Welcome to TP 2025 annual results conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to Thomas Mackenbrock, Deputy CEO. Please go ahead. Good evening, everybody. Welcome to our 2025 results presentation. As you have probably seen, we have a lot of news to share. As always, with me in the room is Olivier Rigaudy, my dear colleague and CFO of the group, and we have a special guest today, Jorge Amar, our incoming new CEO for the group, who will present and introduce himself later today. Let's first have a look at the agenda for today's call and what we will cover in the next 50, 60 minutes or so. First, I will give you an update on the key highlights of 2025, provide a strategy update of where we stand today with the implementation of our Future Forward plan and an outlook for the future. Olivier, as always, will cover in detail the financial results, and at the end, we have ample space for Q&A. Let's look at the key highlights. Let's focus first on the financial aspect and then talk about, in a second step, about some of the strategy and governance changes we're seeing. 2025 has been a turbulent year for the world and for our industry, but we as TP have delivered solid results, and as you have seen in our press release, we have met all our updated 2025 objectives. If you see on the group revenue, we're reporting again a bit over EUR 10 billion in net revenue, and we have grown on a like-for-like basis, excluding the hyperinflation effect of 1.3%. If you exclude that 1% on a reported basis, giving the weak U.S. dollars -0.7%. It's particularly noteworthy, we talked about this in our Q3, our H1, and our Q1 presentation, that our Core Services are a stable growth momentum and a stable growth anchor for the group, with reported 2.7% like-for-like growth, which is remarkable in this environment, while at the same time, our Specialized Services division faced some unique challenges last year. On the profitability, again, we delivered our updated 2025 guidance. We have reported an EBITDA of almost EUR 1.5 billion, with a margin of 14.8%, excluding the currency effect, which means on a reported basis, 40.6%, this also translates into a very healthy net free cash flow. If you exclude the non-recurrence of over EUR 900 million, we had a record cash flow generation in the second half of the year with more than EUR 640 million. We are quite proud about the results in 2025. When we look at 2026, we provide the following guidance. For this year, we expect a growth rate again between 0% and 2%. Given how we started into the year and how we ended last year, given some of the uncertainty, in particular in the Core Services onshore market, the U.S. and continental Europe, we anticipate for Q1 a revenue development which will be below the annual guidance. Secondly, you will see later in detail some of the measures we're implementing. We also expect a stable EBITDA margin, which means 14.6% on a reported basis. That assumes $ 1.20. The net free cash flow generation is expected to be this year, slightly below last year, giving the strong euro, and so we see here a range between EUR 800 million and EUR 850 million, excluding the non-recurring items. Our proposal, we just had the board meeting this afternoon to the annual, shareholders assembly at the end of May, is to increase the dividend from EUR 4.20 to EUR 4.50 per share. That's on the financial side. Let's take a look at some of the governance and strategy updates. We're very happy, sort of to announce the long-awaited process of our governance change. The Chairman, Moulay Hafid Elalamy, and Daniel, the Founder and CEO, and myself, has recommended to the Board, and the Board sort of followed that recommendation, to appoint Jorge Amar, who is a very world-renowned AI expert and leader of McKinsey's Global Customer Service Practice, to be the new CEO of the group. He will start officially March 16th. I've known Jorge for quite some time, and I'm very excited that he steps into this role. This also means, naturally, that Daniel, myself, and Olivier will step down a day before. Daniel will also step down from the Board of Directors. We also, at the same moment, to really make, sort of the governance renewal complete, also co-opting to the Board four new members. One will be Jorge, starting middle of March, sort of stepping into the role of Daniel. Myself, also, I will continue to support the group that is very close to my heart, but then in a different role as a board member, and two very exciting new board members who have been co-opted and are then up for the approval by the shareholders assembly at the end of May. One lady from Qatar and one lady from South Africa, which I'll explain later her qualifications. That's really, I think, quite exciting news. There have been many discussions over the last years, when will this happen? I do believe we have there the right team on the start, and I'm excited sort of to support this group in this new role, in particular, Jorge and his new task. Future Forward, we launched this initiative last summer. You saw in Q3 a quick update. We are now in full swing, and 2026 will be the first full year of implementation. We have really mobilized the organization with hundreds of different initiatives, and as I explained and hinted towards in our Q3 presentation, we are working strong on essentially three levers. We want to accelerate the growth, we want to drive efficiency, also leveraging AI, and we want to transform the company. We are making sort of good steps on all three elements, and on the internal AI efficiency, we are starting a program as we speak, that will drive efficiency savings for the group, targeted to be over EUR 100 million in 2026. We have launched more than 500 AI projects last year and expected to scale further with our TP.ai strategy. We are also happy to share that also under the new governance, we are launching a comprehensive strategic portfolio review of the group. So a lot to be discussed. Let's quickly look at the highlight numbers. I think no surprises here for the audience. Of course, happy to answer more questions, but we see the strong Core Services that we saw throughout the year. There has been a little bit of weaker momentum in Q4 that we anticipated in our November presentation. What, for me, particularly positive is to see the momentum in the Americas. As you remember, it was a bit negative before, but we have seen an excellent development in India as well as Latin America. Given the strong momentum, we are reporting growth of 1.4% like- for- like in the Americas. In EMEA, again, very strong, with close to 4% in 2025. We have seen great momentum in the U.K., South Africa, Egypt, APAC as well, sub-Saharan countries. So they are across the board, a very strong momentum, while also a bit