Canal+ SA ($CAN)

Ladies and gentlemen, dear shareholders, welcome to the Board meeting of Canal+. This year has been extremely rich and dense ever since our group was listed in December 2024. I can say this is an excellent moment for you to talk to -- meet us and discuss our strategy with you so that we can actually also present to you the resolutions that we have to vote on. I would also like to thank each of you for your support, but also for your presence here, whether you are here physically at the Olympia or whether you are following us remoting. Next to me, I have Maxime Saada, who is the Chairman of the Management Board. Amandine Ferre, who is the Chief Financial Officer and Head of CSR; and Laetitia Ménasé, who is the Group Secretary. I would obviously like to thank the Supervisory Board, which is in the first row here. I'd like to thank the Management Board, the Executive Committee and all our teams for being here today. I would now like to suggest that we move on to the formalities, and I will hand over to our Group Secretary, Laetitia Ménasé.

Thank you. Chairman, I would like to remind you that our Annual General Meeting was convened today by a Notice of Meeting published in the Bulletin des annonces légales obligatoires on the 13th of May 2026, as well as by letter sent to all registered shareholders. The documents that have been made available to shareholders in a manner within the time frame prescribed by law are available at the Meeting Secretary. I would like to remind you that you are called to vote on the following agenda. Ordinary business: approval of the annual accounts for 2025 financial year; approval of the consolidated financial statements for 2025; allocation of distributable profits; approval of the statutory auditor special report on regulated agreements; renewal of the term of office of Mr. Xavier Mayer as member of the Supervisory Board, renewal of the term of office of Ms. Martine Studer and Mr. Jean-Christophe Thiery as members of the Supervisory Board; appointment of Ms. Mercedes Erra as the member of the Supervisory Board; appointment of Mr. Elias Masilela; as well, authorization granted by the Management Board to carry share buybacks in keeping with Article L. 225-209-2 of the French Commercial Code. As an extraordinary items: amendment of the articles of association to determine the procedures for appointing the members of the Supervisory Board representing the employees; delegation of authority of the Management Board to decide on an increase in the company's share capital through the issue of shares and/or securities, giving immediate or future access to the capital with the removal of preemptive subscription rights reserved for members of the company or group scaling scheme; delegation of authority to be granted to the Management Board to decide on an increase in the share capital by capitalizing premiums, reserves, profits or any other sums; delegation of authority to be granted to the Management Board to decide on an increase in the company's share capital through the issue of shares and securities conferring immediate or future rights to the capital, whilst maintaining the preemptive subscription right; delegation of authority to be granted to the Management Board to increase the number of securities to be issued; and as a matter, of course, pass to carry out the necessary formalities. So the quorum stands today at 54.34, and therefore is duly constituted shareholders are still arriving. The final quorum will be determined later on. For the purpose of electing the bureau, the meeting is chaired by Mr. Yannick Bollore in his capacity as Chairman of the Supervisory Board; and also Mr. [ Paul Bea ] will be represented here as well, and will be participating as tellers. Ms. [ Kim Bena ] as well will be representing Bollore SC. And if Mr. Yannick Bollore agrees, I propose that he act as Secretary to the meeting. He has agreed. I would also ask Mr. [ Sylvan Tomaso ] and Mr. [indiscernible] who have verified the registration process to ensure that voting proceeds smoothly.

Thank you, Laetitia, the meeting has therefore officially opened. Dear shareholders, it is a real pleasure with you to be here today for the Annual General Meeting, which comes at a particularly important time for Canal+. I am convinced that 2025 will go down as a significant year in the group's history. It marked our first full year as a listed company as well as a phase of strategic growth, driven in particular by the acquisition of MultiChoice. I would like to commend the remarkable work, which has been carried out by Maxime Saada and all the group's team. In an extremely competitive and constantly evolving environment, Canal+ has demonstrated its ability to stay on course with its strategy, accelerate its development and successfully execute several transformative transactions. We have seen its impact in our results. You will see that we have actually exceeded some of our financial targets while pursuing an ambitious investment policy. And at the same time, we have also secured several key refinancing deals, which has strengthened the group's financial position, and it gives us the means to continue on our growth path as had been planned. Amandine Ferre will give you some information on this later on. This year has been particularly dense, also from a regulatory point of view. There have been very important agreements that have been signed in France on strategic subjects and sometimes rather complex environments. And I would like to particularly commend Laetitia Ménasé and her teams for their work. Going above and beyond these results, Canal+ has a very clear cut strategy, which is based on 3 priorities: first of all, concentrating on international markets, and we'll talk about that afterwards, premium content and distribution. When -- first of all, talking about international activities, MultiChoice is obviously an important step in our development, and has indicated clearly that we wish to reinforce our position on Africa -- in Africa. As I know, this group has now more than 40 million subscribers worldwide, and this shows that our model is very attractive and robust. There's also another project which is underway, which is to be listed on the Johannesburg stock market. It's going to start on the 3rd of June. And this dual listing, that is on London and Johannesburg, is going to widen our shareholder base, but also is going to reiterate our sustainable position and our long-term commitment at Africa. And this is one of the main reasons why we opted for listing in London as it offers a framework, particularly suited to the implementation of this type of dual listing with the Johannesburg Stock Exchange. Now concerning content, we will continue to invest in premium assets. This is after all the core of our model. And the different certainty is that the content is the sort that should be able to unite people, generate true emotions and get audiences committed to our channel over the long term. First of all, through sport, of course, which is now more than ever, a key driver of appeal and customer loyalty. And I would like to thank all the teams, because the UFA rights have been now renewed until 2031, which shows that this is in keeping with our goals. That is that our subscribers can have access to the biggest European competition. And even if I know that there are some Arsenal supporters in the room today, I hope, personally at least, that [indiscernible] does really well on Saturday, which is going to be shown obviously on Canal+. And behind me, you can see the photo of me, which I hope will be taken tomorrow evening. Now we have also committed in film and creative production. As you know from many years, Canal+ has been investing in film making. The 79th Cannes festival once again showed that our group has a very special role to play in the film ecosystem. We've talked about this a lot. But before the general release, 7 out of the 9 films that were officially competing, including the Palme d'Or, were all Canal+ films. And so this shows that we have the right access to the right films. This also shows that we want to reinforce our presence in other value chains, the entire value chains. And this is why we have a minority stake in UGC and also in STUDIOCANAL, which is one of the major studios in film and series production. So I'd like to thank [ Anna Marsh ] and her teams for this. And I'd also like to say that we have chosen how to be a super aggregator, so to speak. That means that on a single platform, we will get together the best content possible, either that is produced by partners or that is produced by us. This allows us, therefore, to be a reference in the industry. And once again, I would like to thank technical teams, their commitment and the expertise has made it possible for Canal+ to be key name in the sector. These results, I think, are first and foremost, the work of all our teams. And I'd like to thank them warmly for their commitment, their creativity and their hard work and capacity to deliver. And particularly, I'd like to thank [ Jacques du Puy ], who stepped down from his role in the Management Committee in the first quarter, but he contributed hugely to the group's development. We will talk about this later on as part of a wider goal, that is to expand the Executive Board, and I'd like to welcome here David Mignot, Christophe Pinard-Legry and Gérald-Brice Viret who will be alongside Amandine Ferre, Anna Marsh and Chaired by Maxime Saada. And I'd also like to congratulate the 15,000 employees of our group. You met Emmanuelle Malecaze-Doublet last year. He's the member of the Supervisory Board and Chair of the Committee of Nominations and Salaries, and he will come back a little later to talk to you about the renewal and nominations of the Supervisory Board, which is going to be submitted for -- to you for your approval. And these renewals concern Xavier Mayer, Martine Studer and Jean-Christophe Thiery, I'd like to thank all of you for your contributions and for your successive terms of office. They were fairly short. Some of them are slightly longer, but I -- they were staggered so that we wouldn't have 3 administrators leaving at the same time. And I would also like to thank the Supervisory Board of Canal+ for your contributions and dedication. I'd also like to welcome Mercedes Erra here. She is well known to all of you. She is the founding member of BETC, and also Elias Masilela, who you probably have not known as well in France, but is very well known in South Africa. He is the former manager of MultiChoice and director, and we're delighted to have them amongst us here today. Thank you very much for being here. Yes, I think we can give them a hand. Dear shareholders, I think we can be extremely proud of 2025. You will see that we have accomplished a great deal. For 2026, our teams are fully mobilized and committed, particularly in this sort of environment where our competition is rife and where our consolidation will continue so that we will work hard to transform our sector. Our priorities are clear. First of all, integrating MultiChoice. I told you that this is one of the biggest transactions in the history of Canal+. We will continue to invest in high-quality content, which is the core of our model, and securing and renewing our rights and strategic partnerships and to accelerate the growth of our subscriber base in all the regions where we operate. To come back to the strategic goals and our business plan, I'm delighted to give the floor now to Maxime Saada.

