emeis Société anonyme (EMEIS) Earnings Call Transcript & Summary

Good morning, everyone. We're now going to start because it is now 9:30 a.m. Welcome to this general meeting. We're delighted to be with you. This is a combined general meeting of emeis [ SR ] and like every year, it's an essential moment a privileged moment in the life of the company to inform, to exchange to have a dialogue between the Board, top management and yourself, shareholders of emeis. A few legal details. I shall chair this GM as Chairman of the Board, with the CEO, Laurent Guillot; Jean-Marc Boursier Deputy [ CEO ] and CFO; and [indiscernible], Director of Governance, who is also Secretary of the Board of Directors. Let me inform you about the proceedings of this meeting. You can see them on screen. I will not comment further. The prior formalities shall now be made with the constitution of the bureau. There was an initial notice of convening published on May 15 at the [ BALO ] and a notice published on June 5 in the same [ Belo ] as also on the website, [ figuro.fr ], this general meeting can therefore be convened in its -- both its ordinary and extraordinary format because this precise moment, the quorum has been reached 67.17% [ 107.8 million ], for 1,454 shareholders. Just a brief reminder, when the assembly will be functioning as an ordinary general meeting require simple majority. And in its extraordinary format, the resolutions will be adopted if there is a 2/3 majority. I therefore declare this general meeting open and suggest that we now appoint the members of the bureau. The 2 shareholders who are present and who have the greatest number of votes shall be scrutineers, namely [indiscernible] represented by Mrs. [ Udey Jira ] in the front row; and emeis [indiscernible] represented by [ Stephane Desire], who is sitting in the second row. Greetings, [ Stephen]. They have accepted these positions. And therefore, I suggest that [ UCB ] appointed Secretary of this meeting. The auditors for this [indiscernible] represented by [indiscernible] by [ Ger Lamont ] and Deloitte, represented by and [indiscernible] represented by Mr. [ Xavier Roland ] will tell us about their respective reports in a moment. I would also like to point out the fact that all of the legal and regulatory documents have been made available to the shareholders either in person at the head office or on the company's website. I'm also delighted to greet the members of the Board of Directors, and I would like to thank for their deep commitment. This meeting was convened so that you may vote on 28 resolutions, 18 ordinary and 10 extraordinary, which were [ obtained ] by the Board of Directors. The agenda of this meeting has been stated. It includes the resolutions about the approval of the consolidated accounts for 2025. And the expectation and the distribution of results, the approval of the new convention of the report of the auditors renewal of 4 directors, the appointment of a new director, the remuneration and benefits of management for 2025. The policy for corporate officers remuneration 2026 and share buybacks. Delegations and financial authorizations to the Board and power is granted for formalities. I would also -- ladies and gentlemen, dear shareholders, ask permission to not read out the various reports about this assembly, which are included in the DEU, the Universal Registration Document 2025, which was made available to you at head office on the website in and in the convening brochure. This will allow us to dedicate a little bit more time to -- for a Q&A session and a little bit more time for the presentations. We will, as per usual, be using the voting boxes, which you received as you arrived in this room, and ad will remind you how to vote in a few moments. So a few words of introduction about the company. And then over to our CEO. So a few words about the company's performance. This meeting is taking place at a key moment for our group after a number of years dedicated to saving and restoring and refounding the company and 2025 is -- was a year of consolidation of progress achieved in preparation for our future. A few words about our financial results. The results presented today testified to an improvement of our operational performance, strengthening of its financial structure and of largely restored confidence of the various stakeholders. I believe it also reflects emeis' ability to implement with constancy the priorities that have been set, improvement of care and support, support of teams in the field and restoration of financial and economic balance. I believe that you can all be proud of the progress observed in support, in care and in resident and patient satisfaction as well as their families. Also proud of the improvement in our quality indicators and the mobilization of the 86,000 employees