subdued in Q4. Specialized Services, on the other hand, you know, the challenges on the non-renewable of the significant visa contract and the market environment for our Specialized Services in the U.S. From that perspective, minus a bit more than - 9% like-for-like growth. If you adjust for the effect of the visa services contract, we have, as indicated and as expected, a slight positive like-for-like growth for Specialized Services. Important to note, yes, the momentum has been reduced, but giving all the measures we have taken last year, we have proven to maintain a strong profitability. There's only a slight decrease of this highly attractive business. Second comment, again, in times of uncertainty, having a broad client portfolio is key, giving our broad exposure to multiple different industries has been and will be a strength of TP. For 2025, we continue to see strong momentum, public sector, fast-moving consumer goods, and strategically very important, the strong sector of financial services and insurance. This is really has been sort of supporting the growth last year. We saw a bit of low activity, automotive and energy utilities last year. Also, the portfolio, we talked about it a lot. TP is not a company that stands still. Over the years, always have been able to develop new business lines and build out, building on its capabilities, new services line, along with our articulated Future Forward plan. You'll remember the presentations last year. We have seen strong growth momentum in AI data services. We call this out now for the first time. We have seen very strong, high single-digit growth in sales, which is 7% of the group and which is a critical factor to provide revenue as a service for our clients, and also very strong momentum, double digit, actually, in our back office and BPO-related tasks, which is important to sort of have an end-to-end service chain for our clients. Trust & Safety, as indicated, we saw some revenue decrease. There's some automation happen on our client side and care overall, broadly in line with the overall Core Services growth. Also healthy development, but changing the way we operate for our clients. A quick update to our two new executive managers. Jorge Amar, as I said, very happy. I got to know him very closely, really now for quite some time. He has been working with the group for quite some time. Jorge, why don't you introduce yourself to the audience and to our investors? Thank you very much, Thomas, and thank you for the warm welcome into the group. Today is not the day to speak at length, as I will officially become the Group CEO starting March 16th. But as a quick introduction, Jorge Amar. I was born in Argentina, but most of my professional career has been in the U.S., where I've worked with some of the largest companies in topics around customer experience and service operations. In particular, over the last few years, on the topic of artificial intelligence, not only from a technology perspective, but also how to think about consumer and employee adoption. All these feels like the right, the right combination of things that are leading me now to be very proud in joining the group. Again, more to come starting March 16th, but very, very excited to join the group. I think not just Jorge is excited, the entire group is excited. I think it will be a great addition for the company, and as he indicated, he brings three key components that are critical for the group. First, a deep understanding how AI works in enterprise environments, which is absolutely critical for our journey ahead. Secondly, he has a strong proximity to existing and potential clients of TP, understanding their need, understanding their environment, having these relationships, which I think is super critical also for our path in the future. Thirdly, obviously, given his background, he has a strong analytical mind and sort of will shape the strategic path for TP in the years ahead. He's not with us today, but also can only praise our new interim CFO, Benoît Gabelle, has been a Deputy CFO for TP for some years now. Before he was advising the group, he was a absolutely excellent person. We are very excited that he will sort of step up into this new role and will support Jorge from the financial side. As I said, it's not just the executive management team, but also the board is renewed and has co-opted today four new members, three of them immediately. Sheikha Hanadi bint Nasser Al Thani, a very renowned Qatari entrepreneur, investor, and business leader. We are very excited that she brings her expertise, her network, into the board realm for TP. She has strong expertise when it comes to investment and the investment in capital markets. Secondly, Ingrid Johnson, she's a South African lady, also with a broad understanding about capital markets investment, but also the banking insurance space, where she led several companies. Quite excited for that, sort of additional expertise on the board as well. Jorge Amar will join middle of March. As I said, I'm very dedicated to the group, and I'm excited to continue the journey with the group in this new role as well. Of course, all of these co-optations are subject to the shareholders' approval at the meeting at the end of May. Let's look at the numbers. Olivier will guide us through. Thank you, Thomas. Good evening, everyone. I'm happy to present you the 2025 figure. As mentioned by Thomas, I do believe and we do believe that we have delivered a very good year despite this global challenging business environment. As you can see here, you have the full P&L. Before commenting in detail, I just wanted to highlight three topics. The first one that was unexpected when the year started. The macro environment has been difficult all along the year, and the growth at, you know, different market was probably lower than we expected. Secondly, we had a fixed environment that was not really exactly what was supposed to be to happen. I remember that we started the year with the U.S. dollar that was at 1.03 to a euro and finish it at 1.17. It has been a global wash out all along the year, especially in the H2. We will come back in a minute to that. That was not exactly the plan. Lastly, the impact of the Trump administration policy on our major business of Specialized Services. I was thinking, of course, of LLS, as also an unexpected impact on the growth that we were supposed to deliver this year. Beyond that. Despite that, we have been able to post a sales figure of EUR 10.2 billion, 1.3% like-for-like growth, excluding input inflation, and EBITDA, which is above EUR 2 billion, and EBIT before non-recurring item, close to EUR 1.5 billion, EUR 1.485 billion, aiming to 14.6% growth rate to sales versus 14%, 15% last year. I'll come back to explain