Elior Group SA (ELIOR) Earnings Call Transcript & Summary

Good evening, everyone, and welcome to the Elior Group's Half Year 2024/'25 Financial Results Conference Call. As a reminder, today's call is being recorded. The management discussion and slide presentation plus the analyst question-and-answer session are being broadcasted live over the Internet. Today's call will start with an introduction from Daniel Derichebourg, Chairman and CEO. He will address you in French with a consecutive translation in English. After this introduction, Didier Grandpre, Chief Financial Officer, will then carry on with the usual presentation before opening the Q&A session. Mr. Derichebourg, please go ahead.

[Interpreted] Okay. Good morning or good evening, everybody. I do apologize for speaking to you in French. Unfortunately, I didn't really learn English at school. And we bought the company 2 years ago, acquired the share in the company, and we've had 2 difficult years. But today, I'm happy to say that things are going a lot better. So therefore, in the first half of this year, we're very happy to say that we've got an organic growth of about 1.5%. And this is mainly in contract catering where we had 2.3% growth. And this is mainly because we've been working very hard on rationalizing any loss-making contracts in our portfolio and also renewing contracts, signing new business with larger margins. And we're very, very disciplined in our profitable growth. In terms of our perspectives and looking forward and especially in our commercial activity, we've really changed our approach, decentralizing all our commercial development into the regions of certain countries and in each country. And we've managed to register a number of contract wins better than the amount that we've lost in the first half, and this is not yet visible in our turnover. So we're really investing at the moment in all our commercial development. And I'm happy to say that we've got a number of acquisitions in small companies, mainly in the cleaning activities, and this is about EUR 60 million in turnover. And we've taken a number of companies that are in difficulty, and we're in the process of turning them all around. And we're doing a number of investments in central kitchens and this is for the development of our customers so that we've got more capacity in our central kitchens. And I think I can really tell you in terms of profitability that we can really start to measure the effect of this strategy because you can see that there's a progression of EBITDA and also our net result, which is increasing EUR 43 million. Our objective is to be able to give new dividends at last in short and medium term. I don't know if you remember, but the last dividend go back to 2018, '19. And I really believe that each shareholder deserves to receive a dividend. Also, another thing that we've done is to move and the removal from the west to the east side of Paris has made a huge difference. We've saved EUR 8 million in cash. We've gone from having 17 floors to 3 floors. So you can imagine the amount of savings that, that has made. Synergies is a really important point to talk about as well. And our objective for the end of 2026 is EUR 56 million in terms of synergies. And I can already say that at end of March and on an annualized basis, we're already at EUR 40 million. And so therefore, in terms of our refinancing, which was finalized at the end of January 2025 with the bond, I really wanted -- there is a real strong desire to reduce all our financial costs. And I think we talked about a saving of EUR 500 million. It's a reduction of the size of the bond of EUR 500 million. And we've really reinforced our discipline in terms of the cash with a very, very close following of every week with all the different managers of our subsidiaries. When I was a young man, I already learned that delays in payment meant that you had less cash. And for me, what is the most important thing is cash. In terms of reducing our debt, and that is absolutely a priority for us. And I'm very happy to say for the first half of this year, we've got a reduction of EUR 146 million. In terms of innovation and mostly in terms of working on all our information systems, we're totally working hard on converging all our information systems. We've hired 2 suppliers, competitors, whose names I won't give here, but they're working very hard on everything to do with artificial intelligence and making sure that we have innovation in every single area in this field and also bringing everyone together. And we really want to be a benchmark and a leader in this field. Just a word in terms of everybody -- it's very fashionable at the moment to talk about Trump and tariffs and taxes. I just say, I want to know that we're not at all affected by those because an awful lot of our production there is local, and therefore, we're not affected by that. And in terms of Italy, which is another problem child, I'd like to say that we're really returning to profitability is our objective in short and medium term. And for the moment, EBIT is showing, but we also really want to get back to profitability. Nice and last point, just a word on what we call a circular economy and something we're very, very committed to is making sure that we get as much local suppliers and production in order to really give a value to the people that work locally in all the different countries in which we operate. And that's really important. So this really -- these last 9 points are a summary of what I had to say to give you an overview of where we are as a company. Just a word to sum up everything. I'd just like to really say before I hand over to Didier, that in the last 2 years, we've been working incredibly hard, and I'd like to really thank all the men and women who work for our company, be it in Derichebourg or be it in Elior, I've met some sensational people and 140,000 across the globe, and they're all really brilliant people, and we really have nothing to envy in our competitors. It's still like being in a rugby team. And I feel we're really all together, all pulling together whatever our size, origin or anything else. And it's really a source of pride for me.

