Bouygues SA ($EN)

Ladies and gentlemen, thank you for being with us. Good afternoon to one and all. I propose to open up today's Annual General Meeting of Shareholders. We are -- myself and our senior managers are very happy to welcome you to this emblematic building, which must be close to 40 years old, if I remember correctly. It's a building that we maintain as best we can. It's part of the group's heritage, I should say. Well, first of all, as Chairman of the Board of Directors, I will be chairing this combined AGM. I'd like to thank the members of the Board present here today. And if I may, I'd like to ask the 2 shareholders with the largest number of voting rights to act as tellers for today's AGM. This is Mr. Cyril Bouygues present. And the FCPE, this is a fund holding the shares purchased for the company savings scheme, represented today by Sylvie Bruneau, also present. Thank you. I will now set up the bureau. I propose that Didier Casas act as Secretary for today's AGM. I see that the shareholders present, represented or having voted by correspondence between them have over 1/4 of shares with voting rights. The quorum required for the ordinary and extraordinary parts of the meeting has been reached. I also see that we have [ Luis Mura and Sabine Liber ] appointed by the Works Council to represent the employees at today's AGM. As we have also Nicolas Pfeuty from Ernst & Young and Jean-Marc Deslandes from Forvis Mazars, they are statutory auditors. There are also a number of people who are nonshareholders, particular journalists, analysts and justice are also present in the room. Now before beginning our presentation, I propose to show you our new institutional video. Every year, we are proud to share with you our main achievements and in doing so to pay tribute to the people in the group who really represent us throughout the world and who embody our values. [Presentation]

Thank you. I now declare that the meeting is open, and I'm putting on the bureau the documents made available to shareholders. The main documents are listed on the slide that you can see on the screen. On the screen, you can see the agenda for today's AGM, which is also included in the notice of meeting that you have received. First of all, the agenda for the ordinary part of the meeting, which includes 15 resolutions, followed by the agenda for the extraordinary part of the AGM, which comprises 6 resolutions. All the documents specified by the commercial code have been made available as required by law. I propose that you dispense us from reading the Board of Directors' report, which is included in the universal registration document that has been made available to you. Now with the help of Olivier Roussat, to my right, he is our CEO; Stephane Stoll, to his right, who is Deputy CEO and Chief Financial Officer of the group. Edward Bouygues is to my left, he is Deputy CEO in charge of development in the field of telecommunications, CSR and innovation. And Didier Casas Secretary, General Secretary or Company Secretary, if you prefer, they're now going to present the situation of the Bouygues Group. This presentation will be followed by the presentation of the reports by the statutory auditors. Olivier?

Thank you, Martin. I will begin with the presentation of the group. I'm going to begin with an overview of the group. We have EUR 56.9 billion in sales, 200,000 employees and a presence in 80 countries. Construction represents approximately 49% of our sales. Energies and Services represent, along with EQUANS, 33% approximately of our total sales. So our group is comprised of 4 business segments: the Construction division, which -- and Energies and Services, Telecom and Media. And within these 4 segments, we have 6 different business lines. If we now take a closer look at our global footprint, thanks to the acquisition of EQUANS back in 2022, we have reinforced the international aspect of our group. Now 54% of the group's headcount work outside of France. Europe is still the fulcrum and 50% of our sales are generated outside of France now. As for the shareholder list, we have reference shareholders in SCDM controlled by Martin, Olivier Bouygues and their families, accounted for 28.3% of the total share capital and the funds for the employees and former employees accounting for a total of 19.2%. Bouygues is one of the companies in the CAC 40 with the largest number of employee shareholders, which from our point of view, is very important in terms of our group culture. Just a few words concerning this culture. We have a very strong culture. This is because of common values, values that are shared, clearly defined and that are abided by. Our group has always been consistent with itself. And in fact, among the former values of the group, we used to mention respect, trust, creativity and transmission. We already had values that were shared by the various business lines. Nonetheless, we needed to redefine them, I think, in order to establish a better foundation of values, particularly when we integrated EQUANS and its 70,000 employees. So in this new pedestal of foundational values, we've maintained 2 values and added 2 more. We've added commitment and the pioneering spirit. This is something we did a head office before rolling it out to the executive committees of all our business lines. which were very involved around this project. We then conducted an in-house study with our survey of our employees in France and outside of France, but also an independent survey to ensure that these values were consistent with the group's image and identity. This is particularly in the choice of terms. The fact that we translate certain values for our employees outside of France. We have to be sure that these words actually had the same significance in English, for instance. Let me continue with our CSR ambition, which is a global ambition revolving around 3 main thrusts. First of all, the people at the heart of our group. We are a group -- services group. Our only great wealth is our people. They are our main asset. With this CSO organization, we are keen to contribute to the environmental and energy transitions, which involves fighting for climate change. It involves preserving resources and protecting biodiversity. And finally, we want to be a trusted partner for our stakeholders. For us, this means that we must abide by strict ethical rules. We must establish relationships based on trust with our suppliers and subcontractors, ensure human rights are respected and be committed in company and to dialogue with our stakeholders. I propose now to move on to the figures for 2025. The group's performance was published a few weeks back. If you saw our performance was very good with the backlog, giving us good visibility for the future. The group's sales figure was stable over the year. It was nonetheless impacted by negative currency translation effects, particularly in the second half of the year, and this came at a cost of EUR 580 million. At constant exchange rates, the group's sales figure would have progressed by 1.3% over the year. The group's COPA is the current operating profit from activities. This is up substantially over the year, driven mostly by the Construction businesses and EQUANS. It actually exceeded our initial expectations. The group's share of net profit was up over the year despite the additional surcharge or of additional taxation. Free cash flow before working capital requirements is at an all-time high and up for the third consecutive year. The variation in working capital requirements amounted to EUR 941 million over the year. That is a positive aggregate of close to EUR 3 billion over a 3-year period. And at the end of 2025, the group's net debt was well below the level at the end of 2024. I should point out that the net cash situation of Colas and Bouygues Construction were at all-time highs. Finally, I will come back to this a little bit later on. EQUAN's strategic plan called Perform is continuing to be well rolled out continues to be profitable and continues to generate cash. In this context, the Board of Directors is proposing the payment of a dividend at EUR 2.10, which is up 5% from 2024 and up for the third consecutive year. Okay. The key figures. I've already mentioned the EUR 59.6 billion in sales, which is stable over the year and up fractionally on a like-for-like basis. The COPA figure for 2025 was up EUR 120 million over the year to reach EUR 2.655 billion. The group share of net profit was EUR 1.138 billion, up EUR 80 million despite the one-off contribution on the profits of large companies in France. The impact of this is a total of EUR 69 million. Were it not for this contribution and on a comparable basis with the previous year, the group share of net profit would have improved by EUR 149 million. The impact on the net profit, the impact of the budget law and the law financing social welfare in France amounted to approximately EUR 93 million, in line with our expectations. Finally, our net debt amounted to EUR 4.2 billion at the end of December '25, which is a substantial improvement of almost EUR 1.9 billion over a 12-month period. That's a very good performance and a good reflection of the efforts made by all our business lines throughout the year. And now some information about the women and men in our company, it's starting with, of course, health and safety, which is our #1 priority. Regarding the occurrence of accidents, there's a slight degradation. And this is something that is counterintuitive. If you look at the company, that degradation is to do with the fact that Bouygues Telecom shops have been experiencing holdups and heights. And of course, that usually entails some injuries. We had also 4 deadly accidents amongst our employees and 7 amongst our subcontractors. Of course, these are tragedies to the victims themselves and all our people, and I would like to express our full sympathy. We certainly expect our people to be able to go home safely every day. It is essential to reinforce this safety culture in each of our trades around the world. In 2026, part of the bonuses for corporate offices includes a health and safety element precisely with a view to reduce the occurrence of accidents and such like. Diversity and inclusion is still a clear part of our performance strategy for commitment and cohesion, and this is part of our people-first HR strategy. We have a clear ambition. We want to give equal opportunities to all talents. So gender balance is, of course, a special concern, but this is part of a more general picture where we want to take on board various aspects of our societal diversity with -- in line with the realities on the ground for all our businesses -- and so that's listed in nonfinancial criteria. We have several additional actions. We monitor the career path, especially amongst women in operational lines. We have mixed international talent. We want to have better representation, access to responsibilities. We have consolidated indicators for that. We want to develop talent. We have dedicated programs to improve the chances of young leaders, especially women. And of course, we involve our own leaders. We have a governance policy, and that again is reflected in the financial -- in the compensation package. So we look at such criteria, gender balance to reach our balances. And so by end 2026, we give ourselves a target of 30.5% of women in leading positions and 21.5% among managers. And that is part of a gradual in line with the group's own transform. And we have a clear desires to have a demanding line of diversity, a structured and inclusive policy based on sustainable development with the objectives of lasting social justice. And so let's look at the various business lines, starting with Colas. [Presentation]

