Atos SE ($ATO)

[Audio Gap] asset management, not yet here, but it's major and [indiscernible], who is the representative of [indiscernible] thank them for having accepted this role. At the committee, the role of the Secretary of this general meeting is assured by Ceci on my right hand and some members of the Board are present here in the hall, Laurent Collet-Billon, who is the Lead Director and Chair of the Nominations and Governance Committee; Jean-Jacques Morin, who is the Chair of the Audit Committee; Sujatha Chandrasekaran, Chair of the Remuneration Committee; Francois [indiscernible], Chair of the CSR Committee; [indiscernible], Employee Director, whose term will end at the end of this general meeting; and Christian [indiscernible], who is also present, who is his successor. And Johan is also Director, and she is attending today. All the legal documents required to hold this meeting have been put together and submitted to the committee according to law, the documents must be communicated to the general meeting and have been put at the disposal on the Internet side for 21 days preceding this current meeting and having put at the disposal of the shareholders at the head office for 2 weeks. So therefore, I would like to ask you to dispense us from reading on the reports. The documents availed include the notices of meeting and convening notices, the convening brochure that includes the report of the Board, a copy of the convening letters addressed to the statutory auditors, the Articles of Association of the company and the various reports of the auditors. [indiscernible] recall that the universal registration document for 2025 is accessible on our Internet site. This general meeting will deliberate on the agenda indicated in the meeting notice published in the Baloo on the first of April 2026, and it's also in the convening notice published in the Baloo. And in the [indiscernible] on the 29th of April 2026 in accordance with the legal provisions and the brochure. The necessary quorum to hold this meeting is 1/4 that is 25% of the shares having voting rights and 1/5 for the ordinary resolutions. The attendance sheet shows that the shareholders present or represented represent at this stage, 8,532,007 shares, that is 43.20% of the shares having a voting right. The meeting, having legal quorum as per the law, is legally constituted and can deliberate. Now this being said, ladies and gentlemen, I would like to open this general meeting. First, I will present the highlights for 2025 after a short introductory film. [Presentation]

So you can find this video on our site, of course. I'm not going -- to take the first section, I'd like to tell you what happened in 2025. 2025 was a year of transformation. I arrived on the 1st of February as the CEO and with the teams, we launched our Capital Market Day in May and we announced our 2025-2028 plan. So one of the major thrusts last year for the financial performance was very strong signs of recovery. And then we launched our transformation plan that we call Genesis. 100% of the savings objectives were reached in Q1 2026. So Genesis 1 plan is completed, and I relaunched a second plan, which is underway. And the positive commercial momentum, which was not simple because the environment is very complex, as you know. And technological focusing on 3 major pillars that we launched during 2026, which is related to Agentic. We launched manifesto, sovereignty and cyber security and the manifesto is going to arrive in a few weeks from now. When we look at the performance -- look at the figures. 2025 revenue, Jacque Francois will go back on this, it was EUR 8.1 billion to be very precise. We had an objective which was around EUR 8 billion. The operating margin, EUR 251 million. That is 4.4% of the revenue. At the beginning of the year, last year, we were at EUR 240 million with a margin of 4%. Net cash variation, which is better than the guidance we had given, which was a maximum cash of EUR 350 million, and we spent EUR 326 million of cash, which is a lot of money. And in this EUR 326 million, there was EUR 445 million related to the Genesis plan out of an envelope of EUR 700 million in terms of liquidity in our banking documentation after our new debt that was set up in December 2024. We have a covenant that shows that we have outstanding greater than EUR 750 million, and we finished at EUR 1.7 billion at the 31st of December 2025. So Genesis, I think that you already know about this. If you've looked at our site, so there were 7 pillars. There was a pillar on the growth where we made a lot of actions to set up the commercial teams, the sales teams and accelerate all the technological initiatives. The second pillar, which is HR. We reviewed the bonuses. We have a long-term incentive plan and we have a leadership culture after what happened in 2023 and 2024. Country review because in this Genesis plan, we said that we would simplify the group's scope. And we have disposed of our activities in South America. This was announced. We closed at the end of April. We disposed of our Northern countries activities, that's mainly Norway and Finland. This was closed at the end of January, and we closed bull at the end of March and this was disposed to the state. A review of the portfolio. We had 250 offers. We tried to simplify them and have just 40. There are 6 business lines at Atos. There are 3 product lines at Evident and we have the consulting center that already exists, but we have a brand now amplified. And especially for a artificial intelligence, a lot of topics will begin with consulting, and then they will develop into technology. The fifth is project margin, gross margin. So we have reviewed our project margins, our gross margin. The way we look at our P&L, this is our revenue, and then we have the PM, the project margin, which is very important. And the gross margin is that the cost between the PM and R&D and all the support and technology activities, including benchmarking. The invoicing rate, the objective was 85%. This is very important, and we are close to 85% at the end of April. And we've also tried to do a little more offshoring because Atos is less offshoring than our competitors. But this is also due to the fact that we are very strong in certain sectors. Cost review, but nothing new here. And cash, we have a DSO, which is still quite high. So we'll keep working on this, this year and next year. This is an ongoing effort. And the CapEx, we've tried control them. We'll have EUR 100 millions of CapEx in 2026 because the [indiscernible] activities consumed a lot now we have a company that is lighter in terms of CapEx expenditure. And in the Genesis II plan that I launched at the beginning of the year, you can see the 2 priorities, which is growth and the portfolio review. We are trying to have a technological company that is Atos' profile, and we want to have growth, and that's our objective for the second half of this year. Now in terms -- I'm not going to just look at -- go through the entire slide, but customers trust us now. 2025, that's what we did. I think '26 will be better than '25, but not as good as '27. We are confident [indiscernible] customer lose trust, and it takes more time to regain their trust. We've given you a few figures on the top of the slide, 75% of the revenue, that's the backlog in 2026, we're secured. We have a pipeline. A lot of our sales people are finding the path back, and we are answering a lot of tenders, EUR 900 million in our pipeline, EUR 1 billion Q1. The renewal rate is at 92%, close to 95%, which was the rate in 2021, 2022. So we're going back to a renewal rate, which is quite traditional for Atos, which is very important. A few strategic contracts. We signed some 19 last year, and there's a good momentum for certain activities like the switch to cloud, cyber and data and AI. As I was telling you, there are 3 topics on which we are focusing. We would like to improve the group's profile. The first is the identic AI with AI things are happening on the planet. It's going faster in the United States were and in China, most certainly, but we are not there and it's a bit slower here in Europe. But a lot of things are happening. And this is, as [indiscernible] say, journey that's going to last 2 to 5 years, a lot is going to happen. Everything is not going to happen immediately. And our clients are asking us a lot of questions to find that how we can help them implement artificial intelligence in their own processes. The second is cybersecurity. I don't need to go back on this. I think that every day, there are topics, a lot of sites, a lot of companies are hacked and with Agentic and AI, there are more threats. And so this comforts Atos. We are #1 in terms of services in cybersecurity and a lot of people come to see us to find out how they can be better protected in terms of artificial intelligence, [indiscernible] is a major topic. Sementes not just in Europe, Canada, also wants to be sovereign, the Middle East, Asia, et cetera. So it is multi-zone and the European zone is the main zone for us. In terms of the execution of our growth pillars, as I told you, are 3 major topics. Here, you have the details some what we are doing. We have come up with manifestos. There's the one on Agentic and Sovereignty and the one on cybersecurity is going to come about soon. In Agentic, we're trying to set up studios. These are Agentic studios. This allows clients to implement Agentic in their processes. We are doing well in the United States and the U.K., and we're beginning in France and in Germany, and then there are other countries that we launched also. Sovereignty, it's a major topic. Especially in Europe, we see that there is momentum. We want to be more sovereign than what we were in the past. And that things happen vis-a-vis a lot of companies that are based in the U.S. and most of our clients want to see how they can protect their data and protect their applications. They want to make sure that there will be no disruption in the services and cybersecurity is a major topic and it's a major issue for all the CEOs on the planet. And last year, one of the first things we did, you know that there was a project in 2022, which was launched in 2023, which was to divide the company into 2, which is a major strategic error. We've brought together the activities now. I use the 2 brands that were present, but each one of them have a different scope. So Atos is the world of services with 6 activity lines and Evident its products. Bull within Evident was disposed, and we have 3 products, MCS, mission-critical systems. All that is related to security. That's these other products and all that is related to Vision AI, that is artificial intelligence that at the airports and the stations to try and detect behaviors, abandoned luggage that requires action. And then you have Atos Amplify. We've kept the brand Atos because it's related to our services brands, and this is the brand that will be used for a consultant. And we have the group of -- the name of the group, which is Atos Group and as a shareholder, you're going to be voting on that because now the name of the company will be Atos Group. And this will allow us to have the main brand that will host the 3 other brands, which is to Atos Services, Atos Evident and Atos Amplifier. Now once we sold Bull and Ideal, which was the company in the Nordics and Latin America. We closed down a number of countries. What does the group look like at the end of December 2025. So the end of December 2025, once we had a stable scope. So the revenue was EUR 7.2 billion versus the EUR 8 billion announced earlier on. And here on the right-hand side, you have the CMNI 30%, digital application 20%. You have the percentages for the EUR 7.2 billion of our 6 business lines and Evident, which is products. The operating margin is EUR 314 million. Once we remove Latin America and Bull, 58,000 employees at the end of last year, not including Bull Latin America and 54 operational countries. 54 is still too much. I think we'll close some 10 more countries. This is more or less stable. We just have to close down a few more countries, but this will have a limited impact on the revenue. Now this being said, I'm going to give the floor to Jacques Francois, who is going to talk about the financial performance.

