Mesdames, messieurs. Ladies and gentlemen, dear shareholders, as Chairman of the Supervisory Board, it is my pleasure to welcome you to the 2025 Annual General Meeting of Unibail-Rodamco-Westfield. For those of you who are non-French speakers, headsets and simultaneous English interpretation are available. With me, we have Jean-Marie Tritant, who's the Chairman of the Management Board, as well as Mr. David Zeitoun, who is the company's Legal Officer. I would like to take today's opportunity to welcome the members of our Supervisory Board, sitting front row, as well as the other members of the Executive Board and the company's Executive Committee who are present in this room. They will be available to answer any of your questions at the end of the meeting if you wish to ask questions. With the Supervisory Board, I am pleased about the solid operating performance of the company in 2024 across all its businesses. We have demonstrated the company's robustness and resilience in its portfolio. Our solid operating performance, as well as disposals combined with efforts to optimize our operations and transform the company's risk profile, are decisive factors that will enable us to face up to the uncertainties of the macroeconomic environment and the volatility of financial markets. Jean-Marie Tritant will come back in greater detail on the results and challenges of 2024 during his presentation. Before opening the General Assembly, I would like to pay tribute to Léon Bressler, who is an iconic leader of the company and who passed away in 2024. His vision, his personal contributions, and his relentless ambition have always been strong markers for the company. His impact on the company has been absolutely decisive. In accordance with law, I now call to order the Annual Shareholders' Meeting convened by the Executive Board and propose that we appoint the Officers of the Meeting. The duties of the scrutineers will be carried out by Rock Investment, represented by Anthony Marek, the URW Fund, represented by Cyril Vanois. Mr. David Zeitoun will act as the Secretary of the Shareholders' General Meeting. Last but not least, I would like to draw your attention to the presence of our statutory auditors, represented by Régis Chemouny and Emmanuel Gadret. Emmanuel Gadret, as a matter of fact, will be presenting the conclusions of the statutory auditors. In order to obtain real-time information on the results of each resolution, votes will be cast electronically. Without further ado, I'm giving the floor to Mr. Zeitoun to remind us of the conditions of convening our General Assembly and making documents available. Thank you, Mr. Chairman. Notes of meeting were issued in accordance with the legal and regulatory provisions in force. All the information and documents required by law have been made available to shareholders, including the company's website, in accordance with legal and regulatory requirements. As far as the agenda is concerned, please consult the Notice of Meeting Procedure brochure, which has been made available to you at the entrance of the room via the QR code and also on our website. The Universal Registration Document for 2024 is also available the same way. As always, on this desk, I have documents that have been made available to the shareholders, including the supplementary reports of the Executive Board and the statutory auditors on the use of delegations of authority and powers granted by your Annual Shareholders' Meeting to proceed with capital increases and the reports of the statutory auditors drawn up in connection with the capital increase of December. In order to certify that the Notice of Meeting and the forthcoming deliberations have been properly convened, you will also find on the company's website, in the Shareholders' Meeting section, the presentation of this meeting currently projected on the screen. This meeting will be broadcast live in full. A replay of the recording will be available on the company's website in accordance with applicable regulations. Mr. Ronald Parker, Judicial Officer, has been appointed to certify the regularity of this meeting. Last but not least, the Assembly's Rules of Procedure are posted at the entrance of this room. Our shareholders had the opportunity to use a special electronic box to ask questions. We received five written questions. Given the general and sometimes technical nature of the question, shareholders are invited to consult the questions and answers on the company's website in the section dedicated to the Annual Shareholders' Meeting 2025. The quorum for the Assembly is calculated on the basis of 143,023,642 shares. In the case of a shareholders' meeting, the quorum required for resolutions following the remit of the Annual General Meeting is 28,604,729 shares. The quorum includes postal votes sent within the legal deadline. The quorum required for resolutions falling within the remit of the Extraordinary General Meeting, that's a quarter of the shares, is 35,755,911 shares. This quorum includes, again, postal votes sent within the legal timeframe. At this stage, based on the attendance sheet drawn up by Uptevia, the provisional quorum is 70.76% of shares with voting rights. Thank you, Mr. Zeitoun, for this information. As indicated in the convening documents, it will no longer be possible to complete the attendance sheet starting at 11. Shareholders arriving after this time will no longer be able to vote. I'm now going to hand over to Jean-Marie Tritant, who's the Chairman of the Executive Board, to present the results for 2024. Thank you, Jacques. Good afternoon, or good morning, rather, ladies and gentlemen, dear shareholders. Before going into the details of my presentation, I'd like to take a moment to pay tribute to our teams in the various functions and regions where we operate, their efforts having enabled the company to deliver solid results in 2024. Year 2024 was marked by strong operating performance across all businesses. Our shopping centers have seen an increase in footfall and sales. The occupancy rate is now at the highest level since 2017, thanks to strong rental with