Good afternoon, everyone, and welcome to Sodexo 2026 Investor Update. I'm Juliette Klein, Head of Investor Relations. Thank you for joining us, whether you're here in Paris or following the webcast. Before we begin, please have a look at the disclaimer regarding our forward-looking statements. While that's on the screen, a couple of housekeeping points. Our press release was publis hed earlier this morning. Today's presentation is now available for download from our website. A replay of the webcast will also be available shortly after the event. For those here in the room, the emergency exit are located at your left. If you need any assistance during the event, our team will be happy to help. Let me quickly now go walk you through today's agenda. Thierry Delaporte, our CEO, will start by taking you through where we are today, the market context, and our Shift & Grow 2030 roadmap. Along the way, you will hear from several leaders who will provide additional perspectives on some of the key initiatives supporting the plan. Sébastien de Tramasure, our CFO, will then present our financial ambition and capital allocation framework. Thierry will come back after for some closing remark. We'll open the floor for Q&A, both here and on th e call. With that, Thierry, over to you. Juliette, thank you. Welcome, everyone. Welcome to our investor update. We are very happy to have all of you here today with us for this presentation and to see many of you joining us online as well. Today is about clarity. Clarity and commitment on where we stand, on what needs to change, and how we move forward with discipline. We will bring clarity on our positioning and on the strategic priorities that will help us accelerate growth and restore competitiveness. We will bring clarity on our execution plan, the three pillars, and tech enabler that support it, and the progress already visible across the organization. Finally, we'll bring clarity on the financial trajectory we believe with this plan can deliver and the value creation opportunity ahead of us. We know that we have underperformed for many years. That is the starting point for today. We are not here to make excuses. Our objective is to explain what is changing and why we believe it will make a difference. This is a multi-year journey, but this is not a story of wait and see. Actions are already underway with, you will see, early signs that the organization is moving in the right direction. Today, you will hear not only from me, but from some of the leaders who are driving this transformation on the ground. Damien, who leads Entegra, our GPO and supply engine. Alice, leading tech. Soorya, leading talent and development. Sébastien, our CFO, who you all know. David, who leads commercial strategy and execution in North America. Back in April, I shared with you my first impression and first assessment of the business after a few months in the field with teams and clients. Today, I want to go one step further, not only to revisit the root causes of our underperformance, but also to explain the choices we are making, how we intend to win, and how these choices translate into a clear operational and financial roadmap. We have underperformed our peers and the market. That's a fact. This was not a market issue. It was mostly an execution issue. What matters in our industry is actually very simple. Are you close to your clients? Do you understand what they want? Do you act on it, and how fast? Can you deliver consistently? Are you competitive? If the answer is yes, you grow. If not, you lose. Over time, we moved away from some of these fundamentals. When I spent time in the field, I saw a business with tremendous strengths, but I also saw that we are drifting in how we operate. Wherever I went, four themes came back very consistently. First, growth stopped being the primary lens. Over time, the organization became too risk-averse. That affected behaviors, less commercial intensity, more caution in competitive situation, and not enough willingness to invest early in client relationship. Too often, we were simply not close enough to our clients. Our excessive focus on protecting short-term margins ultimately made us less competitive. Too often, we priced from our cost base rather than from the market. As our cost base became less competitive, so did our offers. In our industry, which is highly labor-intensive, sustainable margin comes from growth, scale, and retention. The second issue was complexity, empowerment, and decisiveness. Decision-making became too centralized and too slow. Too many layers, too many approvals, too much distance between leadership and day-to-day execution. Decisions were revisited several times and not always executed consistently. The third issue was that we had not invested enough in the capabilities required to operate consistently at scale. That starts with talent. We need to attract, develop, and reta in the best people, and that also means being prepared to pay competitively for critical capabilities where they create value. Beyond talent, it means investing in sales force and account management, in supply, in workforce management, and tech systems data. These are business-critical capabilities, and we simply did not build them early enough or at sufficient scale. In some instances, we accumulated a technical debt that became business critical. Lastly, this became particularly visible in North America. The U.S. cannot be managed like another country. It's effectively another headquarter. We are competing here against global leaders in their home market, and that requires a different level of leadership intensity, investment, and speed. We were not always operating at that level. That is changing. This is the starting point. It's not conceptually complicated, but it is demanding. What is exciting is that we operate in large, growing markets with strong long-term fundamentals. Food and facilities management together represent a market of more than EUR 1 trillion, growing at around 4% per year. At the same time, client expectations continue to evolve, driven by several structural trends. First, outsourcing continues to grow. Clients are facing labor shortages, increasing operational complexity, and higher expectations around service quality, productivity, and compliance. Second, many large organizations want to simplify the way they operate. They are consolidating the number of suppliers, reducing complexity, and looking for fewer partners who can deliver at scale. Third, demographics continue to support growth, especially with aging populations and focus on longevity, where we see healthcare evolving the continuum of care and driving long-term demand. We also see employers placing greater emphasis on the workplace experience as they compete to attract and retain talent in corporate organizations, hospitals, remote camps, and educational institutions. Finally, technology, and AI in particular, is raising expectation around productivity, transparency, and service quality across all segments. It's also creating new growth opportunities within the tech sector, particularly in areas such as data centers. Taken together, these trends are changing what it takes to win in our industry. Clients are looking for partners that can operate at scale, execute consistently, and deliver high-quality services across geographies. Winning starts with understanding that not all clients have the same expectations and operating environments. Not all clients are looking for the same solution. Some clients want a best-in-class food partner able to offer a large range of food solutions from value for money to premium experiences. Others are looking for deep expertise in a specific FM service. Increasingly, some want an integrated food and FM solution delivered through a single partner, again, to reduce complexity, to ensure a consistent experience, and improve performance. Client centricity starts with understanding client needs and serving them accordingly. Let me now illustrate with two examples. First, tech sector. Within our corporate services segment, tech today represents close to EUR 1 billion revenue in our portfolio and is one of the fastest-growing sectors. It's also a sector I know well, having worked closely with many of these clients throughout my career. Tech clients are looking for food solutions that go well beyond traditional on-site dining services. From premium retail and barista coffee concepts to pantry, micro markets, even catering, workplace services. Many also value partners' simplicity and consistency across locations. Within this tech sector, many of you have asked us specifically about data center. Today we already provide dining, convenience, and workplace experience solutions for several of the leading operators and hyperscalers, particularly in North America and Asia PAC. The opportunity extends across both operational phase and construction. During the construction phase, sites often require services for a large workforce operating in complex or remote locations. These are capabilities we have developed over many years through our remote site and village operations. In fact, we have recently secured our first food services contract supporting a data center construction project. It's relatively modest in size, but it helps us build our experience and deepen our relationships in this sector. To be clear, overall, we see tech and data centers as attractive growth opportunities. We already have a presence in the sector. We have capabilities that are relevant, and we intend to build on that foundation over time. The second example is airport lounges. It illustrates a different type of opportunity. Here, the differentiator is experience. Over time, we build capabilities, we invested selectively, and leverage our global footprint. Today, we are seeing the benefits. Let's hear directly from the team. Sodexo has been active in airport lounges for many years, particularly in the U.S., but our approach was quite fragmented with no dedicated team or specialized expertise. In 2017, we recognized the opportunity to build a more focused and structured approach to this fast-growing premium segment. By bringing the business into Sodexo Live!, we bring specific capabilities that airlines are looking for. Our deep expertise in premium hospitality, our world-class culinary credentials, including 6 Michelin stars across three Paris restaurants, and critically, our strong ability to tailor experiences to each client's identity. It's what we applied every day in iconic venues around the world, from the Eiffel Tower to Roland-Garros and major U.S. stadiums. Because our clients are global, we are structured globally, too, ensuring consistency and long-term partnerships. Today, we operate more than 180 lounges across 53 airports, serving over 100,000 guests a day with 7,000 team members worldwide. Over the last three years, we've maintained a 99% retention rate and close to an 80% business development success rate. This reflects the relevance of our offers and the trust our clients place in us. As Nathalie said, what sets us apart is our ability to deliver tailored experiences at scale. We take time to truly understand our clients' requirements so that our services really reflect their identity, from menu design and chef partnerships to service style and ambiance. We continuously innovate to bring our guests memorable experiences like show cooking, fresh seasonal menus, and greater personalization, all while ensuring consistent standards across the geographies we serve. Our strategy is to build long-term partnerships and to grow alongside our clients. We typically start with a single location, like their hub or maybe an important outstation, then expand over time across their network and into new geographies. With Cathay Pacific, for example, we started in Hong Kong before gradually expanding to London, San Francisco, and beyond. With Virgin Atlantic, we recognized early on the importance of supporting them as a global partner. We've invested in specific capabilities to support premiumization from the Sodexo Live! Academy, the first of its kind for the industry, which trains teams worldwide, to our Atlanta commissary kitchen, which prepares thousands of fresh meals every day. The fundamentals are very strong. The passenger level is expected to more than double by the mid-2040s, demand for premium travel experiences continues to grow, as well as the investment of our clients to elevate every stage of the travel journey. Focus, execute, scale. We know how to do it. These examples illustrate the same principle. Clients are looking for a partner that can adapt to their specific needs while delivering consistency at scale. This is exactly where Sodexo stands out. We hold a distinctive market position with leadership in both food and facilities management. We operate in more than 40 countries, allowing us to deliver a seamless and consistent experience. This positions us as the one trusted partner to support large, complex organizations across multiple geographies and service needs. This allows us to bring the best of Sodexo to our accounts. We also have something that is much harder to replicate, our service culture. For almost 60 years, we have built our business around people, client proximity, and operational excellence. That culture remains one of our greatest strengths, it's reflected every day in the quality of services we are delivering. Finally, but not the least, sustainability. We have established the undisputed leadership on this topic. It shapes the way we run the business through our Better Tomorrow roadmap. We are helping our clients achieve their own sustainability ambitions. We are continuously reducing our environmental footprint through measurable, externally validated commitments. We are making a positive contribution to the communities where we operate, it matters. Above all, it starts with our people. Sodexo is a place where people can learn, develop, build careers, create opportunities for themselves. That has always been part of who we are, this makes us a stronger