where come from the difference. Finally, the net profit, the operating profit, is roughly the equal to last year. We will see why. We've been able to reduce tax charge significantly, and our net profit is roughly the same than last year. As you can see, this is a 40- basis point difference in EBITDA margin, which, of which 20%, half of it, is coming from the FX. Let's have a look to the figure of sales first. The first thing to tell is that, of course, when you start to have a look to the figure of last year, you start with EUR 10.3 billion, and you have a currency effect of EUR 362 million, of which EUR 240 came in the second part of the year. You had a 50% increase of the negative impact in the second part of the year. That was significant. When you start to look the precise figure, the way they have been built, you have also, of course, a change in scope of consolidation, which is a consolidation of ZP Better Together. You remember that we bought this company last year, we consolidated early February 2025, we had also a small company called Agents Only that came on board early July 2025. You have a positive positive impact of scope of EUR 196 million, covering the decrease of Specialized Services, EUR 132 million, that was mentioned by Thomas a minute ago, of which most of this is coming from this U.K. contract that we have not been able to renew last year. That has a big impact on our sales, EUR 140 million, to be precise. Beyond that, the Core Services business, the Core Services activity have been able to grow by close to 3%, 2.7%, which I believe is beyond the market figures that we will get in some weeks from now. Showing that this group has been able to continue to deliver significant growth in different markets. It was mentioned by Thomas, in U.K., in different sector, in public sector, in banking, where we are able to match the demand of the client. Let's have a look to what happened specifically in this year. When you look the FX environment, things are clear. All our currency in which the group operate have been degraded versus last year. It has an impact. Of course, the U.S. dollar, not only the U.S. dollar, the Indian rupee, the Philippine pesos, sterling, everywhere. We are facing a situation where we have not been able to cover, of course, all the translation impact that has a final impact on our mix of margin. This is an adverse FX environment in 2025 that was effectively significantly higher than people were waiting. We look now to the result by sector and by zone and by activity, I would highlight two points. The first one is a strong EBITDA margin improvement that we have been able to do in Specialized Services in H2. You remember that in Q1 specifically, but also in H1, LLS has been hit by this Trump effect, if I may say, but the group has been able to react quickly and to adjust its cost quickly to match the global demand. The demand is flat versus the volume is flat in Specialized Services, notably in LLS, but we have been able to recover significantly the margin, and we have just a small negative effect for the full year that is going to be positive in next year again with LLS, given the measures that has been taken all along the year 2025. When it comes to Core Services, there are two issues to be to keep to have in mind. Of course, the FX impact, which is, I just mentioned it, very significant. The group decided to put some money, some investment in AI, in IT technology that has been, I would say, spent notably in holding, as you can see on this table, to support the future growth that was absolutely needed for the future. All in all, the result in margin are not dramatic if you look that. They are much more positive. If you look what happened, you have versus last year, an impact of Specialized Services that is roughly neutral. Of course, we have lost 70 basis points with the TLS contact impact, notably the UKVI, the U.K. contract, sorry. That has been covered by two things. One is the acquisition of ZP that came on time, and that has been made on time accordingly, and also by the mix effect linked to the work that has been done all along the year with the LLS to improve the margin. All of that, meaning that the cost on a Specialized Services impact on the margin is neutral, and has been, and we have been able to swallow all the impact of the TLS contact that we lost. Beyond that, you have the 20 basis points that are linked to the FX, roughly, and you have the 15 basis points, which are the costs related to AI, notably spent in holding, as I mentioned earlier on. I do believe this delivery of EBITDA margin is really good and shows how the group has been able to adapt to this global environment, either in term of demand for LLS or either in term of adverse FX condition across the board. If we now move to the other part of the result, what we can say is that the amortization of intangible assets are flat versus last year, and the non-recurring item are a little bit better than last year. You remember that last year, we had a significant amount of money that was spent to deliver the synergy from Majorel. Of course, this year is significantly less. We have been obliged to get out of some country. Of course, Russia, that was one of the actions that we did all along the year, also two other country, like Guyana and Trinidad, where we wanted to get out. Besides that, we have been careful on the impairment of some assets, notably on PSG, which is a recruiting activity that we bought four years ago, and where we are really, I would say, cautious on the future market for 2026, and we thought it was clear better to be cautious and to impair at least EUR 60 million, EUR 67 million for this for this business. Does not mean that the business is not good, we are very, very careful here. I remind you that this impairment of goodwill has, of course, no impact on cash. The operating profit is roughly flat, EUR 1.055 billion versus EUR 1.082 billion last year. When you look what's happening on the final part of the P&L, we have been able to maintain our net financial charge at the same level, despite the fact that we have an outstanding debt that was increased in the year. Of course, last year, you remember, we had a very, very positive edge impact coming from the devaluation of the Egyptian pound. That didn't happen again this year. The impact of this edge was EUR 50 million. That is not happening again. Besides that, we are flat in finance cost. What is interesting is that we have now finished, mostly finished, the integration of Majorel, and we have been able to reduce significantly the tax rate, accounting tax rates. The impact is EUR 56 million improvement in 2025 versus EUR 20 million in 2024. We are still more things to come on the full- year effect of the decisions that