a focus on higher value long-term leases. Our conventions and exhibitions business posted record results, with VIP Paris venues hosting numerous events and operational centers as part of the 2024 Olympics and Paralympic Games. Net office rents grew strongly, thanks to the full leasing of the Trinity Tower in Paris La Défense and the successful delivery of the Lightwell building, also located in La Défense, which is not fully leased. As far as Westfield Rise, our in-house retail media agency, in 2024, we achieved the target we had set for ourselves for 2022, which is EUR 75 million net margin for Europe. By 2024, we completed or secured EUR 1.6 billion in disposals in line with the appraisal values. We were also active on the investment front, increasing our stakes at EUR 0.6 billion on three joint ventures at very attractive terms. Thanks to this solid operating performance, we achieved higher-than-expected adjusted recurring earnings per share of EUR 9.85 and are proposing a cash payout of EUR 3.50 per share, which is a 40% increase versus 2023. Our solid operating performance is reflected in our financial indicators. Group net rents on a like-for-like basis are up 6.7% versus last year, reflecting the excellence of our operations. Since 2020, we have succeeded in maintaining our access to credit and bond markets with good terms, giving the company financial leeway and low cost of debt at two percent. Asset disposals in line with appraisal values for EUR 1.6 billion contributed to 100 basis points year-on-year improvement in our gearing ratio, which is now at its lowest level since 2019. Subsequently, our net debt-to-EBITDA ratio stands at 8.7 times compared to 9.3 times in 2023. Let's now take a look at the excellent operating performance of our shopping centers. Over the past four years, we have proactively leased—sorry, we've had a proactive leasing strategy, improving our retail offering and increasing the size of our main banners. This offer continued to drive footfall in 2024, which increased by 2.6% compared with 2023, well above the industry average. Retailer sales rose by 4.5%, outperforming national sales indices and underlying inflation. In 2024, the strong appeal of our assets led to a high volume of leases based at 793,000 sq m and the rental gain on renewals and re-rentals with values 6.5 times higher. Long-term leases, which account for 80% of the total business, we recorded an 11.1% increase. In the future, the continued growth of our retailer sales, the attractiveness of our assets, and the commercial tension we have created will enable us to continue to generate additional potential. Results of the first quarter of 2025, which were published last week, confirm robust operating performance. Despite an unfavorable context at the start of the year, footfall in centers rose by 0.4%, while sales of our retailers increased by 2.1%. Rental activity remained buoyant, with EUR 100.4 million of guaranteed minimum rents signed in the first quarter, up 1.3% versus last year. The company's rental income on all signed leases was around eight percent above indexation, reflecting retailers' continued appetite for centers, our shopping centers. Vacancy stood at 5.3% in Q1, down 40 basis points versus Q1 2024. We're confident that we will be able to maintain or even improve our center occupancy rates to end-2024 levels, a record since 2017. In view of this performance, the quality of our assets concentrated in the most dynamic cities and their commercial mix, we're confident that our business will be resilient in 2025 in the current macroeconomic context. Let's now move to Westfield Rise. Our efforts to constantly improve the quality of our assets and create an exceptional customer journey attract a massive and highly engaged audience, which we monetize through our in-house retail media agency, Westfield Rise. In 2024, we achieved a net margin target for Europe at EUR 75 million set in 2022, with a 41% increase over last year. This figure includes an eight percent increase of brand animations on our sites, which generate revenue and also contribute to the dynamic customer experience in our centers. At the launch of Westfield Rise, we emphasized the strong potential of this advertising network to boost average revenue per site in line with levels seen in concert halls, sport arenas, and transport networks. Average income is up 38% and has more than doubled since 2021. On April 15, we also announced the deployment of Westfield Rise in the U.S. and the launch of our new immersive experiential display network across the Atlantic. We believe that Westfield Rise has significant scope for continued growth, and we will be detailing our plans for its future development during our Investors' Day soon to come. The commercial real estate investment market remained difficult in 2024, volumes down 12% in continental Europe, 13% in the U.S. compared with an activity which was already weak in 2023. With this backdrop, URW has completed or secured EUR 2 billion in disposals since the beginning of 2024, in line with the appraisal values, and our teams are engaged in active discussions for an additional EUR 1.2 billion. These completed or secured transactions involve non-strategic retail assets, minority stakes in two destination centers, and two office assets. These transactions, carried out at attractive values in all asset classes and geographical areas, even in difficult market conditions, show the company's level of preparation and constant effort. We also apply the same level of discipline and agility to the management of our assets. In 2024, we increased our holdings in joint ventures by EUR 0.6 billion. Systematically, we've done it on attractive terms. In Westfield Montgomery, in Maryland, and Centrum Ursynów of Warsaw, we acquired full ownership of both assets from our partners with a view to increasing revenues and creating value through real estate densification and retail extension projects. In December, we acquired a further 39% of URW Germany, our joint venture with a Canadian investor. This transaction was carried out in URW shares, bringing