All right. And so let's look at the backlog of the Construction division. It stands at EUR 32 billion, which gives us plenty of visibility on future revenue on an equal scope basis. We have that the order book is up 1% over 1 year. The currency effects weighed more than EUR 600 million. That backlog is stable in France, slightly up in Europe outside France, but -- outside Europe, we have a slight decline. But of course, the basis of comparison was significant because we had many high contract -- big contracts in 2024. Let's look at the order book in greater detail at end 2025. The share of orders to be performed in the next 12 months was stable over the year. This is rather reassuring. At Colas, the backlog stands at EUR 13.7 billion, up 4% over the year, up 6% on a constant scope and currency basis. And that increase is driven by the rail business whose backlog is up 17%, on the road business that is down 3%, especially in France as is usually the case in pre-election periods, especially for local and municipal elections. At Bouygues Construction, that order book stood at EUR 17.5 billion, down 4% over the year, down 2% on a constant scope and currency basis. It was up at Batiment France and Batiment International down in public works. And that is, again -- well, we had a high basis of comparison in 2024. We had large contracts that we got in 2024. At Bouygues Construction portion of the business involves large projects, but this is not at all a regular feature over time. So between January and December, many things can happen. It's very difficult to make steady comparisons. 2024 was a prolific year because we had, of course, the T2D contract in Australia upwards of EUR 2 billion worth that was signed in Q3. So these -- well, when the contract is signed is when large amounts come in. And of course, it sets up -- sets the comparison basis and it structures the order book. At end December, you had Bouygues Immobilier's book standing at EUR 0.8 billion, down 16% over the year and 9% on a constant scope basis, but we disposed of our business in Poland, and this is precisely because we disposed of that property business in Poland that the order book came down. Let's look at the financial results of the construction business. We start with revenue, which stood at EUR 27.8 billion, up 1% over the year, 3% on a like-for-like basis. Colas' revenue figure was slightly up over the year, sustained by the rail business. That was up 13% over the year. The road business was stable over the year with a slight growth in France, a slight decline outside France, especially in Europe, Middle East and Africa and North America. Colas' revenue was impacted by a negative currency effect with EUR 270 million over the year, and this is in line with the exchange rate of the U.S. dollar, not just the U.S. but also the Canadian dollar. On the constant -- on a like-for-like basis, sales would have been up 2% over the year. Bouygues Construction's sales were up 3%, driven by the 3 divisions, Batiment International, Batiment France and Public Works. This was also impacted with a negative currency effect to the tune of about EUR 150 million over the year, and this is mostly to do with the Australian dollar and to a lesser extent, the -- another dollar, that's the Hong Kong dollar. And of course, there was still a portion generated by the U.S. and Canadian dollars. Again, on a like-for-like basis, Bouygues Construction's sales figure would have stood -- would have been up 4%. Finally, Bouygues Immobilier's revenue was [indiscernible] down 4% over the year, but it's slightly up on a like-for-like basis in view precisely of the disposals in July 2025. So what kind of COPA do you get out of that in the division? It stood at EUR 982 million in 2025. So that's EUR 155 million up over the year, again, driven by the 3 divisions. At Colas, COPA stood at EUR 586 million. Margin from activities stood at -- was up 0.2 percentage points at 3.7%. Bouygues Construction's COPA was EUR 376 million, margin up 0.3 percentage points at 3.5%. And at Bouygues Immobilier, COPA was EUR 20 million, and there were some one-off items for a total amount of EUR 24 million, in particular, of course, the disposal of businesses in Poland, but there was also the positive effects of cost-cutting plans, structural cost cutting that started in 2024. Let's take a look at the beautiful video for Bouygues Construction that is Batiment International division, in particular BYMARO which is, of course, a subsidiary in Morocco. [Presentation]

I think you should know that the hospital was built in 24 months. And there's another hospital that began a month -- sorry, a year beforehand. We completed ours last September, the one beside it still hasn't been completed. So to build a building like that in 2 years was impossible. But we talked about transmission as a form of our corporate culture, but there were a lot of young people who asked the companions to come and help to develop their expertise and complete it quicker. This is very important to get things right for [indiscernible]. Let's move on to EQUANS. At the end of the year, EQUANS had an order backlog of EUR 25.4 billion. That's stable on the year. At constant exchange rates, it was up 1% by comparison with year-end '24. Over the year, it took in orders for EUR 18.3 billion. That's stable over the year. That stability is a good reflection of how selective we were about contracts, particularly for large contracts. This is a part of risk management. The order intake on orders of less than EUR 2 million -- less than EUR 5 million, I should say, was up over the year and represented 2/3 of the total order intake for the year. We talked about data centers, and we've talked about them several times in 2025. We saw a quarter-on-quarter increase in the order intake for data centers in North America. At the end -- just at the very end of 2025, we saw a pickup in the data center activity in Europe. This is as a result of what the U.S. government decided. Hyperscalers have been building in the U.S. rather than in Europe. The margin on orders has continued to improve gradually. EQUANS sales figure totaled EUR 18.7 billion for the year, down slightly by 2% over the year. This is because of the wait-and-see policy in certain sectors of activity in data centers in particular, and our proactive exiting from certain areas that were nonstrategic and did not have sufficient strategic interest for EQUANS. And of course, ForEx, which had a negative impact of EUR 160 million over the period, particularly because of the U.S. and Canadian dollars. As for COPA, COPA rose substantially by EUR 820 million, and the margin was up 0.8 percentage point to reach 4.4%. This is much better than the target we set ourselves at our Capital Market Days in 2023 when we announced the road map for EQUANS, we've had to revise that upwards 3 times since the Capital Markets Day. On this slide, we are going to talk to you about the pro forma plan. This is the strategic plan we talked to you about in January and February 2023. It concerns a certain number of things, including sales, the margin and cash. They were the 3 big ones. On this slide, you see the sales chart since 2022, slightly different to what we expected at the start of the plan. This is a 6% growth or an average annual sales growth of 2% for the period between '23 and '25. That may seem modest, but because we've been much more selective. We've been cherry-picking contracts to guarantee the lowest possible level of risk, the best possible COPA and the fact that we've exited nonstrategic activities, particularly in the U.K. and a number of activities also that we have disposed of over the last 2 years. Together, they represented approximately EUR 600 million. Overall, the sales for 2025 was in line with our initial expectations. 2025 was the year in which we materialized our first acquisitions, representing sales of approximately EUR 200 million over a full year. Moving on to the margin. This is the profitability slide. Here we have the different areas where we set our targets. In the yellow, we told the market that we could expect a margin of between 2.5% and 3%. As you can see, we're at the top of that bracket at 2.9%. That was in 2023. In 2025, we said we'll be close to 4%. When we said close to 4%, this usually means that we will be bordering on the underside of 4%. Well, we actually achieved 4.4%. So we exceeded our guidance. That is because of what we presented at the Capital Markets Day, pricing effects, purchasing effects, what we call book killers, correcting a certain number of projects that were not going well. Before you could start earning money, you have to stop losing money. And of course, profit centers that we worked on with a view to boosting the margins and a special emphasis on productivity. The third part of this Perform plan was cash -- generation of cash. The cash conversion rate that's COPA to cash flow. We achieved the high end of the bucket, we told the markets about. And treasury also improved substantially since 2022, even more so if we allow for the debt that we had at the time of closing the operation back in October 2022. So overall, since October '22, we have generated some EUR 3 billion in cash, which includes the payout by EQUANS of some EUR 730 million to its shareholder, in other words between 2023 and 2025. So what's the outlook for EQUANS. Outlook for EQUANS will continue to roll out its strategic plan. And for 2026, its objective is a stable sales figure by 2025 at constant exchange rates, a margin of 5%, which is a year ahead of the objective we gave at the Capital Markets Day back in 2023 and a conversion rate of COPA to cash flow before working capital requirements of 80% to 100%. We'll be organizing a new Capital Markets Day to tell you what our new ambitions will be. This will be somewhere towards the end of the year or possibly very start of next year. Let's now take a look at the institutional film for EQUANS. [Presentation]

