AXA SA ($CS)

[Interpreted] Dear shareholders, dear friends, thank you for your loyalty and your presence. First of all, I would like to say that we are sorry for the slight order that we are all suffering from and very quickly, hopefully, will vanish. Exceptionally, you are coming in large numbers. I'm very happy about this. It's really a great pleasure to be with you again for this new AXA combined general meeting. Our meeting this year is of special importance in various ways. First of all, 2025 has seen record earnings for the group. And this, whilst our environment has been deteriorating and the overall risk level sharply has increased in the last few years, and we'll come back to that. Our meeting is significant as well because your Board of Directors, which is attending today, is suggesting that we renew for 4 additional years, the term of Thomas Buberl. As you know, Thomas has been spearheading the group for 10 years. Spurred by him, AXA has seen a major transformation. Our group today is involved in a growth phase based on sustained performance. The proposal to renew Thomas' term is part of this context and does reflect the Board's decision to want him continue the action that he has been kicking in with quite some success. Finally, you will recall that last year, we had celebrated the 40 years of AXA. We had then reminded you how Claude [indiscernible] had turned a simple mutual enormity initially, turned it into a global insurance leader since November 1, Claude left us. His death spurred great emotion within the group as well as among all those who have met him during his long career. The countless tributes given to him have highlighted both the great industrial manager. He was the first turn the company a place of social integration. Today, Claude Bard's vision continues to inspire deeply our group. This is the reason why we wanted to share with you at the start of this general meeting, a short video outlining the great entrepreneurial adventure that Claude Bard embodied. [Presentation] Following this moving tribute to Claude, we will now dive into the heart of this general meeting. For this key moment of Access Life, I'm surrounded by Thomas Buberl, the CEO; and Guillaume in charge of finance, strategy, risk, underwriting and technology. We are also surrounded here with the members of the Board of Directors who are sitting in the front row. And I'd like to take this moment to thank them very warmly for their unfailing commitment and the active contribution to the work of our Board this year again. The general meeting is a significant moment because it's an opportunity to be back together, enables the leaders to spell out their strategy and the Board report of its work and shareholders to ask the questions which are dear to their hearts. Again, I would like to underline the important decisions that you will be urged to take for the general meeting and for the governance of the group. First of all, as I was saying, we will be proposed this year to renew the term of Thomas Buberl as a Director for 4 years. The Board has already announced its intention to renew Thomas in his role as a CEO, subject to your approval with regard to his term as a director. The proposal to renew Thomas's term also comes along with a change in the Board with a proposal to appoint Filomnaenama as a Director. Gillaume F will present in further details this proposal. Right now, I'd like to say that Filomnaenama, who is Swiss and Italian has a professional track record that is remarkable. In the insurance business, she will strengthen the experience and the expertise collectively of the Board. It is very important just when we are facing a rapid transformation of our environment and where we must face new challenges, especially regarding artificial intelligence, which will deeply transform our business and our way of working. We will now proceed with the formalities before opening the session and form a registration board. There are none. So we are a public company because we have people who are not shareholders. And also, let me point out that this will be broadcast live and recorded on our website, axa.com. This Annual General Meeting is being held today on first call. It was convened in accordance with legal provisions by notice of meeting published on the 27th of February in the [indiscernible] by a notice of meeting published in the same Bulten as well as in the French legal gazette Lizafaren on the same day. I've just been informed that the meeting is duly convened in both its ordinary and extraordinary form. Let me read the provisional quorum, which I will refine later on in the afternoon. [ 1,444,411 ] shares are represented today, and these shares represent 71.20% of the votes, which gives us a quorum of 72.58%. So this is an excellent quorum. So I can now hereby declare a combined general meeting open and shall proceed to appoint the committee. I will act as Chairman in my capacity as the Chairman of the Board, I shall call as scrutiners the 2 shareholders present who hold in their own right or as proxies, the greatest number of votes. They are the AXA Assurance Michel represented by Mr. Philippe Biran, Director of this company, duly authorized and AXA Assurance V. Mutel represented by Mrs. Sophie [indiscernible] ,also Director of that company, duly authorized. I thank you, Philippe and Sophie, for having accepted these roles. And being with us throughout the session. So let's point as Secretary of [indiscernible] sitting next to me, this being formed now we will be able to move forward. I inform the meeting of the President of Met court Commissioner appointed at the request of the company, who will be responsible for making sure the meeting abides by legal rules. The statutory auditors who have been convened in accordance by the law by registered letter are Mr. -- they represent KPMG SA. Lastly, and this will end these legal formalities. I have available all the legal documents available to the meeting. I would like to add that those shareholders who so requested have received the documents and information required by law and have been able to inspect these at the company's headquarter or the company's website within the framework required by the regulations. As I said, we are convening today this combined annual meeting to ask you to vote on 21 ordinary resolutions. Let's dispense with the reading of the agenda for this meeting. You may consult the simplified agenda, which appears on the screen behind me. I also propose that we dispense with the reading of the Board of Directors' reports, which have been made available to you under the conditions laid out by law. This will give us more time for the presentation and above all, to answer your questions. I'd like also to point out that as at previous meetings, we will be using electronic voting, the details of which will be explained to you before the vote on the resolutions. So now let's move to the next phase, which will be unfolding with several sequences. First of all, the presentation of our strategic outlook by Thomas Buberl, followed by the presentation of our KPIs by -- with Guillaume [indiscernible] After that, we'll have a roundtable with several experts in the group on the topic, how to ensure the future. The third sequence will be dedicated to the governance and the questions of remuneration of our senior executives with Guillaume Borie presenting the Chair of the Appointments Remuneration Committee and then we'll be coming the moment for your questions and exchanges with the floor before we move to the voting of the resolutions. To start, let me turn it over to Thomas for the presentation of our strategic outlook.