our total holding to almost 90%. This operation has improved our pro forma debt-to-equity ratio. It has increased our cash position and will enable us to accelerate the transformation of our portfolio in Germany. In the future, we will continue to consider similar investments where we see significant potential for value creation. Before we talk about Westfield Hamburg-Überseequartier, let me give you an update on 2024 deliveries. First of all, the 29,000 sq m extension and renovation of the Westfield CNIT in Paris La Défense. It was leased at 97% upon opening and has already seen a 29% increase in occupancy. There is the successful conversion of a former department store at Westfield Old Orchard in Chicago, 95% leased and including a Zara flagship store, and the delivery of Lightwell, our office regeneration project in La Défense, now 100% leased. The average rate of return on these projects is six percent compared with an appraisal capitalization rate of just over five percent. As far as the Westfield Hamburg-Überseequartier is concerned, I have already had the occasion to say that delays and budget overruns of this project are absolutely unacceptable. We've conducted a thorough and systematic review of all current projects. We've revised and intensified our supervision of development projects and stepped up our assessment of risks, feasibility, and technical choices. We strengthened the project monitoring at the company level with a clear segregation of duties and increased financial controls based on more comprehensive technical indicators. We've also revised the company's internal charters to strengthen the supervision of the Management Board and the Supervisory Board. The indicators used to determine the 2024 variable compensation reflect the company's excellent operating and financial performance. However, due to the impact of Westfield Hamburg's delays and budget overruns, I have proposed to the Supervisory Board on behalf of the Executive Board to apply a 20% reduction to his annual variable remuneration resulting from the application of the remuneration policy. In the future, the group will no longer take direct construction risks for development projects and major works. On April 8, we inaugurated the retail section of Westfield Hamburg-Überseequartier, offering Hamburg's residents a completely new destination. It's a place that is hard to describe with simple words. Before we go any further, here is a quick preview of this project in pictures. I'm very happy to open Westfield Hamburg-Überseequartier, a vibrant place for the community and a place to reinvent being together. This is a project we are immensely proud of. Enjoy discovering Westfield Hamburg-Überseequartier. In the first two weeks following its opening, the site welcomed more than a million visitors and received very positive media and social network coverage. The retail asset is now 95% let, and its carefully selected retail offer includes 170 iconic shops, restaurants, and leisure areas. Initial footfall figures and qualitative feedback from retailers give us confidence that the project will be a commercial success. Since 2021, URW has successfully met the many challenges associated with its activities, balance sheet, and exposure in the United States. At the end of 2020, COVID's impacts on occupancy, rents, and asset values seem to have answered long-standing questions about the long-term viability of commercial property and the future of physical retailing. These pressures, with our high debt burden, have heightened concerns about our balance sheet. Today, URW is in a strong position. Our operating performance bears witness to the robustness and attractiveness of our portfolio of assets. Physical retailing is thriving in our destination shopping center, with a growth in footfall and retail sales as well as an increase in rental income. This has helped to stabilize the values observed in 2024. Throughout this difficult time, we have succeeded in maintaining access to credit and bond markets on favorable terms, thereby guaranteeing the group's financial room for maneuver. By disposing of over six billion of assets despite difficult market conditions, we have managed to reduce our gearing ratio by 400 basis points while restructuring our portfolio and significantly strengthening our balance sheet. In the United States, we sold 17 non-strategic assets for $3.3 billion at 100% at a time when the market was virtually closed. These transactions accounted for more than a quarter of all shopping center transactions in the United States during the period. Today, 12 of our 15 shopping centers in the U.S. are rated A by Green Street Advisors, representing 97% of our market value in the U.S., an unrivaled portfolio of flagship destinations in the country's most dynamic catchment areas. We are seeing good operating performances with this portfolio, with a record occupancy rate and an increased footfall, sales, and rent, especially in the first quarter of 2020. We've also completely restructured our management portfolio in the country, reducing costs by more than 50%. Over the last four years, we have significantly restructured our portfolio through asset disposal, significantly reduced our debt, improved the performance of our operations, and profoundly transformed the group's risk profile. On the back of that transformation, we've taken the strategic decision to keep our highly successful portfolio of flagship properties in the U.S., whose performance will contribute to the group's future growth. We've made significant progress in our debt reduction program. While it is not yet fully complete, we are on track to achieve our objectives. Our distribution policy, rigorous capital allocation, and disposals of non-strategic assets will enable us to continue to reduce our debt burden by 2025. Now, let's talk about our sustainability roadmap called Better Places. Thanks to the progress made in 2024, we have now achieved a 42% reduction in carbon emissions in scopes one, two, three, and have reduced our energy intensity by 37%. With 14 Better Places certified assets in Europe, we have