Good morning. Good morning, everyone. I'm Gilles Grapinet. I am very, very happy to be at this rendezvous with you all. I'm very grateful that many of you could actually be with us in person this morning. I welcome, of course, online many, many other attendees of this Worldline Capital Markets Day 2021. Before opening the event, I would like first to welcome and thank our new Chairman of the Board of Directors, Bernard Bourigeaud, who is with us this morning. Bernard has been having long ago this intuition and vision that something big could be done in European payments. Actually, I'm very, very happy by the turn of events of business life we can pursue this journey together. I cannot hide, today you have here with me and Marc-Henri, most of the key people that are actually making Worldline what it is and that what it will be, and who are delivering the Worldline magic over all these years. I hope that you will really enjoy interacting with them, listening to them, and you will feel probably the passion of sharing our vision for this company. I cannot hide that we are very, very happy and eager to share with you all what is this new Worldline all about, what are the strengths, competitive differentiators, and where we want to bring it in the coming three years and even beyond. Let me start maybe by saying that we are more ambitious than ever for this great company. Now that the worst part of the pandemic is clearly behind us, and hopefully will stay so, we can actually unleash and reveal the true power of the company we've been shaping over years. We strongly believe, and for good reasons, that we are ideally positioned in this hyper-favorable European market environment. We've been shaping this company, and we will pursue doing so to take advantage of these massive trends that are transforming the European payment ecosystem. We want to drive you beyond the financials of the next three years and some immediate action plans that we are going to deliver on our wider vision. Our payment company today in the twenty-first century at that moment in time can actually really be transformed to be a premium global PayTech, born in Europe, but progressively expanding everywhere else. In particular, we want to share with you our vision and our strategy to take advantage of the unique platform we are building at the very heart of Europe in terms of ability to capitalize and even monetize further the unique access we have created today to circa 15% of the European merchants everywhere. First things first, let me maybe start by sharing with you a bit of our track record over the recent years. Maybe I will start by that to help you understanding where we are, where we come from, and what we've been doing to shape the company. In June 2014, some of you in this room were already listening to us during the IPO time. We listed Worldline by then, seven years ago, with two very clear commitments. One was to accelerate the growth of this company, and the second one was precisely to be an active participant into the consolidation momentum that we were seeing coming in the European payment landscape. Actually, if we look back through a very powerful combination of both organic transformation and M&A, we've been multiplying the revenues of Worldline by three times, of course, ex-TSS. We've been doubling the organic growth of the company in terms of rates from low single digit to high single digit. We've been improving the OMDA of the company by more than 700 basis points, despite the dilutive impact of each and every acquisition we did during this period of time. We've been actually multiplying by four, in absolute terms, the OMDA generated by Worldline. I think it is not unfair to state that we've been strongly delivering on these IPO commitments, creating a pan-European leader with an unmatched scale and reach, and really covering the full payment value chain. I think strong processing capabilities associated with a strong merchant acquiring and acceptance firepower, which is a model that by then was seen as a bit of a point of discussion, should we have both legs in one company. Clearly, this is the leading and winning model these days since everyone else has adopted it, both in the U.S. and in Europe, as you can see, with all the leading companies. During this journey, we've been enjoying, and many thanks to you, and I mean not only the one in this room, but all the one listening to us, I think, invested at a point in time in Worldline. We've been enjoying a very strong support from the financial community. You've been really with us when we presented to you some big capital increases, like the one we did with SIX Payment Services or with Ingenico, to allow this company to be transformed and become what it is today. Thanks to this support, we've been also able to deliver a very good return for the shareholders. Someone like me, who would have invested in his own money in this company in 2014, has been enjoying so far a 23% annual return, which I think is a very solid return for investors. You know, whatever good may have been this trajectory from a pure financial standpoint, it is much less impressive than when you look at it from a pure business standpoint. It is where I want to drive you on the next slide. On the next slide, what you can see is that we've been doing two transformations in one in this journey. We've been transforming first the group profile, the weight of the different activities, and we've been absolutely drastically improving the weakest point of this profile some years back. Come back on that in a minute. First, we did transform very strongly the group profile. Merchant Services, which was less than one third of the top line at EUR 400 million seven years back, is now a EUR 2 billion+ turnover business, representing two thirds of the top line of this company, and this is the fastest growing business entity of the group, weighing two thirds of the group profile. Second is, of course, Financial Services. Financial Services has seen its own size multiply by more than two during this period of time, and it is the most profitable business of the Group. This is in terms of transformation of the Group profile, which is strongly associated with a real step change of our key business unit strengths. We knew when we started this journey that we had to meet three objectives for Merchant Services. One was to de-expose the company from an excessive concentration in the Benelux. Second was to drastically improve our online and e-commerce exposure. Third was really to ramp up the portfolio of merchants as fast as we could to create this unique platform in the middle of Europe. I think we've been, so far, pretty solidly ticking all these boxes. Benelux is just one country amongst many, and we have created absolutely many leading position in Germany, in Austria. We'll come back on that, in Switzerland. We are number one in so many countries, a very strong challenger everywhere else. We've been multiplying the e-com business by circa six times since we listed the company, and today with EUR 800 million, this is one-third of Merchant Services. It is also having strong importance within the FS business, so PSD2 and the e-com related activities of processing entity. Last, of course, the portfolio of merchant has been grown by 15 times, 15, over this period of time, creating the most important merchant book today accessible in Europe in one platform. Of course, same goes to a very large extent for the financial processing business. FS has been ramping up not only in terms of revenues, but has now the most impressive industrial KPI of the entire pan-European landscape. Whatever metrics you may look at, cards under management, non-card payment processing, digital banking services, financial services of Worldline is head and shoulders above any other competitors. This is the part of the business where scale definitely matters the most by a big distance. In a nutshell, we've been really moving what was a regional challenger to a genuine pan-European leader of today. These are only the figures of 2020. It happens that we closed Ingenico 1 November 2020, and we've been pretty active and actually highly successful in 2021 in terms of additional M&A that are not computed in these figures that I shared with you. If you look at what we've been signing and that we are in the process of closing that will contribute to the plan for 2022 onwards, it is actually a very significant addition to our business. This slide reminds you the four acquisitions that have been signed since the closing of Ingenico. The acquisition of the merchant acquiring books from Handelsbanken in Sweden, the one from BNL, the subsidiary of BNPP in Italy, and of course, ANZ in Australia, and the recent closing of Cardlink, the largest acceptance and network payment provider in Greece. If you combine these four acquisitions, and to look at what it means, this is an additional 375,000 merchants that will join the book somewhere between the end of 2021 and early 2022. It is representing EUR 120 million of additional OMDA, including circa EUR 50 million of run rate synergies. This is plus 15% of merchant services revenues and MSV. I think we've been probably winning three out of the four best portfolio available for acquisition last year, which is telling you that not only we're able to run the strategic review of the terminals to actually start the integration of Ingenico, but keep a very active focus on M&A last year, which is not an easy feat. All these acquisition have been done at a blended multiple, including synergies, which is circa 15x, not overpaying anything. Last element, if you want to compare it in our. I recognize the story of Worldline goes fast. For the one having been following the story, these metrics that are on this slide are more or less equivalent to what SIX Payment Services brought to Worldline end of 2018 when we closed the transaction. It is that big. These four bolt-on acquisitions are that big. Talking about it, by the way, talking about the geographic footprint and reach of Worldline, it is very important that you capture what we are today. Today, the richness and diversity of presence of Worldline in Europe is genuinely unique at this stage of the European consolidation. To our knowledge, no other payment company can claim to have so many leading positions and/or significant challenger positions or business presence in so many countries than what we do. We are today number one in merchant acquiring or processing services, jointly or separately, in Germany, Switzerland, Austria, Belgium, Luxembourg, France, of course, in FS, and for the acceptance business. We have now very solid challenger position in the Nordic countries and also expanding in the southern part of Europe with our recent acquisition in Greece and in Italy. Let me pause one second here. We are building a network, a platform that is spanning to connect everyone in the payment ecosystem to everyone else, and in particular, to provide a unique access to 15%, more than 1 million individual merchants all across Europe. Nobody else has built such a piece of infrastructure in payment in Europe because Europe was so fragmented. All these merchant books were scattered in hundreds of thousands of pieces below domestic banks most of the time. We're actually taking that and putting that on one single platform. That is genuinely unique. You will see what we will do with that. I want really to pause here on this chart so you understand that beyond the nice risk type of mapping, what is below is a very powerful vision to create a platform play. Worldline being at the center of the European ecosystem, allowing connectivity from anyone that has something to push in the payment ecosystem to this unique platform that we are creating, and through us to access the retailers. Marc-Henri and the teams here will come back on that vision later on. More than the vision, it is in motion. We start to execute, and we have very, very many examples of the way it start to pay back. By the way, as I am on a chart about Europe, I thought appropriate to help you also to grab the specificities of the European payment market. Because sometimes, you know, it is easy to look at payment as being a global thing. Payment is anything yet but a global market. Payment is fundamentally a regional play, and when I say region, I mean U.S., North America, Europe, Latin America. All these are having different players, different leaders, different structure, different regulation, different payment methods and different cultural components sometimes. It is important to understand that, yes, there is a trend to globalization, but it is a long way to go. Europe is still special, and it is, if you want my take on it, one of the very best place to be in payments and for good reasons. Rather than a long speech, I've been shaping with my hands and my team a bit of a comparison, so as you can really understand it better by comparing it to the very well known North American market. Why is it so good to be in Europe? Because if you look at it in comparison to the North American market, I want to pinpoint here the main positive differences of the European payment ecosystem for a payment company like us. First, our European market is still, when it come to retail payment, pretty much cash-driven. Before the pandemic, more than two-thirds of the retail payment transactions in number were still done in cash or in checks in average in Europe. It means that the cashless trend, which is strongly boosted by the COVID, here in Europe is still a very powerful structural growth lever. Through contactless, through e-com development, through the first equipment, sometimes for some merchants in many countries, like in the southern part of Europe, things are actually gaining much more traction than in the U.S. by themselves, just the natural growth of the volumes. Number two is that it is a market. Just on the first point, by the way, I mentioned our leadership position sooner. It happens that the key leadership countries, the key leading countries of Worldline are not only the wealthiest economies in Europe, Germany, Switzerland, Austria, Benelux, but like Germany, Austria, Switzerland, these are also the countries where cash is still king, where you can actually have still millions of people that, for cultural reasons, were loving paying with banknotes, and this is fading away very fast. We have leading position in the key countries where cash was still having a lion's share in retail payment, and this is transforming at the speed of light. Second reality of the European market is that it is still relatively fragmented in terms of players. Despite the first wave of consolidation, we estimate that there is still between 50%-60%, depending on the type of activities you look at, of the activities that are still with local banks. Let's keep 60% or 50% in mind, but still, half of the business is done locally by domestic banks still pushing acquiring services to merchants. We estimate that roughly it is more or less the same in terms of in-house processing activities. There is versus the U.S. market, which is much more consolidated for a good decade already, there is much more to be displaced through M&A, JVs, partnership, name it, to take place in Europe. Third, it is a continent that is still more complex to navigate than the U.S. market. The U.S. market in terms of payment brands and schemes is pretty homogeneous these days. It's not the case in Europe. In Europe, you still have numerous local domestic schemes and also cultural behaviors that are making it a country-by-country play. The value of Worldline is to have been built bottom up. We've been buying domestic positions that we are progressively globalizing and industrializing. This is making a very big difference because this fragmentation of the payment brands and payment scheme in Europe is also explaining why it is a continent which is much harder to penetrate for the new entrants. If you haven't been wondering why some of the names that became very big very quickly in the U.S. are basically nowhere in Europe, it is because of this complexity to access the domestic payment market of Europe, where you have to connect to so many different payment schemes and brands and adapt yourself to different behaviors of the merchants. In a nutshell, our playground today, contrary to the U.S., is much less mature, has higher structural organic growth ahead, higher structural M&A opportunities ahead. It's having a naturally protected barrier against fast disruption. Last, Europe is definitely a continent in which you can play an aggressive market share gain play against one, cash, number two, the legacy domestic bank players. This is really a few comments, high level, and let me now get down to a more granular level to talk about the main trends that are reshaping the industry, because of course, it is not a standstill continent. Many things are also taking place in Europe, and we have created Worldline to take advantage of these massive trends, and we have very clear plans on the way we want even to go further by leveraging these trends. Actually, three of them. One, the increased complexity and constant enrichment of the payment ecosystem in Europe. Number two, the differentiating value of being a technology player in Europe these days. Third, the constant increasing need of the merchants for having one-stop-shop contract with players like us that can serve them in omnicommerce, both for online and offline, in as many countries as feasible. On the first point, long story short, versus a common belief sometimes, complexity is good for us. The more payment brands, the more payment solution, the more payment new payment means we can have in a given ecosystem, the richer is our value proposition for the merchant. Because this trend is creating a very high level of complexity to be managed by the merchants at their point of sale. A few years back, only three or four payment means were enough to run your business in Europe. Today, the typical merchant we support will need to operate between 20-30 different payment methods if they want to be able to accept any payment from any customers. This is constantly growing. Think just about the names you've been yourself witnessing popping up in your daily lives. Google Pay, Apple Pay, Alipay, WeChat Pay, name them, prepaid, restaurant vouchers dematerialized, and so on. This is the reality. Complexity is growing. Guess what? It is exactly why we build this company. It is to be the single point orchestrating all these different payment methods and allowing the merchants to forget about the complexity, to just be in a position to say to their customers, "You can pay with anything." It goes through Worldline. Done. We manage everything. Single reporting, delivery of the cash, exception handling, guaranteed compliance with the regulation. Next innovation, next deployment, we will take care of it for you. You will see that with the team in merchant services big time. That's number one. We bring more value to the merchant because the world is more complex. Number two, this is there that the platform play start to be interesting. This is the good old time where you are having one domestic scheme and Visa and Mastercard, and that was it. Today, all these dozens of payment brands are competing to get access to the merchant, to be exposed to the payers. They compete to access the merchant. Who is providing access to the merchants in the real life? A company like us. It is twice good. It is good because we give more value to the merchant, but it is good because we also provide value to the payment brands and schemes. If you ever wonder why Worldline was invited to join EPI, it's because when you want to launch a payment brand in Europe, guess to what door you want to knock? To the guy that is able to bring you quickly to 15% of the merchant and the growing number that we've got in the coming years. That's number one for sure. We have plans. We want to pursue actually leveraging this position. Marco will come back on it. We want to sign new partnership, new referral agreements, new distribution agreements with all these fintech payment brands, payment schemes that want to be deployed and be integrated fast into the merchant ecosystem. Number two is technology. Same story here. Given what I said earlier. Oops, sorry. Let's stay on the first one first. Technology is super important. Long ago, technology was not the point. Even banks could run a payment business because you were having only a limited number of payment schemes to operate, and the technology, the form factors, was pretty stable. It was offline payment with a domestic scheme, a couple of international cards. Done. You were outsourcing the processing to a company like us, and the distribution in the domestic market was the name of that game. You were not differentiating with the technology at all. Today, given what I said about the super fast development of all the different form factors, omnicommerce, online, in-app payments, terminals becoming smarter, technology at scale has become a super important differentiator. This is where a company like Worldline is not by chance becoming what it has become. We are having a very deep tech DNA. We are having 7,000 people daily working on payment tech. Nobody else in Europe can have such a firepower. Architects, engineers, developers, cyber experts, data scientists, integration managers, project managers, all these guys are making the difference with the rest of the legacy ecosystem, which just goes faster with more power, and we can integrate much more. This is where also that you will see that we have plans to accelerate our investment in technology, to accelerate our R&D roadmap, to go into much more open innovation, to connect us with much more third parties, and this is an integral part that Christophe Duquenne and Marc-Henri will touch upon. Third big trend is actually the international reach. As Europe became a single market, it is also progressively, thanks to the harmonization of the SEPA, becoming also a single market for payment operators if you have the capabilities, the physical presence and the technology to deliver it. All the very well-known international brands, tier one and tier two international brands, from IKEA to LVMH, to Relay, to Subway, to McDonald's these days have all been launching pan-European RFPs to put under one roof their online, offline payment means for as many countries they can do. We have been shaping this business to go after these standards, and this is having a structural consequence of the market, which is very simple. Keep in mind that more than 50% of the acquiring business is still done by domestic bank in one only country. All these banks cannot even qualify to answer for these RFPs. They are doomed to lose the corresponding volumes each time one of these RFPs is actually signed with the players like us. The number of guys that can actually deliver a pan-European value proposition in 15 countries for online and offline payment with all the payments means I mentioned are less than a handful. Each time we win, we or someone else just displace all the volumes in all the countries that were historically with the local acquiring banks. It's that simple. We gain market share every month, and the success of the commercial activity of MS in that particular segment, as you will see, is just impressive. Of course, we will pursue trying to expand in the coming years our geographic presence, because you need to have geographic presence in many countries to be able to support these brands. It is all the story behind our plan of bolt-on acquisitions to pursue ramping up, but also signing new acquiring partnerships in certain countries or gaining ourselves some new acquiring license in certain geography to constantly enrich our ability to follow these international merchant needs. Now it is time for me to share with you the main pillars of our 2024 vision in Worldline with all these elements that you will of course find into the main levers through which we will accelerate growth, boost profitability, pursue, of course, actively the consolidation, and start really to leverage by more innovation, by orchestrating and monetizing this pretty unique platform that we are creating at the very heart of the European payment ecosystem. First strategic priority is definitely to harvest what we've been building over all these years and really to make a step change into our organic growth potential. First engine will be the natural acceleration of the cashless trend. Don't come back on it. Post-COVID, everyone can see every day in your life that we are just paying more with electronic payments than before, and that the guys you see around you are just tapping their card in contactless, going more often to e-commerce. It is just the reality of what we experienced, and that is by the way standing behind our current performance. That is the engine number one. Engine number two will be the acceleration and transformation of our e-com and online exposure to a much higher growth through the work we do on our own platform, but also through the fact that in the coming three years, we anticipate a strong return of international travel that will fill our e-com exposure, which was quite actually exposed to travel, and that is in 2021 actually suffering from the lack of real international travel still due to the COVID, but this should recover progressively upon the next three years and also support a strong acceleration of our e-com. Third, of course, as you will see today with the entire MS executive team, we have built very powerful vertical accelerators and special accelerators to leverage the Merchant Services enormous