Thank you, Philippe, dear shareholders, good morning. I'd like to talk about the financial performance, the consolidated figures of the group for fiscal 2025. I'd like to start off by zooming in on our revenue figure for 2025. This stood at EUR 8 billion for all of the fiscal year. This is down compared to 2024 and that's for 3 main reasons. Firstly, changes in scope. They are mainly connected with the divestment of World Grid. They represent an impact of minus EUR 148 million. Secondly, ForEx effects, which contributed negatively to the tune of minus EUR 144 million. Thirdly, the organic dip in the revenues of minus 13.8% affected by the exits and end of contracts because of certain customers who were having difficulties financially in 2024. And also our decision, a strategic decision to not pursue certain contracts whose profitability was not satisfactory. This slide shows the breakdown of the EUR 8 billion worth of revenues between Evident and Atos geography by geography. On the right-hand side, you can see the breakdown of the EUR 7.2 billion that Philippe mentioned corresponding to the current scope, restated to take account of the disposals that took place in the first quarter of 2026. Page 16 here now. No, 15, perhaps. We will focus on 15 for a minute says the speaker. If you don't mind, showing #15. This is the geographical breakdown of the revenues. And then the next slide is 16. So concerning our profitability. The Group's operating margin stood at EUR 351 million in 2025. That's 4.4% of the revenue figure as opposed to 1.9% for fiscal 2024. On a comparable basis, in terms of scope and ForEx, that is on a like-for-like basis. This represents organic growth of 104% and over the period of the year, driven by the improvement of our operational efficiency and the benefits also of the transformation actions undertaken in the context of our Genesis plan and all of that in spite of the drop in the revenue figure in the fiscal year. Just like for the revenue figure, you can see here the breakdown of the profits per business activity or geographical zone according to 2 scopes, the scope as of end of December 2025 and the current scope that is restated to take account of the businesses disposed in the first quarter. Let's now go down in the P&L statement, right, as far as the net income. The nonrecurring items represented a net charge of EUR 828 million, no comment on the main features here. Firstly, the reorganization costs that stood at EUR 540 million. That's an increase compared with the EUR 119 million we committed last year. And this was connected with the implementation of the Genesis Transformation plan. Secondly, the rationalization costs and the costs associated with that stood at EUR 102 million. That's an increase compared with the EUR 37 million we committed in the previous year, representing provisions connected with lease contracts and impairments of real estate assets. Thirdly, the impairment of goodwill and other noncurrent assets still at minus EUR 166 million. That is anticipating the disposal of the advanced computing businesses. Fourthly, the other items include mainly losses connected with onerous contracts to the tune of EUR 123 million and also provisions for litigation to the tune of EUR 145 million. Fifthly, the cost of financial debt -- net financial debt stood at EUR 333 million as opposed to EUR 178 million last year. That reflects our new debt structure that was set up following the 2024 refinancing. This includes, in particular, the PIK, payment in kind, and also the depreciation of the adjustments, fair value adjustments, recorded in 2024. Sixthly, the other net financial charges stand at minus EUR 102 million in respect of fiscal 2025, mainly connected with lease contracts, also charges connected with pension schemes and provisions on nonconsolidated investments. The net income group share stood, therefore, at minus is EUR 1.4 billion at the end of December 2024. Let's now move on to the net cash variation. The net cash variation has improved substantially from one year to the next, going from EUR EUR 735 million at the end of 2024 to minus EUR 326 million at the end of 2025. Let's look at the key features of this development. The OMDA stood at EUR 883 million in 2025. Operational CapEx stood at EUR 170 million, representing 2.1% of the revenue figure and including, in particular, EUR 60 million connected with the advanced computing businesses. The variation in the working capital requirement, excluding WCA, contributed to the tune of EUR 33 million. That is mainly because of a lower level of business volume in 2025. The total of the reorganization, rationalization and integration costs [indiscernible] EUR 445 million, reflecting the restructuring measures undertaken in the context of our Genesis plan. The other cash out comprised taxes paid for EUR 31 million, the cost of the net financial debt for EUR 160 million and also litigation and onerous contracts to the tune of EUR 157 million. So the net cash variation stood at EUR 326 million, a level that was better than anticipated despite of higher restructuring costs. Let's now look at the trend in the net debt in the course of fiscal 2025. It stood at EUR 1.843 billion at the end of December 2025 as opposed to EUR 1.238 billion at the end of December 2024. Beyond the free cash flow, this trend reflects the variation of WCA that's EUR 43 million, also a negative ForEx effect of EUR 104 million and other items such as the PIK component of our debt to the tune of EUR 132 million. At the end of December 2025, the group had total liquidity of EUR 1.7 billion. That includes EUR 1.3 billion worth of cash and cash equivalent. The financial leverage ratio of the group stood at 3.17x. That is a level that's very close to what we had at the end of 2024. I'd like to recall that our objective is indeed to bring this ratio below 1.5x by 2028, the end of 2028. Now on the 12th of May 2026, the group announced the refinancing of its 1L existing debt, the Tier 1 debt that is via the success of an issuance of EUR 1.250 billion of new senior guaranteed bonds at a fixed rate and at a variable rate concomitantly with the setting up of a new RCF and guarantee lines for a total amount of EUR 110 million. This offer gave rise to a lot of interest. And indeed, we have had oversubscription on the basis of the pro forma refinancing amounts and the reimbursement of the 1.5L category debt. Connected with the disposal of assets, the weighted average maturity is now about 5 years. The existing 1L debt had a total cost of 13% and represented about EUR 150 million of annual interest. The new instruments have a weighted average cost of about 7.97% and represent about EUR 100 million worth of annual interest. Also, the renewable credit facility, exiting -- the existing one, I mean, of EUR 140 million will be replaced by a new line of EUR 110 million with a lower interest rate. Assuming that this new RCF remains undrawn, the savings in terms of annual interest will be EUR 9 million annually. So this transaction enables us to substantially reduce almost EUR 60 million worth the annual interest expenses. Also, we are doing fully away with the PIK component of the 1L debt. The refinancing of the 1L debt constitutes the first step towards the total normalization of the capital structure of the group. And also we're exiting the scheme, which we call the planned debt, which we hope to complete as soon as possible if the market conditions allow us to do so. The framework that's envisaged enables us to -- hopefully will enable us to substantially increase the quality of our credit rating in the group, thanks to a reduction in the gross debt and an improvement that has been made in the generation of cash flow, and we will also bolster the liquidity. The structured plan is a major priority for the group, and we hope to come back investment-grade category as soon as we possibly can. I'd like to now give you an overview of the performance of the first quarter of 2026. This quarter was marked by the confirmation of the pursuit of our commercial dynamic. The book-to-bill ratio, EUR 1.5 billion in the quarter. That's a book-to-bill ratio that was 87% -- 89% for the Atos SBU, up by 4 points compared to the first quarter of 2025. Book-to-bill ratio, therefore, which is at an all-time high over the last 5 years. The revenue figure of the group stood at EUR 1.739 billion. That's EUR 1.640 billion according to the current scope, which excludes the impact of the disposals made in the first part of this year, that is organically down by 11% compared to 2025. The net cash variation comes out at about EUR 47 million in the first quarter of 2026 compared with minus EUR 40 million in the first quarter of 2025. It's important to note that this figure includes EUR 71 million to restructuring efforts and also the consumption of cash of Bull in the quarter. So the liquidity position stands at EUR 1.736 billion, that's a level slightly higher to what we had at the end of 2025. Let's move on to the statutory accounts of Atos SE for fiscal year 2025. The revenue figure of the parent company stood at EUR 54 million, and it's mainly constituted of brand royalties received by Atos SE from its subsidiaries. The operating income stood at plus EUR 82 million. This trend is explained mainly by the accounting of EUR 108 million worth of other nonrecurring operating income items, mainly connected with the unwinding of the financial agreement with Mitel in the context of the unified case. We should also note that because of the changes in presentation connected with the regulation of CNC202206, certain items previously presented in the exceptional items are now accounted for in the operating income. This is particularly the case of about EUR 57 million worth of consultancy fees connected with the refinancing and the restructuring of the group. The financial income stood at EUR 158 billion, and it's mainly driven by EUR 500 million worth of dividends received from subsidiaries and also EUR 1.449 billion of write-backs of provisions and impairments in respect of investment securities. These positive items are partially offset by financial charge of EUR 408 million, linked mainly to the cost of the debt and other financial charge in the fiscal year. The exceptional result is 0 in 2025 [indiscernible] of regulation ANC202206, which redefines the scope of the exceptional income and these 2 reclassifications in terms our presentation. So the amounts for 2024 and 2025 will not be directly comparable in this line. The taxes on our income come out at EUR 9 million. In total, the net income stands at EUR 1.680 billion. That's quite a big turnaround compared to 2024. Finally, on the 31st December 2025, the stockholders' equity of Atos SE have come into the positive again to the tune of EUR 749 million. This evolution reflects mainly dividends received from subsidiaries and also the write-backs that were recorded in respect of investment securities enabling us to restore [Audio Gap]. These items reflect in the statutory of conservator gradual normalization that's going on in the stats of the parent company after the effect that we saw that were particularly marked in 2024. Let's look at the risk management process of the group. As a company, Atos Group is exposed to different risks. So to reduce our exposure and beyond that to succeed and develop in a secure and sustainable way, Atos Group has set up a system of risk management at different levels. The governance of this could be described as follows: The first line of defense is guaranteed by all of the employees of Atos in their daily jobs under the supervision of their managers. They define and execute operational processes, systems and controls so as to vouch save the resilience and the compliance with legislation, regulations, contractual obligations and the group standards and policies. The first line also does the identification, evaluation and management and reporting of the day-to-day risks. The second line of defense provides supervision and controlling functions. On the base of the analysis of risks conducted with the assistance of complementary approaches, we define here the requirements in terms of governance of the risk at the level of the company and also those concerning the resilience of our operational activities. This level defines the functional policies, the limits of authority and maintains the framework for internal control whilst overseeing the efficiency of the controls conducted by the first line with the support of those who were in charge of internal control activities and the risk and internal control coordinators. The third line of defense is constituted by the internal audit team, which works to an annual audit plan approved by the management of the group and the Audit Committee and assignments in terms of providing advice also in order to supply independent reassurance about the efficiency of the first and second lines of protection. The Chairman and CEO and the Executive Committee of the group received regularly updates on the subjects connected with control, internal audit and risk. The audit committee is informed of the internal audit activities at least 6 times per year as well as receiving the periodic reports on the contracts presenting important risks and updates on the internal control and the management of risk overall. Apart from the risk mapping of the company, this chart shows also on this slide the major risk class per category. Thank you for your attention, ladies and gentlemen, dear shareholders. I'll give the floor now to [indiscernible] who will talk about the nonfinancial performance of the group in 2025.