[Interpreted] Hello, everyone. I'm delighted to be back with you for this new general meeting. Before I share with you the group's strategic prospects, I would like to pay a tribute to Claude [indiscernible] AXA's founder. His death in November last was a moment of deep sadness for our group, driven by a very strong vision as an insurer serving societal progress. His track record tells us a great entrepreneurial adventure, which is AXA. We were deeply moved by all the tribute coming from all the employees around the globe, but also from the political and economic arenas. For AXA, he has paved the way for this unique way, which continues to be a deep inspiration even today our decisions. He's being -- he was so demanding. He had a sense of the collective and his vision about progress remains our compass to make sure that AXA is successful in an uncertain world, true to his -- our mission as a protector and contributing to human progress. By paying a tribute to Claude [indiscernible] we are reminding ourselves where we come from to give some meaning to our action and to our current mission. So now I would like to come back to the performance of the group in 2025. This performance has given us the means to stick to our commitments, invest and pave the way for the future. For the second year of the implementation of our strategic plan called Unlock the Future, we have recorded record earnings. Such performance illustrates the relevance of our strategy chiefly based on organic growth. Such growth -- we owe it to the diversity of our distribution channels, the professionalism of our distributors and the quality of our offers and services, which allow us to fulfill the needs of our clients and even conquer new ones. In a world that is more volatile where climate-related risks and geopolitical risks and technological risk and social risk are increasing. The role of insurance is more than ever essential to stabilize the major imbalances of our societies. I will now spell out our major financial indicators. As I said, we -- in 2025, our performances were at a record level in every line of business. Our premiums reached EUR 116 billion, up by 6% versus 2024. Such organic growth accounts partly for a price effect, but it's also accounted for by a sharp -- strong commercial momentum, which enables us to increase the number of clients and contracts in a large number of our markets. In 2025, in the single segment of the retail business, we won EUR 1.6 billion new contracts throughout the world. Such growth was also profitable. Our underlying earnings are also increasing by 6% and even by 9%, excluding AXA Investment Managers. Such performance reflects our technical excellence, the diversification of our risk portfolios as well as a very strict tariff discipline. Our underlying earnings per share is climbing by 8% in the upper range in terms of target. Finally, our balance sheet is very solid with a Solvency II rate at 224%, which is up by 9 points versus the end of 2025. Given these very good results, the Board of Directors proposes to the shareholders a dividend of EUR 2.32 per share, which is up by 8% relative to last year. And it has approved a new buyback program for an amount maximum of EUR 1.25 billion, which started on March 2. The excellent performance is -- I mean, AXA is well positioned to reach the upper range of the goals of our plan unlock the future. Such success is mainly due to our model, which is both very well balanced and highly diversified. This is the outcome of the transformation, which was kicked in by AXA for over 10 years now. Our group from now on is refocused on the heart of our business, which is the insurance business and has available very strong positions on our strategic market. This model enables us to be relevant while being competitive with higher demand for protection from the market. The emergence of new risks generates new needs for protection. And I have in mind the emergence of new technology, autonomous vehicles, cybersecurity as well as energy transition. The aging of global population has been boosting demand for savings, pension and health products and solutions. Finally, the needs in insurance of low-income individuals are also important demands, and we meet these demands by way of our inclusive insurance portfolio. AXA today is very well positioned to meet all of these needs for protection. Let us have a few examples, which demonstrate that we are covering all of the needs of our policyholders, and I'm proud to share them with you. We are the leading insurers in commercial lines, covering large corporations as well as midsized companies, which play a key role in our economic fabric. We have been offering more and more appropriate products to micro entrepreneurs via our inclusive insurance solutions. And we also are very well positioned on the segments of protection and employee benefits, which has been developing strongly. One of our values has been boldness. The history and great success of AXA for the last 40 years have always been supported by a very strong entrepreneurial culture and by a capacity to onboard new technology into our business operations. I would like to share 2 examples. The first is the acquisition of Prima, an Italian-based insurtech. This was a bit less than a year ago. The direct insurance solutions offered by Prima as an addition to our network of brokers, tied agents and banking partners as is the case already with the direct insurance business in France. It makes it possible for us to reach out to new clients, including the younger generations. And finally, it strengthens our distribution capability in Europe, thanks to a next-generation technology platform that will be gradually rolling out across several units and entities of the group. We believe in the complementary fit of our distribution channels. In parallel to this acquisition, we continue to invest broadly into our networks in the field. For example, 430 new tied agents were installed in France in 2025. The second example I want to share with you is our artificial intelligence strategy. We're convinced that AI will transform the insurance industry while opening up lots of new opportunities. AI will help us better price risks, help us improve quality of service and customer experience. It also helps us to accelerate our technology development. In France, already more than 12,000 tied agents have been using Smart in AXA solutions, which is an information search tool, which was developed by AXA and which is based on generative AI. In order to drive and onboard our employees, and to me, it is the most interesting benefit of AI, we have been massively investing into their training and development. By in our strategy and the trust they grant to adopting new tool will be critical in our future success. And this has been working extremely well. An internal survey has showed that 70% of our employees are optimistic as to the gains and efficiencies and upside provided by AI. We are now entering a more operational phase of artificial intelligence. It will help us accelerate its use where this technology can generate added value. And I believe that this is the case in underwriting and in claims management. We will tell you more about it when we disclose our strategic plan in September 2026. Today, an insurance company uses on average 40 variables to underwrite a motor insurance policy. In the future, thanks to AI, we'll be able to review 400 such variables, which will refine significantly our selection and our pricing. These robust solutions and this ability to innovate are only relevant if they benefit the greater number. Ever since it was founded, AXA has always strived to share the value generated by its operations. We have paid out close to EUR 50 billion in compensation to our customers last year. Every year, we've been investing more than EUR 40 billion in the economy. Last year, we have paid EUR 13 billion in corporate tax local and regional taxes as well as payroll taxes and charges, including 37% in France. For our employees, we have paid out EUR 7 billion in salaries and bonuses. This is a key to the success of our group. And of course, our shareholders are a key driver in AXA Group's financial stability ranking first among them is the AXA Mutual Companies. And more than 36% of our employees are shareholders of the AXA Group. Finally, we also contribute to climate transition. In 2025, we invested EUR 6.4 billion to accelerate climate transition. In 2025, we also launched an ambitious sponsoring initiative with the AXA Fund for human progress. This fund has been spending EUR 60 million a year in impactful projects around 4 key pillars for us: heritage, nature, science and inclusion. The fund has been grouping together and unifying and working with NGOs, institutional partners, academic and cultural partners around a same shared vision, which is to contribute to a more resilient and more inclusive future. Because at the end of the day, our business draws on and relies on social bonding. Without any collective trust and without social cohesion, no insurance system can last long. As you know, our strategic plan will come to an end at the end of this year in 2026. Our next strategic cycle will cover 2027, 2029, and we already are preparing for it. The future success of AXA builds upon 4 areas. First, making artificial intelligence, a key driver for efficiency and effectiveness and for improving customer experience. Number two, we need to strengthen our excellence and our agility in a fast-changing environment. Number three, we need to direct more capital towards growth opportunities, which are the most generative of value. Number four, we want to strengthen our robustness and our resilience while maintaining balanced diversification and a very solid balance sheet. Before I turn over to Guillaume Borie, who will review the performance results of the group in more detail, I suggest we watch a short video, which reviews some of our initiatives relative to Artificial Intelligence. Dear shareholders, I thank you for your attention. [Presentation] Thomas, for your presentation. I would like to turn over now to Guillaume B, who will be reviewing performance results for fiscal 2025.

[Interpreted] Hello, everyone. Dear shareholders, I'm delighted to be with you this afternoon for the first time in my new role and to review in some detail the financial and nonfinancial performance for fiscal year 2025, which Thomas Buberl has mentioned as being very robust for the second year into our strategic plan unlock the future, we achieved a record performance with respect to our revenue, reaching EUR 116 billion, up 6% over 2024. This is an increase of some EUR 13 billion for our revenue over just 2 years, i.e., right from the beginning of our strategic plan. You have here the tangible translation of our organic growth target set by Thomas Buberl, which is a target we have been attaining, thanks to the hard work and commitment of our teams, our distribution channels and the trust of our customer. In 2025, you can see that all of our business lines contributed to this good positive sales momentum. In P&C, revenues reached EUR 58 billion, up 5%, driven by both rising volumes and positive price effect. The life insurance business has performed extremely well with revenues reaching EUR 35.5 billion, up 9%, confirming that AXA is back in the strategic health in the strategic business for the group. And finally, the health insurance business reached EUR 19 billion, up 5%, being driven by good sales development across all of our geographies. Fundamentally, this sustained growth has been posted in great conditions of profitability as shows the operating income of EUR 8.4 billion, up 6%, not including AXA IM, i.e., only on the insurance business of the group, the underlying earnings grew by 9% in fiscal 2025, up 9% is the underlying -- the intrinsic underlying performance of the group, which is especially brisk and robust, and I will review this more in detail with P&C and health insurance. In P&C, I told you EUR 58 billion in revenue, some EUR 6 billion in underlying earnings after tax and 3 customer segments, which are of similar sizes. So retail lines, mid-market insurance and business to manage large risk for corporations under AXA XL. So the P&C business is close to a perfect copy in 2025. All of our indicators have improved, lower loss ratio, lower overhead expenses, thanks to increased operating efficiency and fewer releases of provisions. These great results are the result of a strong discipline in execution by the team with constant focus and attention on technical excellence, which is a critical factor to help serve and support our customers day out. And technical excellence has been extremely strong for the last 2 years on the back of increased technology solutions on the back of AI. This excellent performance is the result also of a growth strategy that we've been adapting to the reality of each of the customer segments we are targeting. So for retail lines and for mid-market insurance, our margins are reaching unprecedented levels among the best in the industry, enabling us to be in a winning mode, and we are aiming at gaining market share across all of our geographies, thanks to competitive offerings, which meet the needs of our customers and clients. With respect to protecting insurance coverage to large corporations and mid-market companies, especially with AXA XL, we've been protecting very high-level margins in a fiercely competitive market while engaging in a selective growth strategy, especially thanks to the sources of growth we are tapping into to cover the new risk Thomas Buberl mentioned, i.e., energy transitioning, cybersecurity risks and large technology project coverage. Now back to our life and health insurance. You can see that the underlying earnings was up 7% to EUR 3.5 billion. And here again, you have a balanced contribution by our 3 business lines: protection, health and savings and retirement. In health insurance, we are focusing our efforts on our ability to innovate in order to better serve and support clients in their health journeys. This had us set up health centers and beefing up our services to support patients. In protection insurance, we have a great commercial momentum, especially in Japan and in Switzerland, thanks to solutions, which combine protection and savings and retirement products. And in savings and pension, net inflows in 2025 were up sharply, up EUR 5.4 billion in net inflows with attractive margin levels with higher volumes with reevaluated assets we manage on the part of our clients, especially thanks to good market performance. On the savings business, we signed a partnership -- strategic partnership with BNP Paribas Asset Management, which gives us scale and more competitiveness in our offerings and will help us gain new business while improving the return on investments for our existing clients. By way of conclusion, I would like to mention an important fact, which translates how the group has repositioned under the involves of our CEO for the last 10 years. Excellent performance posted in 2025 has been the result of positive contributions by all of our geographies and of all of our business lines without any exception. In other words, all of our business lines are going full out ever from our AXA XL covering large corporations, including our Asian, African, Japanese, South American and obviously, European operations. We now have an insurance platform, which is robust, which is resolutely oriented towards profitable growth. And by way of conclusion, knowing that today we are in Paris, I would like to underline the great performance in our domestic market, i.e., France, with growth in revenues of 6% and growth of the underlying earnings of 7%. So this brings me to give you an update on the strategic plan called Unlock the Future. 2026, i.e., this year will be the last year of this plan. And the 3-year targets and goals you have here up on the screen. As you may see in the second column, you can see the excellent underlying and operating performance in 2025. And this brings us to the upper end of the bracket of our targets across each of our 3 KPIs. We are fully in line with our guidance and with our road map. Also, we have had excellent financial robustness. As Thomas Buberl said, our solvency ratio stands at a very high level, much above 200%. Remember that in the certain time we are operating under and our clients are challenging us day in, day out on this, this financial robustness is a key asset to support and serve our clients and to protect our shareholders. On the strength and on the back of this robustness and good performance, we believe we are very well positioned to reach the upper end of our bracket in our underlying earnings per share with a growth target of 6% to 8%. And we believe that in 2026, across all of the plan, 2024, '26, we'll be reaching the upper end of this target bracket. Now this positions us very favorably into the next planning cycle by reaffirming our goal to pursue sustainable growth, which will help us thrive in the future, thanks to 2 key levers at the heart of our next plan, organic development and growth in our business in a context where the needs of our customers and clients with respect to protection will be growing. And number two, we'll be accelerating our technology transformation, thanks to AI. A few more things on our shareholder return policy, excellent performance by our group leads us to pursue our attractive payout policy. This is a sign of trust, and we thank you for your trust. As you know, we commit to paying out 75% of underlying earnings per share, including 60% in dividend with a dividend payout at least equal to that of last year and 15% in the form of share buyback. Our key financial discipline and the operating performance of our business operations have led the directors in line with this policy and as Thomas Buberl, mentioned earlier, to offer a dividend of EUR 2.32, up 10%, and you'll have to vote on this in a few minutes. Now a few more words on the Access stock in a troubled time due to specific tension in France. We've perceived increased risk by international investors for France, higher risks and by pressure in the market, since the Middle East conflict broke out. The AXA stock has held well and the growth of our stock has been 131%, including reinvested dividend. And we are outperforming CAC 40, Eurosol 50 and the stocks insurance, which is the insurance benchmark. The very fine development is a result of our financial performance, which I've just mentioned as well as our long-term orientation, including our nonfinancial performance. By way of conclusion, I will review this nonfinancial performance. You may know that in 2021, we launched the so-called AXA for Progress Index around the strong belief of ours, which was the need to seamlessly report on our performance with respect to ESG commitments. This commitment is part and parcel of the DNA of AXA Group ever since it was founded. We are showing you the 7 indicators we are tracking in the context of this ESG index around our 3 levers: our insurance business, our investor business and our employer activity. Our core business being insurance operations. As Thomas Mul said, the offerings we have for our clients in order to help them mitigate climate change accounted for some EUR 5 billion in premiums, the target being EUR cumulative billion over '24, '26. These offerings are very tangible, enabling our clients to cover new types of businesses related to biodiversity protection, biodiversity and circular economy. Our second category is that of investor. I won't go back in detail on this because our CEO mentioned it. Finally, we are taking action as a responsible employer and as a responsible company, a civic-minded company in 2025, we launched a training and development program to adapt to climate change for all of our employees. And in 1 year's time, some 50,000 employees of ours have already undergone training, the target being 80,000 employees by the end of 2026. Again, remember that AXA made very strong commitments with respect to how it should contribute to decarbonizing its insurance and its investor operations as an insurer ourselves, knowing that our emissions are very low given our business operations. These commitments are described in our various reports, and we're in line with reaching them a few years before our targets. This finalizes my review of the financial and nonfinancial performance. Thank you for your attention. Thank you.

