Edenred SE (EDEN) Earnings Call Transcript & Summary

Ladies and gentlemen, dear shareholders, I'm very pleased to welcome you at Edenred Shareholders' Meeting once again being held at Comet Bourse in Paris, second district at my side, Virginie, who is the CFO of our group of your house; and Philippe Relland-Bernard, our Legal Counsel of Edenred and Secretary of our Board. [ Metro Gerald Simona Bilaff ] is also present in order to ensure the smooth running of proceedings. I'd also like to thank members of the Board who are attending this meeting. I'd also like to acknowledge the presence of [ Marie-Lottrell ], and Mr. Nicolas Petit from Ernst & Young, our auditors; and Mr. Guillaume Olivier Benell, our auditors from Deloitte. In order to form the bureau, I would call as scrutineers, Credit Mutuel represented by Alexander Ligal holds 223,000 shares and votes. DNCA represented by Elise Gusteau holding 3,932,000 shares and voting rights. My heartfelt thanks to them for agreeing to undertake this duty and to be with us. With the agreement of scrutineers, I propose that we appoint Philippe Relland-Bernard as meeting Secretary. Over to you.

Thank you, Bertrand. Ladies and gentlemen, good morning. We will now undertake the formalities prior to opening. It was convened by the Board on 23rd of February 2026. All formalities for the regularity were implemented in accordance with prevailing legislation. The quorum in order to take valid decisions, the quorum must be 1/5 of voting shares for the ordinary business and 1/4 for the extraordinary meeting. The attendance sheet is currently being checked, but provisionally, I can already indicate that 4,059 shareholders are present or voted by product with 180 million shares in voting rights, that's 77.83% of voting right shares. On the desk are all the documents required by law, the advice of notice of meetings of the 27th of March and 17th of April and in Le Figaro of the 17th of April this year, the full list is set out in the minutes. All documents were made available to company shareholders prior to this AGM in accordance with applicable rules to facilitate the vote on resolutions and to display swiftly the results and electronic voting system will be used by this meeting. You'll have received voting tablets as you entered. I'd ask you to return them as you leave.

Thank you, Philippe. So I'm now in a position to declare open the combined general meeting of Edenred. Very good. So the setup for your general meeting. Firstly, this meeting is broadcast live in French and English and your documents are, of course, available on our website, edenred.com. The year 2025 was marked by sustained shareholder dialogue. Firstly, meetings with institutional shareholders. We met over 1,000 investors taking part in 11 roadshows and 12 conferences throughout the year. This year, as I promised you last year, particular focus was given to individual shareholders, 2 shareholders meeting in Lyon and Toulouse, the shareholders' breakfast at our head office, shareholders' newsletters, also the Paris Investor Week fair where we were able to reach out to 5,000 individual shareholders. All these efforts paid off. My engagement last year, Edenred never topped the 5% mark of individual shareholders. We crossed that in 2025. We're above 5,000 shareholders. I'm pleased to announce that individual shareholders is nearing the 7% mark. So all the efforts of Lucy and under the leadership of Cedric Appert, they paid off in 2025. You can count on us to continue to strengthen or contribute to strengthening individual shareholdership. Our investor base is very international. On the left, you see institutional investors represent 91.11%. On the right, you see the majority shareholding is Anglo-Saxon, the U.S. and the U.K. accounting for 60% of our shareholders, French shareholders representing 11%. The 2 main Edenred shareholders of Baillie Gifford holding about 8.5% and Capital World Investors that hold 6.7%. So very international an institutional shareholders base for Edenred. In the 2.5 hours we'll be spending together, we'll give you a strategic update on who we are and our new strategic plan, Amplify, we'll talk to you about the Edenred Dream Team, solid set of results in 2025. We're focused both on financial and nonfinancial performance, and you see that 2025 was a very good year. Then we'll move into part to focusing on Edenred governance. The statutory auditors will deliver their reports. And then there'll be some 45, 50 minutes devoted to Q&A, during which you'll be able to interact with us, and we'll answer all your questions before we present and vote on the proposed resolutions. Yes, Edenred is the global leader in growth markets, presence in 44 countries. Total revenue in 2025, EUR 3 billion, 70% of operating revenue generated in countries where we are a leader. And the growth rate in 2025 is 2.5, 5x the addressable target markets on which we operate. We operate with 3 business line: benefits and engagement, mobility, payment solutions and new market. The first line accounts for 60%; the second, 26%; the third, 8% of our pro forma operating income in 2025. We recall that Edenred, your house is one of the first leading digital platforms serving 60 million users, 2 million partner merchants and 1 million client companies in our business is to offer each of these stakeholders an enriched value propositions. The markets in which we operate are large markets that account to EUR 1.7 billion. That's the total addressable market. The addressed market is of the order of 40% of that, which means that for Edenred, there are significant growth horizons in terms of core market penetrations. These markets are growing 5% to 7%. That's what we're expecting from the natural growth of the market that in no way presiges the outperformed growth in Edenred. But on these markets, we expect growth of between 5% and 7% between '25 and '28. So Edenred is operating across vast, largely underpenetrated market and growing structurally. What have we achieved together? You see here the performance of Edenred since 2015, be it in total revenue on the left or operating revenue or EBITDA, you see our total revenue since 2015 has grown times 3 and EBITDA has grown times 3.4. So this is profitable and sustainable growth. An important point is our last strategic plan Beyond from 2022 to 2025, you see accelerating growth because our revenue was increased 1.5x and an EBITDA 1.6 over the period 2022 to 2025. Now this growth is made possible, thanks to a unique portfolio of unparalleled solutions. Yes, we have diversified portfolio solutions with benefits and engagement, mobility and payment solutions and new markets representing 60%, 26% and 8% of our pro forma group operating revenue in 2025. If we dive deeper into this equation, disaggregation of revenue, you see the group has diversified these past few years. That's to say the historical core products of Edenred, the meal voucher on the one hand, meal and food and the fuel cards that is mobility and fuel account now for less than 60% of our total revenue and 40% and more of our revenue is generated by adjacent activity to these core and legacy activities. This diversification is even stronger when we split it by customers, merchants or program at Edenred. No single customer represents over 1% of group volume. At Edenred, not one merchant represents 2% of the reimbursement volume. At Edenred, not one country that is a country times a solution accounts for over 10% of our operating revenue, which accounts for the considerable resilience of Edenred in economic situations that are becoming strained as was the case in 2025 will also be the case in 2026. Thanks to the structure of our portfolio, geographic diversification and product diversity, you can count on the considerable resilience of Edenred Group. And in fact, if you look at the changes in adjacent products on our 2 product lines, benefits and mobility, you'll see we've come a long way because the weight of these additional adjacent solutions has increased considerably between 2022 and 2025 as part of the Beyond plan because for employee benefit solutions Beyond that is Beyond Food grew from 26% to 37% in eMobility from 28% to 33%. Louder than words, images. Let's look in images what diversification of our business lines means at Edenred. Employee benefits, strengthening the appeal of companies, motivating employees, supporting partner merchants, clients, users, merchants, the power to ensure loyalty, managed benefits in a single interface, smooth connection with HR tools, smooth inclusion of new clients, gifts, mobility, meals, clients, users, merchants, the power to boost purchasing power, the power to feel valued, appreciated, gifts, food, sports and culture, rewards and recognition, discounts, clients use as merchants, the power to stimulate traffic, the power to promote your brand with a specific audience in a single platform, your transactions, your indicators, your campaigns, clients use as merchants, an ecosystem, shared value, lasting sustainable commitment, the commitment of your employees, launching a discount campaign, promotion campaign, even red holder of a loyalty card. You've just saved EUR 5. A single platform dedicated to benefits and the commitment of employees rolled out across countries. Employee benefits, Edenred. As you can see, the group is diversifying and intends to broaden its diversification, and Constance is going to explain this in a few moments. Looking at our food and meals program, we have had an agitated year, turbulent year in regulatory terms. However, things are becoming clearer. Italy, which accounts for approximately 10% of our pro forma operating revenue in 2025 has gone through regulatory change with a 5% cap on merchant fees. This is now behind us, and the Italian market can now go back to double-digit growth after this recalibration. In Brazil, the situation has clarified on -- with a 3.6% cap on merchant fees, a decrease to 15 days for merchant reimbursement. There's a last part of the presidential decree, which has to be implemented. namely a qualified open loop system for payment. Once the new rules have been set in this clearer situation, this will enable Edenred to reinvent and redeploy with these new market rules. In France, which accounts for 7% of the group's revenue -- pro forma operating revenue, changes in regulation lie ahead. The minister has come out with a statement saying that the reform will be made soon, but this concerns 2 major points. First, full digitalization of meal vouchers from the 1st of January '28. And then of hard copy vouchers, everything will be digitalized in my own office behind a plexiglass screen, I have the last hard copy voucher from Brazil, which was done in 2016. We're going to get there in France, we hope on the 1st of January 2028. The second aspect of the reform is the end of rebates for customers. The major aspects of this reform are good for all the stakeholders, very good for the issuers. And this reform is expected, and we -- there's no doubt on the commitment of the minister so that this reform is implemented as soon as possible in 2026. These regulatory changes have taken -- have had a significant impact on our share price in 2025. What I would like to show is the events that marked the share price in 2025. The green spots show the time when the share price rallied. And these green points always reflect regulatory clarification or the release of Edenred's results. So you can see that at the end of February 2025, the presentation of results for 2024, and you can see the share price going up again. In June, it was a clarification by the minister on the time line for reforms in France. And in October, you had the results of -- the release of Q3 results. In other words, every time we have clarification and a clear time frame on regulation, the share price goes up. Every time Edenred announces its results, the shareholders are reassured as to the resilience of Edenred, whatever the regulatory change may be. Unfortunately, there are also events that account for the decline in the share price in 2025. And we've shown them in red here on the chart. These are always events linked to arising from rumors or regulatory change that the market takes a little time to absorb. And for example, in April 2025, it was the rumor of a digitalized payment by PIX in Brazil. The second red spot is the rumor of an 8% tax on employee benefits. This did not materialize, and it shows that all the politicians from far left to far right were against the government's proposal. So the idea was shelved. And the fourth -- third red spot is Brazil, which has still not clarified the situation. The clarification in Brazil is underway. So all of these events clearly show the unfortunate moves in the share price of the Edenred share in 2025. Fortunately, we are on an upward trend in 2026 since the Edenred share has outperformed the SBF 120 since the 1st of January. And on the chart, you can see that the economic financial results of Edenred have an impact. And also, you have the clarification in France, where we now have clarity on the reform of the meal voucher law in France, which is good for all the stakeholders and good for the issuers of those vouchers. So Edenred is best positioned to succeed across all markets. We have strongly differentiating competitive strengths. Number one, we are market leaders. We are 1.7x bigger than the #2. And in Brazil, 2.3x as big as our second competitor. So we have the capacity to process internally payment volumes since over 90% of our business volume is processed internally. We have 8 solutions per country. You saw an example of this on the employee benefits business line, and we are those in the industry who can invest the most and the investments are EUR 1.5 billion over the past 3 years, and we intend to step up our investment to drive the growth of the group. And let's not forget the revenue model is both resilient and recurring at Edenred. Taking the 2 first strengths, the leadership position and distinctive mission-critical infrastructure. Here, you see our competitors at global, local and regional level. And you see our capacity to offer corporate clients the most complete and integrated solution. And Edenred is on the top right of the chart. So we're the most global player in our industry, and we are the most integrated in the Amplify plan that Constance will be presenting has an absolute must, which is to strengthen the competitive strength versus our partners and competitors. Second, what does this mean? In what sense do we have a unique competitive strength versus the competition? Let's have a look at this with a video. PayTech. Payments, smooth payments, integrated payments, payments anywhere at any time, unique competitive advantage in the sector, Edenred PayTech, payments driver with specific internal uses for our solutions, cutting-edge technologies, our specific features, cutting-edge technology, immediate emission of -- issuance of cards, mobile contact-free payments, integrated digital accounts, at any time, 99.99% availability secure and compliant. Before the transaction, payment authorization rules, verification of the payer, check on transactions in real time, real-time authorization. This is all during the transaction. After the transaction, AI-assisted checks, reliable and certified, large scale, 2025, EUR 1.6 billion in transactions in over 30 countries, 25,000 cards issued -- 25 million cards issued, connecting new national program rollout of Edenred in Bulgaria, digital account for vehicle -- electric vehicle charging in Europe. Edenred, the driver of specific -- for payments for specific uses for reliable, fast deployment on a large scale for Edenred, enriched connections. So I will now hand over to Constance, who is our Director for Strategy and Transformation, who will explain after the Beyond plan that ended in 2025, the Amplify plan which is our new strategic plan. Constance will explain artificial intelligence at Edenred and also the transformation of our platform and the potential in retail media. Constance, it's over to you. We're all ears.