platform that has been created over years, and this will be a very strong accelerator of the MS business itself, which is, I remember, two-thirds of the top line of the group. This is number one. Number two is boost profitability. The profitability of Worldline, as mentioned, has been progressing by 700 basis points. We have huge ambition to pursue progressing it by a further 400 basis points in the coming three years. We'll come back on that in a minute, and we have three levers here. As you will see through Eric's presentation, the operating leverage of the company will significantly scale up in the coming three years, thanks to the pursuit of the work we will do on the synergy delivery and the constant efficiency improvement. I think that Eric and Lisa will be very precise about what we do here. Number three is, of course, this ability to innovate more, orchestrate, and monetize our extended connectivity. I don't want to be long here. Marc-Henri and Christophe and Vincent will come back many times on it. We want to create literally new revenue streams by monetizing this privileged access we have created to the entire European payment ecosystem. Whether you have something to push to merchants or banks, you can go to Worldline. It makes your life easier, it makes your business faster, and ultimately, there is value for that we want definitely to capture. Last, of course, is consolidation. I have a full slide on it. Keep in mind, as you have understood, that consolidation in the game of Worldline will stay important in the coming three years. We become already something big. We can make it even bigger and better by pursue our M&A strategy in different directions that I will precise in a minute. Last, of course, because it is a signature of this company since we did it with Marc-Henri, clearly we will do all these actions to support growth acceleration, profitability improvement, being an active consolidator, and start really to orchestrate and innovate and monetize the asset we are gathering together with a constant focus on CSR. Regarding growth acceleration and profitability improvement, we will deliver 9%-11% CAGR growth over the period 2022-2024. We will improve our OMDA margin by more than 400 basis points, and we will generate an OMDA conversion to free cash flow of circa 50%. If you do the math, you will see that this will drive Worldline to be, by the end of 2024, a company of circa EUR 5 billion plus, with EUR 1.5 billion of OMDA, and half of it being free cash flow. This would, in three years' time, do much more than replacing the TSS business and definitely positioning this company in a very, very privileged position in terms of size, industrial power, and access to the European ecosystem in this period of time. That was the organic plan and the organic guidance. Now, if you look at what we will do in M&A. Sorry, this was the organic guidance. Pause one second on it, so you can take note. 9%-11% revenue CAGR, above 400 basis point improvement over the period, trending towards 30% OMDA margin, and circa 50% OMDA to free cash flow conversion. Moving to M&A, as I said, the European market in particular, but not only the European market, offers a lot of consolidation opportunities, in particular, given what we saw in 2021. The numerous deals we signed are just a proof point that banks are actively disengaging. They recognize the need for more technology, the complexity of the ecosystem, the need for international reach. They just cannot cope with that, so they sell and they partner. Our M&A focus will precisely be around three priorities. First, land and expand, opening up new geographies as we did in 2021, going after small to medium-size acquisition, because it is the only way to create the patchwork of countries you need, and then to convert them into your platform. We will, of course, reuse our very proven friendly bank partnership approach, and the fact that we have also created a dedicated second M&A team in the company called Merchant Services for Financial Institutions, Merchant Services for Financial Institutions Partnerships, that I think Niklaus Santschi, the head of PAYONE, will present later today. Second category of targets will be acquisition of targeted technologies or products, because we believe now that we can distribute much more efficiently on a more streamlined and integrated platform. Third categories of target will be, of course, more transformative acquisition, let's say medium to large targets, whether it is with a very large remaining European bank or with some pure players, as we did through the Ingenico or the SIX Payment Services or Equens transaction in the past. You can expect from us a very continued focus on M&A, taking advantage of the very strong and recognized know-how of this company, very much bank-friendly positioning in the ecosystem, and our unique ability to also strike flexibly and with agility, made-to-measure transactions to accommodate the specific situation that you face very often in Europe, which is definitely a continent where one size never fits all. Last, we will say highly focused, as I mentioned, on ensuring that Worldline, which is today a recognized leader in CSR, will stay so. We all know that we have a duty to the world, a duty to the environment, a duty to all the stakeholders. You cannot play such a long-term industrial game if you do not act responsibly in everything we do. We have a program called TRUST 2025, which is following the previous program, which is a huge success, TRUST 2020. We are ranked by all the independent agencies and evaluation bodies that you can know in this CSR segment, which are positioning us at the very top. It is a constant progress of everyone. That's good news for the world. Of course, there is a constant pressure to push you getting better yourself. We will do so. You have a few samples of the KPIs we constantly measure. Keep in mind that this is strongly ingrained in the company culture. Our compensation scheme as executive is actually directly connected as much as to business KPIs than also to CSR KPIs. To be vesting, in particular, the long-term incentive plans for free shares or stock option in Worldline, we need to deliver on this, as we need to deliver on the business. I thank you for your attention so far. We'll be happy to come back for the concluding remarks before taking your Q&A. It is my utmost pleasure to give the floor to Marc-Henri, who has been with me in this journey since the very first day. Marc-Henri, floor is yours. Thank you, Gilles, and good morning. Good morning to you all. Indeed, building a premium global PayTech company with Gilles, with Eric, Christophe, Vincent, Michael, and all our team, it has been so much work for so many years. We are extremely excited today because we feel that through all this work, we are ideally positioned to make it happen and to take the full benefit of it. That's what I'm going to talk about now. Start by positioning indeed this journey into the current payment ecosystem. This is an environment which is moving, and the various components of the value chain that you see represented here face very different trends accelerated by the COVID and obviously, more importantly and more fundamentally by the digital transformation of our society. Starting with consumer, they expect a digital, seamless, and now more and more contactless experience. Of course, they force merchant to accept payments in whatever channel, but also whatever payment method brands the consumer may have chosen. Indeed, the area of payment brands and associated fintech's validated services is an area of huge investment. We are talking here about tens of billions, maybe hundreds of billions over the recent years that have been poured into this domain. As a consequence, you have a lot of newcomers that are competing with more installed players to find their access to the merchants. This is a lot of energy which is deployed there. Acquirers, of course, in turn to allow this payment means, and you have also a lot of newcomers in this domain, but they tend to focus these newcomers on some specific merchant segments, while acquirers themselves under a trend of consolidation for scale and reach, like we did. Issuers on their side are looking for a solution to manage all this complexity as, you know, 3,000 banks only for Europe, and they are all, each one of them now overwhelmed by the complexity of the payment ecosystem and not able to cope with it simply internally. Finally, schemes and settlement systems at the core of the value chain, still dominated by the big international card schemes, but facing more and more emerging alternatives like instant payment, EPI or cryptocurrencies, and that are often at the core of your new payment brands. Clearly, our strategy is to position ourselves at the center of this complexity, bringing the through our platforms, the scale, the reach for all merchants, banks to be in a position to offer the right service to the consumer and being the ideal, the single entry point to all these payment means brands that are competing to get this access. I'm going to continue explaining a bit this further. Indeed, what stands behind our vision of a premium global PayTech company? What stands behind this role of orchestrator? With the right mix of local and global payment brands, which is in the DNA, which is deep in the story of Worldline, and Vincent will come back to that, we managed to sign over 1 million merchants. This makes us extremely attractive to any new payment means, and which in return enrich our value proposition to the merchants. It's a virtuous circle. The more payment means you have, the more attractive you are to the merchants. The more merchants you get, the more attractive to the payment means. It is a dual-sided market, and we intend to monetize from both sides of this market. What makes sense for merchants is obviously relevant as well for the banks. I said they are too small to handle this growing complexity and specialization of the payment market. Having not only the biggest European scale in processing, we share with that many times with you, we have also now accumulated a lot of transversal outsourcing deals with banks, which reinforced our ability to cover the full value chain of payments. Now we can handle all the complexity for the financial institutions through the payment world. Of course, we are able to do that because we worked on our payment platform. That has the needed scope, the needed scale, both for online and in-store, which is a particularity of Worldline in this dimension, and Gilles already mentioned it. We now need to converge further on this solution, the globality of transactions, of our accounts, and to develop even always every day the openness and the scalability of this platform. The platform is at the core of our open innovation strategy. I will come back to that in a dedicated slide. If we can develop it and sell it so well in this very competitive market, it's because we have worked on concentrating a talent pool. Talent pool that we selected in each one of our accumulated acquisition over the past years. We also benefit from the synergies of this acquisition that free people to develop further new features. In this road to the next level, our integration capabilities, they did grow a lot over the period. I will come back to that as well. They help us to secure not only an accumulated ongoing integration, but to be in a position to add additional one. As Gilles, I think, made it very clear to you, we have no intention to slow down in our integration journey. Let me zoom one minute on Merchant Services. On Merchant Services, it's very simple. We are connecting today more or less 15% of European merchant to a very complex environment in terms of payment method and validated services. What is very important, we do it with very local payment solution and also with global one in a cross-border way. We can really handle the specificities of local Europe and its globality. We do it in-store, we do it online. In each and every domain, we have outstanding volumes and capability, and we do it more and more omnichannel, combining both. As we shared with the MS team, there is no big tender in the merchant domain today that is not both online and in-store. We offer to our customer, of course, the benefits and the scale of the consolidated platform. Last, but maybe not least, probably the most important element, we have organized a go-to-markets to optimize sales tools and solution by segments, small merchants, large big verticals, digital native players. All this has been optimized, and Roger is going to come back to it. As a logical consequence, this strong position serves well as the alternative for the banks to their internal systems. Gilles mentioned this three out of four score over the recent year. I think we are extremely attractive in this moment when it comes to forming a partnership. Banks are looking more and more, not only at monetizing their merchant book, but more importantly, having the best partner to serve well their customer and make sure that when it comes to payment needs, they work with the best and their customer are never disappointed. Banks, they are very local customer, and they need to handle this estate. For merchant services activity, having many merchants on all channels and geographies, it really allows us to monetize their access to payment brands and other validated services, and in return, increase our strategicness to win new merchants. This position, really this orchestration strategy is absolutely central to our strategy, and our intention is absolutely to develop and continue working on it through scale, reach, openness, and scope. Vincent and his team are going to be more explicit on that. As I said, what works for merchants works as well for banks. In financial services, we have been the biggest pan-European digital payment factory. Same thing, based on our Worldline modular platforms. For banks, as for merchants, the name of the game is handling the diversity of the payment means. We face customers that have very high demands. We face the burden of compliance. We need someone who is able to handle this at scale, at pace in terms of innovation, and integrate always more solutions for them. We get... We help them get rid of the heavy OpEx and CapEx linked to their historical activity, to their internal subscale solution. Clearly, you need to have in mind that the virtuous circle is playing here as well. The more outsourcing deals we have, the more reach, the more coverage of their needs we are accumulating through new deals, the more attractive we are to them. I think I don't need to be much longer on banks. Alessandro and Michael are going to come back to it, and we'll give you a bit more details on this momentum. Now, platform and technology. Clearly, we have built our own modular platform inside Worldline. We did it by selecting the best asset of each and every acquisition we did of what we had also historically in Worldline, and we combine them. They are live, and we are working on converging our clients and our customer, our transactions on this platform. Christophe will come back to it. He will show you layer by layer, domain by domain, each of the choices we made. What's very important to have in mind, it's there, it's live, and we are able to price and to offer as per this target model. Obviously, it is relying on a very strong technology roadmap in terms of cloud technology adoptions and building the right interfaces, the so-called APIs. It needs a lot of discipline, but it is the way we can reach the scalability and the openness that is needed to work in this very complex ecosystem of payments. We have the ambition to work with the vast complexity of the full ecosystem. Christophe will come back to it, and he will make it very clear to you. Maybe now a word indeed. I was talking about this complex and open ecosystem, about our logic of open innovation. That's a very important choice we made in Worldline, and we need to make it clear to you. It's clearly a two-fold approach. First, we concentrate our efforts internally on our core payment services, working in partnership with Worldline Labs into three main streams: interface and experience, trust and security, production and efficiency. This work is used with the business units to develop the best solution and to integrate innovation, and be in a position to aggregate all this alternative payment method, cryptocurrencies, buy now, pay later, ISVs in terms of distribution channel or open payment solution, open banking, related partners. We need to be able to connect to all of this but work and develop the best solution at the core. Maybe let me give an example to make it a bit more concrete. We have developed a concept of universal QR code that a merchant can display on his payment device, and it is very simple and secure for him, but it opens the door to many partner and connected payment methods that use the same QR code to trigger the payment experience. It is seamless, it is simple, it is highly secured, and it is because we master well the core of our technology and the value chains that we are in a position to create this openness to the full industry. Our logic of open innovation implies to relentlessly search for new partnerships, of course, fundamental research with universities, okay. But more importantly, with all the fintechs ecosystems, we work through hackathons, we work through business team relentlessly searching the market, observing evolution, and aggregating with partners, and that is something we are doing again and again. This allow us to leverage the innovation of the full payment world. You see the names on this slide. These are only a few examples of the hundreds we are working with. As I said, there are billions, hundreds of billions that are invested in this ecosystem, and we believe the only smart way to bring the full innovation to our customer is really to concentrate our own internal efforts to the core and then to leverage and connect to all the peripheral players, and that's what we are doing for the benefit of our banks and merchant partner. Now, all what we have built on this entry point, this reach, these platforms, it is a result of our various acquisitions, but also and primarily of the way we did this acquisition. We integrated this acquisition with a very determined and focused method, and that's what we call our playbook. It's scalable, it's repeatable, and it's really a very strong know-how for Worldline. It's fueled by a strong and knowledgeable integration team led by Lisa Coleman, that you will see on stage in a minute. They maintain the knowledge, they enhance the methodology deal after deal, and she has grown a talent pool integrating key people from the acquired business into this organization and continue to regularly enrich the group the group expertise. We have a way marked path regarding consolidation, integration processes. It allow precise implementation and tracking of the synergies until their complete execution, so over the years of the plan. We always organize it with a very clear accountability of business manager already in the pre-integration phase before the closing, but as well until the very end of the synergy plan for the delivery of the synergies and most of the time for their over achievement. We have applied with success this integration playbook to all the acquisition we did, and as mentioned by Gilles earlier, usually it end up with over achievement. Now, if we talk more widely about our people, our recent acquisition, this approach, as I said, it permitted us to strengthen and deepen the talent pool, the management team by selecting the top talent. We have also a continuous work through the synergies of freeing up experts and position. Given the momentum of the market, the ambition of the investment, we are reusing them to redevelop future projects, future solutions. I think I talk a lot about platforms, market position, but I think it's meaningful. I conclude my part as well with people as they made the difference in the past. They will continue to make the difference in the future. We believe, given the tension on the market right now, the war for digital and payment talent, having accumulated this expert pool is a strong differentiator that is going to make a very big difference in our journey. Now, let me give the floor to Eric, our Chief Financial Officer, to give a bit more financial color to our story. Thank you, Marc-Henri, and good morning to all of you. Before going through our detailed midterm plan, I will start by introducing to you the basis of our 2022/2024 strategic plan. As mentioned during our Q3 revenue call yesterday, and considering the outcome of a TSS strategic review, we now have to account for the business line in Assets Held for Sale, which impacts P&L as of 1 January 2021. The change of scope relates to the descoping and the new basis for 2021 guidance is shown on this slide for revenue and OMDA at group level. This will now represent a revenue of EUR 3.4 billion and an OMDA of EUR 800 million for year 2020 continuing operations excluding TSS. On that basis, we built our full year 2021 guidance on continued operation in line with our full year guidance issued in February 2021. As you can read, the group guidance for 2021 on continued operation corresponds to at least 6% organic growth in revenue. Above 200 basis point improvement in OMDA margin to be compared to the 23.1% in full year 2020. OMDA conversion rate into free cash flow of circa 42% stable versus 2020. Now let's dive into our 2022-2024 midterm plan. To start with, I would like to present you the key midterm drivers of our 2024 ambitions. We actually have four major categories of driver that guided the construction of our strategic plan. Paramount to this plan, we aim at accelerating our growth globally. What does it mean precisely? It means delivering on three major pillars that I will detail later on. In a nutshell, first, an accelerated growth of our merchant services activities at double-digit rate. Second, a solid and stable financial services growth around mid-single digit rate. Third, a strong mid to high single-digit rate for MTS. In parallel, we will focus on improving steadily our profitability. The basis of this margin improvement is threefold. First, our embedded operating leverage coming from the accelerated growth rate. Second, the execution and delivery of our synergy plan. Third, the benefit of our technology rationalization providing efficiencies. Moving to a free cash flow, it is an important piece of our strategic plan, as it will allow Worldline to pursue the payment market consolidation while still investing in the growth of our activities. Obviously here, the main driver is the OMDA accretion, both fueled by our organic acceleration as well as our synergies and efficiency plans. As important is the tight financial discipline and cash management, but of course, without tempering our CapEx deployment, which is a key enabler of Worldline's future growth. Finally, regarding the group capital allocation, we will be very focused on deleveraging trajectory fueled by a steady expected free cash flow generation. We will continue to prioritize the delivery of our one modular platform. This is a clear market differentiator. Last, and obviously, we'll pursue our consolidation journey, as Gilles described to you a few minutes ago. I will dive now on the main building blocks on revenue, OMDA, free cash flow, and deleveraging, resulting from the implementation of these key drivers into our midterm financial trajectory. Starting with our main revenue building blocks. As a first component, to provide you a more comprehensive view of our growth contributor, we have integrated in scope the positive impact of the already signed acquisitions on a full-year basis, which means ANZ, Cardlink, BNP Paribas Italy, and Handelsbanken. On that basis, we expect to deliver a 9%-11% CAGR in revenue over the period. It represent a massive step up versus our previous pre-COVID organic range between 6% and 8%. In terms of growth contributor, you can see that our merchant services activities are the main driver when financial services and MTS are both contributing in the same order of magnitude to the overall group revenue expansion. Starting with MS, we expect the business line to organically grow double-digit rate over the period. This trajectory is strongly supported by the steady business growth feeding the performance. On the SMB market, we expect to grow our merchant base to close to 200,000 new merchants while opening new geographies. Global sales and vertical will benefit from the growth of our tier one customer base, as well as from new merchant gains, thanks to our unique pan-European omni-channel offers. Digital commerce will grow faster than the division average, benefiting from e-commerce development and investment in new geographies, allowing us to accelerate our market share gains for additional merchant. Regarding FS, we expect the business line to organically grow mid-single-digit% over the period. This solid growth is supported by our ability to, first, leverage the volume with our existing clients while focusing as well on fertilization and renewals. Second, deliver our growth accelerator, focusing on growing markets and product range expansion. Regarding our acceleration in growing market, we expect to capture multiple tier two, tier three processing outsourcing deals and some tier one banks outsourcing deals in account payments. On top, we will be opportunistic on increasing appetite of banks for item outsourcing, leveraging our proven capabilities. Regarding our product trend, we expect to launch several product