[Interpreted] Thank you, Guillaume, for the clear presentation. I suggest now that we view a short video carried out by the forward-looking teams of AXA. We will be followed with an exchange with the experts of the company with [indiscernible] the general moderating on the topic how to ensure the future. [Presentation]

[Interpreted] Hello, everyone. We've just viewed a vision that led us to 2 different futures, which have one common point. They are not that far away in reality, these scenarios, it's not sci-fi. They already exist in a fragmented way. What the film is telling us is that we have entered into a new era where they are in the risk of interconnectedness, economic, technological, climate risk, geographic, social risk, which are not added up but interact together, get stronger and make the future more uncertain than ever. In this context, one central question arises, how can we continue to ensure the future when the future itself is becoming uncertain. And that's the role of AXA today to anticipate, prevent, support the transitions and contribute to stabilize the imbalances of the society. I'm a journalist moderator, I'm delighted to moderate this roundtable with 4 guest speakers, which provide an additional look. Francois G in charge of Risk; Matienaa, Technology and AI Director; Carmila, Secretary in charge of Human Resource and Compliance; and also Mathieu Godard, Director of General ASA France. So how -- what about this risk and their transformation, Francois, first of all, in the face of the intensification of climate upheavals, economic shocks and the emergence of this new risk, what today makes the traditional insurance models inadequate?

[Interpreted] Hello, Elena. Hello, everyone. We've seen this in the film. Risks are increasingly interconnected and the intensity of risk is also on the rise. And the frequency is gaining momentum all in our environment, we know people who have been faced with a natural event. When such a natural event has an impact on a farming area, industrial area, we can understand the consequences it can have, especially on the production line, potential prices also generate potentially economic, social impacts. And we've seen also the cost of [indiscernible] cats is increasing year after year and the frequency is also accelerating. Eliiona, when you were talking about these traditional insurance models, you're referring to these models, which essentially are based on 2 assumptions. First of all, the future will be about similar to the past and the mutualization of losses will be enough or adequate. In other words, regrouping losses means that losses suffered by a few policyholders will be borne by all the policyholders. With what we discussed and seen in the film, all the losses are becoming greater, and we understand that mutualizing these losses on their own is not sufficient enough and which amounts -- which accounts for the limits of traditional models. So concretely, how is AXA taking forward its management of risk to detect earlier the new risk and continue to ensure what is important for its clients?

[Interpreted] Absolutely. This is the starting point. We always start from the need of our clients. The aim is to support clients to reduce the impact of risk. So as an insurer to reduce such impact of risk, we don't have a magical want. We are part -- we look at the world as it is, and we are part of it, but we have given and we underwrite insurance contracts in over 50 countries. And based on these data, our experts have rolled out the technology among which artificial intelligence. In what way is it helpful and in what way is it helpful for our clients with such technologies and the data. This allows us to refine each time further the understanding of risk. And when you better understand risk, it is the key to adapt to the mutualization of losses, the risk prevention. It's when you understand risk that you can identify what are these risk drivers that will generate the highest level of losses and damage and provide the information through customer prevention by explaining by acting on this area of risk, we can reduce collectively the impact. So working towards prevention together beyond loss prevention, thanks to data and new technologies that can help us move forward into the future.

[Interpreted] Thank you very much, Francois. And now we can move on to you, Mathieu, because in order to continue to ensure you need to understand and anticipate and for this technology, of course, plays a key role. So Mathieu, you are on the front line in terms of AI and technological challenges in the scenario of the film technology, in particular, plays a major role. But in what are these tools changing concretely the way AXA grass the risks and their interconnectedness.

[Interpreted] Hello, everyone. Thank you, Elena. Yes, I think it's very clear today. The major risk today that we are facing, whether climate-related risk, cyber risk or about geopolitical instability are not isolated events. They are gaining ground. They are feeding each other. They are spreading around and the traditional models do not allow to report adequately. So we need to invent a new approach. And this is where AI kicks in because it allows us to have access to a whole new dimension of data, both in terms of volume and typology and AI will allow us to make understandable and usable gigantic masses of unstructured data, such photos or satellite [indiscernible] or recordings or text. All of this makes up a huge mass of information, and it's now possible to draw upon it for this, we have available huge catalyst power, which allow us to include into our models all this information, the essence of the conclusions we can derive from these multiple observations. And today, this is what we've been doing with our tools. It allows us to obtain an equal performance such as look at correlations between different risk scenarios. In the past, it would take us several weeks. And today, we're able to operate nearly in real time. And it's very important because it means that we are developing a much more accurate risk understanding. We can, therefore, have more relevant prices that are even fairer and open the door to prevention in a very creative as alluded to by Francois. Yes, could you tell us other concrete examples so that we can understand AI intervenes in the understanding of risk and even customer experience. Let me -- there's a tool that we saw early on in the film, which is discipline White Fire, which is -- tries to model forest-related fires. The film was alluding to Los Angeles fires. Europe, unfortunately, was also struck in 2025, that's 1 billion hectares of forest that vanished. It's a doubling compared to the trend that we had been seeing up until then. And traditionally, the way that risk was modeled was simply static. And today, thanks to AI, we are able to track about 20 parameters even in real time so that we can really foresee changes. We rely on the vegetation, the directional strength of the wind to be able to give to our clients on their relevant sites up to 72 hours in advance advice. So our clients, therefore, can take preventative actions in order to reduce the impact of such events. Let me also talk about client experience because in that case, we see major benefits, thanks to AI. Smart AXA fulfills such demand up until recently for our sales forces, responding to a request from customers meant finding a piece of information related to the client then navigate in very complex in one click now, you can mobilize one virtual assistant based on an AI engine and which in a few seconds, collect information that is necessary to ring-fence the need of a client and then check what is present in the documentary basis to propose an answer, for example, to request for a cover and then link this a piece of advice, the explanation that could be required by a client. This means that for our sales forces, it's a huge time gain, and therefore, they can spend more time in listening to the needs of the clients. And for the clients, it means, of course, to have a faster reply in return. So we have -- we are well beyond experimenting today. It's working at scale for P&C clients. 12,000 clients use it, 1,500 requests come every day are processed that way. And therefore, it's -- these tools already have a very positive effect among our clients, and there are still many more things that we can do. with that.

[Interpreted] Thank you, Mathieu, for having shed light on the role of technology, especially AI tools. But technology on its own is not enough to transform a group such as AXA. You also know to bring on board the men and women that make it Karim today, that's 150,000 employees and more in the world. How can you mobilize an organization of such group around these societal challenge, client inclusion, protecting the most vulnerable ones.