Thank you, Chair. Today, Canal+ is a global actor. We have 2 equity holdings, one in Europe, Viaplay; and one with Viu. And this means that in the future, we can continue our M&A strategy. Revenue, EUR 9 billion, and EUR 700 million in adjusted [ EBITDA ]. The reality is simple. We now have the critical mass to compete in the global industry. As you know, we are active throughout the value chain of the media as a broadcaster of the best in film. We are the leading partner of domestic cinema in various countries. We have originals. And thanks to our unique strategies, we embraced a super aggregation model. We're also a leading sports partner, the #1 global broadcaster of the League of Champions, the first global broadcaster of Arsenal, in particular, Arsenal already won the Premier League, and that's good. Congratulations. And the -- in 2025, we invested over EUR 4 million. As a distributor, we provide the best entertainment to nearly 42 million subscribers, while Dailymotion attracts around 400 million active users every month. We are a top content producer through STUDIOCANAL. We produce close to 200 films and 80 television series every year. And we have a catalog of 18,000 titles, which is the largest film library outside the United States. With Canal+ Telecom, formerly known as GVA, we provide fiber connectivity services across 10 African countries. And through [indiscernible], which is hosting us today, and whose teams, I would like to thank. Thank you to this director and their teams. Thank you for your warm welcome. We operate France's most iconic live entertainment venue, which achieved record attendance in 2025. 2025 was an exceptional year for Canal+. During the year, we completed the acquisition of MultiChoice, the leading pay-TV operator in English and Portuguese-speaking Africa, giving us the scale that is essential to thrive in our industry. This transaction required an extraordinary effort across Canal+. And I would particularly like to recognize Laetitia Ménasé and her teams, who secured 26 regulatory approvals in record time across 16 jurisdictions. And this enabled us to complete the acquisition and assume effective control of MultiChoice on September 22. In 2025, we also secured important rights agreements, including the U.S. Champions League in France. A lot of competitors lost those rights in Italy, Spain and England. We also expanded our partnership with Netflix into French-speaking Africa, thanks to the work led by [ Pascal Shaber ] and her teams. She's sitting in the second row. Congratulations, Pascal. In 2025, together with Amandine Ferre and her teams, we resolved all of our major tax disputes in France, including those issues that represented significant uncertainty for our French operations. I'm referring to disputes relating to the CNC television services levy and also the VAT dispute, a long-standing dispute. So like I said, these issues represented significant uncertainties for our French operations, and have now been fully addressed. And finally, perhaps most importantly, we met and exceeded all of our financial objectives, including revenue, EBITDA and free cash flow, while refinancing our debt on highly attractive terms. Getting back to the MultiChoice acquisition. This is a straightforward strategic rationale. Firstly, we seek to strengthen our position in Africa, one of the fastest growth media and entertainment markets anywhere in the world. Sub-Sahara in Africa, where we operate, shows huge potential for growth. First, it is home to more than 1.2 billion people today. And by 2050, that population is expected to exceed 2 billion. Second, the region also continues to benefit much stronger economic momentum than in France. We're expecting GDP growth to come close to 5% a year on average over the next 5 years. Finally, electrification levels remain relatively low. Today, fewer than 1 household in 2 is connected to the grid, yet access to electricity is the single most important factor driving television penetration. So this means huge long-term structural growth potential for our industry. Needless to say, the acquisition of MultiChoice puts us in a particularly strong position to benefit from that growth opportunity in Africa. So that's the first aspect, the MultiChoice acquisition. Secondly, over and beyond our growth opportunity in Africa, like we said, this MultiChoice acquisition means we get critical mass. And we need that to compete effectively in a rapidly changing global environment. So we are scaling up as a group, and this means we get to synergize. We get to achieve and unlock meaningful cost efficiencies. I'd like to remind you that we have more than 42 million subscribers, generate over EUR 700 million in [ EBITA ], generate revenue of EUR 9 billion, and we have generated over EUR 450 million in free cash flow. These synergies and growth opportunities will naturally be reflected in our financial performance. Our objective is simple. To turn this increase in scale into meaningful and sustainable growth in profitability and cash generation. Over the medium term, our financial targets are as follows: moderate revenue growth; [ EBITA ] of at least EUR 850 million; free cash flow of at least EUR 500 million. So much for the medium term. Over the long term, we expect to deliver significant growth in profitability. To achieve this, we have identified 4 strategic priorities: Firstly, improve MultiChoice's performance and fully capture the growth opportunity in Africa. Secondly, increase profitability in Europe. Third, continue strengthening our entertainment platform with the best content and the best user experience. And fourth, maintain strict discipline in terms of cost management and also management of capital. Let me start with MultiChoice, which is our #1 priority. I'm sure you understand that by now. I'd like to stress the MultiChoice delivered very strong growth for more than a decade, with subscriber numbers increasing by an average of 12% per year between 2010 and 2022. Since 2022, performance has been more mixed, due to a combination of external and internal factors. And it is those very internal factors that we will now address. Under the aegis of David Mignot, who set up an action plan. I'm not going to go into detail today. Many thanks to David Mignot and his teams. Instead, let me give you 2 examples. When it comes to David's plan, which is extremely exhaustive and includes hundreds and hundreds of action steps. So 2 examples to illustrate our different approach. First of all, the cost of equipment, that is the customer installation cost of installing the set-top box and the satellite dish. The cost is, today, 3x higher for MultiChoice than it is for Canal+ in the countries where Canal+ works. I'm talking about French-speaking Africa. Now in order to accelerate the growth of our subscriber numbers, we will reduce that cost significantly. First, we will renegotiate the equipment cost on more favorable terms. We can count on [ Michel Sibanye ] to achieve that. And secondly, we'll set up targeted subsidies. Second example, the distribution networks, I'm talking about sales distribution, which is absolutely key to sell our subscriptions. Our network is [indiscernible] 190 points of sale per million subscriber against 660 for Canal+ markets. Like I said, we intend to strengthen that footprint. And David and his teams will strengthen that footprint and recruit additional sales representatives. We have announced and, things are underway. We have announced a recruitment plan. We will recruit an additional 1,000 sales representatives, so as to boost MultiChoice and Canal+ sales in Africa. We have also initiated a plan to reinvigorate our brands under the aegis of Emilie [indiscernible]. And one of the top sports brands in Africa and the world is called [ Supersport ]. I'd like to take this opportunity to show you a short film made by the BETC teams as well as [ Ava's ] teams. This announces the World Cup on MultiChoice. [Presentation]