company. It helps us attract and retain talent. It strengthens our relationships with clients. It increasingly supports our commercial succes. We see sustainability as one of the foundations of long-term profitable growth and value creation for our stakeholders. Taken together, these strengths give us tremendous opportunities. The next step now is to leverage them more systematically and at greater scale. It starts with being absolutely clear about where we play, where we invest, and where we can create the greatest value for our clients and our stakeholders. Over time, however, our positioning became less consistent. A gap emerged between what we said to the market, what market understood, what our teams do on the ground, and what our clients actually expect from us. At times, we created confusion about how we positioned our priorities between food and FM. Today, with Shift & Grow 2030, we are removing that ambiguity. We are not changing who we are. We are clarifying where we play, where we invest, and how we compete in both food and FM. We absolutely want to be client first. Client first doesn't mean everything, everywhere, at any cost. It means making clear choices to create more value for clients and shareholders. This means being more disciplined in how we allocate resources, management attention, and investment. We reviewed our entire portfolio and asked a few simple questions. How are our client needs evolving? Can we build a leadership position? Is the market attractive enough? Can we scale profitably? Also, is the model repeatable? Can we create sustainable value? This translates into choices at three levels: geographies, segments, and services. First, geographies. The U.S. is a clear priority for the group to restore competitiveness and accelerate growth. Absolute priority. It remains the most attractive market for us. Beyond the U.S., we will concentrate investments in a limited number of core countries where we see the opportunity to grow and win. Elsewhere, we take a more disciplined approach, continuing to support our global clients, for sure, while focusing more on profitability and cash generation. Second, we are clear about the client segments where we believe we can create the most value and build sustainable leadership positions. At group level, healthcare, corporate, and sports and leisure are clear priorities. These are large, attractive markets where our capabilities, scale, and client relationships position us particularly well to win. Our other segments such as energy and resources, seniors, education, or government, are local growth opportunities. This means that each country focuses on global priorities and one or two additional local opportunities where relevant to build leadership. For example, in the U.S., our business in education is very large and a critical growth opportunity. Similarly, in Australia, we will continue to grow our energy and resource remote site business, delivering an end-to-end food and FM integration solution. Now, the third level is services and capabilities. In food, our priorities remain clear. Food is often where the client relationship starts, and it remains our strongest anchor. We are expanding into the full food ecosystem with convenience and retail offers to capture more opportunities within existing account. FM and all the other services we are providing to our clients also play an increasingly important role. Where it makes sense for our clients and for us, they help us open new doors, grow existing accounts, and create more value. Finally, we will be pragmatic and disciplined in how we build capabilities. Where we believe we can develop real expertise and scale, we will invest. Where we can't, we will partner. The objective is simple, providing the best solution for the client while ensuring consistency, scalability, and value creation. Now, within all this, M&A is an enabler. Our growth plan does not depend on acquisitions, but targeted acquisitions can accelerate it. It allows us to strengthen differentiated capabilities, bring in new talent, expertise, expand the solutions we offer to clients, and accelerate access to attractive segment and priority markets. It can also deepen our relationship with existing clients while creating additional value through scale and synergies. We'll look at bolt-ons that strengthen priority markets or critical capabilities. For example, vending or GPO. The discipline is clear, strategic fit, financial returns, value creation. Now that I've clarified the choices we are making, let me take you through our ambition and how we will deliver it. By 2030, we want to be fully back in the game. A company that competes with the best in our industry, delivering consistent growth, improving profitability in a disciplined way, and becoming the partner of choice for our clients. That ambition requires a clear execution framework. We call it Shift & Grow 2030. It is built around two objectives, accelerate growth, restore competitiveness. We are addressing those through three pillars and one enabler. You will hear today from some of the leaders responsible for driving initiatives within Shift & Grow and how they are already translating them into action. First, I said we are rebuilding the growth engine. We are strengthening the capabilities, the processes, and the mindset required to grow consistently. Second, we are transforming the way we operate, reducing complexity, improving productivity, leveraging our scale much more effectively across the group. Third, we are strengthening our performance culture, creating a company that moves faster, executes more consistently, and holds itself to higher standards. Fourth, as I said, we are accelerating investment in tech and data, not as a separate strategy, but as an enabler of growth, of productivity, and execution at scale. Sustainability underpins all of this. It's at the core of Sodexo's DNA. It strengthens the long-term resilience of our business, but also sharpens our client value proposition. It also gives purpose to our teams. When we do good for our clients, our people, society, and the planet, engagement grows, and this fuels our ability to perform and win. Before we look at each pillar, let me explain how we intend to phase the transformation. Fiscal 2026 and 2027 are about rebuilding the foundations and restoring competitiveness, restoring commercial momentum and improving execution discipline, simplifying the organization, and reinvesting in the capabilities, systems, infrastructure we need to support future growth. From FY 2028 onwards, the focus progressively shifts towards scaling the model Accelerating growth, leveraging the investments we are making, and improving profitability more meaningfully over time. All of this translate into clear financial framework. Let me start with FY 2027. We expect organic growth between 2% and 3%, and an underlying operating margin broadly in line with FY 2026. Let me be clear on how to think about it. FY 2027 is still a year of rebuilding. Our priority is not to maximize short-term margins. Our priority is to rebuild the foundations of the business. That means continuing to invest, strengthening our commercial engine, simplifying the organization, fixing execution where needed. We believe this is the right way to create stronger and more sustainable performance from FY 2028 onwards. Looking further ahead, by FY 2030, we believe we have the capacity to consistently deliver organic growth above 5% and underlying operating margin above 5%. That brings me now to capital allocation. Delivering this plan requires discipline, not only in how we operate the business, but also in how we deploy capital. We'll continue to invest behind our strategic priorities. At the same time, we remain committed to maintaining a strong balance sheet and a disciplined approach to capital allocation. Sébastien will come back to that in more details, but the principle is straightforward. Every year we invest, whether in the business, technology, or acquisitions, must strengthen our competitive positioning and create sustainable shareholder value. We've talked about the destination. Let me show you the journey. Everything that follows is about execution. It's about the actions already underway to rebuild growth and competitiveness. Let me start with the first pillar, rebuilding the growth engine. Growth starts with our clients, keeping the clients we already serve, winning new ones, competing more effectively, and building stronger relationship with our largest clients. These are the four priorities driving our commercial transformation. First, retention. This is fundamentally a relationship business. When we lose a client, it's rarely because of a single operational incident. More often, relationships weaken over time, concerns are addressed too late, by the time we enter the renewal discussion, the outcome has often already been decided. That is why our biggest opportunity is to fundamentally strengthen account management. Today, honestly, accountability is often too fragmented. Several people may be involved, but no one is fully accountable for the relationship. We are changing that. Every strategy client will have one clearly identified account manager with end-to-end responsibility for client satisfaction, retention, growth, and financial performance overall. By the end of this calendar year, this will be in place for all of the top 200 clients. At the same time, we are making the entire retention process much more systematic. We have introduced dedicated retention rooms for our highest priority renewals and are building proactive retention plans up to two years before contracts come up for renewal. Trust me, it's pretty new. U.S. education is a great example of why we are changing the approach. The challenges are well known. In many cases, they reflect issues that had built over several years and client concerns that had not been addressed early enough. Once a relationship reaches that stage, it's extremely difficult to reverse the outcome during just a single renewal cycle. That is why our response goes well beyond individual renewal efforts. Of course, it's the responsibility of the account managers, no doubt about it. I said it. I also want our leaders to be personally involved. I have renewed the leadership team. They're, I can tell you, very active on the ground with clients. I feel today an intense mobilization, especially around retaining our business. These actions will not change every renewal overnight, but they fundamentally change how we manage client relationships going forward. Second, new business development. Retention alone is not enough. We also need a much stronger engine to win new contracts consistently. That starts with investing in commercial capacity. We are increasing sales resources in our priority markets. We are bringing in experienced hunters from other B2B service industries. In the U.S. alone, we expect our sales team to be more than 30% larger by year-end. This will be the result of both significant recruitment and a continued strengthening of our commercial organization. This commercial focus is also reflected in our leadership. Today, around 20% of our top 250 leaders are account managers or day-to-day client-facing leaders. It was less than 5% just a year ago. Adding people is only part of the answer. Growth should no longer depend on individual efforts. That's the reality. It needs to become a repeatable commercial system. Not all sales opportunities require the same level of expertise. We are also introducing a much more standardized approach for smaller opportunities using configurable offers, command proposal templates, and AI to prepare, structure, process bids more efficiently and consistently. This allows our most experienced commercial teams to focus on our largest and most strategic opportunities as well. Above all, commercial excellence is very much a matter of intensity and discipline, the energy to fight, to compete, the appetite to win. Third now, price competitiveness. Winning more business is also about competing more effectively. For us, becoming more competitive is not about simply lowering prices. It's about becoming much more disciplined in how we approach opportunities. It's about pricing to win. I told you how we used to start from our cost base. Now, we ask ourselves what it takes to win this opportunity. This is a deliberate change in our pricing strategy. We will compete where we want to win. We will make ourselves competitive by addressing our cost base at the same time. That requires much better preparation, understanding the client, the competition, and the economics of the opportunity before designing the offer. The objective is to make pricing decisions based on understanding what success requires. In fact, when you review major opportunities today, I often say to the teams, one, are you clear on clients' expectations? Second, do you know what's the winning price? If the answer is no, there's no discussion. Today, every major bid goes through a structured price-to-win review. It allows us to design better offers, to make better investment decisions, and to be much more deliberate about where we compete. Finally, large account strategy. Large global clients represent one of our most attractive growth opportunities. Historically, we have not captured our fair share of the largest opportunities, despite having many of the capabilities that matter most to these clients. Our breadth of services, global footprint, integrated operating model, and single governance makes us honestly uniquely positioned to serve large, complex, national or multinational organizations. We want to fully leverage these strengths. That's why we are putting in place a different commercial model, identifying our highest potential accounts, developing dedicated account strategies, investing in senior account managers, and strengthening global account oversight. Let me make this more concrete. I want to show you a recent example of what this commercial engine looks like when it comes together. Over the past months, we