I propose to move on to Bouygues Telecom, which achieved its targets for 2025 with good sales performance in fixed lines in volume and value and of course, good growth dynamics in fiber because Bouygues Telecom has gained over 0.5 million new clients, including 139 million (sic) [ 139,000 ] in the last quarter. These are clients with fiber-to-the home now totaled 4.7 million and represent 86% of the total fixed ABPU. And overall, the fixed lines clients 5.4 million in total, up 267 million for the year, including 83 million in the last quarter. ABPU -- fixed line ABPU was up to EUR 33.8, up EUR 0.40 year over year. In the mobile, we performed well in a highly competitive environment. At the end of December, Bouygues Telecom had 18.6 million mobile subscribers, not including mobile to mobile, MtoM. That's an increase of 316,000 clients over the year, including 86,000 in the last quarter. This is a good reflection of the continued benefits of Bouygues in convergence. This combined with convergence to satisfied clients and has a very positive impact on churn. ABPU, including -- for mobile, including France Telecom clients was EUR 17.3 per client per month, stable by comparison with the third and second quarter of 2025 and down over the first. This is because of the dilutive effect of La Poste Telecom, but also the pressure on prices with the acquisition of new clients in digital subscriptions, a very active market. On the next slide, you'll see that sales billed to customers in 2025 was up 4% over the year. For La Poste Telecom, that figure was almost stable over the year, with the total sales up 4% per annum. This is comprised mainly of terminals, accessories that were up 5% over the year. EBITDA after leases totaled EUR 2.042 billion, was stable over the year and includes the limited contribution from La Poste Telecom. This stability of EBITDA after leases is because of the increase to sales billed, but also the continued efforts to contain costs, the increased energy costs. Bouygues Telecom no longer has the very positive hedging operations set up in '20 and 2021. They ended their effects in '24. COPA was down -- was expected, was down to EUR 674 million due to the increase in depreciation and amortization. This is in line with the capital expenditure trajectory in the past and of course, the increase in energy costs. Gross investments over the year reached EUR 1.480 billion in 2025. This is our operating CapEx. Disposals over the year totaled EUR 393 million. That's a sharp increase over '24, mainly due to disposal of assets held by Infracos for a total of EUR 322 million. Infracos is a company that was owned 50% by SFR, 50% by Bouygues Telecom. This was for radio sites that we had in common with SFR. SFR and Bouygues Telecom discussed this together in -- this was concluded in the end of December 2025. So what about the outlook for Bouygues Telecom in 2026? Well, 2026, we are targeting a sales billed to clients and EBITDA after leases close to 2025. As announced at the end of '24, they will be up slightly by comparison with 2023, not including La Poste Telecom. Operating, gross operating income should reach EUR 1.3 billion, excluding frequencies, confirming the decline after the peak CapEx observed in the last 5 years. Finally, cash flow after -- free cash flow after working capital requirements will total approximately EUR 600 million. Cash flow, free cash flow before capital requirements, including La Poste Telecom, including the additional taxation charge will be in the region of EUR 500 million. I'd like you to make a note of the fact that Bouygues Telecom in 2026 will not exercise its call for the 51% of the joint venture called SDAIF. This is jointly owned 54% -- sorry, 49% by Bouygues Telecom, 51% by Vauban Infrastructure Partners. This is an investment in the rollout of fiber in medium-density zones. First of all, I should say that this year is an important stage for Bouygues Telecom because we are celebrating our 30th anniversary. It's also a special year with all the major strategic challenges we have with the SFR case. Last week, on the 17th of April, the group announced a press release that Bouygues Telecom, Iliad and Orange were conducting exclusive negotiations with Altice France with a view to the acquisition of SFR. The offer being tabled will be for the vast majority of the: SFR's assets, but will exclude investments in Intelcia, UltraEdge, XP Fibre, which is optical fibers and Altice Technical Services. These are subcontracted services developed by SFR. Also excluded the mobile operations overseas. This bid will concern a total of assets for EUR 20.35 billion in enterprise value. These are the assets under consideration. Altice France has given us an exclusivity up until the 15th of May 2026. 15th of May '26 in order to finalize the terms of reference and the documents for this transaction. In a mature market, this operation will enable us to sustainably reinforce our ability to invest in high-throughput networks in cybersecurity and AI would enable us to consolidate our control of strategic infrastructure and digital sovereignty and would preserve a competitive system that it would benefit consumers. A lot of stages to go through beginning with this agreement to be signed with the seller and then a period of analysis by the antitrust authorities, which we expect will take several months. Let's now move on to the results of TF1 published on the 12th of February. You may have attended the AGM last week. But in 2025, group TF1 confirmed its leadership. The share of leadership -- the share of audience among women under 50 in charge of purchasing decisions was 34.5%. For the age group 25 and 49 was 30.9%. And in digital, which is really the product of the future, TF1+ is a free -- the main free streaming platform with 38 million monthly streamers on average 2025, up from 33 million in 2024. Sales figure took EUR 2.3 billion, down 1% over a year on a like-for-like basis. In the advertising market that has been deteriorated, particularly towards the end of the year. The media figure -- media revenue figure of EUR 1.9 billion, down 4% over the year. It includes advertising revenue, which is down 4%. The advertising market in linear, which is the former type of television has been impacted by all the various macroeconomic uncertainties between instability in France, war elsewhere in the world. But in digital, TF1+ has continued to post very good performance with the advertising revenue up 36% over the year, which confirms just how attractive this platform is for advertisers. The sales of Studio TF1 reached EUR 376 million, up 9% a year and includes a contribution of EUR 44 million from JPG, which is a business that was acquired in the U.S.A.

JPG, which is a business that was acquired in the U.S.A. Its business is mainly -- was mainly towards the end of the year. Excluding JPG, TF1 -- studio TF1 figure was up 6% over the year. TF1's COPA was down to EUR 252 million. It includes the cost of programs for EUR 967 million. Remember that COPA in 2025 included capital gains from sales totaling EUR 38 million. In 2024, this included a capital gain of EUR 27 million. The operating margin was 11%, in line with the objective revised, which we said would be in the region of 10.5% to 11.5%. I'm going to round this off with the outlook for 2026 for TF1. Because of its strategy and its innovative digital proposals, also with strong financial situation, the objectives are as follows: sustained double-digit growth in digital 2026; a dividend policy that will be on the up in the next few years; and of course, practices are changing very rapidly. Political and macroeconomic environments are unstable. Given this fact, I think that the advertising market and linear will remain under pressure in 2026. We are gradually transitioning towards digital. And in 2026, we expect the margin on -- the operating margin in the mid- to high-single digits depending on how the linear market develops [indiscernible] between 5% and 10%. I propose to show you a short video on TF1+. [Presentation]

Thank you, Olivier. Thank you. To tell us about our environmental strategy, I'm now giving the floor to Edward Bouygues.