in care and hospitality. Second issue, I would like to focus on 2025 was also marked by a number of major deals and operations, which have allowed the group to further strengthen its financial structure. The creation of [indiscernible], our real estate company, the pursuit of the disposal program and refinancing operations throughout the fiscal year have contributed to give the group most visibility and stability going forward, and I'm sure you would have noted that these advances allowed to put an end to the accelerated [ Safeguard ] plan 1 year before plan. The year 2025 will essentially remain as the where emeis decided to become a company with a mission. The decision is the result of very hard work that's been put into this over the past 3 years to focus centrally on all of our stakeholders, patients and residents naturally, families, loved ones, all categories of employees and the communities in which we operate and more generally, the broader society, which we serve. Our corporate purpose, which I'm sure you're familiar with, together, let's be a force for life for the most vulnerable is now part of our corporate bylaws. It reflects our collective ambition. We consider that economic performance must go hand-in-hand with social utility and leading by example. This very high level ambition is reflected in 4 commitments, contribute to change of the vision of fragility by society, participate in better recognition and attractiveness of professions in the world of care and support, strengthen social links in the community and promote innovation that respects all living things on the planet. The Board of Directors enthusiastically adopted this evolution of our status of our governance. The implementation of the Mission Committee, which is chaired by Professor [ Didier Peter ], who is sitting in the front row today is a guarantee to ensure we make progress in the long term in this respect. Progress accomplished over the past 4 years are particularly meaningful, if you look at things from a broader perspective. All over Europe, the aging of the population is accelerating. The number of people aged over 75 is going to be significant towards the end of the decade. We're talking about around 30%. At the same time, the needs connected linked with a loss of autonomy, neurodegenerative diseases and chronic pathologies are continuing to increase. In parallel, mental health, we are all aware of it in our families around us. Mental health has become a major challenge for public health for all generations requiring new responses that are much more accessible much more effective and much more humane. Needs in mental health are growing, young people, adults, seniors and require that our society collectively mobilize over a long period of time. These 2 major evolutions and aging population and mental health create a particular responsibility for emeis. Our role at emeis is not merely to manage establishments or to provide health services. It also consists in supporting people on the path of life, supporting carriers developing prevention, strengthening inclusion of fragile individuals and contributing to the cohesion of the communities in which we operate. A very broad agenda, I'm sure you will agree. But what makes me optimistic is the very meaning of our common commitment at emeis, you as shareholders, you as groupings of investors, you as professional carriers, you as management and all of us within the emeis governance. Your Board of Directors is entirely and sincerely pursued that the challenges of dependency, old age and mental health and not only medical and financial, they must be also humane, territorial and environmental, which is why we decided to become a company with a mission. That is what I had to say. Throughout the year, your Board of Directors works in a very demanding way, we had 11 meetings, 29 committee meetings. Your governance made sure that the group's operations were high quality, that there was a proper execution of the strategy that we supported the general management in the transformations underway, and I would warmly like to thank all of our colleagues, all of the directors for their commitment and the quality of their attribution. I would like to pay tribute to Laurent Guillot and all of the top management as well as the 86,000 employees of the group. The progress achieved by emeis in 2025 originates in the day-to-day commitment and expertise of all of these employees at the service of the most fragile people in our society. Your group now has more solid foundations to continue its transformation to grow its business and to address the growing needs of society in care and support. Many thanks, dear shareholders for the trust you place in emeis and I declare open this combined general meeting miso June 23, 2026. And now over to Laurent Guillot.