Thank you. Good morning. 2025 was a decisive moment in the decarbonization of Atos Group. The group achieved its SBTI short-term objective consisted in reducing its act to greenhouse gas effects by 50% between 2019 and 2025. As you can see it on this slide, the percentage of reduction reached 58%. This has outperformed our initial objective. This achievement is a result of a solid environmental program based on several levers, policies, processes, certain guidelines, actual plans supported by the environmental management of the group. After having reached its 2025 objective, Atos Group commits to pursue its efforts in the field of decarbonization. And the objective is to have 0 net emissions by 2050 as well as intermediary goals that will be submitted to the validation of SBTI in 2026. Thanks to our environmental performance in 2025 and thanks to the group's initiatives in the social area and in governance covering all the CSR dimensions, the group maintained in 2025 it's first rank in terms of sustainability. As we can see in the ratings presented here on this slide, especially the EcoVadis rating, which progressed by 4 points, Atos is, therefore, in its sixth successful year top 1%. Dear shareholders. Thank you your attention, I have to give the floor now to Philippe Salle.

Thank you, Marie. I'm going to talk about the growth and the financial journey. I'm going to tell you about this. So the guidance given by Jacques-Francois at the end of Q1. Well, as you can see, it was a year of stabilization. 2025 was a reset year. 2026 was a year for stabilization [Audio Gap] company would mean that the first half would be negative and we hope to have organic growth from Q3 onwards. But our operating margin will increase by 7%, was at 4.4% last year. We're quite confident whatever the landing of the revenue between minus 1 and minus 5 will have a margin of 7% and we have a net cash variation, which is positive. This year, we'll be at 0, and this variation is not including the ForEx and scope. And in 2028, these are the objectives we had to fix on the Capital Market Day in May 2025. We want to exert our grow between 5% and 7%. We're still aiming at margin, which would be at 10% in 2028. And as Jacques-Francois said, a clear deleveraging our net debt versus [indiscernible] under minus 1.5x, and we have a BBB objective, either in 2028 or 2029, we hope. So those were our objectives for this year, and those are the objectives for '27 and '28 for our plan 2025-2028. Let's go on to the second part of this meeting, corporate governance and remuneration and nominations. So I'm going to give the floor now to Laurent Collet-Billon, who is the Lead Director and who is the Chairman of the Governance and Nomination Committee, and he's going to present the Directors.