leveraging our Move to Cloud opportunity. FS team will come back on that front later in the presentation. Last, MTS. We expect the business line to organically grow mid- to high-single-digit rate over the period. MTS has now a clear focus on its two main activities, which are ticketing, mobility, and trusted digitization. Those offerings provide significant growth opportunities for the coming years. On top, MTS will continue to develop synergies with merchant services and financial services, being the digital product provider for the group, leveraging expertise in digital and payment integration and fostering innovation. Here you have now in a nutshell the main driver that will drive the group above EUR 5 billion revenue by 2024 with an accelerated growth profile. Be assured that the leadership team and all Worldline talents are focused and dedicated to the execution of this plan, and we are already in full motion to deliver it. Moving to the next slide, illustrating now how this accelerated growth converts into OMDA expansion and the margin building blocks of margin improvements. As for the revenue and with the same approach, you have first the positive impact of integration in scope of the already signed acquisition on a full-year basis. Globally, we expect over the period 2022-2024, an OMDA CAGR of 15%, leading to a global OMDA margin improvement over 400 basis points over the period. This improvement in profitability translate as follow by business line. Merchant services as a main contributor with more than 500 basis points improvement thanks to the operating leverage derived from the accelerated growth and the delivery of the synergies. Financial services and MTS offering a good contribution, falling in line with their respective growth profile. FS profitability remaining high above 30% when MTS profitability moving up by several percentage points over the period. A broadly stable evolution of our corporate costs will complete this picture in a growing environment, reflecting the benefit of efficiency and synergy plan. Now, as importantly, is also the origin of our OMDA improvements that you can see on the right. Based on our growth trajectory and confirmed synergies, we will derive circa 75% of our margin deployment through operating leverage, of which 90% is coming from pure growth and 10% coming from revenue synergies that will accelerate the operating leverage. It represents the full benefit of a past acquisition integration while leveraging the new organization, product offering, and unique positioning we have created. In parallel to the operating leverage, we will derive 25% of our margin deployment through the execution of our cost synergy roadmap, resulting from the most recent acquisitions. All in all, when you look at the group OMDA trajectory, what we are targeting is a circa 50% increase between 2021 and 2024, reaching circa EUR 1.5 billion OMDA by 2024. Now, let's deep dive in our efficiency and synergy plan with Lisa, which are a key transversal component of our on top of our operating leverage. Thank you, Eric. Good morning, everybody. I'm really pleased this morning to provide you with an update on two areas which we use to boost profitability. The first thing I'm going to do when I move the slide forward, 'cause I've just remembered, is to talk to you about the SmartPOS program. The SmartPOS program builds on the previous programs that Eric has probably explained to you about, which is TEAM. It's really a program that's delivered in partnership with our business units, and it's focused on continually and challenging and improving what we do at an efficiency level and a productivity level. It's not just about taking cost out, it's also about a real mindset for how do we go faster, how do we improve our services for our employees, and how do we improve our services for our customers. TEAM, as a program, delivered somewhere around EUR 50 million a year. That's our minimum ambition for SmartPOS. Actually, what we expect and what we've built into our plans is with the extended scope of Worldline, then our minimum objective is to deliver around EUR 200 million over the next three years, and that will be around 50% of the Worldline operating leverage. How do we do that? Well, we build it on a number of key levers, and a number of them are on the slide for you. I'll just take you through three. Some of them are industrialized and some of them actually respond to the dynamics that we see both in the environment and within the market. We are continually refreshing, considering what we can do more, and really taking more of an agile approach to change. Even with the industrialized levers, we're continually saying, "What can we do more of and what can we do differently?" The first one is contract and product profitability. That's an industrialized review of our contracts and our products, really asking ourselves not only what we can do, but how do we work with our suppliers better? What can we deliver to our customers in a different way? Actually, how do we think about the things that we might find in one area of the business and translate that transversely across other areas as well? That has actually delivered somewhere around EUR 90 million over the last three years, and I really expect that to continue to do the same. It's now embedded and industrialized within our organization, and we're continually looking about how we can improve that. Another one is the cross-shore and resource optimization. How do we make sure that we have the right workforce at the right place at the right time at the right cost point? Even despite the COVID environment, we've now got nearly 3,000, or just over 3,000 actually, colleagues working in near and offshore locations, either directly through ourselves, employed directly into Worldline, or working through our partners. In 2020, we were able to build our own services by 27%. We continue to expect to deliver that by at least 20% more. That's critical because that's going to deliver and continue to help us deliver on the tech projects that we have as well. We have some amazing people out there. Not only have we done that for tech, but we also use that for our operating systems as well, our back office services. We use that for our support functions. Continuous improvement is at the heart of what we do, and we have a team of lean practitioners who are always working with the business to see how we can go faster on our processes, but in bringing in automation at the heart of what we do as well. How do we take people from doing general tasks to really adding additional value? How do we free up people and make sure that they're always looking for what can they do in addition? How do we go further? How do we go faster? There are new levers as well. Christophe will talk to you more about the Move to Cloud project, but that is already embedded within our organization. We already see benefits from how we manage our cloud environments at a FinOps level, and we expect with the Move to Cloud program that we will see more changes as the operating model comes in, both in terms of data center rationalization and actually how we manage those environments. Not forgetting, we're all talking about the next way of working. In Worldline, we absolutely see a hybrid organization. We have already put that into play, particularly with some of our new real estate projects that we're dealing with. We see the combination of flexible working and also the need and the benefits that you get from people working together, the knowledge shared, the community, the cooperation. We still see that as a heart of how we deliver, and we'll continue to use that as one of the key levers as we move forward. Particularly relevant, because as we integrate new organizations, we can optimize the space and not necessarily take on estate that we may have had to do previously. The next thing I wanted to update you on is where are we with those key integrations? What does that look like? The first thing I'm pleased to say to you is we are on track. We're in the final year of the SPS integration. We have delivered and will deliver the commitment of EUR 110 million. Actually, looking at the data, we'll go further. That's despite the impacts that we actually had from COVID. We've been able to offset some of those challenges, particularly around the dynamic currency conversion areas, which means had we not had those implications, then we would have gone even further. The good news is we're still where we need to be. A little bit of work to be done in 2022, but all of those projects are on track. As Marc-Henri said, we absolutely track every synergy down to the last second of delivery to make sure that we really do that as part of our methodology. On Ingenico, we are fully mobilized. The EUR 230 million synergies that we committed, excluding TSS, have been confirmed. This is really down to that post-merger or pre-merger integration playbook that we talked about. We were absolutely ready for day one. We had the target operating model defined. We knew who was gonna be in each roles. We had a real mixed team of ex-Ingenico and ex-Worldline coming together, knowing what they were responsible for and able to hit the ground running to make those day one synergies. We're ahead of where we expected to be for year one, but we're fully confirming our expectations for the three-year plan as well. A lot of that has been about freeing up resources. It's really making sure that the organizational optimization, the resource free-ups to go and work on other projects have been done and they've been done early. The teams have been mobilized as well, fully mobilized to deliver on the one platform strategies on MS. Those building blocks are already there. Actually what we're also doing is building some interfaces in. The One Culture program, which is critical for how we bring organizations together, is also fully mobilized within the organization. We've got action plans agreed, and they don't just sit within the business units, that's also at the support function area as well. That's really about how do we bring people together? 'Cause fundamentally, the way that we deliver these programs is through our people. We're seeing a progressive ramp-up on the revenue synergies, and we've already started to see some of those cross-selling wins in the first period coming through. We are seeing solid pipelines actually for the integrations as well coming through. I'm sure Roger will touch more on pipeline later. Already customer services, which we've done some nurturing activity for, are taking calls. We've already been able to move services across. To conclude, the synergy plans are on track. SmartPOS program is already operational. It's been delivering for a year. We used it heavily during COVID as well to make sure that we could react quickly. It's all about rapid transformation. We have the building blocks in place to not only boost the productivity that we've talked about here, but when you couple that with the one platform strategy, with the geographical alignment and the strong PMI methodology, and also incredible people who work incredibly hard, that really supports our ambition to double the previous rates of synergies for the next acquisitions as they come through. Eric, over to you. Thank you, Lisa. To pursue on our key value creation driver, let's now dive on the illustration of our free cash flow potential trajectory. We are aiming at delivering a steady free cash flow conversion to bring circa 50% coming from 42% in 2021. Let's see the different blocks of this illustrative cash flow evolution. First and foremost, you find the net increase of OMDA that I already commented a few minutes ago. To fuel our 9%-11% growth, we will continue to invest significant amount to our CapEx roadmap in the range of 5%-7% of group revenue, with the main part feeding MS and our One Commerce program. Our integration costs will fade away along the plan, while other items will be mainly impacted by taxes increase related to OMDA expansion. Through this trajectory, we should be able to double the free cash flow somewhere in the region of EUR 800 million by 2024. As a result of our accelerated financial trajectory, we also aim at strongly deleverage the company. Our organic plan should allow us to roughly divide our net debt by two and reach a levered ratio below 1x, as you can see on the illustration slide. For this illustration, no dividend has been considered over the period. The main component is obviously our cumulative free cash flow generation over the period at circa EUR 2 billion. With this cash generation, we will be able to absorb easily the cash out expected for the recently announced acquisition for an amount of roughly EUR 800 million. It highlights to you the group's capability to finance cash multiple acquisitions, and to pursue its consolidation journey going forward with firepower pre-TSS disposal up to EUR 2 billion in cash while remaining investment grade. Of course, selling TSS will potentially bring significant additional proceeds. This operation would push the group into a significant net cash position, reinforcing further our financing capabilities for consolidation. By the way, to illustrate potential M&A and excluding potentially more transformational transactions, if we replicate what we have executed over the period 2017-2020, we would add around EUR 400 million OMDA. It is something largely executable from a financial standpoint, thanks to our strong free cash flow generation, our steady deleveraging profile, and with an equity component, and that before any disposal of TSS. Such M&A contribution, coupled with our organic performance trajectory, could represent circa EUR 2 billion OMDA for the group or a doubling compared to 2021. It is a massive opportunity, creating upside for all stakeholder that support our ambition. To conclude this financial presentation, our major goals for 2021-2024 are the following. First, accelerate our organic growth fueled by our unrivaled position in the payment ecosystem. Second, maximize our OMDA margin improvement through operational leverage, synergy delivery, but also technology and value-added offers. Third, deliver a steady free cash flow generation. Last, as a result, strongly deleverage our group, readying ourselves for further acquisitions. We are all fully focused on the execution of our strategic plan, with the ambition to create premium value for all stakeholder. Now, before digging into the three business lines presentation and our technology transformation roadmap, I would like to invite you for a 15-minute coffee break. For those of you who are on the phone and our webcast, we'll restart this presentation in 15 minutes. Thanks to all of you for your attention. Good morning to all of you. It's a pleasure to be here to talk a bit more in the details of the Merchant Services business. I'm happy today to do this presentation with a number of important colleagues for me. I will be followed after my introduction by Thomas Heldner, who is the Chief Product Officer of Merchant Services, talking about products of course. Roger Niederer, who is the Chief Market Officer, he will take you through our go-to market strategy and the way we handle the different channels and the different type of merchants that we are having in our portfolio today. Niklaus Santschi, finally, the CEO of PAYONE, the most important joint venture that we have between Worldline and the Sparkassen-Finanzgruppen-Finanzgruppe, the German savings banks, and which is a very good example of how we can, thanks to bank partnership, reinforce our position and take a leadership position in a number of markets. I think Gilles and Marc-Henri have been very explicit about some of the very recent other deals that we did in this environment, and we see that as a very important part of our journey. Let me start first with resetting a number of ideas about the merchant services business. As Gilles was saying at the start of this journey, you know, we've been really boosting this merchant services business over the last five years. I think we almost multiplied by five the business of Merchant Services. EUR 2.5 billion of revenues today. Largest in Europe, but not only in Europe. I mean, when we talk about ANZ as an example, in Australia, we are going out of Europe at an accelerated pace. We are very active out of Europe as an acceptor of transactions. I will come in a few minutes on the difference between what we call acceptance and acquiring to make sure that you all understand the different meanings. Really we have a journey in Europe. We continue this growth in Europe, but we are also putting a lot of stakes in the ground in other geographies to make sure that we can tap into new markets where the growth is important at this stage, but also that we can offer channels to markets for our merchants. Because we have more and more merchants with the web that are trying to sell in other geographies. As an example, Russians buying Chinese products on Alibaba. This is a corridor, and we are one of the largest corridors, as an example, between Russia and China. If you look at the numbers, 1 million merchants, that's a very significant number. With the latest deals that we closed, that are not included, we will continue to grow this merchant base. EUR 400 billion of payment flows to merchants. As an acquirer, I remember you, an acquirer is the one that really pays the merchants. It authorize the transactions, and at the end of the day, it pays the flows of transactions to the merchants. It takes accountability for that money. It is more than EUR 1 billion that every day we pay on account of merchants. It is a significant amount of money, and it's not the end, because with all these acquisitions that we are going to add, the four ones that Gilles was mentioning before, we will exceed EUR 400 billion. 6,500 contributors, people in product, in operations, in sales, in compliance, that are on a day-to-day basis making sure that those merchants are served properly. More than 50 countries where we today have activities. As said before, we are not just a bunch of European guys sitting in Europe. We have a lot of people out of Europe that are dealing with our merchants in multiple geographies on almost every continent. 11 billion acceptance transactions. Acceptance means that we take transactions at the point of transaction, can be a website, can be a mobile phone, can be a payment terminal, and we bring these transactions to a financial acquirer. In the 11 billion, of course, a number are coming to Worldline, and you can see that number after. 11 billion coming from POS, 3 billion coming from e-commerce. If you look at the ratio today of e-commerce sales on global sales, it is around 15%-20% depending on geographies. We are Worldline today at 23% of e-com transactions versus the total number of transactions. We are almost at the level that the market is planning for 2024. Those people who think that we are not in e-commerce should stop thinking that, because we are definitely very large in e-commerce and having a reach which is higher than what it is at market level. 6 billion transactions acquired by us, so those are the ones where we take the EUR 400 billion of payment flows. If you look at the statistics, you know, 6/14, 11 + 3, these are the ones we accept. We basically have a share of 6 out of 14 billion transactions that we accept. A huge potential to increase our share of acquiring. Because of course, we can go to these merchants, we know these merchants, we serve these merchants, and we can explain the benefit of taking Worldline as an acquirer. In the case today, they use another acquirer. Of course, we have acquirers that are helping us to serve the needs of customers. If we go to Russia, of course, we have a local acquirer that helps us to take the benefit of their position in the Russian markets. Of course, we are trying to increase our own share of the transactions and a lot to do in that directions. I think Marc-Henri represented that slide. I'd just like to rephrase it in our words. We see an explosion of schemes. Payment schemes, you know, we were used to a Visa, Mastercard, Carte Bleue, Carte Bancaire, Bancontact, Bancomat. I mean, these were local brands that were created by mostly banks in multiple countries. What we see today is an explosion of new brands. I think if you look at some of the brands like Klarna, Apple Pay, Alipay, it was not existing 10 years ago. We see an explosion, it was also mentioned by Gilles before. As merchants, you don't want to miss a sale. I mean, today, the business is the business. You need to take as much as you can. So if you have a Chinese tourist traveling to Germany, you want, of course, to take all the Chinese payment methods in Germany. But you also want to support all the fintechs. If Klarna is coming with fantastic buy now, pay later products, sure, we want to support that. We also want to support banks who says Klarna is maybe tapping into my own consumer credit business, so I want to create on the mobile phone a buy now, pay later for my own customers. Of course, we will support that. I will give you some examples of how we plan to support this explosion of payment schemes and facilitate access to our 1 million merchants for all new payment products that will come to the market. The second one is, of course, you know, there is still a cashless society in sight. When is it going to happen? We don't know, but we still have a lot of cash transactions that we can take as electronic transactions. Of course, we look at all opportunities, and COVID was a fantastic opportunity to reduce the number of cash transactions. It's a little bit rebounding now that COVID starts to disappear, but I think contactless, as an example, would have never reached the level that we have today without COVID. I mean, whatever campaigns you can do to motivate consumers to pay contactless, COVID was the best campaign for all of us. So, new sales channels, you know, and I'm sure that Roger will come back on that. We have our own salespeople, but we also have a lot of partners that are reselling our products. Think about the gas station. In the gas stations, you have more and more automated fuel systems. They have embedded payment systems on board. Of course, we want to integrate into these systems, and we have great partners that are taking our products, embedding into their own products, and selling as a full solutions to the market and vice versa. We sometimes do the opposite. We take their product, and we sell those through our channels. The banks, I think I mentioned before, the partner banks, this is a fantastic channel. It is existing, and I'm sure that Niklaus Santschi will come back on those banks that are partnering with us since a long time, but we see an explosion of that. Unique market position. You know, sometimes when you look at the merchant portfolios, you have to think about, you know, the difference between the very small ones, the ones that have never used electronic payment systems and that wants today to support also the payment by card or by mobile phones. We are a bit in the micro merchant business, but we are not really focusing on micro merchants, let's be honest. You will see people attacking this part of the market, which is made of, you know, very cheap solutions, very little number of transactions, but it's an important one, you know. If you organize something with the school, you like a payment method for one day, of course, you know, the micro merchants market will exist and continue to exist. You have the very global e-commerce merchants, the ones that want to be served all over the world. You know, you can think about the Microsoft and Apple of this world or Amazon. These are very, very complex customers, very much, you know, demanding everything in all countries. We are not there yet. We continue to tap into these markets. We have Spotify, we have Airbnb, we are serving some of these people in a number of markets, but we are not a global e-com providers and maybe we will continue to look for that. We are in the middle, and the middle is the mass of merchants, very small merchants, small merchants, medium merchants, very large retailers. Roger will come back on the way we go to market with these different type of customers, but the middle point is where Worldline is. You will see that in innovation, we are of course working on pay on phone so that we can tap into the micro merchants, and you will see that we are also on digital commerce continuing to strengthen our offering to be very also competitive in some segments in the global e-com world. Travel and hospitality as an example, is a place where we have a very strong position. We operate more than 15,000 hotels in the world. Nobody sees that, but I'm sure that some of you who are traveling, you will see some of the Worldline infrastructure with the visible one is the terminal, the invisible one is of course the e-com because you don't see our names when you reserve a room on an Accor hotel, but we are behind all this business also. It's a very important vertical for all of us. What is important, as I said before, is the number of payment methods, is the number of partners and the number of countries and we are very happy to continue to grow that business. On go-to market, and Roger will be much more vocal than me. We have a client-centric organizations, because if you look at the lower end of the market, you need packs. It's like telcos. You know, you need a terminal, you need a website, payment page. You need every, you know, transactions to be priced more as a package than individual transactions. In the go-to market, we pack the service into a number of solutions, and we just go as