Thank you, Bertrand. Good morning, everyone. I'm very happy to be with you today to tell you about our Amplify plan, which is already underway. And we presented it in November 2025. It's a profitable, sustainable plan based on a simple plan, which is more user on the platform and more value per user. As Bertrand has emphasized previously, we have unique tools, which enables us to activate 3 growth drivers. The first one is attract, which will continue to attract -- contribute to 50% to 60% of revenue from 2025 to 2028. We'll amplify the acquisition of new clients and increase the number of users on our platform. Next, enrich, which will contribute 30% to 40% of organic growth in revenue in the next 3 years. It will involve its fully exploiting cross-sell and upsell. And the third pillar which will enable us to fully operate our B2B and B2C base. It will enable us to activate audience and deliver new services to partner merchants. Let's start off with the first pillar, which is attract. Through our successful diversification under the Beyond plan combined with our digital transformation, we are amplifying our customer acquisition opportunities in markets, as Bertrand explained, that are growth markets, but also very much underpenetrated very specifically. This has enabled us to continue accelerating client acquisition in 2025 with over 700,000 new SME users of our solutions through the Amplify digital lead generation, AI automation for sales processes and seamless customer onboarding of users on our platform. It also involves extending customer reach through new distribution channels with 30 new partners who are distributing our solution through our platform, thereby strengthening our position as a distributor platform. This also concerns mobility with new partners such as Daimler, Shell and Arval and MAN. Moving on to the next pillar, which is enrich. We are attracting new clients, new users on our platform. With enrich, we will unlock the full potential of cross-sales and upsell. We are the only player in our industry to propose a full suite of digital solutions that we can sell to our clients. For employee benefits, we have established a unique portfolio of 3 to 8 solutions per country going from meal vouchers to food with other benefits such as gifts, health services, child care, sport and culture with a full integrated suite of commitments solution that is unparalleled. This also applies to mobility with 360-degree mobility, including 4 to 7 solutions with fuel, EV charging. And here's a short video to illustrate. Clients, users, merchants, a unique interface to manage mobility services, drivers and vehicles, data, optimize your management with customized solutions, energy costs, credit limits, use of charging points, a full offering in electric mobility, establishment of charging points on the workplace, fleet management augmented through AI, intelligent co-piloting for day-to-day management. Clients, users, merchants, manager to driver, sharing the itinerary, Fred's itinerary, fuel price sharing the itinerary. Edenred, new itinerary received, AI assistance to guide your trips. Where is the nearest garage. Sharing with the fleet manager, smart itineraries, on-road services connected to the fleet management at all times, Edenred transaction authorized, secure fuel purchase, clients, users, merchants, how do you add it for offices, performance monitoring, comparison with peers, express refunds, pertinent commercial information. Clients, users, merchants, a more efficient ecosystem, reliable, durable, sustainable, efficient, Edenred. Enrich connections. Enrich is at the heart of a virtuous growth circle, strengthening value delivered to clients and users and to grow the revenue that we generate per user. On the one hand, cross-selling by enriching our value proposition. That's the case, for example, in Brazil, where we acquired RB to strengthen our value proposition and be the leader of the transport ticket in Brazil. RB total revenue growth in 2025, plus 60% over 2024. It's also the case with additional sales that is converting the maximum legal face value increase into users' benefits with Edenred solution. 2025, 40% of meal and food business volume concerned by a maximum legal face value increase. In 2026, that number exceeds 50%. In Italy, plus 25%, plus 25% in Belgium and Romania, growth plan of 12.5%. Let's move now to pillar 3 of Amplify that also contributes to increasing ARPU, activate our users, enrich our audience and deliver more services for our partner merchants. We have a unique asset, which is our 60 million users of Edenred solutions. These users are worldwide, 44 countries, all sectors and all functions combined, the users, over 96% are digitized, increasingly engaged with our solution and active users connecting to our app on average up to 7 times a month in addition to the daily transactions with our solutions, with our 2 million merchant partners generating highly qualified traffic. This audience, we're already activating with our partner merchant through developing our retail media business up 30% in 2025. So in summary, with Amplify, Edenred is committed to continuing its growth and transformation trend through more users and more revenue per user, as we've shown in the past from going EUR 25 per user in 2016 to EUR 45. Today, our ambition is to reach EUR 70 in 2030 and beyond through our organic pillars, enrich and activate and continuing our portfolio diversification and our M&A policy. At the heart of Amplify and supporting all pillars, data and AI, it's a virtuous transformation for Edenred, resting on 3 pillars and aims on the one hand, to increase each of our employees through their benefits and to redesign our critical processes to make them more impactful and more importantly, considerably strengthen our competitive advantage, all this resting on a data foundation, high-quality data available and ready to use. Pillar 1, enhanced employee benefits, which is the pillar 1 of our transformation plan. We've developed an internal tool, EdenChat that each employee has with a sustained training plan to support the use. And there are over 6 million monthly active users connected to the best market models, ChatGPT Mistral, Claude, it's secure data management and allows active use at a control cost. The cost of solution for our employees is EUR 1.5 per employee per month to be compared with market solutions of the order of some EUR 25 to EUR 30 a month. Second part, obviously, rethinking the critical process from end-to-end. That's part of the personalized customer relationship to leverage AI to enrich our customer pathway and offer personalized real-time support with 24/7 availability, better quality of service and greater efficiency of the full process. Also the case for developing products where we use the benchmark market solutions to grow and to review the process going from analyzing customer feedback, accelerating prototyping and launch of new phys to boost the productivity of the tech team of over 20% over the next 3 years. Lastly, pillar 3 strengthen product competitiveness. AI allows us to fully rethink certain of our office offers and business models to boost our competitiveness. It's the case of our B2B fleet management in Brazil. We're #1 in that market with over 30,000 repair shops, 550,000 vehicles that use our solution. Thanks to AI, we can review the full product offering, the maintenance detection, service scheduling, vehicle diagnosis, service order approval, vehicle maintenance, lastly, invoicing and payment by revamping the full offer with AI. It's a reduction of human intervention during the process by 40% and an automatic acceptance rate times to better quality of service and better efficiency for Edenred. The data AI transformation plan is complete, covers all the pillars that attract, enrich, activate a growth and transformation plan resting on data and AI and that is carried by our 12,000 employees group-wide. I'm going to call up Jacques to talk to us about the Edenred Green team that supports the Amplify plan.