Thank you. Good afternoon, ladies and gentlemen, dear shareholders. 2025 was a year in which the group formalized its strategy in order to give our stakeholders greater visibility. First of all, we articulated this strategy around 2 big commitments. First of all, we have undertaken to reduce our impact on the environment. This reduction means that we will have to reduce our impact in 3 areas. First of all, greenhouse gases. We are reducing the amount of greenhouse gases we emit. Secondly, resources. We are increasingly focusing on the circular economy, recycling, reusing and so on. And finally, we are reducing pressure on ecosystems. Second commitment is that we want to accompany or support the transition of our territories by developing activities in favor of sustainability, by setting up offers and solutions that enable our clients to be more adaptable and more resilient. And finally, by bringing our shareholders and bring everybody abroad by greater involvement in the environmental and energy transitions. Now this strategy has been set up with all our business lines. We are emphasizing the particularities of each of our business lines, but the first indicators have already been drawn up. You see what we've called them. Some of these indicators are measured in a very accurate way. For instance, we have given you the percentage of carbon intensity that's been reduced in concrete. This is something we have to clarify. We haven't yet been able to calculate that figure accurately, but we hope to be able to give you that by the end of 2026. We will gradually be defining targets for a number of indicators in order to measure and manage our commitments. Good news, very similar to what I said to you last year. Good news is that greenhouse gas emissions have been reduced in 2024 and again in 2025 and are now slightly below 20 million tonnes of CO2 equivalent in 2025. This has been largely thanks to 3 of our businesses, maybe the biggest emitters, not surprisingly, Colas, Bouygues Construction and EQUANS. Colas have been buying fewer and fewer carbon -- less and less carbon content in our products. And of course, Bouygues Construction have been using products that emit less and less gas. This has enabled us to reduce our carbon emissions overall. EQUANS has been heading in the wrong direction. This is because of a change in the scope of what we measure. It's not a counter performance on the part of EQUANS. I think it's just that we are measuring it a little bit better. Thank you.

Thank you, Edward. We will now hear from the Ethics, CSR and Patronage Committee presented by its President, Clara Gaymard. I give the floor to Clara Gaymard.

[Foreign Language]

Now, I'll give the floor to Stephane Stoll who will present the financial statements for 2025? Stephane?

Good afternoon, everyone. So Olivier mentioned the revenue figures business line by business line and you have a few more details on the income statement. And for the year [ 2025 ], we had about EUR 100 million in PPA depreciation. That's similar to what we had in 2024. The EUR 100 million include EUR 46 million related to EQUANS and EUR 35 million from Bouygues Telecom. The noncurrent items nonrepresentative stood at EUR 224 million for the year. This is very much in line with that of 2024. Of course, that noncurrent result for 2025, of course, is different from that of 2024. This year, in one-off items, you have the following items, the incentive plans for EQUANS stock management. In 2025, it was EUR 100 million. You had provisions at Bouygues Construction, and that was in line with the new fire regulation in the U.K. and that's for our construction business in the U.K. that was worth EUR 74 million this year. Expenses related to disputes and litigation at Colas with EUR 42 million. And the net balance of income and -- noncurrent income and expenditure at Bouygues Telecom, so EUR 9 million. You have capital gains for the disposals rather of site data centers and assets held in France by Infracos. And then you had expenses related to some legal disputes. And in the financial result, and that includes the net cost of financial debt, the interest on leasing obligations and other income and expenditure, minus EUR 410 million, and that amount is close to that of 2024, which stood at minus EUR 392 million. And then we have taxes worth EUR 574 million that did not include the one-off additional tax for large companies. That was EUR 81 million. So altogether, it should be EUR 655 million. That was our tax bill for the year. And so therefore, the net profit group share stood at [ EUR 1.138 billion ], up EUR 80 million in spite of that surcharge, the tax surcharge. Altogether, the -- of course, the -- plus the extra budget for the welfare system in France, that stood at -- the effect of that was about EUR 93 million, and that was again in line with our initial estimates. Now as you can see on this slide, the net financial debt at end 2025 stood at EUR 4.2 billion compared with EUR 6.1 billion at end 2024. So that's a very significant improvement to the tune of about EUR 1.9 billion from 1 year to the next. In 2025, there were rather few acquisitions. The total amount was about EUR 76 million -- well, the net balance of acquisitions and disposals was minus EUR 76 million. And of course, let me remind you that the acquisition of Colas by Suit-Kote is still being investigated by the American competition authorities. If you look at the debt level, you had variations in capital, EUR 251 million that was stock options, the exercise of stock options, dividends, EUR 865 million, including EUR 755 million to Bouygues shareholders and then the balance was minority shareholders of TF1 and Bouygues Telecom and then the other item that was EUR 2.6 billion, we'll get details on that now. So you start with the net cash flow position after leasing obligations stood at EUR 3.7 billion. So that's very much in line with 2024. Capital expenditure, not including frequency stood at EUR 1.9 billion. It is somewhat -- it's EUR 400 million less than 2024 that there were some asset disposals at Bouygues Telecom worth EUR 393 million. Free cash flow before WCR stood at EUR 1.8 billion, and that's a record level, and that's thanks to all the efforts of all the business lines throughout the year. So you had operations conducted by Bouygues Telecom in 2025 worth EUR 222 million, and that included the disposal of assets held by Infracos. If you look at capital -- working capital requirements, the change was EUR 941 million compared to last year. That's a significant amount for the third year running. We're looking at about EUR 3 billion accumulated over 3 years. That very positive development has been somewhat dampened this year by currency effect worth about EUR 200 million. Now on the next slide, we look at the net financial debt since 2022. If you look at -- you have to remember that the net financial position stood at EUR 7.5 billion at the end of 2022 after the acquisitions of EQUANS, of course. Now we have a stringent financial discipline, and that led to a significant deleveraging over the past 3 years in spite of additional acquisitions that took place in 2023 and 2024, in particular, of course, the Colas operation in 2023, but also the acquisition of La Poste Telecom worth about EUR 1 billion, and that was in 2024. So the net financial debt came down by about EUR 3.3 billion. And so our financial position is very sound indeed. The outlook is promising. And so we were able to bring our dividend up. And as you know, we have -- our dividend policy is a long-term policy, and that is why we're suggesting a new increase in the dividend for the third year running. We take it up from EUR 2 to EUR 2.10 per share. If the resolution is adopted, then it means the payout will be up 17% -- will have been up 17% over 3 years. A few words about our financial structure. The net financial debt is significantly down. And so therefore, the debt ratio stood at 28%, and that was up 14 percentage points over 1 year. We also had a confirmation from the rating agencies. We have sound ratings at Standard & Poor's our rating stands at A- stable outlook and Moody's A3 stable outlook. And the group's cash position stands at EUR 17.6 billion at end December. This is extremely high but of course, you have EUR 6.4 billion in actual cash and EUR 11 in medium- and long-term unused credit lines and then facilities. And then as you can see on the chart at the bottom right corner, the distribution of debt schedule is extremely even. If you look at Bouygues SA, the holding company, the equities were up EUR 434 million. Now why is that? Well, you had, of course, the profit for the year, EUR 971 million and the exercise of stock options to the tune of EUR 258 million. So that's what you have on one hand. And then conversely, you had dividends paid out in 2024 with EUR 754 million and the cancellation of treasury shares with EUR 48 million. And so the net debt position down EUR 385 million was, of course, boosted by the exercise of stock options and other buying back of treasury shares. At the end of 2025, the net profit for Bouygues SA stood at EUR 971 million, up EUR 63 million compared to last year. This is because there was a higher financial result, EUR 109 million because of the increased dividends from various business lines, in particular, Bouygues Construction and EQUANS. Then there were higher operating losses, EUR 22 million, and that was because of the -- well, the higher share price and the taxes on free shares given to employees. And then there were other -- there was smaller profits and taxes worth EUR 24 million. That's because there were fewer losses in integrated companies. Thank you for your attention. Sorry about the delay.

Let's listen to the report of the Audit Committee. We have the Chair Benoît Maes, who will give you his report.

[Foreign Language]

I think we can applaud because these committees have a considerable workload. And I think cast light for the shareholders on how the company is run, which I think is a very good thing. So dear Mr. Benoît Maes, thank you for your report. I'm now going to give the floor to our statutory auditors for their various reports. Gentlemen, you have the floor.