As an independent Lead Director and the Chair of this committee, I'm going to present the report on the work of the committee and the main elements related to the governance of Atos. You will find all the detailed information in the universal registration document of 2025 and the convening notice, which is available on the site of Atos. I'll begin my presentation with the Board and the changes that will be presented to your meeting. I'll say a few words about the work of the Board in 2025. And I would like to recall a few points on the general management and the mode of governance of our company. First, the composition of the Board. It is presented here on the screen. The composition is stable during the past financial year, which translates the continuity in its governance and its operations. So there are 10 members, some 9 directors and 1 sensor. Among them, the Board has a lead independent director that's myself and a director representing the employees, who was Paris Lui. The composition of the board shows high governance standards that goes beyond the legal requirements in the market. First of all, more than 87% of the directors are independent, not including the employee director. And we have a perfect equality, 50% men, 50% women, not including the sensor and employee director. And we have 6 nationalities representing reflecting the international dimension of the group and the average age is 61. After this general meeting, we would like to have a tight independent Board, which is very rich becaues of the diversity of its members. We have 2 terms that are reaching completion. That is the term of Philippe Salle and myself. Therefore, if you vote in favor of the resolutions presented, the composition will remain stable with the balance that will remain unchanged in terms of parity, independence and international dimension of the Board. But there are 2 changes to be noted. First, the term of [indiscernible] employee Director, which will be terminated at the end of this Board. And in accordance with our legal status, it is up to the trade union that has received the greatest number of votes in the first round of professional elections within the group to appoint the Lead Director representing the employees, and they appointed Christian [indiscernible], who will be the new Director. His term will begin after this general meeting for a period of 3 years. And [indiscernible], who is the sensor, her term is also reaching and the renewal of this term is not proposed such to align with the best governance practices. This term as a sensor allowed us to have a transition after the expiry of [indiscernible] term as an employee. I'd like to thank [indiscernible] and [indiscernible] for their precious contribution to the work of the Board. I'd like to warmly welcome Christian [indiscernible]. And now I'd like to present the resolutions you'd be voting on. You know the 2 candidates for you're asking your renewal, a few words on their profile and their journey and the reasons why we are asking for the renewal. So this is in the continuity of our governance first, and it will be a recognition of their commitments and their contribution to the work of the group and to the group's transformation. I'd like to specify also that the Nomination Committee and the governance committee has examined with great the compliance of this renewal with the diversity policy of the group. This policy's fixed clear objectives in terms of age, balance between the changes, professional experience, international representation and the independence of all the members. I'll begin with Philippe Salle. Philippe Salle has been the Director of Atos since the 14th of October 2024. Has worked as the Chair of the Board from the 14th of October 2025 until the 31st of January 2025, and he's been occupying the role of the CEO of the company until now, until today. Since he's arrived, Philippe Salle has clearly managed the group. The transformation plan Genesis was implemented, thanks to him. There was a very demanding context. The first results of the plan have been reached. They have been exceeded. The objectives set for the first year were fulfilled, therefore as shown to you. The proposal to renew his term is based on his results, and this is based on his experience as a corporate manager. And the company is changing. He was at [indiscernible]. He's providing strategic skills to the group, financial skills and operational skills, which are fundamental. His skills are essential to accompany the group's transformation. The renewal of his term is also based on 2 key elements. The first to ensure the continuity and the stability of the governance of Atos so to be coherent. This model respects the balance of powers thanks to the presence of an independent lead director, and there are many mechanisms. I'll go back on this in the last part of my presentation. The second element, the Board is trusting him fully. It is based on the contribution of Philippe Salle to the work of the Board, and he's extremely assiduous because he attended all the meetings. In addition, from the financial point of view, Philippe Salle has committed personally. When he arrived to the company, he holds more than 303,000 shares, that is 1.56% of the voting rights of the group, which shows his attachment to the group. The Board fully renews its trust in him and we suggest you renew his term for a period of 3 years. If his term is renewed, the Board has decided to maintain the unicity of the functions of the Board as CEO. And the Board judged that this is adopted because of the context of the group of adaptation.

So as for the second term which will be renewed, that is Laurent Collet-Billon. And I'm taking the floor so that Laurent might not have to introduce himself. Laurent is Independent Director since the 20th of June 2023 and he's the Lead Director since the 13th of June 2025. So he has attended, of course, the entire financial restructuring period. He was Vice Chair of the Board until the 5th of March 2026. The Board has noted that this function met a very specific context, and it is a minority practice in the French listed companies. So we have only retained this function as a Lead Director, and to propose his candidates, we are basing ourselves on his experience in the field of defense, security, digital. This is very useful for the group's activities. The deep knowledge he has acquired on the company since 2023 and during the restructuring and transformation phases that have been crossed by the company. And of course, he will pursue his role as a Lead Director, which is essential for the proper balance for the government and for an efficient functioning of the board. The Board would just like to underline that is attendance of 100% to all the Board meetings and 100% of all the 3 committees in which he is participating, this is very important. And so the Board has decided to renew its trust to him for a period of 3 years. If this term is renewed today, the Board has decided to maintain him in his functions as a Lead Director and Independent Director. I have to give the floor to Laurent for the rest of the present of this report on the committees and the governance.

Thank you, Philippe. Just a few words on the activities of the Board and its committees in 2025. The Board -- and I had the great honor to be the lead director was deeply committed and mobilized this year. It's met 17 times in 2025. The attendance rate was greater than 95%, which shows the great involvement of all its members. This sustained pace was indispensable because of the context, there were structuring operations and also because of tight implementation of the strategic plan and close control of this plan, and the Board and its committees carried out an external evaluation according to the [indiscernible] code. And there were significant changes. The committees -- the Board is basing itself on these specialized committees and it's just preparing this not -- in 2025, the Board permanent committees 27 times with an attendance rate, which is excellent, which is about 10%. The composition of certain committees was strengthened to better meet the issues of the group, and we'll keep you informed of all the changes after this general meeting. I think that we can welcome the essential contribution and the great quality of the work of these committees that is strengthening the decision of the Board. You will find a full presentation of the work of the Board and its committees in the universal registration document. Now a few words on the governance of Atos. So the Board has decided to maintain the unicity of the functions of the CEO of Philippe Salle to renew his function. And it has decided to renew me in my functions as the reference director. The Board believes that unified governance is the best solution, the most adapted solution, the most relevant one considering the group's specificities. We want to be pragmatic. We want to have a clear, stable management and align the strategy validated by the Board and we want to have a concrete implementation. And this mode of governance is associated with a strong balance in our powers. We have done our best to reinforce this mechanism. We have a great independence in our Board and 87.5% of the directors are independent, and all the chairs of the committees are also independent. We have a lead independent director. His powers and resources have been reinforced. He plays a key role in the [indiscernible] prior authorization of the Board and they are determined in the internal rules of procedure of the Board. We have executive sessions that are held regularly within our Board, and this is done without the presence of our [indiscernible]. This concludes my presentation on the governance. And thank you for your attention, dear shareholders.

Thank you, Laurent. And as the Chair of this committee. I have to thank the committee for all this work. Now let's go on to the remuneration of the officers -- of the corporate officers. And I give the floor to Sujatha, who is going to present the information on the remuneration. And Suja is here, and she is available to answer all your questions. The video recording has been carried out so that we can have a translation in print of her presentation. [indiscernible] look at the video.