exceeded our initial target of 10 certifications by 2024. In addition, we have extended the scope of the Sustainable Retail Index, our tool for assessing retail and sustainability commitments to include the health and beauty sector, achieving our targets of covering 70% of eligible revenues in Europe for 2024. We've also extended the SRI to the U.S. and group-wide. 86% of the minimum guarantee rent covered is already committed to sustainable development initiatives, with 53% being active advanced leaders. We're engaging with other property companies to promote the adoption of SRI as an industry standard. URW is increasingly acknowledged for its leadership in sustainable development. In February, we were named in the Carbon Disclosure Project's A-list for the seventh consecutive year, and Corporate Knights, which is a benchmark research institute in the field of sustainable development, announced in Davos that we had moved from the 70th to the 24th place in its Global 100 ranking. With these excellent results in 2024, we are now proposing that our shareholders approve a cash distribution per share of EUR 3.50. This represents a 40% increase on last year's payout and reflects our intention to increase payouts in line with our operating performance, progress made on delivery, aging, and changes in asset values. The group confirms its guidance for adjusted recurring earnings per share for 2025, which will be between EUR 9.3-EUR 9.5. These forecasts are supported by the sound operating performance first quarter 2025, the dynamism of our shopping center located in prime catchment areas, successful opening of the commercial compartment of Westfield Hamburg, the successful restructuring and reduction of hybrid debt, and the group's euro dollar hedging position. This takes into account the EUR 1 billion of disposal completed or secured since the beginning of the year, as well as the schedule and amount of additional disposal planned for 2025, plus a sensitivity analysis taking into account the current macroeconomic environment. These forecasts do not take into account a further deterioration in the macroeconomic and geopolitical environment. On behalf of the group, I would like to thank our shareholders for their support and express our confidence in the future. Back to our Chairman, Jacques Richier. Thank you, Jean-Marie, for that presentation. I would like to thank shareholders for their support these last years, and I would like to thank all employees and Unibail-Rodamco-Westfield teams for the work done and good results achieved, as presented by Jean-Marie. David, I would like now for you to talk about the group's governance. The management has five members: Mr. Jean-Marie Tritant, President of the Management Board; Madame Anne-Sophie Sancerre, General Director Strategy and Trade; Mr. Sylvain Montcouquiol, General Director of Central Functions and Sustainable Development; Mr. Fabrice Mouchel, Financial Officer; and Mr. Vincent Rouget, in charge of Strategy and Investment. As you remember, on December 4, 2024, the mandates of Mr. Tritant and Mr. Richier were renewed by the Supervisory Board. Upon ratification of the co-optation and appointment of Mr. Michael Boukobza, and appointment of Mr. Xavier Niel, and renewal of Madame Julia Avrane, the Supervisory Board presented by Mr. Jacques Richier will be made of eight members at the close of this Annual General Meeting. The Supervisory Board will be made up of equal members of members of five nationalities with a 75% independence rate. The Board brings together a variety of profiles with an extremely broad range of expertise in finance, commercial real estate, digital, e-commerce, and sustainable development. Thank you. We are now going to discuss the compensation remuneration policy, those that are applicable in 2025. The annual variable compensation for members of the Executive Board, as initially calculated, reflects the very good operating performance in 2024. For the Chairman of the Executive Board, variable compensation is calculated as 119.4% of the target amount. However, in view of the delays and cost of rents, the Executive Board has assumed its responsibilities and proposed to the Supervisory Board that it uses its discretionary power to apply a 20% reduction to the 2024 variable remuneration of all Executive Board members. As a result, the variable remuneration of the Chairman of the Executive Board now stands at 95.5% of the target. In terms of remuneration policy, the Supervisory Board, in line with market practice, has decided to increase the weighting of long-term incentives in variable remuneration. The policy has now been increased from a range of 100%-150% of fixed remuneration to 120%-180%. The proposed allocation for 2025 is 125% of fixed remuneration at the lower end of this new range. The term of office of the Chairman of the Executive Board and the Chief Financial Officer were renewed in line with our remuneration policy. Fixed remuneration is reviewed only on that occasion, i.e., after four years without any increase. This new fixed remuneration will remain unchanged for the next four years. Against this background, and on the basis of a comparison with companies of similar size, it is proposed to increase the fixed remuneration of the Chairman of the Executive Board to EUR 1.2 million and that of the CFO to EUR 787,500. The 2024 remuneration package and the 2025 remuneration policy are set out in detail in the Universal Registration Document 2024. Thank you, David, for these explanations. I will now hand over to Mr. Emmanuel Gadret, representing the company's statutory auditors, who will summarize their reports. [Foreign language]. Thank you, Mr. Chairman. Ladies and gentlemen, dear shareholders, good morning. On behalf of the Board of Statutory Auditors, I have the honor of presenting to you the reports we have drawn up for you in respect to the ordinary and extraordinary business of this combined general meeting. All the reports have been made available to you by the company and can be found, for those relating to the financial statements and regulated agreements, in the