Sleep can wait. That's something we often say at Canal. Priority number two, improving profitability of our operations in Europe. Under the aegis of Christophe Pinard-Legry, we are leading the Europe-wide deployment of a model that is already pretty successful in France. This model combines third-party channels, Canal+ channels and streaming platforms within a single offer. So this model is now fully established in France. We're strengthening it in Poland, rolling it out across the Benelux region and Central Europe. At the same time, our focus across all those markets is to improve profitability through growth initiatives and above all, tighter cost management. In France, this strategy has already delivered results between 2023 and 2025. We improved EBITDA by more than EUR 130 million, and we've returned the business to profitability. Many thanks to our teams, for those excellent results. About time. The progress reflects both continued subscriber growth, with 2025 marking our sixth consecutive year of subscriber growth and a systematic review of our cost base. Our third medium-term strategic priority is strengthening our entertainment platform. As you well know, our offering already stands out through the exceptional breadth of content available to subscribers. Our aggregation model makes Canal+ the only platform that brings together free-to-air channels available through the platform, a selection of pay TV channels from around the world and access to the leading U.S. streaming platforms and a broad portfolio of proprietary channels led by the Canal+ channels themselves. And we're particularly proud to have secured the exclusive renewal of all our European football rights in France through to 2031. Many thanks to Geraldine [indiscernible] and her teams, while she's working on a confidential project, as we speak. We have also successfully won a number of major tenders across Europe. So there's 2 different phases. And one of those phases just finished in the rest of Europe. So we have secured major broadcasting rights in many geographies. I'm not going to get back to that. But there is one country that I would like to emphasize. Belgium. For the first time in history, Canal+ won all competitions, exclusive rights for all competitions. And this means we get to launch Canal+ before the end of the year. I'm not going to tell you when exactly. So we will be returning Canal+ to Belgium with a new offer that will be closely modeled in the offer we have developed for the French market. And we're happy about that because we love Belgium. As you can see, our content offering has never been stronger. The next challenge is to make the experience just as compelling. A few weeks ago, we announced 2 key partnerships with Google Cloud and OpenAI. First, we will integrate Google Cloud's latest technologies into the Canal+ app. This is a scene from Mary Antoinette. And all the data collected in that scene alone, thanks to Google Cloud, and this is how we determine the color of the dress, the texture of the dress, the apparel that is being worn. And this is how we fuel our recommendation engine. And it is Google tools that are helping us collect all of that data. Part 2, our partnership with OpenAI. Once we have collected the data, we get to strengthen the Canal+ search engine as well as the recommendation engine using those keywords. So we will use OpenAI technologies to strengthen our subscribers' ability to find their favorite program every night. Now strengthening our entertainment platform starts with one thing above all, offering the very best content. We are clearly committed to developing world-class series following the model of what we have produced, with hits such as Paris Has Fallen. You get to see the sequel very soon. And we have a lot of projects. We at STUDIOCANAL. We're planning on a remake of the Avengers. And we're also going to adapt movies into TV series, including L'armée des ombres, Army of Shadows; [indiscernible] as well as [ Nonstop ], which is a resounding success. So this global creative ambition is also supported by the extraordinary talent emerging from Africa. For many years, we believe that Africa is home to remarkable stories that remain largely untold and whose appeal extends far beyond the continent itself. The success of originals such as [ Spinners ], which was on the top 5 continents on the Canal+ platform only strengthens our conviction. And then we have 2 recent examples that I've just -- won awards at the Cannes film festival. We coproduced 2 movies that received awards, Ben'Imana [indiscernible] film, that won the Caméra d'Or for Best First Features, the first time than an African film is getting that award, and also [ Congo Boy ], which won the Best Actor Award in the Un Certain Regard section. Again, that's the first for any African movie. And we have several very promising projects in development. You can see examples on the screen. Americana. This is the adaptation of Nigerian best seller and also The Road Home. That's the story of the creation of Paul Simon's album, Graceland. During the apartheid era. It has one of the best South African actors. We will start production in the next few days. This creative ambition also means deepening our relationships with leading talent across the world and in every area, both in France and internationally. By working with actors such as Jennifer Lawrence, Sydney Sweeney, and Andrew Scott; and by supporting projects from acclaimed filmmakers, including Martin Scorsese, [ Justine Trier ] and Danny [indiscernible], who's making [ ink ] for us. We're establishing STUDIOCANAL as a creative partner of choice, not only in France but internationally. We are particularly proud to be releasing Fred Cavayé's ambitious adaptation of Les Misérables, featuring what may well be the cast of the year. We have a gift for you together with Yannick Bollore. This is the teaser that we're going to show you for the first time, the teaser for Les Mis. It will give you a sense of its scale. [Presentation]

Another pillar of our content strategy is the development of global franchises. Since 2014, the patent on franchise has generated more than EUR 1.5 billion in revenue for us and our partners, not only through feature films, but also through television series, consumer products and the highly successful Paddington Musical. What STUDIOCANAL is -- has achieved with Paddington over the past decade provides a blueprint that we intend to replicate with other major properties, including PP long stocking as well as Monsieur Madame or even Asterix. We will produce the next live-action version of [ Asterix ] called the 12 Works of Asterix. I think it's worth a round of applause. Thank you. Thank you so much. So in the last few months, we have also acquired 34% of UGC, and we talked about this earlier on, and 51% stake in Lucky Red, which is Italy's independent distributor, which reinforces our position as a leader in Europe. So beyond these acquisitions, we've also established partnerships with other major players in the creative center sector. For example, [ Hachette ] and STUDIOCANAL has just signed an unexpected and remarkable groundbreaking partnership, which gives STUDIOCANAL privileged access to books from Hachette, which is the world's third leading publisher. And we will be transforming Leslie Wolfe's, The Surgeon, which is a leading best seller on Kindle, into a film version. And I'm also delighted to say that Freida McFadden's most recent book is also going to be transformed. She's written The Housemaid, and her latest book, The Divorce, is also going to be made into the series and film by the studio of Canal+. So we're delighted about this. Congratulations to all of them. And that new partnership is Sky, which is U.K.'s leading pay TV broadcaster and producer of globally successful series. And we have signed a partnership, a core partnership for some of the series that they will be making, and this will reach a global audience. The next strategy is rigorous management of our costs and capital. I'm now going to give the floor to Amandine Ferre, who will present our detailed 2025 results and our targets for 2026.