much as we can through all channels. In large and corporate, there is unique development in most of the case, unique integration, on-demand developments, because some of them have their own payment solutions. Of course, the way you go is much more consultative. Key account managers, people that have really the deep knowledge of these markets, and this is where we start to verticalize to make sure that when we talk to a petrol customers, we know what we talk about, and when we talk to a hotel, we also know what we talk about. What we said is free. I mean, if the customer just wants acceptance, we will deliver acceptance. If he likes our acquiring offering and acceptance, we will bundle. More and more, we see a need for collecting funds. We see a need for reconciliation of funds. You would be surprised to see that many customers have a hard time when they receive the money to reconcile the money they receive on a day-to-day basis from people like us. They have a hard time to reconcile with their different systems where they've sold something. We are also trying to help them on that point of view. Value-added services, you can see some examples of value-added services in the demo room, but that's really the place where we can create more value for our customers. I like to stress that we are a PayTech. You know, behind pay, you have payment. Of course, we do more than payment, but the core of the core is payment. In tech, it means technology. We do develop a lot of technologies. It may be not so much visible because sometimes it's something that is not sitting in front of the merchant, so you don't see it. The visible part, as you can see, the YUMI terminal, which you can find outside, looks like a mini tablet facing the consumer, not facing the merchant. It's not a cash register. It's a consumer-facing device to do more before payment and more after payment. Why? Because our customers have a hard time understanding how many times did you come to the shop this week? How much money are you spending? What is your mobile phone number? What is your email? Can I send a confirmation? How do you do omni-channel developments when you are unable to present new things to a consumer during a transaction, before the transaction, after the transaction? If you look at the demo, and I really invite you to look at the demo, this is a new world. This is something which is offering more value to our merchants than what they traditionally can do with a stupid payment terminal. Excuse me for the word stupid, because it's a lot of technology. For years it was, you know, read card, enter PIN, approved. Those ones are not doing that. You see, you know, you can receive a coupon, you can select something, you can flash a QR code. I mean, bringing more intelligence is bringing more value to our merchants and more value for us. We are definitely moving into a direction where we integrate additional services on demand for some specific markets, and we see a huge potential. The generic QR codes, what's presented by Marc-Henri before, is the idea that you have more and more payment methods on mobile. We are convinced in Merchant Services that the plastic card will disappear. Your plastic card that you have in your pocket will be replaced by your phone. The difference is your phone is very smart, your plastic card is very stupid. With a smartphone, of course, if you can use to tap or to take a picture of a QR code, you can have a much different experience than what you had before. Think about it. I flash a QR code with my bank app, and my bank app says, "Ah, Vincent, you have some good credit in the bank, so, you know, you want to make a transaction for EUR 1,000. As a bank, I will offer you immediately to pay in three months instead of paying immediately online." You can offer to the banks, and this is where, you know the ecosystem with Worldline is fantastic. We can go to all our banks and start to sell them solutions that today they cannot develop against the Klarna of this world. Of course, we love Klarna. Klarna will continue to exist. But if we can help our banks, if we can help our retailers to develop added value with mobile phones, scanning a QR code and making sure that behind that, you know, the payment flow comes or the added value can be delivered, this is where we want, you know, to create, again, value for merchants. The next one is local. Visa, Mastercard, American Express, everybody can process that. Bancontact, Bancomat, Carte Bancaire, some specific schemes in Japan and so on, it is much harder. This is what the consumers are demanding in this market. You need more and more to offer local payment needs, even to global merchants. If Alibaba is using Worldline for transactions in Russia, it is because we are able to offer the Mir payment schemes to Alibaba. Is it something that, you know, we can scale in many different markets? Yes, definitely. We do it today in Latin America. We start to do it in Asia. We do it in Africa and mostly, you know, in some countries today, but we see really opportunities to continue to scale what we call a corridor, meaning the capacity to offer local payment means in Africa, you pay with your mobile, you don't pay with a plastic card. There are no plastic cards. There are little bank accounts. You need to offer all these solutions, and this is where we think we, as Worldline, have something specific to offer. The last are the new ideas, tap on phone. The fact that your mobile phone can play as a payment terminal for micro-merchants, this is fantastic, but not only for merchants. Recently, we had a big railways organization who came and said, "We want to give to all our people on board of trains a mobile phone that just can take card payments. Worldline please solve it for us because we think that the time of, you know, carrying multiple equipments is over. Our guys have just a mobile phone, so help us." The same for planes and the same for other categories. We have to invest in those worlds. If you look, you know, the number of opportunities that we have to continue to scale, they are huge. I mean, there is the market growth, of course. There is the scale of the platform. We have platforms today that are, you know, really reaching the billions of transactions. You can assume that the marginal cost per transaction starts to be very, very low on these platforms. This is why we want to continue the consolidation of the platforms to having a set of platforms that we can use in all the countries in the world. The geo expansion, we definitely want to roll out, as I said before, in new markets, and we just signed for a license in Singapore. We got our license in Japan, so we continue to enter new territories. Product expansion, as I said before, account to account. A2A means account to account. This is a fantastic example of new transactions that have little to no scheme fees, no interchange fees, so you can price it bilaterally the way you want. You can go and make a deal with a number of banks to have those account-to-account transactions real time, by the way, instant payment is also coming to the market. DCC, dynamic currency conversion. If a Chinese is coming to Europe, we can make money on a fixed conversion. We have our own conversion engine. We don't need to go to a party that is specialized in DCC. Whenever we have an FX conversion, the full value is for us and for the merchants and not for a third party. These are all developments that we do in our own development centers with our own people, and we really want to continue this journey of growing multiple sites. Now I think I'm on your presentation, but I don't know why. I don't know where my slides are, but okay. Let me just say the following on the way we want to see the growth in the coming years. We see, of course, the structural growth of the market. We'll continue to tap into these different markets where, you know, payment is moving at different speeds. We know that in the mature market, 5%-6% growth will of course be the norm. We know also that in other markets, you will have double-digit, triple-digit in some cases, because the payment is still at a low scale. Geo expansion, the product expansion, the client and sales partnerships and finally, the partner growth with the banks, and Nik is coming back on that. The fact that we continue to open more channels with these partners and enter into new geographies thanks to that. I will now pass the floor to Thomas, who will take you through the product strategy. Thank you very much, Vincent. Warm welcome from my side as well. I will give you a little bit an overview on what we are doing in products in the next five to 10 minutes. All the information you have received, be it one platform, be it upselling and cross-selling, be it e-commerce. You will see them in the next slides, and you will recognize on what we are doing from a product perspective will support this approach, being APIs and so on. We have identified, according to the trends in the market, the market needs, the technology changes, but especially the positioning of Worldline, four focus areas or growth accelerators where we have a dedicated strategy in place. I speak about Android. Android is a game changer in technology because it will completely change the interaction between the merchant and the consumer. Vincent, I promise we will change these stupid terminals to Android terminals in the next years. We believe that in the next three years, roughly 50% of all the touch points in-store will be on Android, be it on a terminal, be it on a mobile. The second one is verticals. We receive a huge demand from the merchants to more verticalize and reflect their needs in the different verticals. Roger is targeting already today 15 different verticals, but we need to even be more specific, and we will do that with partners. You will see it in a second. The third one is omni-channel. Omni-channel is about the combination of all the sales channels with all the payment needs and offer a seamless payment process to the consumers. The last one, which is geo-expansion and corridors. This is about the combination of our local strengths. As Gilles mentioned, we are the strongest in providing local features and local products, combining them with global partners, global PSPs, global acquirers. All that will serve the four go-to markets from Roger. I don't go into detail there. Roger will do it in a second. Let me dive now first into the Android part. You know, providing an Android terminal is not enough. What you need to really add value from a merchant perspective is you need to have a management system in place which is able to orchestrate all these apps. These apps, they will be enabled and disabled by us or even by the merchant. But how do we get these apps in place? We will not do it by ourselves. We have open APIs, and we will create a community of developers who are able to develop on behalf of Worldline or on their behalf and provide these apps to the merchants. This will bring us into position to even change the business models on the merchant side. Today, we have a lot of one-off sales without recurring revenues. The business model here can go into a direction that we create recurring revenue streams, even for the merchants, because we can do a revenue share. The merchant will provide the touch point to the consumer, and this will add value for the consumer and the merchant as well. The second one is verticalization. As I said, there is a huge demand from the different merchant segments to be more specific in their needs. We have basically different options alone, but together with partners on how we fulfill that needs. The first option is we have, for example, a hospitality suite. This is our offering, including in-store payment, online payment, integrated into the property management system of the hospitality client. The second one is we believe there is maybe a partner, and he has a dedicated service who will help to fulfill this need. We combine those strengths, and we sell it to the merchants. The third one is we have partners, they sell on our behalf. Let's take a petrol station and an integrator. He can sell a pump, he can sell a vending machine with a Worldline terminal. He can even sell them dedicated petrol features, but we take care about the acquiring. We take care about the fleet card processing because this is definitely not core competencies of the partner. The last one is we let them resell what we have in the portfolio. Number three, omni-channel. Omni-channel is about the expectation of consumers for seamless payments. We heard about one platform. We have basically three elements to serve that or to support that. The one in the middle is a very, very important one, which is the service hub. The service hub consists of different shared services we can scale, not only in the e-commerce business, but as well in the, all the other products. This is an API-based offering towards partners, but as well towards our internal products. Then we go into the market with two offerings. The one is an offering for more smaller merchants, mid-size merchants, which is a plug-and-play solution. Plug-and-play with a very easy digitized onboarding, and we speak about being online in hours and not in days or weeks in the future. This is a key element of success for e-commerce in the small business. On the right side, as we all know, bigger merchants, they expect a little bit different integrations. This is highly integrated with dedicated and customized features, fully embedded into the ERP system of the merchant. Last but not least, geo-expansion and corridors. Global merchants, they face a huge complexity when it comes to managing all the local payment needs and payment methods. On the other side, they need to be cost-conscious. You know, they can process a local card maybe as a Visa brand, which ends up in much more costs. What we do is we orchestrate our global features and products and combine them with third-party acquirers, PSPs, and banks. A very good example is what we do in Australia with ANZ. ANZ, they have local features in Australia. We take our one platform in e-commerce, the one platform in acquiring, as well as the in-store solution we offer here in Europe, and we simply add what they need in Australia, a local debit card, a local payment interface, and we can scale based on what we do already in Europe. But together with ANZ, we have the market reach, and we can serve the customer needs. Now let's see what Roger will do with what I will provide to him, and I hand over to the go-to markets. Thanks, Thomas. I'm happy to share with all of you this morning, let me say the tone or the voice from the market to Worldline. It's quite exciting since we joined forces as the new Worldline, means Ingenico and Worldline together. Just to give you more insights about the go-to-market organization, so-called the CMO, which consists of sales, pre-sales, and marketing activities. First of all, it's a figure you don't see on the slide, but we have a huge sales power on the ground. We have, including PAYONE and ANZ, more than 2,000 sales FTEs all over the world. Mainly in Europe, but we have people in the APAC regions, in Australia, I said before, in India, in the U.S. That's a huge sales power, which we have already on the ground and which is there, first, to retain the customer base, especially in markets where we have a leading position. Secondly, to cross-sell and up-sell, and I will come on that later on. And third, to win, of course, new customers. That's the reason why we have taken decision last year to go for a fully dedicated customer-centric organization, split it in a regional business because we have to protect in some countries like Switzerland, already mentioned by Gilles and the Benelux, our market share, because we could win also more market share there. Even we have a big market share in some of these markets. Then we have identified other regions, but it's a local flavor who makes the difference between us and really global players. Because that's of essence for us to keep this local flavor in our hands. We have a global verticalized team. I will come on that later on. A fully, let me say, digital native organization, because we realized as well we have to have people speaking another language than the one who are selling terminals. A fully dedicated team who is approaching the huge international global, e-commerce player, like for example, Alibaba and others. We have financial institution. ANZ is a very good example, and Nik will come on that later on, with PAYONE, where we are targeting to enter new markets with the financial institution, being selling first a white label solution to them, going to an M&A acquisition or even entering a joint venture. That's the idea of financial institution. As you have seen before, we did it already quite successful. Four signed deals in the last six months. It's incredible. If we share the identification card with RB with you. Just look to the number, 550,000 merchants already onboarded. I'm so proud of that number. We want to constantly grow this number by 10% every year. We will do it because we have the power in our hands. What I like, especially in Regional Business, but in a combination with GSV, everything is based on one global application and platform. We just, as Thomas mentioned before, we just add. Just I know it's something to do on product side, development side, but we just have to add the local specific needs like local debit cards, meal voucher, whatever it is. That's actually the reason why we have been selected by so many customers because we take care about these local specifics. For me, important is we can monetize, you know, 550,000 installed base of merchants, but more than 1 million terminals everywhere. That's incredible. Of course, when we look now to the strategy for Regional Business, we want to protect our market shares in regions like Switzerland, Austria, Germany with PAYONE, and the Benelux regions. We see more opportunities also in accelerating growth markets like Western Europe. In the C.E.E., we already have a footprint, for example, in Czech Republic, KB, but we can do even more there when we have the capabilities in the combined product portfolio for Ingenico and Worldline and the Nordics. The Nordics, we have a quite big customer portfolio from former Bambora Ingenico, but they only targeted mass markets. What we are currently doing, we are just taking our Worldline products and going to Sweden with our global platform. We have to add for Sweden the acceptance of Swish, but then we can immediately sell these products to the local tier one or tier two customers. That's one of, let me say, the acceleration of regional businesses. Of course, we want to extend the product range. Thomas mentioned before, Android. Still, I would say from this 1 million, more than 95% of the installed base are, let me say, old-fashioned terminals. Let us imagine if we can, in the next couple of years, just replace all these terminals, and we can monetize on that not only because renting the terminal, selling the terminal, no, because we have probably a marketplace on it. We can add some apps which are owned by Worldline, which are also in the benefit, as mentioned before by Thomas, of the merchant, and we can monetize it immediately. That's how we wanna do it on regional businesses. Second one is GSV, Global Sales and Verticals, fully verticalized. Also here, as mentioned before, cross-selling, upselling opportunities. Look at the numbers here, 8.6 billion acceptance transactions, and only in brackets, 1.1 billion transactions where we as Worldline are the acquirer behind. Wow, that's a huge cross-selling opportunity, upselling opportunities. We want to go to a range of at least 30%-40% the next couple of years. We can do even more because more and more customers are asking for everything out of one hand, and that's what we can do, and that's where we want to go further on it in our journey in joining global sales and verticals. We also want to be seen as a trusted advisor. Gilles mentioned in his session before, it's a highly fragmented market in Europe. You can imagine many big merchants, they do not have the capacity to look every week what is going on in the payment environment. They are not specialists on that. They have other main priorities than taking care of. Some of them have, but most of them, they don't have a special, let me say, head of payments at that company. I want Worldline to be seen as a trusted advisor for them. They just can rely on us. They say, "We take care. We come with our acceptance solution, with the acquiring solutions. If we have to add a new means of payment, we will just simply do it for you. Don't care. We are there for you to support." How we have verticalized now the organization. By the way, in these verticalizations, not only payment experts are working for. Of course, that's of importance to have payment experts in our organization, but sometimes it's even more important to hire people coming from this industry. We have a former head of revenue, worked for Hilton Group, as an example. Someone worked for BP. They know exactly which are the drivers for these verticals. That helps to make our solution and products better for them because we have to support our customers, you know? We have to be there for you. They want to make business. If we can support them, also, we can do business, of course. I just want to name one name, Subway. Why have Subway selected us to be the pan-European acquirer for them? Because, yes, we have a global solution. We can set up Subway and all the hierarchy which is needed on one system, one application, but we take care about the local needs. Subway, no chance to onboard Subway if you are not linked with your gateway, for example, to Carte Bancaire or girocard in Germany. Forget it, because many of the consumers want to pay with these local debit schemes, and these local debit schemes are still there. Accepting meal vouchers and any other regional means of payments or whatever it is. We take care, and that was the reason why Subway said, "That's nice. We can scale on a global application. We can take the benefit together with Worldline." We are aware because they have so many regional colleagues, they know what is going on in the different markets, and that's of essence for us to convince these customers. Especially on petrol, mentioned it as well, and also luxury fashion is an end-to-end solution. Why did we do this verticalization? You know a petrol company has totally different demands than a luxury and fashion store. Of course. That's the reason why we have fully verticalized our global sales and our vertical organization. The last one I take is digital commerce, our really global organization. It's all about, let me say, leveraging and approaching the big e-commerce, digital native companies. Like I mentioned before, one of our customer is Alipay. So we built this Russian corridor for Alipay, so they have now a chance to sell their products in Russia to Russian customers. Of course, we have other, let me say, customers on board already. Also here, EUR 140 billion of volumes. We mentioned here full service and gateway. Some of this volume is only gateway. Now we want to add acquiring on top of as well. How are we doing that? As an example, we are currently in the process to get a license in Singapore. Now coming back to the overall organization, if we get the license in Singapore, that's not only in the benefit of digital commerce, it will be also in the benefit of GSV. Because we have here already have many customers asking, "Hey, could you, dear Worldline, be our provider, our preferred payment provider in any regions than only Europe?" Yes, of course. That's the reason why we are doing that. We can also scale on that side, not only on product and development, but also on licenses topics. That's also mentioned by Vincent before, this local payment method. We have to be aware, yes, in Europe, besides the local debit brands, you can exist and survive with the acceptance of Mastercard, Visa, Amex and Diners, that's nice. If you go to the APAC region, just forget it. There are so many local, especially now in the current time with so many new wallets popping up or mobile schemes. You have to be aware and you have to accept many of these local payment methods. We have to be aware as well. That's more cost efficient also for our merchants. It's not that cost efficient always to route the transactions to Mastercard or Visa, so we are working on accepting many, many of these new, let me say, means of payments. We already have onboarded or are linked to more than 150 of these payment methods, and we want to do more. With that, I want to hand over to Nik for the introduction of FI and PAYONE. Thank you very much. Welcome everyone as well from my side. I'm very happy to deep dive now in the fantastic world of value creation with banks and financial institutions. Gilles mentioned initially 50%-60% of European market is in acquiring done by local banks, and even more in APAC and other regions. A fantastic potential. I think what we see here on the left side, we built a fabulous model of offering. It starts with a pretty simple, let's say, white label partnership. It goes then to acquiring processing where our colleagues from FS will present right after us. It goes a step ahead in a commercial partnership, and then maybe the biggest and maybe most challenging, but as well, biggest value bearing one is JVs and strong alliances. I think there you could see maybe where the value proposition we contribute to such collaboration will increase the value for the bank. In this order. Today, we have several bank partnerships already. Some of them long-term already, some