[indiscernible] Committee, it is my responsibility to present information on the compensation of your company's senior executives in accordance with a CLP procedure. We will now review together resolutions 8 to 11, which are being submitted for your vote today. I suggest we look at them in 3 parts. First, the compensation paid or granted in respect of the 2025 financial year. Second, the compensation policy proposed for directors for 2026. And third, the compensation policy proposed for the Chairman and CEO in 2026. All the details relating to the resolutions submitted for your vote have been made available to you in Section 4.3 of the 2025 universal registration document as well as in the meeting for sure for this general meeting. The first part concerns the compensation items paid or granted in respect of the 2025 financial year. This corresponds to the eighth resolution on the agenda relating to Philippe Salle in his capacity as Chairman and Chief Executive Officer for the period from February 1, 225 and to December 31, 2025. This is the only resolution submitted for your vote in respect of 2025 as no other compensation was paid to any other corporate officers during the year. Indeed, for the period from January 1 to January 31, 2025, both Jean-Pierre Mustier and Philippe Salle waived their remuneration for their respective roles of CEO and Chairman of the Board at the time. They also did not receive compensation in their capacity as directors. This being said, the eighth resolution concerns the compensation paid or granted to Philippe Salle as Chairman and CEO from February 1 to December 31, 2025. As you know, the applicable compensation policy for 2025 was approved by the general meeting held on January 31, 2025, under the 27th resolution with 92.5% of votes in favor. In accordance with this policy, Philippe Salle first received a fixed compensation paid pro rata temporis, amounting to EUR 1,100,000. Second, he is entitled to a variable compensation based on criteria free established by the Board of Directors. 60% is linked to financial objectives, 30% based on the group operating margin and 30% based on the change in the group net cash, 20% is linked to the execution of the Genesis transformation plan and the remaining 20% is tied to CSR objectives. At its meeting on March 5, 2026, the Board reviewed the achievement of these objectives. Based on the recommendation of the Remuneration, Audit and CSR committees, meeting in joined sessions, the achievement of these criteria is shown on the screen. And more details are available in the 2025 universal registration document and the meeting brochure. In summary, the Board has noted that overall performance against the 2025 criteria was very strong. As you know, the operating margin and group net change in cash in 2025 were in line with the objectives communicated to the market due to the Capital Markets Day of May 2025. Regarding the Genesis Transformation Plan, it was successfully executed and progressed ahead of schedule. Finally, the group delivered a very strong CSR performance with solid results in both decarbonization and key talent retention. Following this assessment, the annual variable compensation amounted to EUR 1,275,010, corresponding to the achievement rate of 115.91% of the target variable compensation. However, in light of the group's recovery and transformation context, Philippe Salle voluntarily decided to cap this amount to 100% of target, that is a total amount of EUR 1,100,000 for the 2025 fiscal year. In addition, a multiyear variable compensation in shares was granted in compliance with a 2025 compensation policy announced in January last year. Accordingly, the Board allocated 425,675 performance shares to Philippe Salle on March 6, 2025, under the performance share plan. As a reminder, the plan is a 4-year plan. It means that no other shares will be allocated before December 31, 2028. The grant is subject to share price performance over the 4-year period. To receive the full allocation, the share price must quadruple compared to the subscription price of the capital increase with preferential subscription rights, that is, compared to EUR 37. There are 3 investing days -- 31st December 2026, 2027 and 2028, with a catch-up mechanism and a CEO is subject to a holding requirement until December 31, 2030. The annualized long-term variable compensation in shares represents 136% of the CEO's maximum total gross compensation. That is EUR 3 million and therefore, does not constitute a disproportionate share of it. Regarding benefits, Philippe Salle was covered by the group's health insurance scheme, representing an annual employer contribution of EUR 10,185. Finally, Philippe Salle did not receive any director's fees in 2025. In summary, the total compensation paid to Philippe Salle for the 2025 financial year amounted to EUR 1,110,185. In addition, he is entitled to EUR 1,100,000 in respect of his variable compensation, subject to your approval and has been granted performance shares in line with the compensation policy approved by the general meeting. As part of the ex-post say-on-pay procedure, you're asked in the usual way to approve the information set out in Article L22-10-9 of the French Commercial Code concerning the compensation of corporate officers in respect of the 2025 financial year. This information is presented in the 2025 universal registration document. You will note that the total directors' compensation for 2025 amounts to EUR 999,996.80, in line with the compensation policy approved by the general meeting. I will now move to the second part of our presentation, which concerns the compensation policy applicable to directors for 2026. This is the purpose of the 10th solution. For 2026, on the recommendation of the Remuneration Committee, the Board decided to maintain the annual total remuneration envelope for directors at EUR 1 million. The Board also reviewed the rules governing the allocation of this compensation, which are presented on the screen. Let me briefly walk you through the main points. First, for the Board directors. The fixed annual compensation remains unchanged and at $20,000 per director. The specific compensation previously attached to the role of Vice Chairman has been removed versus EUR 100,000 in 2025. At the same time, the additional compensation for the Lead Independent Director has been increased to EUR 40,000 to better reflect the importance of this role and align with market practices. The variable compensation also remains unchanged at EUR 3,500 per meeting attended. As for the committees, the rules remain unchanged and continue to be based on attendance, EUR 6,000 per meeting for the Chair of the Audit Committee, EUR 5,000 per meeting for the chairs of the other committees, EUR 3,000 per meeting for committee members. A sensor, if applicable, receives 50% of the amounts defined under these rules, unchanged from 2025. Finally, the other more specific rules remain unchanged, in particular, the Board may decided that successive meetings held on the same day are considered as a single meeting for compensation purposes and may also treat several meetings held over a short period of time on related matters as one. Written consultations are not remunerated and directors are reimbursed for expenses incurred in the performance of the duties, notably travel and accommodation. No other form of compensation is granted beyond those I have just described. Finally, the last part of my presentation concerns the compensation policy for the Chairman and Chief Executive Officer of 2026. This is the subject of the 11th resolution. If approved, this compensation policy will apply to Philippe Salle from January 1, 2026. On December 17, 2025, on the recommendation of the Remuneration Committee and the CSR Committee, the Board of Directors decided to renew the 2025 compensation policy for 2026, except for the definition of new performance criteria for the annual variable compensation. As opposed to case in 2025, the Chairman and CEO's compensation policy follows a pay-for-performance approach and links a large part of the Chairman and CEO's remuneration to the group's challenges and strategy, aligning his interest with those of the shareholders and all stakeholders. The compensation for 2026 consists of the following elements: First, a cash compensation including a fixed portion and a variable portion, subject to performance conditions where the target variable equal to 100% of the fixed compensation. Second, a multivariable incentive and shares, also subject to performance conditions. This long-term component was already approved under the 2025 policy and granted in 2025 with no new allocation before December 31, 2028. And third, a potential exceptional compensation linked to the successful and early refinancing of Atos' debt. Let me now detail the main components. First, the fixed annual compensation is set at EUR 1.2 million, unchanged from the amount set out in the 2025 compensation policy. This level of compensation reflects the scope and complexity of the responsibilities and remains fully aligned with the Chairman and CEO's experience, track record and leadership profile. Given Philippe Salle's extensive experience in comparable senior roles, along with his broad strategic and operational expertise across several sectors, the Board proposes maintaining this level of compensation on the recommendation of the remuneration committee. Second, the variable annual compensation is based on predefined readable and demanding performance criteria, all quantitative with financial and nonfinancial criteria. The target level is set as a percentage of fixed compensation. As was the case last year, the target annual variable compensation is set at EUR 1.2 million. That is 100% of the fixed compensation with a maximum cap at 150% of the target, that is EUR 1.8 million. No minimum payment is guaranteed. The 150% cap is consistent with a 2025 policy and aligned with market practices, reflecting the level of performance required to deliver the group's strategy. The total maximum cash compensation, fixed plus variable, for 2026 would amount to EUR 3 million. For 2026, the Board has set relevant and demanding performance criteria; 30% is based on the group's recurring operating margin, 25% is based on the group's net change in cash before debt repay, 25% is based on the group's external revenue. Finally, 20% of the variable compensation is based on CSR objectives, including 10% linked to climate objectives, specifically the reduction of greenhouse gas emissions across scopes 1, 2 and 3 compared to 2025 baseline and 10% linked to initiatives supporting education and employability in artificial intelligence for all employees. Third, regarding long-term compensation, no new multiyear variable compensation in shares will be granted in 2026. As a reminder, under the 2025 policy, a 4-year performance share plan was implemented with vesting dependent on share price performance through December 31, 2028. Under this plan, Philippe Salle was granted 425,675 shares in March 2025. Consequently, no additional long-term equity compensation will be awarded before the end of 2028 and the 2026 policy does not include any new long-term incentive. Finally, in the same way as in 2025, Philippe Salle may be eligible for exceptional compensation if Atos were to successfully refinance its debt ahead of the initial maturities at the end of 2029. More specifically, if Atos debt is successfully refinanced by the end of the 2026 financial year, the Chairman and CEO would receive exceptional compensation equal to 3x his fixed annual compensation, that is, EUR 3.6 million. If this is achieved by the end of the 2027 financial year, he will be entitled to an amount equal to 2x his fixed annual compensation, that is, EUR 2.4 million. This slide sets out in detail the other elements of compensation. For example, there is no severance package. A noncompetition indemnity is provided for in accordance with the recommendations of the AFEP-MEDEF code. We have now covered all the resolutions relating to say on pay. Thank you for your attention, ladies and gentlemen.