Thank you, Chairman. Ladies and gentlemen, dear shareholders, the college of statutory auditors has issued several reports as part of its mission. First of all, certification of sustainability and the control of the publication of information under the taxonomy rule. Then under its ordinary general meeting, we have a report on the parent company and consolidated accounts, the Resolutions 1 and 2. Then we have a special report on what we call related party agreements. This will be covered by Resolution 4. Then under the Extraordinary General Meeting, we have drawn up reports on different transactions that you are asked to express an opinion on Resolutions 16 to 20, which we will go into in greater detail. And these are all available in the annual report. So I propose not to read them in extensive, but to report on them in the form of summaries. First of all, the sustainability report, which is on Page 09 of the universal reference document the French version, that's Page 09. First concerns compliance with ESRS is what Bouygues has done in publishing its information. It's called the double materiality analysis. We have not identified any errors, emissions or substantial inconsistencies based on the checks that we carried out. Secondly, is compliance of information on sustainability with ESRS standards. Here again, we haven't identified any substantial errors, emissions or consistencies based on our verifications. Our report comprises 3 comments. The first of these concerns the continued ongoing analysis conducted by the group aimed at identifying and quantifying certain levers in the decarbonizing of your transition in order to achieve the -- or reach the objectives approved by STBI. The second concerns the analysis carried out by the group, taking into account category 311, that's the use of products sold concerning the carbon footprint of certain equipment installed and not manufactured. And thirdly, the work being conducted to extend the scope of certain social indicators and environmental data regarding waste. As for compliance with the demands to publish under the so-called green taxonomy, we haven't identified any errors, emissions or consistencies based on our verifications. Now under the authority of the ordinary part of your AGM, we've issued a report on the statutory accounts and the consolidated accounts. The first of these is available on Page 529 of the French version of the universal reference document. We can confirm that we have carried out our audit of the Bouygues company's statutory and consolidated accounts in compliance with the practice in force in France. These are regular. We found that these are regular since I give a true opinion of the financial situation and results for the period. This report comprises one observation I'd like to draw your attention to concerning the notes to the accounts explaining the first application of NC20226. That's the first application of -- we mentioned this in our work conducted on the audit in reference to the financial assets, which are a key part of this audit concerning the report on the consolidated accounts, which is covered by Resolution #2, Page 501 of the universal reference document, again, French version. We can confirm that we have conducted our audit based on the accounts as approved by the Board of Directors and in accordance with the practices -- accounting practices of France. We can confirm that these consolidated accounts, again, drawn up in compliance with IFRS are true and sincere and give a good reflection of the financial situation and the results of the transactions carried out in 2025. We've identified 3 key points. First of all, the [indiscernible] goodwill, the accounting of sales, particularly on construction accounts, construction contracts rather, and the provision for litigation and disputes. For each of these risks, we have provided answers to these risks. These key points do not require any particular comment on our part, neither in terms of the methods used or the reasonable nature of the appraisals used or the relevance of the information used in the notes. I'm going to give the floor to my colleague to tell you about the other reports drawn up for your attention.

In our special report on related party agreements, we are drawing your attention to 3 agreements entered into in 2025 with prior approval from your Board of Directors. Firstly, there's a rider to a brand license contract with Bouygues Telecom. This rider extends part of the rights conceded in 2029 and renewed in 2024. This makes the formalism less rigid or more so, I should say, in the event of a use of the name of Bouygues Telecom, just adding a fee and a 3-year revision mechanism. Secondly, there's an agreement concerning renewal in 2026 of common service agreements with TF1, Bouygues Telecom and EQUANS as well as the renewal of the services agreement with SCDM, all of these under the same terms and conditions as beforehand. The parties concerned and the reasons justifying the importance of each of these agreements for your company have been set forth in detail in our report. Concerning agreements approved during previous financial periods and that continue to be in effect in 2025, we'd like to draw your attention to the brand license agreement with Bouygues Telecom and the EIG 32 Hoche on the other hand, the common services or shared services agreements with the main subsidiaries of your company, the service agreements agreed with and entered into with SCDM and the availability of a plane agreement entered into with AirBy. You will find that the amounts concerned in each of these agreements are included in our report. We've also been informed of the continued -- continuation effect of the agreement for expenses incurred in defending senior managers in the investment dispute. No amounts were concerned by this agreement in 2025. Under the authority of the extraordinary part of today's AGM, we have issued 5 reports concerning authorizations or delegations of authority to be granted to your Board of Directors. The 16th resolution aims at giving your Board of Directors the powers enabling it to cancel treasury shares up to the limit of 10% of the share capital. This delegation to be granted for a period of 18 months. We have no observations to make regarding this transaction, which is set forth as provided by the French commercial law. The 17th resolution proposes to delegate to your Board of Directors for a period of 26 months, the competence to issue new shares reserved for employees and corporate officers who are members of the company savings scheme up to a maximum of 5% of the share capital. We have no observations to make concerning the details on the issuance of the shares -- these new shares. And so far as the conditions for these capital increase have not yet been determined, we have no opinion concerning preferential subscription rights. If required, we will issue an additional report when and if this delegation authority is applied. The 18th resolution, the Board of Directors asks you to attribute free shares to certain employees and/or corporate officers up to a limit of 1% of the share capital including a maximum of 0.15% to corporate officers. The 19th resolution also concerns an authorization to attribute free shares to certain employees and/or corporate officers but for the purposes of retirement. This is fixed at a limit, a maximum of 0.15%, including maximum 0.03% for corporate officers. We have no observations regarding either of these transactions. Finally, the 20th resolution concerns the delegation of authority to be granted to your Board of Directors to issue equity warrants in the event of a public offer on your company. The shares that could be thus issued are limited to 25% of the shares constituting the share capital and a maximum nominal amount of EUR 96 million share capital. We have no observation to make concerning this transaction and we'll draw up when and if required, an additional report, as I said, when and if this delegation is used by your Board of Directors. Thank you for your attention. Thank you for your trust.

Thank you, gentlemen. Thank you for your reports. We are now going to hear from the Governance Committee, the Committee for Governance selection and compensation to be presented by Pascaline de Dreuzy. The first part, which is in the form of video, concerns governance. The second part will concern compensation.

[Foreign Language]

Thank you, Pascaline de Dreuzy, for this very comprehensive presentation. And now I'll give the floor back to Olivier Roussat, who will tell you about the outlook for this year.

Well, the outlook, again, the businesses of Bouygues are very indeed robust, and they can certainly show resilience, have done so over the past few challenging years. Our macroeconomic and geopolitical environment remains uncertain. And of course, Bouygues will need to remain agile to adapt to future developments. The year 2026, we're looking at stable revenue on a constant exchange rate. We expect COPA to remain historically high after several years of improvement. And of course, the expected improvement of Equans' COPA should enable to make up further loss of TF1's COPA in line with the decline of the advertising market.

Thank you. Now we have received a number of questions by e-mail. And so we provided answers in writing and so you could look it up on our website, bouygues.com. And so there's a window just for that. And now we can take your questions in the audience.

Mr. Chairman, I have been an individual shareholder for many years. In the past, you told us about your involvement in the Hinkley Point EPR site in Britain. Where do we stand? Has this site been completed? Has the -- have operations started? And then Mr. Roussat referred to a data center. I believe that a number of data centers have already been built in France. And apparently, there are significant operating issues, especially as concerns, heat release for the buildings themselves, but also the piping holding high-voltage cables. Now is this a sort of thing that your group should develop specific know-how for?

Now on Hinkley Point, just two words. I mean, as far as Bouygues' contribution is concerned, but that business is completed. We are providing the finishing touches, but the site was completed in satisfactory conditions so much so that our customer trusted us with the building of 2 new EPRs in Britain. And so of course, this is a sign of trust. As you know, EPRs are now developing not just in France but elsewhere. After having indicted nuclear energy for so many years, now it is getting as it were, wind in its sails again. And so this -- and this is a sort of thing we'll be working on, on the building of nuclear power plant.

Data centers, yes, we've been building quite a few. We're building them in Australia, Germany, Italy, France indeed. And indeed, we've built them in France and the U.S. We actually were not involved in the U.S. until the Trump administration decided to step this up. We've been getting good feedback from our customers. Now Stephane was in charge of data centers until he became the group CFO and asked him if he had any knowledge of this. Data centers seem to be huge power consumers. They use a lot of energy, and there will be even more so in the future. There's one being built in France, and we're talking about 1 gigawatt. So there would be an entire power plant -- nuclear power plant unit being all eaten up by data center. But I speaking under the supervision of Jérôme, this business about cables.

Now what we're trying to do is to use that heat from these data centers to avoid having too much heat released in the air and hurt birds. So see if we could use it for district heating or something. And that heat can also be directed to the heat pumps for them to generate useful heat rather than useless heat as it were.