Universal Registration Document, which is available on the company's website. You've also been able to grab a copy upon entering this room. As is customary at this Annual General Meeting, I'm going to summarize the terms of our report. First of all, as far as the accounts are concerned, our number one objective is to express an opinion on these financial statements based on our audit. The objective is to obtain reasonable assurance about whether the financial statements are free of material misstatement. Our auditing approach is tailored to the company's activities and geographies. In addition to examining on a test basis the amounts and disclosures in both the annual and consolidated financial statements, we assessed the internal control environment, the accounting principles that are applied, the significant estimates made, and the overall presentation of the financial statements. We would also like to remind you that our reports on the financial statements contain a specific section describing the key points of the audit relating to the risks of material misstatement, which, in our professional judgment, were the most important for the audit of the financial statements for the year just ended, as well as the responses we've given to these risks. As far as the financial statements of Unibail-Rodamco-Westfield SE are concerned, these are the subject of the vote on the first resolution. Our report on the financial statement is on page 492 of the Universal Registration Document. It gives an unqualified opinion on the financial statements and notes for the year ended December 31st, 2024. In the third part of our report, the key points of the audit are, first of all, the valuation of equity investments and related receivables, as well as the accounting for financial debt and derivative financial instruments. In our report, we also confirmed that we carried out the specific verifications required by law and regulations, including the Supervisory Board's report on corporate governance, on the commitments, remuneration, and benefits paid or granted to corporate officers. Concerning the consolidated financial statements, this is your vote on the second resolution. Our report can be found on page 486 of the Universal Registration Document. Here again, it issues an unqualified opinion with no observations on the consolidated financial statements and notes for the year ended December 31st, 2024. In the first part of this report, we confirmed that we audited the consolidated financial statements in accordance with the professional standards applicable in France and certified that they have been properly and fairly prepared in accordance with IFRS, as adopted by the European Union. In the third part of this report, we set out the key points of the audit which contributed to our opinion. We've identified the following key points: valuation of investment properties, including investment properties under construction held directly or through joint ventures. Secondly, the recoverable amount of intangible assets. Finally, the accounting treatment of financial debt and derivative financial instruments. In our report, we also confirm that we have carried out the specific verifications required by law of the information relating to the company given in the Management Board's report. As far as the report on regulated agreements is concerned, this is the fifth resolution of the General Assembly. I'm going to briefly summarize this special report, which is available in full on page 497 of the Universal Registration Document. In the first part of this report, we inform you that we have not been advised of any new agreements authorized and entered into during the 2024 financial year. Secondly, an amendment to the participation maintenance subscription right agreement was signed between your company and its consolidated subsidiary, URW NV, as part of an intergroup transaction. Given the operational constraints linked to the timing and execution of this transaction, the formal procedure could not be followed. On its meeting on July 24, 2024, the Supervisory Board decided to authorize this agreement posteriorly. In the second part, we inform you that we have not been advised of any agreements that have already been approved by the shareholders' meeting, which remained in force during the year. Last but not least, the other reports on extraordinary resolutions, they are covered by resolutions 21 - 29 on the screen. They contain no specific comments or observations on our part. We will issue additional reports if necessary when these authorizations are used by your Executive Board. Ladies and gentlemen, thank you for your attention. Thank you so much, Mr. Ga. I will now give the floor to Mr. David Zeitoun again to inform the meeting of the number of shareholders taking part in the vote. Yes, the signing of attendance is now closed. We have 3,865 shareholders present. They voted. They represent a total of 101,221,188 shares. That's 70.76% of voting rights. We, therefore, have a quorum, and the meeting can validly deliberate. Dear Board members, you will be asked to certify the accuracy of the attendance sheet drawn up by Uptevia, our registrar. Thank you. Before we vote on the resolutions, I propose we open the floor to discussions. We're happy to take any of your questions. This will give you an opportunity to share any of your comments, observations. If you wish to take the floor, please be kind enough to introduce yourself and try to be concise in your comments. This will give everyone, hopefully, an opportunity to speak. Thank you. Yes, ma'am. Mr. Chairman, ladies and gentlemen, I have a question on asset disposals and debt. My understanding is that there were EUR 2 billion worth of disposals in 2024. My understanding is that it was going to lower the net debt of the company, but it has continued to slightly increase in 2024 versus 2023, as indicated on 427 in the consolidated report. My question is, what are your intentions to reduce the debt? Fabrice Mouchel, who's our CFO, will answer the technical part of this. What I can tell you, as far as disposals are concerned, we