Thank you, Guillaume. Good morning to all. Dear shareholders, I'm delighted to welcome you here today for this general meeting. It's always for our company an important moment. It's an opportunity for us to talk about our results, of course. But also to tell you about the choices we have made, the manner in which we've implemented them and the direction which we wish to move the company in. As Guillaume has just explained, this appointment is particularly important this year. After 4 years dedicated to rebuilding the foundations of the group, refounding emeis, we can now look into the future more confidently, not just because we consider that everything has been done far from it, but because 2025 was a true watershed moment for the company. As Guillaume, our President, said this morning, in 2025, we came out of the safeguard procedure more than 2 years early. We redesigned the values of our company. We selected our corporate purpose and changed our brand in 2024, and our group now became a company with a mission. And I'm going to be explaining this. We can now demonstrate that our transformation is generating tangible, sustainable and consistent results. When I arrived at the helm of [indiscernible], it was called at the time. It was an exceptional moment. The question was not just to restore the health of a company. We have to preserve an essential mission support with dignity, people who are fragile in our care homes, in our clinics and in their homes. In order to do this, we have to preserve and strengthen the commitment of our 85,000 colleagues. We had to restore confidence of the families, the public authorities of investors of all of our stakeholders, and we also had to restore the operational and financial situation. multiple responsibility that extended far beyond the mere challenges of our own company. It was a responsibility that was important for the place of emeis within broader society. And of course, the Executive Committee, the Board of Directors and all of the teams share that very strong belief. From day 1, we chose to be very demanding. We chose to face the difficulties to say what we were going to do and to do what we have said. The consistency between the attention we pay to our employees, the continuous improvement of quality, the operational rebound and financial discipline, all of that around the common culture became the manner in which we refounded the company. Basically, we have not only sought to restore emeis' health. We tried to durably transform the manner in which the group creates value. We are deeply convinced that in the world of care, the quality of support, the engagement of the team and economic performance can only make progress if they progress together. Confidence cannot be restored purely by words. It is restored by actions by decisions, by behaviors and by consideration for others and it generates results, both financial and nonfinancial. You will see the results that we're about to present today to show that this refoundation is producing very real initial results. Our business is continuing to grow. Organic growth is above 6% for 2025 with an occupancy rate which is continuing to improve 1.8%, particularly in [ KHMS ] in France, showing that confidence and trust has been restored for our patients and their families. Our operating performance has improved. Our EBITDA is up 19.2% beyond the forecast of earlier in the year, and Guillaume has said so. The financial restructuring that we have engaged since 2022 is now almost done. Thanks to EUR 2.3 billion in disposals, we managed to exit the safeguard procedure and return to a solid financial situation. And Jean-Marc Boursier, our CFO, will tell you more about this in a few moments. But one important and essential point for me is that these figures tell a story not only a financial improve they tell a story of a much deeper transformation in our profession, a simple reality is that the quality of care generates the confidence and trust of our patients and beneficiaries of their families and the attractiveness of our facilities, of course, very much depends on the women and men who work for emeis, which is why we chose very early on to invest in the team in their recruitment and quality of life at work in their training and in an organization that empowers our team much more in the field so that they consider every member of the collective. The turnover rate remains high but is steadily improving. The engagement rate was up 3% in just 1 year. And the reason why I'm talking about quality for our patients, residents and beneficiaries, we strengthened our quality systems, deployed new indicators and made quality a true lever to steer the company. The progress achieved and observed in resident satisfaction is significant, more than 3 percentage points up since 2022 at 93.4%. So the confidence and trust of the families has also improved. And all of this shows that what we are doing is bearing fruit. We'll discuss this further with [indiscernible] Furger, Chair of the Quality and CSR Committee. And we will also discuss all of the elements of our policy in this respect, both the attention for our colleagues, constant improvement of care and support and our involvement in the community and our commitment to the environment. In 2025, at the last general meeting. You approved the fact that we were moving into a new phase with this adoption of our status as a company with a mission. It's a decision that is not the end of the path. It is the start of