Air France-KLM SA ($AF)

[Interpreted] Ladies and gentlemen, dear shareholders. First of all, I would like to thank you for being here today, and I would like to welcome you to this annual meeting which is very important for us and that you're all expecting this general meeting holds a very special significance for me today. This is, in fact, the first time that I have the honor of chairing it as Chair of the Board of Directors of Air France-KLM. It is a great honor and I fully appreciate the responsibility that has been entrusted to me. I would like to once again express my gratitude to [indiscernible] for all the work that she's accomplished during her 7 years as Chair of the group, particularly during periods of unprecedented turbulence. It's a strong group, united and resilience that she contributed to build, and I am committed to continuing to grow it. The year 2025 was a remarkable year marked by successes and landmark milestones for Air France-KLM, whose results reflect the progress achieved, thanks to the exceptional dedication of all of our teams. Our revenue increased by 4.9% compared to 2024 and our operating income reached EUR 2 billion with an operating margin of 6.1%. We achieved this performance together. Thanks to all our business segments, passenger transport, cargo transport and our aircraft maintenance business. Last year, Air France-KLM and Transavia carried more than 100 million passengers. In cargo, Air France-KLM and Martine cargo teams successfully met the strong demand on key routes, particularly between Asia and Europe. And in maintenance Air France industries, KLM Engineering and [indiscernible] successfully adapted its services for the airlines of the group as well as for its customers throughout the world, securing numerous new contracts and generating double-digit growth for the full year 2025. At the same time, Flying Blue celebrated its 20th anniversary in 2025, a wonderful opportunity to celebrate a program that has once again recognized as one of the best loyalty programs in Europe and which has surpassed the 30 million member milestone. All these achievements are all the more remarkable that we operate in a geopolical environment that remains particularly complex. In 2025, the conflict in Ukraine has dragged on, continuing to weigh on our operations with the ongoing closure of the Russian air space. Added to this is the continued closure of certain regions in Africa as well as the inability to serve countries such as Mali or Burkina Faso. As we begin 2026, the conflict in the Middle East marks a further deterioration of this environment with persistent instability that affects some of our own routes, driving up fuel costs and creating operational uncertainties that we continue to manage with vigilance and agility. These economic factors have weighed on our cost and revenues but I am confident in our resilience and our ability to overcome them. In 2025, we have also made progress in implementing our strategy to move up market. The improvement in the customer experience has been rolled out across all our airlines, new cabins, high-speed WiFi on board and redesigned lounges around the world. At the same time, we made significant strides in sustainability and sustainable development. Our decarbonation action plan is yielding tangible results. By the end of 2025, our fleet was composed of nearly 35% new generation aircraft and will reach 80% by 2030. Furthermore, we use twice as much sustainable aviation fuel in 2025 as in 2024, the progress that illustrates our group's determination to continue playing a leading role in the environmental transformation of the aviation sector even though there is still a long way to go. The year 2025 also provided an opportunity to prepare actively the consolidation of European air transport. Air France-KLM has strengthened its commercial partnership with SAS, which is already contributing positively to the group's financial results. Building on this momentum, our group has announced its intention to initiate the process aimed at acquiring a majority stake in the airline. Beyond SAS, we are pulling out all the stops to seize other consolidation opportunities in Europe. Our ambition is clear to play a leading role in the sector's evolution while creating new prospects for sustainable growth for the group and for our customers. To close dear shareholders, I am proud to rely on the commitment of the group and the group's 80,000 employees and team members and to work alongside the team led by Benjamin Smith, whose dedication has enabled Air France-KLM to reclaim its position as a European leader. You can count on the dedication of the men and the women who bring this group to life and its airline to life as well as the full commitment of the members of the Board of Directors and the executive team. Thank you. I will now present to you the procedures to constitute the bureau of the assembly, which I will be chairing. Mr. Artur Post, maybe you want to standup so we can see him. He represents the French States holding Agency and Ms. Linda an Schendel, who represents the Dutch State. Thank you. They have agreed to serve as scrutineers. I thank them for this. Lucy Minsa, our General Secretary of the group, and she will serve as the Secretary of our meeting today. The statutory auditors, Valerie Besson, Eric Dupre, Ameli Jodi [indiscernible] and Filipe Vasant are also present. Valerie Besson present the reports on behalf of the Board of the statutory auditors. As is customary, we have engaged a court officer to certify the validity of the meeting. I now turn the floor over to Lucie Munis for the formalities.

[Interpreted] Thank you, Madam Chair. I can confirm that the legal formalities have been completed the notice of meeting and the notice of convening were published on April 27 and May 15, 2026, respectively. All documents required by law are available at the front desk and on our website. They have been made available to shareholders since the notice of the meeting was issued, and I suggest that we not list them. You may already consult the responses to the written questions submitted prior to the meeting, which are published on our website. Finally, I would like to inform you that we have not received any request to add resolutions or items to the agenda. A review of the attendance sheet shows a provisional quorum of 63.34% confirming that the legal quorum 1/4 of the shares entitled to vote has been reached. The general meeting is therefore duly unconstituted and may validly deliberate on both ordinary and extraordinary matters. The final quorum will determined be on the start of the vote on the resolutions. I now give the floor to Florence Bali to continue our meeting.

[Interpreted] Thank you, Lucy. I hereby declare that the meeting is duly constituted and may validly deliberate. And I propose that we do not read the full text of the Board of Directors report, the resolutions and the auditor's report, which have been made available to you. Regarding now the agenda for meeting, [indiscernible] will first provide a summary of the resolutions submitted to your vote. Our Chief Executive Officer, Benjamin Smith, will present to you the group's activities during the 2025 fiscal year, the strategic priorities of Air France-KLM as well as the group's CSR strategy and the actions taken in this regard over the past year. Our Chief Financial Officer, Stephen Zad will then present the financial results for the year 2025. Following their presentations, I will outline the work related to the group's governance and Alexander Vines, Chairman of the Compensation Committee, who'll provide an update on the compensation of the executive officers. I will then invite Madame Valerie Besson, representative of the Board of the statutory auditors to present their report. And finally, we will answer your questions with [indiscernible] and [indiscernible] before proceeding to the vote on the resolutions. I now give the floor to Lucie [indiscernible] who will now sum up the resolution submitted for your vote.

[Interpreted] Thank you, Madam Chair. I will now present the resolutions, the details of which are included in the meeting notice for sure, available on our website. First, under ordinary business, Resolutions 1 to 3 concern the approval of the company and consolidated financial statements for fiscal year 2025 and the appropriation of earnings. Resolution 4 concerns the approval of a regulated agreement. Resolutions 5 to 7 concerns the renewal of directors' terms of office Resolutions 8 and 9, concern the acknowledgment of the expiration of the term of office of KPMG as statutory auditor responsible for certifying financial information as well as sustainability-related information and the appointment of Deloitte and SSC to replace KPMG in the same capacity. Resolutions 10 to 16 concern the exposed votes on the compensation of corporate offices for the year 2025 and the ex-[indiscernible] vote on the compensation policy for 2026 and resolution 17 concerns the authorization granted to the Board of Directors to trade in the company's shares. Let us now turn to the extraordinary resolutions. Resolutions 18 and 19 concerns the proposal to grant financial authorization for capital increases, reserve for group employees who are members of a company or group savings plan resolution 18 and for employees of the group's foreign subsidiaries resolution 19. Resolution 20 concerns the authorization granted to the Board of Directors to reduce the capital by canceling treasury shares. Resolution 21 concerns the ratification of the amendment to Article 30 of the Articles of Association regarding the update of the record date for the General Meeting of Shareholders the latest regulatory changes and Resolution 22 concerns the powers required to complete the necessary formalities.

