant cyclical headwinds on currencies, on Americas, on professional, that impacts round about EUR 120 million in profit, operating profit, through 2025. Of course, we also have an acceleration in the transformation of the environment in terms of go-to-market, in terms of digital activation, and this is what triggers our launch of the Rebound plan that is designed to bring the group back to a profitable growth trajectory. Now, if we move into numbers, 2025, December, we have sales of EUR 8,169 million, up 0.3% like-for-like. Our offer is up, is at EUR 601 million, down EUR 101 million versus last year. That translates into an operating margin of 7.4%. As a result of that, the net profit group share is EUR 245 million. That compares to EUR 232 million. You will remember that last year's net profit was impacted by the Competition Authority fine of EUR 190 million. We end the year with a net financial debt at EUR 2.34 billion, that is EUR 2.152, excluding this Competition Authority fine, and that's EUR 226 million versus the end of 2024, and the board is proposing to the general assembly a dividend of EUR 2.8 per share, stable versus 2024. This will be approved and voted in the GM of May 12th, 2026. Now, if we go into the analysis of the year, starting with the sales, as I said, we have a slight organic sales growth in 2025, 0.3%. To note that we still have a pretty substantial currency effect on our sales, 2.5% of net sales. It's not extraordinary, but it's pretty steady. We expect to have a comparable one in 2026. The scope was up. One was contributing to 1.1 percentage points, with the acquisition of La Brigade de Buyer and some phasing into the integration of Sofilac, leading to net sales of EUR 8.169 billion. If we break it down by activities, we see that the professional business reports EUR 995 million on sales, up 2.1% in reporting, -6%, -5.9% like for like, with a fourth quarter better, fourth quarter at 6.7% growth, flat like for like. On the consumer division, we have an overall sales growth of -1.6 reported, +1.1% like for like, with a fourth quarter essentially similar at 1% like for like growth. If we look at the consumer business, if we look at the overall business, we have in fact two blocks. We have on the left side EMEA and Asia, which are around about 60% to 65% of the group sales, which have grown respectively 2% and 2.7%. In fact, EMEA, without the loyalty programs, grew 2.8%. So 2/3 of the business has grown by 2.8%, 2.7%. On the other side, we had the Americas that have declined by 4.9%, with U.S. at -4.5%, and the professional business that has declined 5.9%. These two represent around about 30% of the overall group business, 25%, a bit less. That, I think, explains why we say that this year is a contrasted year in terms of sales performance. Now, if we look a bit more detail into the quarters, let's start with North America. We started the year great. We started the year with a Q1 at 4.9% growth. That was great. We had two dips in Q2 and Q3 at respectively, -11% and -14%. The reassuring fact is that Q4 ends at 4.7%. If you remember, we said in Q2 and Q3 that we were suffering a client's wait-and-see attitude, and that we would see a normalization of the activity in Q4 that we have observed. Equally, on the professional, we started the year with a very negative first quarter. That was expected, a -21%. That has recovered through Q2 and Q3 and leading to a flat Q4. We'll come back to that, in fact, right away. We've seen a stabilization of the business in the second half, and if you look at the details of that business in the second half of the year, next slide, we have a contrasted situation. We have good momentum for machine deliveries in Germany and China, which are roughly 40% of the business, and strong growth in services, which is great. We have double-digit growth in new regions like Eastern Europe and the Middle East, and that has been tempered by a wait-and-see attitude of customers in the United States. In parts, due to, I would say, that tariff hike on Switzerland of 39% that stayed around between mid-July up until mid-October, 20 of October, and in parts to a caution in implementing CapEx in machines from large U.S. customers. On the other side, on the positive side, on the professional business, we've integrated La Brigade de Buyer in our culinary activity. That is showing very, very strong growth, driven by high-hand stainless steel cookware and online sales. Beyond numbers, in the professional business, we have started production in our professional coffee hub in China. I remind you, this is an R&D center. It's a processing, it's a production facility. We constructed it in 2025, through 2025, started sale production early in 2026. That's an investment of approximately EUR 40 million, and I'm very happy to share with you the first two machines that are coming out of this hub. Beautiful machines, and you see that the number of cups per day, which is a way to qualify the type of customers the machines is aiming for, is contains 50 cups per day, 80 cups per day. That reflects our priority to focus these machines on the small businesses and the offices segment, which is a great new business opportunity for professional coffee machines that we want to exploit. Those machines will be the spearheads for our development in that new segment of professional coffee. When we move to consumer sales, we have through 2025, mixed performances and overall moderate sales growth. By geography, we are moderate growth in the EMEA. I talked about it, 2.8% ex loyalty, excluding loyalty programs, with maybe again, here, a contrasted situation. We have 11 markets with growth at or above 5%. We have an underperformance in Germany that we need to deal with. We've returned to annual growth in Asia and particularly in China. In America, we have seen sales decline with a gradual normalization in North America through the end of the year. When you look at our product lines, we have great momentum in cookware, in kitchen utensils, in floor care and linen care. Those are all supported by a strong product innovation. We see a slight decline in kitchen electrics. Last, on consumer sales, we see our online sales up by around 10% organically, supported in particular by direct-to-consumer sales. Let's do our around the world exploration, starting with Western Europe. Western Europe posts 1.1% growth in 2025, 2% like for like, 2.8% if we exclude loyalty programs. Again, our sales are up in most, in almost all Western European countries, bar Germany. France is positive, excluding LPs. The momentum, again, is still very positive in cookware. We see very successful innovations. I'll talk about that in a second. We have less buoyant categories. I think that explains, in parts, our difficulties in Germany, grills, multi-cookers. Overall our market shares on the segments we operate on are stable. In the other EMEA countries, we