the path. It is a long-term commitment in a spirit of continuous improvement on our new status and the commitments that Guillaume discussed earlier are now entrenched in our corporate Articles of Association. Being a company with a mission does not mean merely adding new targets. It means deepening what we already doing and contributing through this new approach to change society. That also means that we must preserve a lasting consistency between the mission, the governance, the manner in which we work and ultimately, our value creation. This consistency, which we have constructed over time and which we must maintain on a day-to-day basis is one of the greatest strength of our group because our responsibility goes far beyond our company. The aging of the population is one of the great challenges for our society, expectations are changing. Needs are changing. Professions in care are changing, too. We have a responsibility to adapt our offering in terms of old age, but also mental health and rehabilitation. We must adapt our offering to new needs, to individualize it, to personalize it much more for each patient beneficiary in your family. We need to innovate to digitalize, to use AI and to use robotics. And that is how we will find the answers that our societies will need in future. In conclusion, I would like to say a few words to the men and women who run emeis on a day-to-day basis. I know that for many of them, these recent years have been extremely harsh. I'm well aware of that. I am aware of the deep commitment with our patients, residents and beneficiaries. The progress that we are presenting today and that we have achieved, first and foremost, come from them, and I would like to express my heartfelt gratitude to each and every one of them. I would also like to thank our shareholders, you supported this in-depth transformation, which is still ongoing. You've understood that to reconstruct the company takes time, and we feel obliged by your trust. Four years ago, my priority was to rebuild the company. Now our responsibility has changed. It goes beyond that. We must now demonstrate sustainably that a company that supports the most fragile individuals can also be a company that performs not despite the mission, but thanks to the mission. We have learned something crucial over the period. In our profession, there is no opposition between the human and the economic. What we need to do is to do things properly and sustainably with commitment and responsibility. The quality of the support we provide, the engagement of our teams and economic performance are not 3 different targets, 3 competing objectives. There are 3 expressions of the same project. And it's that consistency that forms the basis of our model and it will allow us to sustainably generate value for our patients, our residents, their families, for our teams, of course, for our partners and for our shareholders. We are well aware that much remains to be done, but we are aware that the foundations are now solid and it's with that trust and confidence that we are together, engaging on the next step of the company's destiny. Thank you. I will now yield the floor to Jean-Marc Boursier to talk about the economic performance of our group in 2025.

Thank you, Laurent. Dear shareholders, good morning. Thank you for being here today with us. As you will see in my presentation, the 2025 group performance was particularly encouraging at all levels. These results enable us to look to the future with confidence for the coming fiscal years as we continue to improve our operational and financial performance. There are 5 things to bear in mind for 2025. First, turnover grew by [Audio Gap] costs, a significant great operating margin -- the EBITDA margin grew by plus 19.2% on a like-for-like basis, and the EBITDA, excluding IFRS 16, increased by 58%. The net result is still negative, minus EUR 298 million, but it is improving plus EUR 114 million over a year. Total cash flow is significantly improving with a free cash flow at EUR 345 million, an increase by EUR 600 million, almost. And finally, our debt has been -- is now under control. Thanks to the property company creation. It has been reduced by EUR 1 billion between '24 and '25. Now if I go into further details, our turnover, plus 6.1% as organic growth. More than half of this growth is due to the rise in fares plus 3.3%, but also an increase in the occupancy rate of our facilities and the incremental rise of recently opened facilities. When looking at the geographic trend, all geographical areas are increasing with a strong performance outside of France and especially in Northern Europe and Southern Europe, where organic growth was around plus 10% in 2025. When breaking down growth, you will see that care homes are improving by plus 8.1%, but our clinics increase has been plus 2.1%. Here, you have an important slide. As you can see, the growth is plus 2 points for care homes and plus 1 point for clinics. But you can see that there is no sign of slowing down for this growth. proof is the trend is quite positive, and the potential for future growth remains significant. What is important to note in 2025 is that this revenue growth has had a significant impact on our operating margin, thanks to effective control on expenditure, plus EUR 259 million on revenue, EBITDA increased by EUR 135 million. So more than half of the turnover was thus reflected in the operating margins, thereby significantly improving our profitability profile