[Interpreted] Thank you very much, Lucy. Before handing the floor over to Benjamin Smith, I suggest we take a look back at the highlights of 2025 through very short video. [Presentation] I will now hand the floor to Benjamin Smith our Chief Executive Officer, so he can present to you the group's performance during the 2025 fiscal year and discuss the strategy and outlook of the group.

Okay. Good afternoon, ladies and gentlemen, and dear shareholders. It's a pleasure to be with you for this annual general assembly. Today, I'll share the Air France-KLM Group's 2025 results, walk you through our key strategic achievements, outline our upcoming priorities and, of course, answer your questions. So let me begin by emphasizing that we are executing our strategy and consistency and all this is done with discipline across all pillars and that this focus is translating into tangible encouraging results. In a nutshell, in 2025 and beyond, we continue to reinforce our market position notably through our proposed increased stake in SAS Scandinavian airline system, which would subject to government approval, strengthen our footprint in the Nordics and enhance connectivity to key North American and Asian markets. Financially, we continue to improve profitability. In 2025, our operating margin reached 6.1%, reflecting robust revenue generation and rigorous cost control. Our brands remain a global benchmark for excellence for the fifth consecutive year, Skytrax named Air France, the Best Airline in Europe. This prestige is matched by the commitment of our teams, our Employee Promoter Score has risen by 33%, a proof of the benefits of our social strategy, driving the engagement of all colleagues. And finally, sustainability remains the cornerstone of our transition plan. Fleet renewal is our primary lever with next-generation aircraft now representing over 35% of our fleet, supported by SaaS blending levels that significantly exceed regulatory requirements. In 2025, Air France-KLM delivered strong execution in a demanding environment. Group revenue reached an all-time high of EUR 33 billion, which is up 4.9% year-on-year. The operating results stood at EUR 2 billion, which was an improvement of EUR 400 million over 2024 and the highest in our history. We carried nearly 103 million passengers, surpassing the 100 million mark for the first time since the pandemic. These figures demonstrate that our disciplined execution is translating into a structurally stronger financial performance. Many of you have been shareholders for years and know that our long-term vision required firm strategic decisions. We have modernized our fleet, reducing the number of aircraft types across the group, almost by half to unlock powerful group-wide synergies and ensure product consistency. As demonstrated by the successful rollout of KLM's premium comfort cabin. This action, along with redefinition of our customer promise, allowed us to become more harmonious in addressing customer expectations and better aligned with the modern standards across all group brands. A personal priority of mine has been stabilizing and enhancing social dialogue. The road has at times has been challenging, but it has resulted in the trustworthy healthy relationships we see today. I'm incredibly proud of this progress and remain committed to maintaining this spirit of partnership. These initiatives form the bedrock of our transformation, optimizing our cost base and securing the pathway toward our long-term operating margin target of 8%. Fleet modernization remains our top priority. For value creation, which includes the integration of the Airbus A320 neo family at KLM and Transavia, which delivers superior experience while significantly reducing our environmental and noise footprint. At the top of the market, we continue to redefine luxury. The 2025 Air France unveiled its new La Premiere experience, which is the ultimate expression of French sophistication. On that occasion, we revealed our plan to make this exclusive product available on more aircraft and on more routes confirming our commitment to the luxury segment. We have also enriched our long-haul offering through premium content partnerships with Canal Plus, Apple and the introduction of free high-speed WiFi at both KLM and at Air France. On the ground, our new and refurbished lounges in Chicago and Boston, offer an elegant environment anchored in our signature hospitality. These touch points strengthen the prestige and appeal of our brands across the world. In line with our global strategy, our cabin mix is shifting toward higher value segments and by 2028, nearly 1 in 4 seats across our long-haul fleet will be in a premium cabin. At Air France, the share of La Premiere and business seats will reach 14% by 2028. At KLM, the business segment will grow to 11%, while the premium comfort cabin is expected to expand at 9% of total seats. This represents a striking growth in premium capacity, 40% for Air France and 116% for KLM in comparison with our 2022 positioning. Combined with stable load factors, the structural shift significantly improves the quality of our revenue. Flying Blue, our loyalty program, which now unifies the customer experience across all our airlines, including Transavia, recently celebrated its 20th anniversary. It has evolved into a leading loyalty program with over 30 million members, a number that has almost doubled since 2022, with 40 airline partners and over 100 commercial partners the program is now embedded in our members' daily lives. This scale creates a powerful impact. In 2025 alone, members donated 1.2 billion miles to NGOs and named best airline loyalty program by Point.me for the second year running, Flying Blue is a cornerstone of our strategy, driving retention and long-term value creation for each and every 1 of our customers. In parallel to our commercial tracks, our sustainability journey is underpinned by disciplined investment with over 1/3 of our fleet now comprised of new generation aircraft, we are consuming less fuel and reducing our CO2 and noise footprint. Simultaneously, our SaaS blend reached 2.9%, which is well above regulatory mandates. For those of you following the subject and as you already might know from the news, these efforts are recognized externally. We were awarded a gold medal by EcoVadis us in the top 2% globally, and our CDP climate rating improved from B to A. Collectively, these achievements demonstrate measurable progress and reinforce AFCO's KLM's position among the leaders in sustainable aviation. Looking ahead, our ambition for our airlines is very clear to be the best in their respective market segments. So what else falls the best premium airline in Europe. At KLM, the best innovative airline in Europe, and with Transavia, the best low-cost airline in Europe. The historic positioning of Air France has always been rooted in [indiscernible]. As we look forward, we are pushing the pinnacle of this identity even higher across every cabin, which is all the way from La Premiere to economy. Our strategy for Air France rests on 4 uncompromising pillars. We are accelerating the rollout of our latest cabin interiors to ensuring consistent, elegant, French experience across the entire long-haul fleet. We're also focused on reducing service failures and improving cabin condition and cleanliness ensuring it matches our brand promise. We are investing in crew training to deliver a more personalized, intuitive service that anticipates passenger needs. And we recognize that for the premium traveler time is the ultimate luxury, on-time performance and reliability remain our top operational priorities to ensure smooth operations, notably at our Air France hub at CDG. KLM's heritage is one of pioneering spirit and that heritage dictates into its future. We are positioning KLM as the most innovative airline in Europe, leveraging its unique experience in a highly competitive global landscape. To achieve this, we are building on 3 historic strengths as the original architect of the modern global hub and spoke system, KLM continues to optimize connectivity, ensuring we remain the most efficient bridge between Europe and the world. KLM has always been at the forefront