Ladies and gentlemen, good morning. Dear shareholders, what makes us so confident in the future of Edenred, we are confident because behind every figure, every solution, every customer served, there are men and women that are engaged daily throughout the world. Edenred is a large family of 12,000 employees of 94 different nationalities with an average age of 37. We call it our Dream Team. But over and above the numbers, the Edenred Dream Team is, first of all, a mindset, not a culture that is imposed from above, but a culture that is lived daily and is shared that we recognize through attitude, decisions and especially in moments that really count. I'd like to share with you 3 very tangible illustrations of what the Edenred culture is. Firstly, in Dubai, in the context of strong regional tension, we secured our local teams whilst ensuring service continuity. And thanks to them, over 2 million users such as those shown on the screen, were able to continue to receive their salary without delay. That's the customer passion to deliver on our promises, to be true to our commitments even when times get challenging. And then an AI Hackathon organized group-wide, bringing together for 2 days Edenred teams from around the world devised record solutions, smart AI product design support or commercial decision-making support. These are decisions that represent the entrepreneurial mindset and innovation of our team. At Edenred, we have our destiny in our hands. And in Brazil, call after call, our teams at customer service are committed to support companies and their employees a discrete constant key commitment and profoundly aligned with our values, customer passion and simplicity, very different context, but one culture, a dream team that is there for its partners and partner merchants innovating tirelessly. Our responsibility is clear, preserve and reinforce and grow the precious assets, give our teams the means, the confidence and the desire to deliver their best daily. That's how we're building today's performance and confidence in the future of Edenred. And now over to Virginie who will talk to us about financial performance in 2025.

Good morning, ladies and gentlemen. Dear shareholders, very happy to be with you for my first AGM as the CFO of Edenred. I will dwell on the excellent results of your group in 2025. First of all, in 2025, Edenred delivered excellent operating and financial performance. Operating revenue was up 6.2% like-for-like and EBITDA 11.2%. And our goal was to have 10% growth. As a reminder, EBITDA to free cash flow at 82%, plus 12 points up on 2025. And finally, our adjusted EPS dividend per share stands at EUR 2.59, up 10% on the year. Now looking at the breakdown. We had operating revenue per business line at plus 6.2%, which is 8.3%, excluding the impact of regulatory change in Italy. This growth is driven by Mobility, up 11.7% and Benefits up 5.9%. Complementary Solutions were down 4.6%, reflecting our diversification. Now per geography, Europe, up plus 1%, 4.5% if you remove -- excluding the regulatory change in Italy, whereas Latin America and the Rest of the World showed double-digit growth, 13.2% and 16.8%, respectively. In terms of intrinsic EBITDA growth, we delivered EBITDA growth of 8.3% and by intrinsic growth means on a comparable like-for-like basis, excluding regulatory impact of changes regarding meal vouchers in Italy, we generated 11.2% growth in EBITDA, and this reflects intrinsic growth of 15.6%, notwithstanding regulatory change, Edenred has continued to show its resilience. Moving on now to cash flow. Free cash flow was up 34%, driven by the growth of EBITDA and the increase of our fleet. The conversion rate of EBITDA to free cash flow was up. This strong cash flow enables the group to boost in shareholder return to reduce the debt load. And as you can see, we have reduced leverage to 0.9 from 1.4 and to finance the necessary investments for our strategic plan that Constance has just presented. We're closing the year of net debt of EUR 1.2 billion, down 31% with leverage of 0.9, which provides a very good financial flexibility. Coming to capital allocation, it seeks to combine growth and heightened shareholder return. First, organic growth is the priority. We plan to invest and exploit organic growth opportunities in order to roll out our Amplify plan. Next, we want to use our balance sheet strength to exploit external growth opportunities while applying rigorous financial and strategic discipline. In terms of shareholder return, we will be submitting -- tabling to the vote a payout of a EUR 1.33 dividend per share for 2025. And we can offer -- this is an offer -- this is up 10% from 2024. This is fully part of our gradual increase in dividend payments, reflecting the confidence of our group in generating sustainable, profitable growth over the long term. Moreover, we're continuing to execute our share buyback program for EUR 3.3 billion. And finally, we want to maintain our strong investment-grade rating from the rating agencies. S&P has confirmed our A- rating at the end of 2025. In terms of financial targets, we've confirmed our guidance for 2026 and beyond. 2026 with a year of rebasing before returning to profitable and sustainable growth from 2027 onwards. And for 2026, given the impact of regulatory change in Brazil and Italy, we are aiming for a decline of organic growth of minus 8% to minus 12% with an impact on our cash flow of 35%. This goal reflects EBITDA growth targets of 8% to 12% with a conversion of EBITDA to free cash flow of less than 65%, which are the goals under our Amplify plan. Now let's look at Q1 2026 revenue that we released 10 days ago. And looking at the beginning of 2026, we have recorded Q1 performance, which augurs well for 2026 and beyond. Indeed, we started 2026 with the same level of intrinsic growth as in 2025, plus 8.2% in Q1 '26 versus 8.3% increase for 2025. The impact of regulatory change in Italy was consistent with our forecast. And for Brazil, it has only weighed on March. These reforms have changed the financial conditions for issues of vouchers. The volume of issuance is continuing to grow both in Brazil and in Italy. Operating revenue stands at EUR 446 million in the first quarter, up 0.2% on a like-for-like basis, notwithstanding the impact of regulatory change in Brazil and Italy and the growth of -- excluding this, the growth would have been 7.8%. Operating income from mobility was up 10% on a like-for-like, reflecting the pertinence of Edenred's offering and operating revenue of our third business, which is new markets stood at EUR 51 million, up 6.2%, reflecting solid growth. Our total revenue, as you can see, was up 3.1% like-for-like, which is up 0.8% on a published basis and 8.2% intrinsic. So total revenue stands at EUR 730 million in the first quarter. As you can see, your group places great emphasis on delivering financial performance, but also extra financial. And I will now hand over to Flore Cholley, who will talk to you about extra financial performance. Thank you very much.

Good morning, everyone. Indeed, in addition to financial performance, Edenred is also recognized for its extra financial performance through its 3-pillar CSR strategy. First of all, Edenred promotes diversity and inclusion in all its geographies. 38% women were among executive positions, we had 38% held by women. On the environment, Edenred is committed to a zero net carbon emission by 2050, which has been approved by the relevant agencies. As part of this, Edenred is continuing to reduce CO2 emissions at GHGs in 2025 on 2019. Looking at progress, Edenred wishes to continue to support its clients on CSR and is promoting sustainable food and access to sustainable mobility. This is recognized by leading EcoVadis. For the first time in its history, Edenred was awarded the gold medal by EcoVadis with 77 out of 100, up 5 points on last year. This performance -- this is important for Edenred. The EcoVadis performance of the group is important and enables us in our -- during our tenders to prove the pertinence of Edenred's performance. The second point on this S&P indicator, Edenred was up 6 points in 2025 and is in the top 3% of this key indicator. And finally, for the first time in its history, Edenred is proud to have achieved an A rating for CDP, which is a key indicator on clients and -- this A performance in 2025 is comparable to the average, which is C on this indicator. By obtaining an A rating through CDP, Edenred is in the top 4% among the 22,000 companies who are committed on this indicator. This is a very strong recognition for Edenred of its climate action and its strong competitive advantage. To summarize, Edenred is continuing to better serve its clients in its 44 countries. And to continue, I will call on Bertrand to take over.

Thank you, Flore. So moving to part 2 of our meeting around the governance of your fine company, Edenred. Firstly, the Board, this Board of Directors response to the governance principle of AFEP-MEDEF, articulation of 13 members, high attendance ratio, 82% and gender equality respected 46% women amongst the directors appointed by the AGM. Motor governance revolves around 3 committees to prepare fully, the Board Risk and Nomination CSR and Engagement Committee. The current composition of your Board of Directors, you have about 82% of directors who are qualified as independent. This Board of Directors is undergoing renewal. Maelle Gavet and Jean-Romain Lhomme are leaving after 12 years and 13 years, are effective in their independence, and they will, therefore, be replaced by the following persons who will come and introduce themselves. Kelly, Augustin proposed to your approval, also the renewal of Bernardo. Lastly, we're very pleased to welcome to the Board, Fanny Mitre will also come and introduce herself. And she is the Employee Representative Director. Employees selected Fanny to become a Director of Edenred Group. If we secure your approval following the AGM in 2026, then the Board will comprise 11 members with over close on 89% directors qualified as independent. These 11 members, as you can see, represent the right combination to cover all the group's business activities and its future. For example, it's a very international Board, a Board that is highly digital, a Board with an in-depth knowledge of B2B2C platforms at the heart of Edenred's business. I now will ask Kelly to come and introduce herself.

Thank you. Delighted to be here before you today. I'll give a brief introduction. I'm Swiss, British and South African in nationality. I started out as an entrepreneur after studying in INSEAD, and MBA 25 years ago INSEAD in Fontainebleau here in France. I began as an entrepreneur by co-founding A4Vision, active in biometrics and identity management after several acquisitions by diverse U.S. companies and Canadian. Our solution is still used by a French company here. After that, I embarked in a career in cybersecurity in quantum cryptographics that is now the global standard in the face of vulnerabilities introduced by future quantum computers. And now it's a standard in cryptography of European companies. Then I embarked on the blockchain adventure, a global payment system that is open, introduced by Meta and based on the stablecoin and the blockchain. Now I hold several positions on boards linked to technological intelligence in highly regulated SandboxAQ, a spin-off of Google active in AI and cybersecurity, especially with the impact of Agentic AI and cybersecurity. I'm also active in the venture capital firm Amadeus Capital Partners, where we invest in cybersecurity, quantum and AI company. Lastly, with several directorships linked to tech innovation and the cybersecurity and operational risk. With also a health insurance company in Switzerland, a start-up in the U.K. where I chair Pimloc, a company active in the field of personal data protection and AI. I'm also delighted to support the tech vision of Edenred going forward as part of our Amplify strategic plan. Thank you for your attention today.

