Compagnie Générale des Établissements Michelin Société en commandite par actions ($ML)

Ladies and gentlemen, dear shareholders, hello to everybody. It's a real pleasure for me and for all the Michelin teams to be here with you for our Annual Shareholders' Meeting. I would like to extend a warm welcome to everyone following us remotely via the live stream on our website. Like every year, we will ensure that this meeting is an opportunity for information, dialogue and decision-making as well centered on what brings us together, your group, Michelin. On this stage, you can see the full scope of Michelin's expertise in composites, in truck, aircraft and car tires, lunar wheel for NASA's Rover and some of composite polymer solutions. These are all applications that demonstrate our dynamic innovative power. So without further ado, I hereby declare our 2026 combined General Meeting open. So I don't really need to introduce him. That's Yves Chapot, General Manager and Chief Financial Officer; and Benoit Balmary, who is our Group General Counsel. In the front row, we have Ms. Itto El Hariri and Mr. Frederic Gourd, who represent the auditors, PricewaterhouseCoopers and Deloitte & Associates, respectively. We have members of the company's Supervisory Board with the exception of Mr. Wolf-Henning Schneider and Ms. Monique Leroux, who are unable to be with us. And we also have Mr. Vincent Montagne, who is Chairman of the SAGES, the non-managing general partner. The members of the Executive Committee are here as well and the members of the Michelin Shareholders Committee. We will now proceed to the election of the presiding officers as Chair of the meeting, I hereby appoint as scrutineers the 2 shareholders who hold -- each hold and represent the largest number of votes and who have accepted this role. There's Mr. Pierre Michelin, Chairman of Mage-Invest and [ Mr. Marc Donne ], representative of the Supervisory Board of the Michelin BIB Primaute Employee Savings Fund. The Board thus constitutes appoints Benoit Balmary as Secretary of the meeting. The attendance sheet shows that the quorum requirements have been met. The final tally will be provided just before the vote on our resolutions. The meeting may therefore validly deliberate on the items on the agenda listed in the notice of meeting, which was available on the website. This general meeting, which is both ordinary and extraordinary, is convening on first call. I would now like to present a summary of the group's activities in 2025 and our outlook for 2026, and I'm going to give the floor to Yves Chapot.

Ladies and gentlemen, dear shareholders, I'd like to review Michelin Group's 2025 results as well as the outlook for 2026. And these are fully in line with the rollout in Motion 2030 strategy. So let's turn to the group's performance in 2025. The first area concerns the human dimension. Our team's commitment is a key driver of performance that enables the group to adapt to changes in our environment. In 2025, the engagement rate reached 84.4%, so up more than 4 points since 2019 and remains close to the 85% target set for 2030. This level places Michelin in the top quartile of the best performing companies in this field according to the Gallup study. In addition, the global employee stock ownership plan, BIB'Action, launched in 2025 has proved extremely popular. Employees subscribed to 20% more shares compared to 2024, bringing the proportion of active employee shareholders to over 65% of the workforce and their ownership stake to 3% as of end of December '25. So our goal is to keep up this momentum to reach 4% by 2030. And finally, health and safety remain at the heart of our efforts as they contribute to everyone's well-being and performance. Thanks to in-depth work on prevention and behavioral change, this commitment resulted in an improvement in the group's total recordable injury rate, TRIR, which decreased by 0.53 points compared to 2024. These indicators reflect the global commitment of our employees, which drives the group's attractiveness, talent retention and sustainable performance. On the environmental front, we place innovation at the heart of our approach to reduce the environmental impact of our operations to enhance the environmental performance of our products and make this a key differentiator and to increase the use of renewable or recycled materials. Furthermore, the group's climate strategy centers on reducing its carbon footprint and anticipating climate risks. Regarding the reduction of CO2 emissions from its direct operations, what we call Scopes 1 and 2, it's based on targets validated by the science-based targets initiative, SBTi. And by 2025, the group has already achieved its 2030 target with a 48% reduction in emissions compared to 2019, and we're maintaining our goal of net zero emissions by 2050. Michelin is also making progress in the energy efficiency of its products. For example, in specialty tires. Crane trucks equipped with the X-Crane 2 are achieving fuel savings of around 15% compared to the main competitor, a result validated by DEKRA. The group confirms its goal of reducing the rolling resistance of its tires by 10% by 2030 compared to 2019. Now regarding abrasion performance. The group is continuing to make progress in reducing particulate emissions, and it's strengthening its leadership. In 2025, a study by the German Automobile Association, the ADAC, reveals that the particle emission of Michelin tires is 27% lower than the average among premium competitors, and that is huge. And finally, Michelin fully embraces its environmental responsibility by reducing its footprint and the use of natural resources through the Avoid plus 4R approach, avoid, reduce, reuse, recycle and renew. This approach results in a continuous increase in the proportion of renewable or recycled materials in our tires. The group is thus continuing on its path towards 40% renewable or recycled materials by 2030. Now I'd like to present the group's financial performance and start with a bit of context. The year 2025 unfolded in a challenging environment. Certain markets were affected by increased competition, fluctuating customs policies and restrictive regulatory changes. These factors weighed on our volumes. To address this, Michelin's teams have demonstrated agility, ensuring effective operational management and aligning our industrial capacity with market expectations. Furthermore, sustained growth in Polymer Composite Solutions, bolstered by our recent acquisitions, confirms our ability to develop high value-added businesses, and we'll return to this later. In this context, Michelin's 2025 revenue amounted to EUR 26 billion, down 4.4% at current exchange rates. These results reflect a 4.7% decline in volumes, largely due to weak original equipment business, particularly in the truck, tire and agricultural tire segments in North America. These volume declines were partially offset by a very favorable product mix driven by high value-added products, notably the Michelin brand and passenger car tires in sizes 18 inches and larger, a positive geographic mix and a better balance between the replacement and original equipment markets. Segment operating income totaled EUR 2.7 billion. This decline is primarily due to low activity levels in the original equipment markets, particularly in the truck and Beyond-road segments. The group continues to strengthen its financial position with free cash flow before acquisitions, that's available cash flow before, which is EUR 2.1 billion, reflecting the quality of Michelin's operational management and the structural improvement in our cash generation capacity. Return on capital employed reached 9.2%, in line with our value creation requirements. So in addition, I'd like to mention the group's excellent debt ratio, which stands at 13% end of 2025 compared to 16.7% at the end of 2024, thanks to the reduction in net debt supported by very favorable free cash flow. So in summary, despite an unstable economic and geopolitical environment, the group's financial results remain solid and demonstrate the group's resilience and ability to overcome difficult conditions and invest in its future with confidence and determination. The Polymer Composite Solutions business leverages Michelin's long-standing expertise in materials, processes and industrialization, which it is now extending to composite solutions beyond tires. This expansion is accompanied by a policy of targeted acquisitions aligned with the Michelin in Motion 2030 strategy, which supports both our ambition for external growth and our leadership in innovation. Following the acquisition of 2 companies, Pronal and Aston Seals in 2025, Michelin announced in early 2026, the acquisition of 3 U.S.-based companies: Cooley Group, specialized in high-performance polymer coated fabrics, Flexitallic specialized in seals and sealing solutions for the energy and industrial sectors and Tex Tech Industries specialized in technical textiles and high-performance materials. These 3 acquisitions will increase the revenue of our Polymer Composite Solutions business by 35%. So consequently, the dynamic growth of the Polymer Composite Solutions business has led the group to create a new reporting segment, which will be integrated into our financial reporting starting in 2026. This fourth segment will provide clear dedicated visibility to these activities and will complement the 3 existing segments of tires and services, consumer, transport and specialties. And we are pleased to present, as Florent said, on the occasion of this Annual General Meeting, to present products that represent each of these segments. The group's 2025 results are presented here by segment. And as you can see, the Polymer Composite Solutions business accounts for a significant portion of 2025 revenue. It's EUR 1.2 million and an operating revenue of EUR 186 million. And finally, the operating margin for these sectors confirms the strong performance of this segment, which delivers a margin near to 15% of revenue. As you can see, alongside tires, which remain the core of the group's business, we firmly believe in the development of polymer composite solutions to support the group's future growth. I'd now like to discuss the Michelin brand. For over 130 years, it has embodied our values and commitments around the world. Its reputation and credibility are a true strategic asset. It contributes to the group's sustainable economic success. And in 2025, the Michelin brand broke 2 historic records. joining the top 10 of the world's strongest brands for all sectors, and its financial value exceeded $10 billion. So for the ninth year running, it has ramped up its undisputed leadership in terms of both brand strength and financial value. The Michelin brand is thus a strategic asset that embodies the group's identity and supports the implementation of the Michelin in Motion 2030 strategy. Now in terms of shareholder policy, the group aims to offer its shareholders a fair return. Thus, with net income of EUR 1.7 billion, the group here at this meeting is proposing a stable dividend of EUR 1.38 per share for the fiscal year, representing a payout ratio of 57% of consolidated net income, up 5% points. Our cash generation also enables us to carry out share buybacks, which help return liquidity to the market that investors can then allocate to companies in the cash-consuming phase. And between 2026 and 2028, the group plans to repurchase up to EUR 2 billion in shares. I'd like to present the breakdown of the value created by the group in 2025. In 2025, the group generated EUR 12 billion in economic value added compared to EUR 12.9 billion in 2024. Now this EUR 900 million decrease is primarily due to the decline in the group's earnings, of which more than EUR 300 million is due to the higher customs duties paid in 2025. So when considering the amount collected by or paid to governments and public administrations, it takes 2 forms. On the one hand, customs duties reduce the group's value -- added value. And on the other hand, taxes and other levies paid in the countries where we operate. So in total, in 2025, this amounts to EUR 1.1 billion. And bearing this in mind, it's the breakdown of added value as we are telling it to you, 65% was paid to employees in the form of salaries and benefits. 14% was reinvested into the company through capital expenditure, 8% was distributed to the shareholders as dividends and 6% was allocated to share buybacks, including buybacks related to employee share ownership plans and long-term incentive plans. And finally, 5% was paid in taxes and duties in the countries where we operate. These changes are primarily due to the share buyback program deployed in 2025. Now let's take a look at 2026, where we must prepare to adjust our management approach in response to an uncertain geopolitical environment and leveraging our agility. The conflict in the Middle East has primarily created a risk for our employees in the region and their safety has been our top priority. On the global economic front, this conflict poses significant risks to energy supply and raw materials. So this leads to higher costs for those raw materials and energy, and we are assessing that at minimum EUR 400 million for 2026. For Michelin, this requires strengthening risk management, diversifying transport modes and routes, optimizing inventory and revising supply scenarios to ensure industrial continuity and cost control as well as adjusting sales management. Furthermore, we remain very attentive to changes in our customers' behavior in this complex environment. For 2026 and in this volatile context, Michelin aims to improve its operating profit for the sectors at constant exchange rates compared to 2025 and to generate free cash flow before acquisitions of more than EUR 1.6 billion in 2026. Our results in terms of people, planet and economic performance confirm the relevance of our Michelin in Motion 2030 strategy and the group's ability to balance sustainable performance, responsibility and value creation. This assessment strengthens our confidence in the future. Dear shareholders, thank you for your attention.