Thank you, Maxime, and good morning, everybody, ladies and gentlemen, dear shareholders and members of the Supervisory Board and Management Board. In 2025, Canal+ crossed a significant milestone. We improved our profitability, strengthened our financial discipline and scaled up our operations with MultiChoice. Our value creation is based on a simple position, discipline in spending and cost and capital management and using capital as a driver of performance and for sustainable growth. This is based on 3 pillars. First of all, rigorous and strict management of our cost base. We've gone through each of our costs line by line with a simple objective, spend less, but to spend more wisely. The best example is France, which Maxime just told you about. This means that sometimes we've had to make difficult choices, but they were necessary. For example, we had to stop Disney+ [indiscernible]. We also had to adapt our teams so that we could actually come up with sustainable and acceptable costs. The results now are tangible. We can say that France is now profitable. We have secured our key rights, fully aligned with our profitability goals. The reallocating of our capital towards value-generating assets by exiting commitments that no longer met our profitability requirements is now going to be applied across the group in 2025. For example, we closed our operations in Vietnam and sold our portfolio in Hungary. And this was so that we could save and protect our profitable assets and those that were -- assets with significant potential. We are doing this in our productions as well. At STUDIOCANAL, for example, we are using our presence in Europe and Africa to optimize our costs. We use natural settings of these 2 continents to reduce costs without compromising quality. Just to cite an example. [ The Last Air ], which is a film -- which is set in New York, but we shot it in South Africa. And [ Capetown ]. And this meant that we could bring our costs down by 30% compared to actually filming in America. The second important lever is synergies coming from the acquisition of MultiChoice. MultiChoice is a unique single opportunity for us to create entertainment in Africa. There's a real potential for growth and cash generation. Thanks to the increase in scale of -- economies of scale and also our team. So we will be able to create synergy and value for the years to come. We have EUR 250 million of synergy in 2026, 50% have already been affixed by March, and we aim for EUR 400 million in 2030. And we are confident that we will be able to achieve these goals and even go beyond. And to do so, we have set up a special team I headed. We have a regular, weekly progress reports with Maxime Saada and also group executive committees. We review all the costs, content, tech, administrative, et cetera. This has already been tested -- tried and tested. But we also use simple levers like rationalization, renegotiation, convergence and rollout of best practices. Next lever is a well-managed debt and capital management. We have secured our financial structure through several major refinancing operations. Our balance sheet is now sound. Our financing is secured. Our maturities have been extended until 2032. This gives us visibility and flexibility as well to support our strategy. And next Wednesday, is a key date for all of us. We will have our secondary listing in Johannesburg. So we will be the first French company to be listed on the South African stock market. If you don't know the Johannesburg stock market, let me tell you, it's the largest in Africa, the only one in the top 20 worldwide. And it accounts for 2/3 of the continent's market capitalization. So it really is one of the biggest stock markets. This is a secondary listing. That means that no new shares will be issued. So the shares that are currently listed in London that you hold will be transferred to Johannesburg depending on demand. This will allow us to attract new African investors, and thus improve the liquidity of the share and also strengthen our foothold in Africa. This listing will therefore correspond to dual continent strategy, which is in Europe and Africa, London and Johannesburg. Anyway, so these were the key strategic priorities. And now let me talk to you more in detail about the results for 2025 and what we aim for in 2026. For Canal+, 2025 was an exceptional year from every point of view. We can say that we have with -- excluding MultiChoice, achieved all our targets. Organic revenue growth was plus 1%. Adjusted operating profit was EUR 527 million, above our guidance. Operating cash flow was EUR 587 million. That is EUR 370 million more than in 2024, and EUR 80 million over our guidance. And also, we had a free cash flow of EUR 428 million, again, a huge increase compared to 2024, and more than EUR 50 million above the guidance. So this is a key point, that is cash generation is once again a central part of our business model. And we should also note that after closing out in Vietnam in 2025, these operations will no longer be included in our financial reporting. And therefore, the last column in 2025 shows exactly this particular scope. At the end of '25, excluding MultiChoice, the subscriber base is 28 million. So that's an increase of more than 2 million. And this is a direct subscriptions and indirect sales through telecom operators. Let us now look at the results by segment. The first one is Europe. We're very pleased with the performance of the segment in 2025. Its subscriber base increased by nearly 1 million. Its margin rose by nearly 1 percentage point. It's 5.5% now. That is an increase of 15% compared to 2024 and with very positive trends in France. This is the result of our strategy, that is to improve profitability, as Maxime proposed earlier on and explained. And as you know, we are not going to stop there. This is just going to go on. The second segment is Africa and Asia. This is, again, a very solid driver for our group. Excluding MultiChoice, the subscriber base is increasing with more than 1 million additional subscribers in 2025 because of the Africa Nations Cup. This once again shows us that our revenue growth is real, with a margin of over 20% in profitability. The third segment is production and -- content production and distribution. This includes STUDIOCANAL, Dailymotion and Olympia. This has contributed to our good results in 2025. The decline in revenue was due to an exceptional year in 2024. 2024 was an exceptional year, with major releases such as Paddington at the end of the year, Back to Black, et cetera. However, what is important to note here is that despite the decline in revenue, we can see that there is an increase in profitability by 1 percentage point. And that is extremely important. For a studio, there are always extremely good years with many new releases and others that are slightly quieter. But what is really important is to keep profitability and try to improve it whenever possible. Our performance is based on managing our costs in the best way and also because our model is robust. Dailymotion has had an increase in its revenue growth at double digits, and has almost reached profitability. Our goal is clear. We will continue along these lines to improve profitability in 2026. Now let's talk to -- about MultiChoice. As Maxime said, MultiChoice in 2025 had a rather difficult year because there was a decline in subscriber base, revenue and operating profit. So we have taken steps to correct this gradually, and I will give you more details about this in a few minutes. By including MultiChoice in the post-acquisition period, that is for a period of 3 months, we have gone to an important milestone, EUR 6.9 billion in revenue. That's up 8.3. EUR 646 million in adjusting operating profit. That's up 24%. This combines the contribution of MultiChoice and the group's increased change of pace and scale. We've also had exceptional items that weighed on net profit, particularly the disputes that we had concerning VAT and TSD, but these have now been settled. And therefore, this allows us to move on. From a liquidity point of view, the positive results mean that in 2025, we have EUR 448 million, excluding MultiChoice, available for dividends, share buyback, and our debt is now EUR 2 billion and therefore is managed. Therefore, we would like to increase our dividend by 10%. And the 12th of June will be the dividend payout date, and payment on the 15th of June. Goal remains consistent. We want to maintain a balance between returns to shareholders and investment in growth. You will have the opportunity to vote on this a little later. For 2026, our goals are clear. Again, we are planning to have generally stable revenue. We will have continued improvement in profitability. And this improvement is due to the fact that they will be offset by the decline of MultiChoice, but the historical back products and supplies of Canal+ will remain in place. So this means that we will have EUR 737 million in EBITDA at a group level. EUR 536 million will come from the historic business of Canal+, representing a 5% increase compared to 2025. For MultiChoice, there will be cost energies -- synergies as well, which will enable us to maintain profitability despite significant investments in reviving growth. In terms of cash flow, we anticipate over EUR 600 million in operating cash flow, EUR 250 million in free cash flow. So it is important to note that these figures are not taking into consideration the account settlements related to the VAT dispute or the cost of implementing synergies, which are considered one-off and nonrecurring. 2026 therefore, is a transition period. Stable revenue, continued improvement in profitability, investment in future growth. This will put us back on track for the midterm and the long term, and we are confident that we will succeed. The results of the first quarter are fully in line with our expectations, stable revenue with varying trends. The Europe segment has had a slight decline in revenue. As you know, we stopped C8 in March 2025. So those figures were still on the documents. And it was offset by the increase in subscribers. Also the Africa and Asia and content production and distribution segments did very well. MultiChoice, there's still a decline given to the inertia of the subscriber base for the time being. Recovery will take a little bit of time, but all the steps are in place. To conclude on this financial section, Canal+, therefore, has entered a new phase, controlled cost base, enhanced financial discipline and a change of scale with MultiChoice. Our priority remains unchanged, that is improve our profitability, generate cash and create sustainable value for our shareholders. And finally, to conclude, one important point is our CSR commitment. Here, I can say that there are 2 complementary areas. One is in front of the camera and one is behind. So in front of the camera, we wish to fully reflect the diversity of our society and make our content accessible to the largest number of people wherever we operate. And behind the camera, we are taking concrete actions to reduce the carbon footprint of all our productions and also to nurture new talent. This is what are initiatives such as C+, Canal+ University or MultiChoice's talent factory is all about. That is this create and sustain ecosystems full of talent. Because we have to take concrete steps in this area, I'd like to talk to you about them and give you some images of these initiatives. [Presentation]

Well done. Thank you, Amandine, for this very clear, excellent presentation with figures. And now I have the great pleasure to call Pierre-Ignace Bernard to come up on stage. He is the Chair of the Audit Committee and Sustainability Committee.