Ladies and gentlemen, good morning, Augustin de Romanet. I had 5 lives. My life today is 1/3 in charge of various association. The first is Paris Europlace to promote Paris as a financial center, 2/3 is business adviser since I have no operational activity. My other lives, the first was to be senior official at the Budget Ministry, where I principally was in charge of the French or European budget for some 10 years. Second life was adviser of political authorities, adviser of Finance Minister, another for social cohesion of Prime Minister Jean-Pierre Raffarin, Deputy Chief of Staff for Jacques Chirac. Third life in private company for 3 years. I was partner Oddoh for IPOs and M&A, and I was briefly Deputy CFO of Credit Agricole. Lastly, my last life that was the longest the last 70 years, I headed up CDC for 5 years and ADP for 12 years. Thank you.

Good morning. Delighted to be with you. Fanny Mitre, Tax Director of Edenred for some 5.5 years. I started out my career as a tax lawyer in French firms, and then I joined Thales as tax adviser and headed up a group specialized in airport services held by an LBO for 5 years. Now I've been in the Edenred team, and I'd like to thank the Social and Economic Committee for displaying a lot of trust in the employee director representing employees. I hope to be able to promote and amplify performance growth, sustainable growth and also employee well-being. Thank you.

Thank you, Kelly. Thank you, Augustin. Thank you, Fanny. Welcome aboard for the exciting growth ventures of Edenred. As you can see, the selection process for directors is a rigorous process that follows 5 stages. Firstly, determining skills and competencies necessary for the future candidate and the assistance of a consultant to draw up a short list of candidates based on the determined profile, and then many interviews with candidates prior to selection, and then the selection phase led by the appointments, nominations and CSR Committee, presentation of the candidate to the Board and proposal of your Board of Directors to the AGM for the submission of these candidacies. Your Board had a lot of work in 2025 of work on recurring matters such as approving the financial statements, strategic goals, tracking share ownership or the implementation of people, planet progress, CSR policy-specific issues addressed 2025. I'd cite the new strategic plan amplifying and preparing the Capital Market Day. Of course, stock price evolution, launch and monitoring of the Fit for Growth plan or continuing regulatory developments in Italy and Brazil. Dialogue is important between the Board and the Executive Committee, notably during the annual strategic seminar over 2 days, but also at each Board meeting on current issue where ExCo members are invited to explain matters and to discuss that with the Board and all that's integrated in the group's processes. In fact, the satisfaction rate is high on the Executive Committee participation reported in the Board's annual assessment. The leaders of your group also undergo a succession process that is extensive and regular extensive. It continues. It involves the 25 group key managers, and the succession plans are reviewed by nominations, appointments and CSR committee. All situations are addressed, emergency succession, short-term succession, as well as long-term succession. And if you would like further information, you'll find them on Pages 328 of the URD. The Board undergoes an annual assessment, which is a self-assessment. And every 3 years, an assessment is conducted by a legal external firm. The external evaluation was undertaken in 2025. The main lessons are as follows: firstly, satisfactory scores on operations, recent improvement initiatives, and we can say the Board remains an efficient and action-oriented body with a commitment -- committed and invested individuals. There were identified areas of improvement which we seek to implement. Firstly, enhanced strategic discussions amongst us facing an environment, about which the least can be said is that it's full of surprises and to strengthen for each Board member control over technical challenges. Edenred is increasingly a tech company, and good control of these technological issues to be able to take proper decisions with the relevant hindsight of the Board. In 2026, additional training sessions were organized for Board members on AI and what it represents for Edenred. Cybersecurity matters, we have about EUR 100 billion in volume that transits by our planet. And then the revolution of electromobility, which is a rapidly changing sector with many players moving in, and it's key to continue to be trained on these matters. Following the AGM and subject to your approval, the composition of the 3 committees of the Board would be as follows: Audit and Risk Committee chaired by Bernardo with the arrival of Kelly on this Audit and Risk Committee, a Compensation Appointments and CSR Committee chaired by Dominique. And lastly, a Commitment committee where Philippe Vallée will assume the Chair of this committee, welcoming Kristell as Committee member. It's now time for me to hand over to Bernardo, who will report to you on the work of the Audit and Risk Committee in 2025.

Ladies and gentlemen, good morning. I'd like to present to you the work of the Audit and Risk Committee of this year. As you know, the Audit Risk Committee is comprised of 4 individuals up until today. Bertrand just presented the probable change as of the next session. So we have 4 directors comprising the committee, all independent. We met on 4 occasions in 2025 with an attendance rate of 93%. The prime mission of the Audit and Risk Committee is to ensure with the statutory auditors that the accounting policies are appropriate and applied consistently and to monitor the process for the preparation of financial information concerning the group's activities to make sure they fairly and specifically reflect performance and achieving the financial and strategic goals. Since 2024, the committee is also in charge of monitoring implementation of sustainability information. During meetings in 2025, we undertook the presented tasks. We devoted 2 of our 4 meetings to reviewing the full parent company financial statements and the implementation of accounting principle and training in terms of sustainability. Furthermore, the Audit and Risk Committee assesses the control of the group's risk exposure. This is done with a risk map that represents all the risks with which we are confronted. This mapping is updated on an annual basis. And for each risk category, we ensure there's an action plan and an individual or a team in charge of tracking the risks and risk remediation. This year, we include improved transaction security given the very considerable volume of transactions processed on our platforms. And that through the certification of the group's strategic platforms and with the help of digitization and automation of identification of risk tracking procedures. Lastly, the group was very attentive to making sure that all employees were trained and fully involved on compliance issues, essentially antitrust. Thank you.

Good morning, ladies and gentlemen. I'm [ Dominique D'Hinnin ]. I'm the Chair of the Remunerations, Appointments and CSR Committee. This committee includes 3 directors, 2 are independent, 1 from the employee representatives, consistent with the AFEP-MEDEF code, which requires that we have employee representative, in particular, regarding remuneration. We met on 4 occasions in 2025. The attendance rate was at 100%. And I can assure you that the meetings keep us very busy. The first of our duties regards remuneration of corporate officers, in particular, that of the CEO and that of the directors, which were previously called attendance fees. Regarding appointments in 2025, we recommended to you that you renew the term of office of Bertrand Dumazy and that you elect new members to the Board who have introduced themselves today. This also concerns the in-depth review of succession plans. In other words, who are the future senior management members of the group in the event of a departure of accident. And finally, we examine the performance of your group regarding its social responsibility, CSR. We meet façon régulière on a regular basis, and you have been able to see the very good work that has been done in this area. Now regarding remuneration policy of the CEO, this is based on 4 key principles. First, continuity in the remuneration, the compensation structure. And in 2025, the compensation structure was identical to that of the previous year. And what we -- you will be called upon to vote today for 2026 does not involve any structural change on 2025. The second key point is compliance with legal and regulatory requirements and the recommendations of the AFEP-MEDEF code, and this is being done. Third, comparability. In other words, we check that compensation on which you vote is consistent with market practice in France for comparable companies comparable to Edenred in terms of size and performance. And fourth, and this is a specific point. It's the weight of performance indicators as part of the compensation package of the CEO and of the senior management team. These performance indicators represent 82% of the target total compensation, which is an increasing proportion. And to compare other companies of the same size and performance of Edenred, it's higher than them. And this reflects the importance we place on growth and results in the group. The breakdown of the remuneration compensation package of the Chairman and CEO. The gross annual fixed is EUR 1,133,00, up 10% on the previous year. Why 10%? Well, we are talking about the renewal of the term of office for 4 years to the senior management. So this 10% increase is not an annual, although it's done on a single year, but it will be valid for the 4 years that lie ahead. So you have to divide by just over 4 in order to have a comparable increase per annum. Next is gross annual variable compensation, which accounts for 120% of fixed compensation if all the targets are reached and which can go up to 180% if -- in the event of outperformance. And finally, long-term compensation will be proposed in the form of free allocation of what we call performance shares. So the allocation is governed by the attainment of quantified targets over the next 3 years. So that's what is being recommended for 2026. Looking at 2025, there was fixed remuneration of EUR 1,030,000, annual variation -- variable compensation of EUR 1,726,000, taking into account the operational performance of the company. You've seen the figures that have been presented by Virginie. Few companies can display such resilience in their results, notwithstanding a very challenging international environment. And finally, the performance of the company has led us to to allocate to Mr. Dumazy, 136,000 performance shares representing EUR 3.1 million. This is based purely on quantitative performance. There's no qualitative indicator for this allocation. So this is completely objective for 2025. Thank you.

Briefly, you will also be called upon to vote on the compensation of the directors as a whole. So you will see the figures. Of course, these figures can be consulted in the documents.

Thank you very much, Dominique. Thank you, Philippe. Now we should move on to the statutory auditor's report, and Guillaume Crunelle is here representing Deloitte.