I had a complaint back in previous years. I have a Bbox subscription and I had a prepaid card without -- with unlimited duration. The number ended with 035. I complained with the local shop and they asked me to send a letter to top management. And here I am, the prepaid card had unlimited duration, and I spent about EUR 100 to use it. And back at the time, I used to travel abroad. And so that's why I put in all that money. And then you deleted that offer. But people who payed into this, you couldn't get the money back on the money that had been credited to the card. That's not, right? Again, the last 4 digits are 7035. And I would like to reiterate my request. I should get credit for this, and I should get -- I mean, that should be a credit to a new offer if that one has expired. That's very unfortunate, especially I used to work for Bouygues.

Well, sir, look, thank you for this -- for being so patient. I mean, clearly, apparently -- well, thank you for showing trust in the company. I mean, in spite of this, you have remained loyal to us. And you have here the very head of Bouygues Telecom. So yes, I'll take your details, sir, and I'll make sure that your issue is dealt with, and we do apologize for the inconvenience. Now then apart from that, on the -- yes, sir.

Yes. I'm an individual shareholder, and I have a question about artificial intelligence. Do you see any opportunities for the group in artificial intelligence? As the CEO of Iliad says, we have 5 layers, you have power chips, data centers, models and then the actual apps. And on each level, I get the feeling that the Bouygues Group could play a role. But my question is what are the opportunities for the group at large?

Well, I'm sure Olivier Roussat.

Well, look, the data center business, of course, is a significant market, and that is why we have taken up positions in the U.S. that have been redeployed on hyperscalers that have redeployed to the U.S. And of course, in this contract, you have to be fast. We -- these contracts are worthwhile if you can be fast about it, and that's what Francois did with one of our companies in the U.S. And on data centers, we have, of course, a significant project in Australia. It hasn't become public yet, but this has confirmed our relationship with our customers that they keep -- they have kept their trust in us. These are plants that will sort of host services, but the other contracts are -- were the clear criterion is how close we can stick to the budget and the timetable. But the next issue is what we do with AI. Now AI is particularly useful when you can digitalize things. You have 2 companies that have lots of digital content, TF1 and Bouygues Telecom. So when you want to create, I don't know, special effects for movies or animations that can be done very efficiently. So this is transformative. But of course, for TF1, it means that everything they've been doing on fact checking, especially for news programs, especially as regards to Ukraine or Iran, it's hard to tell sometimes whether a video is authentic or fake news. And of course, we use AI to help us ascertain the truth of the news. But other than that, of course, there are many other possibilities we could have. We can have settings for networks in a way that enables us to use AI technology. But in any case, that technology can be used in other areas, the amazing improvements. You may remember ChatGPT with the generative AI. Now we have agent or agentic AI, which is a significant development compared to what we had before. And this is certainly going to change the way in which lots of businesses have been working. They used to work on a sort of a functional basis, and these are going to -- this is going to change significantly, and it will be for us to support not just the companies, but their employees as well. Now to make sure that the human dimension is there, but it will be there in a new capacity. And that will -- of course, this will have to be very industry-specific because AI in this respect is something of a revolution. And so this is part of the job, but we don't want technology to be imposed upon us. We have to surf on it on the contrary so that we can take our people on board and make the most of that technology.

Well, thank you very much, Olivier, for that statement on AI. Yes.

Jacques from the magazine called [indiscernible]. On telecoms, you talked about SFR leaving the market as a -- how will I put it, a clearing up of the market for the greater benefit of consumers, but it's clearly for the greater benefit of the 3 remaining operators, that is the immediate impact. I have another question on that.

Okay. Let me answer that question, if I may. First of all, look at the situation of telecoms in Europe. What you see is that all the listed telcos have disastrous market caps. And put simply, the competitive landscape in Europe is such that the return on capital employed is very weak, if not nonexistent and even negative in some cases. So that is not a sustainable solution. That is not how we can ensure the durability and development of networks in Europe. And France is no exception to the rule. Remember that the prices in France are probably the lowest in the whole world in both mobile and fixed lines. Now when you reduce the number of operators from 4 to 3, you don't increase the market, you don't produce it. The market remains the same size. However, you substantially reduced the amount of CapEx and the amount of operating expenses involved by the -- or incurred by the market operators. The fact that you reduce the number of operators from 4 to 3 probably reduces CapEx and OpEx by approximately EUR 2 billion a year. This is what we call synergy. So who will be the beneficiary? Well, the beneficiaries will be consumers. Also the operators who will finally, hopefully, see some return on the capital employed. May I remind you that Bouygues Telecom -- remember, we'd be celebrating our 30th anniversary, but the profitability in Bouygues Telecom has been very weak, and I'm not proud of that.

My other question concerns the international context. In 2025 -- for 2025, you say it was reasonably peaceful by comparison with previous shocks like COVID and war in Ukraine. I'm not sure we can say the same thing about April '26. That said, where would you position this shock, the war in the Middle East? How would you position it by comparison with previous events? What impact have you identified on Bouygues? And how do you propose to offset those impacts?

I'm going to answer this in 2 times. Olivier will give you more detail, but I'm tempted to tell you that in a few days' time, I'll be 74 years of age. So I've been working for quite some time, and I've never known a time of true peace. There's always somewhere something happening such that the world is changing. What has changed a lot is the -- all the noise that the media are making there. I think it gives a different scale on things. It puts a different scale and a different perception on how we see the events occurring in the world. Remember, in 2025, there was something terrible happening. It was the war in Ukraine, and it's still ongoing. It's a terrible war. There have probably been millions of fatalities, and that war is still ongoing. In 2026, we have the events in the Middle East. Part of that is comprehensible. The problem with the proliferation of nuclear weapons is understandable and other aspects are more complex. We'll see how things pan out. We are informed by very good sources, thanks to DFR constantly. But as for the markets and the markets, Olivier will tell you more.

The current situation, I think the important part is the duration of the conflict. It could well be that this conflict will create the situation we had in early 2022 with the war in Ukraine with considerable -- considerably higher level of inflation in all our businesses as Martin says, in all our business construction, there's energy and cement and steel. And as energy becomes costly mechanically, there will be an impact. Now our order books are well filled, particularly in construction. We have less backlog in roads, but it's a good backlog, all the same. But we can expect inflation, I think. As the war in Iran lasts longer, we can expect a recession to set in, in the world. Even with a good backlog sooner or later, we will be -- it will catch up on us. So I think the key issue here is the duration of the conflict. It's the duration that will tell us how diffusive an impact it will have. Remember in 2022, when inflation really rose after the summer of 2022, though the initial invasion was in February. We've modified our clauses -- our contracts in 2022. We have revision clauses. We can come back to the table and discuss terms with inflation is one of these. There's another aspect that we had in 2022 for our employees. It's important to help our employees get through the storm. And if need be, we will do that again.

Another question, gentleman here.

I am an individual shareholder. Yesterday evening, the Bouygues share closed at EUR 51.46. Over 3 years, the extremes are EUR 53.48. At EUR 27.47, extremes. A few years back, you proposed to buy back Bouygues shares at EUR 30. I'm very glad that I kept mine. To conclude, I'd like to come back to something that was said at last year's AGM. A shareholder pointed out that the AGMs of TF1 and LVMH were almost always at the same time. This year, TF1's AGM was last week and LVMH's took place this morning. Is that a coincidence? Or did you do something about that comment last year?

I'll be honest with you. It's coincidental, shall we say. To be honest, it's very difficult to organize ourselves. AGMs meet a certain number of criteria and legal obligations on the one hand. That's be so many days after the Board meeting of the Board meeting that decides to approve the accounts and to convene an AGM, then you have to find a location or a venue. There are lots of obligations, lots of restrictions and the difficulties involved. Now I wouldn't like to claim praise for something that we don't deserve. I think it was coincidental. No, Rodolphe has confirmed that, that was a coincidence. In all of this, thank you for being a loyal shareholder. I wasn't trying to shaft you by buying back your shares at EUR 30. On the contrary, I'm delighted to meet shareholders year after year at our Annual General Meetings because there's -- I don't think there's nothing more encouraging than the loyalty of our shareholders. I'm a shareholder myself, as you know. Shareholders are a community of sorts. And companies need to feel the support of their shareholders. That's something that happens very often at Bouygues, and it's a great source of motivation, a great source of comfort for us all. So thank you for your loyalty. And of course, the share price, well, to be honest, I'm like you. I have no idea what's going to happen. I have no crystal ball. So I can't say what's going to happen with the share price because every time I say to my children no, what I say, it turns out not to be. It may not reassure you, but that's the way it is. Any other questions?