Okay. Thank you, Daniel. Let's move now to the presentation and the slide that you should see on the screen. So we have provided detailed financial information in our press release issued earlier this afternoon, which is available on Elior's website. I invite you to read the disclaimer on Slide 2, which is an integral part of our presentation. So as you heard from Daniel, H1 2025 has been another key semester for Elior with a strong profitability improvement and significant net debt reduction. I will make a short introduction before covering our half year results in detail. Then I will share with you the outcome of our refinancing and how we perform on business development in the first semester. Finally, I will conclude with our revised outlook for the full year before we answer your questions. So this first page perfectly summarizes the fruits of the strategy deployed since April 2023 around 3 pillars: profitable growth, cash flow generation and net debt reduction. As already mentioned by Daniel, the overall organic growth was moderate at plus 1.5% in the first semester. It was, however, higher in Contract Catering at plus 2.3%. The group adjusted EBITDA increased by plus EUR 32 million or 90 basis points year-over-year from 3.2% last year to 4.1% this year, with a stronger improvement recorded in Contract Catering by plus 120 basis points up to 5.2% margin. The net result group share increased even more by plus EUR 42 million year-over-year on the back of better operational profitability and the reduction of nonrecurring charges as the new organization is largely stabilized. The free cash flow amounted to EUR 205 million in the first semester, which triggered a further reduction of the net debt by EUR 146 million and a further reduction of the net debt leverage ratio by 0.5 points down to 3.3x EBITDA at the end of March. Last but not least, we finalized our refinancing in January 2025, providing visibility over the next 5 years for the continuous development of our activities. Moving to the details of the financials, starting with revenue. So H1 2024-2025 recorded a consolidated revenue of EUR 3.213 billion, increasing year-over-year by plus 2.9%, driven first by a total organic growth of 1.5%, fueled by Contract Catering at plus 2.3%, while Multiservices is lower than 1 year ago by 0.6%. In Contract Catering, the organic growth was higher than our expectation in the United States, Spain and Portugal. The U.K. kept a solid organic growth momentum. France was almost stable, including notably the voluntary exit of one unprofitable contract in health care, while the expected drop in revenue in Italy was higher than anticipated due to some public contracts that were regularly extended and finally came for tender and could not be renewed at the desired level of profitability. In Multiservices, on an organic basis, the revenue retreated by 0.6% in the first semester due to a lower demand for temporary staff services in France, while at the same time, we made further progress in the internalization of temporary staff services for our Contract Catering activities. Organic growth in this segment was also lower than our expectation due to some supply chain delays in aeronautics that did postpone our production plan. Consistent with our pragmatic approach for business development, the tactical acquisition made last year in May with the start of catering activities in Hong Kong and in October to accelerate our business development in the facility services market in Spain contributed to a revenue increase by plus 0.9%. Consequently, our revenue growth at constant currency amounted to 2.4% in the first semester. Variation in foreign exchange rates, mainly USD and GBP further increased revenue by plus 0.7%. When looking at the drivers, the volume from existing like-for-like contracts continue to increase, bringing a plus 0.9% contribution to the revenue growth. In addition, the price revisions and renegotiations contributed to a plus 2.5% in the first semester versus plus 3.3% a year ago, reflecting the decrease in inflation as well as the strong discipline in our operational teams, which has been maintained in order to protect our margin. The development remained active in our main businesses, especially for catering and facility services in France and in Spain, catering in the U.S. and in the U.K. It brought a plus 7.1% contribution to revenue growth, while globally below the previous fiscal year at 9%. Excluding voluntary exits, the retention reached 91.6% in the first semester versus 