of airline partnerships. We are beginning a new level of sophistication to our joint ventures and European consolidation tracks to maximize network reach. We're adopting a customer-first digital vision at scale by integrating AI and advanced data analytics across all touch points, and we're transforming tech requirements into future commercial opportunities that personalize the journey for every traveler. Moving on to Transavia. I want to reaffirm our commitment to building the leading low-cost airline in Europe and I'm confident our teams now have all the necessary attributes to make this a reality. Our road map for Transavia is focused on 2 key drivers: Transavia's cost structure remaining highly competitive as we continue the ongoing ramp-up of operations in our primary bases, the Netherlands and France, we will achieve further economies of scale and operational maturity. Unlike traditional low-cost rivals, Transavia benefits from the power of AskanKLM, the entire group. And by integrating the Flying Blue loyalty program and leveraging our cross-group commercial expertise, we're improving revenue quality and building a unique competitive edge that point-to-point rivals cannot match. Our nonpassenger businesses, Engineering & Maintenance and cargo remain indispensable contributors to the group's financial health and operational stability and as we continue to invest for the long-term growth. Air France-KLM's E&M is a global powerhouse in the MRO, maintenance, repair and overhaul sector. We're focused on 2 strategic imperatives. Our internal priority remains absolute delivering the highest standards of safety and technical reliability to keep our group's aircraft in the air and generating revenue. But beyond our own fleet, we're strongly expanding our third-party business by leveraging strategic joint ventures with partners like Airbus, AerCap and AAR in addition to Safran. We are securing our leadership in the maintenance of new generation engines and components turning our technical expertise into a diversified revenue stream. On the cargo side, we're transitioning from a traditional carrier to a digitally integrated logistics leader. We're investing to win in a high-yield, fast-paced global market. Through our flagship projects, 1 roof in Amsterdam and G1 XL 2030 in Paris, we're radically modernizing and simplifying our ground operations. These state-of-the-art facilities will drive efficiency, reduce costs and accelerate processing times. Our digital-first approach is a game changer by providing customers with seamless booking and total real-time transparency, we are increasing our agility and ensuring we remain the preferred partner for high-value time-sensitive global trade. We said it before to be a true global leader. Air France-KLM must secure a leadership position across the key European markets. We are moving to a truly integrated pan-European network, taking an active and disciplined role in the consolidation of our industry. Our acquisition of a stake in Scandinavian Airlines, SAS initially at 19.9%, with a path toward a 60.5% controlling interest is a transformative milestone. This move already provided us with immediate access to the high-yield Nordic market and by fully integrating SAES into our network, once again, subject to regulatory approval, we will significantly enhance our traffic mix and create new efficient flows between Northern Europe and our global hubs in Paris CDG and Amsterdam Skip. As you've likely seen in recent news, we remain highly focused on TAP Air Portugal. Our strategic rationale here is definitive. Lisbon positioning as the premier gateway to Latin America, a region which exceptionally, which has an exceptional growth potential, would make it a very valuable addition to the group. Lisbon could become the group's unique South European hub competing and complementing our existing global gateways. We're working closely with all key stakeholders to make this acquisition a reality. It represents the final piece of our European geographic puzzle ensuring Air France-KLM has a strong North South access that covers the most profitable long-haul corridors in the world. This privatization process is expected to end this summer, meaning we will very soon know if this vision can materialize. Taking a step back at our M&A strategy, these are not just investments in airlines, they are investments in strategic sovereignty, ensuring our group remains a key architect of European aviation. Finally, we must address the challenges ahead. The conflict in the Middle East has created a highly complex environment for international travel, disrupting global flows and introducing airspace constraints and higher fuel costs. In this context, our group has demonstrated remarkable agility with only 2% capacity of our capacity in the region, we swiftly reallocated aircraft to avoid underutilization. A diversified network allowed us to move capacity to markets with stronger demand, notably in Asia. By rerouting long-haul flows through Paris and Amsterdam, we captured rising yields in the strong context of supply-demand imbalance. While we are resilient, the situation remains very fluid. We anticipate that higher fuel prices will not be fully recoverable in the coming quarters of 2026. As we confront the challenges of tomorrow, we must look clearly at a structural trend affecting not just Air France-KLM but the entire European aviation sector. The erosion of our collective market share and the gradual offshoring of European aviation. If we look at the data spend in the last 2 decades from 2005 to 2025, the shift is undeniable. European legacy airline groups are losing ground on 2 fronts. On short and medium-haul networks, our historic market share has contracted by an estimated 12 points driven by the aggressive expansion of point-to-point low-cost carriers such as Ryanair and easyJet. Simultaneously, on long-haul networks, the traditional engine of our profitability European network carriers have seen a collective market share erosion of more than 15 points. This traffic is increasingly being diverted through the massive connector hubs of Turkish Airlines and at the Gulf carriers, such as Emirates, Qatar Airways and Etihad. This is not merely a challenge of commercial competition is a fundamental shift in the center of gravity of global aviation, heavily influenced by asymmetrical operational conditions. Faced with this reality, Air France-KLM is actively advocating on every level, local, national and international for an industry-wide transformation to ensure a true global level playing field. Both in France and the Netherlands, we are engaging constructively on critical local issues. This includes addressing upcoming budgets, collaborating on proposals like the ADP France Joint Connect France initiative and navigating [ Skip ] all airports charges and aviation tax projects, always while pushing for smart decarbonization incentives that reward progress rather than penalizing European hubs. At the international level, we're calling for a new EU aviation strategy, specifically designed to improve the level playing field between European and non-European Air Carriers, alongside the necessary reform of passenger rights under the EU 261. Furthermore, we are demanding fair and balanced traffic across all agreements, reevaluating frameworks like the EU Qatar agreement and advocating for a global carbon reduction diplomacy. European Airlines cannot be the only ones bearing the financial weight of environmental regulations, while our international competitors operate without similar constraints. These priorities are made particularly critical by the current context which puts our industry under increased pressure to secure a sustainable and respected future competition must remain fair. Air France-KLM will continue to lead this dialogue to protect our sovereignty and our growth. So I want to thank our employees, many who are in the room today. Our customers and our shareholders as well as our partners, your commitment, trust and support allow us to act with the long-term vision necessary to ensure that Air France-KLM remains a leader of the aviation industry proudly based in Europe. Thank you very much.