Yes, we do. Gentlemen here.

I'm a registered shareholder. I became a registered shareholder when you were appointed CEO, and I wanted to support a young man full of -- with a great future in a difficult task, taking over from his father. It's easier said than done because I was registered. I noticed that you were sending me documents. And at the time, the margin was below 2%. So you can look back to see if I'm wrong, but I'm convinced I'm not mistaken because it was below 2% every year, I've been tracking that margin in 2024 was 4.5% in 2025, up to 4.7%. This is your operating margin, of course. And this year, I'm sure you reach 5%. So I think you will with the documents we've received and particularly the -- what we know about EQUANS. I think you should emphasize this. produce a slide showing that year after year, the real creation of wealth, it's thanks to the margin that you have generated. Maybe you take that into account. Obviously, my question is about SFR. Patrick Drahi is very smart because selling his somewhat mature company as the CEO said, to sell it for EUR 20 billion, which is the market cap of Bouygues or even Stellantis. These are huge amounts of money. That means that all the great companies, Colas, Bouygues Construction and EQUANS, they would amount to nothing. So Drahi is very, very smart. So I suppose my question is, do you plan to call a capital increase to pay for this nuggets?

First of all, thanks for your loyalty. Thanks to you, too, because you are talking about something that goes back to 1989 when I became Chairman of this group 20 -- '89, that's a long time ago. So like you, we are very happy to see that the margin has increased. It's also important to bear in mind that the profile of the group has changed. In 1989, we were very much a construction group. Construction and public works are not very capital-intensive businesses with low margins. There's a considerable amount of risk. But at the moment, our businesses are much more capital intensive. And I've mentioned the problem of Bouygues Telecom. But if you look at the other businesses like Colas, Colas is a very capital-intensive business, much more so than Bouygues Construction. And the proof of this is that Bouygues has EUR 15 billion in equity. Back in '89, we were far from that, well below that figure. So the group's profile has also changed. I believe that we've progressed. I also believe that we have people of great quality in every part of the group. EQUANS, for instance, the integration of EQUANS has progressed marvelously, a few things left to do, but we've improved remarkably. We now have a whole reservoir of highly talented people in the group, which I believe enables us to regenerate the group generation after generation, but it also gives us a certain amount of stability and quality in the way we manage the group. Unfortunately, we are never safe from unforeseeable accidents. But as for the rest of your question, Olivier, did you want to add anything? Capital increase. Oh, yes, you asked about a capital increase. Well, for the moment, we haven't any plans to increase the capital. Concerning the valuation of SFR, I wouldn't like you to think that is going to get a check for EUR 20 billion and head off on holidays. The group has debt group has debt. So after paying the debt, there won't be a lot left out of the EUR 20 billion. It will be a substantially smaller figure after debt. Now your assessment of Bouygues' valuation, if SFR is worth EUR 20 billion, Bouygues is worth EUR 20 billion, then we have 98% of Bouygues Telecom, half of TF1, which is a very, very good company, EQUANS, which is a magnificent company, Colas, another magnificent company, Bouygues Immobilier, which is important know-how, Bouygues construction all going very, very well. The level of debt at Bouygues has become very reasonable once again. In the space of 5 years, we have invested considerable amounts of Bouygues Telecom, EQUANS, more investment in Colas, totaling a little over EUR 8 billion, I think. And despite that, we have reduced our net debt considerably. So the group has real qualities. I think what we have to do is continue to improve our COPA to improve our COPA margin, which means improving our net profit and our ability to distribute dividends. Let me conclude by saying one thing. The net income of Bouygues Telecom is far from ridiculous. It's basically the only problem is that it can't be distributed. Why? Because we have to fund considerable amounts of CapEx. Bouygues Telecom, we've invested EUR 1.5 billion, EUR 1.5 billion a year in CapEx, which is a substantial amount. But if you're not profitable enough, you can't fund this amount of CapEx. But Bouygues Telecom is a fully fledged part of the Bouygues Group. And that's the important thing for shareholders to understand. Bouygues is now comprised of a set of businesses that have very different features and characteristics. You have businesses like Bouygues Construction or EQUANS or Bouygues Immobilier that all have the ability to distribute a substantial share of their net income because they're not very capital intensive. Unlike Bouygues Telecom. So Bouygues Telecom contributes to the profits of Bouygues, but if there were only Bouygues Telecom, the truth is that we would be hard put to pay a dividend. I'm not even sure we'd be able to. So that's the problem, the ability to distribute income. This is why I'm saying that the reorganization of the telco market in France and even in the rest of Europe, it's a real problem because it's an issue. In telecommunications in Europe, and you could check it. It's very easy to check what I'm saying. The market caps of the telecommunications operator in Europe are very poor because of that. There's too much competition, which has destroyed value and destroyed margins. It will only work for so long because after a while, there'll be no players left in the market if the market is too capital intensive. So I think what's apparently happening in France, what is -- will hopefully happen in France, I think -- we've already seen something similar in Spain. Italy is in a similar situation. I think throughout Europe, the situation is very similar. I think this may be a trend on the number of players in the market. Sir.

I'm a loyal shareholder for the last 25 years. If you just give me a clarification concerning EQUANS, by comparison with what you expected in terms of profitability 5 years ago, it took you 2 years to achieve the profitability you wanted. But over the long term, what about sales? SFR, you're talking about buying 40% of the business. Are you buying part of the retail clients? Some of my friends were unable to attend you this afternoon. They are at Dior. Would it not be possible to have your AGM on a Wednesday. There'll be no competition for...

If he prefers Dior to Bouygues, then well, to each his own. To answer your question on EQUANS, the indicators we gave at the Capital Market Day, I forget it was in January or February. It was February 28, 2023. We will finally reach the 5% target -- COPA target a year ahead of schedule because that has become our guidance this year. Cash generation, as I've said, we're at the top end of the bracket, which would suggest that we're doing better than we expected. And finally, concerning sales, we said from the very start of 2023 that there were activities that we felt were less profitable and we plan to discontinue. We did that with Places & Communities in the U.K. There were construction we felt that wasn't profitable enough. And then there are a number of business that we disposed of because they weren't aligned with EQUANS' core business because of the -- we had heat networks that were capital intensive that we didn't want to retain. Then we had automotive charging facilities that we didn't want to keep because they involve a lot of CapEx and the profile that we want for EQUANS is that we want the COPA to become cash. We want to convert to cash very rapidly. We want EQUANS to have low CapEx, generate dividends that will be channeled back to the parent company, as Martin said. And then the acquisition we're making, we are making what we call bolt-on acquisitions, small acquisitions because these are areas in which the densification in the areas we work on accelerate growth. We become power prices, which give us a better margin. To answer your question on SFR, we're buying, if I remember correctly, 42% of SFR's sales. Within that 42%, you will find the B2B, but also the B2C, the -- what we call the retail business. Without that, you would not arrive at this level of sales. This is the breakdown that we have arrived at with the other telecom operators.

Now there are a lot of things to be -- still remain to be defined in terms of the feasibility. There's an 18-month period during which the various antitrust authorities will examine the situation. And of course, the telecommunications regulator, they will all have a say. So it's a long way to go just yet. Gentleman here.

Thank you, sir. I myself, I'm also an individual shareholder. And I have a question for Bouygues Telecom, not just for Bouygues Telecom. In fact, what I really would like to know is what do you propose to do to -- in terms of cybersecurity on mobile phones because what it is, is that you have -- you get unwanted calls on our phones, we'd like to be protected. Is there anything being planned about this?

Well, look, I'll give my -- I can ask my son, but there's an app called Ca Raccroche. It hangs up. What it is, is that they deal with a constant flow of unwanted phone calls and they stop calling you.