Thank you, Yves, for this presentation, which was extremely clear. I now give the floor to Mr. Frederic Gourd, who represents the statutory auditors.

Ladies and gentlemen, shareholders, good morning. On behalf of the Board of Statutory Auditors, I'm going to present the report we have prepared for your consideration. We've issued several reports in fulfillment of our engagement for 2025 fiscal year. First of all, our report certifying sustainability disclosures. Next, our reports on the annual financial statements and consolidated financial statements as well as our report on your company's regulated agreements and commitments. We have also issued 4 reports regarding the extraordinary resolutions on which you are being asked to vote. These reports are included in the universal registration document, which has been available on the company website since April 7, 2026. So I'm now going to give you a summary of these reports, and I will start with our sustainability report, which was issued on the 16th of February. Our engagement consisted of performing the work necessary to issue an opinion expressing limited assurance regarding the group's conformity process for determining the information disclosed and its compliance with ESRS, but also the sustainability-related information in compliance with the ESRS and compliance with the disclosure requirements regarding the green taxonomy. Concerning the process with the ESRS, we have not found any material errors, omissions or inconsistencies, and we have looked closely at the double materiality analysis. Concerning the sustainability disclosures with the ESRS, we have not identified any material errors, omissions or inconsistencies. And we focused, in particular, on the greenhouse gas emissions inventory and the transition plan for climate change mitigation. Regarding the disclosure requirements laid out in the articles of green taxonomy, we did not identify any errors, omissions or inconsistencies. I'm now going to move on to our reports on the consolidated financial statements issued on February 16. These led to an unqualified opinion on the financial statements with respect to the IFRS standards as adopted by the EU for consolidated financial statements and French accounting rules for the annual financial statements. We based our opinion on the work conducted or coordinated by the Board of statutory auditors, which provides us with reasonable assurance that the financial statements and financial information are true and fair. Our work is tailored to the characteristics of your group. It covers routine operations and also significant events taking place during the year. We rely on internal control procedures and systems and apply audit teams under our own responsibility to the group's subsidiaries worldwide. The findings have been presented to your group's management and also to the Audit Committee. We state that in our reports, there are no observations regarding the accuracy of the information provided in the group management report by the Management Chairman and the accuracy and fairness of the information provided regarding compensation paid to corporate officers. Our reports also include a description of key audit matters. That's those matters relating to the risks of material misstatement that we consider the most significant for the audit of the financial statements for 2025. The main topics of discussion with management and Audit Committee were concerned here. For each of these, we gave the reasons which led us to identify them, the nature of the risk identified and the audit response we provided. So for the fiscal year ended December 31, 2025, these key audit matters are for consolidated financial statements, the valuation of goodwill and for the separate financial statements, the valuation of equity securities. We'll now look at the special report on related party transactions. We state here that we were not notified of any authorized arrangement during the past fiscal year or in prior fiscal years that might have continued into fiscal year 2025. As I mentioned in my opening remarks, we've issued 4 reports regarding extraordinary resolutions. First report regarding the 17th, 18th, 19th, 20th and 21st resolutions on the proposals to delegate to the managers or one of them, various issuances of shares and/or securities. This report is on Page 540 of the universal registration document and contains no specific notes or comments. We have issued a second report pursuant to the 24th resolution on the proposal to delegate to the managers or one of them the authority to decide on a capital increase through the issuance of common shares with the cancellation of preemptive subscription rights reserved for participants in a company savings plan. This report is on Page 542 of the universal registration document and contains no specific notes or comments. We've issued a third report regarding the 26th resolution on the proposed authorization to allocate existing or to be issued bonus shares. This report is on Page 543 of the universal registration document and contains no specific notes or comments. Finally, we've issued a fourth report regarding the 27th resolution on the proposal to delegate authority to the managers or one of them for a period of 24 months to reduce the capital by canceling shares of the company purchased up to a limit of 10% of the capital. This report is on Page 544 of the universal registration document and contains no specific notes or comments. So ladies and gentlemen, this concludes the presentation of our reports. On behalf of the Board of Statutory Auditors, I thank you for your attention.

So thank you, Frederic Gourd, for your presentation. And I would now like to give the floor to Ms. Barbara Dalibard, who's the Chair of the Supervisory Board, and she will now present the Board's report.

Ladies and gentlemen, dear shareholders, it's both an honor and a great responsibility to present to you the work of the Supervisory Board, whose mission is to oversee the management of the company on behalf of the shareholders. And in this capacity, the Board evaluates the implementation of the strategy, reviews major transactions such as acquisitions and is involved in preparing for the succession of the managers. So as Chair of the Board, I ensure the proper functioning of this governance structure, maintaining close and regular contact with managing directors. We work in coordination with SAGES, the non-managing general partner, which contributes to the balance of governance as well as with its Chairman, Vincent Montagne, whom I'd like to acknowledge here. Now before detailing our activities in 2025, I'd like to point out that you can find all of this information in the universal registration document on the michelin.com website. I'm very pleased to be able to count on a team that is fully committed and dedicated to carrying out all of the task I have mentioned. The Board has 11 members, all present here today. Thank you very much to them for their work. The members met 11 times in 2025 in plenary session, including 4 times to review major investment projects. The 100% attendance rate reflects their availability and their dedication. The Board's composition and the diversity of its member skills and experience are crucial for conducting a comprehensive and informed analysis of the group's management. The Board is thus composed of 33% non-French members and 45% women. You can find a complete overview of the areas of expertise in this universal registration document. We pay particular attention to updating and anticipating our skills to best assess the quality of the group's management. And to this end, we undertake training initiatives, including one this very afternoon on the topic of AI. We've also verified the independence of Board members in accordance with the recommendations of the AFEP-MEDEF Corporate Governance Code with the exception, of course, of the Board members representing employees whose valuable contribution to our discussions, I would like to acknowledge. I'd also like to thank Thierry Le Henaff, the Board's lead member, who is responsible for chairing the meetings of the independent members and reporting back to the Board on the areas for improvement identified during these executive sessions. The work carried out in this context and the annual evaluation of the Board's functioning enable us to continuously improve. Following our review on the activities carried out in 2025, I can attest on behalf of the Board that your company benefits from management of the highest quality. This solid and agile management is all the more commendable given the geopolitical and economic context, which is marked globally by an extremely high level of volatility and uncertainty. This assessment stems both from the review sessions dedicated to the Michelin in Motion 2030 strategy and from our discussions with Michelin's teams. In particular, we examined the strategy for Beyond the Road and Polymer Composite Solutions businesses, 2 segments that are critical to your group's future profitability and growth. A day at the Ladoux Research and Innovation Center allowed us to appreciate how the group creates synergies in R&D that benefit newly acquired companies. Throughout our meetings, we carefully examined the strength of the group's financial management while thoroughly analyzing its social and environmental commitments. And once again, this year, Michelin has ensured a coherent balance between human factors, economic and financial performance and environmental imperatives. Significant work in close collaboration with SAGES has been carried out regarding the succession plans for the group's managers. Vincent Montagne, Chairman of SAGES, will present this to you. We initiated a rigorous and in-depth selection process well in advance in full cooperation with the Chairman of the Management Board and our Board working closely with the Appointments Committee and its Chairman. The smooth flow of communication on this matter is a key indicator of stability for the group and its stakeholders. As part of this process, after duly consulting the Supervisory Board, which issued a unanimous positive opinion, SAGES decided to propose the appointment of Philippe Jacquin as General Manager. Philippe Jacquard has extensive and long-standing knowledge of the group, which he joined in 1998. He has held positions, including Technical Director, Development Director and Marketing Director for various business lines and geographic regions as well as a group level. He joined the group's Executive Committee in 2024 as Executive Vice President of Research Development, supervising the innovation partnerships and his extensive experience and personal qualities are clear assets. I'd like to take this opportunity to thank Yves Chapot with whom I've had the privilege of collaborating in my current role since 2018. I'd like to highlight his commitment to Michelin, to its customers, to its employees and to you, its shareholders, and the personal qualities he's consistently demonstrated in his role as General Manager. Yves, on behalf of the entire Board, a huge thank you for all you've contributed to the company. Thank you. I would also like to highlight the competence, determination and commitment of the teams, which are essential drivers for your company's success. I wish to express our gratitude to them for our valuable discussions on behalf of the Board. And I will now go into a little more detail regarding the work of the Board's 3 committees. The Audit Committee successfully carried out its mission of internal control and risk management. The raw materials procurement program received particular attention given the international context. Work was also undertaken to strengthen the Board's review and oversight of acquisitions. Indeed, the issue is becoming increasingly important with the development of polymer composites activities. In close consultation with the CSR Committee, the Audit Committee reviewed the sustainability report and particularly the double materiality analysis. Finally, against the backdrop of rapid growth in the use of artificial intelligence, part of the discussions focused on the ethical aspects of these technologies as well as their impact on cybersecurity risks. Jean-Michel Severino will shortly give us an insight into the work of the Compensation and Nominating Committee. But allow me, however, to address a few key points. As it does every year, the committee reviewed the compensation of the executive officers and the members of the Supervisory Board. The compensation policy was adjusted to better align with the existing practices of major publicly traded companies. The total maximum amount, the committee also devoted a significant portion of its work to identifying talent within the group and establishing various succession plans. Now this work is essential for Michelin's stability and continuity at all levels of the company. And as I mentioned, we carried out work by the Appointments Committee in collaboration with SAGES on succession plans for managing directors. And I'd like to warmly thank Jean-Michel Severino for his unwavering commitment to this process. This Board led to the decision made in -- on the 12th of January to renew the mandate of Jean-Michel Severino. So I would like to thank the Board and Jean-Michel for what he's done and the courage that he's shown in overcoming the crisis that the group has had to face, and we trust him completely. Thank you. So the council has also had to renew 3 members as well as Jean-Michel Severino, who's been a member since 2020 and Remuneration Committee. He is a key actor of the committee player on the Board and his wide-ranging expertise, particularly in finance as well as his deep understanding of geopolitical issues, greatly contribute to informing our work. I hope to be able to count on his commitment once again. We're also pleased to propose the appointment of the Board of Anne-Sophie Lotgering, whom Jean-Michel Severino will introduce to you. The Corporate Social Responsibility Committee provides essential insight into our work while coordinating with the other committees in addition to reviewing the sustainability report and monitoring regulatory developments. It's focused on analyzing the group's decarbonation plan on water and tires and has really noted great efforts made there. And I want to make sure that your group continues to emphasize the efforts. The committee's discussions with Michelin's teams highlighted the group's deep understanding of these issues and the sense of responsibility that guides it in considering its impacts. So having concluded my remarks, I now turn to the resolutions that will be put to a vote shortly and for which I invite you, obviously, to vote in favor. Regarding the financial resolutions, the Board has been able to appreciate the excellence of the group's management and the strength of its financial results. Jean-Michel Severino will shortly present the resolutions regarding the compensation policy for the Executive Directors and members of the Supervisory Board as well as the changes planned for 2026. So dear shareholders, I would like to conclude by reminding you that reaffirming the Board's confidence in your company's management team, your group is delivering solid performance in the current environment, meeting its commitments and continuing to execute its strategy. On behalf of the Board, I'd like to express our deepest gratitude to Michelin's employees who can take credit for these results. Thank you for your attention. I'll now give the floor to Vincent Montagne, Chairman of SAGES. He will present the work concluded -- conducted by SAGES as part of the succession process for the Managing Directors and the appointment being put to your vote today. Thank you very much.