93.6% a year ago. It has improved in Iberia, where the commercial activity was very dynamic last year and in the U.S. but was last year temporarily below the good historical level. The retention was mainly impacted by Italy, where some contracts could not be renewed at the expected level of profitability. As expected, voluntary exits were significantly reduced in the first semester, mainly concerning France for both Contract Catering and services. Globally, the retention reached 91% at the end of March 2025, almost at the same level as at the end of September 2024. Moving to next slide. After a turnaround in full year 2023 and an improvement by EUR 108 million in 2024, the adjusted EBITDA further increased by EUR 32 million or 32% in H1 2025 to reach EUR 132 million. The adjusted EBITDA margin improved by 90 basis points from 3.2% in H1 2024 up to 4.1% in H1 2025. It is to be noted that the margin improved in both segments, while significantly higher in our main segment, which is Contract Catering. The profitability in Contract Catering improved by more than 1/3 from EUR 91 million to EUR 124 million with an adjusted EBITDA margin at 5.2%, 120 basis points higher than last year and close to the pre-COVID level of profitability. This profitability improvement was observed in all main countries where we operate. In Multiservices, the adjusted EBITDA margin at 2% was plus 10 basis points higher than last year, corresponding to an increase in the adjusted EBITDA by plus 8.4%, while the total revenue increased only by plus 1.2%. The profitability improvement came in particular from the contract rationalization in facility services in France. Looking at the drivers of the profitability improvement. The increase in volume for existing contracts converted well in profitability improvement, leveraging on an optimized operational structure. The net balance of price revaluation and cost increases due to inflation was a positive EUR 22 million in the first semester, fully catching up from the cumulative gap in inflation of minus EUR 22 million at the end of September 2024. The net development was a minus EUR 2 million in the first semester due to higher closings than openings with some contracts that could not be renewed at the expected level of profitability, consistent with our strategy for profitable growth and retention. Openings of new contracts were again margin accretive in the first semester and contributed to further strengthen the quality of our portfolio of contracts. Voluntary exits brought another EUR 1 million of profitability improvement although for a lower volume. Efficiencies and synergies brought a further contribution of plus EUR 14 million in the first semester. Synergies amounting to EUR 4 million included the further rationalization of our real estate, as mentioned earlier, and started recording fruits from commercial synergies. Looking at the simplified P&L. In the first semester, the net result group share reached EUR 43 million compared to EUR 1 million last year. This increase by plus EUR 42 million came first and foremost from operations with an adjusted EBITDA EUR 32 million higher and from nonrecurring charges, EUR 9 million lower as the reorganization initiated 2 years ago has been almost fully implemented. The evolution of other item is marginal with the share-based compensation amounting to minus EUR 1 million corresponding to existing plans. Net amortization of intangible assets recognized on consolidation at minus EUR 12 million was slightly lower than the year ago following the one-off depreciation in the U.S. booked in September 2024. Net financial charges were stable at EUR 52 million and income tax amounted to minus EUR 22 sic [ 18 ] million and was EUR 2 million lower than last year despite a higher profitability due to a different geographical split of the profit before tax, meaning more in the U.S. and less in France. The free cash flow improved by plus EUR 36 million in the first semester compared to last year, with a further improvement in the reported EBITDA by EUR 9 million, a positive change in the operating working capital by EUR 38 million, including the ramp-up of a new securitization program that started in September 2024, a reduction by EUR 9 million in other cash items, including notably lower restructuring cash outlays that amounted to EUR 7 million in the first semester, meaning EUR 6 million lower than a year ago as the change in organization has been almost fully implemented. These 3 first items have been partially offset by CapEx