we took and implement in 2024, in 2026. That's the reason why we believe that in 2026, our tax rate will be below 30%. Beyond that, very few things to tell, that we are roughly at EUR 500 million at net profit level versus EUR 523 million last year. Remember, we impair EUR 67 million from PSG. That has a big impact on the net profit. More interestingly, and it h was mentioned by Thomas a minute ago, is a strong free cash flow generation. You remember that was a question about our ability to deliver free cash flow for the full year following the performance of H1. That was hit by some one-offs that were, I would say, exceptional. We have been able to deliver the best cash flow that we ever had in the H2, in the second part of the year, in 2025. EUR 642 million versus EUR 636 million for the following year, for the previous year, sorry. We did that because we managed strongly the working capital management or strongly working capital, as expected. We did that without cutting the CapEx, and that is absolutely key. We continue to invest reasonably, clearly in some place where the demand is rising, notably India, South Africa, where the market is asking for site and for volume. We increased our CapEx to 2.4 sales to the sales this year. At the end of the day, the free cash flow is at EUR 900 million, EUR 901 million. Keeping in mind that we have to pay, of course, you remember that we have the French restructuring plan, voluntary restructuring plan, that was partially paid in 2025, or EUR 25 million out of the EUR 30 million ones that are shown here, and of course, will continue to be paid in 2026. As a whole, strong free cash flow generation. I know it was a concern about the market, but the company continued to deliver a strong free cash flow and will continue to deliver a strong free cash flow. We now move to the situation of the group in term of balance sheet. As you can see, we have been able to stabilize the debt, roughly, at 2x, below 2 x, net debt- to- EBITDA, while returning to the shareholder 42% of the free cash flow through dividend and share buyback, and continuing to invest in business. I just mentioned it a minute ago, but also acquiring ZP and establishing some AI partnerships that are going to be promise for the promise for the future. All in all, we continue to have a strong balance sheet while continuing to develop the business. When you look in debtness, there is no reason to be afraid. We are BBB rating, a standard, standards in S&P. We have launched early last year, a bond of EUR 500 million that has been easily covered by the market. We have a debt that is, I would say, balanced, where between the financing source and by nature of rate. To be clear, the group has the ability to have access to liquidity between EUR 3 billion and EUR 4 billion easily through commercial paper, through some medium-term bond or banking facility. The average cost of the debt is below 4%. We have another average maturity, which is around three years, and we are absolutely confident about the ability to continue to finance and support the business and the growth of the business in the future. That's what I wanted to tell you. I'm holding back over to Thomas for the strategic part. Thanks, Olivier, thank you also, because this will be your last presentation. Yeah. To present in your results after, 16 years with the company. A big thank you on behalf, I think, of, the entire board, the entire organization. Thank you. For this wonderful, sort of, and decisive action over the last 16 years. Thank you. Let's look, and in the interest of time, quickly, as an update on Future Forward, that you see where we stand and what will be continued. As I said, the Value Creation Office for Future Forward is in place, hundreds of initiatives activating. I brought for today's presentation, as promised last time, four examples to give you a little bit of a flavor, where do we stand and what is happening, and to have a little bit more tangible view on these growth levers, transformation levers, as well as efficiency levers. Internal AI, we talked about, we see three big levers on driving change in the organization. Of course, leveraging AI in everything we do internally when it comes to recruiting, training, workforce management, supervisor quality, but all corporate function, if you will. AI adoption allows us to reach another level of quality, but also efficiency. Hand in hand with this internal AI transformation goes the cost optimization, addressing structural changes through delayering automation on our SG&A and our overhead parts, as well as on our direct costs as well. There are many, many plans in place now that are being implemented, and they'll allow us to drive the savings that you see below. Thirdly, that is part, obviously, of the new leadership role with Jorge, to find a simplified organizational redesign and to choose some lever there to have a more agile, leaner organization. Overall, for all of these three levers, the current expectation is that this will be delivered above EUR 100 million run rate savings, and we expect a one-time cost this year, of course, on depending negotiation on some of the levers between EUR 70 million and EUR 90 million. These plans are already in action. If you look at our annual results, you see that in January, February, we have the first measures announced with a corresponding cost of EUR 40 million-EUR 56 million. It is happening, it's being implemented, and it will be continued seamlessly also by Jorge in the future. This is on track and in execution. Second one, transformation. All of you remember this chart, what I presented in Q3, that we as TP believe AI is not a piece of software that is being sold. It is an incremental part of our operating fabric to drive outcomes for our client. This is true on the functional side, so industry agnostic, and we have made good progress on some of our functional solution, as you see later, as well as of the industry solution side. You need to orchestrate, like we do today with TOPS and BEST, the human dimension. You need to orchestrate the AI dimension as well, that it really can unfold as our AI and impact for our enterprise clients, because otherwise it's just a nice demo, but not really something delivering value. For this, we have started, as you remember, in our Capital Markets Day, our Q3 presentation, TP.ai FAB, or Foundational AI Backbone, we are launched more than 500 AI projects this year, integrating what we have done in the past into our new solution suite and really driving impact for our client. The biggest impact, because there we had a head start in the past, is augmenting with AI, our existing human delivery engine. There, we have seen more than 270 projects last year of doing this human augmentation, but we