Ladies and gentlemen, dear shareholders, I'm pleased to address you on the occasion of this Annual Shareholders' Meeting. I would first of all like to join Barbara Dalibard in expressing our deepest gratitude to Yves Chapot for his remarkable work in the service of your company over the past 34 years. Today, you're being asked to vote on the appointment of Philippe Jacquin as Joint General Manager of your company, reporting to Florent Menegaux, Managing Chairman. As you know, as Michelin's non-managing general partner, SAGES is responsible for selection and continuity of your group's management. In particular, it initiates the selection process for candidates for management in which the Supervisory Board and the Managing General Partner also participate. Following a highly structured and comprehensive process that we've conducted over the past 3 years, it's my pleasure to present the candidate who has been unanimously selected. Philippe Jacquin, an engineer by training, embodies a leadership figure deeply aligned with Michelin values and perfectly prepared for his new challenges. With 25 years of experience at Michelin in a variety of roles, both in France and internationally, he has acquired a solid understanding of the group, its products, its expertise, its balance and its culture. Philippe Jacquin fully embodies Michelin's core values, a sense of responsibility, the pursuit of sustainable performance, respect for facts, which is so important, the humility to acknowledge areas of doubt and a particular focus on the development of each individual. This is Michelin's DNA. It's inseparable from the leadership style based on a high degree of freedom of speech and action. He speaks his mind and walks the talk with candor and courage. This authenticity fosters trust and brings clarity to decision-making. Finally, I'm very impressed by this. He's a great athlete. He demonstrates tenacity and endurance that enable him to carry out transformable projects over the long term. That's why we unanimously agreed that Philippe Jacquin possesses the necessary qualities to become a general partner. It is now up to this general meeting to vote on this choice, which will be included in the 12th resolution. Thank you for your attention. I now turn the floor to Jean-Michel Severino, Chairman of the Compensation and Appointments Committee.

Ladies and gentlemen, dear shareholders, I'm pleased and honored to address you in my capacity as Chair of the Compensation and Appointments Committee. I will elaborate on certain aspects of the committee's work, which concern compensation and also the resolutions to which you'll be asked to vote on. I would also like to note that you may refer to the universal registration document, and you will find this on the michelin.com website. So the details are on Pages 116 to 128 of this universal registration document. You can see on the screen, hopefully. The compensation for the last fiscal year for the Managing Directors, the Chair of the Supervisory Board and the Supervisory Board as a whole. This results from the application of the compensation policy adopted last year. The multiyear variable component corresponds to the allocation of performance shares. This is a maximum amount that may be awarded, the attainment of which depends on criteria aligned with the success of your group strategy, operational performance, performance in social and environmental responsibility and the relative change in the share price. The committee has reviewed all of these compensation components for 2025, and I therefore invite you to vote in favor of resolutions 8 to 11. You will also be asked to vote on resolutions regarding the 2026 compensation policy for executive directors and members of the Supervisory Board. We ensure the alignment between the proposed compensation policy and the best interest of your company as well as those of the shareholder. This involves taking into account the group's results when determining fixed and variable compensation and designing such compensation in line with the group's strategy. Now with regard to the managers, the Board recommends maintaining the current compensation policy, making just a few adjustments in the criteria used to calculate variable compensation. The idea is to reflect the objectives of Michelin in Motion 2030. Thierry suggested that it should remain 5% of the total figure, but we should then have a new criteria. This reflects the effects of the polymer solutions business, this means there was a weighting on -- related to the deployment of the group's transformations and CO2 emissions. So obviously, these are just as critical as they were in the past. So the long-term variable compensation will continue to take the form of performance shares under the same terms as criteria, those applicable to eligible employees of group companies. Two adjustments have been made to the structure of this compensation plan approved in 2023. The first is the adaptation of stock market criteria to incorporate total shareholder return considerations. The second is the adjustment of operational performance criteria with a dual indicator relating to revenue growth, revenue growth for the Polymer Composite Solutions business and revenue growth for Tires and Services. So this performance shares is capped at 140% of the fixed compensation for the Managing Chairman and 120% for the General Manager. These levels are at the median for executives in the top 40 companies on the stock market index in France with equivalent responsibilities. Now for members of the Supervisory Board, we propose maintaining the cap on the total budget at EUR 1,150,000. This excludes the specific compensation of the Chair, which we suggest should remain unchanged compared to last year. However, we do propose new rules for individual allocation to better reflect best practices in place in publicly traded companies. In France, this amended system allows for differentiated accounting of Board members and committee meetings in meeting -- in-person and remote meetings as well as participation of members residing in France and Europe and outside Europe, in fact. All of these recommendations regarding the compensation policy will be put to a vote shortly. These will be resolutions 6 and 7. The committee also worked on succession planning for members of the group's Executive Committee and managers, as mentioned, this will now lead -- this is not addition, we ask to vote on proposed appointments, which we have not yet mentioned. So we have 4 and 2 years in the case of Thierry Le Henaff and Monique Leroux. So Thierry Le Henaff brings a keen insight to all of the Board's work. His career has enabled him to develop solid expertise in international corporate management and skills across all social and governance issues. His knowledge of the world of industry, in particular, high-tech materials and polymers are fantastic assets for the execution of the tasks you entrust to your Board. Now Monique Leroux has been a Board member since 2015, is Chair of the CSR Committee. She plays an essential role in analyzing sustainability and environmental protection issues. Given the cross-counting nature of the topics addressed, her leadership has greatly contributed to establishing it as a pivotal committee within the Board. She also brings valuable financial insights. I therefore -- furthermore, the Board has decided to recommend the candidacy of Anne-Sophie Lotgering as a new member of the Supervisory Board. In accordance with the methodology, it applies for selection of new Board members the -- we were able to see the complementary expertise to be brought by Anne-Sophie Lotgering. In attention to these skills as a dual -- Dutch and French national, she will add international diversity to the Board. She wasn't able to be with us today, but she is going to talk to us via video. [Presentation]

So I really hope that her skills will be convincing and that we will be able to count on her in our Board. Dear shareholders, I'm coming to the end of my presentation. I'd like to thank my colleagues on the Compensation and Nominating Committee. We've carried out the work I just reported to you guided by the long-term interest of your group and ensuring that we fully fulfill the mission that you have entrusted to the Board trying to really respond to your requirements. Thank you for your attention.