have good organic sales growth, consistent organic sales growth around 10% in Eastern Europe. Turkey keeps growing, driven by our key categories and a very strong development of online sales. We've seen disturbances in Africa and the Middle East. Very much related to the geopolitical environment. Now let's look back at 2025 and look at what happened on the, on the product front. The first thing, the most important thing that happened in 2025 for us on the product side, is the very, very strong and powerful expansion of washer vacuum cleaners. We've reached almost EUR 100 million of sales in year one. We have a number two position, just behind a Chinese competitor. Way ahead of all our traditional British or American competitors. We've also expanded fast in the spot cleaner segment. Great products, EUR 25 million sales in year one only. Number two in a market that we were not present in a year ago. That's a remarkable achievement. Back to our core categories, we've launched this year, garment steamer with vacuum function, which is called AeroSteam. That has contributed to delivering EUR 90 million in sales in garment steamers in Europe, only double-digit growth, strengthening our number one competition. We see that our development in Western Europe and in Europe has been driven by a strong innovation. Beyond that, we mentioned a couple of times through the year that we had some challenges on our historical core pillars, and Cookeo is one of them. Cookeo is a remarkable, long-standing success story of the group, launched in 2012, sold over 5 million products. We relaunched it in the Q4 with Cookeo Infinity. What is striking is that, against a 20% decline, first nine months, 2025, our sales in Q4, on the strength of this relaunch, reached 10% growth. Showing that. What is this product? It's a air fryer and pressure cooker combined equipment. Very strong popular success. Very strong success with influencers, very strong talks on social networks. I think that also says, shows us a way to evolve our marketing. We'll come back to that later on. I mentioned a couple of times that cookware is a very strong pillar of the group. We have a multi-material, a multi-coating strategy. We are leaders in all those coatings and materials, and we've posted again, I would say, in 2025, in EMEA, a growth of 10% in that category. Very strong pillar for the group. Going west to the Americas. We've commented it amply, vastly in the course of the year. North America finishes the year at -4.5% like for like. You see the effect of our currencies, I think it's around -9%, -10% in reporting. I will not expand again on something that we've very, very often discussed. We have the direct and indirect effects of changes on U.S. tariffs that created a wait and see attitude with the U.S. customers. We see through fourth quarter a better alignment between sell-in and sell-out, and that is the explanation of sell-out, sell-in recovery, and we have consolidated our market shares in our core categories of cookware and linen care, and we see Mexico that still is a strong country but has a volatile year. To be noted, a very good acceleration of online sales in a country that was a big bit backwards. Coming to South America. South America is skewed towards the fans business, which is very climate or weather dependent. La Niña is a cold weather phenomenon, and that has impacted our fan sales through Latin America, particularly in Brazil. We see very strong performance in Colombia across all categories, including our fans business. When I step back and look at our North American business, maybe something we don't often enough talk about, which is All-Clad. All-Clad is an American brand of premium cookware, and we celebrate again, year- after- year, very strong successes. It's local, it's premium, it's in the U.S. Sales have been growing around 10% per year over the past five years. We're leaders in the premium cookware in the business. We increase our U.S. local production, and we've increased it by more than 50% over the past three years, and we're now implementing complementary capacity investments in Canonsburg, Pennsylvania, to expand again the capacity. That shows that we have not only a mainstream business with Tefal market leader in the U.S., we also have the leading premium U.S. brand in cookware. Going south, again, Colombia is a good example of how we are expanding our business. We have double-digit organic growth in Colombia, and have had so for the last couple of years. Based on very strong historical positions in fans and cookware, to which we've added number one position in food preparation, and more recently, number one position in the full automatic cool coffee machines. We are creating the market in Colombia and I would say also in Mexico, and that is, for us, a good relay of growth in this part of the world. Going east now, with an Asian business that has recovered growth both in China and in the rest of Asia. Starting with that rest of Asia, the good news of the year is the return to growth in Japan, and a good momentum in Southeast Asia. We have a slightly weaker performance in Korea. I think the environment in Korea is a very challenging one. Overall, we have success in cookware, and the growth in SEA is more mixed between categories and markets. China has returned to organic growth in a broadly stable market in 2025. We are confirming month- after- month, quarter- after- quarter, year- after- year, our online and offline leadership in our two core categories of cookware and kitchen electrics. We've seen successful launches, rice cookers with a stainless steel bowls, titanium woks, garment steamers with a vacuum function. I think there's a still a strong dynamic on innovation in our Chinese business, and we see some very strong dynamics of the online segment with a never moving online landscape. If we go to the next slide, we see that something that we've talked about in the last three to five years, which is the expansion of social commerce with a very rapid growth in China. 