Today, thank you for standing by. Welcome to the 2026 strategic update of Banijay Group. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star one- one on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw your question, please press star one and one again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link any time during the conference. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Louise Racine, Investor Relations. Please go ahead. Good afternoon, and welcome to Banijay Group's 2026 strategic update webcast. This is Louise Racine, Head of Investor Relations. Before we start, let me draw your attention to the disclaimer on slide two. I also want to remind you that this presentation is now available on the company's website, and a recording of this call will be accessible in the coming days. Your speakers today are François Riahi, our CEO, and Sophie Kurinckx-Leclerc, our CFO. François will begin by presenting the group's new profile following the recent announcements of two transformative acquisitions across our businesses and will then provide a deeper dive into each of them. Sophie will then present the new financial trajectory, and François will conclude with the midterm and 2026 guidance. We will then open the call for questions. Over to you, François. Thank you, Louise. Good afternoon, everyone, and thank you for attending this update. Let me start with a few words of introduction. During our Capital Markets Day in May 2025, we shared our ambition to become the unrivaled powerhouse across the entertainment industry and to act as its natural consolidator. Today, less than one year after, we are pleased to present to you our new profile following Tipico Group and All3Media acquisitions that will both close this year. With these two transformative operations, we are entering a new phase of our journey. These deals will significantly enhance our scale, unlock substantial synergies, and further strengthen our leadership position in the sector. Opportunities in front of us are therefore now even greater. We will now leverage these assets to transform our business and reinforce our positioning in the most attractive segments of our industry. This will enhance our cash generation profile, already very regular and sound. As a result, we are committed to a disciplined capital allocation, investing in growth, integrating these transformative operations, maintaining a sound balance sheet, and returning value to shareholders. I will show you that we have significantly strengthened our capacity to achieve our strategic ambitions stated in our Capital Markets Day, and that our financial trajectory is going to deliver a very significant value creation to our shareholders. Let's start now with how these two new transformative acquisitions significantly reshape the group's profile. Following these transactions, the group reaches a very significant scale, with pro forma 2025 revenue of EUR 7.4 billion, adjusted EBITDA of EUR 1.6 billion, and EUR 1.2 billion in adjusted free cash flow, so we are well above our target of 2028 of the Capital Markets Day. Over the past six years, we have delivered fivefold revenue growth and a sevenfold increase in adjusted EBITDA. I think we can say that it is a journey of successful transformation. During this journey, we have constantly demonstrated our capacity to deliver value both organically and through M&A, with successful acquisition integration delivering fast and strong synergies. The recently announced transactions are no exceptions to that and mark an important step in our transformation journey. Let's now move to the last two major transactions in more details. Less than one year after our Capital Markets Day, we can claim we delivered on what we said with these two transformative deals. The group is executing a dynamic and highly selective M&A strategy aimed at driving consolidation across the entertainment industry. With the acquisition of Tipico, we strengthen our leadership in sports betting and gaming by adding two new countries to our European footprint with leading positions. Financially, we are doubling gaming revenues while also generating synergies up to EUR 100 million in midterm, including EUR 70 million in OpEx. These synergies will be progressively implemented. Worth noting, we have call options to increase our stake in the business to at least 72% and more probably 80%, and ultimately, we will be the sole shareholder alongside Tipico's and Betclic's founders, who are bringing significant value thanks to their deep knowledge of the industry and the markets where we are operating. That is pretty much different in the content production industry, where we have considered that we could not achieve the necessary consolidation of the industry on our own. The combination with All3Media allows us to partner 50-50 with RedBird IMI, a key industry player, leverage scale, combine complementary IP portfolios, especially in English language content, and accelerate IP monetization. With this combination, we expect to deliver EUR 50 million in OpEx synergies within one year post-closing. More importantly, it will also allow us to capture growth in a rapidly evolving industry. As you can see, these two acquisitions are key in allowing us to achieve our strategic goals as presented in our last Capital Markets Day. It is a crucial step in our journey of value creation and consolidation of the entertainment world. Of course, these operations are subject to regulatory approvals and are expected to be closed quite soon, most probably in April 2026 for Tipico and by the fall for All3Media. Let's now see how these two transactions are reshaping the group's profile. These transactions, in fact, both scale and rebalance our business mix and the share of sports betting and gaming enhances the ability of our model to generate operating cash flows. This leads to Banijay Gaming now expected on a 2025 pro forma basis to account for approximately 55% of group adjusted EBITDA versus 44% reported in 2024. Strongly positioned as a global integrated entertainment platform, Banijay Group is now ideally structured to capitalize on major industry trends, and we are going to see how unique our position is now to catch the growth. Indeed, these deals are suited to the evolution of entertainment, strengthening our capacity to remain at the forefront of the industry. In a fast-growing and increasingly regulated betting and gaming market, we differentiate ourselves through our technological edge, superior customer experience and exposure to attractive geographies. We are changing scale and positioning in the gaming market where we become clearly the European leader and a consolidator. In a content production and distribution market that is consolidating across linear broadcasters, platforms and studios, we are creating with All3Media, a leading media and entertainment powerhouse ranked number one independent for content production and distribution. In the live experience market, we are positioning ourselves as a front runner by driving consolidation and capitalizing on our premium IP portfolio. As we will discuss in more details later, AI is a central element at the heart of our innovation and improvement efforts, enabling us to unlock opportunities. Now a few remarks for my first conclusion. We have clear priorities that have been strengthened by our new profile. In sports betting and gaming, by combining our strengths to become the leader in continental Europe, we own a state-of-the-art, fully integrated omnichannel platform, and we will continue to expand our leadership across high growth markets by delivering best-in-class technology and customer experience in high potential territories. In content production, distribution and live experiences by uniting top franchises, we control a unique portfolio of valuable and repeatable IP. We will keep maximizing this premium's portfolio value by scaling live, reaching new audiences, accelerating in digital and strengthening our competitive edge versus global streamers, notably through a more English language driven catalog. We will also leverage AI as a key accelerator across all our growth verticals as we will develop in more detail in a few minutes. These two major acquisitions bring significant synergies and integration will be a key moment to prove that greater scale drives greater performance while unlocking further value across our platforms. We have no doubt about it. Ultimately, we will continue to act as the industry's consolidator with a constant strong focus on value creating M&A while