Thank you, Barbara. Thank you, Jean-Michel. Thank you, Vincent, for all your contributions. Now before we continue, I'd like to say a few words to Yves. I have known him for over 25 years in Michelin. I'm a baby at Michelin compared to Yves. I mean I've only been here for 30 years. He's been here for 34 years. So I just wanted to say how amazing his contribution has been. And I have really been able to see his values, his humility, his integrity, his rigor, his reliability, his humanity, all of these qualities that are totally in line with Michelin's DNA. You are the perfect person to really show that respect for people. You always pay attention to the smallest detail regarding people. You respect the facts. And there is no room for mistakes. It's true. You have to be extremely precise in what you do when working with you. And that is a great thing. We really appreciate that. And of course, you respect our customers. Everywhere that you have been, you have always tried to implement these criteria. And our client satisfaction criteria is something that you set up with the LPS measure, and I wanted to thank you specifically for that. And then in respect for the environment. Well, you come from a specific place where the earth is important to you as is the environment, as is society. You are really the embodiment of a society that promotes that special effort and care and individual progress. So that's a great thing that you've brought to us. And of course, respect for our shareholders. You've always paid attention to the result, of course. And in the last 8 years, you have really set your mind to making sure that you, as shareholders were treated fairly and well. So for all of this, Yves, I want to thank you from the bottom of my heart for everything you've done for Michelin, and we're going to miss you.

Thank you, Florent. I want to thank you first, shareholders, dear shareholders, for the trust that you have shown me over the last 8 years. I also want to thank all of the governance actors who play a key role in how your company functions, the Supervisory Board representing you with whom we have had this rich and demanding exchanges over the last 8 years and also the SAGES company that plays an important role in the company's governance. Barbara, Vincent, I'd like to thank you for your touching words. I also want to thank Florent. First of all, for the trust that you've shown in me. I've tried to live up to your expectations and be a very strong partner, and I'm happy to have worked alongside you managing this company for the last 8 years. I am fully convinced that you will have a fantastic governance with Philippe. I would also like to thank all the members of the Executive Committee who are present. They are not here on stage, but they play a key role in how your company functions. But I also want to thank all of the employees of Michelin, without whom everything that you are seeing and hearing today, this couple of hours would not exist. I always have been extremely proud to represent the work of 130,000 people before you and before the different stakeholders that we present our results to. I'd also like to thank more specifically, my assistants [indiscernible], who is here today; and [ Margo, ] who have really provided fantastic support. Thank you.

That's so you, Yves. Thank you. Now these Annual General Meetings provide a unique opportunity to highlight your group's distinctive strengths as well as the challenges it faces. For over 130 years now, certain things have remained unchanged in the way our group operates every day. And it is the Michelin teams who can best say that. I'd like to invite Nicolas Seeboth, who's VP, Innovation for the Group's Polymer Composite Solutions Director to join us on stage. He's going to talk about this fantastic adventure.

Hello, everybody. I'm delighted to address you on the occasion of this Annual Shareholders' Meeting. I'm Nicolas Seeboth, and I am Vice President, Innovation for the Michelin Group's new composite business. And for this 10 minutes, I've set myself a challenge to make the invisible visible to you. Now you can see nothing or hardly anything, yet lots of things continue to exist. You can hear my voice, thanks to electricity, to wiring, to speakers, an entire invisible chain of technologies and skills that keeps this room running. When everything works, we don't think about it. We take it for granted. But if one of these elements is missing or fails, the whole chain grinds to a halt. That's what we can call the critical invisible. It's the invisible that keeps complex systems running smoothly. The invisible that suddenly becomes visible to everyone when a grain of sand turns the machine off a track because behind an invisible, there's a critical element. And behind the critical element, there's often Michelin. The tire is also invisible in its own way. It's rather boring. It's round, it's black, but it's deceptively simple. And you all know behind this lies a complex and fascinating world of composites, hundreds of materials, just as many different types and ways of assembling them, hundreds of different chemical reactions related to temperature, pressure and various processes, millions of different interactions between these materials, thousands of experts to understand them, thousands of patents to protect them, but only one company which masters all these components. And that's us, Michelin. So there was a question for us. If we have this technological gold mine in our hands, if we know how to design materials capable of functioning in extreme environments, if we know how to industrialize and produce them, market them and offer innovative solutions to our customers, then why limit this expertise to tires? Why not put it to work for other products, other customers, other markets, other critical situations. And that's what we've chosen to do. And this can be resumed in 3 letters: PCS, polymer, composite, solutions. Let me reveal what lies behind these 3 letters. First of all, and you probably guess this, it's our commitment to apply our innovations and expertise in materials to new products and markets, but not just any old product, products that are quite close to our tires because they share the same technical properties, the same demand for compromising high performance and the same critical role in people's lives. But I'm going to give you 3 examples of this if I say wear resistance. You're probably thinking straightaway about tires. Well, that's quite normal. But let's think about something else, an iron mine in the Australian desert, the nearest settlement, hundreds of miles away, overwhelming heat. The soil is so rich in iron that it colors everything, even the horizon looks red. We're at the end of the world. In the middle of it all, a conveyor belt, a huge conveyor belt that can be up to 25 kilometers long. Just think about that, 25 kilometers. This conveyor belt transport tens of thousands of tonnes of ore out of the mines hour after hour, day after day without stopping. But if it stops, everything else stops with it. For a client, a conveyor belt that breaks down can take -- it can take up to 20 days to repair, and that's $50,000 an hour. If you think of the number of hours, just work that out. And here, wear and tear is no longer just a technical matter. It's an industrial issue. It's an economic issue. It's a critical issue, thanks to the technology Michelin uses for its conveyors and thanks to the service we provide to our customers, we're not just selling a component, we're providing a solution to a critical problem. Now if I say puncture resistant, Thinking about tires, aren't you? But you could think about life boats at sea. Imagine it's the dead of night. It's raining, the wind is howling, the sea is rough. And there you are with your crewmates on a boat with a rescue mission, saving lives and protecting others. That's your only priority at that time. These semi-rigid boats have inflatable tubes. These tubes are made from coated fabrics that have to be lightweight and flexible for quick deployment, yet resistant to impacts, all types of impacts to ensure the best possible navigation. Today, Michelin manufactures and sells these coated fabrics to its highly demanding customers who rely on the reliability of their equipment in a situation where lives are at stake. Finally, what if I talked about composites, a material that can be used from minus 170 to plus 120 degrees C. You might think of the lunar wheel. It's here on the stage, in fact. And you -- so the materials of this wheel are designed to perform under extreme temperatures, nearly 300 degrees. And there are other applications for the same materials. Now imagine a rocket or the bottom section of the rocket, the part that generates millions of pounds of thrust for takeoff. Our technical fabrics are clearly visible if you know where to look. They're located at the junction between the nozzles and the body of the rocket. They protect this section from fire and heat and at the same time, from the extreme cold of the cryogenic engines powered mixture of liquid hydrogen and oxygen. A temperature range of several thousand degrees, condition amongst the most extreme known to man. Once the rocket is launched, Michelin is there once again, right alongside the astronauts in the materials of their space boots. Each layer is vital in providing protection while allowing freedom of movement needed for the precise maneuvers of this extraordinary journey. From the beginning to the end of the space mission, Michelin plays a decisive role in supporting man's space flight. And this is a source of immense pride, conveyor belts in the desert, lifeboats, rockets, space suits. These examples illustrate the same principle where failure is not an option, Michelin is there. And that's our entire strategy, in fact, building step-by-step a portfolio of critical and proprietary components that no one else can supply to the same exacting standards. We have 2 important pillars, speeding up organic growth by acquisitions. And so targeted acquisitions for small companies, 12 in less than 10 years, including 3 this year, Cooley Group, Flexitallic and Tex Tech Industries. These bring us a distinctive industrial footprint with small sites. We produce products close to our customers while mitigating our exposure to geopolitical tensions, and it's paying off this strategy, more than 60 patents filed in 2025, and our average annual growth is 6% since 2018. And if we add our most recent acquisitions, we could reach annual revenue of EUR 1.7 billion. But we're not doing this on our own behind these ambitions. There are committed people find PCS today, 6,800 employees spread across more than 70 sites worldwide. In fact, that nearly doubles the number of group sites. 8 years after its inception, Polymer Composite Solutions is now a very visible reality, and we're proud to bring it to life every day with the goal as always as offering everyone a better way forward. Thank you.