also started to see some traction on FAB Connect, which is basically orchestrating human and agentic AI, FAB Growth, enabling with AI revenue as a service for our client and FAB Collect, agentic AI collection, where we see a lot of potential. This is a journey that will basically carry on the next years ahead, but the foundation is laid. We are continuing to developing, and the examples are real. Wherever you look, whatever new proposal you have, whatever new win you have for a client, AI is part of our offering. It's attached and ingrained what we do today, whether this is for a leading healthcare insurance company in the U.S., where we built an AI-based tool that allows faster access to the knowledge base. We've won a client last year in Asia. It's a large bank where we integrated human customer support with agentic AI customers on board to manage high volume cases. At the same comes this orchestration between human AI and an agentic AI, was the winning case that the client entrusted their most treasured, valuable resource, their clients, to us with our TP.ai FAB Connect solution. We have won a large telco company in Latin America, where we do agentic AI collection, so we can be earlier on in the billing cycle, reach out with an agentic collection tool, and then hand over in complex cases to a human. This is an example, again, where is the value add for TP? We are knowing which AI technology is available in the market, depending on the situation, depending on the client lead, to plug it in our processes. As we work with dozens of different telcos in different countries, we work on many different debt collection services. We have the data now. How do you orchestrate the process to unfold the power of the AI? We've seen great results after the implementation, actually, quite recently, when I visited the client. Lastly, FAB Growth. 7% of our business today is sales. There, we are not a cost center, but a revenue engine for our clients, and it's obvious, but it's hard to implement how AI augments our humans to drive better sales for our clients. We have started working for many high-tech companies in that field with really incredible success, and I see there's really a great momentum combining the human power of sales with the tools of AI. Maybe in the interest of time, just a quick sneak preview. I'm sure you will see in the next years more from Jorge and the team. I really believe if you think about and sort of cut through all the noise in AI, finding the right recipe, how you orchestrate in a world where AI is ubiquitous, the human power with the AI power is key. It's not just about load balancing. This call is done by AI, this by a human. It's about understanding where hallucination happened. How do you design the data flow? Where does AI play a role for better outcomes than maybe a human? How do you manage this handover? We're investing quite a lot right now of building this tool, including in a responsible AI control center that can detect hallucination. Accuracy problems, false answers, defines the right guardrails, and really configures outcomes for the client. TP is not a company that is selling AI solution. We are a company that drives outcomes for our clients and managing the orchestration of an operating machine, and the operating machine has a human hand and an AI hand or AI leg. Doing this orchestration the right way is key in the future because our clients don't want to see a demo or buy a tool like in a software. They want to see an enterprise process managed with a measurable impact. That's, I think, the role for TP. You will see more in the future, but it's on the move, it's being developed, it's being deployed in client places, and I think we're all around the table are quite excited about it. Many of you asked: What is happening? Can you show us more concrete examples for sales? I talked about it. 7% of the group, EUR 700 million in sales. We do B2B2C and B2B2B sales. Started with high-tech clients. We invested last year, and the team built it out to not just focus on high- tech, but fast-moving consumer goods, banking, telco, with really some good traction. We've seen high single-digit growth last year. We expect nothing less this year from the team, and you see it's again, this blend of human talent with AI, and the same is true with data services for AI. We called it out. Now it's 2% of the group. I think we all wish it will be a higher number, but we see double-digit growth with the team. It's a market that is growing. It has moved from general data labeling & annotation based on general knowledge, to way more specific needs, way more specific expertise for client, really combining domain expertise on certain subject area experts. Bringing it again, for enterprises to life, having enterprise solution for medical companies, for car companies, for banking companies, and combining on a how is quite critical. We won there five new clients. Again, the expectation for this year is at least to continue the growth momentum we've seen in 2025. With this, I think these two examples, it shows you how the portfolio of TP is changing over time. Last but not least, outlook. As you all know, the world is uncertain, our market is uncertain. If you look at last year numbers, we expect a growth more or less in the same range, 0%-2%. Based on how the year ended and started into the year, we expect Q1 to be a bit softer and to be below that guidance range. EBITDA margin with all the measures remains stable at 40.6%, of course, assuming no major fluctuation on the FX side. Cash flow, again, EUR 800 million-EUR 850 million, excluding the non-recurring cash outs. This is due to, if you look at this year's numbers, which is a bit higher, due to the stronger euro versus the dollar and dollar-correlated currencies because if you think about India, Philippines, LATAM, and the U.S., of course, where cash is being generated and translated to euro, the amounts might be lower given the current FX environment and the AI efficiency program, what I talked before. Overall, I would say TP is in a position of strength, will remain a position of strength, but needs to transform. Olivier, myself, and I know also Danielle, are quite excited about the future. We're stepping down, knowing the company in good hands with Jorge, and are looking forward to any questions from the group. Sorry. I think you have seen this. This is the proposal for the dividend, of course, for our investors, important. It's being up for approval on May 21 in the General Assembly. It's an increase of 7%, if I remember well, to EUR 4.50 the share, which is an increase and in line, obviously, with the position of TP. The midterm guidance, there's no change there. With this, sorry for that, open for Q&A, and I'm sure there are many. Ladies