have been selected by Meta to deliver workplace food services across more than 130 locations in over 30 countries, across very different operating environment. The reason I'm telling you this is not only to celebrate the win. It's because it shows what happens when we bring the best of Sodexo together and operate as one company with aligned teams, high intensity, clear ownership, and the right expertise around the client. When we do that, we become a formidable competitor, able to compete and win on the largest global opportunities. I'll let the team tell the story. In 2025, Meta launched one of the most competitive global bids in the industry. Their need was to find a partner to support them globally for the first time in the complex management of their food services, with more than 130 sites in over 30 countries and to serve 70,000 people each and every day. We just could not let this opportunity go. Our success came down to one question, c ould we operate across the globe as one global team, move fast enough, and deliver consistently across a very complex international footprint? We aligned the best from Sodexo to form an account enterprise team from day one. Across regions and functions, people with a strong growth mindset, client-first approach. That's how we built trust, because we had the right people bringing the right expertise. We had the right capabilities backed by suitable processes and tools. That is what ultimately differentiates Sodexo. Our team are fully ready to ensure operational efficiency, execute consistency with local relevance, and a governance at a global level. With the teams in North America and in Europe, we built a comprehensive offer designed for consistency on an international scale with the flexibility to feel local and relevant in every region. From small office units to multi-building campuses, we show we can deliver day-to-day excellence at any scale while still creating standout moments that reflects the client culture. We covered everything from micro kitchens and snacks to self-delivery, including full dining, hospitality, and events with a simple focus: quality, choice, sustainability with zero disruption to the people who rely on us every day. We recognized early on that Meta was looking for a strategic partner capable of helping them shape the future of the workplace. We showed how technology could improve employee experience, optimize operations, and provide greater transparency across a complex international footprint. Most importantly, we created and demonstrated a personalized live ecosystem powered by Meta technologies. By combining Sodexo's global tech platform with Meta's own innovation agenda, we positioned ourselves as the best strategic partner to help define hospitality in their workplace. The process was designed to select a small number of global partners, and in the end, Sodexo were awarded the full global program. That outcome speaks not only to the strength of our food offer, but also our ability to operate as one company for some of the world's most demanding clients. It is a powerful example of what Sodexo can achieve when we bring together commercial, operational, and functional expertise at a global scale. What you just saw is exactly the point of this first lever. Two takeaways. First, these clients are not buying a service. They are buying consistency, accountability, and the ability to deliver at scale across a complex global footprint. Second, this cannot rely on a few individual heroes. We are working on building a repeatable commercial model. Let's deep dive with David, who leads commercial strategy and execution in North America. He has been at the center of redesigning how we approach large clients, structure opportunities, and improve commercial discipline. David, over to you. Thank you, Thierry. The Meta example is a fantastic example, but it is just one example. Congratulations to Damien and Catherine, Martin, Joe, Alice, and the team. It was a win, and it really is a strong proof point. It's also part of a much bigger opportunity. Large accounts are central to Sodexo's ambition to deliver more predictable, profitable growth. In the U.S. alone, large accounts represent $75 billion in addressable spend. That's about 15% of the total market. It is a significant market, many large organizations remain underserved by traditional sectorized approaches. Large accounts operate across multiple geographies with various sites in all kinds of services. They involve multiple stakeholders, therefore they demand strong account governance. The thing they want least is multiple vendors and fragmented contracts. They're seeking simplification. They just want a partner that can operate at scale, deliver consistently, bring clear accountability across all the geographies. One of these clients told me, "David, anyone can serve our headquarters. That's the easy job. What I need is someone that can support us across our entire footprint." That captures the challenge very well. Winning large accounts is not only about what you sell, it's also about how you sell. I tell my team, good sellers can tell you why to buy from Sodexo. Great sellers can tell you not only why to buy, but how to help you how to buy. Differentiating yourself during the buying experience is critical with these large clients. When we do this, we know we can win. We've already proven it. You saw it in the airline lounge business. We've proven it in sectors such as fast-moving consumer goods and in healthcare. We've not done it consistently enough across the entire portfolio. We are changing the way we're going to work. First, we're going to select differently. We've identified priority accounts that Sodexo can truly differentiate and create long-term value. This means focusing our resources on the strongest areas where we have a right to win. Out of the 800 clients we've identified, we've already identified a first tranche, which is circa 15%, to start proactively developing those opportunities. For example, we recently targeted a client who had a gap in service coverage in some countries where one of our competitors had recently vacated. We were able to quickly structure a contract to support them. The second change is how we design and price opportunities. We now spend much more time upfront. This is not only to better understand the client, but also understand how they buy and what is the likely price to win. Once we have that level of clarity, we're able to design a solution that is easy to purchase, that meets the client's expectation, and is attractive to Sodexo from a returns perspective. This creates much greater discipline. For example, we are in the midst of completing a contract with an existing client to add several sites where they're currently self-performing the services. Third, we're making ownership much, much clearer. We're asking ourselves: who leads the relationship? Who makes the decisions? Who is accountable for execution? Fourth, we are bringing much greater discipline and speed to how we pursue these opportunities. It's important to remember that the complexity and time are the key silent killers of growth in any organization. We now operate through structured win rooms, bringing senior cross-functional leadership expertise together much earlier in the process. These deals are built collectively from day one. The client is at the center of all these opportunities. As a result, opportunities move much faster, decisions are clearer, and clients experience a much more seamless approach. In one recent example, a win room expedited the extension and expansion with one of our largest clients in the U.S. Early signs of progress and momentum are building, yet we are still at the very beginning of this journey. We do have the operating model, we're building the governance. The team is now all in place. Now we can scale this approach. We're already seeing encouraging signs. Our large accounts pipeline is much more structured and focused. Even more importantly to me, the quality of the buying experience for these clients is improving. Let me close with three messages. First, large clients are the most attractive growth opportunity for Sodexo. Second, we have the assets and we know how to win. Third, we are now investing to ensure our approach is scalable and systematic. Thank you. Back to you, Thierry. Thank you, David. What David described is exactly the type of commercial discipline we need to accelerate growth. Over recent years, our net new business growth has been around zero. The first pillar is designed to fundamentally change that. We'll track proactive retention through retention rate, new business through development rate, pricing competitiveness through bid rate, and our ability to unlock large accounts through the growth of our related pipeline. Bottom line, success will be measured by one outcome, a return to sustainable, profitable growth. By 2030, our ambition is to consistently generate more than 3% net new business growth, supported by stronger client retention and greater business development. Let me now turn to the second pillar, simplifying and standardizing how we operate. This pillar is about making Sodexo simpler, faster, more competitive. What we are now putting in place is much more standardization around operations, workforce productivity, and procurement. The objective is to remove unnecessary complexity so teams can focus on clients and our operations. It starts with how we manage the performance of our existing contracts. This is an area where we see significant upside. We have many strong, well-performing sites for sure, but performance is not always consistent enough across the group. Over the past months, we have systematically reviewed our portfolio. We identified a targeted set of contracts with significant gross profit recovery potential. For each of them, we start with the same questions. Why is this contract not performing? Is it an operational execution issue? Has the scope evolved? Is pricing still aligned with today's reality, or have the client needs fundamentally changed? The answer determines the action plans. That may involve improving operational execution, simplifying staffing models, and increasing workforce productivity, or adjusting pricing and scope where appropriate. What is changing is that this is now managed much more systematically. Every region has identified the priority contracts and committed to clear recovery objectives by FY 2027. We've also dedicated recovery teams working on the most critical situations, bringing together some of our strongest operational leaders to accelerate improvement. We are, in parallel, putting in place one common methodology across the group with shared performance scorecards, systematic tracking of operational leakage, and common recovery playbook. Our objective goes well beyond fixing today's underperforming contract. Every recovery program is also an opportunity to improve the way we operate. The lessons we learn are being translated into new delivery standards, simpler operating models, and best practices that can be deployed across the wider organization. This is hard work. It is highly operational, but it's also where a significant amount of value sits, and it's largely under our control. The second area is simplifying the way we operate. If we want better performance to become repeatable, we also need a simpler, more productive organization. Before going into what we are changing, it's important to understand why our organization lost competitiveness in some area. The answer is quite simple. It is the shape of our workforce pyramid. Over time, in different parts of the group, the pyramid has become imbalanced. Why? When you don't grow, you don't bring enough new talent at the base of the organization. At the same time, people stay longer in their roles, and salaries continue to increase. What happens is simple. The base of the pyramid becomes too narrow. The middle and the top of the pyramid become too heavy, and overall productivity deteriorates. Beyond productivity, it also limits our ability to refresh skills, bring in new talent, and develop the next generation of leaders. That is the situation we are fixing. First, we are simplifying support functions and overheads. We are accelerating the expansion of our global business services, standardizing processes, removing duplication across the organizations. Our mindset is simple. Business services by default, unless there is a clear business reason for them to remain based in HQs. The role of our support functions is to enable the business, not to add complexity. We want leaner headquarters, stronger shared capabilities, and more resources focused on serving our operations and our clients. Second, we are flattening the organization. Today, we have the number of management layers vary significantly across the group. In some countries, though, there can be as many as 12 layers between a site and a regional CEO. In others, there are seven. That gap tells us there is considerable room for simplification. Every additional layer slows decision-making, weakens accountability, and at the end, creates distance from the client. We are therefore reducing management layers, increasing spans of control, and moving resources closer to the frontline. Pierre Bellon often reminded that this is a penny business. We need to operate accordingly. With a lean organization, empowered local teams, and support function that exist to help the business succeed and not the other way around. Third, we are improving workforce productivity. Labor represents roughly half of our cost base. That makes workforce productivity one of the most powerful performance levers we have. Historically, we have not managed workforce productivity consistently enough across the group. Simple indicators such as workforce utilization or revenue per employee were not even measured, and therefore could not be acted upon. Managers also need much better visibility. Today, in too many situations, they simply do not have real-time information on workforce allocation, on labor productivity, or