[Interpreted] Thank you, Elen. Good afternoon, everyone. So we have 150,000 employees and agents, and that commitment has 2 routes. First one is the essence of our business, which is about protection. The second one -- it is a unique DNA that has been outlined since the beginning of the session, especially with this great film that outlines the heritage of Claude BA in that film, there was a sentence of this quotation that we keep repeating in our company, which is there's no prosperous company without solidarity. So that heritage which we strive to make concrete in our daily actions and also transmit to the generation of employees who are joining us. That commitment is concrete is, first of all, in our business line, having charged the claims colleagues, people who are agents on the ground because they are the ones who are close to the companies and families especially in moments that matter. This commitment is also coming through solidarity actions. And this year, we're celebrating the 35 years of AXAtuca. We had 56% last year who were involved in volunteering around the world in France, volunteering work. We work with 320 societies association. We have about 1,000 actions on our territory. Our conviction is that we need to understand. So we invest a lot in the training of our people, especially regarding the climate Guillaume mentioned it as from 2021, we were the first company with AXA Climate to certify all our employees regarding climate. And lastly, the commitment is who we are as employer. We are driven by social and societal innovation values. And wherever we are as an employee, we have a responsibility on jobs, on diversity, on equal opportunities. And this is also the footprint we are leading through our role as an employer. And Karima, to come back to the internal commitment, how does it reflect in the offers for our clients such as AXA Essential, which aims to have a more inclusive and accessible insurance program. As Thomas said, our offer is called AXA Essential that we have been developing for several years. And this offer is aimed for low-income families. When we say this, who is involved when we look in emerging markets in Africa and Asia and South America, we have 675 million people who may not have access to insurance in Europe, we have 1 person out of 4 who has low income like retired people or families with one single parent or small companies. And there, we need to offer protection. Our vision is no one should be stopped from obtaining insurance for questions related to financial resources. This is why we develop AXA Essential. We have reworked our products, have looked very closely our distribution networks. If I may share a few examples in Spain, we have a partnership with the Corus postal company, we distribute in Spain through the post health-related products across Spain, in France, mature with your team, you develop an offer, which is called ante for my community. So we also work with boroughs, municipalities about 2,000 -- of less than 1,000 to distribute health products, especially among the elderly people. And in Nigeria, in Africa, where I was several weeks ago, we developed health products distributed through pharmacies. It gives -- shows you all the diversity of these offers, which involve today over 20 million people around the world. And I'd like to take advantages to thank all the teams who are driving such innovation concretely in the entities and all my colleagues at the management committee who are in this room who also are keen to develop this offer for the coming years.

[Interpreted] Thank you very much, Carima. Yes, we've seen the importance of understanding the risk and mobilizing the teams, but there's another key lever which to act as close as possible to the ground. And Matthew, I'm now turning towards you, Karima mentioned this several years ago. In what way this -- through your networks and your agents and new partners actions? Is it a strength when you are very close to the ground, to the territories?

[Interpreted] Hello, everyone. Yes, we mentioned it since the very beginning of this session. Risks are more complex, are shifting, are increasing. And Francois was explaining very well when she said that mutualization may sometimes hit its limits. So therefore, we need to take it a step further, which means what push further prevention and protection. And what we -- as a quality, we can combine the power of calculus mentioned by Mathieu, our expertise with a local routing and territory presence, which is unique with over 3,000 tied agents present in all our territories, which are rooted locally and who know intimately their clients. And so they are in a position to provide the right protection-related advice because everyone can understand that the risk in one region is different, the same risk to what you faced in the south of France in terms of climate. So it's a major quality that we are implementing each day so that we can provide a presence, a piece of advice that is as customized as possible. Precisely, any examples that you could share with us?

[Interpreted] Well, this new prevention protection frontier must be unfolded very practically. Let me take 2 topics. First of all, the climate topic. It is dealt with retail clients with a mechanism called Clima, which is mainly 7 million text sent last year to our clients to prevent them about the occurrence of a nat cat and to indicate a number of pragmatic prevention preventative advice. We will supplement it this year in terms of health stones by inviting car drivers to put their cars in a protective shed and by refunding the cost and also making available through over 200 tied agents an anti-flood kit. In the case of companies beyond the 2,000 visits that our protection engineers make each year, we've just launched a new initiative, which is called [indiscernible] whose goal is to exchange with company owners to identify together the weaknesses his or her companies may be subject to and more importantly, provide an action plan because the resilience of a company is not reacting afterwards, but prepare yourselves to the occurrence. We contribute also in boroughs and communities with [ Marcominoion ], which is a mechanism where over 300 mayors were supported by our prevention tax teams to put together a safety plan that a mayor has to put together. This is a way for us to further protect 1 million French people. And then -- we go beyond this through philanthropic actions. We have a partnership with Lavigard de France. You all know that maintenance of rivers and so on is very important, and we contribute there. Now regarding social protection. In this regard, we are putting forward new initiatives. We have an app called Mo Sante Angel, which allows our policyholders to obtain preventative pieces of our device with a topic which is emerging strongly, which is mental health that Matthieu also was talking about data first. It's important to be able today to share with the company owner data around absenteeism, which is a growing issue and be able to work towards the well-being of company employees. Next with the HR managers. This is an initiative which is gaining ground tremendously currently. And as I said before, prevention in terms of prevention, well, there are initiatives which are numerous, but our major challenge is to ensure that French people and our policyholders move to action and act. And we have a special role in this case, to the expertise that we can make available for society at large through the future risks report, in particular, but also through specific studies such as a data scope that enables us to share about the trends of absentees, but also about the awakening of consciousness. This is the role that [indiscernible] plays with Compass on road risk, and we go around tiny houses to make sure we create awareness among young people who support school children, 5 million soon in primary schools together with police to awaken them to the risk of the Internet. So we act as experts. We awaken consciousness, but also in social public and with public authorities, we shed light also for the good health of the nat cat regime, which is very precious for our company. So very concrete. This is how at AXA France. We put life into this very important issue, which is prevention.

[Interpreted] Thank you, Mathieu. Yes, we can see through all your answers that the role of an insurer is changing dramatically. It's not only about preparing but anticipating and even transforming oneself to wrap up in one sentence according to you, what is the role of AXA to ensure this -- to impact the risk for our clients by adding prevention to the mutualization of losses. Mathieu? -- to ensure -- to integrate technological innovation responsibly to protect what matters the most when it matters the most, Karima, innovate, innovate, innovate and build partnerships that have more impact. And you, Matthew, I urge you to move to action and each of you in this room, if you could put in place as from next week, a first preventative action, it would be great. Thanks to all 4 of you. What we take away is that these futures that we saw are not written in advance, but force you to adjust your models, invest in technology and AI responsibly, make sure that you commit -- you have the commitment of the employees and reinforce also things on the ground. And maybe this is what it is to ensure the future, give companies, societies, clients the way to remain resilient in a changing world. Thanks to all 4 of you. I thank you all for this a very exciting discussion that puts in light the prospects for the 2030 scenarios individual. I will now ask Guillaume Bury, who is the Chairman of the Remuneration and Governance and Sustainability Committee to present the changes when it comes to the governance of our company and the remuneration policy of its senior executives. Guillaume, over to you.

[Interpreted] Hello, everyone. Ladies and gentlemen, dear shareholders, in my capacity as Chair of the Compensation, Governance and Sustainability Committee, it is my pleasure to review the key facts and aspects of the Board report on corporate governance. I suggest we start by looking at the current membership of the Board of Directors of AXA Group, and you have it up on the screen. As the previous years, the Board reached all its targets and goals with respect to diversity, with respect to gender balance, the proportion of independent directors, seniority, age, complementary fit in skills and expertise and experience as represented on that Board. Since the prior shareholders' meeting, one change deserves being noted following Isabelle Hudson leaving the Board, the Board decided that Ewout Timbergen should be appointed Chair of the Audit Committee to replace Isabelle Hudson. The Board considered that the experience, expertise as a Finance Director, his ESG skill, his strategic vision in digital transformation and the way AI is being used and his knowledge of the insurance industry will be key skills and expertise for chairing the Audit Committee now. Connected with Isabelle Hudson leaving, the directors has wanted to beef up the insurance expertise inside the Board. In this prospect, it is suggested that Filomena Colachrella be appointed to sit on this Board. She devoted most of her career in the insurance and health industry. And I will mention Filomena again in a few minutes. Now let us look at the suggested changes in the membership of the Board. As you can see here, the terms of office of 6 directors are up for renewal. You will note that they are suggested to be renewed for different terms. The goal being that with have a better scheduling of the reappointments of terms. So the reappointments of 4 such directors will be suggested. Let us start with Thomas Buberl as announced last year and as our Chair, mentioned. The Board suggests that the term of office be renewed for a 4-year period. The intent being that he is reappointed as CEO after this meeting. It is also suggested that Ewout Schimbergenst be renewed for a 4-year period. I won't review again the qualities and virtues of Eout. I've just mentioned them. The Board also suggests that Rachel Picard be reappointed as a Director for a 4-year term. The idea being to schedule out the reappointment of terms. Her leadership profile, her in-depth knowledge of customers and consumers and her key experience in developing and rolling out digital transformation projects are key assets to our Board. Finally, we suggest that you reappoint Gerald Hallin for a 2-year term in line with the bylaws of the company, Gerald Halin having reached 70 years of age, even though he doesn't look it. For close to 30 years, Gerald Alain played a key role in the group's performance and its key transformation steps. The Board unanimously considers that his great knowledge and experience, his knowledge of finance and insurance have been unique contributions to the quality of discussions and to the development work of the Board and its committees. As I told you a few minutes ago, the Board suggests that Philomena Colatrella be appointed as Director in order to assess the profile and skills and expertise, we suggest we watch short video where she introduces itself. [Presentation]