25% of Super online sales are now in social commerce, and that's tripled since 2021. We're leaders in China in that segment, including on Douyin. Douyin, which is TikTok in China, both in kitchen electric and in cookware, and we see developing instant retail, which is through platforms with very, very short direct delivery. Instant retail is a channel that grows very strongly in 2025, and we are already number one in this new channel of sales. New channel, in this alternative way of doing online sales in China. As far as social commerce is concerned, we see a strong development outside China. We've opened in 2025 alone, 13 TikTok shops in various countries in the world, following or anticipating the development of this platform. I now hand it over to Olivier to share with us the financial results of the year. Merci. Thank you, Stanislas. Let's move to the main numbers. As you can see, we achieved an OCFA of EUR 601 million for the full year, which is 25% below last year, but at the high end of the revised range, which we had indicated back in October, of EUR 550 million to EUR 600 million. This translates into operational margin of 7.4%, which is, of course, a disappointing 230 basis points below last year. If we look at Q4 now, as you can see, we delivered EUR 334 million of OCFA, which was, I would say, only 6.7% down versus 2024. You have to remember that 2024 was the highest ever. With this performance in 2025, in fact, we are delivering the third highest OCFA for a Q4. Very close, in fact, to the performance of 2023. This was in terms of operational margin, 13.3%, only 80 basis points below last year. Let's look at the bridge now. As you know, and we talked about this in earlier presentations, we have a very complex year. You will find the traditional OCFAS bridge back in appendix, we thought it would be more telling to identify and isolate the three cyclical headwinds that Stanislas talked about. As you can see on the full year, we confirm what we've said before. We've had three distinct conjunctural impacts. The first one, of course, is North America, which has impacted us by EUR 40 million compared to the prior. This is a combination of two effects. On the one hand, it's the fact that we increased prices to compensate the negative impact of tariff, there was, of course, a time lag. The tariff were implemented on beginning of April, the price increases happened at the end of the second quarter. The second element, again, which Stanislas highlighted, we've had in Q2 and Q3, -12%, -14% in sales, as customers adopted a wait-and-see attitude given the significant volatility and uncertainty regarding tariffs, in particular, changed also the way they imported the product from direct import to local sales. Secondly, on currencies, we had a negative impact of EUR 40 million, which is again, two things: It's the delayed positive impact from U.S. dollar and CNY as we went through our inventory, and we had only, in fact, a positive, a small positive impact for the full year, and we'll talk about this in a second. The second element, of course, which is by far the biggest, is the negative impact from emerging market. You know that traditionally we are compensating the depreciation by implementing price increases. We operate, of course, in a high inflation environment in many of these countries. This year, because of the depreciation, in particular of the U.S. dollar versus the euro, we were not able to compensate as much as we traditionally do, and this impacted us by EUR 40 million. The third element we already talked about is the fact that we had a very high basis of comparison in 2024, with, in particular, very, very significant order in China. The last element is the what we call other effects, which is the growth volume price volume mix effect and the COGS effect on the rest of the business. We had positive volume effect, not as much as we would have liked, and insufficient price mix effect, this is in large part why we are, of course, launching the Rebound Plan. We'll talk about this in the rest of the presentation. What is interesting is to look at the Q4 performance on the same parameters, you can see that the three cyclical headwinds, in fact, turned around in Q4 as we had expected. First, on North America, you can see that we were flat in terms of profit versus last year. Of course, we regained growth with 4.7% organic growth. The markets have been progressively normalizing. We are not going back to the situation we had in the US market at the beginning of 2025, but nevertheless, we are seeing a progressive normalization. Secondly, of course, we have the full benefit now of the price increases, which are compensating the negative impact on tariff. The second element on currencies, we had finally the strong positive impact from the depreciation of the U.S. dollar and the CNY, as you know, which are two currencies where we are deeply short, and therefore, we have benefited from this positive impact in Q4. Finally, on professional, as we've explained, we returned to growth in the second half, and we are flat versus the prior in Q4. This translates into a stable performance versus last year. We still had a slight negative impact on the rest of the business versus last year. Remember that Q4 2024 was the highest ever achieved by the Group. It's true that it's lower than our expectation in terms of a volume effect and in terms of price mix. This is why, again, we've launched a Rebound Plan. How does this translate over, let's say, the fourth quarter? You can see that in H1, we were around 50% below the prior. We have closed partly this gap in Q3 at -25%, we were very close to the prior in Q4. If we now move to the rest of the P&L, you can see that this translates into the EUR 601 million translates into an operating profit of EUR 502 million. The main element, of course, is the line other operating income and expenses. Last year, of course, we had the significant impact from the fine from the Competition Authority, which cost us, which was provisioned at the time, for EUR 490 million. This year, we have a total charge of EUR 81 million, which includes EUR 24 million of provision and expenses related to the Rebound Plan. We have, in particular, taken some impairment related to the decision on certain industrial sites. This translates into a net profit, group share of EUR 245 million for the full year, which is, of course, slightly up on EUR 232 million last year. As you know, the 232 included the fine from the Competition Authorities. If we move to the working capital requirement, as we had warned, we are on the high side compared to our traditional target of 15% to 17%. The, let's say, relatively good news is that we are back to the same level as last year in terms of inventory. You remember that at the end of H1, we had an inventory which was significantly higher than the prior. We have managed to bring this down to the same level as last year. It is still higher than where we would like to be, where it should be, in part because we are continuing to suffer from increased amount of stock on water because of the closure of the Red Sea, of the Suez Canal. This is costing us around 0.6 percentage point of working capital. We have also a slightly lower amount of payables, as you can see, at 13.2% versus 13.8% last year. This reflects the slowdown of production in the second half to adjust the inventory level. We are determined to bring our working capital requirements back to the range of 15%17% in 2026. This will be done in part by optimizing our inventory level. We think we have some way to go. Therefore, are confident to go back to our range. If we move to the free cash flow statement, you can see that I've mentioned the working capital valuation, of course. On