delivering an attractive shareholder return policy. I think we can proudly say that we are delivering on our strategy and are ideally positioned to achieve the goals we've presented during the Capital Markets Day. Let's now dive into our businesses starting with sports betting and gaming. Betclic and Tipico have a lot in common. They share the same DNA. Nevertheless, they are complementary and the combination will make each brand stronger. Let's start with the market footprint. Our footprint expands significantly with Tipico and Admiral, bringing exposure to two large, fully regulated European markets, Germany and Austria. This further strengthens our core positioning in Europe, which remains the largest and one of the most attractive regions globally for our business. Both companies are geared to continental Europe, but with complementary geographies without any overlap. Europe represents close to half of the global market compared to approximately a quarter for the U.S. Importantly, unlike the U.S., our markets are characterized by greater regulatory visibility and stability. We operate in well-established, highly regulated environments, which enhances the resilience and predictability of our business model. Thanks to our multi-local model, we hold leading positions across several of Europe's most attractive markets. These markets are underpinned by robust regulatory frameworks that protect established players. While regulation can be stringent and complex, it creates meaningful barriers to entry and reduces the risk of sudden market disruption. Over the years, both Betclic and Tipico have developed deep expertise in navigating these environments, which is now a significant competitive advantage as these common skills add up. Let's now have a look at the markets' underpenetration growth potential, which is another common point between Betclic and Tipico. In both companies, future growth lies in the under-penetration of their respective markets. We expect online penetration to continue rising over the coming years, supported by favorable structural trends, including younger demographics and increasing digital adoption. With Tipico, we know it holds leading positions in three of the five most populated European countries and six countries in total, representing roughly 240 million people. Within this footprint, we estimate that we have a right to play with around 15 million users today, and that number will grow materially. Beyond user growth, there is also meaningful upside in monetization. GGR per player remains below potential in several of our core markets covered by the Betclic brand. It is also the case for Tipico. In Germany, GGR per adult stands at 19 EUR, far below France and Poland, where it exceeds 30 EUR. This gap highlights a clear opportunity for further growth for our leading brands. Let's now turn to the business mix where Tipico and Betclic once again show similarities. By bringing together Betclic and Tipico, Banijay Gaming is now changing scale and moving up to a major sports betting and gaming player in Europe with over EUR 3 billion in revenue in 2025 and around 7 million UAP. The core DNA remains unchanged. The new combined group will remain focused on sportsbook activity, representing 82% of revenue. It is very important to look at this because it shows that both companies are focusing first on sports fans. That's where the two companies are coming from and digital. While moving from a pure online player to a more diversified omni-channel model with approximately 80% of sales generated online and 20% offline. Retail capabilities are an asset. I will come back to it. Tipico is also very strong on online, and of course, these figures are even higher when it comes to profitability. Another common feature is a focus on top leadership positions on every market. Banijay Gaming is now the number one operator in continental Europe on sports betting and number four overall in Europe. We are more diversified and better positioned to sustain strong growth going forward. Scale is an important asset in our industry. What matters even more is leadership positions, as we explained during our Capital Markets Day. This is what drives profitability and market share gains. Our scale is not the addition of small market shares in a large number of countries, but the addition of high market shares in all the geographies where we are operating. It is a crucial element of our setup and explains our high level of profitability compared to peers. Before Tipico, we held leading position in four countries, France, Portugal, Poland, and Côte d'Ivoire, already making us a strong, fast-growing operator. After the acquisition, our roster of local champions expands from four to six. We are now a truly Pan-European platform, more diversified geographically, but still very focused in making it right in every market where we lead the pack. We told you during the Capital Markets Day that we would target companies for M&A with leading position. I think Tipico ticks clearly the box. Another common feature resulting of this strong position is the strength of our brands. In this business, powerful brands are a crucial asset, and we have three of them, each deeply recognized in their local markets and seen as clear leaders. Our apps are consistently ranked number one in downloads, driven by products that meaningfully enhance the user experience. This is an entertainment activity, and our DNA in Banijay is about creating entertaining moments. We are not just offering a platform. We deliver a simple, intuitive, and seamless journey across our entire product suite from Sportsbook to iGaming. Thanks to Tipico in Germany and Austria, our unique retail network further reinforces brand visibility and customer engagement. I will come back to it shortly. Importantly, our brands are also amplified through strategic sports partnerships, which enhance visibility and reflect our common DNA to focus on sports fans. For example, we hold exclusive agreements with the Bundesliga and the German Football Association, covering the first, second, and third divisions, as well as the National Cup in Germany. We are also the naming partner of the Primeira Liga and the partner of the French Football Federation. A very consistent approach towards supporting sports. Importantly, another similarity between Tipico and Betclic is our common commitment for responsible gaming. As an entertainment company, Betclic has always been committed to player safety and trust. This is a core operational pillar that underpins our long-term strategy. We notably promote a sustainable low spend recreational model of approximately EUR 6 per week for Betclic. The acquisition of Tipico is aligned with this as Tipico only operates in locally regulated market and is also focusing on recreational model of gaming. This approach is supported by advanced proprietary AI tools for harm detection, as well as dedicated teams focused on player protection. We don't have to change the culture. Last but not least, the final common DNA of Betclic and Tipico is about tech. Both Betclic and Tipico's platforms are scalable, cloud-based, and proprietary. Over the past years, we have fully rebuilt our Betclic platform based on latest technology to ensure high scalability and availability as presented during the Capital Markets Day. Our architecture can now support all our activities across brands, markets, and continents with zero downtime. Let me remind you now of some strength of Tipico, which is operating also under a fully proprietary technology platform at scale with impressive KPIs. Over 8,000 transactions per minute at peak, more than 3 million new tests per day, and over 50,000 retail and mobile requests per second. Results speak for themselves. For these two companies going to be combined, zero breaches, 100% of bets paid in under a minute of time, which is very important to allow players to bet again, and all-time full platform availability. We even see further optimization and efficiency levels in the future, which we are working on, supported by a team of 1,300 professionals across IT, data, and AI. Indeed, over the past years, Tipico has also developed strong tech that leads to similar results to Betclic in terms of security, velocity, and availability. This being said, we will gain further optimization and efficiency down the line as we integrate tech better between Betclic and Tipico. Among others, enhanced cloud hosting and shared tools, as well as pooling procurement is first identified priority. Longer term, the tech combination