Thank you, Chair. Ladies and gentlemen, dear shareholders, as Chair of the Audit and Sustainability Committee, I am pleased to report on the work carried out by the committee during fiscal 2025. This year is particularly significant as it marks the committee's first full year of activity since the company's admission to trading on the LSE in December 2024. I serve on the committee alongside Maud Bailly, Xavier Mayer and Jean-Christophe Thiery. And the breadth of our respective experience and expertise, combined with a constructive dialogue with Canal+'s management teams and the statutory auditors enabled us to carry out our responsibilities effectively throughout 2025. Let me briefly highlight the committee's principal areas of focus during 2025. In relation to financial reporting, throughout the year, we reviewed the quarterly results, the half year and annual financial statements and examined both the consolidation perimeter and the impairment testing of assets. We also monitor the work of the external auditors, reviewing their audit approach, their conclusions on the half year and annual financial statements. And we regularly reviewed the group's principal legal, regulatory and tax matters. And we're delighted that some of those disputes have found resolution throughout 2025. In the areas of internal control, risk management and internal audit, we reviewed the group's internal control framework and reassessed the group risk map. 2025 saw a radical change in perimeter with the consolidation of MultiChoice. And following that, we oversaw the extension of the group's internal control framework to the enlarged perimeter. We also conducted a consolidated review of the principal risks facing the combined group using materiality thresholds appropriate to the new scale. The committee also reviewed the internal audit charter and we approved the 2025 audit plan. We considered a number of internal audit reports, and we approved the audit plan for 2026. Priority number three, sustainability matters. And on this front, most of our work consisted in reviewing the group's new ESG strategy. Amandine Ferre just gave you additional information on that. And this ESG strategy is structured around 4 key pillars. Finally, and this is important, the MultiChoice acquisition was a key part of our work. We closely monitor the progress of the takeover offer, paid particular intention to its financial implications. The following completion of the acquisition, MultiChoice's reporting time table was aligned with that of the group and the combined group's consolidated results, were published for the first time last March. In 2026, we will continue to oversee the integration process. In particular, we will focus on risk management, the delivery of expected synergies and the impact on the group's financial performance and reporting. Lastly, I would note that the committee conducted its first internal effectiveness review during 2025. And all members express satisfaction with its operation, and concluded that the committee was fully discharging its responsibilities. On behalf of the committee, in conclusion, I would like to thank the senior management team and also the finance tax and internal audit teams. Let's not forget our external auditors. Many thanks for the quality of your work and the constructive engagement we have enjoyed throughout the year. Ladies and gentlemen, dear shareholders, I thank you for your kind attention.

Thank you, Pierre-Ignace. And many thanks to all of the members of the Audit Committee for your commitment and the quality of your work. Let's now welcome Jean-Francois [indiscernible] from Grant Thornton, speaking on behalf of the group's statutory auditors.

Good morning, one and all. Mr. Chairman, ladies and gentlemen, dear shareholders, on behalf of the statutory auditors, Deloitte and Grant Thornton, I am pleased to report on our work and to present the reports we have prepared for your attention in connection with today's combined general meeting. These reports have been made available to shareholders by the company ahead of this meeting. And as always, rather than read them in full, I will summarize the principal conclusions. Let me start with our reports on the annual and consolidated financial statements. Our main responsibilities include, on the one hand, the audit of the annual financial statements prepared in accordance with French accounting principles. And on the other hand, the audit of the consolidated financial statements prepared in accordance with IFRS accounting standards as adopted by the EU. In accordance with applicable auditing standards, the objective of our work is to obtain reasonable assurance that the financial statements are free from material misstatements and have been prepared in accordance with the applicable accounting framework. Throughout our engagement, we kept the Management Board, the Supervisory Board and the Audit Committee informed of the nature and the scope of our work, and we presented to them our conclusions in early March 2026. With respect to the annual financial statements, we issued an unqualified opinion. Their approval is the subject of the first resolution that will be submitted to your vote later today. Our report includes the matters that were of particular significance in the audit as required by the French Commercial Code. And for the annual financial statements, these related to the valuation of equity investments and associated receivables. Those -- this work was done in line with the procedures included in the note entitled Accounting Policies, Presentation of the Financial Statements, Financial Assets to the Annual Accounts. I know it's a long-winded title, but that's the way it is. All procedures included assessing the appropriateness of the accounting methods applied and evaluating the reasonableness of the assumptions used in determining the recoverable value of those investments and related receivables. Turning now to the consolidated financial statements, which are the subject of the second resolution before this meeting. We also issued an unqualified opinion. Our report sets out the matters that were of particular significance in the audit. As for the consolidated financial statements, these are related to the estimates and judgments applied in, number one, the valuation of goodwill. And number two, the determination of what we call the fair value of assets acquired and liabilities assumed in connection with the acquisition of MultiChoice Group. In each case, we reviewed the underlying assumptions and data. We assessed management's calculations as well as the related disclosures and the notes to the financial statements. And based on this work, we concluded that the estimates presented were reasonable. We also carried out the specific verifications required by law, and we have no observations regarding the consistency of the information presented in the management report with the annual and consolidated financial statements submitted to you today. With regard to the related party agreements, which are the subject of resolution 4. We have issued a special report. This special report has also been made available to shareholders by your company. And this report sets out the principal terms and conditions of the agreements concerned, together with the reasons supporting their benefit to the company based on the information provided to us or identified during the course of our work. In respect of 2025, no new related party agreement requiring approval by the CGM was brought to our attention. We were, however, informed of the continuation of an agreement previously approved by the general meeting on December 9, 2024. This agreement relates to the joint sponsors agreement entered into with group Canal+ SA in connection with the admission of the company's shares to trading on the London Stock Exchange. Our various reports were signed on the 13th of March of this year. Finally, this general meeting is also meeting in extraordinary session to consider a number of resolutions relating to the company's share capital. In this context, we have issued several reports, including one report on the authorization granted to the Management Board to repurchase shares, which is a subject of Resolution 10. We have another report on the authorization granted to the Management Board to award existing or newly issued free shares to employees of the company and affiliated entities as well as to corporate offices without maintaining shareholders' preemption rights in the event of the issuance of new shares, and that's the subject of Resolution 12. And lastly, we issued a report on the delegation of authority granted to the Management Board to increase share capital through the issuance of ordinary shares and/or securities giving access to share capital, while maintaining shareholders' preemption rights, which is the subject of Resolution 14, submitted to your approval in a while. As stated in our reports, we have no specific observations to make in relation to these transactions. And those reports were dated May 4th 2026. On behalf of the joint statutory auditors, thank you for your kind attention.

Thank you to all of these statutory auditors. Now I would like to invite Emmanuelle Malecaze-Doublet, Chair of the Nomination and Remuneration Committee, to join us on stage.