You understand that Philomena Colatrella was selected by the directors based on her in-depth knowledge of insurance and health care industries, also because she has great experience in digital transformation innovation aspect. It is suggested that she appointed for a 3-year term. And here again, in order to maintain the scheduling of the terms of office and also note that the Board of Directors assessed the independence of Philomena Colatrella, in line with the AFEP-MEDEF code of conduct and concluded that she could be considered as an independent director. I will add that the terms of our 2 female directors representing salaried employees of AXA Group, Bettina Cramm and Martin Lievre up for renewal at the end of this shareholders' meeting and that the European Works Council and the European and the France level European group sorry -- Works Council decided to repoint them for a 4-year period. Provided that you vote in favor of these proposals, the Board membership at the end of this meeting, will have 14 directors, including 8 women and 6 men, 9 of whom being independent directors. The Board committees will be made up as is being displayed behind me on the screen. Ewald will keep sharing the alert committee. Conversely, you will leave the Finance and Risk Committee to fully devote his role as Chair of the Audit Committee, Russia, Gerald and Bettina will be reappointed on the committees, they are sitting on now and Philomena will be appointed a member of the Audit Committee as well as a member of the Finance and Risk Committee. This membership seems satisfactory to us as directors so that we can have a properly operating board. I want to underline that in order to maintain a well-balanced governance mechanism above and beyond regulatory requirements, the independent directors occupy a key central role in all committees. You may note that each committee is being chaired by Independent Director. The Audit Committee is fully made up of independent directors and the other committees are made up of independent directors as the majority of their members. And the Chair of the Board and the CEO are not members of any of those committees. Now let us move on to the activities of the Board in 2025. As you can see here, if you have good vision. It was dense activity this year with 9 board meetings, including a 3-day strategic seminar, 22 Chair Committee meeting for so-called executive sessions and many, many training sessions. Artificial intelligence was obviously a key subject in 2025 on the agenda of the Board, and will remain so in 2026. Other topics included geopolitical environment, macroeconomic situations, the reappointment of the CEO and the review of his compensation package, the review, the first sustainability report, the disposal of AXA IM and the acquisition a majority stake in Prima as was mentioned. For more detail, I suggest you look into the annual report. You will also note the excellent attendance rate to Board and the Board committee meetings with an average attendance rate of 97%. Moving on, as mentioned earlier, in the context of reappointment of Thomas Buberl as CEO of AXA Group, his compensation package, which has remained unchanged since he was reappointed in 2022 was a subject of detailed review by the Board. In this context, the Board took into account, number one, the robust experience and influence of Thomas Buberl, his caliber as an insurance leader and in the market, took also into consideration the actual transformation of the group, which led to record results last year as well as very robust solvency ratio and took into account a benchmark of compensation practices and packages for comparable companies. Based on this multiple factor review, the Board upon recommendation by the Compensation, Governance and Sustainability Committee decided that it should adjust some items in the CEO compensation package, starting from the reappointment. It is specified that the CEO compensation policy as approved by the shareholders' meeting held in 2025, will remain valid and applicable until his future reappointment. Board decided to set this growth -- annual growth compensation to EUR 1,850,000, and the target flexible compensation being increased to EUR 1.95 billion while maintaining the existing deferred mechanism and mechanically the long-term compensation based on shares, aligning the compensation with CEO with the long-term performance of the group and shareholder interest. It is to be noted that the CEO does not benefit from any top-up defined contribution pension scheme conversely, he benefits from an action performance share performance, which is dedicated to pension. This plan is granted to all executives of group entities in France. He benefits to a severance compensation, subject to performance conditions, the amount of which being set to 12 months of compensation it being increased by additional month for every year of service. The Board decided that this compensation package would remain unchanged throughout the next term of the CEO, i.e., until April of 2030 as has always been the case in AXA. The Board considers this new compensation policy has been adapted to AXA Group's profile and its relative position inside the panel of European insurers and banks while remaining competitive across the 4 years of this next term. In addition to this, the Board sold to it to continue to align the interest of executives with those of shareholders. For more detail, I suggest that you look into the universal registration document for fiscal 2025. This compensation package being subject to strict performance terms and conditions and being fully aligned with group strategy aims at fostering the convergence of the interest of the CEO with that of the company and its shareholders over the medium and the long term. These performance conditions and terms are showed up here up on the screen behind me, the performance terms and conditions for the variable portion and the performance shares remaining unchanged. In 2027, the Board will be reviewing his choice and the weight of the financial and nonfinancial performance indicators so that it may align them with the directions of the new strategic plan for 2027 and 2029. I suggest that we now review the variable portion of the compensation of CEO for fiscal 2025. Remember that the assessment of the annual performance of this year is based on 2 components: the group collective performance, accounting for 70% and the individual performance, accounting for 30%. The group collective performance is being assessed depending on 4 criteria, underlying earnings per share, cash remittance, the reduction of the carbon footprint in the own assets of the group and the clients recommendation score. For 2025, it comes out to being 107%. The individual performance of the CEO has been assessed according to the goals and targets set by the Board in the early part of 2025 and they are shown here up on the screen. This individual assessment was assessed to be 115%. So the overall performance of [indiscernible] for fiscal 2025 has been weighted comes out at being 109.4%, representing an annual variable portion of EUR 1,914,500. This includes the deferred part of this compensation package. As mentioned earlier, a deferred payout mechanism covering 30% of the annual variable portion over a 3-year period is being applied. The amount actually paid out will depend on how the stock price changes throughout the deferred payment period within the limit of a cap of 130% of the deferred payout. The Board saw to it that the assessment of the annual performance level of the CEO and that of the group be relevant with respect to the achievements and that will be aligned with shareholder interest. As you may know, AXA has been leading policy to grant performance shares to its employees in France and in its international subsidiaries and entities in 2025 and 2026, on 6,000 employees were granted performance shares which are subject to performance conditions, irrespective of their profiles and statute the performance criteria has reviewed and revised by the Board in late 2025, cover both the performance of the operating entity for 35%, the financial performance of the group, 35% and the sustainability performance for the group for the remaining 30%. Finally, in line with the best industry practices as well as in line with the recommendations of regulators of finance -- the financial industry and other stakeholders, the performance shares granted to the CEO. In addition, 2 big subject to a 3-year lock on lockup period -- sorry, in addition to being subject to a 3-year vested period are subject to a 2-year lockup period in March 2026, 117,708 performance shares with an IFRS value of EUR 3,128,832 have been granted to the CEO. These performance shares are vested without dilution for the shareholders given the choice made by the shareholders. I suggest we now look at the compensation for the Chair of the Board when he was appointed and in line with the asset made code of conduct, the Board considered that the compensation package, which will be the most appropriate, consistent in paying out to the Chairperson of the Board, a flat compensation is being set to EUR 925,000, this is the amount to be paid out to the Chairman for fiscal year 2025. The proposal is to maintain the compensation package for the chairperson of the Board as well as the compensation packages for the directors to be unchanged for 2026 these being considered as being adapted, fair and well balanced. So no change is being proposed. Finally, as is the case every year, I would conclude by a few words on the profit-sharing schemes for group employees. As you may know, the group offers employee shareholding scheme called Share Plan in the form have a rights issue, which is referred reserved for them. For fiscal 2025, celebrating in the 40th anniversary of the AXA brand, the AXA Group employees benefited from additional matching mechanism with 1 share freely offered to 4:1 share board with a limit of 20 shared Board in total more than 42,000 employees in 40 countries participated in the operation, up 61% compared with 20:4. And the total subscribed amount was EUR 435 million. In order to avoid any dilution. It was proceeded with as in the previous years to the buyback and cancellation of an equivalent amount of shares. As at the 31st of December 2025, the employees -- and the agents of AXA Group held 4.87% of equity capital and 7.04% of voting rights for the AXA Group. Ladies and gentlemen, this concludes my report. I would like to thank you for your attention, and I turn over to Antoine, to our Chairman.

Thank you very much, Guillaume, for this presentation. Let me say that the report on corporate governance has established in line with articles L.225-37 in sequel and AL-22, 10-8of the commercial code are in the universal registration document for fiscal 2025. And I will now ask Mr. Pierre Planchon of KPMG S.A. to now make his report for the statutory auditors.

Mr. Chairman, ladies, and gentlemen, dear shareholders, in my capacity as statutory auditor for AXA Group and on behalf of KPMG and Ernst & Young, I will briefly and summarily review the key facts in our reports to your meeting today. Our auditing work covered 4 key parts. The auditing of the parent company and consolidated financial statements as well as specific procedures provided by law, the related party agreements, the equity operations and an issuance of securities. And finally, the disclosures on sustainability, including that of the European taxonomy. Our auditing work was jointly conducted by the 2 accounting firms covering all of the significant entities and units of the AXA Group. With respect to the parent company financial statements of the AXA company, we have provided an unqualified opinion on these financial statements. Our auditing led us to especially focus on the valuation of equity interest in related companies or having equity ties and also we looked into the valuation of claims-related provisions under the reassurance contracts we have no comment to make under this specific procedures with respect to the financial -- the consolidated financial statements, we are providing also an unqualified opinion on these consolidated financial statements knowing that our auditing work worked on the assessment of the liabilities in the health and health insurance B, they measured according to general model or the VFA model. We also looked into the assessment of the claims-related liabilities in P&C business, especially with respect to long tail -- to long-tail branches as well as the assessment of the intangible assets, the recoverable values of goodwills connected with the P&C portfolios. We have no comment to make on the fairness of the information provided in the management report nor on the consistency with the financial statements. And we do confirm that the presentation of the consolidated financial statements abide by and comply with the unique European electronic format called ECAF with respect to related party agreements, we are reporting to you any related party agreements that we have made -- that we've been informed of. I can now tell you that no such agreements were reported to us nor any prior agreements, which would have gone on in 2025. With respect to equity operations connected with Resolution #17, which is authority given to the Board of Directors for 18 months with a limit of 10% of capital to reduce capital over 24 months. Based on our auditing work, we have no comment to make on the causes nor on the terms for such capital reduction. With respect to resolutions 18 and 19, which relate to capital increases, 1 resolution covering capital increased results for members of an employee sharing scheme and an increased capital reserves for any staff category, the 2 with the maximum nominal annual cumulative cap of EUR 135 million with authority given to the Board for the next 18 months provided that a subsequent review of the final conditions covering these capital increases. We have no comment to make on the way the insurance prices have been defined since these plants have not been decided upon today. We have no opinion to make on the conditions nor on the suppression the subscription right. But when such operations happen, additional report will be issued. Finally, we have conducted the auditing work for disclosures and sustainability. We have based our work in the context of regulations, which are still fast changing in Europe, the publication of the so-called taxonomy dedicated acts, including the Omnibus package. Our role consisted in expressing a limited opinion on 3 things: the compliance of the process to establish these exposures on sustainability based on the IFRS standard. The compliance of such disclosures with the regulations and requirements and the compliance with the obligations and requirements under articulate on the taxonomy regulation based on these procedures, we have not reported or identified any areas emissions inconsistencies. Without calling this conclusion to a question, we are drawing your attention on 2 aspects, which are shown in the sustainably report, the limits with respect to the calculation of the finance emissions and the carbon footprint of the insurance portfolio, #1 as well as the ways -- sorry, as well as the scope and assumptions taken to set the intermediary objectives by 2030 for access climate plan. By we have concluded all of the reports I have just mentioned, we are providing a qualified opinion for with no comment on them, which would call our assurance to question. Thank you for your attention. I remain available any questions.