operational performance. That is why we are introducing common KPIs, much better operational visibility, and stronger discipline around workforce planning and resource deployment. Taken together, this initiative create a simpler organization, a healthier cost structure, and a much more scalable operating model. As we execute this agenda, we expect these operational improvements to translate into improvements to meaningful productivity gains and stronger profitability over time. The final part of this pillar is procurement. Historically, we did not always leverage our scale as effectively as we could. We are now building a much more integrated procurement model with greater standardization, stronger purchasing discipline, and much better use of our collective buying power. This is already delivering tangible results, but we believe the opportunity remains significant. Damien, who leads Entegra and Supply, will take you through it. The model he and his team are implementing is one of the clearest example of how we can convert our scale into better competitiveness and stronger returns. Damien, over to you. Thank you. Thank you, Thierry. Hello, everyone. Over the years, we have built a powerful supply ecosystem. We have scale in purchasing with around EUR 7 billion of spend across the client sites where Sodexo operates. We also have deep operational and culinary expertise. And we have Entegra, a leading and fast-growing group purchasing organization, GPO, aggregating over EUR 38 billion third-party member spend. We have all the right assets. However, we have not been capturing their full value consistently. Why? Because our operating model was fragmented in two ways. First, many operational and purchasing decisions were made independently at site level. Second, our supply organization and Entegra have operated as two separate organizations under separate leadership. Our site-level decision-making brought flexibility, proximity to local markets, and strong entrepreneurial execution. However, when offers are designed locally, when ingredients vary across sites, and when purchasing decisions are fragmented, over time, scale gets diluted. In practice, this translates into inconsistent buying leverage, limited compliance, and variability in execution. What we are doing is fundamentally solving for that. It is a full reset of our operating model. We are changing the way the model operates day-to-day to connect brands and offers, menus, recipes, ingredients, purchasing decisions, and execution at unit level. Our units do not start from a blank page anymore. Menus, recipes, and ingredient choices become much more prescribed and structured. That simplifies execution at site level, improves purchasing consistency, and makes scale easier to leverage. Today, in many units, planning, forecasting, and ordering can take up to 2-3 days per month. This is a real operational burden that is now being reduced to a couple of hours, and that really matters. In a business like ours, reducing operational complexity directly improves execution quality. In parallel, we are creating a model that is AI-native by design, and AI will help us automate, allowing us to move from reactive operations to more predictive and consistent execution. The results are better economics, better execution, and better experience for both clients and consumers. This consistently will allow us to better leverage our scale, but that's only the first part of the equation. The second part is how we organize Sodexo Supply and Entegra. The reality is that we still operate as separate teams in most of our countries. In Europe, the Entegra business grew through bolt-on acquisitions with separate supply chain. The integration work, country by country, has not yet been completed. In North America, until recently, we had separate leadership teams and different ways of working. As a result, we were not fully leveraging the combined scale, expertise, and capabilities. Today, we are starting to work as one team with joint category strategies, increasingly integrated ways of working. Honestly, we've wrestled with this topic for years. On the one hand, we've been successful at growing our Entegra business, focused on external members, and that strategy worked. Entegra has consistently grown faster than the market and has built leading capabilities in procurement, data, and digital. On the other hand, however, we were not fully capturing the value of our overall scale. Today, that opportunity has shifted. As we deploy our operating model, it provides the operational discipline that is required to leverage our scale. That is why bringing Sodexo Supply and Entegra together is the right decision. This creates value in two ways. First, efficiency. By combining internal and external purchasing volumes, we are strengthening our buying power, strengthening our supplier relationships, increasing compliance, and improving purchasing discipline across the system. Second, growth. As David just mentioned, procurement is becoming part of why we win contracts. Supply and Entegra are now involved much earlier in the sales process, helping us build more competitive client solutions, accelerate mobilization, and create value from day one. On several recent contracts, Entegra was live within weeks of the contract award, well ahead of the broader organizational mobilization. That's a good example of how supply can become a commercial differentiator, helping us accelerate value delivery and strengthening client confidence from day one. This is also why we continue to invest in Entegra. Entegra has grown double digits consistently over the past five years, and we want to further accelerate. We will continue to invest in sales capabilities, identify bolt-on M&A opportunities, and continue our geographic expansion. Everything that I have described started in North America, where we chose to build, test, and refine the model before scaling it. What have we done already? We've brought Supply and Entegra under one leadership to test and learn the model. We've rolled out order guides on some of our largest categories, such as produce and bakery, across our entire portfolio of unit, and that's all 8,000 of them. We have deployed our new planogram technology to monitor our retail operations across all major units, and we've aligned general managers' incentives to include KPIs on supply chain compliance, essentially buying the right product from the right suppliers. We are still at an early stage in the journey, we are confident in the opportunity ahead. Sébastien will come back on the financial implications and explain how procurement, supply chain efficiencies, and the broader operating model transformation will contribute to the margin improvement potential embedded in our plan. As you can see on the slide, we have already started the rollout. Today, every North American unit is already benefiting from parts of the new operating model, and the early results are encouraging with north of 50 basis points of growth profit and uplift on our pilot sites. The next phase is about bringing all of those building blocks together end to end. As our ERP platform is deployed, it will enable us to accelerate the rollout and scale the model across North America. Let me leave you with three messages. First, we are fundamentally simplifying and standardizing our supply and operational model. Second, we have brought together Supply and Entegra under one leadership to better leverage our scale and capabilities. Finally, with Entegra's aggressive growth plan, we are turning one of Sodexo's strongest assets, our supply chain and procurement capabilities, into a source of competitive advantage, growth, and value creation. With that, Thierry, back to you. Thank you. Thank you, Damien. Over the next few years, we'll track our execution progress to continuously simplify and standardize our operating model. The productivity gains will show in our margins and also be reinvested to strengthen our commercial competitiveness. Organizations and processes are only part of the picture. Ultimately, sustainable performance depends on people. How we lead, how we manage performance, and how we build the right culture. That brings me to our third pillar, building a stronger performance culture. Culture is what determines how decisions are made, how quickly we act, how leaders behave, and how people are held accountable for results. In other words, culture determines how the organization performs every day. Frankly, over time, we lost some of that intensity. We became too complacent in parts of the organization. Too slow to make decisions, too tolerant of underperformance, too reluctant to make difficult decisions. That has started to change. For me, it starts with leadership. If we expect the organization to move faster, make better decisions, and execute with more discipline, that has to start at the top. This is why one of my first decision was to reshape our leadership model. At group level, we simplified the execution committee and removed the zone layer. Today, all regional CEOs report directly to me. The objective was simple. Shorten decision paths, strengthen accountability, and bring leadership much closer to our clients and our operations. As an example, a EUR 100 million account does not need four layers of management around it. We've also strengthened leadership where we believed new capabilities were needed. As a matter of example, North America alone, we have made 15 changes across the senior leadership team over the past nine months, including 10 external hires. We also continue to strengthen the group leadership team, including with the recent appointment of our new Chief Human Resource Officer. The second element is performance management. People perform better when expectations are clear, when performance is measured consistently, and accountability is not open to interpretation. This is about fewer KPIs, clearer expectations, and much more rigorous follow-through. The third element is incentive. We've simplified and harmonized our incentive framework across the group around one simple principle. People should be rewarded for the value they create. Growth carries now much greater weight than before, for sure. Client execution and accountability, client retention, incredibly key. We've also aligned incentives much more closely with individual responsibilities. Hunters are rewarded for winning new business. Account managers are rewarded for growing and retaining their accounts. Operational leaders are rewarded for delivering growth and profitability. In other words, incentives are now directly aligned with the outcomes that matter most for our clients and for Sodexo. Building a high-performance culture means continuing to attract, develop, and retain great people. It also requires a much more proactive approach to talent management. Identifying high potential individual, accelerating their development, and creating the right opportunities for them to grow. We also want to bring in more talent from the industry. By the way, let me tell you, we are seeing this happening with more and more talent reaching out and willing to join. They certainly want to help drive the transformation and leave a mark. As a matter of fact, this is probably one of the most exciting moment to join Sodexo. Now, to bring this to life, let me ha nd over to Soorya. Soorya, over the past seven years, has led the transformation of APAC's performance culture and management system. A few months ago, I appointed her as SVP Talent and Development to help embed these practices across the group. Soorya, over to you. Thank you, Thierry. Thank you. Let me share my personal journey with Sodexo. When I joined APAC region 7 years ago, I didn't find an organization lacking talented people. We actually had talented people. What we lacked was a consistent management system. Let me explain. Because of the way we have actually organized ourselves, decisions often had to travel many organization layers before they were made, slower decisions and diluted accountability. Performance meant different things depending on who you actually ask. Along the way, we had actually become a little too sympathetic. What we were doing is that we were discussing and defending underperformance rather than acting or addressing it. Let me share one statistic. Globally, last fiscal year, 96% of senior leaders were rated fully achieved or exceed expectations. In fact, more than 50% actually was rated exceed expectations, yet we fall short on our financial ambitions. That doesn't add up. We weren't differentiating performance. We were actually normalizing performance. That's why I described our starting point in just three words: complexity, inconsistency, and complacency. Performance rarely collapses overnight. It actually drifts, and so is our culture. Culture works exactly the same way. It's shaped by what our leaders reinforce, recognize, and what they choose to tolerate and not to tolerate. Once we understood the problem, the question became obvious in APAC region then. How do you build a sustainable performance? Sustainable performance doesn't happen by chance. It comes from a management system that actually creates clarity, accountability, and consistent execution. Sustainable performance requires both the what and the how. Neither alone is called sustainable performance. If you reward what without the how, you are actually promoting toxicity. People may hit their numbers, but at the expense of teams, collaboration, succession, and so on. Right? On the other hand, if you reward the how without the what, you actually promote mediocrity. Great intention without delivery doesn't create any value. That's why we built our approach in three simple principles. First, clearer standards. Because people cannot be held accountable if they don't understand what is actually expected of them. We made success explicit. For example, every managing director in the region knows exactly what success looks like and how they will be assessed, and they know exactly where they stood throughout the