had EUR 1.6 billion in disposals in 2024, completed or secured, EUR 1.6 billion. We've completed EUR 1 billion. These are transactions for which we were paid in 2024. Pro forma debt goes down 100 basis points with that in Q1. We had EUR 600 million secured, plus EUR 350 million for one asset in Spain. We've just secured EUR 150 million again for a non-strategic asset in Northern Europe. We had EUR 1 billion, and we're going to have we have EUR 1.2 billion that are under discussion, and we think that we can secure a significant amount of this to further reduce our debt. During the Investors' Day on May the 14th, we will give further information about the three years to come to continue and reduce our debt. Fabrice? Thanks for your question. As far as the net debt is concerned between 2023 and 2024, it remains stable. If we include disposals that were signed and secured at the end of 2024, pro forma is EUR 19.5 billion. In the latest update, March 31st, debt is further down to EUR 19.2 billion, which shows we're lowering the debt, EUR 19.2 billion, which includes the EUR 600 million in debt which were secured at the beginning of this year. Yes, sir. We have a question right there. Please. Yes, sir. We have a question right there. Please. Yes, sir. We have a question right there. Please. Good morning, ladies and gentlemen. I have a question on Hamburg. Could you please tell us about the impact it's going to have on the overall profitability of this project? My understanding is that you're no longer going to commit to large construction projects of shopping malls. What happened with this specific project? I guess this is not your first time you're building a shopping center. What went wrong? Two questions. What went wrong, and how is it going to impact the project's profitability? Profitability is 2.5% based on what happened, 2.5%. We have commercialized during and after COVID. We are 30% below the highest value asset in Germany. When you look at the performance of Mall of the Netherlands, opened March 2021, in the middle of COVID-19, we were able to increase the net income by 25%. We are quite confident that we can do the same thing and increase profitability. There will be negotiations in the years to come. We think things will evolve. Again, to date, currently, profitability stands at 2.5%. As far as your second question is concerned about what happened, in 2018, we signed an agreement. We had a tender as a general enterprise, which is standard practice for the company, URW. Back then, back in 2018, we failed because we were unable to find a general enterprise operator. We decided to do things by separating the project, by splitting it up. That is where we were hit by COVID-19 and by the war in Ukraine. We lost some of our design teams. We had a company that was providing us with its services, and they were unable to set up the engineering teams. In 2020, we decided to manage things directly, the engineering directly. We went from the initial project to something completely new. In between, we faced two major crises: COVID-19. We lost some teams. We lost construction teams. It was very difficult. We had the crisis in Ukraine, which hit us, which further disrupted the supply chain and the purchasing associated with the project. Yes, hello. I'm with [Avestir]. I represent approximately 50 readers who have given me their proxy. Could we come back to the U.S.? Given the current context on tariffs, we don't know exactly what the outcome will be, but we could imagine this is going to have an impact on your store brands. What's the share of variable rent? I believe there's no indexation, as you have in France. What is the early feedback you're getting from some of the brands? Q1, as I said before, there has been no impact on footfall and sales of our stores. Some people think business has, as a matter of fact, slightly increased in March, early April, in anticipation of what might happen. We'll see what happens in April. Again, we gave guidance for 2025. There is one important thing that we have to take into consideration as far as revenue is concerned. The average effort rate of our brands is very low in the U.S.. It's approximately 13%. We did an analysis to see what would be the impact of a 10% drop in consumption, which is huge. The average effort rate would increase by 150-200 basis points. That would bring them down to 15%, which is the effort rate of our European shopping centers. In other words, we're quite confident about the fact that thanks to the margins of our brands and the effort rate they're benefiting from, we think we can handle a drop in consumption, which has not been observed so far, once again. Now, when we look at the forecast of some of our big brands like Uniqlo Japan, they have told us that thanks to the diversification of their supplies and sourcing, they're able to limit the impact of tariffs. They've confirmed that they want to continue and develop in North America. There is Inditex as well. Inditex have margins about 50%. They have also told us they did not want to pass on the tariffs on the customers and continue to focus on the U.S. market. This reinforces our position there. We operate in eight markets in the U.S.. These are some of the most powerful markets. The average GDP is 40% higher than the average of the U.S. in those markets, which means purchasing power is much, much higher there. When you look at the impact of inflation in 2022 in shopping malls, we outperformed underlying inflation and continued to gain market share. In other words, we're confident in the resilience of our sites and our shopping malls should there be a recession or should there be a drop in consumption. Once again, the growth forecast is still two percent, which is not a recession. Thank you. Madam? Good morning. [José Veronique], individual shareholder. Could you tell us about your development priorities and perhaps say a few words about your future projects? We have a full day dedicated to that question on May 14th. Therefore, there will be a full presentation, detailed presentation on this on May 14th. To keep it simple, the