Thank you for this review and for this report by you as statutory auditors. We are coming close to the Q&A session with the audience. I suggest before we knew that to watch a short movie to present the shareholder. [Presentation]

So this is the time for our discussion with you. By the way, before our session, we received 3 electronic mails concerning written questions. These questions were sent by [indiscernible] Finance and by Mrs. Catherine. These questions as well as the answers provided by the Board of Directors are on our website in a heading dedicated to written questions. Some other questions were also sent to us, but beyond the time frame required. So we will answer all these questions as we always do as part of our relation with shareholders. But this will take place, of course, beyond the legal framework of our session. Having said that, I suggest now that we open the floor. I ask shareholders in the room who want to ask questions to express themselves with the hostesses who are in the room in order to give a maximum of possibilities to maximum of people, please be very concise as much as possible. By the way, if your questions are related to a contract to claim or I urge you to go to the client stand, which is at the entrance of this session. Our expert teams are available there to answer your questions in a more effective way than we could do it here. So let's take the question from the front row. Sir?

Hello, Chairman, dear friends, well done for your performance. Here are my questions. It's essentially about AI. Is this an opportunity, a threat for the AXA Group? And what is the ecological impact of it?

Thank you for this question, which is at the heart of our thoughts. And as you noticed, we have several times have been talking about it, about this AI. First of all, let me point out that AXA was ranked first among the major insurers by the professional ranking for the degree of preparation to this technological revolution. For us, obviously, AI is an opportunity that is a major one, and we already saw that it is a great accelerator in order to enhance the service we provide our customers. Files are dealt with much more quickly and risk expertise assessment and appraisal is done much better, and this helps us concentrate teams on the real high-value and human actions. So we have no doubts about this. It's an opportunity, but it is also a challenge, a challenge, which in light of the deep transformation of our organization of our working ways of doing things, we are convinced that this challenge, we will meet it if we can involve the people at every level of the organization into implementing these new tools, and this is the strategy that is being rolled out. And to answer more precisely to your last question about the risk of contradiction with the climate commitments. I think that risk can be managed if you speed up the energy transition and in regard to the development of decarbonated energies. It is the strategy we have, and we are contributing at our scale to a good reconciling of the data centers, the AIs together with the speeding up of the energy transition in order to avert to be in a situation where we are in a contradiction. There's a question on the right-hand side, question # 7.

Would I have a question -- one single question, you'll be happy that deals with your earnings. You gave results, which are increasing by 6% or 8%, 10%, which is far higher than inflation. I congratulate you for that. But you essentially gave the underlying earnings per share. I was surprised that there was no net income. So I looked at the P&L of the financial report, and I saw that the net income was from under EUR 8 billion to just under EUR 10 billion, which is an increase of nearly 25%, which is huge. By looking at the item -- the previous item, I saw that the profits or losses of businesses was more than EUR 2 billion. It was EUR 155 million before in the previous year. The results that you gave reflect, of course, the changes in the industry. Apparently, it's an exceptional profit related perhaps to a divestiture. I don't -- I've looked everything. You didn't mention it, I think. What does it correspond for? And by the way, this a good credit that I give you is that you have 2/3 of what is distributed. You were modest because you didn't mention the net income nor the top-up that you have deferred. So financially is very good. So tell me this sharp increase in the net income, what can it be equated for?

Thank you for your question and for your watchfulness. Thomas, thank you for your questions. First of all, we are looking at the 2 lines, the underlying earnings and the net income because both are very significant for us. Of course, you did notice that there is definitely a sharp increase compared to last year. It's due to the divestiture of AXA Investment Manager. You will recall that we decided with the Board to divest that subsidiary, which was an entrepreneurial creation with a lot of success, but we then found itself in an environment of increased competitiveness globally speaking, at the BNP, that transaction was closed in the middle of 2025. And therefore, because the company was an internal creation with a few acquisitions. In the meantime, the accounting value, the carrying value in our balance sheet was below the sales price at EUR 5.4 million. And why -- this is why the company made a capital gain, which represents exactly the amount that you mentioned, sir.

Let's stick to this area of the room. Question #6. [Foreign Language] the NGO Reclaim Finance for 4 years, I've been coming to the session as in every year. I'd like to ask a question before all of this, I'd like to come back to the exceptional earnings of your group, record sales, 75% going back to the shareholders. And based on these results, the climate change impacts everyone, except AXA. Your shareholders applaud know the price to pay for strategy globally, you increased your prices on average by 25% in the last 3 years and reduced sharply its exposure to nat gas, especially via AXA XL. AXA continues to feed the climate risk and reduces its exposure in parallel. And despite your commitments, you continue to ensure and finance the development of oil, gas and liquefied natural gas. And this is a stained when you hear from your managers talking about prevention, which is mentioned by several people here. My question is the following. Therefore, when will AXA stop feeding the climate crisis by stopping any support through its investments to the development of oil, gas and LNG? And when will you finally apply to your business your own prevention message?

Thank you for your question, which is very clear. I will let Guillaume Borie answer. After having specified before that, that, obviously, the -- we are not moving away from our climate targets, which are among the most ambitious in our insurance industry. And we several times have raised it even further. And gradually, we are trying to continue to make it even more ambitious.

Thank you for your question to come back to 2025 compared to your questions, we are continuing to support our clients about these climate catastrophes. Yes, it's better now. And in the face of the various natural risk as regards to the increase of our prices, bear in mind that the cover of climate risk is just a piece of the cover we offer our clients. In fact, prices have been increasing in the past few years to cover the increase in climate risk because in our business, we try to mutualize risk. So when the increase on average, certainly, the premiums increase. It's a need to allow us to continue to stick to our commitments over the long term. And therefore, this is what we did in full responsibility to be able to continue to support our clients. One example, just in 2025, we compensated for several billions of climate claims in France, it represents EUR 438 million of compensation paid to our clients in the face of the various natural events. De facto across the globe in 2025, climate catastrophes were significantly lower, which reflects what we know. Years may be volatile from 1 year to the other. It doesn't change the long-term trend for the past 20 years on average, there's a sharp increase of these climate-related catastrophes, and we continue to support our customers in this regard. Alongside this, that we continue to have a very ambitious policy when it comes to the fight against climate change and encouraging adjustment to such change. For this reason, we committed ourselves to fully move out coal by 2040. Since last year, we no longer ensure no new gas or oil project with the exception of some specific players that who we consider have a climate transition plan that is believable. Why? Because in order to support the energy transition, there's a need for capital. So we consider that it's also our responsibility to continue to support the players who have a transition plan and necessarily need not only investment, therefore, capital, but also ensure to allow us to develop these new projects they have and very often to develop them, they need to continue also the existing projects that provide them the necessary capital in order to follow this innovation path. So both go hand in hand. And each time we examine with great attention, the existence of a credible transition plan. And if there isn't any, we do not support those players, whether it comes to investments or in terms of insurers to be perfectly exhaustive. I conclude on your last point concerning the LNG liquid natural gas projects. We no longer are ensuring we do it for this in a particular geopolitical context because we consider in order to allow the European Union to stick to its decarbonation goals, given the current circumstances, action, access to liquefied natural gas remains necessary to provide the security of -- and good supply of energy, and we continue to encourage the decarbonation strategy. This is why we selectively support some specific projects related to LNG.

Thank you, Guillaume. Let's move to the other part of the room for your further questions.

Francois Chermon, member of the Advisory Committee. Let me come back to the geopolitical context, which was listed as a second risk by all the experts in your excellent report in this world, which is more unstable. Therefore, the legal frameworks seem uncertain. Your clients and companies, are they still resilient? And what about their investment decisions? And what about the general public? It is at a loss and being rocked by the various announcements. What are the major risks that may impact the group? And what are your action levers?

Thank you very much. Thomas possibly could answer this.