Ladies and gentlemen, good morning. On behalf of the college of statutory auditors, EY and Deloitte, I'm going to give an opinion on the financial statements of 2025. Our work was to ensure reasonable assurance on the true and fair view of the financial position of the company based on the company financial statements for 2025 and to ensure that there were no significant anomalies. Our companies examined all the significant entities of the group. International coordination audit was done in such a way to ensure that we were able to deliver a qualified opinion. No significant change in IFRS standards occurred during the year. We took into account the specific features of the group in terms of businesses, regulation, risks, organizational structure, IT systems and internal control. The detailed conclusions of our work were presented to the Audit Committee and the Board of Directors. So I won't read out fully our report, which can be found in the documents, but I will simply highlight the key points as follows. First of all, our report on -- includes 3 key audit points for 2025, namely the evaluation of goodwill, the accounting on funds to be refunded and the evaluation of disputes, our report on the annual accounts on the universal registration document. Regarding the Edenred financial statements, we have one key point which concerns the evaluation of participation securities and attendant amounts owed. And we examined the main evaluations, their sensitivity to structural assumptions, and we ensured that we had the proper quality of financial information. Our report has a technical evaluation regarding A and C regulation, the impact of which is to be found in the appendix. We recommend specific due diligence consistent with the [indiscernible]. This is part of our audit approach for the corporate financial statements. It enables us to form an opinion and deliver unqualified approval of the financial statements for -- of your group. Consistent with rules, we have issued an opinion on the related party reports on which you will be required to vote, and also a report on capital transactions that do not call for any comment to be found on Pages 427 to 430 of the registration document and concern resolutions 14, 20 and 22, on which you will be voting. We also issued statements on sponsoring without any resolution for voting. No particular report -- no particular comment here. And without there being any resolution here, we certified the report on sustainable development prepared according to the ESRS norms on CSR. The report is to be found on Pages 137 to 139 of the registration document. The legal mission that the -- is for certification on the basis of limited assurance. The extent and scope of the report is less than what is required to obtain reasonable assurance. Our certification is being done on the second year of implementation of CSRD. With gradual strengthening of internal control, the conclusions of our limited assurance report have been submitted to the Board and to the Audit Committee. They concern 3 main areas: compliance with ESRS, process of defining the information and sustainable development assurances consistent with the code of commerce and the ESRS and finally, compliant with the release of information under Article 8 of the EU Rule 2020/852 on taxonomy. On the basis of the checks that we conducted, we did not find any inconsistencies or errors. This concludes our statement. Ladies and gentlemen, dear shareholders, thank you very much.

Thank you, Guillaume, for all that work and for your report. Before we move into our Q&A session, I'd like to take this opportunity to pay tribute to Maelle Gavet and Jean-Romain Lhomme, who are attending their last Edenred AGM as director. On your behalf, shareholders, but also on behalf of the 12,000 employees at Edenred, I'd like to thank them warmly. Their wisdom, their intelligence and their loyalty contributed greatly to the success of our shared common house, Edenred, these past 12, 13 years. Maelle, Jean-Romain, a heartfelt thanks to you.

So let me remind you the Q&A session. [Operator Instructions]

Right. Thank you, [ Claude ]. Question pertaining to the share price. In a recent interview, Chairman, you described the year 2025 for Edenred as a [ Chirac ] in nature. It's true that [ Chuvuon ] was interviewed, you citing 2 sentences that have been spoken by Jacques Chirac. Problems always come in droves, or regarding the share price, don't take account of the ups and downs. The main problem was when Edenred exited the CAT 41.5 years after it joined. But when it joined the Paris benchmark in June 2023, all lights were green, driven by meal vouchers. The Edenred share price increased between -- about 70% between February and June 2023. But since then, the momentum has clearly gone into a reverse. The share is listed at EUR 21 as against EUR 62 3 years ago. Aside from exiting the CAT 40, Edenred has had increased bad news. In Italy, suspicion of dominant position, we're at the beginning of an investigation that will run for at least 5 years, cost us EUR 120 million. Secondly, Brazil, a meal workers' program that was imbalanced, that will cost between EUR 150 million to EUR 170 million to put things to right. Thirdly, in France, reform under discussion for 2 years, end of paper, but also rebalancing the system when your peer is digitizing his vouchers for some 3 years. As long as these problems have not been resolved, the share price will continue to stagnate. Proof of that is opportunist funds are taking short positions in our share capital. Chairman, do you believe -- and I come now to my that reintegration in the CAC 40 benchmark index will restore the market's confidence and restore the colors to the share price? And what are the means you're going to implement to achieve that?

Well, thank you for the quality of your presentation and your question. Well, first of all, it's true that there's a significant disconnect for some 2 years now between the share price and Edenred's economic performance. The '25 financials attest to that a group that's deleveraged that has a historic cash generation continues its growth from top to bottom of the P&L, but also a very ambitious group if you look at the Amplify plan presented earlier by Constance. I think there's a first category that is being purged, which is the regulatory. That's to say you have 2 markets in the world that have been unbalanced from their origin that is for 40 and 50 years ago. Italy and Brazil, where the employer didn't even pay the amount due to the employee. That's to say, I'm an employer. I owe you 100 in meal vouchers, and I pay to the issuer less than 100. So it's the merchant who pays the difference, plus the Edenred margin, 2 countries in the world where it was structurally the case. Italy and Brazil, the Italians said employers must pay more. The only way of getting them to pay more is to cap merchant commissions at 5%. That's what the market is doing. All the market players are currently rebalancing what was paid previously by the merchants to make that a bit more paid by the employer. And the Italian market is a market that will probably allow us to achieve double-digit growth because at the same time, the regulator said that we want more meal vouchers and we want more users with a higher unit. That is to say at the same time, the Italian regulator has increased by 25%, the face value. At the same time, the Italian regulator increased another Edenred product line, Welfare, where you had an amount that has increased fourfold in a year. What does that mean? It means that it's very painful to overhaul and revamp the rules, but it's very encouraging because now it's done. We're now in a stable and sustainable framework for many years. In Brazil, we're still in the midst of the dust that is still settling after the sudden regulatory, rather abrupt and more incisive measures taken. On the commissions, it's settled. On payment terms, it's settled. Now we need an open and qualified system. Once that's in place, Edenred will be able to redeploy. On the amount you cited, I clearly explained that not knowing what was going to emerge from that. I put the clock back to 0 in Brazil in terms of input. And so we're open to the opportunities there. The good news is now the market has been redefined. We're going to redeploy in Brazil and return our share of voice. And if the fat slim, then the small players die, which will probably happen. Yes, the year was very intense in terms of redefining the regulatory landscape in past. We have to swallow what it costs us, but it's up to us to redeploy. And it's clearly what is presented in the Amplify plan. So in answer to your question, yes. What are we going to do to be more convincing for the markets? First thing we're going to do is to continue to deliver quarter after quarter and preferably beyond the consensus that is formed. You see it in Q1 2025, we're delivering more than the market expects with the share price sharply up and is still ahead of the SBF 120 by 14%. So the first imperative is to continue to deliver. Second imperative is to continue to invest because we're on markets that are largely underpenetrated growth and vast where Edenred is a leader. Third thing we're going to do is to accelerate in data and AI. Why? Because we're convinced that the technological breakthrough of AI will allow Edenred to recreate a very considerable competitive gap as we did 10 years ago by going flat out in a disciplined manner with massive investment to distance ourselves from our competition. With what we've done, we will do it even further higher with this tech breakthrough. If we do that and if we continue to grow the company's results, then the market will gradually return to like this model. It's not a consolation, but in fact, it's the whole of our industry was hurt in the markets. If you look at our performance of Pluxee, which is our only peer, comparable peer, Pluxee has been hurt more than we have since its introduction. If we deliver what I've just said, then the resilience and sustainable growth of Edenred will become more attractive, both in absolute and relative terms. And if we do that well, then the consequence might be a reintegration of the CAC 40, but it will come as a consequence and not as a course. In ending, I'd add a couple of additional points to your very clear presentation of the situation. Swile is digitizing, but so in fact, the proportion of paper in the customers that we serve is the order of about 10%, whereas we were 100% 10 years ago. So in fact, the big player in digitization was the market leader in France, that is Edenred. Just as a small clarification. Having said that, it's the past, what we're interested in is today and tomorrow. We're accelerating our CapEx. We're incorporating AI at pace with pleasure to recreate a competitive edge. I'll give you an example today. In Brazil, if you want to enter the Edenred platforms, you can do that henceforth with WhatsApp and simply through voice and an agent. You don't have to type if you're a driver. And if you have the digital virtual assistant of [ Edenred Ted ], we'll show you the optimum route to find you to get a filling station by optimizing your CO2, that's Edenred integrated with AI. Thank you for the quality of your presentation and your question. Well, there are tablets around. Yes, if you can move around with the microphones. And now the gentleman is #1.

Mr. Dumazy, congratulations because I've been following you since your appointment in 2015. I greatly appreciate your presentations by yourself and by your members of your team, all very clear. And I thought your answers to the first question were very pertinent and very full answers. Now notwithstanding these headwinds, I think that you are counting the steering strong course here, sticking to your course. Now a question on PayTech versus the banking world. What are the interactions? And I find it difficult to understand because you are -- you collect relatively large amounts, and this is perhaps an obstacle in relation to everything that you've explained. And congratulations again.