between Betclic and Tipico will only be studied and initiated after the World Cup. We don't know yet exactly our target setup, but given the quality and the complementarity of the two platforms, we have no doubt that we will be able to improve both platforms tech quality while generating substantial cost savings. With all these common strengths, Tipico and Betclic have demonstrated their capability to outperform the market. We have now outlined our key common differentiators, beloved brands, product excellence, technology, and deep market knowledge and leadership. You may remember this chart we presented during the Capital Markets Day about our capability to outperform the markets we are operating in. What is interesting is that Tipico just did the same, and we have across the two companies, consistently outperform the markets across all our geographies, growing at almost twice the industry rate. This is just the beginning. We still have massive growth potential, notably underpinned by the opportunities arising from the combination of Betclic and Tipico commercially. This is what we are going to see on the next slide. On a commercial level, we see two main areas of complementarity between our businesses. First, in our product offering, and second, in the way we engage with our customers. Starting with the product offering, we see three key synergies. First, poker. Betclic has built a cutting-edge, fully operational poker platform. This creates a clear opportunity for Tipico, which doesn't currently offer poker in Germany where it's allowed. Second, our integrated product ecosystem. Our strategy is not only to grow our player base, which we do, but also to increase player value by encouraging cross-selling between sports betting, which is our base, horse racing, casino, and poker, depending on the regulation of every country. Betclic has a proven track record with around 35% of sportsbook users also playing iGaming as of today. We aim to replicate the successful playbook at Tipico by capitalizing on Betclic's experience and know-how. Beyond that, there could be additional upside if regulation evolves in markets like France or Austria. Third, our innovation culture, which is enhanced by AI. Tools like AI-assisted trading improve both efficiency and pricing. Tipico is already very advanced in this area, and we believe Betclic can further strengthen its platform by leveraging this expertise. Now, turning to customer engagement, we also see strong complementarities. Tipico brings a unique omni-channel model in Germany and Austria with a dense retail network that is very hard to replicate. It's a real competitive advantage built on a CapEx-lite, largely franchised model. With the acquisition of Tipico, we become instantly experts on how to run a retail model, which we believe is a strong asset moving forward as the multi-channel model has virtues. Conversely, Betclic is a digital-native platform, and in several markets, the combination of online and retail is a powerful differentiator. It accelerates customer acquisition, especially where online penetration still has room to grow. As Betclic benefits from Tipico's omni-channel expertise, Tipico will benefit from the strength of a fully digital platform. Finally, personalization is key. As presented at our CMD last year, Betclic has developed a proprietary CRM tool which allows us to better understand player behavior, enhance safety, and deliver a highly personalized experience. One tangible example is the extensive customization Betclic users can apply to their app lobby. We see strong potential to deploy this at Tipico going forward. That's why relying on that competitive advantage, we thus intend to continue to outperform our markets. As I said, this is only the beginning. With Tipico and Admiral, we changed our scale, yet we continue to see sound growth potential ahead, driven by several clear levers. First, we operate in under-penetrated European markets and should naturally acquire new users as the market grows and online gaming penetration increases. Second, our track record and superior offering puts us in a strong position to gain market share from competitors, as we have done consistently. Third, we will continue developing cross-sell and rolling out gaming products enhanced by our content production and distribution business to elevate player engagement and deepen synergies between businesses. Fourth, geographical expansion. With our modular, scalable tech platform, we can enter new attractive markets almost instantaneously, either organically or through acquisitions. As we did in Côte d'Ivoire, the scalability of our platform gives us some optionality either to enter new geographies organically or through M&A. Finally, while less predictable, of course, regulatory evolution, such as the potential authorization of online casino in France and Austria, could also offer very significant upside, which would come on top of our actual trajectory. Let's now move to our content production and distribution business. First, a brief overview of the market we operate in, which is evolving at rapid pace. The broader content industry continues to grow, driven by several structural trends. While demand from traditional broadcasters is declining, streaming platforms and more recently, digital formats such as YouTube, are experiencing strong and sustained growth. To give a sense of scale, over the past year only, YouTube added nearly $10 billion in revenues, and it now generates more than Netflix. To stay ahead in this shifting landscape, our priorities are clear. First, we must continue to grow our market share in streaming. Second, we need to accelerate our investment in digital with a particular focus on YouTube and other high-growth platforms. With these dynamics at play, and thanks to our combination with All3Media, we are exceptionally well-positioned. Together, we have the scale, the creative depth, and the global reach required not only to outperform the market, but to capture significant growth in the years ahead. In this context, everyone can attest that the competitive landscape is evolving rapidly, marked on one side by the rise of a few major international streaming and digital platforms, and on the other, by increasingly consolidating traditional broadcasters and local streamers. To respond to these structural shifts in the buyer universe, studios have pursued their own consolidation strategies to build scale and preserve bargaining power with an acceleration in recent years. Nobody can contest that Banijay has been the most active in consolidation, notably through our acquisition of Endemol in 2020 and the combination with All3Media this year. This puts us in a very good competitive position. Don't be wrong. Demand for content has never been so high, driven by digital, which is a unique opportunity for the enlarged Banijay Entertainment across All3Media powerhouse to grow in our market. The combination with All3Media undoubtedly strengthens our leadership compared to our independent competitors, with an unparalleled catalog of almost 30 years of content. This premium catalog and our brands are an unrivaled asset to serve our clients globally and at scale, which is today, and even more tomorrow, the only way to serve them. Let's have a look at figures and see what is the pro forma 2025 combination. The combination with All3Media creates a clear industry leader, generating over EUR 4.3 billion in revenue. Of which around 75% comes from production, with a strong emphasis on non-scripted programming, fully aligned with Banijay's historical DNA. This acquisition also strengthens our presence in English-speaking markets, which will account for 36% of our revenue compared with 27% for Banijay standalone in 2024. This shift is strategically significant. We will combine both premium local content, which is very important for the global streamers, and English language content, the latter being inherently global. These are key assets to grow in the streaming era. I'll come back to this point in just a moment. Over time, we will unlock meaningful synergies by producing and scaling All3Media formats in markets where they are not currently active, but where Banijay has a strong local presence. Shows like The Traitors are ideal candidates as proven IPs with global appeal that we can rapidly roll out across our international footprint. I can tell you that, I had dinner yesterday night with, all our country managers, and they were all very excited about what they can do with All3Media brands and catalog. In this context, and