that increased up to EUR 61 million in H1 2025, representing 1.9% of revenues and EUR 18 million higher than last year that was at 1.4% of revenues, in line with our expectation and the completion of the refurbishment or new acquisition of Central Kitchens to support our business development in France in particular. Tax paid amounted to EUR 7 million this year, EUR 2 million higher than a year ago according to higher profitability. Finally, payment of leases recognized under IFRS 16 were stable at EUR 41 million. All flows resulted into a strong positive free cash flow of EUR 205 million in the first semester of 2025. The free cash flow drove a further reduction of the net debt by EUR 146 million in 6 months, including on top of the free cash flow paid on financial fees of EUR 46 million, transaction cost for EUR 12 million related to the issuing fees of the refinancing that was completed in January 2025. A further reduction in the IFRS 16 debt and disposal and acquisitions for a net amount of minus EUR 4 million, including the sale of our shares in Ducasse development for close to EUR 10 million. The resulting net debt amounts to EUR 1.123 billion at the end of March 2025. Thanks to the net debt reduction and the continuous improvement in the adjusted EBITDA that further increased by EUR 11 million in H1 on the last 12-month basis. The leverage ratio further decreased by 0.5 points from 3.8x EBITDA at the end of September 2024 to 3.3x EBITDA at the end of March 2025. To be noted that the leverage ratio improved by 3.8 points in 2 years from 7.1x at the end of March 2023. As a reminder, our credit ratings are followed by 2 agencies, which are Fitch and S&P with a B+ rating in both cases and a positive outlook from Fitch. Moving to the next section, starting with the refinancing. So the refinancing of our debt was executed in 2 steps. In the first step, the new securitization program went live in September 2024 and ramp up as expected in the first semester, along with the seasonality of our catering activity to reach EUR 640 million at the end of March, with an 18 breakdown between the off-balance sheet compartment benefiting to the free cash flow and the on-balance sheet compartment part of our debt. The ramp-up of the securitization triggered the early reimbursement of our EUR 100 million term loan that was completed in December 2024. Then in the second step, we renewed and extended our revolving credit facility from EUR 350 million to EUR 430 million, out of which EUR 145 million were drawn at the end of March 2025. The maturity date of the new RCF is September 2029. Finally, in January, we refinanced for 5 years our senior note, which was reduced by EUR 50 million down to EUR 500 million. The new maturity date is March 2030. While keeping the liquidity at an adequate level, this new finance structure is optimized from a cost standpoint and offers the possibility to reimburse RCF drawings without any cost as we continue to generate free cash flow. In complement, it's to be noted that we reactivated our existing new commercial paper program that regained traction after the refinancing for an envelope that reached EUR 25 million at the end of March 2025. We now benefit from a 5-year visibility to continue to leverage the optimized organization that has been implemented over the last 2 years in order to continue to invest in our business development, including Central Kitchen and small tactical and opportunistic acquisitions. In the first semester, annualized synergies increased by another EUR 4 million to reach EUR 40 million at the end of March, mainly coming from the optimization of our real estate cost and including the contribution of commercial synergies that start ramping up. Within this envelope, EUR 35 million have been recorded in the P&L over the last 2 years. As we have seen before, the revenue evolution in H1 2025 has been mainly impacted by contract closings higher than openings of new contracts, mainly coming from the commercial activity and the commercial and the contract rationalization at the end of the previous fiscal year. As you can see now from this chart, the value of the new contracts signed in the first semester was higher than the value of contract losses. The resulting net business development from the commercial activity in the first semester was a net positive of EUR 112 million on a run rate basis. We won major deals in all main geographies, especially in France for both Contract Catering and facility services as well as in the U.S. In this business