Thank you, Chair. Dear shareholders, on behalf of the Nomination and Remuneration Committee, I am pleased to present a summary of the committee's work during its first full year of activity in that fiscal 2025. During 2025, the committee oversaw the implementation of the group's remuneration policy, ensuring that it remained aligned with the group's strategic priorities as well as its long-term value creation targets. As part of this twofold assignment, the committee also devoted significant attention to ensuring that the composition of the group's governing bodies as well as its nomination processes and succession planning arrangements reflect the standards expected of U.K.-listed companies. The committee also oversaw the first evaluation of the Supervisory Board and its 2 committees in accordance with recognized governance principles. As I noted last year, the composition of the Management Board, the Supervisory Board and its 2 committees reflects a broad range of backgrounds, perspectives and experience. The committee members firmly believe that this diversity of experience strengthens the quality of governance and supports the group's long-term success as well as its ability to create value for shareholders. And this is why we proposed the appointment of 2 new members to the Supervisory Board. Mercedes Erra, Founder of the BETC Group. She is with us today as well. As Elias Masilela, former Independent Chairman of the MultiChoice Board. As a Chairman, Yannick Bollore, this will be submitted to your approval in just a few minutes. Regarding the Management Board. Following the retirement of Jacques du Puy, changes have also been made to the composition of this Board. And Christophe Pinard-Legry, Chief Executive Officer of Canal+ Europe; and David Mignot, CEO of Canal+ Africa. These 2 gentlemen have joined the Board. While Gérald-Brice Viret, CEO of Canal+ France, who is responsible for programming and channels, will participate as a permanent invitee. The committee also oversaw the design and implementation of the group's first employee share ownership program in France. And we believe it is important. This initiative reflects our ambition to more closely align employees with the group's development and long-term value creation. The idea is to have additional programs in the future, but we'll start with France. It's important for all French employees to be part of the -- and benefit from the value creation process. And the work carried out in 2026, will build on the work carried out in 2025. Of course, we will continue to ensure that the company's governance and remuneration policies remain aligned with the group's development and strategic priorities presented by Maxime Saada a few minutes ago. Lastly, on behalf of the committee, I would like to thank the Management Board, the group's teams and the members of the Supervisory Board, for the quality of the dialogue and cooperation throughout the year. Thank you, dear shareholders, for your kind attention.

Thank you. Thank you, Emmanuelle, and thank you to all of the community members for their valuable contribution. Philippe, Christel and Martine, whom you've been able to see on screen.

Dear shareholders, -- and before we vote on the resolutions, how about a Q&A session. Please wait for the microphone. Go ahead.

Earlier, you emphasized that the Canal Group received awards for 7 of the 9 movies in competition. But usually, the Cannes festival is a resonance chamber for a whole lot of noise. What about the petition? On the one hand, that was signed and also the black list. Could you please get back to that?

Thank you for your question. Maxime, why don't you answer?

We know each other, don't we? Many thanks to the vast majority of industry professionals who did not send -- who did not send the petition. So 250,000 professionals. So we have 1% or 2% of that cohort who signed a petition. Why? Because 99% of the professionals do not identify with a petition, which attacked Canal+ because they do not agree with it. And it is Canal+ that came under attack. Canal+ hasn't been an affiliate to [ Vivendi ] for 18 months. It is no longer -- is no longer under that control. Now this petition solely sought to block the acquisition of UGC. So it Canal+'s strategy that is coming under attack. So collective imagination, fascism. When those terms are used in conjunction with Canal+, it is Canal+'s employees altogether who are coming under attack. And this means our reputation is being harmed. As Chairman of the Management Board, my role is to defend the interest of the Canal+ Group as well as all of our teams, their integrity and consideration for our teams. So of course, we felt that this was extremely unfair. And everything that I said at the Cannes festival was reflected well by [ Le Film Francais ], and many thanks to them for that. And so I stand by what I said, I never talked about black listing. We're not going to track down in and fire all of the technicians who signed the petition. That would make no sense. In all good conscience, we would never do such a thing. People need to work and make a living. So that was never on the table and never will be on the table. And of course, we will make decisions on a case-by-case basis. I'm [ chairing ] the cinema community. And we will look at things, not from a political point of view, but an artistic and commercial point of view. Does this make sense from the point of view of our subscribers, of our consumers, our customers. However, there is another dimension that I will add to every project. I'm making no secret of that. How much consideration -- how rather all the project owners considering Canal+? Are they hurting our reputation, yes or no? I would be -- I would be wrong if I didn't do that. If somebody back home calls you fascist and then ask you for money, do you really want to loan them that money? We certainly don't. It's not about freedom of expression. And I'm sorry if this is a long-winded answer. This is not about freedom of expression. Not a single member of Canal+ would fight freedom of expression. And it doesn't matter who you speak against, whether the government or Mr. Bollore. But when there are threats to close down the [indiscernible] every other day, yes, that's a problem when it comes to freedom of expression. Everybody is entitled to an opinion. That's not the point. The point is when our reputation is being harmed, and that's all there is to it. So yes, there have been attempts of political instrumentalization because presidential elections are just 1 year out. We believe that we won't be lectured by anyone. I've been part of Canal+'s for 23 years. I spent 10 years working alongside [indiscernible] Bollore. We shared the same desk for [ 4 ] years, rather we work side by side. So we didn't make -- I didn't make these choices by myself. He stood alongside me. It is -- he was instrumental in turning Canal+ around. I remember when we were in debt. Choices were made together with him. We turned Canal+ around and have been in charge for 10 years. This means 100 films a year. So 1,000 movies have received support from Canal+. 50% at least of those movies never would have seen light of day without Canal+. So we will not be lectured and we will continue with our policy. People talk about our obligation. There is no such obligation. We returned our DTV frequency years ago. And now we're being told that Canal has privileges or has obligations. No, there's no such thing. The negotiations into -- trade negotiations taking place, and all of those obligations are not obligations. Those are choices that we're making. We make certain choices because we believe they're positive for Canal+. We have a commitment of EUR 100 million a year or even more. Because there are choices that we made deliberately. EUR 260 million a year. So that's not an obligation on a part. It is we who choose to support French cinema and European cinema. And we will continue to do that. We will continue to support a diversity. We will continue to support a wide variety of different films, irrespective of the attacks that we may come under. Thank you kindly for your question.

There's another person here who is asking for the floor.

I'd like to continue along the same lines because -- just this morning, I heard on one of the other channels, [ M6 ], where this issue was raised, that the French government and [ CNews ] were talking about Ms. [ Fedorova ], who is an agent from Russia today and who has been moved aside. So I'm surprised that the journalist who gave us this opinion has not allowed us to respond because we were obviously implicated as well because this Russian agent was allowed to speak on CNews. And I think it would be a good idea to allow you to reply -- the right to reply. The second point, we have the results for the whole year. And do you think that taking Canal+ out from TNT, is that a good decision because it's one way of getting new subscribers -- and I wonder why C8 [indiscernible] has disappeared, but there were other programs. Apart from Mr. [ Hanouna's ] show, I think there were other shows that were not in any way criticized. Was it not possible to save those and move them on to C staff, for example, and that would have been a good choice, if it had been possible, legally speaking. And finally, one other question on aid to young creative factors and writers. Vivendi had a program. And I was hoping that Vivendi's program could be carried over, particularly for [ Opera ], for example, writing and putting on new opera. And that actually was one of the sectors that received aid. When I put this question to Vivendi, they would give me an e-mail address, which was with Canal+. I've sent an e-mail twice, but I've not received any reply. And what Vivendi did to keep a good relationship and exchange going with its shareholders has not been carried forward either.

We had a question -- a similar question last year on this. Perhaps, Maxime, you could answer the first question, and Amandine could answer the second part.

Yes, CNews. Yes, I don't think we can talk about a Russian agent. It's -- she's a journalist. So let's just be careful with the language we use. And I think here, once again, this is an indication that some people want CNews to be closed down. And so any pretext is perfect. This is the most recent attempt. There will be others. And in fact, this is once again the same subject that I mentioned earlier on, freedom of expression, opinions on current affairs and -- may not always be the same systematically. And yes, this can be shocking. We're used to that. We're used to the fact that CNews airs certain opinions that are not aired somewhere else. And of course, we keep the idea of pluralism and defending that, and we will continue to do that. Now on TNT -- sorry, let me continue with the channels. Yes, we have many different formats that we have seen disappear. And we are sad about that. We do have a care invention on [ CStar ] [indiscernible] is the twin. [indiscernible], we know about that as well. [ Star music ], for example, also means that we have a convention, means that we cannot actually have the same system for [ CStar ]. For TNT, Christophe Pinard-Legry's teams were excellent. We had some million subscribers. They were all transferred to other reception methods. We have not lost a single subscriber. We haven't had any loss because in fact, we actually saved the TNT costs. We kept all the subscribers and our sales policies have not been affected either because Christophe and his teams, for the sixth year running, is having a very systemic growth. Now on Create Joy. Well, Create Joy is something that continues to exist through the foundation. [ Stephane Roussel ] heads it, and he's in the room. And we are working on that. We are working on this particular initiative, which we think is excellent. Now apart from the foundation, we also have other initiatives that are part of the same process. And they are based on what is in keeping with our policies concerning what we see through the camera and what you see behind the camera. And this is already working in the areas of sport and other activities, which is part and parcel. And now on the shareholders' club. I think in all that we have presented to you for 2025. 2025 was an extremely busy year, and we didn't actually create the shareholders club. We are going to work on this. And I'm sorry, but we will -- it will be up and running soon. Thank you very much, and thank you very much for your questions.