[Interpreted] Thank you very much, Ben. A very clear presentation for telling us about the prospects for the group. Now I will give the floor to our CFO, Stephen Zaat, who will present to us the financial results for the group in 2025. Stephen, you have the floor.

Madam [indiscernible], Madame [indiscernible] Dames [indiscernible], ladies and gentlemen, good afternoon. It is with great pleasure that I stand before you today at this Annual General Meeting to present the financial performance of Air France-KLM for the year 2025. And to share with you our outlook for 2026 and our midterm guidance for 2028. Every year, this is moment -- this moment is an important opportunity to reflect together on our progress our challenges and the path forward. And this year is no exception. Last year, when I stood here, I described a year marked by considerable headwinds. Operational disruptions and the impact of the Olympic Games that weighted heavily on our results. We closed 2024 with determination and clear commitment to turn that page. And today, I'm pleased to share that 2025 was a year of strong execution, disciplined steering and financial strength for our group. We delivered a record operating result, simplified further our balance sheet, invested in fleet renewal and continued our transformation that will shape our future. This performance is the result of the relentless efforts of our teams across the world on the ground, in the air and in our support functions. Let me take you through our key achievements. In 2025, Air France-KLM will be nearly 103 million passengers, an increase of 5% versus '24 and revenues rose to EUR 33 billion, an all-time high for our group. But the most remarkable achievement is our operating result of EUR 2 billion. [indiscernible] EUR 400 million versus 2024. This is the highest operating result ever delivered by Air France-KLM reflecting both strong commercial and operational performance and our ability to control our cost. During '25, we reimbursed again, EUR 500 million of [indiscernible] debt related to social charges and wage taxes. Corrected for these payments, the recurring adjusted operating free cash flow improved by more than EUR 700 million and amounted to EUR 1 billion. This underlying positive free cash flow shows our cash flow generation capability from our business and supports our target for substantial operating free cash flow delivery. Our net income stood at EUR 1.8 billion, following our improved operating results, but the stronger euro compared to the U.S. dollar supported the net result as well. This improved net result contributed to our IFRS equity, which amounted to EUR 2.4 billion. Last but not least, we closed the year with a leverage ratio of 1.7x in line with the group's emission of between 1.5x to 2x. Let me walk you through the performance of our businesses. Passenger network revenues increased by 4%, supported by capacity growth and strong demand in the premium process on the longer route. Cargo revenues remained broadly stable year-on-year. Both activities together resulted in a strong increase in our network operating results to EUR 1.8 billion, achieving a margin of 6.5% getting closer to our 2028 ambition of more than 8% margin for the group. This performance reinforced our conviction that focusing on premium cabins and operational reliability is the right strategy. Transavia grew by 12% in revenues. However, the temporary effect of the transfer of Air France's operators in Orly to Transavia and the move from Boeing fleet to Airbus fleet for Transavia France and the Netherlands, weighted on the unit revenues and operating results. On top, we had additional [indiscernible] charges and the so-called TSBA tax in France, which weighted heavily on this activity. Our maintenance business delivered another year of profitable growth with operating income of EUR 267 million and a margin of 4.8%. Continued demand of engine and component services increased our order book in 2025 by USD 2 billion to almost USD 11 billion. This improved order book will drive our third-party revenues in the coming years. Beyond operational and commercial results, 2025 was also a year of financial strengthening of our balance sheet. We continue to simplify our balance sheet with several actions, the full redemption of the hybrid convertible bond of EUR 300 million and the first Apollo hybrid of EUR 500 million. A successful EUR 650 million of senior bond issuance in January 2026 at a 3.9% coupon with the lowest credit spread ever achieved by Air France-KLM. We will continue to reduce the hybrid stock in our equity by strengthening it through our net results generation in the next years. On top our cash at hand remained stable at EUR 9.4 billion, well above our targeted liquidity levels of EUR 6 billion to EUR 8 billion. Let me now briefly touch on the SAS transaction. As announced in July 2025, we are progressing towards the consolidation of SAS into the group in the second half of 2026. After regularity approvals, our stake will be 60.5%, and the Danish State will own 26.4% and the other shareholders as a result of the Chapter 11 process will own the remaining 13%. Once SAS is part of the Air France-KLM Group, synergies will be unlocked. For instance, enhanced loyalty, customer value, extended partnerships complementary networks, but also cost benefits due to the economy of scale and lower finance cost. Turning to our outlook for 2026. Given the geopolitical issues in the Middle East, we had slightly adjusted our 2026 outlook. We expect group capacity still to grow 2% to 4%. This growth is driven by 2% to 4% long-haul capacity growth, stable short and medium haul capacity and growth of circa 8% to 10% by Transavia. Unit costs are expected to be between 0% and plus 2%, including the 0.5 unit cost uplift linked to the cabin premiumization. Unit cost control will be the central key item in our company. And despite the reduction in capacity, we are confident that we can maintain our initial guidance. To protect our cash flow, we have adjusted our net CapEx guidance to below EUR 3 billion with approximately 80% dedicated to fleet renewal and fleet related investments. Our leverage guidance remains between 1.5% and 2%, consistent with our commitment to financial discipline. Looking further ahead, I would like to repeat our midterm financial ambition for 2028. Our goal is to reach an operating margin above 8%. A significantly positive adjusted operating free cash flow after years, we were hampered by paying back the social charges and the wage tax of COVID, a reduction in unit costs driven by simplified operation, transformation programs and fleet renewal and an investment-grade profile. These ambitions are supported by every entity within our group and represent a collective commitment to long-term sustainable value creation. Before closing, I want to address our shareholders directly. A large part of our -- of the shareholders' base consists of individual shareholders. If you own at least 5 shares, you could register yourself as a member of the individual shareholder of clip. This clip has 4,000 members and is still growing. The members receive on a regular basis, newsletters and private events have been organized. We renewed in February '23, the individual shareholders committee, the CCAI with 10 new members who meet the Air France-KLM management regularly. In 2026, two new members joined the committee. We will introduce the members of the CCAI during the Q&A session, if you haven't registered yourself to the clip yet, please visit our website. In December 23, the group has offered shares to the employees in 20 countries. In total, 17,000 colleagues have participated in this employee share plan, which was 22% of the total workforce of Air France-KLM at that time, bringing the total entire shareholding to 4%. We are happy with the confidence and commitment to our trajectory and having our colleagues in the group's shareholders. Your trust, your loyalty and your engagements continue to inspire us, and we are sincerely grateful for the confidential place in Air France-KLM. To conclude, 2025 was a year of record operating results, disciplined execution and strategic progress. 2026 is a year which started with EUR 90 million negative impact due to the severe winter weather, mainly in the Netherlands, but even worse, the rising fuel price due to the geopolitical issues in the Middle East has an impact. However, it is good to realize that our hedging policy is partly protecting us, and we are now in a more resilient shape than in our past. Our ambition and strategy will continue to drive value for the company and you as a shareholder. I want to express my heartfelt thanks to our employees, customers, partners and of course, to you, our shareholders. Your support is essential... [Audio Gap]

[Interpreted] And that will be submitted for your approval. In 2026, 3 directors terms will expire and who were elected appointed during the group's wide elections held last January and whose terms are expiring namely Michel [indiscernible], who will represent the employees and former employee shareholders who are airline pilots for a term of 4 years. Nicola [indiscernible] representative of the ground staff and cabin crew employees and former employee shareholders for a duration of 4 years. And finally, having been co-opted for a term that is rapidly coming to an end. My term as a Director also expires at this general meeting. It is proposed to you to renew it for a term of 4 years. And I need to clarify that the Board of Directors has decided to renew my role as Chair for the duration of this term, subject 2-year approval, of course. I would like to now invite Alexander Wynaendts to join me. So we can present to you the compensation proposals that will be put...