Thank you, Suja. And as Chairman of the committee, I would like thank the committee for all its work. And now we will go on to the presentation of the statutory auditors. [indiscernible] who represents the joint auditors will present the reports of the statutory auditors.

Thank you, Mr. Chairman. Ladies and gentlemen, dear shareholders, I'd like to present on behalf of the joint auditors, the offices, Grant Thorton and Mazars, the reports that we have established for you. These reports are [indiscernible] to you by your company. In the framework of the ordinary general meeting, we have issued 3 reports on the consolidated financial statements, the annual financial statements and the related party agreements. Forvis Mazars has also issued a report on information coming information communicated by the company in terms of sustainability. I will not read these reports fully, if you don't mind. As for the report on the consolidated and annual financial statements, the objective of our mission is to obtain a reasonable assurance that these accounts don't have any misstatements, any material misstatements. And -- we have taken to account all the specificities characteristic to your group. As per the law, we've taken into account a few key points of this audit. For the consolidated financial statements, this is the evaluation of the recover of goodwill, the accounting of the revenue on the services, multi-annual contracts and lump sums and the litigation with the TriZetto company. As for the statutory accounts of Atos I see, we have taken into account the evolution of the securities. So we'd like to certify the consolidated and annual financial statements without any restoration. As for the annual financial statements, we'd like to draw your attention on the change in the accounting method. And this is an application of regulation 2022-06 of the [indiscernible]. As for the special report on the [indiscernible] party agreements, we have not received any notice nor an authorized convention that were concluded during the past financial year. We have also issued limited insurance reports on the information in the field of sustainability. This is presented in the management report. This report says that there are no mistakes or emissions on this information. And finally. As for the reports issued for the extraordinary general meeting, we have issued 3 reports on the issuance of shares of various values, which are summarized here on this page. Our reports have not showed any particular comments for these operations that are part of the conditions provided by the code of commerce. Ladies and gentlemen, Dear shareholders, I'd like to thank you for your attention.

Thank you very much. I have to thank our statutory auditors for their work. The reports of the auditors are, of course, available on the Internet site of the company. And now I'm going to go on to the presentation of the resolutions will be then submitted to your vote. I'd like to give the floor to Cecile.

Thank you, Philippe. Ladies and gentlemen, dear shareholders, 24 resolutions will be submitted to your vote to date. For a great number of them, they have already been broached during the different presentations. This presentation will, therefore, focus on the topics that have not yet been broached. First of all, we have the ordinary part of this meeting. The first 3 resolutions concern the approval of the financial statements and the net income. I'm not going to go into the details because these topics were mentioned in the presentation of the financial measures. The fourth and fifth resolutions concern the composition of the Board. These elements were presented to you earlier on by the Chairman of the Nominations and Governance Committee. The sixth resolution concerns the appointment of [indiscernible] as the statutory auditor in charge of the certification of the accounts of the company. I'd like to remind you that the term of Grant Thorton will expire after this general assembly, and it will not be renewable anymore because of the rules limiting the duration of these terms of office. The Board, therefore, proposes, on the recommendation of the Audit Committee, to appoint [indiscernible] for 6 terms, that is until the general meeting that will approve the accounts in 2031. This proposal takes into account the knowledge of [indiscernible] of the activities and the group's organization, the expertise of its teams and its audit approach. For information, this company, [indiscernible], has said that they would accept this term in case of a favorable vote of this resolution and that there is no incompatibility nor any ban that would be likely to stop the [indiscernible] from exercising this function. The seventh resonation concerns the usual approval of the auditor's report on the related party agreements. I will not say more because this report does not mention any related party agreement, no related party agreement has been authorized or pursued in 2025. The eighth up to the 11th resolution concerns the remuneration of the corporate managers. This was presented to you in full details by the Chairlady of the Remunerations Committee. I'm not going back on that section. The 12th resolution is a traditional resolution for the buyback of shares by the company. This [indiscernible] presents the same characteristics as the one approved by the general meeting on the 13th of June 2025, apart from the maximum purchasing price that was fixed at EUR 125. Besides it cannot be implementation during the public tender for the shares of the company. In a traditional way, the buyback of shares could have several goals, including the management of the liquidity contract or the implementation of employee share ownership plans. I'd like to specify that apart from these standard goals, no share buyback program is planned before 2020 in compliance with what was announced during the Capital Market Day on the 14th of May 2025. I'm going to pursue with the extraordinary part of this general meeting. As for Resolutions 13 to 21, we ask the general meeting to decide about a certain number of resolutions on the share capital of the company. In other terms, the financial resolutions that are submitted to your vote this year are similar to the ones that you approved in January 2025, and that will expire very soon. Now to go back through the common characteristics, that is from Resolution 13 to 21, these delegation of authority cannot be used in the period of public tenders. So it is not mechanism of defense. They have a duration of 18 to 26 months. Therefore, the general assembly is regularly consulted in this respect. They are all capped with, first of all, overall limit, 40% of the capital and with the subcap -- 10% of the capital and that we write off the amount of increase in capital with suppression of preferential subscription rights [indiscernible] some specific subcaps can apply according to the operations aimed at. Now as for the capital increase which are mentioned in these resolutions, there is the capital increase, which is traditional with maintenance or suppression of the GPS, the resolution 13, to maintain the GPS that will allow the existing shareholders if they wish so to subscribe according to the pro rata of their participation. Resolutions 14, 15 and 17 are increases in capital with a -- without preferential subscription rights with the traditional increase in capital, 14th resolution, an increase in capital for qualified investors in the 15th resolution, increase in capital with -- without preferential subscription rights in favor of one or more specifically designated persons in the 17th resolution. Resolution #18, which is the green shoot capital. So the increase of capital with or without GPS that takes place well, we can increase the number of securities to be issued to pursue the other delegations concerning other types of increases in capital. The increase in capital so as to remunerate contributions in kind, that is resolution #16. The company is granting shares in exchange of contributions in kind. The increase in capital with inclusion of premiums and reservations that is resolution 19, the company would grant shares to all its shareholders. And finally, Resolutions 20 and 21 concern the increasing capital reserved to the employees, those who own an employee shareholding plan or specific plans. Now to continue with resolutions 22 and 23. The objective is to change several articles in our Article self Association. First, the 22nd resolution concerns the modification of the company's corporate name that should go from Atos SE to Atos Group. This change aims at aligning the corporate name with the brand Atos Group, which has been used since the Capital Market Day on the 14th of May 2025, when the company announces new strategic and transformation plan. And then we propose a change that concerns Article 28 of our Articles of Association on the provisions come into the general meetings. We want it to be in compliance with the applicable provisions and want to take into account the 13th of February 2026 decree that has changed the record date, that is, the registration of the security date where we appreciate the shareholders who can participate in the general meetings and who can obtain certain rights. This record date has gone from the second to the fifth day and the general assembly proposes a modification of the Article self Association on this point. And the last resolution is a traditional resolution on the powers granted to carry out all these formalities. I'd like to thank you for your attention. I have to give the floor back to Philippe Salle.