we've heard most recently as of next year. Maybe coming to the point, look at those brands. Some of them, as PAYONE, created out of a bank business, and now with a new own brand, others still bearing the name of the bank. I think this is super important because this local access of the bank is a key differentiator for us as well because we bring everything else. Now, what is the challenge those banks have? Just to repeat, I mean, we heard it already. I think it is coping with always new investments, compliance, technology, et cetera, managing those fintechs in those markets, geographical reach and so forth. You have the full list here. What I think, at least to my experience, one of the most important element is how to monetize the existing corporate customer merchant base at the bank, how to create more stickiness, and how to really monetize that portfolio. Normally, merchant acquiring in a bank is somehow a bit underserved because the focus is on other businesses. You have those merchants, you can do something with them. Specifically what I experienced with Sparkassen-Finanzgruppen-Finanzgruppen, they are very much passionate about that, and they do a lot. At the end of the day, if you do all that for the bank, you increase the value of your asset as a bank massively. I can tell you afterwards in what dimension we did that with savings banks. Of course, on the other side, everything you heard from Thomas, from Vincent, from Roger, you could bring to the bank. Yeah? You could have that at hand. Combine this local expertise with that what we bring, combined with the integration and migration approach, which is quite systematic and helpful for a bank, because, I mean, we heard it before from Lisa, from Marc-Henri. Of course, as well, how we treat those partners. Of course, in a more or less simple white label partnership, it's a standard thing. In a JV, you need really to find the best of both to create value and then, of course, find as well a tailored solution for a governance as well, which really gives confidence to the bank on the long term that Worldline is your partner to run that business on a strategic level on a long-term basis. We proved that in several cases, and so I think what we create here is bringing the best of the bank, the local know-how, local presence with the best of global payments together, what we bring here as a PayTech together, and this is the best for the merchant. At the end of the day, this is our goal. Now, PAYONE. Well, we're talking about the next three years, but in fact, of course, this journey lasts now since two, three years already. We started 2019. Since then, I mean, I could say savings banks had exactly what I listed as need, but then they defined goals. One goal was number one in Germany, leverage this merchant relation or corporate account merchant relationship value for the local bank, increase it, so bring revenues to them, and lastly, of course, create dividends for the savings banks and create cash. We made that happen. Since 2019 until today, sorry, we were, I think, increasing, changing this company already a lot. When I started there, we did a growth of 4%-5%. Before COVID, we were at 17%, and the savings banks channel was even stronger. It's really sensible in short time already. Now, what we do in the next three years, you see some numbers and ambition. Now, I don't want to repeat everything we heard from my colleagues. It is a big business. It's already a scale business. Germany is a top five economy. We have 5 billion transactions in three years' time. Today, 3.5 billion, something like that. We want to increase our merchant base. But even more, I want to embrace this 500,000 point of interaction that bring things like YUMI to those merchants, not only for payment. I can dream of many other services like, let's say, the payroll for small businesses, marketing services, any other context, merchant financing from the bank, and. This platform is unique, and we have it in our hands together now with the savings banks and, of course, together with Worldline. That's a fantastic business. Now, our ambition, obviously, let's say, just coming maybe or relating to Eric's plan, we want to grow our base 10% a year, but we want to grow top line about 30% a year to some EUR 750 million+. We do synergies all over because we are an incumbent business coming out together to Worldline, going into one platform. Keeping always the same number of people, PayTech experts we have, will generate some EUR 35 million run rate a year after integration as synergies. Combined, some 60% increase of OMDA after three years. That's a fantastic business for the bank, who was underserving before, and it's good for us as well. In essence, let's say, I think we heard as well the cash to card shift. In our case, we see, for instance, in fast-moving consumer goods, 20% more card usage. New people paying by card. If this flows now to all other sectors after COVID, this will be tremendous. We have today a market position of already 40%. Eight of the top 10 retailers in Germany are our clients. We are running a business with a very big bunch of small merchants and of course, as well, the key accounts. Our portfolio is 50/50. Distribution network, we heard it. We are strongly digitalizing as well sales and marketing, but we make use of the 350 Sparkassen-Finanzgruppen-Finanzgruppen. We make use of more than 400 partners already, other banks, but as well, ISVs and so forth. Everything you heard. This is powerful. We have today of course a very strong customer relationship because many of those customers are along with us. This allows us as well, not only selling payment and related, but all these value-added services. I strongly believe that we will make, in 10 years time, much more money out of other services than only payment. The last or the second last point, this Glocal point, I think is super important. We heard it from Roger, but in fact, we have the whole bunch of flavors of Worldline, and we have our local product, which we really need. In Germany, Girocard, Giropay, all this, and a lot of alternative payment means. But what we have as well is the bank product. We strongly collaborate with the Sparkassen-Finanzgruppen-Finanzgruppen to bring all together, and we sell it into a dedicated brand, for instance, to the Sparkassen-Finanzgruppen-Finanzgruppen merchants. We run the PAYONE brand for a big part of the business, but we run as well a Sparkassen-Finanzgruppen-Finanzgruppen brand for them. We make it feel at home. Last point, of course, scale, state-of-the-art technology and synergies which the Sparkassen-Finanzgruppen-Finanzgruppen at the time couldn't afford and couldn't create. This is what we see is the absolute win-win. In essence, it's an absolute strong increase of the value of this asset. It's not two times or three times. It's much more. It is for the Sparkassen-Finanzgruppen-Finanzgruppen being sure that innovation, growth is there and cash comes. For Worldline, it's access to a huge market, access to local knowledge and access to a strategic partner, one of the most relevant banking groups in Europe. Lastly, for the clients, it's just the best service and best product they could get. Thank you. I would hand over to Vincent to round up. Yes, thank you, Nik. Let me just finish because I think we are running a little bit late. Well, no, it was the previous one. Now it's lost. Okay. Just to finish, you know, hopefully you understood that, you know, Merchant Services has a very broad portfolio of payment solutions and that we are addressing all type of retailers. As I said before, the very low end of the market, the very, very global part of the market, we are not there. This is not our core focus. Of course, we are, you know, working, of course, to jump up and down in the different new segments. We have a very large European coverage, and we want to continue to grow our geographies much more out of Europe than in Europe in the coming years. We see a lot of opportunities with banks and without banks to continue the journey. This client-centric organization today, I could not take our Chief Operating Officer on the podium, but you can be sure that behind the product and the go-to-market team, there is a huge piece of operations because we have so many customers and so many calls in so many languages and so many platforms to make sure they run days and nights. This is also a very big part of Merchant Services, together with other colleagues from Worldline, of course. The last is we see a lot of growth accelerators. We are investing heavily, as you have seen in the go-to-market, but also in the product, tapping more from the existing customers, invading new markets at the speed of light. I think you can be sure that we will continue on our growth track in the coming years. We have many more ideas to open. As Nik was saying, I will just use the words from a very important global fashion retailer who said to me recently, "Vincent, you are not global, you are Glocal, and this is what we like from you." Because you have these global capabilities, but you have also this local touch that those kind of retailers absolutely need for running their business. I feel very honored to have such a great management team around me to go for this growth journey, and I thank you for your attention. Back in 2006, PSA was looking for a long-term partner for our debit card and ATM acquiring business on behalf of the Austrian banks. Looking to match an international partner with PSA's local know-how, we chose Worldline for its capacity to process industrial scale transaction volumes. The 500 million transactions processed in the first year will have grown to 1.1 billion transactions this year. In 2020, PSA bought the Austrian Clearing House and decided to expand our cooperation with Worldline. Starting 2023, we will process about 700 million account-to-account transactions for the Austrian market. All good things come in three. We are developing an innovative digital identity product, which will be ready by middle of next year. Once again, our chosen partner in this exciting project is Worldline. For the past 15 years, we've multiplied transactions and expanded our digital product variety together with Worldline, thanks to our trusted partnership. Good morning, ladies and gentlemen. Happy to be here with you and, together with my colleague, Alessandro Baroni, the Deputy Head of Financial Services. We want to share with you the role of financial services in Worldline, what our overarching continuing goal in the context of the three-year horizon will be, and how we want to achieve this via developing and using, especially digital accelerators, to embed in our end-to-end unique value proposition. This ID card from financial service gives you already a good overview what financial service is about. We can summarize financial service in Worldline is the backbone, the machine room, the engine of all Worldline businesses, processing all payment transactions on our future-proof and scalable applications, platforms for our internal clients, most prominently here in the room, our colleagues from Merchant Services. Of course, also for our external clients. One example you saw in the movie with Payment Services Austria. It's banks, banking communities, and non-bank financial service providers. The numbers shown here on this ID card qualify us as the number one payment processor in Europe in terms of both number of transactions and the financial equivalent in euro processed. Our overarching goal, our aspiration, is to continue building the leading digital payments factory in Europe and beyond, as also in our business, and we heard it already in the meetings and in the presentations this morning. Also, our business through continuous consolidation, continuous harmonization of technical standards, becomes more and more a global business. With our One Worldline modular platform, where we cover all existing physical but also digital payment means, where we use domestic and cross-border clearing and settlement rails, like TIPS from the ECB, like TARGET2, like SWIFT, just to mention some examples. We will base achieving our goal on a future-proof, future-oriented landscape, where we will, of course, also integrate further on new upcoming payment methods like mentioned here, digital currencies. This setup ensures our clients, first, a time to market innovative solution offering, benefits from large scale processing, managing, and this becomes more and more important, especially for the financial industry, the burden coming from regulatory compliance and value-added service and fintech integration. Last but not least, it was already also mentioned by Marc-Henri, the OpEx and CapEx optimization going along with that. Growing our market share, growing our number of clients, growing our number of transactions, and bringing them in our digital payments factory will be done organically and inorganically. The clients we are focusing on are the Tier one, Tier two, Tier three banks. Also, Eric already mentioned our ambitions also to wider spread on the Tier two, Tier three banks. Where on the Tier one banks, I think we have very prominent examples which we also have communicated, Commerzbank and UniCredit, to mention two of them here. Second, financial institution communities like in the Netherlands and Austria, we provide to the community or to the whole country, payment and value-added services. More and more also in the development of what we have heard also in the market, how the business is developing. We also become more and more acquainted to new financial service providers like FinTechs. One example, Ebury, a U.K. Fintech to which we provide PSD2 compliance. It's the non-bank acquirers. Again, most prominently here in the room, our colleagues from merchant services and non-bank issuers actually as well, insurances. Here, for instance, one of our clients out of the Netherlands, the Nationale-Nederlanden, as an example for the insurance industry. In financial services, we actually see three major trends driving and accelerating the digital transformation in our industry. This is why we, as financial service, continue and further strengthen our successful route, consolidating and industrializing our platforms and at the same time, moving on, bringing our products to API first and cloud ready. The three major trends are shown here on the slide, and they are of course influenced or also driven by these developments shown here underneath. Let me comment on these trends briefly. Today, the banks, and not only today, I think already since quite some time, banks are really striving for reducing their costs, especially IT costs, making fixed costs to variable costs. This is of course caused and the problem is caused more and more to continued regulatory changes, technological modernization end to end, also in legacy and in the back office, and the diversity of payment methods which we see also Marc-Henri in his presentation also mentioned. Because of the battle in the market on payments, we see really a diversification of payment methods coming up, and we expect to continue this in the next coming years. It's here about the orchestration of these different payment methods, which is a challenge and where we help, where we support and where we offer our services to our clients. Two, three years ago, the European Central Bank, together with the European Commission, has pushed the market into instant payment, real-time payment. Today, two, three years later, we know this has not stopped in Europe. It's now a global trend. It's a global reality. Which means that financial service processing will go to in a complete, full real-time world. The only question is when this will be reached. This is the clear route and you see the developments also in other regions here of the world. Here, of course, we support with our infrastructure, with the investments we do in this business, banks, banking communities and other clients in the processing of their payments transaction. Because the requirements to the IT for a real-time payment is a complete different story than for batch. With the payments processing in instant, it goes along also complete different requirements, how you handle, risk and compliance. This is of course an additional, we call it value-added service, which we also in this context offer. Open banking was very slow start, decent start, a lot of discussions, a lot of conferences about, open banking. Where at the beginning, banks have done the minimum, what was required, meaning PSD compliance, where we offer, where we also have our services. Now in the meantime, we really see an uptake that it now really finally takes the next step, integrating new financial services also in this building ecosystems. Also, lending, insurance comes together. Also here, we offer the infrastructure, bring this ecosystem also together and provide also the benefits out of that. Taking these three trends proactively and making maximum use out of the resulting growth opportunities of these trends is what our clients, with our support, will be best able to do. Why is that so? It's about the combination of the characteristics of Worldline, of financial services, which is shown here. In payments, size is an essential element for value creation. It is a super scalable business with a lot of economies of scale. Being one of the largest players means that we can create more value for our customers, create better offers, and save a lot of resources in terms of elimination of redundant investments on the side of our clients. Customers actually benefit from our muscles, from our brains of the people who are daily working to deliver the best possible payment experience. Being global, the colleagues from merchant services also mention it, is essentially in this business, also in financial services processing. Because it offers us to channel a lot of value to our local clients, reduce costs, better pricing, more attractive offers. This is into a business of payments, and Gilles also mentioned it in his opening speech, where payment is still a local business, where we have the diversity of how we pay, how we are used to pay, how we behave, which payment methods and means we use. This is, of course, our unique selling point in Worldline. We are global, and we are very strong and local. This means this combination, understanding our clients in their local markets and bring the expertise from the global market, this is what one of the unique selling points of Worldline and Financial Services in particular here is about. Here I want to end my part and hand over to Alessandro. Thank you for your attention. Thank you, Michael. Good morning, everyone, also from my side. Let me start from what is the present ground for our plan. Clearly, the plan is grounded into the wide range of offerings that we have built over time and that we continue to modernize to serve our clients according to highest standards. This remains our prerogative to continue delivering value to them in the end. In account payments, our suite of processing capabilities supports the handling of nearly, or I should say all account-to-account payments products that are part of the wider transaction banking ecosystem. These are deployed to our customers based on the full range of operating models, from licensing to SaaS to business process outsourcing, and benefit from one unique thing, which is a scale of 17 billion transactions that secures the highest degree of competitiveness of our services, pushing the frontier of our marginal cost to incomparably low levels. Going back to the point of scale that also Gilles was reminding us this morning. Well, in this domain, our intent remains very clear, is to confirm our ability to lift and transform complex banking backends and streamline their payments, processing and operations as we did for the landmark deals that have been reminded by Michael and that were achievements applicable to our previous three years plan, and for which we believe to continue yielding a significant competitive advantage in the market. In issuing and acquiring processing, we cover clients demand end-to-end for sure, from core processing to overlay services, as well as end customer support via our international network of contact centers. Here, what is relevant is the combination of number one, flexibility supported by multi-geography, multi-tenant setup of our platforms. Digital enhancements, here, for example, I would mention the introduction of instant digital issuing we had in some markets with remarkable commercial results were activated. Number three, scale again. 126 million cards, almost 10 billion issuing transactions and 11 billion acquiring transactions position us continuously as a reference player in EU. In digital services, we want to say, we like to say, we mean it, we help our customers with secure digital customer engagement solutions. It's a broad definition. It means a lot to us here. Our solutions gain significant traction in the market with also on parallel growth rates and bringing additional scale to a significant level to our franchise. I'm mentioning here only as a prominent example, the fact that we have reached over 1 billion ACS 3-D Secure transactions per year by now on the back, yes, of the pandemic that has boosted adoption of e-commerce, but also thanks to a coverage of Europe that doesn't have easy comparison compared to what we do. Also, our solution here position us in the race to digitization of payment services, as well as project us in a with high ambition, I would say, in the next stage of maturity when it comes to open banking, coming back to Michael's point, which is a very, very central topic, for for us in the plan. This is more a transversal element and a competence element that is associated with the digital services organization that is a self-standing organizational unit. They act to consolidate a consistent end-to-end digital approach across the entire FS, and this is very important. As an example of this, just to mention another KPI, is the fact that we have reached more than 2 billion API calls, which is, I think, also a remarkable result of the effort of our people in this area. Now, having this in mind and looking at our product strengths on our side, as well as the evolution of the market demand and the drivers that have been in various occasions already mentioned during the morning, we see our three-year plan growth sustained by a dual engine, we like to say. On one side, we will strive to shape the future trusted payments world. It's a bold statement, but it's also about making bold statements today. This chapter combines three levers that we will certainly activate. On one side, digital first. Digital first services. Here, we plan to take the benefits of increased demand for fully digitalized payment services, promoting widely and bringing, for example, instant issuing at scale, without it being at scale for now, as well as unlocking new market segments and propositions, not only by ourselves, but also via augmented cooperation with partners and fintechs, and a proliferation that we will drive of end customer use cases. Next to this, the planned holistic adoption of APIs, which is important transformational topic, and even more of a cloud transformation that Christophe will introduce later, will sustain the increasingly demanded software licensing and software-as-a-service proposition, as compared to the traditional or more typical third-party processing options that we were normally exposed to. In open banking, we will boost the supported use cases and further expand our banking reach and ecosystem to provide financial institutions clearly with the wider access to the benefit of open platforms. Thirdly, but not least, we will sustain and actively market the convergence to account-based instant payments as a payment method for commerce, as well as the diffusion of Request to Pay as a mainstream method. On the other side, second element of this dual engine, we will continue to leverage our ability to consolidate financial institutions' payments domains and build on previous proven commercial successes by adding additional tier one and tier two converted opportunities to our pond in the space of back office processing, it being account to account or it being issuing portfolios, as well as in the blooming segment of ATM outsourcing that is experiencing a new wave of attention in EU. Reason being rather obvious, but cash being decreasing, cost to serve it increases enormously determining a compelling need for individual banks or communities to possibly neutralize and streamline their ATM networks. This, of course, calls for make or buy decisions that selectively have been proven to be resolved on the buy side. These are the five levers. Product strengths and levers typically combine into the articulated plan we have for the next few years, which has three building blocks. To start, return to regular or even augmented organic volumes growth pattern. Acquisition on top of that. All of this applied to a largely renewed set of long-term agreements, which gives solid projected backlog for our business, as well as predictability of our top line across all product segments. This is in direction of confirming the resilience of our business in financial services. Second building block, acceleration in growth markets will derive from converting opportunities connected to the previously mentioned five levers. Here, it's worthwhile mentioning as a very valuable add-on to our plan that may act also as an acceleration factor, the European Payments Initiative, to which Gilles has reminded that this morning we have been supported since the beginning. Business-wise for FS, it transversely affects