perimeter, we signed around 10 contracts in the EUR 5 million to EUR 15 million range per year with an initial duration between 3 and 5 years, mostly in the B&I market and as well in health and welfare. Considering the expected target of new contracts won, this improvement will partly contribute to the revenue growth in the second semester, while we expect the main contribution in the next fiscal year. Moving to the last section, starting with updated outlook for the current year. As you understand, the revenue will remain driven by profitable growth. Regarding revenue, we expect a slightly lower contribution of price revisions and renegotiation in the second half, considering seasonality and main milestones for contractual price revisions taking place during the first half. As indicated just before, we expect the net development balance between openings and closings to improve in the second semester, while remaining negative for the full year. We need as well to take into account that Olympic Games that took place in Paris last summer benefited to Contract Catering and facility services activities. On this basis, we expect organic growth to be in the plus 1% to plus 2% range for the fiscal year versus plus 3% to plus 5% previously. In addition, as for the first half, the tactical acquisition made at the end of last year and beginning of this year will also contribute to the revenue growth in H2. Regarding margin, the volume evolution coming from like-for-like activities, openings and closing is expected to flow through down to the EBITDA in the second semester at the same level of profitability in terms of percentage of revenue as in the first semester. Inflation is expected to progressively trend to a neutral net balance in the second semester, but will record some cost increases, notably in wages. Finally, operational efficiencies and synergies should further contribute to the margin improvement in the second semester. As a result, we expect a higher adjusted EBITDA margin in the 3.3% to 3.6% range for the full fiscal year 2024, 2025 versus above 3% previously. Finally, we confirm our expectation of a net debt leverage ratio below 3.5x EBITDA at the end of September, considering, first, the seasonality of catering activities in the evolution of operating working capital and securitization during the second semester. And second, further CapEx expected in H2 in Central Kitchen and as well for new contracts to start operating by the end of the fiscal year. Updated modeling details for the free cash flow have been provided in the appendix. To conclude with this presentation, I wanted to come back on the key achievements since April 2023 when Derichebourg Multiservices came into a year and Daniel Derichebourg became CEO. When comparing the last 12 months period ending March 2025 to the last 12 months period ending March 2023, meaning just before the integration of DMS, we see that the top line grew by EUR 553 million -- or EUR 552 million at current currency or plus 10% over these 2 years on a pro forma basis. And the adjusted EBITDA increased by EUR 144 million or plus 2.2 points over the same period on a pro forma basis too. In 2 years, the group net result improved by EUR 185 million or 3.3 points. While from a cash perspective, the cumulative free cash flow amounted to EUR 377 million over the same period, and the net debt was reduced by EUR 122 million, corresponding to a decrease in the leverage ratio by 3.8 points down to 3.3x EBITDA at the end of March 2025. Finally, cumulative annualized synergies amount to EUR 40 million at the end of March 2025, higher than the expected EUR 30 million initially until end of 2026. All these key achievements illustrate the hard work accomplished in the last 2 years, and I should say, in only 2 years. Following this major business transformation and profitability recovery, Elior Group benefits now from solid foundations, including a streamlined and more agile operational organization closer to customers in all countries, a culture of profitable growth and cash discipline that has been developed in all operational teams, a more balanced portfolio of activities between Contract Catering and Multiservices that demonstrated its relevance during the first semester, a strong drive from our new shareholders for continuous process improvement and operational excellence and a solid financial structure, providing visibility to further invest in business development. This concludes our presentation, and we are now ready to answer your questions.