[Interpreted] Thank you, Florent. Dear shareholders, good afternoon in French. In my capacity as Chairman of the Board of Directors' Remuneration Committee, present you the main elements of the remuneration of corporate offices for 2025 as well as the remuneration policy adopted by the Board for the year 2026. These details are set out in Chapter 2 of the 2025 universal registration document and will be paid to vote in Resolutions 10 to 16. That has begun with the remuneration of a couple of [indiscernible] for 2025. The total remuneration for directors for 2025 amounts to EUR 1,393,500. It was determined by the Board of Directors within the limits of the annual budget of EUR 1,550,000. And in accordance with the remuneration policy approved by your Annual General Meeting last year. Let us now turn to the 2025 remuneration of the Chair of the Board of Directors and of the Chief Executive Officer. First, I would remind you that the term of the [indiscernible] of the Board of Directors and Mary Koder came to an end following the Annual General Meeting or Assembly on the fourth of June 2025 on which date Florence [indiscernible] succeeded in these duties. Accordingly, in accordance with the pro remuneration policy for the period from January 25 to the fourth of June 2025. The Chair of the Board of Directors received a fixed annual remuneration of EUR 150,000 and did not receive any variable remuneration. The Board of Directors had also decided that the remuneration policy for the Chair of the Board for the 2025 financial year would apply to the future chair on a pro rata basis. Thus, for the period from fourth of June to the 31st of December 2025, the Chair of the Board of Directors received an annual fixed remuneration of EUR 201,289 and received no variable remuneration. As regards to the Chief Executive Officer, the remuneration paid to him in 2025 comprised the following components. Fixed remuneration of EUR 1,044,000, annual variable remuneration of EUR [ 1,524,760 ] for the 2024 financial year. Long-term variable remuneration corresponding to 72,922 performance units under the 2022, 2024 long-term plan for which a 3-year performance rate stood at 59.5%, amounting to EUR 721,490. The remuneration awarded for the 2025 financial year comprises the following components: a fixed remuneration of EUR 1,044,000 million. Annual variable remuneration of EUR 1,753,920, representing 168% of the fixed remuneration calculated based on the [indiscernible] trait of the targets set out in the remuneration policy approved by last year's Annual General Assembly and long-term variable remuneration corresponding to 232,558 performance units, payable in shares under the 2025-2027 long-term plan valued at EUR 2 million, subject to performance and a tenants conditions over a 3-year period. More specifically, the annual variable remuneration awarded for 2025 was calculated based on the performance against the criteria detailed in the table displayed on screen. The performance of the quantitative criteria related to group's financial targets amounted to 96% of the fixed remuneration and a portion related to criteria linked to the group's nonfinancial objective or extract financial objectives was set at 72% of fixed remuneration. That is a total of 168% of fixed remuneration. Let us now move on to the remuneration policy for 2026. For 2026, it is proposed that the total remuneration budget for directors to be maintained at EUR 1,550,000 that the allocation rules has approved at last year's annual general meetings remain unchanged. This amount will thus be allocated among the directors whilst continuing to apply a fixed component and a variable component based on attendance. The Board has also decided to maintain the remuneration policy for the chair as approved by recent general assemblies, namely a fixed annual remuneration of EUR 350,000. No variable remuneration component is provided for. With regards to the Chief Executive Officer of the Board of Directors, has decided to maintain the remuneration policy approved at last year's general assembly, largely unchanged, namely a fixed remuneration of EUR 1,044,000, a target annual variable remuneration of 150% of the fixed remuneration if targets are met at maximum of 180% of the fixed remuneration targets are exceeded. And long-term remuneration, subject to the fulfillment of demanding performance conditions requirements assessed over a 3-year period, the amount of which has remained unchanged since 2018, totaling EUR 2 million. Furthermore, the supplementary pension scheme introduced in 2024 would be maintained. More specifically, annual variable remuneration will be assessed on the basis of performance criteria linked to financial targets to 60% and nonfinancial target is 40%, half of which are linked to the decarbonization action plan. This performance criteria was established by the Board of Directors in order to optimize alignment with shareholders, interest with the aim of limiting the [indiscernible] and simplifying the structure. Furthermore, as part of the ongoing dialogue between the company and its shareholders certain adjustments have been made to improve transparency in the assessment of the individual performance and leadership criteria. This will be assessed partly on the basis of a qualitative assessment and partly on the basis of a quantitative assessment. Finally, Chief Executive Officer will receive long-term variable remuneration with unchanged amount of EUR 2 million payable in shares and subject to the fulfillment of demanding performance conditions assessed over a 3-year period. The performance conditions of the 2026, 2028, long time plan, focused on the group's performance with CSR performance targets accounting for a significant proportion. Furthermore, certain adjustments have been made to the definition of the assessment criteria in order to take full account of the expectations expressed during the shareholder dialogue. Thank you dear shareholders, for your attention.

[Interpreted] Thank you, Mr. Chair. I would like to thank you for this session on governance and compensation. And now I invite , [indiscernible] represents the Board of statutory auditors to present to us their reports.

[Interpreted] Thank you, Madam Chair and gentlemen, shareholders. Good afternoon. On behalf of the Board of [indiscernible] auditors, KPMG I have the honor of reporting to you on the engagement, not trust our reports for the 2025 fiscal year are increases in the nose that is as well as in the 2025 universal registration document. We have issued 7 recalls a report on the annual financial statements report on the consolidated financial statements, a report on regulated agreements. 3 reports related to capital transactions and report certifying sustainability and you had taxonomy closures. -- that it is customary at this meeting, I would like to present the 2 points of these reports to you. So I will begin with our reports on Group's annual and consolidated finance -- they can be found on pages 499 through 502, 473 through 478 of the universal registration document, respectively. The purpose of our work on the consolidated and annual financial is to provide reasonable assurance that the financial statements are free from material misstatement. Our reports highlight the key findings of our audits, which represents the matters we consider most significant in forming our opinions. For the consolidated financial statements. There are 3 key audit matters, the recoverability of aviation assets, the recognition of deferred tax assets of the French tax group and the recognition of revenue from transportation tickets issued are not used. With respect to the annual financial statements, we consider the valuation of equity securities and related receivables to be the key focus of our audits. Are your company's Audit Committee and Board of Directors were kept regularly informed of our work. In conclusion, we have issued an unqualified opinion on your company's annual financial statements and the group's consolidated financial statements. Our report on the annual financial statements include a technical observation regarding the first-time application effective January 1, 2025, of ANC Regulation 2026 on the modernization of financial statements. Our third report is on regulated agreements. It is -- it can be found on Pages 503 through 507 of the universal registration document. We have been notified of an agreement entered into during the fiscal year 2026 that was subject to prior authorization by your Board of Directors during the 2025 fiscal year. This agreement concerns the signing of an amendment to the joint venture agreement between Air France-KLM, Delta Airlines and Virgin Atlantic Airways. This agreement is submitted for your approval under the fourth resolution report also mentions the agreements entered into a previously approved the performance of which continued during the fiscal year. We have no comments to make regarding the fourth resolution. Regarding our reports on capital transactions. We have issued 3 reports. They can be found on Pages 50 through 53 through on the notice of meeting. That return to resolutions 18, 19 and 20 authorizing transactions that may affect your company's capital. These reports contain no specific comments or observations. We will prepare additional reports, if necessary, when your Board of Directors exercises this authorizations I will conclude with our reports on sustainability disclosures on name. It can be found on Pages 356 through 359 of the universal registration document. Our limited assurance report covers compliance with the ESS and European regulations regarding process implemented by Air France-KLM to determine the disclosures published Second, the sustainability information included in the sustainability statement and further based on the procedures performed, we did not identify any material errors, emissions or inconsistencies regarding compliance with the SRS and European regulations. Part 3 of our report includes a technical observation related to the requirements of the DNA pollution criterion as presented in paragraph 4.2 to 4.5 of the sustainability statement. Madam Chair, ladies and gentlemen, shareholders, I thank you for your attention.

[Interpreted] Thank you very much, Madam statutory auditor. Let me -- thank you in this particular moment for the work, the amazing work that has been done by all of the KPMG teams have been supporting the group for the last 24 years. Your dedicated commitment and has always been supporting our teams, particularly throughout the multiple prices that we faced together, and it has been absolutely appreciated. Let me short of that, all of you. And let me thank you again for that. We're now, I don't know there's a jingle, maybe not, but -- we will now start our Q&A session. So we'll proceed I will take 3 questions at a time. And I'd like to thank you in advance first of all, to introduce yourself when you ask a question and to be as concise as possible, so we can take as many questions as possible. So we'll dedicate 45 minutes to this session. So that will give us plenty of time, I believe, to answer all your questions. Lucy, you have the floor.

[Interpreted] Dear shareholders need to kick off this Q&A session, the Individual Shareholders Advisory Committee CCAI has been working on the key issues that concern you. I would therefore like to invite the members of the CCAI to stand up and ask so that you can see them in the room. And [indiscernible], I'd like to invite you to ask the 3 questions that emerge from you work, and you have microphone #2 at your disposal.