our product areas. It has a significance for us both in terms of ambition to support the EPI itself in setting up their venture and in their launching phase. As well as in terms of support we will definitely devote to financial institutions in Europe to handle the implications of the introduction of the new scheme, both on the issuing side as well as on the acceptance side. EPI is an initiative fostering the adoption of account-based instant payments on a definitive basis that is one of the qualified levers in our product planning. Finally, product expansion. The extension of our product range and the channeling of new ranges of digitalized offering in the space of account payments, for example, with Request to Pay. Overall digitization of payments and open banking, and maybe with a more uncertain horizon, central bank digital currencies, all combined with adoption of cloud and transformation to cloud and a revamped approach to partnerships complete the grid of our plan for the next three years. To recap the four headlines that are the key takeaways for our plan. The foundation for the plan is around leverage FS pan-European payment factory. We are the machinery room, we'll continue to be the machinery room of Worldline, proudly. Consolidate and transform incumbents payments environment. That is a confirmation of our mission on the client side, also when it comes to proving a strong attitude in executing outsourcing deals. Shape the future trusted payments world with meaningful innovation. This is the transformational part of our products that is so important, for us to steer growth. Deliver growth through a mix of traditional and emerging opportunities. With this, I would like to thank you for your attention and handing over to Marc-Henri again. I think Worldline are well-placed in the U.K. marketplace, and I think if COVID has done one thing, it's given a shake-up to public transport, but it's also made the parliamentarians realize that public transport needs funding, and that is a massive boost. I think with funding comes very large opportunities to do new things. I think Worldline are very, very well placed and very well thought of in the marketplace from a retail perspective and a payments perspective with recent acquisitions. Worldline is one of two or three providers of ticketing services to U.K. Rail. It's quite a complex area, and I think we've got trust in Worldline. The industry's got trust in Worldline, and FirstGroup has always put its trust in Worldline to deliver effectively what is a core competency of selling tickets on a reliable basis to people. From my point of view, the future looks good for both FirstGroup and Worldline from a partnership point of view, and I can see that picking up business towards the end of this year. Hi again. We have a pretty heavy agenda, as you could see this morning. In the interest of time, I will briefly take it on me to present the mobility and transactional services business line in a couple of slides. Starting by reminding you that this is a business line like the others of high volumes of transactions, high regulation, security, and extending and including payment transaction and know-how, especially to specific markets like the transportation industry and the public sector, as you can see with the logo on this slide. High volume of transaction, what I mean by that, you can see high volumes in general, millions of connected endpoints, billions of transactional value delivered by 3,500 Worldliners for customers on all continents. This business line combines some specific assets in the field of e-ticketing and mobility and trusted digitization with a very strong pool of digital talents that are able to work on specific projects and combinations, making it an enabler for Merchant Services and Financial Services for our payment business line. It complements our payment platforms, drives additional payment transactions in some verticals in particular. Obviously, public sector and transportation. As the rest of the group, they have a strong focus on growing their key products and on innovation. I said in the previous page that Mobility and Transactional Services is a vertical enabler for Merchant Services and Financial Services, and I would like now to make it a bit more concrete. We do it. How we do it? By leveraging expertise in digital and payment integration with an elaborate solution. I can give you a few examples of this slide, but I can give the example of a Pay & Drive solution, where MTS is bringing the car plate recognition, matching it with a payment account. Triggering the payment transaction is, of course, a very different use case from the traditional one, and it combine their know-how and the merchant services know-how in this specific case. They support also merchant services and financial services in their customer interactions. The Worldline Contact solution is sold directly to banks, but they also operate it both for FS and for MS to handle their customer services in a way that allow secure transaction and integration. For example, authenticated calls, phone calls. They work on product combination with payment capabilities. A typical example is a Bill Pay & Match for bill payments, including the matching of bills and various payments, fragmented payments, keeping the track record of the bill sale, and paying the big invoicers to integrate that into their overall environment. Scan & Pay is another example of seamless and user experience improving a solution for big retailers, helping a solution to scan their product and get a direct interaction with the payment features. They also provide product add-ons that we can integrate in bigger payment deals, like we did with the digital ID solution for the Australian banks, and you see, you have seen a bit before the testimony of the PSA customer. All these interactions, integration reinforce transaction flows both ways, for the growth and the differentiation of various businesses. Beyond this, transversal role of enabler, Mobility and Transactional Services has two main, businesses, having their key products. In e-ticketing and mobility, we were already experiencing 16 billion tickets processing per year, and we intend, of course, to continue leveraging the post-COVID recovery of the transportation sector and pushing volumes back again and usage of contactless solution beyond the physical ticket, which is less often. Of course, it's supportive to our business model. We also expand our market footprint to more internationals than today, for as most of our solution have a potential to go beyond their current market footprint. In terms of products, we observe, of course, a rising demand for sustainable mobility, as cities are looking for open and flexible solutions to push for CO2 and to help the acceptance of the usage of CO2-low public transportation. We intend to leverage this trend with our open payment and mobility-as-a-service solution. You remember open payment is the ability to connect an account-based ticketing solution with physical cards and using the physical cards or the mobile payment solution as a tap-in/tap-out experience to enter and exit a network of transportation and trigger the transaction with also possibility of controls, but also possibility of interconnecting from train transportation to possibly car sharing or car renting. It's expanding in terms of value chain potential, and it's a very promising market. Sorry, I'm checking because we don't have the screen feedback anymore. Yes. The other business of MTS is a trusted digitization for regulated sector. It's a business combining digital identity, digital signature, associated traceability tools around proof. Beyond farming of existing niches that we have today and growing our very dynamic traceability solution, we will look at developing the new trust services adjacent to payments, for example, on the back of the eIDAS initiative of the European Commission. You see a lot of example, and you see also the very big volumes that we are already experiencing in this domain today. Overall, the domain in payments and beyond payments of electronic identity, traceability of other proof like digital signature are extremely strong, and we clearly intend to benefiting from this momentum. Now, I will conclude with a short list of core messages for this business line and how we will sustain its mid to a single-digit growth and the improvement of its profitability. It benefits this business line from the strong momentum I just described of its three main focuses: e-ticketing with transportation; trusted digitization with the need of digital identity; and of course, its ability to enable payment transaction with FS and MS. Through its investment on its key products and connections to payment platform, it will bring innovation and further innovation in these highly regulated domains. You know all this is very deep in our DNA. Besides, we are convinced that we can expand most of our solution to a more international footprint, leveraging further the geographical reach of Worldline that has increased a lot over the last years. Finally, we will improve the business line profitability by continuing to focus on key and scalable products and optimize the use of cloud technology, which are at the core of the group technology roadmap, but that Christophe will speak much better than me about it. I will now give him the floor for our technology section. Christophe, floor is yours. Good morning. I'm going indeed to share with you how we've built our platform, how we transform it, and I will give you also a couple of insights how we manage innovation in technology. First, our platform. As already mentioned by Marc-Henri, we have defined our target, selecting the best assets we have in our portfolio solution. The obvious benefit from this consolidation on one modular targeted platform is the efficiency. It's basically bringing a lot of benefits in terms of rationalizations and direct savings. The second pillar of our tech strategy is the transformation by the adoption of cloud technologies. We transform our products adopting these cloud technologies, and I will give you more details in a minute or two. If there is one thing to remember from this transformation, is that it is a strong enabler for accelerating of time to market. This is essential. It's also a condition, an underlying enabler, for providing APIs access to our products, which is also a very key element in our product development, as explained by Alessandro and by Thomas earlier today. This cloud transformation is definitely a very strong lever to help and to support our team, our business unit team, to manage the growth ambition with we've displayed today. Let's share now a bit more about our payment platforms. As I said, our target platforms, we have selected our best assets in the different domains. You see how it is modular, how it is also end-to-end covering the value chain. If I just comment a couple of those boxes. In the four domains you see listed on the left, in acceptance, of course, we are leveraging our powerful platform like AXIS in POS, like Worldline Online Payments. In merchant management, we are leveraging market solution like Salesforce and SAP, but they are customized to our needs. In the acquiring processing, we are using our alternate payment methods hub and our Worldline Pay Front-Office assets. And a very powerful asset we got also from the SIX Payment Services integration, that's iPASS for the acquiring back office. In the issuing, we are using our issuing back office, Worldline Pay, and this is complemented by our strong product we have in digital services for issuers and to authenticate, give access to account, as explained by Michael, and our rails to manage large volumes of account-to-account payments. All these solutions are under our control. They are up and running, they are in production, they are processing millions of transactions every day. By 2024, we'll have at minimum 80% of our volumes running on those platforms. Let's now look a bit more in details in what we mean by adopting the cloud technologies and why this is generating numerous benefits. You see in the middle of these slides some keywords. Microservices. Microservices is a technology that accelerates the launch of new features in our products. That is maintenance. APIs, already mentioned a number of times, it's opening our product to their ecosystem. Containers. Containers, they bring standardization for the production teams, and they bring simplification for the developers. Automation. Automation is just a matter to save time and money, but also to increase the reliability of our services. Last but not least, orchestration. It increases our responsiveness in production when we have to react to peaks of transactions. These are just illustrating the very large set of benefits we get from this transformation. Thanks to this adoption, thanks to this transformation of our key assets in all the areas we've covered this morning, we are able to deploy on the most appropriate way on our infrastructures. First of all, and you see that at the bottom left of the slide, we deploy on our own private cloud. We've built our own private cloud, and we deploy on it in different availability zones we have all over the globe. We can also deploy on client private cloud if they request it, and this is what Alessandro illustrated a moment ago on this need for certain products. We use public clouds. When we have, for example, high fluctuating workloads, or when we want to leverage specific features of those clouds. Today, we are already using Amazon Web Services, Microsoft Azure, and Google Cloud Platform. We've set up a program called Move to Cloud. That is leveraging this ambition across the company. This program is very pragmatic. It's been designed in a very pragmatic and operational way. Of course, our most recent solutions are cloud native at day one, but we evolve all the others through different stages of maturity to capture progressively all those benefits. Our private cloud infrastructure is already running 1 million transactions every day. We've, by the way, integrated a pretty good share coming from the Ingenico portfolio in this private cloud solution. APIs, so as I said already, we provide with this transformation, the foundation for, increasing the APIization of our product. This enable a better integration with the ecosystem, especially with our fintech partners. Also it's very important to ease the integration with the information system of our large customers. Let's now have a look at the way we manage, innovation in technology, how we practice that. What you see here is our technology radar. We use it to guide our innovation initiatives and to monitor our position on the map. It's refreshed twice a year. It's based on internal, and external sources of information and, opinion. Each technology is positioned on the radar in three domains that are relevant to our business. You see them, customer experience, so interfaces, trust and security, of course, and production. What all relates to efficiency and processing. The maturity of the technology is represented on this disk. At the center of the disk, we have the most recent technologies, and at the edge of the disk, we have the most prospective one. The white spots relate to the techno we are already using day to day on a daily basis in our production. The green spots correspond to prospective technology we are testing and piloting with our labs. You see we are pretty active in many areas. I've picked up a couple of examples just to illustrate how it works. You see on the top left, trusted artificial intelligence. Artificial intelligence, of course, it's not new, but it's always every day evolving techno. What we are currently busy with in this domain is with the introduction of what we call transformers. Transformers are very useful to get to the next stage in terms of machine learning. So far, machine learning to train a machine learning engine, you are just feeding it with a lot of data. With transformers, it's done in a much smarter way, and it uses contextualized data. The results, the refined models that are resulting from this training are much more relevant, much more refined, and much more interpretable. This is very important to make artificial intelligence trusted. We use this technology in our product, like Contact in MTS, like Trusted Interactions in FS. We use it also for our own needs in customer services management, for example, to manage the growing flow of email interaction. This technology is very powerful to manage the natural language processing, and so to sort out and manage this email in a more, much more efficient manner. On the right side, you see another topic, distributed ledger. I'm not speaking here of bitcoins or stablecoins or any digital currency. I'm speaking of the underlying technology. This is a very powerful technology facing some challenges of development, of scalability, of sustainability. We believe that it will go the same way as the internet developed 20 years ago. There are very smart solutions today, private blockchain of blockchain, meta networks, that will make this technology more sustainable in the future. When it starts to become very interesting is that if you combine this distributed ledger technology with another trend that is on-demand computation, so pure computation on demand, you see that this can completely change the way we manage credential today. This can pave the way to self-sovereign identity. Self-sovereign identity, using these technologies, will enable consumers to build authentication proofs that will be much more respectful of their privacy. This is a key trend we are currently monitoring in our radar and with our labs. What's the value brought by our tech strategy? I'm presenting here a couple of KPIs that are directly resulting from our experience, directly resulting from what we know we've already seen in France to the transformation. First, faster time to market. We've observed that we could initiate new features, introduce new products with a much faster time to market, up to 40%. The total cost of ownership of our solution through this transformation, through the adoption of cloud technologies, is improved by 25%. This is feeding the plans Lisa presented earlier today. A few more numbers to conclude my presentation. We invest more than EUR 300 million on a yearly basis in our product roadmap, in our transformation programs, and in our infrastructure. Thanks to this, we are able to launch in the region of 20 products, new products or major features, major releases every year. We've built a network of experts, and here I'm speaking of the highly specialized IT experts across the company that is working as a community across the whole organization, and this community is strong of 400 members today. Of course, what is behind the scene, what Gilles already explained this morning, is the techies staff, the techies colleagues, so more than 7,000 of them, that are sharing the same passion for innovation, for IT, for operational excellence. Thanks to these guys, thanks to this very powerful team, we are a PayTech leader. Thanks for your attention, and I'm handing over to Gilles for the conclusion of this session. Well, indeed, I hope that you have been receiving a lot of information, maybe also some eye-opening facts and features of this new Worldline. I would like not to be too long, so we can get straight into Q&A. Nonetheless, I could not miss this opportunity really to share with you, as I've been doing for the last seven, eight years following my journey in Worldline as CEO of this company and this great journey. My very sincere belief about what we've been creating, what we are targeting, what we're gonna deliver. I think, don't come back on it, we have a great and strong track record in terms of gathering together really some pretty unique assets in the European payment landscape that we start now to export, as it has been shared with you in some other region. This is really, I mean, with these assets so far, what you could witness following our story is how we could extract synergies and primarily cost synergies out of it. What you have not touched really, and I hope that we could be convincing today, is the real magic that is coming with the business value of all these positions, asset, great people, and very clear strategies. We have been extracting the cost synergies. You have not yet measured the power of this growth engine. This starts actually now after the merger with Ingenico and all the huge transformation that we've been doing over years since SIX Payment Services and Equens to prepare this vehicle to actually harvest all the benefits of what has been grouped under one roof. I think I could be clear. Beyond the asset, we have a very clear strategic vision, and it goes beyond just doing a good payment acquiring or payment processing business. It is about leveraging something that is genuinely, I believe, extremely rare, if not unique. A platform in the middle of this fragmented European payment landscape that is connecting everyone to everyone like a big hyperconnectivity platform. That we intend, as Marc-Henri said, and our colleagues, to actively leverage, orchestrate, and monetize. There is such a flurry of stakeholders from startups to fintechs to big GAFA payment brands that are dreaming of cracking their entry into this market. That, if you look at the facts and the reality, we are the highway that allow to actually accelerate their go-to-market while bringing a maximum value to banks and merchants at the same time. This central play that we have and our vision has always been there, but we lacked at the time the scale, we lacked the connectivity, we lacked the unified platform to really unleash its power. It is now that it is becoming real. Third, you saw from my team and my dear colleagues here that have been on board with me in this journey, putting their most important asset, after all, our lifespan, our years of passion and hard work and creativity into this journey. You could see all the many different operational plans that we have shaped, that we started to execute, that have already brought fruits. How many we have all across the company to actually deliver that vision, deliver the growth, deliver the plans. Just I stop one second here. For the one having followed our story, we started with 3%-5% guidance for organic growth. We moved it to 5%-7%, we moved it to 6%-8%. Today we tell you it will go to 9%-11% CAGR growth, the best performance ever for this company. It comes for a reason. It comes from the accumulation of these high quality assets, the way we are actually orchestrating them, and that we are going to unleash their power into the European market and beyond. This is a pretty consistent trajectory. Nothing happens by chance. There are no dreams. You know us, we've never missed, ever, what we said. Last, we will keep an unchanged focus on the remaining consolidation momentum in Europe because as a matter of fact, we are even better placed than before. I think Vincent and his team were super clear about our attractiveness for banks these days. More than my speech, facts are speaking. We've been winning most of the deals coming to European market from bank divesting assets. There is something you should take into consideration in your thinking. five, seven years ago, when we started the journey, guess what? We would have been competing with Ingenico, with Equens, with SIX Payment Services, and with many others. We are there today to get these assets. They are worldwide. The reality of the M&A competition is that there are not that many names that banks can actually call when they want to sell an asset or they want to do a tender for anything. We are actually creating a phenomenal scarcity of the guys that can take the next assets and bring them into an even much better value proposition, given the scale and given what we are actually delivering to the market, to the merchants, and to the banks. In the end, you know, Investor Day always somehow an exciting moment and a challenging moment when you want to close. What I want to share with you is that there is a fifth factor beyond the fact that we have been gathering great assets, we have a strong vision that we actually start to execute, that we have actually ahead of us a phenomenal growth that is coming for a good reason, and that we have also great M&A opportunities. It's that fundamentally, we're also an exceptional team. You saw today some of my colleagues that have been working with Marc-Henri and myself over years that are actually engaged more than 100% in this journey. Beyond them, you can feel and touch the passion, the company culture, the pride of what we've been building. You know, a company is not only about the figures, is not only about the assets, is not only about the projects. This is also the minds, the heart, and the belief that the human organization has in itself. I can tell you, we rank by far number one in the European payment industry, and probably even well beyond in terms of passion for what we have to deliver. This team, and this management team in particular, that I was so proud to expose to you today, is a team that has an impeccable track record of doing what they say, of delivering what they promise, and on delivering on their vision, and this will not change. My last message is, you know, we started this journey seven years ago, and some of you were kind enough to trust us and to embark into the small Worldline boat by then. We have been transforming this company immensely, as you could see. This is for me, after Ingenico, like the second departure of this new Worldline boat. I have only one recommendation. Don't miss