CapEx, as expected, we are slightly on the high side, also because we had, of course, to finish the significant investment in our new professional coffee hub in China, in Shaoxing. We have also the completion of the Til- Châtel logistics platform in Europe for Cookware. This explains that CapEx was slightly on the high side, and I don't comment on the other elements. This brings us to a free cash flow for the full year of EUR 124 million, and interestingly, we had a strong free cash flow generation in H2 at EUR 337 million this year. Let's now bridge to the net debt level. In terms of dividend, as you know, we had EUR 150 million of a dividend payment for the mother company, SEB S.A. In addition, we continued to repatriate a significant dividend from Supor, and this means that we had also EUR 50 million paid out to the minorities. In acquisitions with, let's say, relatively modest year in terms of acquisition spend, mostly attributable to the acquisition of La Brigade de Buyer and to a smaller extent, to some investment in SEB Alliance. This brings us to a net debt level of EUR 2.152 billion, excluding the fine, and EUR 2.342 billion, including the fine of EUR 190 million. In terms of financial structure, we have a still a very strong financial structure. Of course, our financial leverage ratio is increased to 2.7x 2.5, excluding the FCA fine. This is in large part due to also the decrease in the EBITDA. We are determined to bring this level back to the comfort zone, which, as you know, is around 2, between 1.8 and 2.2. We are determined to do this starting quickly in 2026. We retain, of course, a very strong financial flexibility. We have continued to optimize our financing structure in 2025, including by refinancing with a new bond issue successfully placed in June. A bond issue which was vastly oversubscribed. We, of course, continue to have no covenant in our financial debt and a financial security, which is very high at EUR 2.5 billion, and including EUR 1.5 billion of committed but undrawn backup facilities. That concludes the section on financials. Let's maybe move to our ESG progress. Now, as you can see on the next slide, we have made progress on our objective to reduce GHG, greenhouse gas, emissions. We are down to 23% versus the reference year of 2021. This compares to, let's say, -18% in 2024. I think we are making good progress towards our target. This is due to various initiatives. Of course, the deployment of solar panels in China in 2025, and will continue in 2026. The deployment also of an energy management tool, which has continued in 2025, and various energy-efficient equipment, for example, on injection molding machines. We are making progress also on the health and safety front, with lost time injury rate, which is down to 0.76 versus 0.81 in 2024. This is due in large part to the deployment of a training program across the group. Finally, on, let's say, our objective to reduce indirect greenhouse gas, as you can see, we are down -9% versus 2021. We have made several significant progress in 2025. On the recycled material, in particular, as you can see, we are now at a level of 52% of recycled materials in our product. This compares to 34% only in 2021, and we've made particular progress on recycled aluminum, which is now at 51% versus 9% in 2021. We are also making progress on energy efficiency, in particular, both from, let's say, product design to usage, by encouraging, of course, the deployment of eco mode in our products. We are confident, of course, to reach our target of -25% by 2030. Finally, these progress were recognized by various rating agencies. We've seen notable improvement in our ratings in 2025 and early 2026. I will just point two of them. On Sustainalytics, we have moved from medium risk to low risk, and on MSCI, we have moved from triple B to single A. Again, a very good progress recognized by agencies. That concludes my presentation. Stan, I hand over to you for the Rebound plan. Thank you very much, Olivier. The last section of this presentation, I would say before the question and answer, of course, session, is around the Rebound plan. I would start with the start. The start is our mission, and our ambition. Our midterm ambition is to grow our consumer business, strengthening our global leadership, and to become a reference player in the professional business. This to serve a mission to make consumers' everyday's lives easier and more enjoyable and contribute to better living all around the world. That is what drives us in this plan. When we look at, what makes us believe that, and what makes the group, very strong, the first one is we have very strong, world-leading positions. We have 75% of our sales in markets where we have a leader positions, number one or number two. Of course, we are number one in professional, full automatic coffee machines. We're number one in cookware. We're number one in linen care. We're number one in electrical cooking. We're number two in blenders, and that is a very strong base to start from. We make over 80% of our sales on our top five brands, Tefal, Supor, Moulinex, Rowenta, and WMF. When we go a bit further in details, we have a strong global presence. We are the most international brand or company in our industry. We serve every distribution channels. Of course, yes, we are overrepresented still in the offline business, but that's because we started very strong in the offline business. We have an extensive product offering, covering many product families, which allows us to create and to have balance between those families that become very popular and those families that are more stable in some instances. Last but not least, we have a diversified industrial footprint, having 47 factories worldwide in Americas, in Europe, and in Asia, and a good balance between what we make, 61% of what we sells, and what we source, 39% of what we sell. We see the group as a very solid position, very balanced position, and that explains, I think, the successes of the last decades. At the same time, we see an acceleration in the transformation of our environment. We see acceleration of innovation, the launch cadence, the variety of product that becomes a key element of marketing, with moves from product-centric to consumer experience-driven innovation. Communication has become social first. That's a good transition to the second point. We see a fast transformation of the brand-consumers relationship, driven by social media, driven by influencers, users, user-generated content. Influencers today are the number one source of information for new products. Ratings and reviews have become paramount, and real-time data management in the way we activate and we market our products becomes a must and a given. We see an acceleration of the shift in the go-to-market strategies and in the way and the places consumer buy products from. The speech of the last five, seven