[Operator Instructions] The first question comes from the line of Jaafar Mestari calling from BNP Paribas.

I have 3 questions, if that's okay. Firstly, just on net new business, it was almost minus 2% in the half. You mentioned that the forward-looking trends are better. They're positive. It will turn to a net positive next year. Just curious what order of magnitude can we expect? Does positive just mean above 0? Or would you expect meaningful net new in '26? Does this number of EUR 112 million you're talking about, that would be EUR 3.5 billion? Is that achievable? Or will there always be a bit of a ramp-up effect? Second question on the pricing renegotiations. You said they're fully reflected in this H1. So everything you've agreed to has effectively been passed on already. It's fully caught up, you say. That's a very big margin driver for H1. The synergies are also unlikely to be as big in H2. So I'm just curious what main margin drivers you expect in the second half of this year? I know your guidance doesn't require quite as much margin improvement as you delivered in H1, but you probably still need 30, 40 bps midpoint. And then lastly, just an open-ended question on the U.S. administration. There's a lot of noise, a lot being debated in terms of funding to the health care sector, funding to the education sector. What are your U.S. clients saying? Is it business as usual? Are they worried? On the contrary, are they very excited coming to you for more outsourcing?

Thanks for your question.

[Interpreted] So just to translate very quickly. So the most important thing is that we have profitable growth on any new contracts, and that's the most important thing. The second thing is that with our commercial departments, we put commercial departments into the different regions and markets. And I think that we've neglected our small clients, small customers in the past and tended to focus on just the big groups because we're a big group. And so it's really important that we focus on those smaller clients. And in terms of profitability, a bit more, a bit less, less than around 3.5%.

And Jaafar, just to complement what has been said. As a matter of fact, when you consider the EUR 112 million of net development balance at the end of March, we should look at it on a 12-month basis. So meaning in terms of impact for next year, I would rather compare this amount to the total expected revenue for the full year, so which will make the percentage a bit lower than what you have mentioned.

So you're not going to find double that in H2. That makes sense. [Foreign Language]

So actually, maybe I should precise what I said earlier. But what we are saying is that we will still benefit from the price increases in H2 and especially related to price increases that took place at the beginning of our fiscal year, which is as well as the beginning of the school year. And from that perspective, apply to the full year and as well from the price increases, I mean, the other main milestone, which is rather at the beginning of the calendar year, which also benefit to the full fiscal year. What I wanted to say is that -- yes, we did catch -- fully catch up from the negative gap that we had still at the end of September 2024. We'll still have a positive -- we are still expecting a positive net inflation balance in H2, although at a lower level than in H1, considering that at the same time, we will record some cost increases, especially around wages since there are some foreseen increase in the national minimum wages around this summer. So meaning that from that perspective, it will still remain one of the driver. Another one should be the continuous delivery of operational efficiencies and synergies. We are not yet at the end of what we should be able to, I would say, unlock considering that although we have made very good progress with EUR 40 million of annualized synergy at the end of March 2025, we still have some gap to close to the EUR 56 million by the end of 2026, which remains our target. So which means that -- and we are confident that there are other opportunities still in real estate optimization, for instance, as we will exit this tower in the second half and as well in the progressive ramp-up of commercial synergies that started to deliver in this first half.

Great. And my last question on the U.S. [Foreign Language]

[Interpreted] Just very quickly, we don't have any real return from our teams in the U.S. of any particular issues with U.S. customers. We have very few or little state contracts.

And we did actually -- as part of business development, we did actually sign some contracts in the health care segment, for instance, in the U.S. in H1.

The next question comes from the line of Pravin Gondhale calling from Barclays.

So firstly, on the net new business development, which was around 130 bps drag on organic growth in H1, excluding voluntary exits. You mentioned that nonrenewal of certain contracts was sort of a key reason in Contract Catering business there. Can you elaborate the reasons behind those contract losses and what proportion of that were voluntary exits? And then the second bit is on Multiservices organic growth. It was softer due to lower demand for temporary staff services in France. How has that recovered in more recent weeks? How sort of current trading in the overall business is looking at the moment? If you can share more color on that, that would be helpful.