this second departure. It is the real departure of the Worldline journey after having been that successful in consolidating this landscape. We made a very clear statement yesterday evening that the scope of the business for the years to come is super clear. TSS will be exited. From that clean table, the profitable growth that we are going to deliver will increase drastically as per our guidance. Last, M&A will go on. If you've been liking so far the Worldline journey, I can only tell you, stay on board, get in, it is just a phenomenal journey ahead, and we will deliver one of the very best PayTech company in the world in the years to come. That will be my personal pride to have contributed to that with all these ladies and gentlemen, which is maybe my only weak point today. I have not enough ladies in my executive team, but we are working on it. The guidance is there. We are fully committed to deliver it. Please do not hesitate to ask any question you want about the way we pursue growing this premium global PayTech company at the very heart of the European payment ecosystem. Many thanks for your attention so far. Q&A is open. I invite Eric and Marc- Henri to stay, to come with me on stage, and my colleagues here in case of need will also take some questions. Laurent? Yes. Thank you. It's Laurent Daure from Kepler Cheuvreux. I have three questions to start the Q&A. You focused on in MS first. You focused on the vertical offering. Could you share with us a breakdown of sales for this unit by vertical? I'm trying to guess how much revenue are you missing because of the COVID crisis linked to direct leisure transaction and also indirect. Yeah. Good question to start indeed, because we start with a comparison base in 2021, which is missing a big chunk of the normal turnover that this company would get, given that we have a huge exposure to the travel industry at large. It goes beyond airline and transportation. It is also anything associated to the displacements and the travel of the individuals from hotel to restaurants to leisure clubs and so on. But maybe, Eric, you can give some colors because we have a very clear computation in mind. Yeah, yeah. Travel represents something like 10% of MS revenue. It can be even a bit beyond when you integrate some of the collateral that Gilles has just described. Therefore, you can expect at group level, probably still a few percentage points missing due to the lack of travel. We know that the regional travel has picked up already in the summer like it was last year. But the international travel has not yet picked up, and we know that this is also the most lucrative part. We have ahead of us, in the course of this three-year plan, travel, the coming back of international tourists as one of positive drivers of a performance. Of both growth and profitability. Yeah. We currently estimate that we are below 50% of what would have been the normal pre-COVID rates. You can do your math. You will see that it is even at group level, a pretty material contribution to the acceleration, I believe. Maybe because we are talking about adjacencies of travel, you may remember that we indicated in the past, and it's still true, that we are the first European acquirer for the Chinese brand, UnionPay, Alipay, and WeChat Pay. As you can imagine, this part of the business is not back yet. As we mentioned, international travel is in particular intercontinental travel that is the primarily missing part today. Overall, is it a fair assumption to assume that maybe you're missing like 5%, 6%, 7% of revenue in that unit because of COVID situation today? But- Of the MS business, we are probably in this order of magnitude. For the MS, which is half of Worldline, as of today, a bit more now, two-thirds post the change of scope. A bit on the high side, I would say. Right. That's not an inconsistent estimate, yeah. I have two follow-up. One is on financial services. As you said, most of your portfolio of banks are Tier one, Tier two banks that are being somewhat disrupted by new entrants. How fast do you believe you can adapt the portfolio? Because I guess you're probably suffering a little bit when you compare to the overall growth in transactions because of your mix. The last one is on the M&A pipeline. You alluded to potentially as well large deals. I guess it's probably the size of SIX Payment Services. Could you just share with us how many opportunities you have when just looking at the large deals? Thank you. I mean, you can guess that I'm just talking about M&A, maybe, and it will leave time maybe to Marc-Henri to try to capture properly your second question, because we are not suffering in financial services, to be frank, so I don't want to let any perception of defensiveness. I mean, you saw with Michael and Alessandro that we have actually huge plans to pursue growing this business and capture new outsourcing opportunities. Let me stay on M&A one sec. M&A is a permanent task in Worldline. It's not something we do on an opportunistic basis, waiting for a banker to call us and to tell us there is a tender that should come, or there is a bank that is sinking. Gregory, who is with us here, the head of our M&A team, and jointly sometime with the M&A team in MS, are actually constantly scrutinizing all the situations. That's our duty, by the way. It is the mandate given to me by the board. I need to stay constantly the leading consolidator of this industry from Europe. We are constantly evaluating all the situation. I'm not going to give names, Laurent, but there are plenty, you can guess. We are looking at each and every one constantly trying to assess if there is a window, if it is the right time, how could we approach. Of course, for the time being, nobody could deny that during last year everyone has been pretty busy with the COVID, with the disruption of the COVID since one year and a half. Fundamentally, now that we get extremely well engaged, as Lisa shown on the Ingenico integration, we are extremely mobile. As we consider in 2021, we did not fear to actually strike already 4 new deals that are going to join the platform, and we feel that we're in full motion. We have no issue of waiting again, one or two years of integration of Ingenico to believe that we can strike a deal. Anything of any magnitude could be actually today digested by Worldline. The only question for new, for us is to believe that there is enough value creation on the table in a given situation, looking at the valuation, looking at the synergy potential, and looking at the business rationale to do it. We are constantly scrutinizing everything from small to very big. Be sure. In financial services, indeed, we don't think we are suffering with our mid-single-digit number. You may have in mind indeed the momentum, the number we see on MS, but I think we already explained to you that in the financial sector as a domain and with the Tier one, Tier two banks, as you know well, we don't price by volume of euros processed. It's not the market practice. You have a part which is based on number of transactions, a part which is based on number of accounts managed, and it doesn't evolve mechanically at the same pace. It's really clearly the underlying market is more on the low single digits. We still consider in this domain that we are over-performing the market, thanks to more online exposure, digital services that we're adding on top of that. You're right, that what we are trying to do is to evolve from a situation where we are exposed primarily to the biggest bank, and we have a network of account manager or sellers that have this DNA, this habit, this relationship, and have been successful in the past. We need now to extend further. It goes through enriching the sales force, so we are working on that with Michael and Irene, working more with partners. It's also the work we do on the platform. I think what Christophe and Michael, Alessandro explained to you is adding interfaces to make it more easier to connect to our platforms with our deep integration allows to open to other fintech or smaller banks. It's a work on the platform. It's a work on the sales force. It's a different momentum. It will be a underlying trend sustaining our development. If I come back one minute on the biggest bank, it's clear that when we do a projection, we have a very difficult situation trying to forecast the very big deals. The Commerzbank, UniCredit type of deal. We have to be cautious here. We cannot build a guidance piling up bets. We did something which is more relying on, I would say, usual trends, and then we'll see. Big deals would come on top. Super big macro mammoth deal like Commerzbank or UniCredit would come up top of this guidance. Yes, Antonin? Good morning. I think this is Antonin. Yes. Thank you. Antonin Baudry from HSBC. Thank you to take my question. My first one is, I'm coming back on M&A. You spoke to potentially make acquisition outside Europe and in adjacent segments. Would it be possible to have more information on what if you have geographies that you particularly target, for example, who could be interested to strengthen in Middle East and Africa, for example? Or in adjacent segments, would be possible for you to strengthen in business-to-business payments, for example? More detail on that. Yes, Antonin, with pleasure. Africa and the Middle East are not a current priority for us. What is driving our M&A strategy remains primarily the possibility to extract synergies, whether these are top-line synergies or cost-based related synergies. You could see that, Vincent, I think, or who was it? Vincent, that explained how we actually leverage, and Roger, by the way, the Australian acquisition that we did in Australia. Because in Australia, basically, we take the Worldline one platform over there, we plug in there, we just put the local payment method that are actually brought with the corresponding acquiring license by ANZ, and done. It is really as powerful as a European deal in that particular context. Of course, looking at the wider Middle East and African region, it is a totally different story. The level of maturity of card-based payment is very, very different, the specific cities. We don't believe it is top priority right away for the company to fish just for the growth of the top line without looking at how we could really make high level of synergies with what we have today. Of course, it should be a case-by-case analysis, but as it is not a top priority of the company today, we do not put a lot of energy to try to assess if there would be things that we do not see from outside without doing due diligence work. I hope it's clear on this. Adjacencies are more reflecting on products and technologies that could accelerate and expand our own offer. I have a very good example in mind, which is what we bought with SIX Payment Services, as a matter of fact. SIX Payment Services was having a proprietary dynamic currency conversion solution and engine while we were buying this service from the outside. Typically for me, that was a great thing that we assessed doing with Vincent and the team when we were looking at SIX Payment Services. We saw this product as something that we could leverage all across the Worldline universe by them. For us, finding such products is what I call adjacencies, products that sometimes are quite specialized, but what we can really leverage and push to the merchants because you have this platform now that we want absolutely to monetize at the very last drop of value we can get, either from third parties or directly by ourselves when we have the relevant product to really put at scale. If you think that what could be the adjacencies coming, I will give you a very big adjacencies in payment that is still highly fragmented, and we have some bricks. It is business to business payment, B2B payment. An obvious big adjacency where we have, as we saw with Michael and and Alessandro, already very strong asset in account-based payments, in instant payments, in the ability to manage huge batch of credit transfers or direct debits on behalf of huge corporate organizations. What we don't have today are the front end, except Bill Pay & Match that we started to create internally to actually allow consumers to pay recurring bills to large corporates or between corporates themselves to exchange business flows. It is a key adjacency for us that the M&A team is actually scrutinizing very deeply. Thank you. I have a second question about guidance. How do you see the completion of this guidance? Do you see a linear growth around the plan, or would it be an acceleration from the low end of the range to the high end of the range? How do you see that? Thank you. It will depend a bit on the COVID recovery situation. If indeed travels recover fast in 2022, then it will be an accelerated reach of the middle or the upper part of the guidance. If this is more progressive, which is currently our assumption, most likely it will be more linear. That's one thing. The second is also the materialization of a top-line synergies, which will also accelerate during the course of this plan. That's why I think if you build it rather linear, I think it's quite a fair assumption. Hello, this is Stéphane Houri from ODDO BHF. I have a question about your plan, which relies a lot on the growth of Merchant Services business. This division has been, you know, delivering probably a lower growth than expected by many people in the market, notably in Q3. When people look at, you know, what the other players do in the market, and everybody's looking at what Adyen is doing, and I know they are not on the same market and et cetera, et cetera, but they can't help comparing, and have the feeling that you lose market share. How can you give confidence that, in fact, you're not losing market share? In another way, when you are facing people of Adyen in tenders, why do you win, and sometimes why do you lose? Thank you. You want to take maybe the first question? Yeah. I will take the first one. I think in terms of growth in MS, you need to remember that two-thirds of our business, to make it simple, is in store, and one-third is in online. Online, we compete with Adyen, and we'll come back to how we do it on this part. On the rest, we are by far way better than Adyen in terms of number of customers. But also, I think in terms of offer we can offer to our customers. And on this one, I can tell you that we are growing extremely fast. Now, it's true that in-store growth is lower than online. That's a fact, and that will continue for probably still a few years. You should not expect from us the growth rate of a pure online player. I think that's something we shared with you for years already, and I know you and our investor understood this part. On this specific in-store part, I want to insist we are really top of the pack, and we are heading toward a double-digit growth as well. It's not just online that will pull our growth in MS, but also in-store through the synergies that Vincent has explained for the new geographies we are opening. This is a strong growth engine for Worldline that should not be missed and underestimated besides the online. I will let Marc-Henri and Vincent give you some colors on the way we compete with Adyen and some other guys. Don't miss. I mean, you, it cannot be a tree hiding a forest. We are in the middle of Europe, the first and biggest in-store acquirer. The performance delivered by Vincent, Roger, and his team is stellar. We talk here about growing what is 70% of Merchant Services at double-digit. I mean, it is anything but the business that is fading away. It is where we are gaining market shares every day, every week. You saw the plan of Nik, just talking about Nik. Nik, where is he? Nik is there. Germany only. He has a plan to win how many merchants in the coming three years? You mentioned that on your slide. 36,000. 36,000 new merchants. These are just net market share gains. It is the same story as you saw with Roger in many other. It is 190,000 if I break all together at Merchant Services level. It is a huge market share gain. Dispel any understanding that we would lose market share. This is the contrary. This is like a winning machine, really, for in-store. For online, we're gonna take that from low teens% to circa 20%, as it was said by the MS division. By the way, not only we win against Adyen, but we also win backs against Adyen, just for you to know. Yeah, maybe I can elaborate. Vincent, don't hesitate to complete. I think it would be good to show again the big triangle slide that Vincent had in his presentation. I will do it myself. Yeah. Maybe. Never better serve than yourself- Exactly. than yourself in a service company. Meanwhile, when do we win against Adyen and having also win backs? We win against Adyen when we have a customer having a big activity also in the physical world, distributed in various European geographies. Typically, they want to have a specific integration with their tools. They want to have a specific relationship with some local acquirers that they had historically they want to maintain, or they want a specific local payment brand that we are providing. That's the global comments that Vincent was saying. The retailer he was talking about was a win back from Adyen, particularly a win back from Adyen. In this case, we are in a position to offer something which is really standing and stronger. Of course, it is a place where the physical dimension is very important to the business. Physical dimension is not growing 30%, today. It's a fact. On the other hand, it happens we lose against Adyen, and in particular, at the very, very top of this triangle, when it is a client that is fully global, fully online, and wants to have a global coverage. Here, we recognize we are not as worldwide and as global as Adyen can offer in the pure online space. Today, they are in front of us, and we are not having at all the same level of growth. It is a limited part, and they will not. Maintaining the same level of growth when you enter into the physical world where you have different challenges will be a different story. Our experience, and Vincent, maybe you can elaborate to me further on all this, is that when it has a strong dimension of physical business, and we are talking about the European core, this middle market, we all did very well. Maybe you can be connected. I think, I'm sure we can do it. Maybe we take a microphone. It works. I think we said it before, but I take the example of this fashion retailer in Europe, one of the largest in the world. They want the local touch. They want the local language. They want the local payment methods. They think we have a richer offering on that point of view than Adyen. When they can survive with Visa, Mastercard, take Action. Action is a super example. Day one Action, which is this low cost food retailer from the Netherlands. They went to France. It was working with Visa, Mastercard quite well until the guy said, "Well, the cost of Visa is much higher than Carte Bancaire. So can you please offer on the terminal, Carte Bancaire?" Of course, this is a new development. If you have to do that for all the countries of Europe, for all the special payment methods that exist in all the markets. You know, think about the mobile, the new mobile schemes. Payconiq in the Benelux, TWINT in Switzerland, Vipps in Sweden- Bizum. The ones in Poland. I mean, it is a lot of work to make sure that on an everyday basis, you support for your local merchants, but also the international ones that have local web shops, to make the offering attractive for the customer. Of course, at the start, you can always start with Visa, Mastercard. I mean, you can go to you know any shop and say, "I offer you Visa, Mastercard, SumUp." Take the example of SumUp. SumUp is on television every day. What do you see? Visa, Mastercard. Until somebody will realize that you pay 1.75% for your transactions, and that maybe if you go to Carte Bancaire, you will pay much less than 1.75%. It will depend on how many transactions these people do. If they do one per week, they don't care. If they start to do 10 per day or 20 per day, they will have a problem. You know, it's a competitive landscape. We all have different products and solutions, but I think that we are born local, and we try to be very, very efficient on a local basis. Honestly, attacking the 1 million merchants we have, it will take a lot of years. In the meantime, we can continue to grow, and in the meantime, they can continue to grow. Well, the last example I would like to take is they started in the United States. You know how they did that? With eBay, which was not a real commercial transactions, let's call it like that. They are very strong in the U.S. We are not in the U.S., so honestly, we don't feel that competition. I'm sure that my colleagues feel probably a bit of competition because in the U.S., in the meantime, the domestic schemes disappears, like, Gilles was saying before. You know, when those schemes will disappear, I think in the meantime, a lot are appearing. As I said before, on the generic QR codes today, we have six payment methods. You know, even PayPal is coming on mobile solutions. Again, tomorrow you may have 20 solutions on mobile phones. It will be a pain not to accept, but to pay the merchants, because at the end of the day, he wants money. He doesn't want just a transaction that works. At very last, we are not a bank, and they are a bank. I don't think we will be a bank soon. No. Not for the time being. We are a different animal. Just before we switch to another question, Stéphane, because you came back. I mean, that's not the point we were here more projecting on the next three years, but you were pinpointing back on the Q3. I think it's important that we just clarify an obvious misunderstanding. There is no miss in the Q3. Absolutely. Please. No, Q3 just was impacted. I think we commented at length through the comms from last year with a Q3, which was much stronger than Q4. You just need to remember the situation in which we were last year, in particular in the core countries for Worldline, namely Germany, but also Switzerland, Belgium. It was full lockdowns, meaning that in store, which is again 60% plus of our Merchant Services, was just not operating. This Q4, thank God, we will be able to operate normally and therefore the Q4 and the sequence Q3, Q4, we built in our guidance. Starting by the way, in February, was a Q3 aligned with what we deliver and a much stronger Q4 due to this in-store business. The strong in-store business we have in MS that could not operate last year and that will be operating normally this year. There is, of course, this significant catch up that will happen mechanically and that's why you'll feel us so confident on our Q4, is because of this mechanical effect in our in-store business, which is, indeed, quite robust, quite sticky, and on which we have a good visibility because we know the behavior of our customer there. Josh. Thank you. Josh Levin from Autonomous. Two questions. The first is a follow-up. When you talk about competitors such as Adyen or Square, whoever, and you talk about Worldline supports many local payment methods in Europe, are you suggesting that those competitors don't support as many local payment methods or that they do, but you somehow do it better? And if you do it better, how do you measure that? Is it auth rates? Is it price? Is it something else? Then the second question is, if you haven't sold TSS by now, how do investors get comfortable that it will be sold in the next few months? Thank you. I will take the second one, I guess, but maybe, I don't know, Marc or Vincent. I can say a word on the first one. Vincent can complete. Definitely we observe that indeed we provide more local payment methods in-store as a point of sales. That's what we observe when we compete on RFPs, that's the feedback we get from our customers. That's the knowledge we have about. I must say Square in our current geography is not something we see as a big game changer. Adyen is a pure online sector. We saw it and we talked about it. They are there. We see that they are very present in your mind. I must say they are not very present in a competitive landscape because of the triangle we showed, that where we focus our energy, most of our customers, it's not that much a discussion about Adyen, and it's never a discussion about Square. That may be what I would say. I don't know if you have a few additional messages on. Can you reconnect Vincent, please? Well, what you need to know is that when you have domestic schemes, in many cases it means much different software on the terminal. A certification on the terminal that is unique to that market. Take the example of France. The Carte Bancaire standard is the one that is published by Carte Bancaire. You have to go for CB certification 5.5, and when they change something, you have to go for 5.6. It means that the software in your terminal needs to be uploaded to the next release all the time. This software, 5.5, if I take it to Germany, my German colleague will say, "I can do nothing with this software. I need the ZVT software, which is the girocard of Germany, which is again another standard certified in Germany uniquely for Germany. If you want to do the job like we do, you really have to go into every market, build the local software in the terminal, connect your systems to the local schemes, which means a lot of work again, you know. I count on my FS colleagues to do that. They have the experience. You need the scale because if you make one transaction on an investment of EUR 1 million, of course you have a price per transaction that will not be optimum. This is the value of being born local. This is the