Yes. Well, there are apps, and that particular one is a community app. In other words, it's a nonprofit thing. And what it does is that it aggregates millions of numbers being used for solicitations and sort of aggressive selling is sometimes illegal. And that's really useful app because on iPhones, in particular, you get these calls, whereas on Android phones, there's an internal mechanism to prevent this. But it's not just that. You have actual numbers, you have identity -- phone identity theft. You think it's somebody calling you. You recognize the name or the phone number. And then when you pick up, it's not that person talking to you. That is a phenomenon that started emerging 2 or 3 years ago. The way it works is that these criminal operators, they use false foreign telco operators telling you, well, this number will -- is calling your customer and so let the call through. Now if it's one of our numbers, we know that the phone is located in France or not. But if it's a number belonging to one of our competitors, Orange, there's nothing we can do. So we were about to create a database to make sure to ascertain whether the number is indeed present on the territory or not to prevent that kind of fraud, but it is a constant cat and mouse game. And you're right. This is something we are up against, and we were working hard to address this.

All right. Well, if there are no further questions, we move on to -- yes, please go ahead. Sorry, sorry, I didn't see you.

Yes, I was seated in the back. I'm also an individual shareholder. And I would like to say, I really like your videos are beautiful. And you have fine values on display. And there are not enough women in the AGM, and I'd like to see more women among the shareholders in any case. I have a question, and I have the same question for TF1. I asked a question, I got a negative answer. But are you developing your own AI within the group? The reason I ask is that you have lots of AIs around and there's no reason why the Bouygues Group should not have its own AI. Talking about recent developments in the Middle East, there are issues of energy supply and other -- I mean, for instance, for those contracts in various parts of the region, have you suffered any attacks, any bombing? And then finally, you're talking about a new media landscape, things that are moving fast now. But of course, your perception can vary from 1 year to the next because artificial intelligence is making significant inroads and might change in which -- the way in which content is generated.

Well, look, on the first question again about AI, there are many solutions being developed in-house. When we find something off the shelf, we might as well use that. But if we cannot find what we need, we develop our own AI tools to address our own specific -- industry-specific issues. But again, we lean on major existing models. We don't have to develop own in-house large language models because here you're talking about huge expenditure. We wouldn't do that.

On the Middle East, well, yes, there were about 1,000 people out in areas between the United Arab Emirates and Saudi Arabia. We don't have many people in Qatar, but we have a small number in the rest of the region. In any case, we repatriated those families that wished to return. But it turns out many people prefer to stay there. They didn't wish to be taken back from. A few people did want to return. On the sites where we're involved, we haven't had any issues. But in Dubai, there is a missile hit to tower just across the street from where we are located. And that's precisely why we felt it might be unsafe to stay there. But as to the consequences, there will be consequences because, well, fortunately, there are various purchasing portals in various parts of China, Panama, Turkey, et cetera. So sourcing is diversified nonetheless, The unit components we're using will be affected by the developments in the region.

All right. Well, thank you. And I think by now, the time -- we've run out of questions. So we'll check on the attendance sheet based on the central processing office and to address those verifications that were warranted by the bureau, and I think we've done just that. And so if there are no objections, let's use our electronic voting system. You use a manual device. You were given a chance to vote ahead of the AGM. And Didier Casas, who's here, will give you some explanations about the vote, and then we'll be able to vote on the resolutions themselves. Didier, take it away.

Yes. Thank you, ladies and gentlemen. A few details on the way in which the voting box operates. It's very simple. You press 1, this means you're voting in favor. If you press 2, you vote against. If you press 3, it's an abstention. You have 10 seconds to vote, and you can change your vote. You have 10 seconds to do that. And then, of course, the final vote, if you change your mind is -- will prevail. So the quorum altogether has been reached, and you have the actual numbers on the screen. So the number of voting shares, the quorum. And please stay in the auditorium until the completion of the vote. All right. We start with the vote on resolution #1. You are to approve the annual -- the parent company financial statements for the year ended 2025. Please vote now. [Voting]

Voting is closed and the resolution was adopted. Resolution #2, this is about the consolidated financial statements, where you can see the profit attributable to the group listed somewhere. Please vote. [Voting]

Voting is closed and the resolution was adopted. Then now we move on to resolution #3 to have a dividend set at EUR 2.1 per share and the balance of the net profit will be carried over. Please vote now. [Voting]

Voting is completed, and the resolution was adopted. Number four, related party agreements. You asked to vote on conventions of services between Bouygues and its subsidiaries between Bouygues and SCDM and the rider to the brand license signed with Bouygues Telecom. [Voting]

No more voting, and you can see that the resolution was carried. Number five, this is the approval of the remuneration policy for directors. And so you can find the details of that in Items 2.41 compensation in the universal registration document. [Voting]

Approved. Sixth resolution, approval of the compensation policy for the Chairman of the Board of Directors. Voting is underway. [Voting]

Voting is over and the resolution is approved. Seventh resolution concerns approval of the compensation policy for the Chief Executive Officer and Deputy Chief Executive Officers. Voting is underway. [Voting]

Voting is over and the approval of the resolution is approved. Eighth resolution asks you to -- this concerns the post. This is approval of the information about the compensation of corporate officers mentioned in Paragraph 1 of the Commercial Code of Article L. 22-10-9 Voting is now underway. [Voting]

Voting is over. And the resolution is approved. Ninth resolution, approval of the components of the total compensation and benefits of all kinds paid during or awarded in respect of 2025 to Martin Bouygues, Chairman of the Board of Directors. Please vote now. [Voting]

And the resolution has been approved. Tenth resolution, approval of the compensation for 2025 paid to Olivier Roussat, Chief Executive Officer. Voting is underway. [Voting]

Voting is over. And the resolution has been approved. The 11th resolution concerns approval of the compensation of Pascal Grange, Deputy Chief Executive Officer for 2025. Voting is underway. [Voting]

Voting is now over and the resolution is approved. 12th resolution concerns approval of the compensation for 2025 of Ed Bouygues, Deputy Chief Executive Officer. Please vote now. [Voting]

Voting is over. The resolution has been approved. The 13th resolution concerns the proposed renewal of the term of office of 2 directors for a period of 3 years until the AGM, approving the accounts in 3 years' time. This is -- this resolution renewal of the term of office of Benoit Maes. Please vote now. [Voting]

Voting is over. And the resolution has been approved. The 14th resolution concerns the renewal of the term of office of Alexandre de Rothschild as a director. Please vote now. [Voting]

Voting is over. And the resolution has been approved. The 15th resolution, as is the case every year, we ask you to renew your authorization to the Board of Directors to trade in the company's shares for a period of 18 months. This is as part of a share buyback plan. Voting underway. [Voting]

Voting is over and the resolution has been approved. We're now moving on to the Extraordinary General Meeting beginning with the 16th resolution concerning authorization to the Board of Directors for a period of 18 months, authorization to reduce the share capital by cancellation of shares held by the company. Please vote now. [Voting]

Voting is over and the resolution has been approved. The 17th resolution concerns delegation of competence to the Board of Directors for a period of 26 months with a view to increasing the share capital without preemptive rights for existing shareholders and for the benefit of employees or corporate officers of the company or the companies who are members of a company savings scheme. Voting is underway. [Voting]

Voting is over. The resolution has been carried. 18th resolution, authorization to the Board of Directors for a period of 26 months to allot existing or new shares free of charge entailing the waiver by shareholders of the preemptive rights in favor of employees or corporate officers of the company or related companies. Please vote now. [Voting]

Voting is over and the resolution has been approved. The 19th resolution concerns authorization to the Board of Directors for a period of 26 months to allow existing or new shares free of charge as a retirement benefit, entailing the waiver by shareholders of their preemptive rights in favor of eligible employees or corporate officers of the company or related companies. Please vote now. [Voting]

Voting is over and the resolution has been approved. The 20th resolution, delegation of competence to the Board of Directors for a period of 18 months to issue equity warrants during the period of a public offer for the company's shares up to a limit of 25% of the share capital. Please vote now. [Voting]

Voting is over and the resolution has been approved. 21st and final resolution asks you to grant powers to accomplish formalities concerning the AGM voting underway. [Voting]

Voting is over and the resolution has been approved.

Thank you, dear shareholders. Thank you, Didier. I'd like to thank the members of the Board. And in fact, I'd like to thank you all for your loyalty, as we said earlier on. We have a lot of very loyal shareholders, and I'd like to thank them. I think the AGM is now over. So I wish you all a very pleasant evening. Thank you. Bye. [Statements in English on this transcript were spoken by an interpreter present on the live call.]