year. Number two, fairer assessment. Performance should never depend on who your manager is. Right? We moved from opinion-based to evidence-based assessments. Finally, stronger accountability. We reward outcomes, and we recognize behaviors. That's our philosophy. We stopped recycling underperformance. Obviously, we addressed them. We supported them. Some people improved, some moved to a smaller role. Where there couldn't be any improvement, we actually had to make a very difficult decision. Managing low performance actually requires a very different leadership mindset. It requires empathy and not sympathy. Right? Sympathy removes accountability from individuals, but empathy actually supports people to succeed. Looking back, everything comes down to 1 simple belief. Performance should never be open for interpretation. Did it work? The answer is on this slide. Let me show you why. If you look on the right, revenue grew. Gross profit improved. Underlying operating profit increased significantly. Those results did not come from one initiative. They came from a business that was actually executing with greater discipline, rigor, and consistency. Now look at your left. Engagement among our senior leaders increased from 79% to 89%. Leadership advocacy reached 64%, placing us firmly in the best-in-class benchmark, and regrettable attrition also reduced. The important point isn't that one metric improved. They all actually move together, and that's exactly what you would expect from a stronger management system. Raising performance standards actually strengthen engagement. Having demonstrated that in APAC, the next question became obvious. Can we leverage it? Can we strengthen it? Can we scale it across Sodexo? That's exactly what this slide is about. One important point, these are not future ideas. They're actually being implemented as we speak. Together, they are actually creating one integrated performance management model across Sodexo. First, we are creating much clearer expectations through what and how assessment day one target cascade. It's not like day, month four, right? That people actually are getting their targets, but day one target cascade, simplified bonus KPIs. Every employee will understand what success will look like from the beginning of the year and how their performance will actually be assessed. Second, we are strengthening accountability. High performance will be recognized more clearly and sustained underperformance will be addressed earlier and more consistently. We will no longer recycle underperformance. Third, we are improving differentiation. Differentiated rewards and evidence-based assessment ensure performance is actually recognized fairly and consistently across the organization. Finally, as Thierry has actually mentioned, we are building a stronger leadership pipeline through critical roles identification, refreshed leadership population framework. We are investing in roles that have greatest impact in today's performance and tomorrow's growth. Here's our ambition by fiscal year 2030. Senior leader engagement above 85%, regrettable attrition below 18%, and ready now successor for at least 80% of our top 250 critical roles. This isn't a collection of HR initiatives. It's one enterprise management ecosystem that is changing the way Sodexo is managed. Let me finish with this. What we are doing is a permanent change. If we get this right, the organization will move faster, leadership will become stronger, and when standards are high and applied fairly, engagement will follow. We proved it in APAC, we, as the Sodexo's leadership team, are taking this experience, strengthening it, and embedding it across Sodexo. Ultimately, performance is not an annual event. It's how we choose to lead every single day. With that, thank you. Over to you, Thierry. Soorya, thank you. Thank you. What you've just heard is a management system designed to strengthen execution across the group. It's about restoring a culture with clear executions, stronger accountability, and better leadership at every level of the organization. As with every pillar in our plan, we have defined a clear set of indicators to track our own execution. We'll monitor our ability to attract and retain our best talents through engagement and regrettable attrition. We will also monitor the effectiveness of our performance management through performance rating distribution. Finally, we will monitor the strength of our leadership pipeline through succession coverage. People are at the heart of our business, right? Our success will always depend on the quality of our leaders, the strengths of our teams, and how well we identify, develop, and retain talent over time. That is what will make the difference. The next question is, how do we enable our people to perform at their very best every day? Many operational improvements can already happen through better leadership, simpler processes, stronger execution discipline, technology and data allows us to scale those improvements much more effectively across the organization. Our investments in technology and data are about both catching up and pulling ahead. Fixing today's gap while building the capabilities that will differentiate us in the future. Today, let's be clear, we still have technology limitations that a company of our size should not have. Over the years, the organization has allowed for the creation of many local solutions. This has resulted in a landscape of fragmented systems that often do not talk to each other, that has prevented us from having relevant operational data. In some instances, we still don't have the most simple operational performance management tools. This prevents us managing performance rigorously. The first priority is clear. Fix the foundations once and for good. That starts with much tighter governance. Today, it's very simple. All the tech teams around the world are reporting directly to Alice, so that we make sure we have one unique governance model, one shared technology roadmap, and in the end, much stronger discipline around investments decisions. That allows us to accelerate the implementation of core systems, ERP, HR, procurement systems, and build a common data foundation across the group. Reliable, real-time data allows managers to make better decisions, act earlier, and execute much more consistently. With integrated systems, managers can deploy resources more effectively, improve productivity, and manage the cost base much more dynamically. Once those foundations are in place, we can scale much faster. Our second priority is to scale digital and AI much more aggressively across the business, using AI and digital tools to improve commercial performance, simplify operations, and increase productivity. Technology is becoming an increasingly important differentiator for our clients as well, particularly large clients, who expect greater transparency, operational visibility, and frankly, data-driven insights. Today, we have the governance, we have the fundings, and the foundations to scale these capabilities across the group. Alice is leading the transformation. Alice, over to you. Thank you. As the tech person in the team, I have two messages for you. First, our tech was fully fragmented in the past. Trust me, it was a nightmare. Second, we are fixing it. Historically at Sodexo, technology was developed locally in a federated organization. As an example, we invested in hundreds of digital and AI solutions. At some point, we were managing 2,000 systems. We are working in two ways to address this. First, we are operating a big lift in our foundations. Enterprise solutions are one, finance, food, FM, supply, and data is the second. Here, we are making an urgent investment. This will represent more than 50% of our tech investment. The advantage to do it now is that we are making it data-centric and AI-native. As an example, we have designed a new ERP, including AI, to automate menus, optimize supply, predict production, in collaboration with Damien. Second, we have created a unified digital and AI platform to integrate all our solutions into one. In the next quarters, the objective is to deploy this AI-native platform in our 27,000 sites. Let's deep dive here. All our digital and AI products are now integrated into one consistent platform, Sodexo Spark. Sodexo Spark is modular, like Lego blocks. It combines standardized modules that can be assembled to meet the different needs of clients, consumers, or operators. Let me start with clients. We call it Spark IQ. Spark IQ provides transparency and insights. It combines operational, consumer, asset modules to help client make better decisions in food services and FM, such as energy and space optimization. This is now a strong competitive advantage to win large deals. In FM, Spark IQ leverages IoT to move from reactive maintenance to predictive and demand-based maintenance, with now more than 5,000 sensors deployed in six countries. We are now able to adjust cleaning routines or air cooling based on usage of rooms and offices. In food, Spark IQ is deployed across more than 1,500 sites and covers around 40 million transactions every year. It allows us to improve our services and cost in line with our client objectives. The second component is Spark XP. Consumer increasingly expect personalized digital experiences, and Spark XP deliver that. We are making every day simpler and more relevant for 10 million active consumer through Digital ordering, frictionless retail, customized recommendation, workplace services. As an example, frictionless stores are particularly adapted into stadium and mining context. In the site where it is deployed, SparkXP generate an increase of 15% spend per consumer basket as an average. Beyond the metrics, SparkXP strengthens consumer satisfaction. For our clients, that means better experience in their facilities. For Sodexo, it creates additional growth and stronger consumer loyalty. The third component is SparkOS. It is designed for our operational teams, so they spend less time on administrative tasks and more time serving consumer and clients. SparkOS supports workforce planning, menu creation, procurement, asset management, and improve productivity across both food and FM, thanks to data and AI. Today, SparkOS supports 6,000 operators every day. In 2030, all our site managers will work daily with SparkOS. I now invite you to watch the video that summarize everything. For our clients, our 80 million consumers on our 27,000 sites, expectations are rising everywhere. Faster services, greater anticipation, stronger sustainability, higher personalization, all at controlled costs. With the right data, it is now within reach. Every meal served, every order placed, every space managed, every badge scanned, generates data that can spark value for our clients, consumers, and people. Sodexo sparks intelligence. It analyzes millions of data points to adjust hours, staffing, menus, and offerings, monitor satisfaction, optimize energy and space utilization, and align every site with business priorities and on budget, supporting our clients' strategic agenda. Sodexo sparks experience. SparkXP helps millions of consumers access personalized offers, adapt beyond nine to five, gain rewards, choose healthier options, solve office issues in one click, or book their gym class. It creates frictionless environments where people thrive, perform, heal, and enjoy. Sodexo sparks performance. It gives operators AI-powered solutions and real-time data to anticipate attendance, adapt sourcing, generate the right menu, plan work orders, get the best product at the best price, and optimize environments and resources so teams can focus on what truly matters, service quality and human interactions. Our technology is invisible by design and human by intent. Sodexo Spark is already live across Sodexo and expanding, reaching more clients, more consumers, and more teams worldwide. What's next? We have started the deployment of the ERP, and it will be live next year in pilot countries, along with FM and HR solutions. We expect full deployment of enterprise core systems on Sodexo Spark towards 2029 and 2030 on all our sites. To conclude, let me remind you my two key messages. First, we are leaving behind a fragmented tech ecosystem. Second, we are fixing the system by leveraging data on AI, and we are fixing it very fast. There is no doubt in my mind that we are delivering the most efficient tech platform for us that will nurture our growth for a long time. Back to you, Thierry. Thank you, Alice. What Alice has shown is that technology plays two very different roles in our transformation. First, we are fixing the foundations. Our ambition here is straightforward, to have core systems and data that are reliable, integrated, and fit for a company of our scale. We are not trying to build the most sophisticated ERP landscape. No, we are building one that works. Okay. Second, we are using digital and AI to differentiate ourselves in the market, improving productivity, strengthening our value proposition, and creating a better experience for our clients and our teams. Delivering both requires significant investment. Over the next three years, we will continue to optimize our business as usual technology spend, right, while materially increasing investment in transformation. Sébastien will come back to this in more detail when he discusses our capital allocation and financial framework. As with every execution pillar, we have here also a clear dashboard to track our progress. We will monitor the deployment of our core platforms, the quality and the availability of our data, the adoption of Sodexo Spark, and ultimately, the productivity, the growth, and the client value these capabilities generate. Some of these benefits are already visible today. As we scale these capabilities across the group, technology will become an increasingly important source of competitiveness and differentiation. Everything you have seen and heard today is designed to achieve the core objective: accelerate growth and restore competitiveness. We also have