supported by this combination, we are well-positioned to continue outperforming the market and capturing significant growth, notably by better tackling global streamers and digital platforms, leveraging complementary strength. Let's see now about crucial topic of the strengthened IP portfolio combination. During our 2025 Capital Markets Day, we emphasized the importance of our IP, which is our treasure. Banijay already owns world-class IP such as MasterChef, Survivor, Big Brother, and Peaky Blinders, and many others. With All3Media, we're adding iconic titles like The Traitors, Gogglebox, and Hollyoaks, just to name a few. As we've said before, in a rapidly evolving industry, IP sits at the core of our business model. Each year, our pool of world-class talent, the Steven Knight, Stephen Lambert or George Kay of the world, continues to generate new IPs that strengthen this foundation. Scale clearly matters for financial performance, giving us access to the best terms of trade with major global clients, yes. Scale is just as crucial for creativity, and on that front as well, our leadership is undeniable. Rankings consistently show that we are by far the most creative content company in the world. As said earlier, our strategy in a challenging environment is to better and tackle more global streamers. Let's see now where we are. Today, we are proud to be the world's number one independent supplier to global streamers. In 2025, Banijay and All3Media launched almost 100 titles across scripted and unscripted with the streamers. No other company is even close to this number. Banijay was already an undisputed leader for non-English content. Here are just a few examples. Netflix, The Gardener, became the most-watched Spanish series on Netflix in 2025. Amazon Prime's Culpa Tuya became their biggest ever international original launch. Of course, we are also active in English-speaking content like House of Guinness in 2025. With All3Media, we further strengthen our English-speaking capabilities with approximately 80% of All3Media production revenue coming from English language content, including Netflix's Life on Our Planet, Amazon Prime's Buy It Now, or also on Netflix, Squid Game: The Challenge. Our increasing scale makes us a natural partner for these streaming platforms. They're looking for producers who can deliver premium, adaptable content on a global scale to be their trusted partner, and that's exactly what we are. Let me now briefly touch on AI and how we see it across the group. First, it's important to highlight that our exposure to AI disruption remains limited given our strong positioning in non-scripted content, which continues to rely heavily on the unique connection between talent, host, and audiences, key elements that remain difficult to replicate through AI, as are our highly valuable IPs. Where we see AI as most impactful is as a value creation lever across our operations. On the one hand, we are already deploying AI to drive efficiency gains, particularly in production and post-production. This includes areas such as editing, subtitling, and dubbing, notably through our partnership with Script-q, as well as streamlining certain support functions. On the other hand, the most significant upside lies in monetization. We benefit from one of the largest content catalogs of the industry with over 260,000 hours of content, which represents a substantial untapped source of value. We are progressively migrating this catalog to the cloud and indexing it to first structure and then activate using AI-powered tools, notably through partnerships such as Moments Lab. This enables us to create new formats from existing content, make it instantly available across platforms, and continuously update and optimize its distribution to enhance audience visibility and reach, especially on digital. Overall, we see AI as unlocking new revenue streams while lowering our costs. I mentioned already that a very important growth driver is the expansion of our IP monetization into digital, social media, and live experiences. Last year, during our Capital Markets Day, we highlighted the huge opportunity emerging from social media and AVOD platforms, especially YouTube, which has become the world's largest broadcaster by audience, and this trend, of course, is continuing. We are already generating strong digital engagement with global brands like Big Brother, Survivor, and MasterChef, and we have begun distributing our IP directly to consumers on these platforms. For example, we recently announced that season 9 of Somebody Feed Phil will launch on YouTube in 2027 after previously being available exclusively on Netflix. A lot of initiatives are taking place today, and this is going to accelerate in the coming years. The addition of All3Media is a true accelerator. We and that was, you know, a lot of country managers were already very excited about that. We now gain access to Little Dot Studios' deep expertise, built over 13 years of working with YouTube and managing more than 135 owned channels. More broadly, they bring significant know-how across all major social platforms. Banijay contributing more than 260,000 hours of content to Little Dot Studios will unlock substantial additional growth potential. I want to give you an illustration of where we stand today. In 2019, our revenues with streamers represented less than EUR 10 million. Today, in 2025, including All3Media, it represents around EUR 1 billion. We want to mirror that trajectory on digital. Our revenues from YouTube are still relatively modest, but our ambitions are significant, and we see substantial room for acceleration as we will find the right business models to work with this platform. Our goal, you know, we have always been agnostic about the distribution. So the question is always that people want to watch our content. Our goal is to go beyond a traditional producer and distributor and develop the direct consumer monetization. We want to bring our IP live on every platform and also create new digital-first IP design from the start to work in multiple formats. This enables reaching more people, increasing engagement, and opening up new opportunities for branded content and additional revenue streams. All this, you can only do it with scale. We are also expanding our IP into experiential entertainment. Our IPs are known all over the world, which gives us the opportunity to create immersive experiences. This part of our business has three pillars. Banijay Wonders Studio, the leading producer of large-scale ceremonies, including the opening ceremony of the Milano Cortina 2026 Olympic Games IN 2026, which had been watched by around 2.5 billion people over the world. In 2026, Banijay Wonders Studio will start to create shows with their own IP. LOTI, which we acquired last year. They produce large light and music shows in cathedrals. Thanks to the Banijay network, we have scaled LOTI from one to 8 countries in just one year, with Luminescence launching in 16 cities worldwide with approximately 1 million tickets sold. It is a strong example of how we can turn a local success into a global one, thanks to Banijay's scale and know-how, and this is our own IP. The third, Banijay Live Studios, created to adapt our IP into immersive live experiences. As you know, the first example on our own IP will be the Black Mirror virtual reality experience, which will be launched in Montreal before summer this year and will be traveling in several other countries already in 2026. With All3Media, we now have even more IP to develop, and that's what we are going to do. These are just a few examples on how we are opening new revenue streams and new ways to monetize our extended catalog of IP and developing direct-to-consumer monetization avenues. Our fourth growth driver is sports. We already have a strong presence in sports through Banijay Sports, which produces documentaries like Björn Borg Swan, podcasts such as our series with Jamie Vardy, and a range of sportainment formats, for example, Football Island. With All3Media, we are adding several labels that are active in sports production. For example, North One TV, which has a strong sports slate, including the Cadillac F1 and the live coverage of the 2025 MotoGP season. Little Dot Sport, a digital and social media agency that helps major sports rights holders grow and monetize their audiences through creative and data-driven content strategies. As we expand our sports ambition, we will also rely on Balich Wonder Studio, which brings exceptional credibility in this sector and long-standing