Thank you, madam, for your question. You are totally right on 2 aspects. the future risk report is a very good way to summarize the complexity of our current world and environment because we note that the risks have changed in their dominance and in their priority levels and also the context has become much more difficult with respect to interconnections across these risks. At the time, in the past, risks were quite distinct and separate. Now they are very much intertwined. And we are experiencing an area of so-called poly crisis where we're experiencing successive crisis in chain. So we had pauses at the past in between 2 crisis. We no longer have these pauses. Now obviously, this situation is very uncomfortable as a situation for our corporate clients, but as well as for our retail clients because both companies and citizens are affected by geopolitical instability every day. I just mentioned the price of oil, the price of food and how all these are affected. But you're right to say that our corporate clients have been suffering the most and have been approaching us and challenging us with many questions. This is so many opportunities to help them, to support them, to advise them and to guide them into the way they can navigate and manage these risks. Now today, we have lots of products and solutions and services, which try and address these risks and contingencies with respect to insurance cover and with respect to prevention activities because in a world which is more and more fragmented, it is important that we anticipate the next issues, the next announcements in order to provide optimal protection. And jointly with our clients and customers, we continually review and revise their hedges, their prevention and protection programs to continually optimally adapt. For AXA, it means that in a more and more uncertain world where we find it difficult where the next blow, where the next issue will come from, it is of the greatest importance that we diversify, that we diversify investments, but also that we diversify our risks. What does this concretely mean? It means that we take up lots of risks here and everywhere. But the net exposure levels against each and every risk, we have tended to limit. And it is true also on the side of investments. And you may have noted that in the last 4 years, across the crisis that we have experienced that AXA has always been affected to a more or less degree by this crisis, but to a more or less degree, means that there never was a crisis where AXA was affected to the root, was fundamentally affected. And this diversification policy which has helped us control our risk better every day is a key approach going forward in order to manage this big ship, which is AXA Group and also to be able to reimburse claims every day to our clients and help them in their prevention activities.

Thank you, Thomas. Let us take questions from the bottom of the room. Question #4.

I'm an individual shareholder. I would like to know whether you have already had your 2026 finances affected by the war in the Middle East, especially with respect to the P&C claims and damages for the mid-market and SME companies.

Now it is a very current question. So I will have Guillaume answer, but I can tell you that we have been very little affected by the crisis, but we've been extremely watchful, says the Chair to anticipate any future developments in this waring situation, which may generate more significant and more dire conditions.

As our Chairman said, we have limited exposure to this Middle East region. We have teams in the field with whom we are in daily contact, and we whom we support, obviously, in Dubai to support some of our clients in international health care business. And in Lebanon, we have a joint venture operating in Lebanon above and beyond these field teams and our local operations via our insurance cover for large corporations under AXA XL's operations, we've been providing insurance cover to large shipping companies and to large airlines, which obviously have been massively impacted by the situation. But as you may know, today, destruction of civil infrastructure and vessels and aircraft have been very limited. So we have been able to manage the consequences, but we remain very much engaged in support of our clients. And we need to keep being able to support and help them to manage their future projects. And you heard about the discussion to maintain and uphold insurance -- marine insurance cover to make sure that shipping lines and marine operations remain covered by insurance products, and we remain close to these clients.

Thank you, Guillaume. Let us go back to this part of the whole, question #7.

Yes, hello. We can see that the disposal of AXA IM boosted the performance of BNP Paribas. What will we be doing in the windfall proceeds? Will you be reinvesting in the P&C in health care or in other sector of the company? In France, there is one fire every 10 minutes. It isn't it the role of insurance companies to work ahead of time to prevent risks by implementing preventative activities, better knowing your clients, better knowing the state and conditions of their buildings and of their facilities to prevent fires, which are very frequent in France.

There are 2 very different questions. The first question, we already have touched upon because we have mentioned in a very explicit manner how we were going to be using the proceeds of this disposal by returning part of it to our shareholders and by keeping part of the proceeds to fund our investments, including capital expenditures in technology solutions, which are of great importance. And if there are opportunities out there, we may seize them for external growth investments. The second question is on prevention activities, and Thomas will answer this.

Thank you for your question. So as I already mentioned in my presentation, it is very important for us that we focus our operations on purely insurance business operation. This is why it was logical that we should dispose of the asset management business. You heard and saw from my presentation that we acquired a company called Prima. Prima is a direct insurance business operating in Italy and in a few more countries. And this is a good example of an opportunity which we seized in which we reinvested part of the proceeds from the disposal of AXA and because of EUR 5.4 billion disposal price, we used EUR 3.8 billion for the share buyback program to balance out the loss in earnings and the variance has been available to conduct acquisitions, including the acquisition of Prima. And I can tell you that ever since the acquisition of Prima, the operations have been going very well in Italy. Now as to your second question about fires, you are totally right, sir. It is quite horrible to see that there are so many fires in France. Continually, it unfortunately has become a new normal. Indeed, prevention activities are already of great importance for us and will be even more important for us in the future because with a rising number of risks, you have an increasing ticket, an increasing price for this risk to make sure risks remain insurable and that insurance cover remain a product that anyone can afford being insured that is we must push prevention activities much more. We have been working today in pushing prevention and preventative activities against fires because when you take out insurance cover for a plant, you have sprinklers experts who come and inspect your sprinkler system to check that the sprinkler system of the facility comply with the current standards and update them as needed. And new technology like sensors and AI solutions push the limits and help us go further because we know that you have constraints with human activities. With technology solutions, you may have a 24/7 monitoring with a much quicker intervention rather than human experts. So it is very important for the future that we place a greater focus on prevention activities.

Thank you. Let us go to the back of the auditorium. Question #9.

Hello, everyone. I'm an individual shareholder. What strategy are you putting forward to develop and expand in countries which have a culture to be reluctant to and not be too open for insurance products like Southeast Asia. You said that a strong value and attribute of the group is boldness. Having personal experience in the field of insurance, I can give you my contact details after the shareholders' meeting.

Well, we'll be very happy, sir, to get your contact details. Now with respect to Southeast Asia, what can Guillaume -- thank you, Sara, and thank you for your question. We have a presence in Southeast Asia, mainly in 3 countries: Thailand, Indonesia and the Philippines. In these 3 markets, we operate in partnership with local partners. These major characteristics of how we've been expanding in these countries. We usually go hand-in-hand with a local partner, which generally is one of the leading national banks, which makes it easier for us to reach out to customers and clients to understand the cultural specifics right from the start. And you're right that insurance is a very local and specific offer, which is very much rooted into the culture of each country. And when we have a local partner, it makes it easier to penetrate such countries. The second key factor is that in these 3 countries, one of the fastest developing channel is by way of agents, which are not banking agents. And these agents are usually individuals who distribute insurance products in addition to other professional activities, knowing that they do not work full time as we may have the situation in Western Europe, which means that we have a very high number of such agents in those 3 countries in order to be effective at the commercial level. So these are our 2 main drivers. In complement to that,in these 3 countries, as is many other emerging countries for the last 8 years, we have developed a so-called inclusive insurance offering, which aims at developing products, which are bespoke customized products, meeting the needs of the local communities, especially low-income communities where we really have to focus on the basics. And this is why we have called -- this unit at AXA called AXA Essentials. And in the world, we've been covering more than 20 million policyholders via our inclusive insurance solutions.

I'd like to insist for a few moments on the last point mentioned by Guillaume because AXA was a precursor when it comes to inclusive insurance, as we call it, that is offers in order to improve the cover of low-income populations, in particular, in emerging countries in which we are present, but not only. And all in all, today, we have over 20 million clients around the globe who are part of this category. Many of our competitors are starting to develop now fairly comparable approaches, but I think we were the ones who blazed the trail. So unfortunately, we cannot take -- we can take only 2 questions, maybe #3 to remain in this area of the room. Microphone.

Jean-Marcernore, former employee at AXA. AXA is also a bank. I'd like to know if the bank is still part of the main focus of AXA, strategically speaking.

Thomas?

Thank you for this question. And I'll share with you an experience from the ground because last week, I was in Lyon and visited an agency. And after I said, hello, listen, Thomas, the bank is really what helps us go forward with the insurance. That's the feedback that you get everywhere from the agents because the bank plays a significant role in creating the loyalty of our clients in the frequency of contact as well because many times, and I say fortunately, in the cases of claims, unfortunately, we have very few contacts with our clients. And the bank has that element of contact frequency. Of course, in a world that is increasingly becoming difficult when it comes to regulations, we must also think about how we can, in the best possible way, work in this framework while retaining a banking offer. This is why several years back, we decided to work together and create a partnership with a bank that lends us their infrastructure so that we can be 100% in contact with the banking rules and at the same time, be able to offer products that our clients actually want from us. And today, the situation is well stabilized, works well for us and the satisfaction of our clients is there in terms of the banking offer is very high. This is why the bank in France is definitely a key important element in our client relation.

Thank you, Thomas. Since the question was short and the answer was efficient, let's take 2 more questions, 2 last questions. Maybe #6.

Dear Chairman, hello, everyone. I'd like to come back to AI. We have talked at length about it this afternoon. The points are interesting for us are the following ones. What is the percentage of employees who to this day have been trained on AI? And also, what is the place of the human factor within the AI was not underlined very well this afternoon. I have a second question, which is about people taking away the identity of people. There were some people who suffered from this in order to support them. Or are you thinking about guaranteeing something that could apply in the spoofing area. This is about spoofing.

I'll let Guillaume answer. On the first question, AI, I indicated it perhaps a bit too swiftly. For us, AI is more of a human challenge than a technological challenge. This is the state of mind for us when we take a look at this revolution. Guillaume, over to you.