a dedicated team and scorecard to monitor execution, measure progress, and hold ourselves accountable for delivery. Now, I am sure you are with me. The next question is how this translates into financial performance. Sébastien will now take you through the financial trajectory we believe this plan can deliver. Sébastien, over to you. Thank you, Thierry. Most of what you have heard this afternoon has been about improving execution. I will now explain how better execution translates into financial outcomes. Let me start with what I beli eve is a key question. What gives investors co nfidence that ZEAL plan will deliver? When I look at the transformation plan, I ask myself two questions. First, do we clearly understand what went wrong? Second, have we translated this assessment into concrete action? I believe that we can answer yes to both. Growth is being rebuilt with stronger commercial capabilities, proactive account management, discipline, price to win competitiveness, and a much more structured approach to large clients. Our competitiveness is addressed with operational excellence, workforce productivity, organizational simplification, and supply at scale. Technology is improving the way we serve clients, we operate the business, and make better decisions. This is no longer simply a list of priorities. It is a coordinated set of operating changes, management decisions, and investments that directly address what was not working. Having seen the organization over many years, I can tell you that it has changed significantly over the past months. I see greater urgency, faster execution, and a much stronger focus on clients. Let me now address another important point. I want to ensure that we grow both profitably and sustainably. We are changing our commercial approach. We will be much more competitive where we want to win. Being more competitive, it doesn't mean compromising our financial discipline. Every significant investment, major contract, continue to go through a rigorous financial and contractual review, clear return criteria, and a disciplined governance. Our objective is obviously not growth at any cost. It is profitable growth supported by a more competitive cost base and better execution. This is something I look at personally. Let me explain how we think about growth. Our organic growth comes from three drivers, pricing, volumes, and net new business. Let me start with pricing. Here, pricing refers to inflation-related price adjustment on existing contracts. It is different from the pricing strategy we described earlier, which is reflected in the net new performance. On pricing, our objective is clear. Pass through inflation, protect margins, and remain competitive. This requires discipline in our contractual terms, in a day-to-day contract management, and in our pricing discussions. We also benefit from structural advantages that help us manage inflation. Our internal inflation is typically lower than the market because of our scale, because of our purchasing power, our ability to adapt ingredients and menus. Over time, pricing broadly reflects our cost inflation. We are assuming around 2% per year in the midterm. This will depend on the macro environment. Second, volumes. Volumes reflect the level of activity we have on our existing sites. Part of it depends on the macro environment as well. We also have clear levers to influence volumes. Enhancing our consumer offer, leveraging tech and data to drive participation and retail sales, and growing existing accounts through a more proactive cross-selling approach. Overall, we view volumes as a relatively stable contributor between 0 and 1% per year across the cycle. Third is the impact of the net new business. This is a key driver. Today, our net new business is broadly around breakeven. Our objective is to turn it positive in the near term progressively increase it over time. Our ambition is for net new to contribute more than 3% to organic growth by fiscal 2030. Taken together, that supports our trajectory towards above 5% organic growth by fiscal 2030. If we look specifically at fiscal 27, our guidance reflects the early stages of that progression. We expect pricing to contribute at least 2%, again, broadly in line with inflation. We expect volume to remain broadly stable. More importantly, we expect net new business to turn positive, although still at the early stage. Taken together, this supports our fiscal 27 organic growth guidance between 2% and 3%. Before presenting our margin trajectory, I would like to spend a moment on the investment behind Shift & Grow. It explains both the near-term pressure on margin and the long-term value creation opportunity. Across fiscal 26 to fiscal 2030, we are concentrating our investment in four areas. First, commercial capability to accelerate growth. We are significantly strengthening our sales organization through additional sales and account management resources. Once fully deployed, this investment will represent around EUR 100 million of incremental annualized operating cost. Winning and retaining more contracts also means investing alongside our clients. As a result, we expect capital expenditure to increase toward 2.5% to 3% of revenues across the cycle. It will be driven mainly by contract-related investment at client sites, and to a lesser extent, by technology. The remaining investment are different in nature. They are designed to transform the way we operate and strengthen the business over the long term. Across technology and data, workforce transformation, and supply, we expect to invest approximately EUR 1 billion in non-recurring incremental initiatives over the course of the plan. Let me briefly explain where those investment will go. First, tech and data, as Alice described earlier. We already invest around EUR 500 million in technology each year. Over the plan, we will continue to optimize this business as usual spend, while adding around EUR 500 to EUR 600 million of incremental transformation investment. This investment are critical enabler of productivity, scalability, and better decision-making across the group. Second, workforce transformation. This is the largest margin improvement opportunity within our plan. We have already started this transformation. Over the next 12 to 18 months, we will continue to simplify the organization, further expand global business services, and improve workforce productivity across our sites. To support this transformation, we currently expect restructuring cost of around EUR 400 million across FY 2026 and FY 2027. This cost will be reported below underlying operating profit within other incomes and expenses. The recurring productivity benefit is expected to broadly offset that restructuring investment over time. Third, supply, as presented by Damien, where we are standardizing processes, strengthening supply capabilities, and scaling our operating model across regions. Once fully deployed, these initiatives are expected to contribute more than 50 basis points of margin improvement. Key point to keep in mind is the timing. FY 2026 and FY 2027 are investment years. From FY 2028 onward, we expect to benefit increasingly from the return of those investment. This is exactly what is reflected in the margin bridge on the next slide. Before I walk you through the bridge, let me start with FY 2026, as it is a financial starting point of the plan. The 3.2% to 3.4% guidance reflects operational challenges, additional investment, and the impact of the asset and contract review. FY 2026 represents the low point of the plan. It is a deliberate reset that establishes a clean starting point for the years ahead. First phase of the plan is about rebuilding competitiveness. FY 2027 is a year of transformation than a year of margin recovery. We first benefit from the non-recurring of several negative items that impacted FY 2026. At the same time, we continue to invest in commercial capabilities, in tech, in supply. The final bucket combines several offsetting effects. We begin to capture the first benefit from Shift & Grow through supply, organizational simplification, workforce productivity. However, those benefits remain only partial at this stage and are offset by the initial impact of our more competitive pricing approach and the normal ramp-up of new contracts. As a result, we expect underlying operating margin to remain broadly in line with FY 2026. From FY 2028 onwards, we enter the acceleration phase. By then, the transformation is largely deployed while the investment made during the first phase begin to generate recurring benefits. The first driver is supply. We expect structural improvements in margin as we deploy our new operating model, increase purchasing compliance, and leverage our scale more effectively. The second, and the largest driver, is a workforce transformation. We expect meaningful productivity gains and structurally more efficient cost base as we simplify the organization and improve workforce productivity. The third bucket combines several offsetting effect. We naturally benefit from positive operating leverage as growth accelerates. At the same time, part of the productivity gains generated by the plan are deliberately reinvesting to strengthen our commercial competitiveness. We also benefit from the normalization of the investment made earlier in the plan. Taken together, these drivers support a progressive improvement in profitability, leading to an underlying operating margin of more than 5% by fiscal 2030. You can see our capital allocation framework on the slide, articulated around three priorities. First, investment in the business. We'll continue investing in commercial capabilities, in tech data, in competitiveness. We will also expect capital expenditure to increase to about 2.5%-3% of revenue across the cycle, as I mentioned before. Second, dividends. Our policy remains unchanged with a 50% payout ratio of the underlying net income, and we believe that this is the right balance, sharing value creation with shareholder while preserving the capacity to invest in the business. Third, M&A. Our approach remain targeted and disciplined, focused on bolt-on acquisition. Every investment case must transcend our capabilities or reinforce our position in priority markets. It is expected to deliver a return on capital employed of above 15%. As we move through this investment phase, leverage is expected to increase to around 2.6 times in FY 2026 and to remain between 2.6 and 2.8 times in FY 2027. This reflects front-loaded investment and temporarily lower profitability. Our business remains resilient, cash generative, capital light, and our medium-term objective remain unchanged to return below 2 times leverage by 2030. As growth accelerates, margins improve, and investments mature, we expect a sequential improvement of the return on capital employed along the plan. This is supported by a disciplined approach to liquidity management, combining significant liquidity sources and a proactive management of debt maturities. We have already repaid the maturity that came due in April and June 2026, and the EUR 800 million April 2027 bond will be refinanced in due course. We are committed to remaining a solid investment grade. Let me conclude by bringing everything together with our midterm financial guidance, which represent our commitment to investor. You saw this trajectory earlier with Thierry. What I wanted to explain today is how it is built. Stronger growth, supported by a strengthened commercial engine, progressive margin improvement driven by labor productivity, supply, and simplification, and improving returns supported by disciplined capital allocation. These are not standalone financial targets. They are the direct consequence of the operational choices and investment we have discussed today. At the end of the day, our plan will be judged by one thing, execution. Today, our objective is not simply to set out an ambition plan. Our objective is to continue demonstrating that we can deliver quarter after quarter on the commitments we make. That is how we intend to build confidence over time. Thank you, and back to you, Thierry. Sébastien, thank you. All right, let me close with one final thought. What we've presented today is a focused turnaround built on actions that are already underway. A plan that converts operational improvements into stronger growth, higher margins, and greater cash generation over time. We believe Sodexo has everything it takes to create significant value over the long term. We operate in attractive and resilient markets. We have leading position in food and facilities management. We have longstanding client relationships. We have a unique combination of global footprint of capabilities and talent, and we have established leadership in sustainability and positive impact. Together, these strengths increasingly differentiate us with clients. Today, we also have a clear strategy, a disciplined execution plan, and importantly, a renewed leadership team fully aligned behind the plan. Together, these strengths provide a strong foundation for sustainable value creation. Transformation takes time. We know there is still a great deal of work ahead of us. What gives me confidence is what I see happening across the organization. Leaders are taking ownership, decisions are moving faster, commercial intensity is back, and teams are fully focused on clients, execution, and performance. These are early signs. They are the signs of an organization that is changing, gaining momentum, and on the move in the right direction. Pierre Bellon has built this company around a simple idea. Serving clients well, developing our people, fostering entrepreneurship, and putting growth and positive impact at the center of everything we do. That is what Shift & Grow is about. Returning to the fundamentals that have made Sodexo successful for decades. Turnarounds are not built on promises. They are built on execution. That execution has started. We look forward to showing you our progress over the years ahead. Again, for today, thank you for joining