[Interpreted] Hello, Filipe. First question. Given the situation, which suggests it is in the Middle East, could you tell us what impact on safety of passengers and the operations of airlines of the group and also tell us more about the financial impact for the Air France-KLM Group. Hello, not in Zai, Cs. I'm talking about decarbonization of the group policy, can you reaffirm the commitments of the Air France-KLM Group [indiscernible]

I'm an individual shareholder. My name is Christian Kashis is the first time of the opportunity to attend to Air France-KLM general assembly live in the Southwest of the capital. And before submitting my questions, I have to say, I've been pretty disappointed with the reception receiving clients of Air France-KLM is landed. And I would have love to for these hospitality to benefit shareholder handed up, but the railway stations without knowing where to had to. And when you have a escalate, you have to head right. I didn't get on the right escalator. It would be nice for you to do a bit of signage from the [indiscernible] to this venue. Now with regards to what you said about the company and on the competition with the Middle Eastern hubs. And I don't think this is in our advantage to extrapolate in so far as the summit of insecurity in this geographic area will probably impact to only bring to in the medium term, the growth of this hard located in the Middle East. So what is your take on this?

[Interpreted] Yes. The third question, please. Give us on the left.

[Interpreted] I'm an individual shareholder. I kind of hesitate putting this question to you. We are shareholders and clients of Air France-KLM. So let me share my personal experience. I don't want to draw a general rule from a particular case but yesterday I prepared a personal chip for a small group to Qatar at the end of October and to fly to Qatar at the end [indiscernible] between -- well, I'm hoping that by then the region will have the traffic will be resumed, and the piece will also have resumed in this region. But I was not able to find any direct Paris-Doha flight, although the Qatar competitor land 4 flights a day and we amongst. Well, and one of those flights was with A-380. So I'm quite surprised that Air France is absent of such an important route.

[Interpreted] I will take the first question. You are absolutely right on clarifying -- in order to clarify the future, we need to know where we are at and where we come from. So you mentioned beautiful activity, which is in our group called Air France-KLM, Martine Air cargo. You referred to an ancient past. I would like to tell you that there's not one day that goes by since I am chairing this Board of Directors where I don't feel satisfied to know that cargo is only contributing in a positive way to our business. It's a huge pleasure and pride for me. And if we're there, it's because a lot of work has been done and you also mentioned rightfully so that in a company and in an airline company, particularly the question of trust between the top management and the team members is essential. And I'd like to thank the team that had this group for the last 8 years to have found ways to have a social dialogue that I would qualify as peaceful. Because I believe that it is a necessary condition to pursue the development of the group. So you can count on myself and on the Board to continue to support this movement and this momentum. Now I'd like to talk about the impact of the Middle East crisis. Maybe Ben, you can tell us what you -- you could start...

So on the impact the current events on the activity by the Gulf carriers. Of course, the activity has not returned to what it was prior to this conflict, which started some time ago. So we are seeing, as I mentioned in the presentation I made earlier that we are benefiting with the reduction in capacity with higher loads and the ability to carry more traffic. On the medium -- or in the midterm, we believe we should continue to benefit from some of that traffic. But I based on history, I've been in this business 36 years. People have short memories, and many passengers choose the airline and the routing in which they fly based on the price. And with the amount of capacity that these carriers have, it would be my assumption that they will lower prices to ensure their airplanes are full. So I think mid- to long term, it's not going to have any impact in the way we need to operate in that region. [indiscernible] The geographical region is because they're too far spread amongst the different cities in which they serve. So we are -- and we've been public about this, even though we are still technically competitors and we cannot get into any of their strategic details. But from looking from the outside, it -- what we'd like to see eventually is a concentration in Copenhagen and creation of a new hub the -- how that could impact KLM or Air France from a governance perspective. The setup that we have today works quite well where we have experts from both in the Netherlands and in and in France, and we have great joint ventures in the United States and elsewhere in the world. So we don't anticipate any change there. We would expect some excellent talent that's already within SAS, and we hope to keep those people once this takeover actually goes through and how we set up the organization of which functions are done where are they going to be done in Copenhagen and because the headquarters is actually in Stockholm today. Will they be done in Amsterdam or will they be done in Paris to be figured out. But the objective would be to, as we do today to ensure that the best talent is doing the best job. But in terms of the way we're set up today, which is sometimes going to be a little challenging. We are going through some evolution today, but it's always done following all the local regulatory rules that we have in place, plus the internal regulations that we've agreed to, we don't foresee any change.

[Interpreted] Thank you. Maybe you want to add something, right?

So let's first -- I'm also personally shareholding as a company, so I can imagine your events, and I think it should be normal that at a certain moment, we will pay dividends to our shareholders. However, we are currently still having a lot of to be paid back related to the COVID debt. I just explained to you, this EUR 500 million per year, which we had paid back since 2022. It's good that we see the end coming. So after 2026, at least we don't have to pay back the social charges to Air France. And then the wage tax will actually end for KLM in October 2027. So we are getting out of that now. The second element, which is also there is if you look at our equity, we have now currently in equity of EUR 2 billion, but the equity is supported by EUR 3.2 billion in Highwoods. So we are continuously optimizing our balance sheet. We want to strengthen our equity by our net result. And our equity is strong enough. We will pay dividends out of our equity to our shareholders. But it is still too soon. And I'm sorry for that. The good news is that at least our share price, if you compare that to a year ago, has been growing with 16%. So we are creating value for our shareholders. But unfortunately, we still need to get back to reduce our actually exposure of this [indiscernible] debt and also to strengthen our equity in the coming period.

[Interpreted] Thank you, Steven. I would also like to answer our shareholder who says he was disappointed not being able to find the tax on the tablet. But this tablet is meant to vote. It doesn't mean that the rest of the information is not available because the overall information was put online on our Air France-KLM website. I just want to make sure that there are no other questions. Yes, there is next to the... And the -- so let's start with -- and if you want to ask a new question, we'll have a moment.

[Interpreted] I'm an individual shareholder. I have a very specific question with regard to the renewal of the fleet of the midrange of fleet. Because the delivery of the Airbus A320 is coming to an end and nothing has been announced with regard to the renewal of the aging aircraft for A320 of Air France. So do you have plans as I would like to know.

[Interpreted] Thank you very much. I'm moving on to this side of the room.

[Interpreted] Good afternoon, ladies and gentlemen. Good afternoon, Madam Chair. I live in Paris. I'm Mrs. [indiscernible] I've had some issues in my shares for some time. I acquired 22 and France, after 25 years, only have 2 left. How is this possible when I didn't sell any [indiscernible]. So I were wondering who should I contact should I ask France for some explanation or should I contact my bank. When I got here, I was told that need to contact my bank. But I would really look forward to some clarification. I know that your capital is not to involve people in the second meaning of the word. Because you're the first medium action to fly in fact. But I don't know who to talk to. So please, could you give me could you clarify this? And give me my butane shares back.

[Interpreted] Thank you very much. Thank you. Thank you very much. Is there a third question? -- before I give the floor back to Ben. Yes?

[Interpreted] I'm an individual shareholder. My question is more to do with Northern Asia. There's a geopolitical question, China, in particular, as we cannot fly over Russia as a result of the conflict wanted to know whether you plan to strengthen alliances with Chinese airlines, something like a joint venture as kind of a Delta and Virgin joint venture to address this problem more efficiently and to avoid losing market shares. China is turn already in Sky Team, [indiscernible] Sky team. I wanted to know -- there is no longer any airlines bearing cat. I think the brand is not really enhanced pushed forward commercially speaking. And that's about it. That's my question.

[Interpreted] Thank you. Ben, maybe you don't want to talk to tell us about the fleet.