years was the development of e-commerce. Now, the talk is the development of direct to consumers, brands selling directly to consumers, social commerce, that is expanding very fast, as we've seen. Omnichannel is now reaching a new maturity. Last, we see the rising importance of sustainability around repair, repairability, around product lifespan and managing that lifespan, energy efficiency, refurbishment, second life. All these elements create an imperative of speed, an evolution of our marketing practices and the evolution of the resources we invest into marketing. This Rebound plan, in fact, is designed to return to a profitable growth trajectory, and everywhere is important. Reinventing our growth model first, we want to act as a leader in innovation. We want to systematize a new marketing and e-commerce practice around the globe. We want to accelerate the development of ourselves in the most promising segment. Sorry. We will restore our profitability through this plan by simplifying our organizations and operating methods. We want to increase our purchasing and industrial efficiency in all fronts. We want to reduce our overheads. Last, we will strengthen our stakeholders' engagement. We want to nourish and evolve the connection and the involvement of our consumers. We want to create more desirability. We want to develop meaningful innovations carried by inspiring brands. We do a lot of that already. I mean, every day, 400 million consumers use our products. We've sold over 2 billion products in the last decades, but we think that we can update that element of our interaction and connection with consumers. Of course, we will only do that thanks to the engagement and energy that our employees put in the transformation, in this transformation, day in, day out. Concretely, what will that mean? That means faster launches and more impactful innovations. We use some KPIs just to illustrate that. We want to accelerate our time to market for innovations by a third, gain 30%. We want to have over 80% of our key innovations reaching 4.5 and above ratings. That will be developing new categories, new usages. That will be co-developing products with consumers and with influencers. Of course, that will be on the consumer front, but also on the professional front, and the hub in Shaoxing will be a centerpiece of that too. I mentioned, we need to evolve our digital marketing and e-commerce practice. There's a strong evolution of marketing and the way we interact with consumers with a strong skew towards social media and influencers. We will indeed focus our efforts on social media, on influencers. We will accelerate the production of targeted contents through the use of artificial intelligence. We will guide our marketing investments much more through systematically using data, and we will increase the allocation of resources on the online sales, including direct to consumers. To give you some color, as we say, on those matters, that is material. We will triple our social media investments in the course of the next two or three years. We'll multiply by three or add one billion views of our influencer videos in the next two or three years. We will increase our active consumer base in our CRM platform, sorry, by two. We'll double it, basically. There will be an efficiency dimension in this plan. We want to reduce complexity. We want to regain operational agility. There will be a strong focus on data. We will generalize the use of artificial intelligence as and where as an enabler, it can help the business run more automatically, run faster. We will simply simplify our product ranges. We have some complexity in our product ranges. We will simplify our organizations and the processes, we will reduce materially our indirect purchases amount, massifying and harmonizing our needs between all parts of the business. Again, here are some KPIs to illustrate that. Our SKU range is really declined by 25% to 30%, depending on the category. We'll have a 5% to 6% reduction in the addressed indirect purchasing envelope, making it a material area for saving. Now, if we wrap up the financial part of this Rebound plan beyond the recover growth part, we expect EUR 200 million recurring savings by 2027 on this plan, with three areas of cost savings, indirect purchases, industrial efficiency and overheads. That will have a potential impact of up to 2,100 positions worldwide, of which 1,400 in Europe. This will include potentially 500 positions in France that will all be made on a voluntary basis. We will accrue mainly in 2026, the cost of this plan, and will disburse mainly, mostly in 2027. As far as the one-time plan cost is concerned, we see it between 1x to 1.25x the recurring annual savings. Voila! As a conclusion, I will start by a statement that is very, very traditional in the group. We know that the group's business is very much skewed towards the fourth quarter. In fact, last year's fourth quarter is over 50% of the profit, of the annual profit. Usually, we don't give a financial or a quantitative guidance at the start of the year. We wait until July, usually, to do that. Now, what we see and what we can say in 2026 as a guidance is that we want to return to growth in OCFA in 2026. This is clearly a clear priority. We want to go back to a more normative free cash flow generation. That's also something that is that we need to bring back into our habitual usual trajectory. We will lower, in 2026, our financial leverage with the objective, as Olivier said, of returning to the Groupe standards of around two by 2027. That, of course, excludes acquisitions. More importantly, and I think the analysis of 2026, the results of the fourth quarter and the deployment, the first deployment of the Rebound plan that we want to execute in under two years confirm our ambition to go back to our midterm ambition. That is, to remind you, a target of 5% annual organic sales growth and operating margins of 10%, then progressing towards 11%. I think that's that is what guides us. This is our beacon, and I think we are putting together the right actions and the right mobilization of our teams to deliver that. Thank you very much. We'll now hand over to you for your questions. Thank you, sir. Ladies and gentlemen, if you wish to ask a question at this time, please signal by pressing star one. Please make sure the mute function on your phone is switched off to allow your signal to reach our equipment. If you wish to cancel your request, please press star two. You may also submit your questions via the webcast. Our first question is from Geoffrey Delon from BNP Paribas. Please go ahead. Yes, good morning, gentlemen. Thank you for taking my questions. I would have three questions, please. First of all, you know, happy to get your thoughts on what you've seen, you know, in the start to the year of 2026, especially, you know, for the months of January and