relationships with major global brands. In 2026, Balich will be producing, in addition to the Olympic Games, 4 ceremonies for the World Cup in the Americas, two in the United States, including the one for the anniversary of creation of United States, one in Mexico, and one in Canada. In summary, we presented in our Capital Markets Day 2025 four growth avenues for content production and distribution, scaling further with global streaming platforms, strengthening our position as a leading partner, leveraging AI across our content production and distribution activities to enhance creativity and efficiency, expanding IP monetization across digital, social media, and live experiences, and capturing the growing demand for sports content. All3Media significantly improves our position on these four avenues, which makes us very optimistic for the future. I'll now hand over to Sophie, who will walk you through our financial strategy and capital allocation in more detail before I come back to cover our 2026 and updated full-year guidance. Thank you, François. Let me briefly present the value creation model. Our growth will be driven by strong momentum across all our businesses. In gaming, we will benefit from the scale created by the Betclic/Tipico combination enhancement. We are now the number four player in sports betting and gaming in Europe, with leading positions across several of our key markets and exposure to structurally under-penetrated geographies that offer significant user growth potential. Thanks to Tipico's acquisition, we doubled the size of the business while maintaining a high level of growth. In production and distribution, the winning combination of Banijay Entertainment and All3Media creates a scaled IP-driven platform well-positioned to capture the continued growth of global streaming and digital. In live and digital, we leverage the strong complementarity of Banijay Live and Little Dot Studios to accelerate growth on digital and maximize IP monetization. This capacity to generate a top-line momentum, combined with our proven operational discipline, will drive sustained adjusted EBITDA growth. On top of this, we will progressively capture the synergies from the two recent major transactions while maintaining an asset-light model and a disciplined approach to CapEx allocation. Altogether, this supports strong cash flow generation. Let me now turn to our financial track record. We have delivered a very strong financial performance across revenue, profitability, and cash generation. Over the 2023 to 2025 period, we achieved approximately 6% CAGR in revenue, while more than doubling that growth rate for the adjusted EBITDA and adjusted free cash flow. This clearly illustrates the strength of our business model and our ability to translate top-line growth into significantly high earnings and cash generation. We consistently delivered an adjusted free cash flow conversion rate above 80%, fully in line with our guidance. In 2025, the adjusted operating free cash flow conversion rate was 65%. This robust and sustained cash generation reflects both the quality of our asset-light model and the discipline with which we manage operations and capital allocation. Let's now have a look on the additional synergies to come from our recent acquisition. Our synergy potential represents a significant value creation driver over the medium term. In sports betting and gaming, we expect EUR 100 million synergies in the midterm, of which EUR 70 million of OpEx synergies from the combination of Banijay Gaming, Tipico and Admiral, and EUR 30 million of CapEx and platform synergies. This will be delivered progressively in two phases. First, the stabilization, ensuring operational continuity, preserving business momentum, and importantly, supporting cultural alignment across the combined organization. Then integration, in particular, IT and platform convergence, will be a key driver of synergy delivery. This will be initiated after the World Cup. These synergies are partially reflected in the EBITDA, but also partially in CapEx reduction, fueling cash flows. In content production and distribution, the Banijay and All3Media combination will deliver EUR 50 million cost synergies with a fast 12-month run rate driven by cost optimization and procurement efficiencies. Finally, we continue to see a broader EUR 200 million cross-group synergy opportunity as presented at Capital Markets Day last year. This is supported by our unique positioning across entertainment, gaming, and live, which allows us to better leverage IP, develop integrated branded content, and scale immersive experience. With greater scale, we are well-positioned to capture these opportunities in the medium term. Let me now turn to our EBITDA and cash flow growth outlook. Over the period, we expect over 7% adjusted EBITDA CAGR, 2025, 2027, 2029 on a pro forma basis. A significant share of this growth is expected to come from sports betting and gaming, supported by strong momentum in under-penetrated markets with substantial player growth potential as well as by the strength of our platform and our ability to deliver a best-in-class customer experience. Content production and distribution, together with live experience, will also contribute meaningfully over the period. Growth in these activities will be supported by increasing scale with global streamers and will be further strengthened by reinforcing English language content through the combination with All3Media and commercial synergies. Finally, by maintaining a disciplined CapEx policy and continuing to benefit from the synergies being delivered, we expect to sustain a very strong adjusted free cash flow conversion rate, again above 80%. Let's now move to the main topic of capital allocation policy. Our capital allocation policy starts from a position of strength supported by robust cash flow generation. Our approach is simple, disciplined, and balanced with three clear priorities, shareholder returns, sound balance sheet, and M&A. Let me start with the attractive shareholder return. We want to send a clear signal of confidence through a twofold approach, a growing ordinary dividend and an exceptional distribution. We are introducing a new dividend policy with a progressive dividend growth reaching about 10% CAGR over the 2025 to 2029 period. In addition, because we will receive a substantial amount of cash upon closing the All3Media transaction, we are not willing to carry an excess of cash while our cash generation will be enhanced by acquisitions and synergies. Therefore, we will also pay an exceptional one-off dividend of EUR 400 million post-closing of All3Media, representing EUR 0.95 per share out of the EUR 800 million of cash upstream received from All3Media operations. Together, these decisions reflect our strong commitment to delivering attractive and visible returns to shareholders while maintaining a sound balance sheet. From a pro forma leverage of around 3.2x at the end of 2026, including an exceptional dividend and run rate synergies, we will deliver steady deleveraging year after year, reaching around 2x by 2029, driven primarily by strong cash flow generation. This implies a regular and sustained reduction in leverage of around 0.4 times per year. Finally, on M&A. Naturally, in the next months, we are going to focus a lot on integration and synergies to translate into figures all the potential that François presented before. This is also why we are comfortable to distribute a part of the cash that we will receive in the All3Media transaction. First, our priority will be to increase our stake in our gaming business through the agreed acquisition. More broadly in the midterm, we will continue to actively assess value-creating opportunities and play a role in industry consolidation in line with our track record. Regarding specifically The Independent, the deal with All3Media creates a new context in which we need to assess precisely with our new partner the opportunity of exercising the call. For this reason, we cannot tell you today if we are going to exercise this call. As the new setup also reduces the amount of cash needed to exercise the call, this potential call should not impact the leverage presented above if exercised. Let me now conclude with adjusted EBITDA growth. This slide is key as it reflects both our growth trajectory and our commitment to it, now a central pillar of our shareholder return framework. We are targeting a double-digit CAGR in adjusted EPS, which brings together the core strengths of our model. Solid underlying growth, an