In terms of the question as to there was aircraft that will replace the medium-haul Air France aircraft in [indiscernible] made it will be A220 Air France between now and 2030, All these A320 will be replaced with the A220.

[Interpreted] So on the question of the shares that disappeared, if I could use this word. First of all, Madam, I can absolutely understand your reaction. I wouldn't be happy if I were in your shoes. So we need to find the explanation to this disappearance of shares. So I will ask as the as soon as this session is over to our team of investigators to come up to you -- and I want to make sure that your intention is only to transport passengers at a high altitude, but definitely not to steal them. I hope we'll get to the bottom of this before you leave [indiscernible]. Thank you, anyway, for asking this question, and you were very right to do so. A question now on geopolitics. On China, how do we work with the Chinese carriers. Ben, you may want to answer that one?

Commitment to SkyTeam has not changed. We actually now have SAS who has switched from Star Alliance the Sky team. And if we are successful with acquiring TAP, we expect to do the same thing. So Sky team is getting stronger. And the main objective of SkyTeam is to provide benefits to the individual members. So you are based in Paris, and you are flying blue member, if you end up going to a destination that is not served by Air France-KLM that you can maintain benefits if you are a top-tier customers. So all of those lounge access et cetera. That will remain in place, and there's always enhancements that are being worked on, in particular, on the digital front. On the joint ventures, we have partnerships even with non-[indiscernible] or non-SkyTeam partners such as Qantas as an example. But with China Eastern, it is a challenge to deepen the partnership, which we already have when one of the airlines has the ability to fly over China and the other doesn't. So customers, of course, do have a choice much as with China Eastern, but also where China and China Southern to fly in one of those carriers. And because they are SkyTeam -- because 1 of them in the SkyTeam member, China Eastern, we do in some situations, managed to indirectly keep those customers within the partnership. But we're fortunate that the bulk of our customers choose to stay on KLM and Air France. Many of them are not comfortable flying over Russia. And what we've done is we've scheduled all of our flights to China on a night night schedule. So you leave Europe late at night, this way you don't lose the day. So with the extra time it takes to get to the destinations by avoiding Russia. It's not as penalizing as if the flights are going through the day. So there is absolutely no reduction in our commitment to SkyTeam, and we continue to invest to get the alliance benefits for our customers to a higher level.

[Interpreted] Thank you. So I'm turning to the room now to see the -- anybody else wants to ask a question. We still have a bit of time left if somebody wants to ask a question. Well, I think on the Sector 3 and 4, maybe. Second question, please. Is that correct?

[Interpreted] Hello again. Thank you very much for your answers to my first question. on a medium-term basis with regards to the conflict in Iran, and on its impact on the availability of hydrocarbon of fuel. I've heard that some of the production areas, notably for kerosene have been impacted. And are you going to adapt your site offering if the conflict goes on, especially how are you going to manage the long hauls.

Thank you, on this slide, please.

Good afternoon, members of the Board. This question is about punctuality of the Air France. I want to know whether there is a benchmark where we can compare your punctuality compared to other airlines. As far as canceled flights, delayed flights, passengers reaching destination, but without the baggage, et cetera. So how do you place yourself for example, compared to British Airways or companies like Qatar or Emirates.

Thank you very much. Is there a third hand that will raise on the side, yes, please.

[Interpreted] Just 1 question Poul be joining Board general assembly where we would be speaking French when French would be spoken or at least we could have the subtitling would there be headsets available as you walk into this? Is there a shortage of headsets.

[Interpreted] So we'll start with the question on the impact of the conflict in Iran and the availability of oil. Do you want to start Ben?

We've publicly gone out with some statements in the press releases recently confirming that we're confident we have enough fuel through the end of the summer and that the entire schedule of Air France and KLM will operate. So beyond that, we don't have full visibility yet. But as more -- as we get more confident with fuel suppliers, we'll announce that further out. But for the next 3 months, we don't see any issue.

[Interpreted] Thank you. I may give the floor to Anne on the punctuality of Air France versus its competitors.

[Interpreted] Can consult on Cerium website, CIRIUM, which compares the arrival punctuality within 15 minutes. So we always compare with our competitors. We all have big challenges since COVID regarding the operational performance because of the supply chain that is still disrupted. Because specifically in France of the air traffic control and the lack of controllers that is impacting -- it has impacted our punctuality last year. So we have worked a lot with civil aviation to manage this year to have a better performance. So we had beginning of this year, I think it was a bit the same for KLM. That was tough with snow crisis. Since then, we have seen a significant improvement of our polity compared to last year. And we have prepared the peak days between June and September with a great focus of all of the operational teams to reinforce our buffers to reinforce our resources and we are quite confident with the fuel that is supposed to be there. As Ben has said, we will be able to operate all our flights and with an improved operational performance.

Thank you, Anne, on the availability of the headsets for the translation I would like to apologize. The headsets were available at the reception in the lobby. If you didn't get one, it's a shape. I'm sorry about that. And I hope that in the meantime, were provided with one. I'm sorry came a bit late, and we'll try to make it more visible next time, so people don't miss out on them. We can always -- there's always room for improvement isn't there, so please accept our apologies. Thank you very much. I'm turning back to the room because we still have a bit of more time left for more questions. Jotun see someone over there and another 1 [indiscernible]

Take from the second question. Now I'm referring to taking the SAS operation should that have a favorable issue -- and coming to the fore. My question is the following. You have projects -- with regard to the integration of SS of improving the service levels of the company, which Howard I put it -- it's just my personal opinion. But to my mind, it is very if we may call it a with regard to the quality levels of their lounges and pertaining to the quality of service in the air, notably with the intra-European business included.

Thank you. Looking at the right side of the room.

I would like to know whether you have any information pertaining to traffic. We talked about Asia, but looking side towards the Americas because some people refuse how would I put it to no longer wish to go to the United States of America because of the dislike President they have there. Have you felt any decrease in traffic both ways, either way across Atlantic [indiscernible]? Well, you need to know that in August '23, it was divided by 10 of the share. The shares. So it was divided by 10 the time. So they had 20, which became the must have been paid by the bank. She needs to check that out.

Thank you for doing the job of the investors team. So first question regarding the quality of SAS.

As I already mentioned, we don't today have control of SAS. But what I can share is they are the most on-time airline in Europe. So they're running a very good operation. They have made considerable investment already in their product. They have introduced a European business class, which was not the case in the past, and that's already up and running. They are in the process of opening a new business class lounge in Copenhagen. And from what we understand, they have numerous projects for improving the onboard product for long-haul flights. So we're already seeing an investment -- considerable investment at SAS. And part of the business case for us is that the hubs, well, the 2 and then hopefully new hub in Copenhagen is that the customers who choose to fly with our group have a similar standard of service across the 3 hubs that will be the midterm objective.

Thank you very much and maybe we can talk about.

Still very strong. There is still a very strong appetite for traffic outside of originating in the U.S. to Europe, actually a little higher than last year. And I think that's compensating for the very slight decrease in demand out of Europe to the U.S. So overall, the market is quite balanced, and we're quite happy with what we're seeing.

Thank you very much. I think we're reaching the end of the 45-minute Q&A session. I just want to make sure there are no further questions. Yes, I see 1 last 1 and 2 hands. So maybe that would be the last 2 questions, if you agree.

Former employee and a shareholder of the company. My question pertains to a term which is used during the initial presentations, which is that of artificial intelligence. I wish to know what are your anticipations forecast intentions with regard to the usage of AI, artificial intelligence.

Thank you. And I saw a hand back in the middle row -- please go ahead.