Thank you very much, and thank you very much for your question, sir. Yes, as a matter of fact, first and foremost, it's a human challenge for us. And what we see day after day with all our teams is that AI is spreading across all our processes through the use that our own teams are making of AI. In other words, there is no other choice than adopting it because it is our teams that are requesting this. It makes sense because the use we make it as citizens or individuals, and then we expect that it will be available daily on our workstations in our working environment. This is how already for the past 3 years, there has been a speeding up of the use of many AI-based tools by our employees. We were one of the first global groups of making available the language model that is the access to ChatGPT, which internally is called SecureGPT within a platform, which is secured. As you know, one of the challenges for us is that we cannot let the numerous data and the sensitive ones that we manage for our clients on external service. So we must assure that the use is made under good conditions. Such massive development in uses has led us to rolling out training policies, which are systematic across the group. And one way or another, I can tell you that each employee has had access to training related to AI, which is quite different depending on their responsibilities and roles with it's very generic. It's very short training to remind facilitate access to these platforms. And for other sectors, it's more intense. For example, those who are technological solutions development, there are thousands of our employees who are working on the development of our services for our clients through our websites and platforms. And obviously, they have a more intense use of AI in order to facilitate their daily work, which was supported by training. So you can see that across our AI strategies, there is, of course, the applications for serving our clients and it's also the transformation of industrial processes in terms of claims management and design of products and pricing. But more fundamentally, the battle we are undertaking is a good use and a good adoption by all our teams. So first and foremost, it's a cultural change in our company, which through the use of all the senior managers through the training of managers and through the availability made to all our employees around the globe of adapted solutions.

Thank you, Guillaume. One last question, short, please. We are really tight on time, number three.

Individual shareholder. I'd like to push further the previous question that was raised since the beginning of the session, we have talked at length about AI and risks. But in my opinion, globally, and even if the last question was a bit related to the human area, it's the human area, the training, the internal human elements and your relationship with your clients. And even if you have a ChatGPT, which is called secure and your own service, I believe that maybe you are aware that several days ago, barely file or database super secured of our interior ministry was hacked and millions of individual identities were stolen. And my question, therefore, is in relation to AI, especially now with all these interconnected systems is where will we end in terms of individual freedom and the control element. All it takes is that these files fall into the hands of a malevolent manager, which we have seen in other parts of the world that we find ourselves in a society where there won't be any freedom left. And as you said before, I think that each person in this room should think very carefully before entering into ChatGPT or something sooner, which initially is not secured at all and puts in all the data that you put in and in several months or years, anyone can exploit them to monitor you on every gesture and fact concerning you.

Thank you for your question, which resonates with a concern, which is ours, which is at the heart of our thoughts and our work, of course, Guillaume.

Thank you very much for your question, sir. Obviously, you're raising 2 issues, which are absolutely basic. The first one is the challenge of sovereignty. And the second problem is about safety and security on sovereignty. These technologies de facto are available for the most solely coming from the United States and slightly from China and besides that, coming from a few global players. Therefore, it leads us to have a risk management policy that is very strict and discipline, which aims at diversify as much as possible the service providers and the nature of technologies used, but within the limit of what is available because we are facing also the realities of the world. So in the current situation, certainly, we are also forced to call upon a limited number of possible solutions. It is not thinkable to move out of this right now. That's a principle of reality. And permanently, we check that we limit as much as possible such dependency and that we have reversibility options if ever in the future, other solutions were to emerge and be available. In the case of safety and security challenges, I was referring to this, in regard to our platform and all the solutions for our employees. The security and safety of our information systems is at the heart of our company's risk management and the monitoring of the Audit Committee and the Risk Management Committee of our company. And we review these programs on a regular basis to systematically reinforce all the security and safety with very concrete consequences, including for our teams for which and quite rightly, they may complain spontaneously. We ask several authentication. We check access to each system. So we constantly monitor this, which is fitting the critical of the data. We manage some data are particularly sensitive. I have in mind, especially our business where we have insurance for this. We have standards that are even stronger and strict zero risk unfortunately does not exist, but we invest constantly more to limit as much as possible those risks and be able to respond very quickly when unfortunately, there is a hacking taking place, and we'll continue to do so in the future.

Thank you for your participation in this exercise. I think we had a very good discussion. I suggest that we move now to the vote of the resolutions.

Yes. Before Guillaume specify how we will be voting, let me read the final quorum. I give you the interim one. Things have intensified. We finally have 1,444,465,864 shares represented. They represent 71.23% of votes, which gives us a quorum of 72.21%, which is an excellent quorum. Guillaume, over to you.

Thank you very much. So this is the time you expected so much. Please give me the privilege of your attention for some practical information. You all have a personalized electronic voting box, which is on the screen. The screen on the box allows you to check the number of votes you hold or represent for our general meeting. To vote on each resolution, you must press firmly on one of the following keys: for green button, abstain, yellow button, against the red button. Your vote will be displayed for a few seconds on the screen of your box. In order to vote within the allotted time, please wait for the indication Voting is open and limit your vote to one single vote per resolution. If you do not press any of the buttons, you will be considered to abstain from voting. I remind you that the poll is taking place under the supervision of Matt Com. And please note that electronic voting machines must be handed back to the hospices at the end of the meeting. Please switch now. We shall now proceed to vote on the resolution on the agenda for this meeting. I thank you to please switch off your cell phones for the duration of the call.

You are asked to vote on 21 resolution, 16 ordinary and 5 extraordinary ones. The resolutions which are ordinary ones require for them to be valid to have a majority of more than 50% of expressed votes versus the extraordinary resolutions, which require a 2/3 majority of votes. I suggest we don't read out the text of the detailed resolution subject to your vote. As mentioned early by our Chair, you will find them in the convening notice, which has been published in the legal gazette on the 27th February 2026 and which have been made available to you in -- under the legal conditions. First 16 resolutions are ordinary resolutions. The first resolution relates to the approval of the parent company's financial statements for the fiscal year ended December 31, 2021. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. The second resolution relates to the approval of the consolidated financial statements for the fiscal year ended 31st of December 2025. Voting is open. [Voting]

Voting is now closed. The resolution has been adopted. Resolution #3 relates to the appropriation of income for the fiscal year ended on the 31st of December 2025 and the setting of the dividend of EUR 2.32 per share dividend. Voting is open. [Voting]

Voting is closed. The resolution has been carried. Resolution #4 relates to the approval of the information referred to in Article L.22-10-9 of the French Commercial Code relating to the compensation of corporate officers. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution 5 relates to the approval of the components of compensation paid during or granted in respect of the fiscal year ended 31st of December 2025 to Antoine Gosset-Grainville, Chairman of the Board of Directors. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #6 relates to the approval of the components of compensation paid during or granted in respect of the fiscal year ended 31st of December 2025 to Thomas Buberl, Chief Executive Officer of AXA Group. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution 7 relates to the approval of the compensation policy applicable to the Chairman of the Board of Directors. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution 8 relates to the approval of the compensation policy applicable to the Chief Executive Officer. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #9 relates to the approval of the compensation policy applicable to the directors. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #10 relates to the statutory auditor special report on agreements referred to in Article L.225-38, which states no new or existing agreements. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #11 relates to the renewal of the term of Thomas Buberl as Director for a 4-year term. The voting is open. [Voting]

Voting is closed. The resolution has been adopted. Congratulations, Thomas. Resolution #12 relates to the renewal of the mandate of Director for a 4-year term. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #13 relates to the renewal of the mandate of Director 3-year term. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #14 relates to the renewal of the mandate of Gerald Harlin as director for 2-year term. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #15 relates to the appointment of Philomena Colatrella as Director for a 3-year term. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #16 relates to authority granted to the Board of Directors to operate on the shares of the company within the limit of 10% of stock capital for a unit price of EUR 50 and for an 18-year period. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. The next 5 resolutions are within the remit of the extraordinary shareholders meeting. Resolution #17 relates to authorizing the Board of Directors to reduce the share capital through cancellation of treasury shares within the limit of 10% of capital share by periods 24 months and for an 18-month period. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #18 relates to delegation of power granted to the Board of Directors to increase the share capital by issuing shares, securities giving the right to the company's shares reserved for employees involved in sponsored company savings plan without prescription right of the share. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #19 relates to delegation of power granted to the Board of Directors to increase the share capital by issuing shares without preferential subscription rights of the shareholders in favor of a specific category of beneficiaries in order to enable employees, tied agents residing in some countries as well as corporate offices to benefit from this plan depending on the local specific terms to formulate as close as possible to those other beneficiaries of the group in the context of the previous resolutions. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #20 relates to amending Article 10C of the bylaws relative to the appointment of the employee shareholder representative to the Board of Directors in the context of vacancy complying with the rules of gender balance representation in the Board of Directors. Voting is open. [Voting]

Voting is closed. The resolution has been adopted. Resolution #21 and last resolution relates to amending Article 23 of the bylaws relating to shareholders' meeting. Voting is open. [Voting]

Voting is closed and the resolution has been adopted. Thank you all.

Ladies and gentlemen, I want to thank you again for your attendance here today. I hope this meeting was fruitful and answered your questions so that you may arrange for your agenda next spring. The next shareholders' meeting will be on the 22nd of April 2027. On the way out, our hosts and hostesses will get your voting boxes back and will give you a so-called resilience kit provided by AXA Prevention business. In the current context, we thought it was useful to have such a resilience kit, which is made up of survival, blanket, lamp and a water bottle. I hope you'll be -- you'll never need to use it. Thank you again. And since no other items is on the agenda, I declare the meeting adjourned. Thank you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]