Thank you very much for your encouraging words. It's a great honor to hear that. It confers even more responsibility on this. I'll try to keep things simple because PayTech is a technology. It's a whole factory. It's not very easy to understand. And to give you some simple explanations, one of the competitive strengths of Edenred is to have defined the assets that we wanted to keep as core skills because we feel that one of the core skills of Edenred is the capacity to be an issuer. So we issue and sell a program to corporates, but also the scheme, which is the whole system for acquiring the system, whereby you go to a merchant, you pay using the terminal payment. The transaction goes into a pipeline, which is a scheme. It can be Visa, Mastercard. It can also be Edenred. And the last part is the body that takes the transaction and will clear the transaction and will pay it. So when you use a credit card in France, a Visa card, you may have a Credit Lyonnais account. I'm not doing any -- no advertising intended here. Then you go to sushi shop and the payment terminal at sushi shop may be run, for example, by Credit Mutuel. So what happens here? You pay with your card. So there's a transaction between your bank, which is Credit Lyonnais, to take that example. And your bank, which is Credit Mutuel, which will take that transaction. Now there's a pipeline in the middle, which is the Visa card. Credit Mutuel takes the transaction. Once it's been cleared, it will credit the account of the merchant. That's the banking sector on universal transactions. When you're in an Edenred transaction, the issuer, in the event Credit Lyonnais for the universal transaction, it becomes Edenred. In other words, we manage the account into which the -- from which the money will be drawn. The transaction goes into the pipeline. And on a large scale, it's an Edenred pipeline. We've built, in other words, our own payment structure. When it's on a smaller scale, we use -- we rent the capacity of big schemes such as [ Capteblu ], which has a network, a scheme that we use. In other countries, it can be Mastercard, Visa. In Brazil, we use Brazilian players. In Turkey, Turkish player. And then there's the acquisition of the transaction, but what we have is these are targeted funds. We're saying that it's Mr. so and so who wants to spend EUR 22. Is the current account credited with EUR 22? Yes or no. If it's yes, then the transaction is accepted. With us, it's much more complicated because this is -- these are targeted funds. So in other words, does the specific Edenred account, is it credited with the EUR 22? Is this the right day? Is he allowed to spend on this particular day? Is it the right merchant? If it's a meal voucher, it can't -- the amount can't be spent at a merchant who has not been accredited in the Edenred network to sell food. So is it the right day, the right merchant and are the right products being purchased. So when you have a filter process per article, you can go to a food shop and buy a magazine. But in that case, the transaction will be rejected. So the filtering of the transaction is much more complex in the system such as our own versus universal transaction systems such as that of the bank. So all of these capacities have been internalized at Edenred, and we can do this on a large scale with a transaction time which is reliable to 99.99% with all cybersecurity, et cetera. But you can see that the systems are different. There are parallels, but there's greater complexity on know-how internal with targeted financial flows. Why did we decide to internalize this? Quite simply because the payment universe is changing very rapidly, and we don't want to be left behind the major North American players who dominate the payment universe. We want to keep these skills in-house in order to be able to supervise everything. Sometimes there's a mistaken vision of Edenred where people say there's a new [ PIX ] digital payment system. This is going to spell the demise of Edenred. No, [ PIX ] is like a card or a mobile phone or a barcode. It's a new form of payment. Of course, we'll include this in our plan, which is based on acquisition of schemes and on initial emissions issuance. So by keeping these skills in-house, it means we preserve our technological agility in order to include all the new payment methods, which does -- what doesn't change is our capacity on a fully secured basis to acquire transactions and to filter the transactions. I'll give you an example in Brazil, a new player, a fintech. So by definition, this is great. Well, the fintech left with EUR 1 billion worth of transactions. Why? Because it's not regulated or not properly regulated. And that new -- because new activities can attract very dishonest players. That will never happen at Edenred. And this is very important for our corporate clients or employees because this is money that the employees need every day in order to be able to feed themselves or to conduct their professional activity in mobility. So does what I've said help you to better understand PayTech? Has that been helpful? Good. Thank you. Right. Next question. What number? I'm a bit lost. Number two? We have time to take all your questions, but what would be a good thing? We give people who've identified themselves to give them the panel, so they know they can ask a question. Yes. By all means, sir, it's our meeting.

Good morning, Chairman. You really are convincing. I was very angry this morning. We were shoddily welcomed our individual shareholders, dry biscuit, no more than one. But it's going to be better after this AGM. So this company is really in poor shape. There's no margin, no means, nothing. But when I listen to you, you're able to convince me, and I'm going to remain an Edenred shareholder. So well my family. Edenred is lucky to have you. You're very convincing. You say there's going to be a cocktail reception. It's not what I heard. I like it when people say I like individual investors. AGM is a privilege forum for discussion. As we do -- as you do every year, we could -- you attend the cocktail reception. We can talk to you, and you can kind of test the waters with people that don't necessarily take the floor in public. So I expect a lot from you in the coming years regarding the -- an AGM, which in terms of the style could be better welcome. You are a director at Air Liquide. You talk about best practices, market solution, all your fine words. Air Liquide distributes a director's fee. You could perhaps distribute meal voucher. You're entitled to do that. You are -- you could do something instead of throwing us out in the street at 12:30. We like -- we need meal vouchers, but no more than that. Air Liquide, what do you derive from that shareholders' meeting? For Edenred, they have bonus shares. The share price isn't plummeting. They talk to the analysts. You're struggling to engage the analysts. Thanks for your answer.

Okay. I'm going to address those points in turn. I can confirm that at the end of the Q&A session, votes on a buffet will be served. The number of waiters has been increased to 4 after your feedback from last year. So things should go better this year than they did last year, and we've made sure of that. So that's the first point. Since you're asking about the comparison with Air Liquide, Air Liquide gives nothing on arrival or as you leave here, you get a little something when you arrive, but above all, a big something when you leave, I'm talking about the food. For the meal voucher here, I need your help here. Cheque restaurant is a competing brand of Edenred, so I'll never give you a restaurant check. If I were to give you something, it would be a restaurant ticket, TK restaurant, of course, and unfortunately, I can't do that because French law requires that it can only be given to a certain category of employee for that. I think one of you this morning because the feedback got to me, we're very responsive -- one of you asked how come we as retirees, we don't have access to the restaurant tickets. Well, here, I need your help. That's to say, let's put that idea to the government. Let's go for it. Let's ask and we'll be delighted to serve you. Next, on analyst interaction. I'll share with you a few points. Firstly, the majority of analysts buy for Edenred, that's the majority. The price, secondly, the target price set by analysts today is 26% higher than the current share price, so they're convinced and they see initially an improvement potential in the order of 26%. The share price interaction is tough because capitalism doesn't really like regulatory uncertainty. Things need to be resolved as the minister promised to do. The dust must settle, final discussions with the Brazilian government to have a stable framework with Virginie. We see hundreds of investors. The feedback we're getting is the valuation of Edenred doesn't make sense as compared to its cash flow generation. We're prepared to resume Edenred, but the regulatory front must be stabilized so that we have some visibility.

And thank you once again. I'm an individual shareholder. First of all, congratulations on this excellent interesting presentation. Good results, but unfortunately, not reflected in the share price because over the past 5 years, we -- the share price has virtually halved. Three questions to gain a better understanding. Number one, on the consolidated shareholders' equity, which is increasingly negative, I see minus EUR 569 million in 2023 and EUR 818 million in 2025. How far are you going to go in the deficit of shareholders' equity? How are you going to continue lenders to support you, notwithstanding what you've said about the cash flow? Second, Edenred is facing a significant risk. What would be your safety margin in the event of contingencies when you have so much negative shareholders' equity, for example, a new virus, unthinkable situations, but that could nevertheless, unfortunately happen. And thirdly, on the risk of destruction [indiscernible] said that when increasing -- you're an increasingly technological company. What do you think of the risk of destruction that could be very expensive for the company in the event of more efficient technologies or more agile technologies?

Thank you, for asking these questions. I suggest that Virginie intervene on shareholder equity, and then we'll talk about the risk of destruction in a general sense.

Thank you. Well, regarding shareholders' equity, in technical terms, it's from -- you have the Edenred SE entity, but the Edenred SE entity is the entity that enables us to build up shareholders' equity. Historically, Edenred rose from a debt spin-off, which created the initial situation which is a little bit complicated to address Edenred's choice and Edenred generates very strong cash flow, up 82% on -- in 2025 is to have a shareholder -- strong shareholder return policy. So if you look at the annual financial statements of Edenred, you'll see that the dividend amount that's paid out as shareholder return uses up the major part of Edenred's annual result, and that's how we gradually reestablish shareholders' equity. Now in terms of cash flow and debt, we have the resources to manage this. We don't use our shareholders' equity to run our operating activity, so we would have to drastically cut back on shareholder remuneration if we were to adopt a different method or create profit within Edenred SE. But Edenred SE is not the operating entity, it's our Brazilian or Italian entities or our French entity that are going to generate the profit one after the other.