and gentlemen, if you wish to ask a question, please dial pound key five on your telephone keypad. If you wish to withdraw your question, please dial pound key six. The next question comes from Suhasini Varanasi from Goldman Sachs. Please go ahead. Hi, good evening. Thank you for taking my questions. First of all, a lot of changes. Just trying to make my way through all of that, but maybe three questions, just to keep it short. When we think about the guidance for 2026, especially on the top line, can you help us understand your assumptions in Core Services and Specialized Services here, and the implications that you're seeing on margins as well? The second question is on the strategic portfolio review that you have announced. I see that you've taken a few impairments below the line in the last couple of years. Is that mainly in Specialized Services that you are directing this portfolio review, or does it also encompass, you know, Core Services? It's interesting to see some of the color that you have talked about on FAB deployment. Thank you for that. It's good to see the benefits as well. Is it possible to help us understand the impact on contracted revenues and profits, margins, et cetera, as a result of deploying all of these AI solutions? Thank you. Let me start, and then I hand over to Olivier for some of the impairment and financial topics. First one on FAB AI. If you look at the market, Suhasini, I think it's too early to say what is the impact for the group. We're there in the beginning. It's part of the solutioning more and more. The question of course, how do you price some of these AI solution? How do you price some of the benefits? As we move forward, as we said in the past, there are some ideas to make this more tangible, it's too early to tell what is the impact, because we are also investing in the solution at the same time, in terms of margin or not, and in terms of pricing model in the future. You see there is traction, there's interest from the client. Every new offer that we have has a FAB solution inside, let's say I would be positive to see in the next nine months some more traction and granularity that provides you also some facts that you can put in the model, what the impact might be. Strategic portfolio review, as also discussed in the past, of course, there's always the question on certain Specialized Services assets, but there it's a clean sheet. Jorge Amar has the mandate for the board to review the entire portfolio of the group. To be very clear, and as we put in the press release, including divestitures as well as including M&A. Both options are open. As I said, he has a very strategic mind. I think many of our analysts has looked at the group, and he has a blank sheet from the board also today to there do a thorough review on the portfolio of the group. Guidance, 0%-2%. What was the question? We see a weakness. We don't, as you know, we don't give a guidance for Specialized Services and Core Services. I think the story of two tales that we have seen in the past, that the Core Services shows higher growth momentum than Specialized Services is also true for 2026. I think that's fair to say. We have invested, as you know, in business development and AI capabilities on our Core Services, and we do expect a successive increasing momentum of our Core Services throughout the year, but we don't give different guidance. Maybe on the impairment, Olivier? Yeah. On the impairment, of course, we are going to continue to look at business plan for all the business. There is no, I would say, decision that has been made for 2026, as we can imagine, we are going to look that very precisely. We will be very, very careful, as we have always been in our business. So far today, we have no specific reason to change what we have done in 2025. What we've done in 2025 was just to be on the safe side on PSG and to a lesser extent, on Health Advocate. That's it. It's not a big amount compared to the balance sheet of the group, where we have, EUR 4 billion of, goodwill and EUR 2 billion of, intangible assets. We saw that, and in accordance with auditor, it was more careful to be, to take this stance. Thank you. It was great working with you, Thomas and Olivier, over the years. Wish you all the best for the future. Thank you, Suhasini. Thank you. Is there another question? The next question comes from Rémi Grenu, from Morgan Stanley. Please go ahead. Good evening. A few questions on my side as well. The first one is on the organic growth guidance. Can you help us understand what you mean by the softer performance expected in Q1? Based on any details on current trading discussion with clients, how should we expect that organic growth in Q1 versus the 0%-2% for the full year? The second one is on your cost-saving plan. EUR 70 million-EUR 90 million of restructuring costs this year, but can you help us understand the net impact if we integrate the savings that you expect to generate as soon as 2026? Overall, a discussion on the payback that you expect on the EUR 70 million-EUR 90 million you're investing in restructuring. The last one is probably a bit of a broader question. A lot to unpack from the announcement tonight. What, what do you think are the top priority for the group? Is it about first setting the right perimeter, so do the divestment and potential M&A, or first delivering on the cost-saving program, detailing the capital allocation? There's still a little bit of an uncertainty there. Just want to understand in your mind, what's the top priority in which order to understand when things are going to materialize. I would start hand over to Olivier, but I would ask for forgiveness that as we speak today, Jorge is still employed by McKinsey & Company. He will start with the group on March 16. We will be then available, myself and him, to go and talk to investors, obviously, but till then, he cannot speak for the group. I'll try to cover your question. First, guidance, yes, as we indicated in the press release, we expect based on the start of the year, we see in particular weakness in onshore markets. There's an increasing momentum for offshore and certain uncertainty with some clients to be below the guidance range, meaning below 0% for Q1, to be very clear. There's also the weakness with Specialized Services, but we expect for the group to be below 1%, and then in continued and sustained improvement throughout the year to reach the guidance range. Second, on cost impact, I think we also stipulate this in the press release, of course, subject to negotiation with the employee representations, subject to the implementation of some of our internal initiative measures, the AI deployment, et cetera. We expect from the EUR 100 million + saving, this year, around EUR 50 million to