Thank you, Nicolas. So now you can better understand why we always feel good at Michelin because when we don't feel good we don't see people like that. And it's amazing how good he makes you feel. So thank you. Thank you, Nicolas, for having taken us on that journey. We've gone from materials, the decimally small to the desert to the moon. I mean, let's have a chat at the end to see what the next trip is. So thank you, Nicolas. But it's my turn to take the floor now. Okay. So after this special trip, let's just get back down to. So ladies and gentlemen, dear shareholders, it's a pleasure always to be here before you at this Annual Shareholders' Meeting. And I want to begin by thanking SAGES, the Supervisory Board for their renewed confidence because it's a great source of pride to be and a great responsibility to represent and guide Michelin on a daily basis. Now as you're aware, this term will mark a shift in governance from the perspective of the management. Yves Chapot did not wish to have his term as General Manager renewed. The partnership we've formed over the past 8 years is coming to an end. And we are going to begin now after your vote, a new mandate. And I would like to thank the nomination of Philippe Jacquin, apart from his very human qualities and his expertise, I've known him for a while. Philippe has excellent expertise in innovation, and I think that will be precious to us for our future developments. Now this new mandate is a term that will see the rollout of our Michelin in Motion 2030 strategy brought to a conclusion. We launched this ambition strategy in 2021 in a context that was very different from today's. We were emerging from the COVID-19 crisis. The world was anticipating a dynamic and sustainable economic recovery and greater attention to environmental issues. The reality is, unfortunately, very different and still is. The crisis have continued to multiply and they're more and more complex. And each year, that creates an increasingly unpredictable and turbulent world. We're witnessing a real and profound upheaval of the economic and geopolitical order. We once knew, as we have heard this morning and new societal shifts. The resurgence of tariffs and protectionism is disrupting global trade. The emergence of new conflicts and the indefinite time line for their resolution had a great deal of uncertainty. In the case of the Middle East, the effects of the crisis in Iran as well are unfortunately going to persist even after the end of the conflict. So beyond rising energy costs, and we've talked about that this morning and logistical disruptions that, that triggers, the consequences are spreading to industries and markets linked to petroleum-derived products. And unfortunately, we will have to face problems, but we don't exactly know where exactly they will take place. So this crisis serves as yet another reminder to reduce as quickly as we can our reliance on petroleum-based products. Now the environment in which we operate has changed significantly. But Michelin will always be Michelin, always caring for people, always tech-driven and always pioneering. Every crisis we face makes us stronger. Day after day, we learn to absorb those shocks and manage tensions with greater agility. I was talking about the fact that we're now in this permacrisis. I mean, it's the new normal, isn't it? And I want to take this opportunity to commend the work of all our teams in steering our actions to ensure we are constantly adapting our local, local approach makes our international footprint the strongest of France's top companies and an advantage for picking up on early warning signs. These crises mean that Michelin is continuing to transform. The 6 major transformations initiated by the group are being rolled out in accordance with the road map. They make us more innovative, more agile and more efficient. I am convinced that the Michelin in Motion strategy is the right path to build the leading manufacturer of composites and experiences that transform everyday life. Our strategy capitalizes on Michelin's distinctive strengths, our new composite activities that are expanding, and Nicolas mentioned them. The 3 acquisitions pay homage to that. But beyond those acquisitions, it's also about building this demonstrator in France dedicated to producing the new generation or the buy up company to develop a precision business, this company with DMC, with Credit Agricole and Danone. We will always use these developments to capitalize on Michelin's distinctive strengths, our unique talent. We have excellent high-quality products and services, and we have a strong brand, a brand that we are boosting. We have R&D industrial capacities that are unique. And again, Nicolas mentioned these. But amongst these strengths, I would like to highlight our industrial capabilities because thanks to that, our industry plays a critical role in providing everyone with a better way forward. Products that are increasingly sustainable, more efficient, safer and have a constantly improving environmental impact. Our industrial teams make this accessible to as many as possible to our innovation. And I think you should take a look at this video because it was designed by our Polish teams and really demonstrates what I've been talking about. [Presentation]

So this video, this symphony of matter takes form in each of our plants and reminds us that above all, a plant is a human environment. Everyone has a role to play, a place, responsibilities. But above all, every person can grow there. And that is what our purpose reminds us of to offer everyone a better way forward. All these people, all of the make this human fabric that strengthened day by day through commitment and collective effort. The dense of this fabric, the more robust our group is and the more harmoniously it functions. This social cohesion has been built and continues to be built day by day without ceasing through the respect we have for one another and by empowering everyone. So at a time when our societies are becoming more fragmented, Michelin is strengthening its cohesion. And that is one of our standout strengths. It's the more -- all the more valuable and central to our focus given the upheavals the world is experiencing. And among these upheavals are, in particular, all the technological transformations already underway, especially those related to AI and robotics and humanoid robotics. Now Michelin has always embraced technology throughout its history, science and progress. We've always been pioneers in adopting and driving innovation. This trait is part of our DNA and has been central to our longevity over the past 137 years. And we will -- it's always very -- it's always amazing to see how our teams are ingenious at every level. Innovation is an opportunity because we choose to put it at the service of humans. If we've been using robotic and AI for a while, we're now deploying all of their development, and we're deploying them to all departments of our company. And we have 2 objectives. First of all, we want to help humans not have to do those hard tasks anymore. But we also want to help us save time for activities that really take a lot of time. But we want to keep people available to do what they do best, creativity, discernment, et cetera. And at the same time, we're working to strengthen people's skills, particularly their analytical abilities and critical thinking because these skills combined with empowerment are essential for everyone to enable them to make informed decisions. AI is not the truth. For instance, the talent campus located within the Michelin Innovation Park at Cataroux, the plant just near here, offers everyone opportunities to train and adapt to these changes in an ongoing way. And our capacity to innovate and integrate these new technologies is very important for Michelin's performance. And talking about performance, high performance is a prerequisite for making a difference in the world and contributing to human progress. And when I say performance, I mean competitiveness. It is a driving force that pushes us to surpass ourselves. It encourages us to doubt and question our way of doing things to challenge ourselves. That's difficult and often uncomfortable, but it's an exercise in collective clarity and drives us forward as a group. And it's all the more essential in a world where everything is accelerating. We might be tempted to clean to our achievements and maintain a sense of control. But no, on the contrary, we use them as a springboard to strengthen our capabilities and staying the course on our Michelin in Motion 2030 strategy. Competitiveness is a healthy driver provided we understand all its dimensions because viewing competitiveness solely through the lens of cost control is reductive. You Can be much more competitive when your employees are more committed, better trained and find meaning in their work on a day-to-day basis. You can be more competitive when you offer higher quality, superior products and services where your customers are willing to buy and recognize when we differentiate ourselves through the services we provide and personalization of our offer. So in short, when we create more value for them. We are more competitive when we have dynamic high-quality innovation when this innovation constantly seeks to better meet our customers' current and future needs. We're more competitive when our brand is strong, and it's already strong, but it has to remain strong. It has to be top of mind for consumers. It showcases Michelin around the world and embodies our core values and our uniqueness. And finally, we're more competitive when our activities have a positive impact on society and on the planet. Taking care of our environment means that we are building the conditions for our future performance today. No organization can succeed in the long term in a society that it weakens or on a planet that it depletes. So you can see at Michelin, we view competitiveness as a multifaceted concept. We are trying to grow in the future. And we have all the assets necessary to succeed in the future. Every day, people at Michelin demonstrate their commitment, their inventiveness and their determination to transform the group to achieve success. And we will succeed because we share a corporate vision for future generations to bring critical innovations to the world by 2050 so that humanity can meet its greatest challenges in the development, in health, in protection of the planet and its resources. So this dream together with you I think we can make it a reality. So thank you for your trust, and thank you for your attention. And I now give the floor to Benoit Balmary, who will remind you of the resolutions that are put to a vote.

Thank you, Florent. Ladies and gentlemen, shareholders, we would like to inform you that the documentation relating to the draft resolutions on the agenda of our combined Annual and Special Extraordinary General Meeting has been published within the legal deadlines. In particular, the annual report of your Supervisory Board, which includes detailed information on the Board's activities and the compensation of corporate offers was posted on our website on the 7th of April as part of the universal registration document for 2025. It also contains reports issued by the statutory auditors. Furthermore, the notice of meeting, including the full text of the draft resolutions and the corresponding reports from the Managing Chairman and Supervisory Board was made available on michelin.com on April 24, 2026, in accordance with regulations. Consequently, in order to allow sufficient time for your questions, these draft resolutions will not be presented during the meeting. The full text of these 30 resolutions was published on April 6. The list of these resolutions is shown on the visuals displayed behind me. In line with the regulations, we collected your paper ballots until May 19 at midnight and electronic votes until yesterday, May 21 at 3:00 p.m. Thank you. That's the most exciting bit, wasn't it, of the meeting. So the general discussion is now open. So the law makes it possible for us to publish the answers to certain questions on the website, but we can have some questions from people here, and we will also then deal with questions which were sent remotely. And I would like to say that Michelin experts from Euromaster and [ Alo Puno ] will be able to answer questions about your own tires. They will be in the lobby as they were last year. So please ask them any questions you might have. So I think we're kicking off with the shareholders' committee questions. So please go ahead.

Thank you for your presentations. and your engagement. I'm [ Lau Tankal ] So there's been extensive development in composite solutions. What are the levers that we have to penetrate these composite markets and the recent acquisitions and patents in what way will they make a difference.

So I suggest that Maude Portigliatti takes the floor. She's in charge of this division. So she's the best person to answer.

So hello, everybody. I think Nicolas has shared lots of our secrets, and I haven't that much more to reveal, but I'm going to talk about some of the most important drivers to help grow PCS. We need to really promote our technical difference. That's not unusual at Michelin, but we can use our materials, our membranes and elastomers. And we can also use our performance in terms of lifespan reliability and our compliance with regulations and also our environmental responsibilities. That's something we do apply to PCS as well. The second lever is more -- is targeting growth sectors and applications which really are in line with the quality of our products that can be health care, aerospace, defense and other critical applications. And the third driver is to the fact they belong -- we belong to the Michelin Group with our stability. That is important for our customers. They really believe and rely on our reliability over time. So Nicolas talked about 60 patents in 2025. That's 1/3 of the group's patents, in fact, so lots of energy. Everybody is very busy in the research centers. So -- and there are also 30 patents in the pipeline for specific health care applications and materials and also all the intellectual property -- proprieties, which are related to the specific expertise of our teams. Thank you very much. Next question.

Hello, everybody. Laurent Moity, I'm part of the Shareholders Committee as well. We're going through difficult times. There's lots of volatility as we've seen this morning, the company has -- how is the company really ramped up to be more resilient for the future?

So I can answer that one. So we have a certain degree of expertise in crisis management. We have permanent task forces on different issues. The current crisis linked to the closure of the Strait of Hormuz and the conflict in Iran will have impacts in terms of inflation. We're prepared for that. We're much more agile in the way we deal with pricing. For example, we can also adapt our supply chain. We are capable of finding other sourcing quite quickly. And as I was saying earlier on, our local-to-local approach is also beneficial when we are dealing with our suppliers. So we really do try and have primary and secondary and even tertiary sourcing circuits for our supply chain, and that is linked to business continuity management, which we're actually quite good at. So the group's core values are quite simple. Whatever happens, we continue to respect these values. We're more agile. We are more cost effective, but we still produce top quality projects, and we can keep moving even throughout stormy weather. And none of the crisis, which started in 2019 has actually stopped. They really are all accumulating and there's more and more. So that is how our group is adapting to this situation. Any further questions?