enhanced group profile, and strong earnings generation. This trajectory is primarily driven by adjusted EBITDA with over 7% growth in CAGR over 2025 pro forma to 2029. Below adjusted EBITDA, LTIP charges will normalize around 4% of adjusted EBITDA, excluding a non-cash exceptional charge in 2026 of EUR 100 million related to the evolution of top management LTIP in the context of Tipico acquisition. This represents a major decline compared to past year. Financial expense will increase, reflecting the higher debt level post-transaction, with a stable cost of debt expected, and taxes will rise progressively in line with earnings growth. Overall, this supports a strong and visible EPS growth profile. Finally, it is worth highlighting the strength of our shareholder base, with our controlling shareholder representing 45% of the Banijay Group's share capital, providing stability and long-term alignment while leaving ample capacity to expand the float significantly. I now hand over to François for the presentation of our mid-term outlook and conclusions. Thank you, Sophie. In the medium term, as Sophie told you, we expect an adjusted EBITDA growth above 7% CAGR, 2025 to 2029 at Banijay Group level on a pro forma basis, supported by around 10% CAGR for our sports betting and gaming business, of course, on a pro forma basis, including the integration of Tipico Group. Mid-single digit CAGR for our content production and distribution business, here again, on a pro forma basis and integrating All3Media. Cash flow conversion will remain strong, with adjusted free cash flow conversion over 80% and adjusted operating cash flow conversion approximately at 65%. This highlights the robustness, attractiveness, and efficiency of our business model, enhanced by a new business mix. This strong cash generation will fuel a progressive dividend increase, reaching more than 10% CAGR between 2025 and 2029, in line with the expected double-digit EPS growth. We maintain our midterm target to reduce leverage to around 2x by 2029, implying an average leveraging of approximately 0.4x per year between 2026 and 2029. When it comes to 2026, as we highlighted before, the next slide, 2026 will be a major transition and integration year, with the Tipico transaction expected to close in April and All3Media by fall. The synergies will not yet be significant in 2026 and will depend on the closing dates, notably All3Media. We expect to deliver a mid-single digit adjusted EBITDA growth on both a standalone and on a pro forma basis, and it would have been higher than 7%, restricted from the tax impact increase in France in July 2025. Fully in line with our midterm outlook. Same, the level of adjusted free cash flow conversion should also be in line with the midterm guidance of around 80%. As outlined in our 2025 result presentation, we expect continued robust growth across both businesses in 2026, albeit with a different mix compared to the high levels seen last year. At the content production and distribution business, including All3Media, we anticipate better growth in revenues with a slightly lower margin reflecting a different revenue mix. In our sports betting business, including Tipico, a strong sports calendar, including the Football World Cup in the summer, will boost revenues, while 2026 EBITDA growth, as I just mentioned, is going to be impacted negatively by the full impact of tax increase in France implemented in July 2025. Of course, our teams are today focused on preparing the World Cup as I speak, and we are ready to make the most commercially of this event, which is always a great event for our business. One last figure I want to show you before my concluding remarks is where we expect to be by 2029 in terms of revenues. Strongly positioned as a global integrated entertainment platform, we are now ideally structured to capitalize on major industry trends and sustainably create value for all shareholders towards circa EUR 10 billion revenues in 2029. Of course, this is just about organic growth, and it's, this is just the beginning. Let me finish by highlighting the key takeaways. In just one year, we have delivered a clear step change in scale, fully aligned with our strategic roadmap, establishing Banijay Group as a global leader across content and gaming. We now benefit from a stronger setup, supporting both growth and cash generation. This positions us with a unique global platform at the intersection of content, sports, and live experiences, unlocking multiple monetization and growth opportunities. As a result, we are very confident in our ability to deliver sustained growth, margin expansion, strong cash generation, supporting continued dividend growth and value creation for our shareholders. Thank you for listening, and we are now ready with Sophie to take your questions. Thank you so much. Dear participants, as a reminder, if you wish to ask a question over the phone, please press star one- one on your telephone keypad and wait for your name to be announced. To withdraw a question, please press star one and one again. Alternatively, you can submit your questions via the webcast. Please stand by, we'll compile the Q&A queue. This will take a few moments. Now we're going to take our first question. It comes from the line of Davide Amorim from Berenberg. The line is open, please ask your question. Bonjour, François. Bonjour, Sophie. Thank you for the presentation. A few questions from me, please. First, with your new group on the pro forma basis, you now have two large businesses, which was something you were aiming for, during your investor day last year. Do you still plan to keep these two businesses together, or could separating them be an option? My second question is on the gaming side. Germany is still a relatively less mature market for online sport betting compared to other, European markets. Do you see any current positive discussion that could lead to a more flexible regulation for online sport betting operators? And, my last question is on the independence. I mean, obviously, there is much less details on that call option in today's presentation compared to the last year presentation. Should we understand that your view on activating the call option has changed, and the situation has evolved as well significantly? Because, I mean, over the last two years, you now need to integrate two large businesses. I'm just curious about your thinking on that call option. Thank you. Thank you, Davide, for your small questions. On your first one, of course, we are really committed to keeping the integrity of Banijay Group. We believe that it enhance our scale and our capabilities. Also, we start to implement synergies between the businesses. It takes time, because, for example, on the gaming business, we are developing games based on IPs of the content production. It takes a little bit of time to develop them, but it will be really important to gain more market shares on this part. No, of course, we are very pragmatic, and we are open to any transformation of the group if it's creating value and strategically helping our goals. Today, we are not thinking of separating the business. Your second question on Germany. In fact, you know, Germany is a country where regulation is too tough. It's not adaptive. You have a part of the market which is still a black market, unregulated, with no protection for the player, with no protection for the minors. Actually, it's the same in France when it comes to iGaming. We believe that with our new setup, our new European dimension, it will be also our, you know, our job to try to convince the different governments that, you know, there's no interest for anyone to have a black market developing when the regulation is too stringent. Of course, the regulation is here to protect the players, to protect the market, and it works well when it's well done. It's a case, for example, for the sports betting in France or in Portugal or in some other places. It's a very strict regulation, but it's a regulation which works, and people are not going to bet on illegal websites too much. In Germany, it's not the case, and especially on iGaming, and we believe that there can be some upside. We don't see today some evolution yet, but you know, at the end of last year, the regulatory authority was to take a decision about limits, and there were debates on changing limits, and finally, they decided not to change anything, and on the other side, to increase the maximum stake for iGaming. We start to see that they take into account what is going on on the black market. Definitely