Another way of putting it, when we have the split between Accor and Edenred, the divorce present to Edenred was to hand over a large amount of debt and therefore, negative shareholder equity. And the second thing is, how are you able to convince people with negative shareholder equity? Well, as the Brits say, the proof is in the pudding. In other words, Edenred has an A- rating, strong investment grade. And in the A- rating, there is not -- there's no smaller company than Edenred. We're the smallest company in the A- category. There's never been such a small company rated A-. So those who look at the balance sheet have no doubt as to the strength of Edenred and the strength of our management. And as Virginie put it very well, our priority is, first and foremost, to ensure shareholder return. So when this negative shareholder equity is properly explained, it's not a weakness vis-à-vis the debt market and our clients, then the priority becomes shareholder remuneration. Now of course, on the amounts, you have currency impact because all this is calculated at 31st of December, so negative shareholder equity does not increase. What you need to do is take into account currency impact of the 31st of December. Yes, and indeed, with a strong impact in 2025. Two other questions on the destruction risk and the black swan. So we had the pandemic. I didn't -- hadn't expected it. When the pandemic spread in Italy, I thought, well, that's due to Italian management, and it won't happen, a bit like the Chernobyl cloud which stopped at the frontier of Europe. And I should have paid -- that was my mistake. I should have paid closer attention to what the Press Chair of SCOR said, which is that the pandemic is underway. So Edenred was confronted with this. And as I explained to my children, I said, imagine that I were to tell grandmother that I'm working at Edenred, she would have been terrified during COVID. She would say, the company will collapse. Your job is food at work and mobility and you're under lockdown and the company will collapse. Well, no, the revenue was down 4%. We found other solutions. We fed isolated persons in Romania. We fed people, kids who no longer had access to canteens. And all the employees of Edenred continued to work remotely. And for example, look at Dubai, who could have imagined that the Iranians would bomb or fight drones at Dubai? Nobody, and yet Edenred continues to serve the 2,000 cardholders in war time. So regarding the black signs -- black swan, what I look at is geographical activity per merchant, per client. And second, the fact that we are serving key needs and the cyber attacks that we had or COVID 7 years ago, my feeling is that the way we're organized, if I were to give an analogy, we're a school of fish. So in the ocean, very agile. But when you look at it more closely, it's a flotilla of small fish, each of which has its own solution and moves ahead, but they're individually very agile in terms of their features and the currents that are driving them forward. So my feeling is that with the human wealth of Edenred, its enthusiasm, its youth, the red blood flowing at Edenred, I think that we'll be able to rise to the challenges. As for the risk of disruption, what I want at Edenred with all of our employees is that the term disruption no longer exists. What I want is constant transformation, and if we have that, then massive disruption becomes easy to absorb. The disruption arising from AI, that immediately brings work. We train the employees. They immediately have access to solutions. We do it for Edenred, but we do it for them because we want them to be able to go home to tell their families, their kids, their family to say, wow, we're in a company where we didn't hang about coming to -- when it comes to AI. We do it for our clients. We have a client in a country who's just arrived, who doesn't speak the language of the country. If you give him the resources to communicate orally with simultaneous interpretation, you simplify the life of the employee. And so you have to deal with these waves, surges of technology, and this is what's making sense of all this. So what greater disruption could there be than digital vouchers. If you take these vouchers in a disciplined way with the required investments, which are significant, but controlled, those who are able to deal with this always do better than the others. We did this on digital transformation. We did it on payment regulation, and we'll do it on AI. So are there disruptions? Yes. Is this new? No. Are we doing everything to avoid missing them and to continue to move ahead? Yes. And being modest about it individually, can one imagine not being able to rise to this? Well, yes, and that's why we want to have the right people around us. That's why we've got -- want Kelly on the Board because she won't disappoint us on quantum science, crypto. You saw this, if I'm going to get a kick up the backside if we -- I don't ensure that all this works.

I'll start by saying that I really appreciate your courtesy even if I'm not necessarily going to say pleasant things to you. Let's hear it because year after year, you're always reassuring in what -- I like the image of dust because it's a bit as though we don't see things happening. We see the sun rising and the grass greening. So year after year, I'm increasingly worried. I'm wondering if the share price is going to pick up. I'm a loyal shareholder. I like there being a reception afterwards that the dividend increases. But at the same time, I'm worried because the dividend, if it increases, it's because we're taking from the retained earnings. I think the financial markets are not in any way fooled by this. It doesn't really reassure me. So that's my first point. Second point is that I clearly saw your chart earlier where you were presenting the peers, and I saw one in the same sector. You know who I'm referring to, it's Pluxee. Yes, you're leader, but you're a target at the same time, and I've got a few examples of this competing company that is canvassing your customers, your clients to take market share. Given the difficulties that the company is currently facing, isn't there a cause for concern? That's what I wanted to say.

Okay. I'll begin with the competition and maybe hand over to Virginie about the retained earnings. We've always been in highly competitive sectors. That is the competitive intensity is perhaps greater today, but we've always been under strong competitive pressure. Secondly, the churn rate, that is the loss of customers, either the economic churn, customers who go bankrupt because they go working for one of our competitors. When you look at the churn in our industry, it's a pretty low churn rate. That is the level of -- when I say quite low, it's under 5%, the churn rate. When you compare that to loans of other industry, a churn rate of 5% and below is a good quality churn rate. It's the work we're doing in terms of customer satisfaction, pretty good. Does it mean that it's enough? No, we must continue to make progress. We're all contributing tech investment, training and level of exacting standards and the leadership must show the example. Every week, I receive an e-mail from a dissatisfied customer. It's very easy to say, well, I'm going to send off an e-mail to [email protected], I've always answered him before the end of the day with copies to Bertrand, [ Camille ], my Chief of Staff. And when I have a phone number in the e-mail, I call that number, which helps me to understand what's happening in our operation. Today, for the 11th consecutive year, we were best customer service of the year in our category. If you look at the Edenred application, Edenred Plus, where all customers will migrate by the end of '26, you look on Google, the score, and you see that we have the best rating of the industry. Is that -- are we home and dry? No, we must continue to invest and continue to call ourselves into question every day. Yes, competitive pressure, there's always been. We have competitors who are trying to filch our customers. No, they can't -- they're not really doing that because when we look at our churn rate, it's low. And we continue to invest. As I say, hope for the best, plan for the worst. I'm worried every day. If I wasn't worried, I wouldn't be able to answer a customer at 11 p.m., an unsatisfied customer. But of course, and it must be a positive concern that is an incentive to do better. But if you look at the history, things are well under control. That was about the competitive landscape. Next, on the share price performance, I'll say it from the bottom of my heart, I'm a shareholder as you are, so I'm punished as you are. So every day that passes with the teams that are wonderful. You've seen them, and we wanted to showcase them. We're fighting to continue to grow the company. And you see that the company is growing economically, but also extra economically, but the share price performance isn't good. Is the situation going to reverse? Yes, I'm -- before you're presenting our plan is that this company deserves better than to be valued at 21 and a bit, and that's what the analysts say, and that's what the people we meet say, who are prepared to reinvest, the regulatory landscape needs to be stabilized to give the good visibility so that we can redeploy. And it makes even more paramount the Amplify plan. The Amplify, what does it say? Basically that we have a unique asset, 60 million users, 1 million corporate customers, and we can do a lot better that. We can offer more services. We can better monetize our audience. Imagine a qualified audience of 60 million people, we must invest for that to happen. If we do it, the profile of the company will change. The perception of analysts will change. For 8 years now, this company has generated more and more operating profit. We moved from EUR 360 million to EUR 1.360 billion. We have a rebasing and we'll kickstart it again. We're investing. We're preparing the future. There'll be problems along the way. We'll manage them with prudence. That's why you see our balance sheet. We're totally deleveraged because we know in this company that worrisome things happen when there's too much debt. You see year after year an expansion, a development and no over indebtedness, which means that we can maneuver to invest. If we do that, things can only improve from the stock market standpoint. On the dividend, it's our commitment, a progressive dividend increasing by 10% as our net earnings per share are increasing. So it appeared logical to the Board to submit this proposal plus 10, plus 10. And you, as a shareholder, the year 2025 is not a good year, so we owe it to you to look after you in terms of the dividend. It's the absolute minimum that can be done given the company's economic performance. Secondly, this -- does this dividend amount, does it weigh on our future expansion? I'll let Virginie put the figures behind. Be sure of one thing, your Board would never allow that to happen, never.

So if we look for the dividend payout, and refer to Page 249 of the -- you have the shift of the equity of Edenred SE that will pay out the dividend and you have an allocation of the carryforward about 1% this year because we haven't distributed all the earnings.

Moving -- I'm told that I need to be more concise, so please don't begrudge me that.

The group is becoming more and more international, more and more digitalized. We see there's an increasing number of cyber attacks that are affecting companies, public state-owned companies, even the state. Now your group that has an increasing amount of data, you have a system. Now given the data capture, is there not a small dysfunctioning -- or there's not some weaknesses in cybersecurity. So you may be vulnerable to attack.

Thank you. You're right. Cybersecurity is a key preoccupation. And through Edenred systems in 44 countries, you have approximately EUR 100 billion flowing through. So we have to be very efficient indeed in cybersecurity. Cybersecurity is increasingly important because agent is being used by terrorists, and I could talk about attempts that we thwarted with increasingly, how shall I put it, imaginative, creative systems of defense, so number one, it's a priority. Number two, we have to put money into this. That's approximately 5% of our IT budget devoted to cybersecurity each year. And there's an agreement in the group that cybersecurity cannot be cut back on, whatever may be the economic environment, we will never compromise on that. And is this increasingly sophisticated? The answer there is yes. And we ourselves, therefore, have to be increasingly sophisticated. Two last questions.

I'm a private shareholder -- individual shareholder. Three questions. First, Brazil. What is the most adverse scenario in terms of regulation? What is the potential impact in this specific case on revenue? And Edenred Payment Solutions, Edenred has a fintech. Can you give us the targets for this promising division? And how is the Reward Getaway integration going?