Hello, everybody. I'm Eve Maudoux. I'm in charge of trucks in [indiscernible], and I'm also on the Shareholders' Committee. So thank you very much for sharing this information. I wanted to ask you a question about the increase in Tier 3 truck tires in France. What's Michelin doing to defend its market share? And how does the group remain competitive to deal with these low-cost Tier 3 players?

Yes, there's really tough competition coming from the East and moving into the West. Perhaps Pierre-Louis Dubourdeau can answer that one.

So thank you, Eve, for your question. So the transport sector in France and Europe is suffering lots of fluctuations, lots of pressure in cost. The haulage companies need to make changes in terms of the environment for their fleets. Yet you know that for the past 20 years, there has been competition from imported tires that's putting a lot of pressure on us, but it's making us be better. We have to continue producing offers to our customers, which really stand out. If we do the same thing, then we won't help our customers solve their problems. So our current strategy is to bring different standout solutions to our highly demanding customers. These might be top quality, high-performance products, and we're actually changing our product portfolio and then 80% of our tires are being renewed with better fuel efficiency and other technical qualities. But a product isn't enough. We also need to offer services. And today, we have these fleet management systems, which have been on the market for a while. We can now make them digital to reduce operating costs but also invest in preventive maintenance so that we have really a different relationship based on partnership. It's not just TCO. It's -- we help the haulage companies improve their turnover and also really reduce the mental load of our customers for these issues. So I think the key message to share is that when you do business with Michelin, you're not just buying a tire, you really are in a relationship based on trust. So lots of things are in the pipeline this year, in fact, and the teams in R&D are thinking about how we can keep moving the goalposts.

So thank you, Pierre-Louis. So we're now going to open questions to the public. Please raise your hand if you would like to ask a question, then someone will come with a number. I'll note them down and then we can take people in turn. So I'm going to tell you something about this actually. Last year, I couldn't see anybody, and I couldn't see who wanted to ask a question. And somebody who will be joining us later on developed this illuminated tablets in their garage. You did it last weekend, and that is so much a Michelin thing to do. So we'll take a photo later on. So this is a great innovation. So now I can see who's asking questions. So we'll start off with #2.

So hello, Laurent Bador on behalf of the employees of the CFDT Union, I wanted to come back to a question we asked last year. We said how tough it was with the Cholet plant was closed and so that we don't keep having the same problem time after time. We would like the company to have innovative dialogue with the social partners. We see that the Michelin 2030 approach is positive, and we did -- we should underline how we managed to collaborate and absorbing Pneu Laurent when everybody acts with respect and integrity. However, despite all the good work done together, industrial management and unions, we still can't manage to reverse the trend if we don't manage to get additional volumes in our plants. Now my question is for you, what are the assets of our plants in France? And can you -- are you experiencing a positive benefit from this new dialogue and what needs to be done to safeguard our industrial footprint.

So thank you for pointing out that we are trying to make progress in terms of social dialogue, co-development with the unions is absolutely vital. We work in the same company. We share the same goals. We don't necessarily see things from the same perspective, but we are in the same company. So thank you for pointing that out. Now the market situation is highly complicated, particular for OEMs. So I think we've reversed the trend in replacement. But for OE, we are gaining market share, but the market is -- has slumped. That's true for passenger cars. That's true for trucks. So that has an impact on volumes, and we think that the situation is likely to improve and I have to be a bit careful because every time I announce something, then a new crisis turns up. But in theory, from the second half year of 2026, we think there could be a pickup if we're not impacted by the shortages I mentioned earlier on, but we don't know quite where they will impact us. So we might end up, in fact, with demand that we can't meet. So it's early days, but we have set up action plans, highly ambitious action plans with our teams. We've adapted our pricing strategy accordingly and the volumes are getting better and the markets have responded positively to our actions, but we do depend on the global market. And since the 28th of February, in fact, the markets are not booming, shall we say, except China, who is actually doing best and our activities -- our business in China is doing well, actually, which is particularly good news for France, but they are -- but. So question number three, I believe now.

Mr. [ Peroni ] I'm a shareholder from [indiscernible]. So Michelin passenger car tires, winter and all season are no longer ranked at the top when ADAC carries out tests and UFC in France and also ranking organizations in Switzerland.

So Jean-Claude Pats is going to share some insights into this issue, which is something we're actually quite concerned about ourselves.

So hello, everybody. So thank you for your question because it's something that we've been -- is top of the mind for us. So lots of consumers are asking this same question. What's the best tire to buy? What should I choose? And when they ask this question, they have various sources of information to help them reply. Some of them are those you mentioned, those are the reliable test organizations and their job is to test new tires on circuits on tracks over a very short period of time. So obviously, as far as possible, we do want to be ranked well or even be in top position in these tests, but not under any conditions. So what I want to say is that if in order to be in top place, you have to manufacture tires with a shorter lifespan. If you have to agree to make tires, which will be great when they're new, but don't perform very well when worn, then that's just not acceptable for Michelin. And that's the dilemma that faces us, but we do know what is the impact of these tests for consumers who know nothing about tires, but we have to be careful in our approach, and we're constantly trying to find the best compromise between the expectations of the various stakeholders. But the priority #1 is our consumers' need from the first mile until the last. So you're perfectly right. ADAC and the other organizations haven't been given us the best score recently. But I'm more interested in what consumers say when we ask them shortly after having bought a tire 6 months afterwards, several years afterwards. For example, -- so there's a site called DriverReviews, which has collected more than 560,000 customer reviews in 11 different categories of vehicle. So out of these 11 categories, 7 out of 11 Michelin comes top. So Michelin is #1, and that is the priority. It's the opinion of our consumers.

Thank you, Jean-Claude.

[ Kristia Acastia ] I'm an individual shareholder. So last year, the Senate -- French Senate, you demonstrated clearly that companies were facing lots of constraints regarding international competitivity. So the restrictions that they faced, I'd like you to ask you how can we explain in Valenciennes, an automobile manufacturer for more than 20 years, manages to produce millions of cars with taxes, reduced working time, strict regulations. Is there a magic secret that only the Japanese have?

Well, we can continue producing products in France. Michelin still has 11 plants in France. Let's not forget that. Of course, we can still continue producing products in France, but we can't manufacture everything simply. We are running a race with shackles. So it's much harder in France because of all the constraints that we face. I didn't say it was impossible to manufacture products in France. I said that it was becoming more and more difficult today to export products from France because our costs are not competitive when compared to other countries. Of course, you can still make products in France, and we are still doing so, in fact. So I don't know very much about Valenciennes. I'm not quite sure who the manufacturer is. Oh, it's Toyota in Valenciennes. Thank you. Well, Toyota is -- have great cars and Michelin tires are great as well, which is why we'll continue producing them in France. So I think we have something -- I think we have something new now. So 2 and 12. There was there a third one over there, #5 as well. So 2, 5, 12. Those are the questions.

[indiscernible] I'm a Michelin employee. So first of all, thank you for your presentation, and thanks to Mr. Chapot for all his efforts over the years, and I wish him well for the future. We don't often have a chance to ask your boss a question directly. So I'm going to go for it. I wanted to talk to you about buybacks and which I think are a good thing. And I wanted to understand the group policy to encourage engagement in these buybacks and how you in the company plan to improve contact with these new entrants, the new people arriving and how we can extract value from that.

The acquisitions and have -- that Nicolas brilliantly illustrated, they are in our Polymer Composite Solutions branch. It works on the principle that we have expertise in mass production, which we can replicate outside the world of tires, but they are areas where we don't have much marketing experience. We have always specialized in tires in the past 40 years. That's -- we're really familiar with transport or mobility markets. If we want to move into other sectors, for example, health care or energy or other forms of mobility such as aerospace, rockets, well, we really need to acquire companies which can bring us this market access, then we integrate them. They become fully fledged Michelin companies with they are subjected to the same type of reporting. We deal with the health and safety of their employees to developing their activities and then to complying with rules and regulations. That's laws and it's also the rules in our own code of ethics. So we have this acquisition and integration process and it's [ moats ] teams, which are involved in this, and we place great importance on the first 3 or 4 years to ensure that there is enough value created with these companies that they fit the bill.

So [ Christine Blanchet ] I'm retired and I worked for Michelin for 42 years. on the Cataroux site, lots of changes are taking place with the Peak Hall 32, and it's ongoing. And I wanted to know about the involvement of the Michelin Group. And I wanted to talk to you as well about Lafont Michelin apparently it's going to move. So I wanted to know a little bit more about that.

So Adeline will be able to tell you about that. It's not going to move very far. Don't worry. It's only a short distance. And while Adeline comes and joins me, I would like to say that Michelin is that working for Michelin obviously has seen you well because if you worked for the company for 42 years and retired for 7, well, you're looking very good on it. So we have great plans for L'Aventure. We've called it a venture 2 with a specific area to our brand -- for our brand heritage that will be twice as big as the current space, and that will open in 2028 or early 2029 in the new Michelin Innovation Park. It will be an opportunity to present heritage -- we have more space to do so, but it will also be the possibility to share the power of our brand for our visitors, and there'll be lots more of them. So what we do -- I need to say is that L'Aventure 1 is a fantastic success. It was meant to have -- we have meant to have 50,000 visitors. We've had 150,000 visitors. It's we haven't got enough space. We haven't got enough room to showcase everything we would like about Michelin's heritage. So there are 4 elements. There's a talent campus. There's the peak, there's a sustainable materials center, and there will also be a community area, which is near the historic test run. So it's an amazing project.

Patrick Raison, representing the ANAF, the National Association of Shareholders in France. I have 2 questions. The first is about Symbio of the Stellantis' retraction who is a shareholder and a client. Are you ready to finance Symbio alone if the hydrogen market is going to be slow to take off for another few years? And the second question on strategy in this geopolitical unstable world. What is the biggest priority, strategic priority for you now? Thank you.