materialize, and Olivier can give you more details what's the net effect will be for this year also on the cash side. We expect from the EUR 100 million + EUR 50 million to realize this year. You talked about capital allocation. I think also there, we had the discussion today in the board. It is noted very well, the request from our shareholders or for some shareholders who reached out to have an increased capital allocation by the group, and it will be considered going forward, obviously, in strong collaboration with the management. In terms of priorities, the good thing with TP, as you know, all of the things that you mentioned at the same time. So yes, of course. There's a strong focus on the existing business. There will be a strong focus on the transformation of the group. There will be, at the same time, that's why I articulate, a strong focus on the portfolio review. I do believe we act from a position of strength, given the situation we are in. There is a moment of transformation for the group that is clear. There will be not the luxury to focus only on one thing. Olivier? Just to come on the saving plan, of course, the impact in 2026 will be at best neutral. We have launched all these savings plan early this year, notably in domestic market in Europe. We do believe that depending on what size, at what speed this plan will be developing, we do believe that it will be neutral at best in 2026. I'm sure you have noticed that we have announced a flat margin in 2026 versus last year versus 2025. That shows that we are reasonably confident that to deliver these savings. Of course, the main positive impact will be seen much more in 2027 and onwards and in 2026. All the job of the team today is just to make sure that we have no negative impact in 2026, which I believe we will be able to do. Understood. Thank you very much. Next question, please. The next question comes from Karl Green from RBC. Please go ahead. Thank you very much, good evening to everyone. I appreciate Jorge can't speak on behalf of the company or anything to do with Teleperformance, would it be possible for him to give any kind of broad view around the market, potentially just in terms of, you know, how he potentially thinks about outsourcing, unfolding, organic consolidation in the market? That would be the first potential question. Then just in terms of more sort of technical questions, I think, Olivier, that you mentioned that the margin guidance does include an assumed negative impact from further U.S. dollar depreciation year-on-year. I just wondered if you could very simply just quantify roughly how many basis points of FX headwind are embedded in that flat margin guidance or stable margin guidance. A final, again, margin question would be, you've indicated that you would expect the Specialized Services margin to improve further in 2026. Any kind of quantification around that would be really helpful. Thank you. Let's start with the market, Jorge. Excellent. I'll start with the market with just an overall expert view. Not at all speaking on behalf of Teleperformance, as I mentioned before and Thomas reiterated, I will be officially with the company starting March 16th. If I look at the market and what we are seeing today in terms of trends, there's definitely a component of the rise of the hybrid workforce, and this means just having AI and humans interacting together. Sometimes AI managing end-to-end interactions, and many times AI augmenting the humans to deliver a better customer experience. So I would put that on the table as one big element that we're seeing because it informs some of the other implications. The second one that I see is there are many companies out there right now offering their AI solutions, and, some people talk about an AI bubble, some people talk about like, "Hey, what is gonna happen with all these companies?" I am confident that the companies that will win in that space will be the companies that have some sort of differentiation, not only from a technology perspective, but also from a data perspective, and the ability to integrate the solution vis-à-vis the humans. If we play forward the movie and we believe that, you know, in the doomsday scenario, customer care will become just a bunch of models that are owned by a software company, that is highly unlikely, and we would see then many companies returning to some sort of differentiation in their customer experience strategy that involves a combination of both AI and human. I think that that part is something that we will need to continue tracking and seeing how it unfolds. Then I think a little bit of where your question where was going is, in this space, in this market, how do we see outsourcing versus moving more operations in-house? Look, right now, the market, the data that we have from external analysts is showing a slight increase in terms of outsourcing. We still believe, roughly that 65%, 66% of the, of the capacity is still in-house, so there is still ample space for growth when it comes to outsourcing. I think that companies will be looking more and more for partners that can deliver not only on their geographic footprint, but also on some of the technology solutions, the risk and compliance, the data security, as they continue to do that. That's hopefully as much as I can share right now, but a little bit on the perspective on the market. Thanks, Jorge. Very helpful. Thank you. Coming on the margin and the impact on dollar on 2026. I must confess it's a little more complex than the pure dollar, because as mentioned by Thomas a minute ago, it's not only the dollar, it's the dollar linked and currency linked to the dollar, including Indian rupee, Philippine pesos, and the mix of this currency versus the previous year. What is difficult today is to predict this mix. Today, we have not a huge impact on the dollar. Our guidance on the dollar, on the dollar and linked, currency linked to dollar impact in 2020 margin, there is a limited impact, depending, of course, of the mix that might change. We will update you, probably people after me will update you about that because it's too early to tell. On the margin on Specialized Services, what we can say is that I'm not waiting a big change versus versus 2025, except that we'll probably be better in Q1 versus last year. You remember that in Q1 last year, we have been, I must say, amazed by the impact of the reduction of the growth that we were waiting for. Now we are absolutely ready to do that. We will be able to pass on this Q1 that was difficult last year in terms of margin. Probably a little bit better in margin in Specialized Services, everything equal, which is not going to happen, I'm sure. Maybe as a reference, as we also indicated in our press release in the presentation, the