Okay. So regarding the net new business, actually, we have isolated the impact of the voluntary exit by -- that amounted to 0.6% in the first half. This one came mainly from actually loss-making contracts we had in Contract Catering and facility services. We wanted -- we had the objective to rationalize our contract portfolio at the end of the previous fiscal year. It was largely achieved. There were some few remaining, and those are part of what was left. And you can see that the impact from a top line evolution is rather limited compared to the 2 previous fiscal years. Then regarding the retention, excluding voluntary exit, it mainly come from Italy, where we did have a portfolio of contracts that have been renewed several times. But as a matter of fact, quite a lot came for tender at the same time. And I guess the message was clear that we want to be disciplined in our profitable growth or retention approach. And some of them, I would say, as expected, were not possible for us to get renewed at the expected level of margin. Then moving to your second question. There is actually -- there was actually as well a change in the general management position starting -- beginning of May. So we are, let's say, resuming the level of temporary services development in H2, although we consider and we expect that it will be progressive because any commercial actions take some time. So we expect this to be progressive. And that's why we are still expecting and this is factored in our updated guidance for the revenue growth. We are still expecting a negative impact during this year. And this is also, let's say, it reflects as well the economic condition of some of our customers. And this is also why I mentioned that it is for us very relevant to have a more balanced portfolio between catering and Multiservices because you can have some activities that compensate for others when they are going through more challenging times.

The next question comes from the line of [ Pierre Bonboni ] calling from -- well, as a private investor.

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The next question comes from Christian Devismes calling from CIC.

Two very few financial questions for me. The first is a question on the off-balance sheet securitization, which was EUR 370 million at the end of September. What is the amount at the end of March 2025? And the second very financial and technical question, sorry, is a question on the consolidated cash flow table on Page 11. It goes from provision of EUR 10 million to a reversal of provision of EUR 9 million, so a swing of around EUR 20 million. Could you explain a little bit the swing in provision on the consolidated cash flow table on Page 11 of the press release?

So maybe I will start from the last question. Actually, it's a mix between some provisions that we had last year, some specific general risk reserve provision from last year due to some -- related to some social checks that we had that impacted, in particular, the facility services activity last year. Then we had as well some bad debt reserve provision in 2024, while now we are conducting strong actions in order to collect overdue payment, as mentioned by Daniel Derichebourg. So we consider this was a one-off in our financial last year, so impacting more, let's say, the normalized profitability from last year. And then we had some related to the Ministry of Defense contract in Italy. As you know, it was provisioned till the end of the execution of the contract by end of December 2025. Now we don't have -- we are not recording any additional provision. I mean we have stabilized the situation, and we expect no hit in the P&L until the end of the contract. I'm sorry, I don't have the amount of off-balance sheet securitization with me, but it corresponds to 82% of EUR 640 million, which is the total financing coming from the new securitization program at the end of March 2025.

Sorry, 82% of -- sorry.

EUR 640 million, which is the amount of financing from securitization at the end of March 2025. We were at EUR 560 million at the end of September 2024. So it has increased up to EUR 640 million at the end of March 2025.

And the last participant to ask a question is Andre Juillard calling from Deutsche Bank.

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[Interpreted] Just to say that over the last 2 years, we've spent our time turning the company around. That's done now. And we think that in the next 2 years, there will certainly be some opportunities. I don't have a crystal ball, but we'll look at this space and watch this space carefully.

We have a follow-up question coming from Jaafar Mestari.

Just a very quick follow-up to say that the presentation is not online right now. So those modeling details you've mentioned, can you read some of them or if we're going to get them later.

Okay. Yes, for sure. We will publish it right away or just update on the website.

And this concludes today's conference. So I will hand you back to Didier Grandpre to conclude today's conference.

Okay. So thank you for your attendance today. Our next financial release will be on November 19 as today post market with our full year results for the fiscal year 2024, 2025. And until then, please do not hesitate to get in touch as usual. So thank you. Good evening to everyone. Goodbye.

Goodbye. [Foreign Language]

Thank you for joining today's conference. You may now disconnect. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]