value of attaching to Worldline local people. Take the example of Greece. In Greece now we have 200,000 terminals that are fully capable of doing transactions with any acquirer in Greece. I can send the transactions to Eurobank, to Alpha Bank, to any bank, but I can send those transactions to me tomorrow. Yesterday, I could not do. I mean, if you don't have access to this stupid box with the software that is the right one, you don't get any transactions. If you don't have that, you have to build this network. And honestly, you know, building a 200,000 terminals network in Greece, it takes 10 years. Josh The one that wants to do it will take time. The long story short is what we do better is we have better scale because we grew this company bottom-up by buying historical domestic position with the corresponding volumes. We are just more competitive on price also. A newcomer can come, as Vincent said, put EUR 2 million on the table to activate its connectivity to the local scheme. Then when you look at the P&L, the first transaction is costing EUR 2 million the first day. It is there that we are just. It is the bottom-up construct of Worldline. It is why we are telling you this is an asset that cannot be matched, cannot just be recreated like that. It is why also I mentioned that the European market is by structure protected against any fast disruption. It is exactly what I was alluding to. Nobody will have the local domestic volumes except the one that captured them. We in the big part of Europe, Nexi in Italy, for example. TSS. TSS, you know, we do what we say. This company, it has been a signature for the last seven years that I've been trusting to be the CEO. The board took a decision. We will execute this decision. You know that we've been clear. We've been alluding to a current discussion taking place, and we give priority to this discussion, and I believe it is a very serious discussion. We prepare ourselves in case like in M&A, it may happen. The signing is not done. That is part of life. We, I mean, we are all grown-up people. We have experience here. In that case, we have prepared B plans that would be executed as soon as possible during the course of next year. That is already ready. Maybe just to add a word to what Gilles has said on TSS, you know, we don't comment competitors, but what happened during the night is an industry large event. For the one who maybe missed it, federal investigation took place at the offices of PAX in the U.S., and I think the PAX shares dropped, like, 50%. And some other- PAX is the big competitor today on the hardware market in the U.S., is the one gaining market shares. It's a bit soon to understand the intensity of the consequence, but clearly, and for a significant time as from now, trust from U.S. buyers at least in PAX products is not there anymore. There will be some changes. From that point of view, I don't think it has any negative impact on the intrinsic value of our TSS business. Excuse me, I cannot see you, but the floor is yours. Hannes. Good. Hi, Hannes. Hello. Hello. Can you switch on the mic of Hannes Leitner, please? It work? Yeah, it works now, Hannes. Okay. Hannes Leitner from UBS. I got three questions. The one is maybe just on the terminal business. You mentioned in one slide around the deleveraging, that you expect to be significantly net cash post the transaction. You had a couple of building blocks on that slide, so maybe you can dig into what is those expectations. Then the second question is around your margin, your revenue growth acceleration. You discussed already, travel is at depressed levels, being 50% pre-COVID. That would probably be 2%. That would probably be, as you said, 6%-7% within merchant services. That might mean 100 basis points-200 basis points per year. Maybe you can talk about the volume growth you expect and then the typical price erosion, which is, you know, typically scale, sliding scale, and then the new contract wins. You mentioned in Germany ambitious targets. Maybe we get a better feeling about the revenue building blocks. Then the last thing is on margins. You have talked about revenue acceleration, but actually your margin extraction coming from there is rather more in line with the last five years. Can you talk there about it, where the margin doesn't come through on that side? Okay. Quite a number of questions. Starting with the first one, you... What you see on this illustration is without any proceeds of TSS. It means it's quite straightforward. This is the organic trajectory. You see that to make it net cash positive post TSS disposal, we would need EUR 1.3 billion. I said we should be significantly net cash positive. I will not comment much more what it means. I will not give you the exact number because the transaction is not closed. We don't even know by the way this is this one or another one, but we are progressing well. We'll let you know in due time how much it is, but you can expect it to provide some significant additional firepower for us once it is done. What's really critical on this one is the significant deleveraging and the fact that even with TSS on board for one year, it will not impact our M&A capability. That's the key message you need to take away. On the second one, the revenue building blocks. You're right to say that travelers' recovery will provide a positive upside. It will be once, because those additional travelers will be back the next year. It will provide incremental growth, but no catch up anymore. This catch up for travel, this 50% missing, is factored in our trajectory for MS. It will benefit both online and in-store business because we have travel agencies in store. We have digital agencies as well, airlines, which are now a lot online as well. Airlines are also part of our key contributor to online business. All this will add up and will support the acceleration of MS business over the course of a period. On FS, we made it simple, as said by Marc-Henri. We put in the plan what is statistically reasonable, meaning that the very large deals that are by nature a bit like M&A, uncertain, are not factored in. We have excluded any very large deal, huge deals like what we were signing in the last few years, like UniCredit, like Commerzbank. Be assured that Michael and his team is working on those. We have a pipeline that hopefully will materialize also in the course of this plan that should enable us to also accelerate a bit further the growth rate for FS. That's very promising, I think. We are well on track in this division as well to post this mid-single digit growth rate we expect and hopefully being in the upper part of this mid-single digit rather than on the lower part. Growth rate is of course fueling the margin, going back to your last question. That's quite an important contribution, as you have realized it. This is also what is at stake in our business with growth fueling the operating leverage and improving the profitability. You said in that we were in the same order of magnitude that last year in terms of improvements. It just applies on a much larger base, meaning that the impact of synergies on the previous plan was much higher than on the new ones. Therefore, the operating leverage now represents a much more significant part. You saw it's up to 75% of what we expect in terms of OMDA improvement in this plan, which shows the new status and the additional growth engine we have built over time and we plan to deliver in the next three years. Last, I would say we have factored also to be fully comprehensive on this topic, on the margin side, a bit of dis-synergies coming from the sale of TSS, because now we have announced we'll be doing it, so we need also to take the consequence of it. We were absorbing a part of our corporate central costs. That part will have to be absorbed by the rest of the activities and streamlined over time. This is also factored in this plan. Which we have factored in technically as soon as 2022, the dis-synergies coming from the central cost absorption that TSS was doing. Yes. Good morning. Yeah. Derric Marcon from Société Générale. Thank you for taking my question. I've got three quick ones. The first one is on Q4. Sorry for the question, but should we expect the comps to play favorably for financial services as it will play for merchant services? Because I think yesterday you said little acceleration was expected for financial services in Q4. If I remember well, in Q4 2020, the performance of financial services was down significantly compared to Q3. My second question is about the unique platform that you have. You said 80% of the volume should go through this platform in 2024, if I remember well. What's the number for this year or at the end of the year? It would be interesting to compare. My third question is about the assumption that you have taken regarding price erosion or reinvestment of the savings in more aggressiveness in prices to gain share. How does this assumption in the current plan compare to the previous three-year plan that you set? I will take the first one on FS. Actually, we had a good recovery on FS as we commented and with quarter after quarter improvements in this division to reach the normative level also at 5%. I think for Q4, to make things simple, you should consider, and that's the way we have built our guidance, probably this level. If we are lucky, we may get a bit of tailwinds. You never know because this is also an activity with a little bit of revenue is also impacted by project. If we have a bit less project, it may also change. We will have, in particular, the Christmas period, which is not favorable usually to projects and changes on banks. Take it plus or minus. I think the right order of magnitude, the right way to look at it is probably to consider that most of the significant step up to Q4 is probably related to MS much more than FS. On the second question, I will answer your question, but before that, I need to explain a bit, our what are the relevant dimension of these conversions to the target platform. I think for our efficiency and for our agility on the market, the most important thing is to have the platform available and live, because that's what allow you to price and to offer to customer. Because you know that if you want to be aggressive or if you want to factor a long-term case, it's a marginal cost of this platform or this target platform that is used for competing with your competition. That's an element of sustaining our competitiveness, sustaining our market momentum. The important thing is to have it available. The amount of transaction customers that has migrated to the platform is what is driving the cost synergies. Because when you switch transaction from another platform to the target platform, you are in a possibility, in a capacity to stop and decommission the previous one or to lower its costs. That is behind the synergy ambitions that we have showed to you. There is a way to go, and this way to go will bring us the associated savings. Now I have explained a bit what's behind this journey of moving to the target platforms. I don't have an exact calculation, but we are a bit below 50% in terms of conversions to these platforms. You have in mind that we have just merged Ingenico and Worldline and bringing together two very significant pieces of similar magnitude. We had acquired the SIX Payment Services not so long ago. We are using target elements of Ingenico for the acceptance. We are using target elements of SIX for the acquiring back office. There is a momentum. It's moving as per our plan. We are satisfied with it, but bear in mind we are below the 50% threshold, somewhere between one third and 50%. The journey will help us to save the cost. That's what is embedded in our synergy. For the agility to proceed and to be competitive as a market, it's not something we are waiting for, which is a very important element to understand our positioning on the market. On the third question, I think, Eric, you can maybe take it. On the pressure on the market. We have factored in our plan the fact that we constantly work against this pressure, which is not new. You know, in particular in financial services, upon renewal times, you systematically need to grant significant discounts to banks, and then you rebuild the profitability over time, as this is a multi-year contract, 5-10 years usually. We are in this cycle of always building up some productivity that will compensate the pressure we got on the market side. That's the purpose of the TEAM program yesterday, the SmartPOS program today. Lisa talked on... about the levers that are implemented to deliver it. This is the way we naturally offset the pressure on price from the market. This pressure is not new, I think, and is already quite intense, I should say. We are not fighting against a small competitor. You named a few of them that are quite good, but we know how to cope with it. Well, is it on? No, Alexandre. I think you had a question, Alexandre. Uh. Can someone bring a mic? Sorry. Can you hear me? Yeah, yeah. No, you can go. Thank you very much for taking my questions. Grégoire Hermann from AlphaValue. I have two questions, actually. The first one is on your OMDA margin. How really should we understand that? To give more perspective to that question, you've shown that you are basically servicing all types of merchants, from the smallest one to the biggest ones. In the meantime, I think most of these, I think are represented in your merchant services business units, which has the lowest margin so far. But today you said that you are building a platform unifying all these merchants. I take your words, you're saying that tech is part of your DNA. I was wondering, this 30% OMDA margin, is it reflecting Worldline completely leveraging on its platform, or is there much more to come? That's the first question. The second one, if I can follow up quickly about the European Payments Initiative. I think there has been little word on that, and I assume that the European Payments Initiative was something sort of elementary for you to I mean, that would make your life easier to develop your business. We haven't heard so much today. Was that a wrong assumption, or can you tell more about this? No, we'll come back on it. It's a pretty good question, by the way, even if it is a bit premature, because we still need to know if it goes live. On the first question, just maybe stepping back one second. I mean, we had tons of slides on the backtrack on the past track record of Worldline that we've been scrambling for the presentation. One you could have seen was how we took a company that was in the 18% OMDA rate and that we brought it where it is today in the 25%-26% region. With indeed FS being above 30% OMDA margin and at this moment in time, MS being in the range of 25%. I always said by scaling a European business progressively to a size that would compare more and more to the U.S. Competitors that we are facing, the one that started the consolidation journey in the U.S. 15 years before we could, because we were not having a common currency, not having the possibility to actually extract synergies, we should progressively bridge the gap to the 30%. It is exactly what I'm telling you today in my new Worldline journey. We brought through the Equens transaction, the SIX Payment Services transactions, some large outsourcing deals. We brought FS from the low 20% to above 30%. It is a 1,000 basis points to OMDA improvement that we did during the last seven years for FS, thanks to scale effect. MS was always a lower profitability business because it has a part of variable cost. You understand you have 2,000 people selling MS things all across the world, so it is a bit less industrial. You need some feet on the ground. The story of MS this time is to bring it also to a 30% OMDA margin, even above actually, when we look at the detailed figures. It is exactly the vision I had seven years ago to say there is no curse in Europe. If you scale, you're gonna enter into the thirties first, and then indeed, you're right. It's not the end of the journey, because in the years to come, thanks to the platform we are building, we will have new revenue flows. The one coming from the fees we will get from all the third parties that want to get connected to our network and get distributed. Sometimes we have buy rates on which we put a premium, sometimes we have fees that are given to us to help the marketing of this solution. We have different business models to monetize the connectivity, and this will progressively ramp up on top. You heard from the Merchant Services, how they started actually to do it. Clearly, my story is not ending in 2024. I want to build a premium global PayTech company that will stand the comparison with the best in class in the world, except that we will do it from Europe first, where we have a unique position that nobody can displace easily. This is going to happen. I don't know if you want to add anything. No, no, I think you said it all. Indeed, 30% is the first step. This is based on all the actions that we have described to you, including indeed the conversions to this one platform, which is critical and core to our strategy, both on a commercial standpoint, but also on a financial standpoint. That's the first step of the story. As Gilles said, with more growth, with more volume, organic or inorganic- Yeah. It really doesn't matter actually, we will continue to move further. There is something pretty important that Lisa shared with you, but it was in the middle of the many interesting things she said, is that now the way we assess the new acquisitions is that given that we have this big platform, all things in place, basically everything we can buy except the local schemes that we could find in a country and the connectivity to the local payment system, all the rest would be highly redundant. We believe that we can extract much more synergies from any new acquisition that would be the more of the same type of category, type of activities, acquiring or processing, than we could do before. Of course, from that standpoint, value creation that will come from M&A due to the industrialization and scale of the business, will be even more value creative in the years to come. That is something that also we have been really fine-tuning over the years. Just on EPI please. Well, EPI. EPI for us, we see it as a great additional opportunity. You could see it in the FS business because this could create a significant flows business with all the participating banks. Of course, that would need to adapt their systems to issue and then accept transaction from the EPI scheme. But it is also an interesting play for us because indeed it would help us to eliminate some complexities and go to the next level of standardization and harmonization in certain countries. But just to manage expectations here, there are two things which are super important. First, EPI today is by far not gathering the entire European countries. At best, we talk about, at this moment in time, France, Belgium, Germany, and maybe a fourth country that would be actively participating. All the rest of Europe would stay, at least it seems, relatively outside of this play for at least a few years. Then when you look at the plan to deploy at scale EPI, it will take a good six to seven years before it starts really to be tangibly visible in volumes, even in the participating countries. Like everything in payment, nothing happens fast in payment. It is one of the most complex industry that you have that is connected everywhere, changing the connectivity, upgrading all the terminals, creating the new interfaces for millions of merchants, and adapting hundreds of banks for dozens of millions of customers will take time anyway. EPI is a great strategic play. We love it, we support it, we are strongly engaged. Now, if it goes through, it will take me a good decade of collective effort to make it really highly visible in the volumes. But- Short, good short-term business opportunity. Exactly. Good short-term business opportunity still in between. Yeah. Yeah. It's why we are strongly, Alexandre. Hi, good afternoon. Yeah, I'm gonna give it another try. This is Alexandre with Exane BNP Paribas. Thanks for letting me on. Just a couple of questions left. Perhaps one for you, Marc, to start with. You mentioned earlier that virtually all tenders from larger merchants at the moment are multi-country, multi-channel. How far along do you think we are in this transition in market demand from larger merchants and what's pricing like? Just trying to gauge how much of an opportunity ahead do we still have. That's my first question. Second is on adjacencies, Gilles. You gave the example of DCC, you touched on B2B. What else could we think of? I believe some of your competitors did well going into business applications, into financial services for SMEs. At some point, Bambora did a bit of that sort of merchant cash advances. I don't know if these are offers you want to build on and perhaps invest in through M&A or not. Thank you. I will answer the second one, Marc-Henri. By the way, this will be the last question because we are really running out of schedule, Marc-Henri, and of course, roadshows will come anyway. On your questions, it depends a bit on the merchant side. I would say that on the big. Let's not take the huge retailer, food retailers that are still a bit, it's a different situation. On the big retailers, the momentum has started, a lot of them are still relying on habits and renewing some contracts. I think the real dimension of the change, I would say maybe we have seen 20% of them really moving for this important tenders. A lot of it is still to come and to catch. That is what we perceive. I think it was... On pricing, when what we see on pricing is that for retailers that come with a slightly higher complexity and the international reach, what matters is not that much the very low price, but indeed the ability to make their life simple and to aggregate. I think it doesn't come with a strong repricing. The wave that's really impacted the price down in the past in some acquiring markets where very big retailers started to do dynamic switching of their volumes to various acquirers. This is largely behind us, Vincent, in the main countries. It has driven some price down in, by the way, in markets where we were not really acquiring, like France, or to some extent in the U.K. This is largely done. What's coming right now is not coming with a significant evolution on price and on acquiring rate. So we don't see a massive impact on that. On the merchant lending part, maybe just on Gilles we will complete, but we are already doing it at least in different parts of Worldline and Ingenico was doing it, Worldline was doing it. So we were having this line of activity in at least three different countries. We are globalizing the solution because we think it's a very relevant offer, but we do not intend to verticalize it like onboarding credit risk. Direct basic banking credit risk on our balance sheet is not the ambition of Worldline in terms of business positioning. It's not the way we talk to banks. Distributing this kind of products, we see there is a huge appetite. It's underserved by the banking market and no ambiguity there. It's a very good solution. It is a typical play of playing the orchestration and monetization because of course, we take a partner that is going to put his balance sheet to make the credit to the merchant. We capture the payment flows at the time as they take place to reimburse the partner. We take our fees, which is a great example of monetization of the 1 million merchants we got, and hopefully 2 million in the years to come. In terms of adjacencies, indeed, you're right. Part of the scrutiny done by us is also sometimes on specific business software segments that are very closely connected potentially to payments. You heard from Roger or from you, Thomas, I think sooner, that we have actually some pieces of offering in certain verticals, like hospitality, for example. Clearly, when we would see synergies and adjacencies, we could really look at that as being an integrated offer that would be like a big bundle for a specific m-market segment where we could capture more of the value chain. This said, it's not the number one priority, but it is part of the things we are actually exploring, definitely. Guys, many thanks. It's really time to close. I just remind you for the one, and we are so grateful that so many of you did make the effort to come in person. We wanted this event to be a physical event. Really, I'm very grateful, including for the one not coming from France, and I did actually cross the channel for that. First, it's good for the business to have a bit of international travel, and it takes good traction somewhere for someone in the payment industry. We have also some demos with some of our great experts that are standing here for showing you some of the most interesting innovation of Worldline in action. Please, if you have some time spare, do not hesitate. You will have also a real touch. Keep my last message with you. The company we are building is genuinely unique. For me, I look at 2022 as a new birth date for the Worldline journey. We have just exceptional assets. We are going to unleash the power of this company. Let's look at the forest of trees that we have ahead of us, and just don't get obsessed by the small, very little topics that sometimes have been keeping the community busy, whether around the terminals or some fluctuation of a minor topic. That's not the bulk of this story. Stay on board if you love us. I will always make sure that nobody has been ever regretting to be part of the Worldline journey. Many thanks.