February. You know, I'm aware, you know, it's a small quarter for you, but happy to get any thoughts on the current trading, please. Secondly, I guess you've said, you know, the one-off cost linked to the Rebound plan is going to be about 1x to 1.25x. That means, you know, about EUR 200 million to EUR 250 million. Could you spread this cost between the next coming years? Should we expect all of this cost to be booked in 2026? Actually, is it cash cost? The third question is relating to the professional business. We've seen an improvement in Q4, flattish growth. What are you seeing, you know, for 2026? Do you expect, you know, the unit to go back to the, I would say, you know, medium-term algorithm, growth algorithm, you know, you provided to the market before? Thank you. I will take one and three. Olivier, maybe you want to evacuate the second question. Okay. Let's deal with the second question. Well, as indicated, we will take, I think, most of the provision in 2026. Probably in fact in the first half, because by that time we will have, I think enough, let's say, parameters to evaluate and be able to take a provision. We have, as I mentioned, taken EUR 24 million in 2025 already, and part of that was non-cash. I would say 90% of the charge will be a cash charge, and only around 10% will be non-cash. Merci, Olivier. I'll take the next two questions, starting with maybe the Q1 current trading. I, it's very early to say. I mean, we have a Chinese New Year that is moving two weeks backwards, forward, one year to the other. January, February are very unstable. We don't see an extraordinary Q1. We don't see a bad Q1. I think we are in a trajectory where we are building a business with a clear discipline and focus on recovering profitability, Q1 hopefully will reflect that. The professional question is a fair question. I think professional is a very healthy business, potentially. We have some areas of great stability and sustained growth. I mean, Germany, Eastern Europe, Middle East, Asia. We have more instability in China, as you know, linked to the fluctuations of the large contracts. We have this U.S. situation, which in a way delays or hampers the conversion of great projects into contracts. We don't give guidance at this stage to professional through 2026. If you step back, I think the drivers of our professional business are two or three large contracts, and today we have no signs of up or down versus the historical, so it's pretty constant. We have geographical expansion, which is year- after- year, confirming as a good growth driver. We have something new this year, which is the development of these new machines into new market segments, small businesses, offices. I think we're coming in the market. We are the first European company to come on the market with such a range of competitive machines, cost competitive, very profitable machines in that area. I think that will weigh materially on the development of the professional coffee business this year. I hope that answers your questions, Geoffrey. Yes, thank you very much. Thank you. Thank you. We're going to move to our next question from Christophe Chaput from ODDO BHF. Please go ahead. [Foreign Language]. Good morning, gentlemen. Hope you hear me well. Just one question remained for me. I just would like to come back on currency impact. As you say, you started to benefit in Q4 from the positive impact on U.S. dollar and Chinese yuan depreciation on your half, I mean. Could you remind me how much it impact the Q4? Not sure you give the figure. Assuming those currency stay at the same level than the actual one, what could be the positive impact for the full year, 2026? Because it's quite meaningful, if I may. Okay. I'm afraid I'm going to disappoint you, and I won't give you very precise numbers. I think what we can say is that we had a net positive impact, which is a mix of positive impact from CNY and U.S. dollar, but still negative impact on other currencies. I think it's, you know, quite, let's say, normal. In 2026, we expect again, overall, for the full year, a positive impact again from U.S. dollar and CNY, but still negative impact on other currencies, emerging market currencies. You know, we expect further depreciation in the Turkish lira, Egyptian pound, Mexican peso, et cetera. There will be some negative impact from currencies. Overall, I think what we can say is that we are expecting a total, let's say, impact of currencies on OCFA, which would be still negative, but much less than in prior, because of the positive impact, net positive impact from U.S. dollar and CNY. I hope that answers your question. Just to be sure, OCFA 2026, negative related to currency? Well, just to be sure, in 2025, the negative impact was EUR 80 million, in 2025. What we're saying is that the negative impact will be much smaller in 2026. Much smaller than EUR -80. Okay, understood. On the top line, you say more or less the same level that in, than in 2025, which means. Yes. -200. Yes. Okay. Thank you so much for the answer. Thank you. Thank you, Christophe. Thank you. Our next question is from Alessandro Cini from EQUITA. Please go ahead. Hello, can you hear me? Yes. Thank you. Hello? Yes. Yes. Thank you for taking my questions. The first one, actually, it's on your cost base. I will say excluding, of course, the Rebound plan. Just to have a sense on 2026 about the various moving parts on input costs, on raw material, transportation. Just to have your idea which kind of year you see in 2026 in term of input costs, of course, excluding the, I mean, the Rebound plan. My second question is instead about the U.S. market. You explain very well that I mean, we had EUR -40 million of negative impact in 2025 in term of bridge. Just to have a sense, do you expect to have a positive now in 2026? I mean, what kind of share you expect to recover in the U.S., given the several statements that you said before? Thank you. Okay. I will start with the second one. Olivier will take the first one. On the U.S. market, as we were disappointed by Q2 and Q3, you remember, we have a big improvement in Q4 versus Q2 and Q3. I think that reflects the strength of our brands in the U.S., that reflects the strength of our market positions. Remember, the U.S. market is three pillars for us in the consumer business. I'm not talking professional, I'm talking consumers. I guess your question refers to consumers. It's based on Tefal cookware. It's based on All-Clad cookware and kitchenware, and it's based on Rowenta Linen Care. Those three have leadership positions, and what Q4 shows in a market, in a consumption market that is not very dynamic in the United States, the strength of our brands and of our positions. In fact, when we look at the current trading in the U.S., it is positive in dollars, despite price increases, despite all the uncertainties on consumptions. I think that reflects the strength of our