Thank you, Cecile. Before going on to the vote, let's go on to the Q&A session. I'd like to invite all the shareholders present here to ask the hostesses for a microphone. Please introduce yourself if you have any questions.

Good morning. I wrote down a few questions in the dark. So in your CV, it says -- well, this is not the most interesting question though. On your CV, it says that you have 303,740 shares and in the presentation by Mrs. Sujatha or Suja, it says 200 -- 425,675. I'd like to know why there is this discrepancy. It's detailed, but why 303,000 in your CV and 425,000 in her presentation. I'd like to know if the EUR 9 million you had invested a few months ago, that you had invested in the capital increase, EUR 37, the EUR 9 million. So if you calculate EUR 9 million divided by EUR 37 years, 243,000 shares. I'd like to know, with all these figures, 303,000 and 425,000 and the 243,000 capital increase. I can't really understand all this. Can I ask you more questions. I'll ask.

So 303,000, that's what I've bought in December '24, and I bought more last summer. So there was a capital increase 240,000. I bought 60,000 more in August. These are shares that I already hold, but 425,000 is that the free shares that were proposed by the Board. So these are 2 different things. Okay. So 303,000 plus 425,000. Yes, if I obtained the 425,000 because this is related to certain performance criteria, share price criteria.

So what closed down some small countries, as you said. You said there are some 10 countries you'd like to close although the revenue is small for those countries. If there is revenue, there is revenue, although it might not be that big. Now the profitability between the staff necessary to have this -- obtain this revenue? Is it a question of profitability and in absolute terms to be present in 10 countries that are still getting us some revenue, it's still useful.

for me, it is a question of focusing. There are shortages in the world shortage of time, shortage of money. And my vision is that there's a shortage of time. Imagine you cannot work on x number of topics all at the same time. And in the Capital Market Day in 2025, we decided that some countries would be priority and I'd like us to spend more time on those countries to just simplify our scope.

Okay. I have another question. You said that you were #1 in cybersecurity, the champions in cybersecurity in Europe. How is this proven?

I mean, it's through the revenue, through the revenue.

Okay. And the last question, why did the stock price was [indiscernible] twice. It went to EUR 33, EUR 32. Then the 2 time EUR 60 finally, we wonder why.

Well, I can explain why. So the price -- share price. I cannot control it. So I cannot tell you why the price is changing. The price is just the transition of the shares we are taking and the robustness the company. We were at EUR 50 at the end of 2025. We were at EUR 60 in January. And from the end of January, something happened, there were articles, many articles on -- they call that the apocalypse -- on all the effects of artificial intelligence, all the effects of AI on companies like Atos and softwares. Those panic on the markets and all the services companies lost their share price since February 2026. The stock exchange is always in the extremes. When things are fine. It's fine. And when things going wrong, it crashes. And it's the same thing for the Atos share. There was a panic. And as usual, it is no point explaining that no. We have to prove it with our figures, and this is what all our competitors are doing, and we'll see each and every quarter. A company like Atos is not going to disappear because of artificial intelligence. I think there will be a lot of opportunities. We will have to transform ourselves, but this is what happened in February 2026. And right now, we're still in this area of turbulence, there are a lot of questions on the impact of artificial intelligence in companies such as Atos. And the other question was, I can't tell you, it's not in my control from February onwards, but in Wall Street, in particular, in the European stock market, there were 2 categories AI losers and AI winners they were called. The ones that went out and the ones who stand to lose. We're classed by them in the category of loses. Don't ask me why? That's just the way it was decided by people who give companies names and some of my competitors found themselves in the loser category too. But you can imagine there were lot of investors talking about this. The thing is we react when these things are said. The only thing we can do is to deliver good results and prove our worth. And that's what we're currently doing and see the half yearly results at the end of July, and we'll have to just prove that our company won't disappear with AI, with the advent of AI. I think the company will do better and better in the upcoming quarters if we deliver our results, and if we managed to show that Atos is continuing to bolster its business in a market that's changing constantly.

A last question, if you like, yes. I've seen that there were ups and downs, all right, in the stock price. Stock prices going up, but gained a bit. What can you say about the trend in the stock price?

Well, there are funds who like to short their positions. When that kind of world, there's a lot of volatility around. So some funds make money quickly [indiscernible] when stock prices go up or down. So I'm not the market maker who decides all that. Let the CEO -- I'm against that kind of position because it's playing on the ultimate drop in our stock price, placing bets and that kind of thing. But that's part of the stock market rules. People do that. They are allowed to do it and shorting stock prices, I don't think it's a good thing. But anyway, that's maybe a reason why. So are there questions in the room perhaps? If you could introduce yourself.

I'm an individual shareholder in several companies. Now the first remark is that I'm very happy there's a woman taking the floor because at shareholders' meetings, you don't often hear women's voice, especially for the first question. So there's only one other company I've seen a woman taking the floor first. And I was the person there to say the lady you asked the question first. So it's great to see women monitoring shareholder interest actively. So anyway, I just wanted to make a technical point. In the room, apart from Board members and the shareholders and the organizing team, are there other people present I wanted to know. And then I wanted to ask a question as such. Could you tell us what are the business plans of Atos right now? I mean, there are disposals that have taken place and there possible be other ones to deleverage the company going forward. So we've lost some revenues and -- the data you have on carbon emissions [Audio Gap] can you tell us for employee or something that will you give us a yardstick so as to have comparable figures on that.

Regarding the Board members, I'm very happy that there are people who continue to attend Board meetings and be present in Board meetings after they would -- normal retirement age. And it's great to have their wealth of experience in Boards and that's great. I hope we'll renew the people whose terms are up for renewal. It would be nice to have young blood in too though. And [indiscernible] it's been mentioned, people like that who could maybe sit on our board, people less than 40 years of age, who might be a useful contribution to the Board, people with these skills, of course. And sometimes they're young people at 13 or 15 years of age who are hacking websites. So if youngsters of 13 or 15 can do that, I think people of 25 [indiscernible]. People in the room, it's mainly shareholders and some members of the Board and some managers. To answer that question. No, I'd just like to say, you said the scope might change? No. It's finished now. We've changed the scope and it's not going to change anymore. There won't be any more disposals to deleverage through our own cash flow. Now as I presented to you, you've got 2 brand names, each of them has their own specific business area, the Atos area has -- I mean there are 4 business -- 6 business areas, sorry, infrastructure, cloud and so on and cybersecurity in terms of services, data and AI, everything to do with the setting up of data and then I [Audio Gap] in that reform, we're continuing to do that. In Evident, there are 3 businesses lines, mission-critical systems, cyber products, these are products that encryption and then Vision AI, that's artificial intelligence connected with [indiscernible]. So our scope hasn't changed. It's just been reduced a bit with the disposals we have made. But otherwise, we're really talking about all the business lines affecting IT departments and companies, meeting all their needs that they have in IT departments of companies. Regarding the Board, if -- well, should we be younger or not. Well, the Board in its wisdom will decide who should join the Board when the time comes as posts become free, won't happen this year as you've seen, maybe in the coming years. Thank you for those questions. Are there other questions here from our shareholders present in the room. Decarbonization. I'll let Jacque Francois answer that.