us. I'll invite now all the speakers to join me on stage for the Q&A session. Okay? Thank you. We will now open the floor for questions. To give everyone a chance to raise a question, please, I kindly ask you to limit yourself to two questions. For those joining us remotely, I remind that you can enter the question queue by press star one. We will start with the questions in the room before taking the questions from participants on the call, if any. We're almost ready. That's on. All right. How do we do that? Should we go ahead? You're number one. We can get closer, but we're not hearing. Hello? No, the mic. Press it. Test, test. Oh. Yes, now it works. Now it works. Wonderful. Thank you. Jamie Rollo from Morgan Stanley. Thank you very much for that thorough presentation. Two questions on the margin, please. It's clearly a pretty big increase from the s ort of low 3% next year to 5%. Should we assume a sort of fairly even cadence of sort of 50 basis points over those three years, or would it be more sort of back end weighted, do you think? Excuse me. Nothing related with the first question, by the way. He blew up the mic. On the margin bridge, the 100 basis points from workforce productivity, you said that is nothing to do with operating leverage on the new wins. Obviously, you are not looking for higher volume growth. Can we infer that it is simply a reduction in labor costs? You must be looking to, I assume, have fewer people or to reduce your labor costs over time. I did not sort of see that mentioned explicitly in the presentation, so may have misunderstood that. Thank you. Just maybe a word on the first question and the second one, Sébastien will elaborate. That is for sure that, if the objective is to look at FY 2027 as a period where we are intensifying the investments, that is the reason for having the margin, where we see it by 2027. For 2028, certainly it has to pick up. We know that over the three years to get to 5% will require more or less the same level of jump every year, right? It is a good assumption. You can take really a linear improvement from 2027 to 2030. On the labor productivity. As I said, mostly of the investment, mentioned the EUR 400 million investment on labor productivity, FY 2026, FY 2027, will be booked below UOP in OIE. The cash out will be in 2026, 2027, and 2028. As you know, there is a lag between booking the provision and the cash out. We will get the benefit from that again. We started already to have some benefit from that this year. It will be progressive 2027, 2028, and 2029. Okay. As I explained, we get definitely this margin improvement, and we reinvest part of it in terms of pricing, our pricing strategy. Okay. It does not flow directly in terms of margin. Part of it, obviously, is kept, you have also part of it that you to invest in growth. Yeah. Good afternoon. Simon LeChipre from Jefferies. First of all, on business developments and net new interval, what are the KPIs you are monitoring to sort of control the quality of the contract which are retained and signed? Are these KPIs part of the incentives framework for sales? Secondly, what is the current mix in terms of commercial developments between first-time outsourcing and share gains, and how do you see this evolving as net new accelerate? Lastly, as a follow-up on margins, basically, you expect operating leverage to pick up from 2028, this will also likely be the period where the growth momentum also accelerate. We have seen in the industry that growth acceleration usually comes with some dilutive impact with startup costs, with a ramp-up peri od. Basically, how can we reconcile this growth acceleration while basically bringing margin above the pre-COVID peak at more than 5%? Thank you. The first point is about, I guess, the retention, right? You're wondering what are the KPIs to track the progression on retention. David, you want to take that one? What we look at is we look at renewal conversion rates as well as proactive renewals. I think your question is more along the lines of the quality of the contract and making sure that the pricing to win doesn't impact negatively those. What we do when we look at price, we look at both value creation and the cost to the client. It's a dual equation. We try to increase the value that we're doing while not necessarily having to reduce the cost too much to get to the price to win. We also, as Sébastien mentioned, have financial discipline around these contracts, where we're still going through a pretty detailed review process. We are making specific strategic choices to invest, while simultaneously maintaining the portfolio mix and making sure we're not impacting the margin overall. Regarding your question number two about first time outsourcer, I think what we are observing is that we have about 50% of our new wins that are FTOs, and we are seei ng this continuing, right? No major change here. If we look at first time outsourcing, there's for sure the huge potential of just our vesting relationship with the client and hoping that the investment we're going to make in the account management will put us in a position to continue to grow this. There's also new opportunities for us to go after companies that have not outsourced yet, and where we are actually gearing up at the moment to be ready to go with a specific strategy for going after these clients. That's going to be a new opportunity that we have not leveraged yet. On the point number three about the margin. Maybe one comment I would make on the impact, and if I'm not covering it, you'll complete the question. It is clear that when you are going with large deals, there's a possibility that in the first months you have some transition cost and so on that are impacting your margins. That's why, for me, the value of our strategy is to create repeatable success. That's the power of the portfolio, to have several deals with a different level of maturity, where at any moment in time, some are actually in transition time, while others are starting to pick up in term of margin, so that we can manage it. It becomes very difficult when it happens only once in a while, and suddenly, boom, you have something that really bring your margin down. I want to mention one point, though, is that our co nviction is that as you are growing large relationship, very, very significant volume business, right, with a client, you should have a different way at the margin. Do not look at the margin as gross profit level only. These accounts become almost P&L in themselves. A lot of the cost of SG&A and so on are actually reflected in there, because those accounts need to have their own structure supporting the account. At the end of the day, between that and possibly a lower cost of sales, the level of margin on those deals is certainly not more dilutive than anything else. Hi. Good afternoon. I have two questions. The first one is whether you could tell us more about cash generation, which after all is a classic target to have in those medium-term plans. We can do some math with the leverage targets. We can do some math with the CapEx. Assuming we're not good at math, what sort of cash can this business generate while you turn it around? What can it generate once the bulk of the investments are behind you, please? On the 160-plus contracts that you're reviewing, could you clarify if there's overlap with the contract and asset review that you started earlier, or if that's completely new? If it's completely new, does it also start with a review with provisions, or is that not the approach for that new batch? Okay, I'll take the second one. You'll come back on the cash. One, it's the follow-up of the step one, right? What we did three months ago was to really review our contract and make sure that we know where they stand in terms of pro fitability and that we have no hidden losses or situations where we would have to take provisions now, which is what we've done at the end of the first half. What we're doing going forward is, we have a situation that is, some accounts are highly profitable, some are less. How do we work on those accounts? By the way, sometimes some profitable can be even more profitable and some not profitable cannot be improved. The purpose of the stream around our loss-making contract or low margin contracts is to really use patterns that we are observing here and there to drive a more proactive actions on those projects to improve their margin. You should not expect that from those activities, it will result into additional loss, which is what I might suspect you have in mind. It's more really how to drive just margin improvement on these contracts. Okay. On the cash? On the cash. We'll end FY 2026 with a free cash flow around EUR 200 million-EUR 300 million. This is for this year. For next year, if we look at our free cash flow will remain positive and despite the different investment. Okay? Keep in mind also that we have the refinancing of the bond that will mature in April 2027, the EUR 800 million. We will refinance that in due course. It will give us also the opportunity to raise a bit more than EUR 800 million. Okay? A couple of EUR 200 million-EUR 300 million. This will support the cash need for FY 2027. Fiscal year 2028, cash conversion will be much better. We go back to normal, I would say, normal cash conversion, and then we will finance the development of our plan with our non-cash for FY 2028, FY 2029, FY 2030. What's normal? Sorry? What is normal for that? You go back to a free cash flow above 80%. With this free cash flow coming from the business, you finance basically the dividend. Yes. Good morning. Sabrina Blanc from Bernstein. I have two questions. The first one is regarding the data center opportunities that you have mentioned. Firstly, do you have a dedicated offer? Just to understand how it might be different from the usual remote offer that you have. Shall we analyze these opportunities as additional opportunities in terms of outsourcing, or is it part of the n ormal outsourcing trend that we are expecting in this environment? To finish, sorry, on the data centers, do you estimate that only few competitors would be able to provide this offer, or will it be very competitive like a normal contract? My second question is, you have mentioned the facilities management, but just to understand if you would like to focus more on food or FM. We know already that we had stop and go on that point at Sodexo. We would like to have things very clear on how FM has to be coordinated with food. I'll take this two. Point two. On the data center, we'll come back right after. I want to be very clear. We are a leader in food and a leader in facility management, period. We are looking at both markets as opportunities for us, and we are leveraging those capabilities and solutions to serve our clients based on their needs. If you remember in the deck, we showed at some point in time some pattern. We know that every different industry follows some specific patterns. They are buying differently. We are adapting our sales strategy to it. We know that if we go in, say, in the technology space, they will tend to buy food experts. That's what we will do. If you go in some other industries, they will want to buy IFM services. Those patterns are driving the way we are going after those markets. Again, no ambiguity. We are a leader in food and in facilities management. On data center, yes, of course, we have a specific offer for data centers. We are speaking to a lot of clients already. We are winning deals. Let's put things in context. The size of this market is not nec essarily enormous at the scale of our business, but the opportunity of growth at the moment is significant. Okay. I just want to frame a little bit the discussion here. Yeah. David? It's an attractive market. It's a growing market. We have assets, which is great. We have our remote site business, our village experience, which allows us to address that. We have the relationships with hyperscalers and in the market. We also have a substantial business already in place in that business. It's well done. I think one of the things about data centers, I'll just add, is the complexity of the market. Treating it as if it's one particular thing, it's not a homogeneous market. You have to look at construction, you have to look at operations, you have to look at the hyperscalers. You have to look at the pieces of it. It's important to understand the complexity of the market as well. Who's next? Thank you. Thank you very much. This is Kate Xiao from Bank of America. My two questions. First one, congratulations on the Meta win. I guess you guys mentioned how the large account pipeline is very important, and it's improving. Obviously, your over 3% net new target is an ambitious one. It hasn't really been achieved for a long, long time. I guess my question is, what is behind that confidence of achieving that 3% net new? Is it because you're seeing a lot better pipeline? Are you seeing deals being built in the pipeline? If you do have that visibility, and over the next couple of years, does that mean you can achieve 3%, and call it 2%-3% net new closer, maybe by 2028 rather than 2030? So that's the first question. Okay. Yep. Second question just on, I guess margin and how you price for contracts. You're pricing to win, you're pricing not just on the cost base anymore, but compared to the market. Obviously, that implies, and as you guys are talking about, adjusting your cost base, that's, given where Sodexo is an evolving journey. You're achieving probably your ideal cost base by 2030. Does that mean you're pricing some of your contracts to be reasonably profit by 2030 and prob ably less so now? Thank you. Okay. On the first one, the net new. Your question about what makes us confident. The starting point, as surprisingly as it may sound, growth was not such a priority. That's a big change, and what we are seeing in the field is that our teams are responding to it. Once the intensity comes on, going after new deals, comes the question of competitiveness. If you have a competitiveness