consumer brands and of our consumer business in the U.S. In a way, we do expect to recover a material part of what we lost last year in sales and profit in the United States. That said, the current level of uncertainties on demand, and I'm sure you read the same papers and documents as we read on U.S. consumer sentiment, without even mentioning, the announcements of, U.S. President last weekend, on tariffs, I think there's a, there's an area of uncertainty around the U.S. business that, may alter, that expectation to recover a material part of what we lost last year, in, through 2027. I think the key point for us in the U.S. is the strength of our brands, is the strength of our brands' positions, because while we are not everywhere, of course, we know that, but where we are, we are very strong and we have very strong positions. Olivier? On input cost, I think we don't expect a very significant impact either way. There are some pluses and minuses, it shouldn't be a major driver of profitability in 2026. We can expect maybe some slightly higher cost on some metals. For example, you've seen the strong price increase at the beginning of the year. The impact is very significantly moderated because of our hedging policy, which is, as you know, hedging over a long period. Still, there could be some slight increase. On the other side, we have maybe some positives on the shipping cost. Overall, it should not be a major driver. What is going to drive our profitability this year is much more the initiatives that we're taking on the industrial side to improve our efficiency and our productivity, and also all the initiatives around redesign to cost, where we are looking to improve, let's say, the bill of material and the cost of some of our major products. Okay. Thank you. Very clear. My last point was instead on the professional business. It's a business with opportunities. You have already highlighted correctly my view. Just to have in mind, if we expect, I mean, a trend more or less flat shows slightly up in 2026. If we take the fourth quarter as a reference, you think that to recover the offer lost, maybe could be more in 2027. Just to have an idea, which is your perception on the profitability and business dynamics for the professional business. I understand where you want to get to, Alessandro. It's early to say. We've seen a stabilization of the business. We have some good plans. We need to see how those plans materialize. We need to see how the U.S. business is evolving because it's a key part of our professional business. Allow me to take a few weeks before we can give you a flavor and the direction for this professional business. It's not that I don't want to, but today, we don't have qualified enough elements to give you that flavor you're looking for. I'm sorry. Okay. Thank you. Thank you. Thank you. Our next question from Natasha Brilliant, UBS, please go ahead. Thank you very much. Good morning. Thanks for taking my questions. I've got a few or three questions. First one is just on the professional coffee hub in China. How does the pricing and the profitability of these machines compare to the existing professional business? My second question is on the Rebound plan. If growth trends change materially, either better or worse, could you increase the cost savings above 200 million or even reduce them if you don't feel that you need it? Is that 200 million pretty much the level that's set now through to 2027? My last question is just on the midterm targets. If I look at consensus out to even 2030, I think margins are below 10%, closer to 9%. Organic growth also just below 5%. My question is really, when do you think the midterm targets might be achievable? Thank you. I'll let the first one to Olivier. On the flexibility of the Rebound plan, I think the Rebound plan is characterized by a large spread of projects. We are depending on one initiative or two initiatives. We have several initiatives in the support functions, in marketing functions, in development, and I think that gives us. That lowers the risk of execution of one single part of the plan that could not materialize. I think that's some reassurance. I don't see very much upwards or downwards risks in terms of the execution. You may have some slippage of three months, six months, just because of the voluntary dimension on most of the social measures. It's pretty much where I think where we see it. Our midterm targets, I think, the we are focused on recovering our level of profitability. That will be our priority in the next couple of years. I think growth will come back with its own base. We have, as I said, a good base. I mean, we say no growth in 2025, yet China or Asia and Europe, EMEA, grow by 2.7%. It's not 5%, it's not 0%. I think, we, this will be a thing what fluctuates the achievement of the midterm target, but certainly it is before 2028 that we want to reach that 10% mark at or before 2028. Why do I say that? Because midterm today is two to three years, it's not 10 years. Read our midterm guidance as two to three years, not five. Okay. On the first question, as we mentioned, the machines that we've presented, the Elevation and Peak, in fact, are addressing a customer base where we're not so present today, which is small offices, medium-sized businesses. Those are naturally positioned in terms of price points, much lower than, let's say, the high-end machines, which are designed for customers that need, let's say, 350 cups per day. Here, we are looking at machines which are positioned below EUR 2,000 below EUR 1,000. We are, of course, designing those machines, this is also why they are, let's say, produced and assembled in China. We are designing them, we are producing them in the most competitive way in order to achieve a similar, let's say, target gross margin as we do on the high-end machines. That's our objective. It's the same strategy, by the way, that we have on the consumer side. We have to design those machines in a way to deliver the target constant gross margin. Perfect. That's very clear. Thank you so much. Thank you. As a reminder, to ask a question over the phone, please signal by pressing star one. My next question is from Alessandro Cuglietta from Kepler Cheuvreux. Please go ahead. Yes. Hi, thanks for taking my question. I hope you can hear me well. Just a quick one on the Rebound plan. How much of the benefit from the EUR 200 million savings do you expect to have in 2026? Is it, like, maybe 25% of the total? How much of the total savings you expect to re-invest? Because you mentioned more investments in marketing, innovation. Wondering if there's reinvestments out of those EUR 200 million. Yeah. Okay. You know, we don't, I mean, we're just launching the plan, we have to go, of course, through discussions with the unions and the employer representative, et cetera. I think it's too early to be very precise on the timing of the