we believe that Germany is under-penetrated in terms of legal markets. To get back illegal markets into legality is really something that can be producing a lot of growth for Tipico moving forward. On your first question, I think clearly, you know, we have a new partner. We have a new setup, and in our discussion with RedBird IMI, we have decided together that we will focus on the current existing perimeter and that we would discuss about The Independent when we have found our deal on the existing perimeter. That's what we have done. We have started the discussions with RedBird IMI and with the founders of The Independent, because they also have their word to say in the new context, to see if we were to exercise this call or not. That's why we haven't made the decision yet. It's a question of the All3Media deal coming to use our bandwidth during the last months. Of course, now this topic is on the table and we are discussing it. On the financials, as Sophie said, two things have lowered the cost for us of exercising the call. One is that if we exercise the call, we will share it 50/50 with RedBird, so they will have to buy half of our stake of The Independent and we would share the price of the call. It's of course a very important lowering of the need of cash to exercise the call. The second thing is that compared to the projections we used during the Capital Markets Day, they haven't completed an important transaction that was planned to be completed in 2025. Even the price of the call is lower than t hey have achieved their targets in terms of organic EBITDA, but they have not done one acquisition, which was having an impact on the cash costs. In any case, the cash cost if we were to exercise the call option for us would be small, and as Sophie was saying, with no impact on the revenue. The decision is not made and we will communicate it as soon as it's made. Excuse me, Davide. Any further questions from you? Oh, sorry. No, it was very clear. Thank you. Thank you so much. Now we're going to take our next question. The question comes from the line of Conor O'Shea from Kepler Cheuvreux. Your line is open. Please ask your question. Good afternoon. Thanks for taking my questions. Three questions from my side as well. Just to confirm, on 2026 that, François, you expect the margins for both businesses to decrease. I guess that's pro forma year-over-year. First question. Second question, in terms of the synergies, the EUR 70 million OpEx in Tipico and the EUR 50 million from All3Media, I guess just to confirm they are included in the 2029, fully included in the 2029 EBITDA CAGR growth target of 10%. Third question, just in terms of the live events business, can you update us on if there's any disruption to that business from the situation in the Middle East? I think that was a problem before. Is that potentially a problem in 2026 as well? Thank you, Conor. Just, I will answer to question number three and one, and Sophie, question number two. I take first your question about the Middle East. Of course, as everyone, we monitor what is going on in the region very precisely. We are not really exposed massively to what is happening in the Middle East as we have no impact of energy price, et cetera. That's the first, I think the first comment to make is that, our businesses are not really impacted by geopolitical or macroeconomic trends. You're right. I would say the potential negative impact we could have is on the Balich, you know, activity in the Middle East. For the moment, first, as we had been exposed before to that, Balich has been diversifying their sources of revenue, so they are less dependent from this region. Second, for the moment, we don't have too much visibility because only two events have been canceled, which are the Formula One races. For the moment, some others have been postponed, but we have no visibility. In any case, this is not really material towards our 2026 guidance. Banijay has been diversifying their sources of revenues. You know, you see in 2026, it's Olympic Games, it's a World Cup in the U.S. It will be also, I was mentioning an IP show in Spain. It's not. Yeah. The impact for us could exist but will be, in any case, really limited. On your first question, in fact, you know, as our sports margin was, yeah, you know, in 2025, we had a very high level of margin on our production business. And it was the result of, you know, a mix of what has been delivered. So we had less revenues than what we could have expected, but with a good margin. We said in 2026, the mix will be different. The margin will be a little bit lower than last year, but completely in line with our track record as revenues will be more dynamic. Again, a question of business mix. Of course, on sports betting, the only negative impact on the margin that we are expecting is the tax. So it's really mechanical. In France, the increase in tax is going to lower our margin. But other than that. Okay. There's no tension on the margin on sports betting. Okay. Regarding the last question you asked regarding the synergies on Banijay Gaming, I confirm that the EUR 70 million of cost synergies expected in this business are included in the 2029 target. The EUR 50 million for all three as well? Yeah. We expect to deliver this EUR 50 million of cost synergies in one year. In one year. Okay. In one year. Okay. Within 12 months after closing. Of course. Yeah. Okay. Very clear. Thank you. Thank you. Dear participants, as a reminder, if you would like to ask a question over the phone, please press star one- one on your telephone keypad. Alternatively, you can submit questions via the webcast. Just give us a moment. Now we will take our next question. The question comes from the line of Raman Narula from Principal Asset Management. Your line is open. Please ask a question. Hi. Thanks very much for the presentation and for taking my question. Have a couple, please. Just wanted to clarify, I mean, in terms of reporting going forward, because obviously you have bonds outstanding on both the Banijay and the gaming perimeter specifically. Do you plan to sort of report separately on the Betclic perimeter as well for bondholders? Or at least, you know, alongside Banijay Group results also publish, you know, three statement quarterly and annual results for the gaming perimeter only? Well, for on the gaming side, for the bondholders and lenders, we are planning, of course, to have this quarterly call like we have usually at Banijay Group level. Of course, we will disclose some specific KPIs and financials on the gaming at gaming at Banijay Gaming level. Once a year for the full year, we will have a call with the CEO and CFO of Banijay Gaming to explain the results and the business at Banijay Gaming level. Got it. The quarterly reporting will be similar to what you guys are doing now. You'll sort of disclose some financials, but there won't be like full three statement visibility until annual results. Is that right? Right. Okay. Got it. The next one, just curious, I mean, for 2026, are you able to disclose any specific guidance on the gaming perimeter only, both in terms of top line and EBITDA? What we disclose is what François presented during this presentation. For 2026 it's only at Banijay Group level. Of course, due to this transformative acquisitions, it's quite difficult to give a precise guidance by business. You can. You have already the outlook for Banijay Gaming. For the midterm outlook, you have the specific guidance for the gaming side. Again, as I mentioned earlier, 2026 is a World Cup year, so it will be a good year for our gaming business, again. You know, we have this tax impact, of course, so the EBITDA will be impacted. On the revenues, we expect, of course, a strong year in 2026. Understood. Thank you. Just one more, if I may. On Austria, in terms of sort of regulation, is there any more color you can share with us in terms of like which way the government or regulator is leaning towards, or it's still early days to say? Well, we don't have too much worries about Austria. Of course, we are going through regulatory and antitrust authorities, but we don't expect any pushback. We don't have so many geographies where we are overlapping, so it follows its path, but so far, we don't see any issue. No, no. Sorry. I think you misunderstood me. I was talking about. Oh, sorry. Potentially liberalizing, you know, the iGaming regime in Austria. Oh, okay. Sorry. It's my understanding. Yeah. Yeah. I heard Austria. Sorry. Yeah. In Austria, you may have seen that there are discussions in the government. 