group's growth will mainly come from its organic growth capacity to generate additional revenues on what we already have capitalized on. I believe we do have the possibility to improve our rental income. There will be a presentation also about the retail media business that will make EUR 75 million of net margin in 2024. That That was announced in 2022. Anne-Sophie Sancerre, here in this room, is in charge of leading that business. We will present our development plans for our three to four years to come, and we are quite confident in our capacity to make strong progress in the net margin. Therefore, there will be new revenues from our retail media businesses. As I said, with some operations in terms of asset consolidation, we bought our UV partners with a capacity to improve our rental income and to further extend these assets, especially in the U.S.. There will be a project that will be soon launched in New Jersey where there will be a first part of 457 flats that will be rent. The land has been valued thanks to the work done in terms of land planning. We are now working in partnership with the Residential Real Estate Development Agency on this. There will be value creation on that project that will generate additional customers and value creation. That is the kind of projects that we will implement and that will help us further grow the group's revenue. This will be further detailed on May 14th. That is an invitation for you to come back. Are there other questions? If not, I would like to thank you. Thank you, dear shareholders, for the questions that you asked. Therefore, I would like to proceed to the vote on resolutions. The name of the resolutions will be projected on the screens, both in French and in English. I will now hand over to David for a quick reminder of how to use the electronic boxes. Before voting, please allow me to say a few words about the quorum. Just to tell you that the calculation of the basic quorum has been established on 143,042,366 shares. For an ordinary shareholder meeting, it is a quorum of several million shares. For extraordinary meeting, 35,773,771 shares. Just to make sure that data included in the minutes will be correct. Before proceeding to the votes, please make sure that your voting device is switched on and the number of shares you hold is correctly shown on your screen from the moment the vote opens for each resolution. All you have to do is to vote or is to press the key green. One is for yellow, number two for abstention, and three red to vote against the resolution. You can change your choice as long as the hourglass is on the screen for 10 seconds approximately. Please make sure that your mobile phones are switched off during the voting time, and please return the voting devices on your way out. Now, let's proceed with the vote on resolutions. Resolution number one, approval of the parent company financial statements for the year ended 31 December 2024. The vote is open. The vote is closed. Still proceeding. One eight suspends. The resolution is approved. Resolution number two, approval of the consolidated financial statements for the year ended 31st December 2024. The vote is open. The vote is closed. The resolution is approved. Resolution three, appropriation of net income for the year ended 31st December 2024. The vote is open. The vote is closed. The resolution is approved. Resolution number four, distribution of a sum taken from additional paid-in capital. The vote is open. The vote is closed. The resolution is approved. Resolution number five, approval of the statutory auditor special report on related party agreements governed by Article 225-86 of the French Commercial Code and ratification of the related agreement. The vote is open. The vote is closed. Approved. Resolution number six, approval of the components of the total remuneration and benefits of any kind paid during the financial year ended 31st December 2024 or awarded in respect of the same financial year to Mr. Jean-Marie Tritant in his capacity as Chairman of the Executive Board. The vote is open. The vote is closed. The resolution is approved. Resolution number seven, approval of the components of the total remuneration and benefits of any kind paid during the financial year ended 31st December 2024 or awarded in respect of the same financial year to Mr. Fabrice Mouchel in his capacity as member of the Executive Board. The vote is open. The vote is closed. Resolution is approved. Number eight, approval of the components of the total remuneration and benefits of any kind paid during the financial year ended 31st December 2024 or granted in respect of the same financial year to Mr. Vincent Rouget in his capacity as member of the board. The vote is open. The vote is closed. The resolution is approved. Resolution number nine, approval of the components of the total remuneration and benefits of any kind paid during the financial year ended 31st December 2024 and awarded in respect of the same financial year to Mrs. Anne-Sophie Sancerre in her capacity as member of the executive board. The vote is open. The vote is closed. The resolution is approved. Resolution number 10, approval of the components of the total remuneration and benefits of any kind paid during the financial year ended 31st December 2024 or granted on the same financial year to Mr. Sylvain Montcouquiol in his capacity as member of the Executive Board. The vote is open. The vote is closed. The resolution is approved. Resolution number 11, approval of the components of the total remuneration and benefits of any kind paid during the financial year ended 31st December 2024 or awarded in respect of the same financial year to Mr. Jacques Richier in his capacity as Chairman of the Supervisory Board. The vote is open. The vote is closed. The resolution is approved. Resolution number 12, approval of the information relating to the remuneration of corporate officers mentioned in 1.1 of Article L22-10-9 of the French Commercial Code for the 2024 financial year. The vote is open. The vote is closed. The resolution is approved. Resolution 13, approval of the remuneration policy