challenge, and you're pricing your deal based on your cost base, that gets you priced non-competitive, you end up not winning, right? Your revenue goes down, your competitiveness is deteriorating further. We are changing the paradigm here. We are inverting the sequence. We are saying, "First, go win this deal. Tell us what you need to win, and then you have to work on your competitiveness to deliver better margins." That's why we believe that the growth engine will sequentially kick in, and has started, in a way. I'm convinced that a Meta deal was not a deal that we would have necessarily won before. At the same time, the work on competitiveness, there's a lot of action going now, but it's an ongoing process. I would even say more. It is becoming a routine for us. It's a muscle that we have not leveraged much or enough. That's on the net new. On can we do better? We are telling you what we feel we can do now with a very, very important obsession. Let's not sell dreams. Let's be focused on the reality, and that's what we are doing, really. The point number two on pricing, actually, I covered it a little bit in the first question as well. Yes, sometimes, you have to take into account the fact that if you're not ignoring a little bit your cost issue, you will not be competitive. You have to accept the fact that pricing is one thing. For sure, you cannot only just say, "I want to win," and, "Oh, guess what? It's a loss-making." Doesn't work. Please, if you have questions for the rest of my team as well. We have great leaders here. Hi, Estelle Weingrod from JP Morgan. The first question I wanted to ask on data centers again. You mentioned the opportunity is not just about the construction phase. Can you give us more color on the opportunity for the operating phase and how it compares to the construction phase in terms of volumes? Also a question, when you did reset expectations materially in April, what has changed since then that drove you to cut margins once more for next year? Is it related to some price investment that was not well budgeted initially? I take the second one. We have not cut margins. We have guided in April 3.2% to 3.4% for FY 2026, and we've said that would be the floor. That's what we said. We haven't changed. Okay? On the point number one, on data centers, in operations it's often as part of the relationship we are building with the hyperscalers or the large companies who are in need of data centers, oftentimes they need global players because they have a global strategy, that's how we are workin g with them. Again? Yeah. I would just add that you have to look at construction and operation as recurring revenue and discrete revenue as well. I think you have to look at the businesses differently and the operating revenue as a consistent revenue. Whereas the construction, even if it lasts one year or two years, is a discrete revenue. It's a different type of base. The business is about 50/50 mix, roughly between the operations and the construction revenue. Who? Who first? Thank you. It's Leo Carrington from Citi. Firstly, on the Meta contract, just curious on the timing. It comes at a very early stage of the turnaround. What was it in particular that you think gave Meta the confidence to go with you for the long term despite the early stage? Secondly, just going to the points about the large accounts, those are 15% of the market. Are you currently underweight or overweight those accounts, and would you like to presumably only grow more? Are they more attractive because of their size or because of other characteristics like retention? Lastly, on technology and cost investment in technology, the EUR 500 million to EUR 600 million investment, that's one-off. Why does that not flow back in outer years? What is it about that that's one-off? Meta, it's a long process, right? Slightly difficult to respond for Meta, what I would say is for being in regular contact with the leaders of Meta, I would say we've built trust. Why? From day one, massive mobilization from the leadership team, high intensity with a significant team. One, teams full-time on the ground working on the bid and getting the full support from the leadership team. Second, the leadership team, I mean, six, seven leaders from the executive team involved every week just tracking where we stand, how we are playing, and not as, "I'm in the hierarchy. I'm in charge of something." Right? Alice had a very key role to play on the technology standpoint. Keep in mind, was in front of Meta. They saw our potential from a technology standpoint. There was a lot going on on the HR side involving the HR team. We mobilized Sodexo Live!. We mobilized our team in America, in Asia. We had one Sodexo completely focused. I can just share my own experience as well. We committed ourself. We were engaged with the client, not one or two, but a team. On one important day, we had as many as seven members of the leadership team working on different aspect of the deal with the client. I think it's just that, one, no question about the quality of our offers. Second, we were competitive. We were incredibly committed. We've listened to them, we've heard them, and they know that we're going to take it very serio usly. We're very proud of what we've won, I think also if I reflect on that, it's an incredible blueprint for the way we should go at other large clients like this one. Your question about the large accounts, I hope I understood your question, is why large accounts? They have higher potential of growth. Also because we are in the business of building trust. Yes, we are providing food services. Yes, we are providing facility management services. At the end of the day, they work with us because we become one of them. We are part of their team. We are working inside their own ecosystem. The building trust is powerful and can drive a lot of growth. For sure, we want to have more very large and giant and super giant account. Just to add a little bit, we're a little underweight currently in the large accounts. Our conversion rates or our pipeline is good. You were asking about the pipeline. Pipeline's been there and it's there. We've made it hard to buy from us. We've made it complex and difficult to buy from us, which is an opportunity that we have to fix it, and that's also what gives us confidence is we know that we control the buying experience. If we make it easier to buy from us, the pipeline is there, and we're a little bit underweight. Okay. On the tech? From Sébastien and then from Alice. On your last question, the incremental EUR 500 million-EUR 600 million OPEX and CAPEX. First of all, we need to address the legacy more than half of it is ready to fix, ready the foundation, all our ERP, supply, finance, our food platform, and FM platform as well. Then it's really the acceleration of our data, digital AI strategy. This is really why we really need to invest those EUR 500 million-EUR 600 million as an incremental investment. On maybe, Alice, you can give a bit more colors. Yeah. Remember where we are coming from that I was describing. Moving everything from the legacy fragmented to centralized system scale across the globe. It requires a huge investment. By the way, tech is at the heart of each Shift & Grow initiative. David can't work without tech. Damien can't work without tech. We are also enabling the initiative of Shift & Grow. Good afternoon. Johanna Jourdain from Oddo. Two questions for me, please. On the ERP optimization, could you shar e with us the rollout that is expected? Is it a country-by-country rollout or segment-by-segment rollouts? When do you expect to tackle the big countries such as the U.S.? On retention, it was already a focus over the past few years. Just would like to understand what is changing this time, and what are you doing differently compared to what you did before? Yeah. Go ahead. You want to take the ERP? We have already started the deployment on the ERP, and we are managing country per country, not per segment, except maybe for big regions such as NORAM, where we will have to manage within the regions, some, segment per segment initiative. For the big ones, and you have mentioned U.S., by 2029, we expect to have fully deployed NORAM. Thank you, Alice. On the retention, it goes back with what I was saying about the retention in the presentation that you're not retaining an account in the last six months. Right? You're retaining it every single day by the level of engagement in the account, the level of connection, of understanding of the client, the level of proximity that you have built with, and credibility you have built over time. Then your ability to constantly challenge yourself and bring new innovation. All of that, we are driving it ruthlessly in the field. It takes time. It's not changing overnight, but that's visible. We know that best leaders in each of the segments manage to have better level of retention. André Juillard, Deutsche Bank. Two question, if I may. First one about segment. You didn't talk a lot about education and the different segment. Could you give us some more color about the trend you are registering and especially the education situation in the U.S.? Second question, if we look at the plan, it's a relatively long-term one with a very significant level of investment, very significant level of transformation. Who knows what can happen in term of conflict, in term of challenge, inflation and so on. What is the biggest risk for you in the actual environment? What is the biggest opportunity? Thank you. On segments. Globally, priority opportunities of growth coming from the following segments. Corporate, where we have leadership position, but we really can expand. Hospitals, right? Healthcare and then sports and leisure, where we have a global position, but not in every market. We can continue to expand based on the success of the last years in new markets. Those are for the, I would say the glo bal ambition. In addition to that, in every country, there are one, two priorities that those countries are driving. The most obvious one is education in America. Just the American market in itself is so big, but just the education in America is a massive opportunity for us. Now, turns out we have a strong, I would say large business, but has suffered in the last years. Reasons, leadership instability, just lost the contact with the clients, honestly. We've done a reset. It's going to take a bit of time, but our ambition doesn't go away, for sure. Absolutely not. That from a segment standpoint. The second question was about? Risk. Bigger risk and opportunity. Risk. My absolute conviction is that the biggest risk is complacency. That's what's killing us in our execution every day, if we are not paying attention. The answer is with us. There's absolutely no doubt that we can, we should, we must, we will do much better by intention, but also by discipline day to day. If there are no further questions from the floor, I sugg est we now take a few questions by phone. Operator, please. We have a question from Pravin Gondhale with Barclays. Please go ahead. Hi. Good afternoon. Thanks for taking my questions. Congratulations on the Meta win. My first question is on these sort of large contracts that you are applying for, similar to Meta. Could you just talk about if you have adopted a different strategy or pricing model to enable more of such contract wins in future? How margin profile of these contracts compare to the group average margin? Secondly, on the M&A there. Will you be doing M&A to sort of expand your addressable TAM? If so, what sort of new verticals do you think the opportunity exists? Thank you. Okay. Thank you. I hope I heard because the voice was coming a little bit muffled. On the first point, which is the large contracts. Let's say that there is a geographical construct, right? We are organized by geography inside Sodexo. Unless we have a global layers allowing us to work with large contracts or large clients, it's difficult to really drive those large opportunity, mobilizing everybody. Okay? That's probably where we've really changed. We had a, I would say global platform, but I think it wasn't necessarily driving the mobilization across the different countries. The leadership and the decision is coming from the top. Okay? We have regular discussion at leadership level about the accounts where we want to go from a global standpoint, in which case, mobilization from everywhere in the world. Okay? That is driving a ton of upside for us. On M&A. On M&A, again, I hope I understood. On M&A, our strategy is really to For sure, we have defined the perimeter of our strategy, right? In terms of geography, segments, services. Acquisitions we're gonna go for have to fit into this strategy. There is no acquisition that will be just opportunistic without fitting our strategy. Okay? Second, Sébastien talked about bolt-ons acquisition. I think it's the reality is that, we are focusing on bolt-ons for the moment. There will be a point in time we'll be more ambitious. For now, given the activity we have on the basics, we just feel this is the right thing to do. Focusing on bolt-on acquisition, that really bring an edge in some areas that fits our strategy. That's how we are looking at it. Thank you very much for that. I also asked about the margin profile of large contracts like Meta. How that com pares with the group average. Thank you. Yeah, you're right, I forgot to answer that one. We don't provide margin profile per account or per deal. What I can just say, though, is that given the size of this contract, we wouldn't have signed this deal if it hadn't a reasonable good margin profile. Thank you very much. Thank you. Is that it? Okay. Ladies and gentlemen, thank you for your presence and your trust. We now invite those of you here in Paris to stay for some refreshments that our teams have prepared for you and informal networking for sure. Okay? We wish you all a very pleasant summer, and look forward to seeing you again on October 23rd for the release of our fiscal year 2026 annual results. Thank you very much