Hello. My name [ Shally ], I'm an individual shareholder. Well done for all these excellent projects and also with Google and OpenAI. I think when you work with the best, you always see the rewards. Now I think it's a pity that you are not listed on the French stock market. Now first of all, on cost management, you were very convincing in the way you explained this, spend less and save more. But why was this not actually implemented earlier? That's my question. What actually prevented that from being applied policy? And secondly, concerning digital piracy in Africa. How are you going to get new subscribers given the fact that there is a huge digital piracy, which is very well distributed. So you -- what are you going to do about that? And thirdly, the MultiChoice issue. You talked about that there was a sluggish market, data was reduced, et cetera. What were the reasons for that? And how are you absolutely sure that you've got the right solutions in place for turning MultiChoice around? And I'd also like to get your feedback on the share price. And why is there such not much information on [indiscernible]. When you actually click on plus, there's no news at all, no information about the company, about anything. So if you have a shareholder group department, it would be really good to add information to that.

On [indiscernible] and the shareholder club, we will work on that. Before I get the floor to Maxime, let me just group together the third question and the first question concerning costs. So why was that not actually managed before? And I think Amandine was talking about cost management. I think this was actually implemented a long time ago. And now with MultiChoice, there's a new form of synergy. We had 8 years during which our subscribers numbers dropped with competitors that came on the scene, how that [ MediaPro, SFR ], all of them have actually dropped away. And so obviously, you lose a lot of subscribers when that sort of thing happens. So what we're going to do is pick-up the subscriber base. And as Christophe and his team says, what is important is to find growth in France. And as I said, for the sixth consecutive year, we have now had growth. Now this has been going on for some years. So this puts us on to another pathway, and that is how do we actually maintain that growth. So that's what we're working on, and that's why we're maintaining and controlling costs. For 2015, we reduced the costs for Canal+ by 25% with layoffs and all sorts of things. So we have taken steps at that particular point to reduced costs. Now MultiChoice, there were many different macroeconomic reasons that came to the front. For example, load shedding in South Africa, for example, 2 or 3 years ago. Eight hours per day represented brownouts or blackouts and electricity shedding. So given the other facts, inflation and also other issues in Nigeria, which is a very big country for MultiChoice, all of this had its effect. And also the fact that MultiChoice decided not to really concentrate on acquiring our new customers. And this is what I said earlier on. There are many different ways of actually getting good pace and dynamics of sales is -- requires certain steps. But we're confident, and I'll tell you why. Sums up with David Mignot. David Mignot, in fact, worked on increasing the shareholders in French-speaking Africa, and he managed to increase it to a remarkable level and at a remarkable base in French-speaking Africa by 2025. So I think he will do the same here.

What about pirates -- digital piracy and also on the share price?

And I'm turning to you. If we could we could -- if we could actually present the plan that we had put on MultiChoice. Perhaps we could present this here.

Well, the agreement is that it's we were at 250 this morning and now it's 335. So there really is growth, which is perceived by all the analysts that are following us. But we are starting for very low.

Pirating? Yes, this is, of course, a very important point. We have reorganized times in in-house. And obviously, we've got to have 3 different responses. First of all, we've got to have a sales response. We've got to have an attractive offer and accessible and for MultiChoice in Africa. This is not the case as yet. So we have to find competitive ways of dealing with this. And secondly, technical or technological. Stefan [indiscernible] teams is working on that. They really are extremely good and at the forefront of working and putting an end to piracy. And thirdly, regulatory steps. We have to be supported by governments at every stage so that we can make sure that laws exist so that we can fight against piracy. In France, we're really at a turning point, and we hope that it will be possible to take steps because there are new rules and laws coming in concerning sports channels. Thank you.

Any other questions? Mic #4.

I have a question concerning the quality of the films that you broadcast. You explained things earlier on, but I'm not absolutely sure. There was a film, for example, that's supposed to be set in New York, but was actually filmed in Johannesburg. Now if I am a New Yorker, am I not going to be surprised by the whole process? Because I know New York, and I suddenly see streets that don't correspond to New York. And just saving 30% might lead to you making movies that lose somewhat from no longer been really authentic, having the same sort of impact, having the same sort of value, but all soul.

Thank you for your question. I think Maxime will probably talk about AI and all the stuff we can do with that. And I would just like to remind you that New Yorkers, when they see this movie, are going to believe they're in New York. Don't worry about that. It's impossible to know that you're not in New York. We have a technical team that goes and does a [indiscernible] in New York and then talks about that with the special effects teams and the AI teams for specific scenes. And in any case, we've got American and English-speaking actors in the movie, and you really cannot tell the difference. And there are all sorts of effects. Obviously, artificial intelligence does open up new doors for all of us, for our employees, for us as well, to be able to be more creative, [ Stephane and Andre ] are working on this. She's a human resources manager. So I will be used everywhere, particularly for creative activities. Anna is working on that. For example, an animated set, which has been fully AI generated, obviously, we're very cautious about that because if you're using AI, we just make them available to our creative teams. They do not replace the creative teams, whatever the area may be, whether it's writing, editing, direction, sets, whatever, they are the professionals who are in charge, but they have the choice to use AI. The film came out in February, and we didn't have any complaints from any New Yorker.

Thank you, first of all, for WiFi. That's great. And secondly, being listed on the English British stock market. On Page 18, for example, of your document, all the invitation. I saw that Bollore is not going to vote for resolution 5 and 8, and it's also on Page 102. It's called the carrying out of business independently or separately from shareholders. This is something that we're not used to in France. So I think it's something which is in keeping with the London Stock Exchange, perhaps you could explain what it is. Same thing for resolution 10, the buyback of shares. I see that you have referred to another group to give you an assessment of the share value. And on Page 76, I see that you have been financing a French film, EUR 150 million in 2025, EUR 160 million in 2017. This is something which is renewed regularly. But what is the base for that? Is inflation included because of each year, there are different figures. And concerning UGC films that you bought or taken, what is your goal? How do you want to have a vertical line that is produced to movies or films, show them in cinemas and also on your channels because apart from premium cinemas, it might be really difficult for cinemas to survive, except if it's -- you're going through a heat week. And finally, you have films. Obviously, you don't have to go to the moon to film that, if you're making a movie about the moon.

Now first of all, about the U.K. when a shareholder has more than 30% of shares, cannot vote for the renewal or adding of an independent administrator. So I think the 2 independent administrators in those 2 resolutions, therefore, it's Xavier Mayer and -- no, I think it's only Xavier Mayer as the independent administrator. And Elias is considered also to be an independent. Mercedes is not considered to be independent. So I think there, shareholders who have more than 30% can actually vote. That's just one of the subtleties of the London Stock Exchange. On the other point, Laetitia, could you add something?