for the Chairman of the Executive Board. The vote is open. The vote is closed. The resolution is approved. Resolution 14, approval of the remuneration policy for members of the Executive Board other than the Chairman. The vote is open. The vote is closed. The resolution is approved. Resolution 15, approval of the remuneration policy for members of the Supervisory Board. The vote is open. The vote is closed. The resolution is approved. Resolution number 16, ratification of the co-opting of Mr. Michael Boukobza as a member of the Supervisory Board. The vote is open. The vote is closed. The resolution is approved. Resolution 17, appointment of Mr. Michael Boukobza as a member of the Supervisory Board. The vote is open. The vote is closed. The resolution is approved. Resolution number 18, appointment of Mr. Xavier Niel as a member of the Supervisory Board. The vote is open. The vote is closed. The resolution is approved. Resolution number 19, renewal of the term of office of Mrs. Julie Avrane as a member of the Supervisory Board. The vote is open. The vote is closed. The resolution is approved. Resolution number 20, authorization for the Executive Board to buy back the company's own shares under the terms of Article L221-10-62 of the Code of Commerce. The vote is open. The vote is closed and the resolution is approved. Resolution number 21, authorization for the Executive Board to reduce the share capital by canceling shares purchased by the company under the terms of Article L221-10-62 of the Commercial Code. The vote is open. The vote is closed. The resolution is approved. Resolution number 22, delegation of authority to the Executive Board to issue ordinary shares and/or securities giving access to the capital of the company or one of its subsidiaries and/or to debt securities with preemptive rights maintained. The vote is open. The vote is closed. The resolution is approved. Resolution number 23, delegation of authority to the Executive Board to issue ordinary shares and/or securities giving immediate and/or future access to the share capital of the company or one of its subsidiaries and/or to debt securities without preemptive subscription rights by means of an offer governed by Article L411-2.1 of the French Monetary and Financial Code. The vote is open. The vote is closed. The resolution is approved. Resolution 24, delegation of power to the Executive Board to issue ordinary shares and/or securities giving access to the capital of the company or one of its subsidiaries and/or to debt security without preemptive subscription rights for the benefit of one or more named persons. The vote is open. The vote is closed. The resolution is approved. Resolution number 25, delegation of authority to the Executive Board to increase the number of shares to be issued in the event of a capital increase with or without preemptive subscription rights pursuant to the 22nd, 23rd, and 24th resolutions. The vote is open. The vote is closed. The resolution is approved. [Foreign languge]. Resolution twenty-six, delegation of powers to the Executive Board to issue ordinary shares and/or securities giving access to the capital without preemptive subscription rights as consideration for contributions in kind to the company. Please vote. The vote is closed and the resolution is approved. Resolution 27, delegation of authority to the Executive Board to carry out a capital increase through the issue of ordinary shares and/or securities giving access to the company's capital reserves to members of company savings plans with preferential subscription rights waived in their favor in accordance with Articles L3332-18 of the French Labor Code. Please vote. [Foreign langugae]. The vote is closed. The resolution is approved. Resolution 28, authorization for the Executive Board to grant options to purchase and/or subscribe to shares in the company and/or its subsidiaries without preemptive subscription rights for existing shareholders to employees and officers of the company and/or its subsidiaries. The vote is open. [Foreign language]. The vote is closed. The resolution is approved. Resolution 29, authorization for the Executive Board to allocate free shares in the company and/or matching shares to employees and officers of the company and/or its subsidiaries. Please vote. [Foreign language]. The vote is closed and the resolution is approved. Resolution 30, amendments to Article 15, organization of the Supervisory Board of the articles of association concerning attendance at the Supervisory Board Meetings and decision-making by consultation. Please vote. [Foreign language]. The vote is closed and the resolution is approved. Last but not least, resolution 31, powers for formalities. Please vote. [Foreign language]. The vote is closed. The resolution is approved. Thank you, David. Thank you, dear shareholders, for taking part in the vote. Thank you for your support through this vote. I would like to also thank our shareholders for their loyalty and permanent support. In closing, in the name of all the shareholders as well as the Supervisory Board, I would like to congratulate Jean-Marie Tritant, the Managing Board, as well as the company's employees for their exceptional work in a difficult year, 2024. I think it is the result of relentless efforts, constant commitment, and total involvement. The fundamental work of reorganization of the company's activities, repositioning it geographically, and extracting additional value from the existing asset portfolio with the clear aim of generating sustainable growth, this will enable us to pursue a balanced distribution policy despite an economic and geopolitical context that remains volatile. In the name of the Supervisory Board, I would also like to thank Mrs. Dagmar Kollmann, as well as Michel Dessolain, for their active contributions to the work of the Supervisory Board, as well as their relentless work during their terms of office. They are with us this morning. I would like to thank them for their participation. Ladies and gentlemen, thank you very much for attending our annual general meeting, and have a wonderful day. Bye-bye.