execution, and this will impact, of course, the amount of benefit that we have in 2026. Overall, it's going to be a, I'd say, a small portion compared to the total. Most of the benefits, of course, will come in 2027, and probably a small carryover in 2028. We, your second question on the reinvestment, in fact, we don't really look at it this way. Of course, we're looking to invest more. We said that it's an important element. It's redirecting our investment and also investing overall, more to support our innovation, and amplify, let's say, the impact of our innovation. Of course, those investments, they have to have a return above one. We are not looking to precisely reinvest the savings that we want to generate. Those are, let's say, two separate things. I would say, I mean, let's also speak clearly. We also want to improve our profitability. I think there's a clear focus of the management of the leadership teams to improve profitability, and we are creating a plan that will structurally improve our ability to deliver growth. That will imply some investments, some increased investments in marketing, but we want to improve substantially the profitability of the company. Okay. Very clear. Thank you. Thank you. There are currently no further questions over the phone. This I hand over for any webcast questions. Should I read them? How do we do it? Let me read the first one. Given global market shifts, what are Group sales top strategic priorities for 2026 to 2030, in both consumer and institutional channels, especially in high growth markets, such as China? India. India. Sorry. I think it should be China rather than India. I think the group has a widespread coverage of product families, product categories, and geographies. Today, our Indian business is very small. I mean, we are almost inexistent in India. The way we look at it today is we see that our existing markets have a very strong and important potential for development. We see that innovation, day in, day out, drives extra consumption and extra value in every market, including India. We see India as a further opportunity down the road. It's not in the next three to five years roadmap of the group to develop in India. We see the development in the next two to three years, very much focused on the geographies we are in, developing, reinventing or evolving our relationship with consumers through the evolution of our marketing practices, accelerating our pace of innovation on existing or adjacent categories where we are in. We will have some geographical development in countries where we have some understanding of how we perform in neighboring countries. We think India is another dimension, and we don't have any plans to develop our business in India in the next three to five years. That is in the current setup of organic developments. Now, your acquisitions will, of course, study them. The next question. Maybe I can ask to you, Stan. From your perspective, how important will e-commerce become for our professional segment in the coming years, both in terms of direct digital sales and supporting customers with digital self-service? It's a great question. Thank you very much. The first thing is there is a very strong connection already between our professional customers and our professional business on telemetry for machines management. We have our own programs, we have distance service programs. I think a fifth or a quarter of our servicing of machines in Germany is done online. There is a very strong online connection already between our customers and our professional coffee business. That said, we see that the professional distribution business in the U.S. is expanding rapidly, D2C, the direct-to-consumer distribution is expanding rapidly in all professional segments. We also see that the more we will move towards smaller customers for one, two, five, 10 machines, the more D2C service or serving of these customers will be relevant for buying, for servicing, for spare parts, for all these dimensions of the acuity. The good news is that we have a very substantial chunk of our machines which are connected or connectable to our own platforms or to customers' platforms. We are very advanced in this industry in our ability to connect machines to customer systems or to our own systems. We have the infrastructure by design that allows us to be digital or D2C ready in those dimensions. I'm reading the screen. I see that we have another question on the phone. Please? Yes, sure. We have a follow-up question from Alessandro Cuglietta from Kepler Cheuvreux. Please go ahead. Yes, it's me again. A quick question, cause if you look at the plan and the margin targets, I mean, we assume that to get back to your 10% EBIT margin, we need a sales growth. I'm wondering how do you look at sales growth, I mean, in at the market level, in your consumer business? Do you expect low single-digit growth over the next two to three years? A follow-up to that, do you expect to gain market shares? Is that part of the strategy as well? Sure. Of course. I understand the question where it's coming from. When you look at the equation, 2028, below 10% profit would be disappointing for all of us. Let's start from there. We are in an unstable environment. We have an unstable 2026. It's early to give a guidance for 2026 sales growth. What you can think of our business as, our priority will be to restore the conditions for having sustained and sustainable sales growth. Our financial priority is to go back to our financial trajectory, traditional financial trajectory, which I remind you, is towards 10% operating profit growth, is towards normative free cash flow generation, is reaching a leverage around two. I think that gives you enough indications, and what we try to do is to desensibilize, if you want, the achievement of those financial targets from the organic sales growth ambition. That said, we remain convinced that the model of value creation of the group is based on profitable sales growth. That is the surest and more consistent way to deliver cash flows and to deliver return to shareholders. Okay, thank you. There are no further question. All right. I see no more question. I would like to make a couple of closing words. 2025 has been a rather difficult year. We are creating the conditions to see 2025 as an inflection point for the group. We've had and we are determined to restore the trajectory of the group, which is a profitable growth trajectory, with a strong financial discipline, with a recovery of profitability, But at the same time, we're creating the conditions for a rebound plan to create a group that will again be able to deliver these 5% organic sales growth consistently and profitably. I would like to have the final final word, as a thank you for the analysts and the investors that follow us, and we will speak again in the publication of the first quarter results. Thank you very much.