Now for Symbio, I might just quickly answer then it is a fantastic adventure, technical adventure. Hydrogen will be a part of the future and will complement the other kinds of energy. It's a shame that in Europe, we are having trouble understanding that. Japan is continuing China, Korea is on that pathway. But in Europe, we cannot agree apparently, we have been let down by our clients. So it's a difficult decision to make, but we continue to believe in hydrogen and that fuel cells will be part of mobility in the future, but not all of it, but part of it. So we are continuing to invest, and we have rescaled Symbio to be more realistic. We are working with FORVIA still. And we have rescaled Symbio to a size where we can afford to wait, wait for the market to take off. But what's frustrating is that China, Korea and Japan are forging ahead and that in Europe, we still don't have a clear priority or strategic vision. On the second question, so my main strategic priority today is the fragmentation of the company. That is the #1 problem. It's not very visible today, but we will feel the consequences. They will be social, economic, societal and they will destroy a lot of things because the extreme individualization will mean that companies implode. So companies who have understood that will be more robust than those that haven't. And today, I think it's a huge challenge. And it might be strange to hear that kind of an answer. You might be expecting an economic reason. But no, social fragmentation, I would say, is our #1 challenge. Okay. So 12, #12, do we have several panels up? Because now I can see them. It's fun. 9 -- 12, 9. Okay 12 and then 9. First of all, the 12. Yes. It's -- there's a lot of questions in front, but not so many at the back. Okay. #12.

[ Paul Stephani ] Individual shareholder. I have a question on the future. We hear a lot about competitors from competitors that research -- about research into connected tires that could be valid on all types of road service. Are you working on that? And I have another question on automobiles sports cars. Where are you on the -- the project that you seem to have moved back from?

Thank you. So on connected tires, I want Philippe Jacquin to maybe answer that question. And then on Motorsports, Alexis Garcin.

Thank you. So connected tires exists, and we already have it for sale, but the future holds a broader offer. I might call it tire intelligence. If you understand how cars move and how they are made, I mean, the Tesla might be a good way of saying you have a chassis, the wheels and then the intelligence for the car to drive itself. And so for the car to behave healthily, safely, that intelligence needs to know about tires. It needs tire intelligence, and we are working on that information. We have just said that we would bring out a tire digital twin. That will be the intelligence that we embark in cars. We have the assets to succeed. You talked about our competitors. Competitors have developed digital models of tire performance. We think we're the only ones who can bring that digital twin to tires for the future. Okay? So that's my answer to your first question. But for the second question, maybe I can hand the mic to my colleague.

Thank you, Philippe. Well, Michelin was born in the field of competition. There are 2 things that really set us apart. Every time that we have entered a competition, we have come out of that competition as well. We were in Formula 1. We were in MotoGP and prepared to exit. But we always come back. That's the first thing to say. We never leave for good because it's really at the heart of our DNA. And the second thing is that when we leave behind a sport, we leave a string of records behind us because when we saw that video on materials, it really shows it's worth in extreme conditions, and that's fantastic. This world of motorsports is fantastic with that. We're leaving MotoGP, and we will have left behind us more than 500 wins. Each record that has been beaten in time is fantastic. And having done that, we've done that with tires that contain more than 50% of recycled reuse materials. And that is really the challenge you have to rise to. That is what being a pioneer is about. We want more performance and use less material. You talked about the WRC, the Rally Champion. We don't take part in that. Take a look at the different comments on social media for the tires currently being used and not everybody can perform in all conditions. And the video that you saw earlier with Miko Marchick, who's the European champion. He said that after he won his last race, he said it wasn't me. It was Michelin. Thanks, Michelin. And I think that speaks volumes. It really tells everyone about the quality of the engineers. We have the quality of the brand each and every day for each competition, we can push back the boundaries and each start is an invitation to return.

Thank you, Alexis. #9 and then 7.

I import Chinese scooters. And 2 years ago, I asked this question. And it was nice to hear that Michelin was developing a machine. Do you believe that we will have Michelin tires on scooters? Because last time I asked the question, they said, no, they're cheapskate. Well, yes, but they're not stupid. They know exactly that to export something with a Michelin tire is much better. So we have great market shares in scooters, and Jean-Claude will answer that question. But for the Chinese, I don't know, but he will tell us about that.

Thank you very much for your question because 3 or 4 weeks ago, I was actually in China, and I met the top manufacturer of Chinese scooters. And they don't just manufacture scooters, there are also other kinds of scooters such as Segway. They bought Segway, the American company. So we are closely exchanging with them, and we hope that maybe we might have quite a good significant business flow coming from there. So we're working on that right now. But what's interesting is to see, of course, and we are really monitoring all opportunities. But when I met the boss of this company, he told me that he wanted to work with Michelin. So I think that was recognition, very clear recognition of the quality of our products. And for scooters, I can confirm that everywhere throughout the world, we have market shares that are very encouraging. We are really making a difference on these products in relation to our competitors. And if you've already bought a Chinese scooter, you can change the tires because they're already available.

Great. Number 7.

Good morning, [indiscernible]. I've spent 40 years working for Michelin and 17 years retired now. Another great example. Fantastic. I want to go back to the tourism vehicles. I often help my friends fix their cars and get them Michelin tires. And recently, with the latest tires, I went to see, and there's a choice between 2 with a speed at 240 or 210. But you are competing. No, no, no, HEV. But the H210 tire is more expensive than the V. And the second surprising thing is that the QV tire, which is sold next to it, has the Kleber tire has the same shape. So it's not easy to make the distinction. It's not easy to get to that speed in France, maybe in Germany, but here, it's not good. Bridgestone, it's worth noting because, of course, we look at everybody is 2% to 3% higher than RV. The basic Michelin price, whereas Kleber is 20% cheaper. So it's not easy to make a choice.

I get it. I get it. And Citroen has Kleber tires. Okay. So we have the expert here, Jean-Claude, who will answer your question because I don't think I'm in any position to do that, but I certainly understand that it is a complicated and complex situation. But I might talk to you about the shape of the tire, the tread design.

Okay. Well, maybe I won't answer every single point that you have mentioned. However, I have taken on board your comment. And I think it shows that when you know nothing about tires, but you do, but a lot of people don't. And when you need to get tires for your vehicle, then you're facing a whole series of questions and you don't know the answers. It's difficult to find answers. And that is a challenge that we have to overcome, make our consumer experience easier, streamline it, make it less worrying than people find it today. And the different things you've mentioned, and of course, you are an expert in the field, I think most people have no idea about all of that. So that would be my first part of the answer. Now maybe on the speed, Yes, of course, there is a speed component for a tire, but according to the couple, the power of the engine, the tire needs to behave in line with that. So we translate that into a speed index, but that's not just because the tire can be used at 210 kilometers now for a long time. Sometimes it is oversimplified. It's not just speed behind that. It's also about the talk and the speed. I mean, I won't go into more detail, more technical detail, but we need to make our consumer experience much more streamlined and pleasant. Thank you.

Thank you, Jean-Claude. And maybe on the tread, design, the cross climate completely changed everything for all weather tires because for the first time, we didn't start with a winter tire to have one that works in summer too or doesn't -- kind of half works in summer. We did something saying, what could this tire -- what could we add to this tire to make it work in the winter as well. And Philippe, correct me if I'm wrong. What we have done, a real revolution is that we have put the special mix into the rubber to make it more supple. But then it becomes more rigid because of the tread, the shape of the tread. So all competitors have done the same things. All of our competitors have done the same things. If you want an all-season that works, you have to have that kind of tread. And we couldn't patent that. So everyone was able to copy it. That shape will therefore be used for all-season tires, whether they're Kleber or others. And unfortunately, that's life. Sorry, the 9 sorry, the 7, but it's not the same shape. It's exactly the same tread design. Yes, it looks like it is, but actually, it isn't. I know that we have a lot of experts who can explain -- come and have a chat with them, and they'll tell you it's not exactly the same tread design. There's a question online. Let's take that. Michelin brand is strong and recognized, reliable. But as far as innovation goes, speed is important to be successful. So at the beginning of innovation, we are not necessarily up to standard. How do you see that duality, the strength of the brand, less robustness in innovation? Philippe, I think that's a question for you.

It's a good question. And that's the constant challenge that we have as innovation teams, knowing what to -- when to offer new technologies, new materials for something that is essential. That's the case for a tire, but not just a tire. That's what Nicolas described as well. And that's why we have a test protocol for our trial centers that is very well equipped so that right from the get-go when a client uses that innovation, they can use it safely. Now of course, that takes time to roll out, to deploy. The first tire needs to be used safely, then we have to run that several times, and it takes time. And we take the time that we need. But then you have to be able to scale up in the industry, and that can take time. But rest assured, the first time a tire hits the road used by our client, the client is safe. Second thing, -- we say that in today's world, everything is going fast, but each industry has its own time scale. So AI doesn't go at the same speed that our molecules are transformed and change within our tires. And we need to understand that. We have fast cycles when we bring in a new technology in 5 to 10 years. We have normal cycles when we bring a technology in 10 to 15 years for tires. And our competitors are not going any faster. Nobody has found a way of going even faster. So rest assured, we are watching them like hawks. We want to be the fastest, of course. Thank you.

Thank you very much. Now unfortunately, we have to stop the questions because we need to finish and continue our meeting. So for those of you who still have questions, I suggest that you come and speak to us in person because we will be around. The members of the Executive Committee will stay around and we'll take time to answer them. So now that this question-and-answer session is over, I'd like to hand the floor to Benoit Balmary, who will announce the final quorum count, another exciting moment in this meeting.