'Cause today, Austria, iGaming is allowed, but it's a monopoly. So it's not that it's not allowed, it's a monopoly. The government is discussing about opening up to competition, rather than going through a new auction for a monopoly. The decision has not been made yet, but I think it's heading towards this direction. In France, it's a little bit different because the political situation has been quite unclear for the past years. What I can tell you is that one of the previous governments recently in 2024, end of 2024, decided to open iGaming. It was Michel Barnier's government, and they started to work on that. Finally, Michel Barnier's government was dismissed by the parliament, not because of that, but on the budget they presented. This has not been tackled by his successors, but it now it's something which is in the you know potential debate, and that's something we hope could be implemented. We believe that the situation of the public finance in France and also the fact that the black market is developing rapidly and with a lot of money going to tax havens and with some people that are not so honest. That could create an environment where it would make sense to open iGaming. At this stage, nothing is moving that will. At best, it will wait for the presidential election of 2027. Understood. Just one more, if I may. In terms of like M&A on the gaming perimeter, I mean, are you looking to sort of diversify away from sportsbook and increase your product's capabilities in other areas, just given sportsbook tends to be very calendar-driven and a bit more volatile? Or how are you guys thinking about your pipeline? No. We are by DNA first a sports book company. As I mentioned, the combination with Tipico is not changing that. Actually we're quite happy about it because it's a culture, it's more entertainment and we believe that to start with it's a good base because, you know, the demand for sports is growing, the interest for sport is important and we believe it's a good anchor to our business. Then we try to develop cross-selling with some success. We have nothing against developing more iGaming or poker or other gaming, other games. We feel comfortable with our sports gaming activity, which is growing. We believe that the opening up of iGaming in the geographies where we are active in sportsbook is the best upside for our business. To state it differently, I don't think we would be ready to operate iGaming in countries where we are not operating sportsbook. Understood. Thank you very much. Thank you. Now we're going to take our next question. The question comes from the line of Davide Amorim from Berenberg. Line is open, please ask your question. Yeah. Sorry, just a quick follow-up from me. I understand that improving stock liquidity is a priority for you, François and Sophie, but how should we think about the timeline of a potential liquidity event? Should we expect something in the coming weeks, month, or only next year? If you provide any kind of color on that, please. Thank you. Thank you, Davide. No, sure. Of course, this priority has not changed. Of course, this update is required before we can do anything, because we are giving, you know, visibility to the investors, to the market on our financial trajectory with our two large acquisitions. You know, as you know, you have it will depend on the market, of course. You know, you never know what happened in the market. Two months ago, we would not have thought that there would be what is happening in Iran. But we don't have reasons to wait until next year, if we can do it this year. We don't have to wait months if we can do it in weeks. It's just a question of market situation. It's clearly on top of our mind. Thank you. Thank you. Now we're going to take our next question. The question comes from the line of Raman Narula from Principal Asset Management. Your line is open. Please ask your question. Hi. Another quick follow-up from me. Just curious on the gaming side, I mean, it's quite a topical issue in the U.S., but don't know how much it's impacting you guys in Europe. Have you seen any impact on the business in terms of, you know, prediction markets? I mean, in the U.S., you know, prediction markets are seen as a way to sort of circumvent where sports betting is outlawed and essentially place sports bets. Are you guys seeing any uptake of that in Europe? And what has been the regulatory discussion so far in the geographies which you operate in? No, yeah. Of course, prediction markets, we follow that closely. What is happening in the U.S., it's a big topic in the U.S. for our industry. There's nothing like that, in Europe. No, we are operating, in continental Europe. You know, in all our geographies, what you can bet on is very, very strict. You cannot bet on many things. You cannot bet on politics. You cannot bet on weather. You cannot bet on anything. Even when it comes to football, in the countries where we are operating, you cannot bet on who is going to have the next throw in or who is going to have a yellow card. It's very strict and the regulation is restricting on purpose the offer of what you can bet on. You know, we don't believe that there is some room in continental Europe for the development of prediction market, which is a complete deregulation of betting. Understood. So far in terms of player, like active users, you're not seeing any leakage to- No, not at all. You know. Not at all. You can see our—no. You have seen our figures. We have very good figures in 2025. Now we give you a guidance on growing 10% per year on the next 4 years. No, we don't see anything like that. Our focus is what I mentioned earlier. It's more the question of iGaming, which is not regulated. In a way it's not regulated. This is very significant, the black market in the countries where the regulation is not good enough. But prediction markets, no. Understood. Thank you very much. Thank you. All speakers, there are no further questions on audio lines, and I would like to hand over to the management team for any written questions. Okay. We have several questions online about All3Media and Banijay Entertainment. The first one regarding the All3Media transaction, how much of the EUR 1.2 billion free cash flow do you anticipate reinvesting immediately into your content production distribution business, and what are the priorities for investments in Banijay Entertainment? You know, I think All3Media transaction is a very significant one. I hope you got what I tried to convey to you, which is that All3Media and Tipico are not just acquisition. It's really opportunities to speed up the transformation of our businesses, and especially the case on the content production business. We don't have set targets of level of acquisitions in the content production business. We believe we have a lot to do with the synergies with All3Media cost, commercial, et cetera. Of course, we will look at opportunities, definitely. Of course, we will also look at the call on the independence. We don't have a dedicated envelope on content production. We also now have a strong partner with RedBird IMI. If the right opportunity comes, both of us can combine to seize it. But again, there's no budget. Of course in the cash flow, that's a cash flow, yearly cash flow, there will be the increase in dividends, et cetera. It's not all for M&A, of course. Questions about All3Media debt. Are you asking about the potential refinancing of this debt? Yes. As we mentioned, we secured a bridge debt to refinance this part. For the closing, we will be fully secured on this. We are currently looking at all the options to refinance this debt, but it's not yet definitely defined. We will of course shortly revert to you as soon as we. Regarding the full financing of Banijay Entertainment, as you know, there are some maturities in 2028, and we need to think about this refinancing globally speaking with All3Media refinancing. That's why for now it's not yet completely defined and revert to you. Okay. There was one question on liquidity, but we answered it already. Yeah. I think if there is no further question, we can conclude. Sure. Thank you, Louise. Maybe a quick word for concluding remarks, and I want to really insist on the two following points. One, we are now in a unique position to deliver value creation and cash flow. Two, we are sharing it with shareholders, as detailed by Sophie, with a clear return policy. Thank you, and IR team is available for any follow-up. This concludes. Thank you very much. Today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.