I'd just like to say how concerning -- controlling shareholders, controlling shareholders has again -- has something which is specific to the London stock market. This doesn't mean that the [indiscernible] Group is the controlling shareholder from the French system. Now concerning our share buyback, this was also the case last year. We called on an outside expert to give us a range of share prices. And it's also linked to the fact that we are a French company listed on the U.K. stock market, and therefore, the French code is slightly different. This is why we are covered by this specific obligation.

Thank you, Laetitia. Maxime, do you want to add something about films?

Yes, 1 50, 1 60, 1 67. Yes, there's no [ asset ] renewal. Because if that would be the case, that means that every 18 months, we wouldn't be able to have the wonderful negotiations that we have. Soon, we will be having discussions concerning the continuation of this agreement. On UGC, now yes, UGC has -- is a well-known range and group of films. The cinemas, they represent 12% to 13% of cinemas in France. So this is not verticality in any way. That was what was picked up in the petition that we mentioned earlier on. We are obviously present in many different auditoria. We're here at Olympia, for example. And I think the question of cinemas themselves, it's really a question of demand. And when you see -- if people want to see a movie, they will go and see it, whether there's a hit week or not. And UGC is also a film producer and a producer of series. Some of the biggest successes. For example, Qu'est-ce qu'on a fait au Bon Dieu?, What Did We Do to God? And then another movie called [ Abandon ], which is about Samuel [indiscernible]. This was presented in Cannes, all of that was actually produced by UGC. So I think if we have STUDIOCANAL teams and UGC teams are working together, I think this would be extreme. And HPI, that was also produced by UGC. So that is something that we're very interested in as well. Now Lucky Red is equivalent to STUDIOCANAL in Italy. It is the leading India film player in Italy. And Italy is the third or fourth European cinema market. We were underrepresented there until recently. And we've been wanting to work with them. We finally convince them, and we're happy. They are a major producer and distributor of films and TV series.

Thank you very much for your questions. Maybe one last one before we proceed with the resolutions.

Chair, I'm an individual shareholder. To put to bed the issue of AI, you referred to it several times in the course of this AGM. What kind of resources are you allocating to AI?

Amandine, would you like to answer this question or Maxime?

We're not going to give you an exact figure, but it is big. And because AI is everywhere, it wouldn't make any sense to give you an aggregate amount.

Thank you very much. Let's go ahead with the vote on resolutions. Go ahead, sir. Okay. That will be the last question.

Is the microphone working?

Yes.

I'd like to ask questions on transfer prices, consolidation, goodwill, et cetera, et cetera. I was going to ask a question about the waiver of preemption rights. But now I want to ask you a question about your general strategy and policy. So you did emphasize the brand awareness of Canal+ in Africa is a major growth engine. You've shown Africans in this movie, but maybe in this increasingly fragmented society, maybe it's time to showcase a wide variety of Africans. Maybe it's time to show people who contributed to France. Up until 3 years ago, we had an African member of [ Sanofi ], who developed an important compound. And I think it's beautiful. And why not showcase that? We have [indiscernible], who's now deceased, and he wrote a beautiful book called [indiscernible]. And he was a small town lawyer and [indiscernible] took him into his wing. So maybe now the time has come to showcase such individuals. And also regarding CNews. There is cognitive bias that must be addressed. And it's a repeated occurrence, and people are tired of it. So we need people who can actually debate the issue and can actually provide answers.

Thank you for that contribution. We do believe we have addressed these questions. Throughout the AGM, Maxime has made repeated references to the wide breadth of experiences and cultural backgrounds of our employees. So thank you very much for your contribution. Let's now move on to the resolutions. And we need more light in this room so people can see their voting devices and make sure they press the right button. Thank you. Laetitia, over to you. Thank you.

Thank you, Chair. First, I can confirm the final quorum comes to 54.34%. We have 16 resolutions proposed by the Management Board and that are being submitted for your approval. Voting will take place electronically. Should a technical issue arise, each of you has been provided with a voting card that may be used if necessary for manual optical scan voting. [indiscernible], our judicial officers, and they will supervise the voting process and formally record its proper conduct. Voting will open as soon as the countdown appears on the screen. So there are 3 voting options. For, press 1; against, press 2; abstain, press 3. Your handset will display vote received to confirm that your vote has been successfully recorded. We will start with the ordinary resolutions. Resolution 1, approval of the annual financial statements for fiscal 2025. Please vote. [Voting]

Same music as last year.

Yup, time's up. Resolution carried. Resolution 2, approval of the consolidated financial statements for fiscal 2025. Please vote. [Voting]

Time's up. Resolution 2 carried. Resolution 3, allocation of distributable earnings. Please vote. [Voting]

Time's up. Resolution 3 carried. Resolution 4, approval of the statutory auditors' special report on related party agreements. Please vote. [Voting]

Time's up. Resolution 4 carried. Resolution 5, renewal of Xavier Mayer's term of office as a member of the Supervisory Board. Please vote. [Voting]

Time's up. Resolution 5 carried. Resolution 6, renewal of Martine Studer's term of office as a member of the Supervisory Board. Please vote. [Voting]

Time's up. Resolution 6 carried. Resolution 7, renewal Jean-Christophe Thiery's term of office as a member of the Supervisory Board. Please vote. [Voting]

Time's up. Resolution 7 carried. Resolution 8, appointment of Mercedes Erra as a member of the Supervisory Board. Please vote. [Voting]

Time's up. Resolution 8 carried. Resolution 9, appointment of Elias Masilela as a member of the Supervisory Board. Please vote. [Voting]

Time's up. Resolution carried. Congratulations, Mr. Masilela. Resolution 10, authorization granted to the Management Board to carry out share repurchases pursuant to Article L 225-209-2 of the French Commercial Code. Please vote. [Voting]

Time's up. Resolution 10 carried. Now, moving on to extraordinary resolutions. Resolution 11, amendment to the Articles of Association concerning the appointment of employee representatives to the Supervisory Board. Please vote. [Voting]

Time's up. Resolution 11 carried. Resolution 12, delegation of authority to the Management Board to increase the company's share capital through the issuance of shares and/or securities, giving access to share capital, whether immediately or at a future date, with waiver of shareholders' preemption rights for the benefit of participants in employee savings plans. Please vote. [Voting]

Time's up. Resolution 12 carried. Resolution 13, delegation of authority to the Management Board to increase your capital through the capitalization of share premiums, reserves, retained earnings or other eligible amounts. Please vote. [Voting]

Time's up. Resolution 13 carried. Resolution 14, delegation of authority to the Management Board to increase the company's share capital through the issuance of shares and those securities giving access to share capital, whether immediately order future date, while maintaining shareholders' preemption rights. Please vote. [Voting]

Time's up. Resolution 14 carried. Resolution 15, delegation of authority to the Management Board to increase the number of securities to be issued in connection with the capital increase with preemption rights maintained. Please vote. [Voting]

Time's up. Resolution 15 carried. Now back to the ordinary resolutions for the last 2 -- or rather the last resolution. Resolution 16, powers for formalities. Please vote. [Voting]

Time's up. Resolution 16 carried. The detailed voting results for each resolution will be published on the company's website following the close of the AGM.

Thank you, Laetitia, and thank you, dear shareholders, for your continued trust and support. All resolutions have been duly adopted. Before bringing this meeting to a close, I would like to thank everyone who contributed to its successful organization. I'm very happy that Xavier, Martine, and Jean-Christophe's terms of office have been renewed. And I'd also like to warmly welcome is Elias Masilela and Mercedes Erra to the Supervisory Board. My thanks to all the teams at Canal+, the Olympia, and everyone involved in preparing today's event. Thank you once again to shareholders. The meeting is now adjourned. [Statements in English on this transcript were spoken by an interpreter present on the live call.]