You're quite right in making that point. Yes, of course. He said, yes, we have planned to restate the baseline so as to have comparable scopes, restate as a function of the disposals so that we can have comparable data set. Obviously, when you reduce your scope, your emissions go down, but we want to reduce it by working units as well, go faster than the scope reductions, of course in reducing our carbon emissions.

Any other questions? Yes, I see a hand going up. You're going to be given the microphone, sir.

It's not a question comment on Slide #46. I suggest you enhance the photographs because you weren't in the limelight and your lead independent director was.

I think the photograph should be retaken, improve the quality of the photos on that slide number 46, please. Thank you. We'll bear that in mind for next year. Somebody over there has a question too.

Hello. I'm a shareholder. And I would like to say our French President has announced Quantum computing support going up by EUR 1 billion. Are you going to avail that kind of support from the French government.

Activities, the ones we dispose [Audio Gap] they were very active on quantum computers and their start-up is doing it very well here in France as well. So it's not the scope of Atos right now, of Atos Group. In cybersecurity, of course, yes, indeed, we'll be able to look into how we can help out in those respects. But obviously, with AI, lots of things are happening in the world of cybersecurity too. I can't tell you right now exactly with respect to what the French President announced, how Atos will be part of the process. But regarding cybersecurity, of course, we will have a role to play. Well, if there are no other questions, perhaps we can move on to the last part of our general meeting, which is the poll on the resolution. So I'll give you the quorum, the final quorum, the definitive quorum 43.21% that's 2,745 shareholders, representing 8,503,422 shares. So 43.21% is the quorum. So in order to vote on the resolutions in proper order, I'd like to ask people to stay in the room until the end of the poll on the resolutions. And we will provide you with electronic voting tablets or you've been giving them rather as you enter the room. And at the end of the meeting, please hand back your tablets also to the hostesses or the host as you leave the room. And if you leave the room, you're exiting for good, you may not come back in. So we'll now screen a short film that will explain how to vote using the tablets. [Presentation]

Thank you. I'll give the floor then to Cecile Kavalses so as to organize the poll on the resolution.

Thank you, Philippe. We will go through each resolution one after the other. So I will read out a summary of each of the resolutions and I'll reduce the tackle because you've already received communication of the resolution text. First resolution. Approval of the company's statutory financial statements for the financial year ending 31st of December 2025. The poll is now open. [Voting]

The poll is now over. This motion stands approved 99.92% of the votes in favor. Resolution number two. Approval of the consolidated financial statements for the financial year ending December 31, 2025. Please vote now. [Voting]

The poll is now over. This motion is approved 99.92% of votes in favor. Third resolution. Allocation of the net income for the financial year ending December 31, 2025. Please vote now. [Voting]

The poll is now closed. This resolution has carried 99.91% of votes and fever. Thank you. Next is the fourth resolution. Renewal of Mr. Philippe Salle's term of Office as Director. The poll is now open. [Voting]

The poll is now closed. This motion is approved, 94.35% of votes in favor. Resolution #5. The renewal of Mr. Laurent Collet-Billon term of office as Director. The poll is now open. [Voting]

The poll is closed. This resolution is approved. 99.66% of votes in favor. Thank you. Resolution 6, the appointment of BDO Paris as statutory auditor. The poll is open. [Voting]

The poll is closed. This motion has carried 99.91% of votes in favor. Next is the seventh resolution. The special report of the auditors regarding the agreements referred to in articles L225 to 38 and the following of the French Commercial Code. The poll is now open. [Voting]

The poll is closed. These motions approved 99.9% of votes in favor. Eighth resolution, approval of the compensation components paid or granted for the period from February 1, 2025, to December 31, 2025, to Mr. ps, Chairman and Chief Executive Officer. The poll is open. [Voting]

The poll is closed. This motion has carried 92.4% of votes in fiber. Ninth resolution, approval of the information relating to the compensation of the company officers refer to Article L2210-9 of the French Commercial Code. The poll is open. [Voting]

The poll is now closed. This motion has carried 99.07% of votes in favor. Thank you. Next is Resolution #10. Approval of the compensation policy applicable to directors for 2026. The poll is open. [Voting]

The poll is closed. This resolution has carried 99.9% of votes in favor. 11th resolution, approval of the compensation policy applicable to the Chairman and Chief Executive Officer for 2026. The poll is now open. [Voting]

The poll is closed. This resolution has approved 98.35% of votes in favor. 12th resolution, authorization to be granted to the Board of Directors for the purpose of purchasing, holding or transferring shares in the company. The poll is now open. [Voting]

The poll is now closed. This motion is adopted, 99.79% of votes in favor. 13th resolution, delegation of authority to be granted to the Board of Directors to decide the issue of shares or securities giving access to share capital or securities carrying a right to the allocation of debt while maintaining preferential subscription rights. The vote is open. [Voting]

The poll is closed. The resolution is adopted at 99.71%. 14th resolution, delegation of authority to be granted to the Board of Directors to decide the issue of shares without specific subscription rights through public offerings other than those referred to in Article 1L.411-2 of the French Montrea Financial Code without preferential subscription rights. The vote is open. [Voting]

The poll is closed. The resolution is adopted at 99.24%. 15th resolution, delegation of authority to be granted to the war to issue shares without preferential subscription through a public offering referred to in Article L411-2 first of the French monitory Financial Code. The vote is open. [Voting]

The poll is closed. The resolution is adopted at 99.03%. 16th resolution, delegation of powers to be granted to the Board to decide the issue of shares without preferential subscription rights, giving access to share capital as consideration for in kind of equity securities. The vote is open. [Voting]

The poll is closed. The resolution is adopted at 99.35%. 17th resolution. Delegation of powers to be granted to the Board to decide the issue of shares without any preferential subscription rights in favor one or more specifically designated persons. The poll is open. [Voting]

The poll is closed. Resolution 17 is adopted at 99%. 18th resolution, delegation of authority to be granted to the Board to increase share capital to induce the number of securities to be issued in connection with the share capital increase with preferential subscription rights maintained or canceled. The poll is open. [Voting]

The poll is closed. This resolution is adopted at 99.20%. 19th resolution. Delegation of authority to be granted to the Board to decide the increase of the share capital through the capitalization of premiums, reserves, profits or other items. The poll is open. [Voting]

The poll is closed. The resolution is adopted at 99.75%. 20th resolution, delegation of authority to be granted to the Board to increase the share capital of the company without preferential subscription rights in favor of members of the company savings plan. The vote is open. [Voting]

The vote is closed. This resolution is adopted at 99.69%. 21st resolution. Delegation of authority to be granted to the Board to increase the share capital of the company by issuing shares reserved for certain categories of persons without preferential subscription rights in favor of such persons in connection with the implementation of an employee shareholding plan. The poll is open. [Voting]

The poll is closed. This resolution adopted at 99.70%. 22nd resolution, change of the company's corporate name and corresponding amendment to Article 3 of the articles of association. The vote is open. [Voting]

The poll is closed. This resolution is adopted at 99.85%. 23rd resolution, amendment of Article 28 of the Articles of Association relating to the provisions coming to general meetings in order to bring it in compliance with the applicable provisions. The poll is open. [Voting]

The poll is closed. This resolution is adopted at 99.89%. 24th resolution, powers. The vote is open. [Voting]

The poll is closed. [Foreign Language].

[Foreign Language] I declare this general meeting closed. Thank you for your attention, and see you next year.