Thank you, Florent. In order to validly deliberate, our Ordinary General Meeting must reach the legally right quorum of 1/5 of the voting shares. According to the counts provided to me, a quorum is present since out of 681 million tires (sic) [ shares ] we have 471 million. So we have the required quorum by over 136 million shares. So for our extraordinary general meeting, it has to be 1/4 of the voting shares is a quorum. This gives us a threshold of over 170 million, which is well exceeded since we have 471,710,510. Under these circumstances, both our ordinary and special meetings are validly constituted. I would like to remind you that voting will take place via electronic tablet, the operation of which will be demonstrated in an instructional video. [Presentation]

If your tablet doesn't work, please raise your hand and [indiscernible] will come and help you. We're now going to vote on the resolutions. We're starting with ordinary resolutions, which must obtain a majority of the votes, i.e., 50% of votes plus 1 vote. The first resolution, approval of the annual financial statements for the 2025 fiscal year. Voting is now open. Don't forget to confirm your vote by pressing okay. [Voting]

Voting is closed. Make sure you press okay. For 99.99% of votes, the final resolution for -- the first resolution is adopted. The second, appropriation of net income for the year ended December 31, 2025, and approval of the recommended dividend. Voting is now open. [Voting]

Voting is closed. 99.93% for, the second resolution is adopted. Third resolution, approval of the consolidated financial statements. Voting is now open. [Voting]

So the voting is closed. So the number of votes for. So in favor, 99.98%. So the third resolution is adopted. Fourth resolution, related party agreements. Voting is now open. [Voting]

Voting is closed. So the number of votes in favor, 99.99%. So the fourth resolution is adopted. Fifth resolution, authorization for the managers or either of them to put in place a share buyback program, except during a public offer period based on a maximum purchase price of EUR 55 per share. Voting is now open. [Voting]

Voting is now closed. So in favor, 99.75%. So the Fifth resolution is adopted. Sixth resolution, approval of the compensation policy applicable to the managers. Voting is now open. [Voting]

Voting is closed. Number of votes in favor, 92.48%. The sixth resolution is adopted. Seventh resolution, approval of the compensation policy applicable to members of the Supervisory Board. Voting is now open. [Voting]

Voting is closed. The number of votes in favor 99.73%. The seventh resolution is adopted. Eighth resolution, approval of the disclosures concerning the compensation packages of the corporate officers. Voting is now open. [Voting]

Voting is closed. The number of votes in favor, 98.10%. The eighth resolution is adopted. Ninth resolution, approval of the components of the compensation paid or awarded to Florent Menegaux for the year ended December 31, 2025. Voting is now open. [Voting]

Voting is closed. The number of votes in favor stands at 95.98%. So the ninth resolution is adopted. The 10th resolution, approval of the components of the compensation paid or awarded to Yves Chapot for the year ended December 31, 2025. Voting is now open. [Voting]

Voting is closed. So 96.14% in favor. The resolution is adopted. Approval of the components of the compensation paid or awarded to Barbara Dalibard for the year ended December 31, 2025. That's 11th resolution and voting is now open. Yes. [Voting]

So voting is closed. The number of votes in favor stands at 99.87%. So the 11th resolution is adopted. The 12th resolution, election of Philippe Jacquin as General Manager. Voting is now open. [Voting]

Voting is closed. The number of votes in favor 99.66%. So the 12th resolution is adopted. I'm pleased with the adoption of this vote of this resolution. Perhaps, Philippe, you would like to say a few words.

Well, I'm a little bit emotional. But yes, thank you. Firstly, dear shareholders, a few words for you. I wanted to say thank you. Thank you for that vote in favor. And thank you and also respect for those who voted against. Dear members of the Board, dear Florent, when we were preparing this nomination, we met several times. And I saw the trust that you put in me, and I want to thank you for that. I want to say that I will draw strength from it, courage, determination when I carry out my responsibilities. And I know how important that is. Dear Florent, thank you for your leadership, the strategy that you have taken us towards. And I'm really pleased to be joining the Board. And I will work by your side with discernment, with enthusiasm. Dear colleagues here and those listening to us online, sometimes very far away. For now 28 years that I've been with Michelin, I've been fortunate to really experience that Michelin world and its values. I want to say thank you. Thank you for that because that human -- those human values have allowed me to develop. And I want to tell you that I want that human model to really remain at the heart of our strategy. And of course, I would like to congratulate you, Yves, and say a personal thank you to you for the last few months and this transition -- time of transition that we've had together. I also want to wish you every success for the future. Good luck.

I give the floor back now to Benoit for the remainder of the vote on the resolutions.

Thank you, Florent. So vote on the 13th resolution, the reelection of Thierry Le Henaff as a member of the Supervisory Board. The vote is now open. [Voting]

Voting is closed. The number of votes in favor is 98.93%. The 13th resolution is adopted. 14th resolution, the reelection of Monique Leroux as a member of the Supervisory Board. The voting is now open. [Voting]

Voting is closed. Number of votes in favor. 98.01%. The 14th resolution is adopted. 15th resolution, reelection of Jean-Michel Severino as a member of the Supervisory Board. Voting is now open. [Voting]

Voting is closed. Number of votes in favor. 96.53%. The 15th resolution is adopted. 16th resolution, election of Anne-Sophie Lotgering as a member of the Supervisory Board. Voting is now open. [Voting]

Voting is closed. Number of votes in favor. 99.58%. The 16th resolution is adopted. So we're now going to proceed to the vote on the extraordinary resolutions, which, as I remind you, must obtain 2/3 of the votes. 17th resolution, authorization for the managers or either of them to issue shares and/or equity securities carrying rights to other equity securities and/or securities carrying rights to shares with preemptive subscription rights for existing shareholders. The voting is now open. [Voting]

Voting is closed. Number of votes in favor. 93.22%. The 17th resolution is adopted. 18th resolution, authorization for the managers or either of them to issue shares and/or equity securities carrying rights to other equity securities and/or securities carrying rights to shares through an offer governed by Article L. 4412, Paragraph 1 of the French Monetary and Financial Code without preemptive subscription rights for existing shareholders. Voting is now open. [Voting]

The vote is closed. Number of votes in favor. 94.56%. The 18th resolution is adopted. 19th resolution. Authorization for the managers or either of them to issue shares and/or equity securities carrying rights to other securities and/or other securities carrying rights to shares through public offer not governed by Article L. 4112 Paragraph 1 of the French Monetary and Financial Code without preemptive subscription rights for existing shareholders. The vote is now open. [Voting]

Voting is closed. number of votes in favor. 92.53%. The 19th resolution is adopted. 20th resolution, authorization for the managers or either of them for issues of shares and/or securities carrying rights to shares representing up to 10% of the capital in any 12-month period without preemptive subscription rights pursuant to the 18th and 19th resolutions to set the issue price by the method decided by the shareholders' meeting. Voting is now open. [Voting]

Voting has closed. Number of votes in favor. 94.27%. The 20th resolution is adopted. 21st resolution, authorization for the managers or either of them to increase the number of securities to be issued in the event that an issue with or without preemptive subscription rights is oversubscribed. Voting is now open. [Voting]

Voting is closed. Number of votes in favor 89.84%. The 21st resolution is adopted. 22nd resolution, authorization for the managers or either of them to increase the company's capital by capitalizing reserves, income or additional paid-in capital. Voting is now open. [Voting]

Voting is closed. Number of votes in favor. 99.81%. The 22nd resolution is adopted. 23rd resolution, authorization for the managers or either of them to increase the company's capital by issuing ordinary shares without preemptive subscription rights for existing shareholders in connection with a stock-for-stock offer or in payment of contributed assets. The voting is now open. [Voting]

Voting is closed. Number of votes in favor 94.43%. The 23rd resolution is adopted. 24th resolution, authorization for the managers or either of them to carry out a rights issue for members of a group employee shareholder plan and/or restricted share issues without preemptive subscription rights for existing shareholders. Voting is now open. [Voting]

Voting is closed. Number of votes in favor 99.14%. The 24th resolution is adopted. 25th resolution, blanket ceilings on issues of shares, securities carrying rights to shares or debt securities. Voting is now open. [Voting]

Voting is closed. Number of votes in favor 94.01%. The 25th resolution is adopted. 26th resolution, authorization to grant new or existing bonus shares to the employees and the managers of the company and the employees of group subsidiaries without preemptive subscription rights for existing shareholders. Voting is now open. [Voting]

Voting is closed. Number of votes in favor 94.9%. The 26th resolution is adopted. 27th resolution, authorization for the managers to reduce the company's capital by canceling shares. Voting is now open. [Voting]

Voting is closed. Number of votes in favor 99.61%. The 27th resolution is adopted. 28th resolution, alignment of the bylaws with government order 2024-934 October 15, 2024. The vote is now open. [Voting]

Voting is closed. Number of votes in favor 99.99%. The 28th resolution is adopted. 29th resolution, alignment of the bylaws with Decree No. 2026-94 of February 13, 2026. Voting is now open. [Voting]

Voting is closed. Number of votes in favor 99.98%. The 29th resolution is adopted. And final resolution, the 30th resolution, powers to carry out formalities. The voting is now open. [Voting]

Voting is closed. Number of votes in favor 99.99%. The 29th resolution -- the 30th resolution is adopted. Well done.

Thank you. Thank you very much, Benoit. And I talked about the symphony of materials, but the symphony of resolutions, that's another kind of symphony, isn't it? Thank you very much, Benoit. It's amazing to watch you real off those resolutions. It's amazing. We want more complex resolutions actually to hear you say those. Okay. Well, thank you, Benoit. Now there's no being further business on the agenda, I hereby adjourn the meeting. Thank you for your presence today, your loyalty and your trust. And you're invited to enjoy refreshments in the lobby shortly. And I hope to see you again next year. Thank you again. Thank you for your commitment, and thank you for standing by us. [Statements in English on this transcript were spoken by an interpreter present on the live call.]