EBITDA margin or the stable EBITDA margin guidance assumes a 1.20-euro dollar exchange rate. Well, what I would say is that, of course, there are uncertainties, and you understood that. What I would draw as a lesson from 2025 is the ability of this group across the board, across the different division, across the different country, to adjust quickly. Of course, it's not. It's easier in some geographies than in others. We have been able to adjust it, of course, easily in U.S., easily in India, easily in Philippines. It's more complex in domestic European market and other market. What you have to keep in mind that decisions are taken quickly. They are made thoroughly, quickly, and implement quickly in the country, and I'm convinced that the company will continue to deliver such a reaction in case of issues or specific topic. This is something that I want to highlight because we have a system that enables us to detect quickly what's happening on the field and to react, if needed, as quickly as possible. Of course, there are limits to adjust, but the company is able to do so. Superb. Maybe one last quick question, in the interest of time, if there's any? The next question comes from Nicole Manion from UBS. Please go ahead. Hi, Nicole. Hi, good evening. Thanks for taking my questions. I do have a few, but I'll try to be quick. The first one is just on the revenue outlook, actually, sorry to kind of go back there. Given the visa exit should be fully annualized, at least for the most part, and your comments about Q1 and the growth outlook in general, the implication there is probably that the LLS situation is still deteriorating. Any kind of detail on that that you can give would be great. Secondly, just on Trust & Safety, which I think was 8% of group revenue this year, that's down from, I think, 10% in the presentation last year, which obviously is a bit of a significant drop year-over-year. I know we've all seen the headlines about, you know, some of the companies in that space maybe scaling back some of the services, but I wonder if you could maybe talk about whether it is that that's driving the step down in your numbers or whether it's, you know, AI disruption or anything else. Finally, just a very quick one on the one-time costs. You've indicated EUR 70 million-EUR 90 million for 2026, but then you've talked about EUR 56 million of costs so far from measures that were launched starting January. Is that correct, to think about that EUR 56 million as sort of relative to that EUR 70 million-EUR 90 million guide? Obviously, that's already quite a significant chunk of that budget, so it's quite front-end weighted, if that's the case. Thank you. Okay. Sure. Let's get started. Yes, the announcement, and as you see in our annual results of the EUR 56 million, are all the announced social plans already today. These are sort of earmarked in our annual results, and it's part of the EUR 70 million-EUR 90 million. On second question, Trust & Safety, we do see effects, as you rightly said, for some of our clients, and it's also linked to increased automation and AI improvements in that space. As I indicated before, there is some automation happening with this. We called out a bit now what is really data services in that category. Remember, it was split between other and Trust & Safety, but it is also automation that we see in the Trust & Safety space, and that's why it's reducing. On revenue development and LLS, we don't call out, in particular, the development on LLS or revenue. If you look in the news and at the situation in the U.S., I think you have an idea that it was not such an easy start for LLS this year. Anything to add, Olivier? No, no, it's far from being a collapse. No, no. Just to be clear. Of course, what's happening on the political stuff doesn't help. On top of that, the weather didn't help as well, but we are not in a disaster mode. Far from it. I just wanted to mention it. I see there's one last question. Maybe we squeeze that in, even though we're a little bit over the time. From Deutsche Bank. The next question comes from Ben Wild, from Deutsche Bank. Please go ahead. Hi, everyone. I've got two questions, please. The first is on the guidance and particularly the gap between your adjusted EBIT and your FCF guide. The guide obviously implies adjusted EBIT close to flat or modestly up before FX, and your FCF guide implies free cash flow down 9% year-over-year. Can you help us understand what's going on in 2026 that the results in that differential is there a working capital reversal or any other one-off effect in 2025 that reverses next year on the free cash flow? The second question, just very broadly, your valuation is implying an existential trajectory for the group over the midterm. I suppose, very simply, you've talked about the investment opportunities and potential divestments, but more broadly, how do you think about the relative returns of deploying capital organically in the group through OpEx and CapEx inorganically through M&A versus the returning the significant cash that you generate to your shareholders? Thanks. I start with the second part and then- Yeah. Olivier. No, there is no, nothing hidden in term of working cap or CapEx or tax to be paid. I just wanted to say that we know that a significant part of our cash flow is coming from Americas. Of course, there is a lag between the EBIT and the cash item. This is mostly this lag between the working cap that is, you know, balance sheet as of today, that would be paid in 2026. The same for the tax, but there is no specific impact. We might say that we are careful as always and there is uncertainties that lead us to just to be on the safe side on top of that. The question was on? Valuation. I think at this point in time, with the new CEO coming in, I cannot say more than what we have written in the press release. The board has acknowledged the request from shareholders for an increased return, and we'll look into this. At this point, I've asked for your understanding. I don't want to preempt any decisions being made by the new management on that front. Olivier, if I may just quickly follow up on the FCF as a clarification point. Does the adjusted FCF include the non-recurring restructuring costs that you've talked about? In the release today or? Of course. Of course. Yeah. Mm-hmm. Okay. Mm-hmm. Perfect. Thank you. I thank you also, everybody, for your attention, your interest. I'm sure there are more questions in the weeks ahead. We're looking forward to answer them. Again, welcome to the group, Jorge. It's a pleasure to have you on board, and thank you, Olivier. Thank you. For all the time, and thank you for your interest. Thank you. And continued support of the company. Thank you very much. Thank you to all. Thank you.