Dominique a shareholder. The Orly Airport is very soon going to be closing down a major runway for refurbishment that could impact very much the traffic on all what have you scheduled with regard to cancellation Transavia flights as a whole with regard to the closure which has been scheduled. Are there cancellations that have been put in place? So what's going to happen? And what will be implemented for the passengers who usually out of Orly or into early -- is there going to be a transport in place shuttles -- what is scheduled is what I'm saying with Transavia level. Thank you.

Thank you very much. Did I miss something? Is it -- on AI, which is, of course, a sensitive topic for all companies, including ours. Ben, do you want to say a word on that? And then Marianne and I will try to complement.

Sure. artificial intelligence like all other industries and all other airlines, we're watching it very closely. We are working on quite a few initiatives. Our industry aviation did pioneer a lot of artificial intelligence decades ago. So it's -- there are parts of our business, which were pioneers with artificial intelligence. Obviously, there -- we are not an independent an independent high-tech company. So we depend on a lot of third parties to introduce artificial intelligence ways for us to improve and find new ways of performing our business. But perhaps what I could do is ask [indiscernible] share with you some of the projects that are currently underway at each of our major airlines.

Yes. Well, maybe to start, Ben, what you mentioned KLM, we started using social already during the cloud. So as already a long time ago, but that was the pioneering part. We developed an AI strategy. We are part of Kickstart AI. It's a cooperation between a lot of companies in the Netherlands and we have some real use cases. So we reduced the waste on board and therefore, also the wait on board.p By using AI and we look into if we at least could reduce the fuel consumption as well with AI. So we are very active in looking in ways to make processes and cost reduction more efficient and effective.

At Air France, there are many initiatives aiming at facilitating the work of the different business lines, particularly on the procedures, we try to go quicker on the regulations procedures are entering to clients because it's very important to -- for our competitiveness. We we are looking today on how we can automate -- we've done it for many years, a certain number of tasks that don't have any added value to focus our jobs on the tasks that have a higher added value, particularly services, where we could have sometimes some tension. I'm thinking about the mechanics on the planes, the stock management, consultation of documents it could be much easier to check on our stocks on maintenance staff as well that have been increased in COVID. So there's just a few examples. There are many more, but we could see most companies that are moving into these initiatives of agents that are empowered to complete a number of processes so they can gain time on tasks that have higher added value. Thank you very much and think you have the floor, maybe first Ben and then on Orly and then maybe Anne -- with regards to [indiscernible]

Officially constrained from a slot perspective for over 2 decades. So with 3 runways, even when there is terminal work or runway work, -- it very rarely impacts the ability of all need to operate the schedules that are planned by the various airlines. So with -- there have been works going on in almost every summer for the last few years. does not result in any transfer of activity to use. And I would say the bulk of our activity will be operated. So we don't see any material impact on our operation at Aldi for this summer based on work that we are aware of by [indiscernible]

Absolute works on this runway in Orly should have been scheduled in -- was scheduled during the summer because of the weather condition, and it was very well anticipated with Transavia, worked closely with Apple or Borde Paris. So we take this impact into account for customers, so we shouldn't expect any problems because all of this was anticipated. Thank you very much. Thank you for all your questions. and suggest that we give the again to Lucie Minsaso that we can proceed to the mean. Thank you, Florence. The final corn is 63.6%. A the legal can that is 1/4 of the shares of the voting rates has therefore been reached. This quorum includes all shareholders who present represented or have cast their votes by mail -- so before we proceed to the vote, I just will watch a video on how to use the tablets that have been provided to you. Let us now proceed to the vote on the resolutions. First, the ordinary resolution. First resolution approval of the financial statements for the fiscal year ended December 31, 2025, showing a profit of 29.12. Voting is now open. You have 12 seconds to it. [Voting] Voting is now closed. The resolution is adopted. Second resolution, approval of the consolidated financial statements and transactions for the fiscal year ended December 31, 2025, showing a group net income of EUR 1.59 billion. Voting is now open. [Voting] Voting is now closed. The resolution is adopted. Third resolution, appropriation of net income for the fiscal year ended December 31, 2025. It is proposed to allocate the net income for the fiscal year in its entirety to return earnings. Voting is now open. [Voting] Voting is now closed. The resolution is adopted. Fourth resolution, approval of a regulated agreement relating to the conclusion of an amendment to the commercial agreement between Air France-KLM, Air France, KLM, Delta Airlines and Virgin Atlantic Airways. Voting is now open. [Voting] Voting is now closed. The resolution is adopted resolution, renewal of the term of office of Mrs. Florence Parly as a member of the Board of Directors for a term of 4 years. Voting is now open. [Voting] Voting is now closed. Voting is now closed. The resolution has been approved. Eighth resolution, acknowledgment of the expiration of the term of office of key as the independent auditor responsible for auditing the financial statements, an appointment of Deloitte and assets as the independent auditor responsible for auditing the financial statements. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. Ninth resolution, acknowledgment of the expiration of the term of office of KPMG as the independent auditor responsible for certifying sustainability-related information and appointment of Deloitte & [indiscernible] as the independent auditor responsible for certifying sustainability-related information. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. tenth resolution approval of the information regarding the 2025 compensation of each of the corporate officers. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. 11th resolution, approval of the compensation paid or awarded to Mrs. Ana Kudefor the 2025 fiscal year in her capacity as Chair of the Board of Directors from January 1 to June 1, 2025. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. 12th resolution, approval of the compensation paid or awarded to Mr. Florence Parly for the 2025 fiscal year in a capacity as Chair of the Board of Directors effective June 4, 2025. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. 13th resolution approval of the compensation paid or awarded for the 2025 fiscal year to Mr. Benjamin Smith in his capacity as Chief Executive Officer. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. 14th resolution, approval of the compensation policy for nonexecutive offices for the 2026 fiscal year. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. 15th resolution, approval of the compensation policy for the Chair of the Board of Directors for fiscal year. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. 16th resolution, approval of the compensation policy for the Chief Executive Officer for fiscal year 2026. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. 17th resolution, authorization granted to the Board of Directors to trade in the company's shares. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. Let's now turn to the special resolutions. 18th resolution, delegation of authority to the Board of Directors to carry out capital increases reserved for participants in a company or group saving time with the waiver of shareholders preemptive subscription rights. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. 19th resolution, delegation of authority to the Board of Directors to carry out capital increases for the benefit or beneficiary categories, comprising employees of foreign subsidiaries with the waiver of shareholders preemptive subscription rights. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. 20th resolution, authorization granted to the Board of Directors to reduce the capital by canceling treasury shares. Voting is now open. [Voting] Voting is now closed. The resolution has been approved. 21st resolution, ratification of the amendment to the Articles of Association of Pareto of Article 30 relating to general meetings to bring it into compliance with the new regulatory provisions. Voting is open. [Voting] Voting is closed. The resolution resolution has been approved. 22nd resolution, authorization for formalities. Voting is open. [Voting] Voting is closed. The resolution has been approved as all resolutions have been put to out. I now return the floor to the Chair. Thank you very much. Dear shareholders, our meeting has come to a close now. I would like to thank you for your attendance and for the quality of our discussions. Throughout the day, I have once again been able to appreciate the strength of your commitment to the group and the interest that you show in it. This is another reason to continue holding ourselves to very high standards. I would like to conclude by thanking the women and men who bring it to life every day with the ambition of serving our clients to the best of our ability. I look forward to seeing you again next year to present to you the next chapters of our story. And I would like to thank you again for being with us this afternoon. I'll see you soon. Bye.