Thank you for the 3 questions. I'll be brief. We'll speak at greater length at the cocktail. The maximum impact of Brazil is what we announced during the presidential decree, EUR 150 million to EUR 170 million. Are we going to do better than that? Yes. But at what level, we don't know. Everything will depend on how the dust settles and on how we redeploy under these new rules. Second, earnings per share. Yes, this is EPS. EPS is one of the fintech subsidiaries. It's part of the B2C, Banking-as-a-Service for end users, and we're in the B2B base. So what are we doing? For example, when you go to pay at a merchant and you pay in several installments, what the Brits call buy now, pay later. There's a technology that underpins that, Edenred technology. Next, we're working with insurance companies. If you have water damage, you call the insurance company, the plumber has to come along. The plumber may not be available and you see your house or apartment suffering damage. The Edenred solution would be to immediately pay money onto your digital account. And there, that would enable you to call on whatever plumber you want, but this is under strict [ control ] of the flows. So this is Banking-as-a-Service, B2B, being developed by this EPS subsidiary, which has -- because 80% of its initial business was the B2B base. Why did we decide to stop the B2B? It was the explosion in the cost of compliance and a less promising market. This is part of Edenred's agility, which whereby we can just stop if we don't see any good growth prospects over the next 5 to 10 years. And your last question is Reward Getaway. Is the society -- is the company growing? Yes. And the strongest growth is in Australia, Belgium, Italy. Last year, we were not very good on Reward Getaway because the teams were working on implementation of the new regulatory environment. So 2026 will start over again for Reward Getaway. In France it's on the -- growing every year. And in the U.K., it's growing. But as you can have seen yourself, the U.K. economy is not performing very well. But overall, Reward Getaway is on a growth path and will remain on a growth path in 2026.

One very last question. There was a time I read in the press, there was a lot of money laundering on hard copy meal vouchers. Does this still exist? Or is this just a rumor from journalists? Second, if I look at the annual report page 353, the information on compensation ratios for the CEO and average rem compensation, we can see that historically, your compensation was approximately 30x that of average employees up to times 40 in 2025 versus average employees. The median was at 50, 55. It's gone to 62. The Compensation Committee recommends an increase in 10%. My impression is one, your compensation is one of the 20 top compensation packages for CAC 40 CEOs. If you have a 10% increase on fixed remuneration, approximately EUR 1 million in fixed and EUR 1.7 million in variable with a 10% increase, this is a EUR 260,000 increase, that means we're at EUR 3 million. I've understood that it's, of course, 10% spread over 4 years, but I'm just a little bit surprised.

Well, I'll hand over to Philippe for the epiphenomenon of the bad use, improper use of meal vouchers.

Thank you, Bertrand. Thank you for the question. On money laundering and fraud, your question refers to the shift from hard copy to digital. The digital enables us to certify our platforms and to strengthen our security, so this is important. We're very watchful. Fraudsters are, technically speaking, quite efficient. We invest a great deal in this, and Bertrand referred to this. These are budgets on which we have strong investment. I cannot guarantee that there's no fraud on our vouchers, but the figures are down. We're working on this, and we're setting up a whole set of actions, very smart fraudster and very smart technologically, we'll probably spend time on other areas rather than meal vouchers.

And the second question, I will hand over to Dominique, if I may. But on the first point, which is ratio comparisons, what you're saying is correct, but there is a footnote explanation, which is the scope of comparison is not the same because the ratios before 2025 did not include acquisitions in France, where the salary level compared to Edenred's legacy activity is much lower, so the figures that you're quoting are correct, the comparability is not. But for 2025, 2026 will be a better indicator in terms of comparability. Dominique, on the increase of 2.5% per year rather than 10 all at once.

It's a recommendation of the AFEP code. So we implement an increase at the end of the term of office. We're following the marketplace recommendations. To respond to your comment, when I referred to comparability, we tried to situate Bertrand Dumazy's compensation versus other companies in Paris, and we selected as the benchmark, not the CAC 40, but a whole group comprising smaller companies than the CAC 40. In other words, apart from Total or LVMH, and the 20 smallest ones after the CAC 40, which was corresponded to Edenred's positioning. And there, the package including the plus 10% increase is just -- is right on the average of that particular group, that cohort as it were, so there's no reason to depart from that. Again, this is valid for 4 years. We did -- we ran a final check. We thought it was important. And to respond to your very pertinent remark, we checked whether this increase of 2.5% -- or a bit less than 2.5% per year was consistent with what the employees have had in France. I'm not going to talk about Argentina. They have 30% plus every year because they're in a hyperinflationary environment. So we just checked the increase that's being recommended for Bertrand Dumazy and it's slightly lower for the CEO than it was during the recent period for the French employees of Edenred, so that's how we reason -- that's how we approach the issue.

Right. Well, time march is on. So for the next questions, I suggest I'll be with you as I am easier, and I'll be happy to continue the dialogue. Thank you very much for this very full, demanding dialogue, which is really to your -- fully to your credit. So over to the votes, over to you, Philippe.

Right. We're going to vote to the agenda of this meeting on the Page 7 of the convening noted. As per law, it was delivered to you as you entered the Board of Auditors report with the resolution to be found in the URD also the convening notice. Before we vote, I'd ask you to look at the film as to the use of your tablets. It'd be quite short. I think you're familiar with it, vote on the resolutions of the AGM. You'll have received a tablet. It's strictly personal and can only be used at this AGM. When the vote on a resolution is announced, the vote window appears automatically on your tablet even if it's in watch mode. To vote is very simple. Just press the button corresponding to your choice in favor, abstention or against. Press okay to validate your choice before the closure of the vote. Once your vote validated, you can no longer amend it. Thank you for returning your device as you leave the room. Right. Let me just indicate before we move to the first resolution, the attendance sheet has been finalized. We have a quorum of 4,114 shareholders present with 189 million-odd votes and the quorum is 77.90%. We're now going to vote on the first resolution approval of the company's financial statements for FY ended December 31, 2025. Vote is open. [Voting]

No more voting. Resolution is approved. We now go to the second resolution, approval of the consolidated financial statements for FY ended December 31. Please vote. [Voting]

Vote closed. Resolution is adopted. Third resolution, appropriation of profit for FY ended December 31 dividend of EUR 1.33 per share. Please vote. [Voting]

Vote closed. Resolution is adopted. Fourth resolution, renewal of Mr. Bertrand Dumazy as Director. Vote is open. [Voting]

Resolution is adopted. Fifth resolution, renewal of Mr. Bernardo Sanchez-Incera as the Director. Vote is open. [Voting]

Vote closed. Resolution is adopted. Sixth resolution, ratification of co-option of Kelly Richdale as a Director. Vote is open. [Voting]

Vote closed. Resolution is adopted. Seventh resolution, ratification of co-option of Mr. Augustin De Romanet as a Director. Vote is open. [Voting]

Vote is closed. Resolution is adopted. Eighth resolution, approval of the compensation policy for the Chairman and CEO. Vote is open. [Voting]

Vote closed. Resolution is adopted. Ninth resolution, approval of compensation policy for members of the Board of Directors, excluding Chairman and CEO. Please vote. [Voting]

No more voting. Resolution is adopted. 10th resolution, approval of the report on 2025 compensation for corporate officers, global ex post vote. Vote is open. [Voting]

Vote closed, and resolution is adopted. 11th resolution, approval of the 2025 fixed, variable, exceptional compensation for Mr. Bertrand Dumazy, specific ex post vote. Vote is open. [Voting]

Vote closed. Resolution is adopted. 12th resolution, approval of statutory auditor's special report on the related party agreements. Vote is open. [Voting]

Vote closed. 13th resolution, authorization granted to the Board to trade in the company's shares. In conditions provided by law, please vote. [Voting]

Vote closed. Resolution is adopted. 14th resolution and subsequent, we move to the extraordinary part of this AGM, and this resolution grants to the Board authority to reduce the company's share capital by canceling shares. Please vote now. [Voting]

Voting closed. Resolution adopted. 15th resolution, delegation granted to the Board of Directors to increase the share capital with preemptive subscription rights. Voting open. [Voting]

Voting closed. Resolution adopted. 16th resolution, delegation granted to the Board of Directors to increase the share capital with cancellation of preemptive subscription rights as part of a public offer. Voting open. [Voting]

Voting closed. Resolution adopted. 17th resolution, delegation granted to the Board of Directors to increase the share capital with cancellation of preemptive subscription rights through a public offer addressed to qualified investors. Voting open. [Voting]

Voting closed. Resolution adopted. Resolution 18, authorization granted to the Board of Directors to increase the number of issues with or without preemptive subscription rights. The green shoe principle Voting open. [Voting]

Voting closed. Resolution adopted. 19th resolution, delegation granted to the Board of Directors to increase the share capital without preemptive subscription rights as consideration for contributions in kind made to the company. Voting open. [Voting]

Voting closed. Resolution adopted. 20th resolution, delegation granted to the Board of Directors to increase the share capital with cancellation of preemptive subscription rights through the issuance restricted to named persons. Voting open. [Voting]

Voting closed. Resolution adopted. 21st resolution, delegation granted to the Board of Directors to increase the share capital through capitalization of reserves, profit premiums or other eligible items. [Voting]

Voting closed. Resolution adopted. Moving on to Resolution 22 which is to increase the share capital. Voting open. [Voting]

Voting closed. Resolution adopted. And ultimate resolution #23, ratification of the amendment to Article 23 of the bylaws regarding the convening of general meetings, made by the Board of Directors. Further to changes in legislation, voting open. [Voting]

Voting closed. Resolution adopted. Last resolution, powers to carry out formalities. Resolution 24, voting open. [Voting]

Voting closed. Resolution adopted. Thank you. Bertrand, over to you for concluding remarks.

Three things. Thank you so much for your faith in us through these votes. Secondly, on your behalf, I wish to thank all the employees of Edenred. There are 12,000 of them around the world. They have unswerving faith, and we owe them so much for what was done in 2025 and what will be done in the years ahead, so let's get together at the buffet, and we can continue our dialogue and it will be more pleasant than this giant screen. I feel like Ousmane Dembele coming out of the PSG by a Munich game yesterday, so see you in just a few moments. Thank you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]