in our facilities. So the EBITDA margin grew by plus 19% in 2025 and an EBITDA margin of plus 58%. Now if we look at the breakdown of the regions, the margins was improved, thanks to -- driven by Northern Europe, Germany, the Netherlands and Belgium, but also by France. Because our profitability has improved in France and has contributed up to EUR 40 million. All the regions in which we are present have improved the margin. The only stable area is Central Europe, but as you know, we've disposed some of our assets in the Czech Republic and the organic growth is still positive also in Central Europe. Now let's turn to our cash flow because this is key. The net current operating cash flow has improved by EUR 175 million in spite of a slight increase in maintenance capital. This year, we've decided to increase maintenance capital because it's important to renovate our facilities and therefore, improving their attractiveness. And this is a wish that we are reiterating for 2026. So you will see our maintenance CapEx increasing the recurring free cash flow, after financial cost has remained slightly negative in 2025, but it was positive on the second quarter after adjusting for one-off financial costs related to the refinancing operations. And the total free cash flow of the group has improved from EUR 645 million to EUR 347 million, driven by improved operational performance, as mentioned, and a significant volume of disposals completed in 2025. As I said, there were disposals activities in the Czech Republic, service departments or service care homes in France and several real estate disposals in Europe. So when looking at the -- the past 4 years, as you can see on a quarterly basis, progress is indeed present. 2025 has been characterized by a significant improvement in your group's balance sheet structure. The net debt at the end of '25 was at EUR 4.4 billion, it is fully backed by our property portfolio with a net value of EUR 4.8 billion. But the appraised value of it amounted to EUR 5.6 billion, thereby providing a solid foundation for our balance sheet structure. And as Laurent said, when including the property company that was closed on the 14th of January 2026, we will have a pro forma debt, taking into account this property company creation. The debt reduced by EUR 1 billion between '24 and '25. Another way to show how robust our financial position is, is to look at the debt-to-income ratio, so the net debt and the EBITDA. So an improvement of 50% of the EBITDA and reduced debt. So there's a double effect on the debt-to-income ratio. It went from 19.5x to 9.9x in 1 year only. And as part of the renegotiation done with the banks, we are committed to make sure that this debt to income ratio continues to decline and be lower by 2029, and I'm hoping before. 2025 was also marked by a turning point for our balance sheet structure. We've also raised new funding, EUR 3.15 billion in December last year. And the new debt repayment schedule has been renegotiating. And by extending all maturities also helps to ease any financial pressures that may have been weighing on your group for 2026, '27 and '28, where the level of reimbursement is minimal. The 3 key elements, improving operational profitability, significantly reducing debt and refinancing the entire amount have helped us to exit the safeguard plan at the beginning of '26. We are now in a position to calmly focus on continuing to improve the quality of care that we provide to our patients and residents on a daily basis and on continuing to improve our operational and financial performance, which will undoubtedly follow as a result. I would like to conclude by telling you about the prospects. It is useful to confirm that the favorable trend that observed in 2025 continued at the beginning -- has continued in the beginning of 2026 because in the first quarter, the performance recorded was at plus 6.3%. So we are on the same upward trend as last year driven by the same factors, prices of fares, occupancy rate and recent facility openings. So all of this clearly confirms that the recovery is well underway and is set to continue over the coming years. So we've given guidance to the market for the next few years and our results in the first quarter make us confident. In the short run, we expect an EBITDA growth of plus 10% at least and considering the increase at 19% in '25, we should reach plus 15% between '24 and '26 and in the midterm, between '24 and '28, we expect an average increase of the [ EBITDA ] of plus 12% to plus 16%. So now you know which project we are on. We are confident that the recovery we have been experiencing will continue to take shape. Thank you for your -- for listening.

Thank you very much to Jean-Marc Boursier. We will now listen to the nonfinancial report with [indiscernible] in charge of the ethics quality and CSR Committee, who will give you this presentation.

Thank you, Guillaume. Dear shareholders, I am delighted on my behalf and on behalf of the [ Ethics Quality ] and CSR Committee to present this report all the road map that the Board has approved or approved rather in 2024. This road map, as you can see on screen, naturally relies on the pillars mentioned earlier. There are 4 of them, and they are totally in line with the work that we do with the different stakeholders. For example, work with our employees, the care given to our residents and patients, will to be a local partner and have a positive impact on the planet. So once we have defined these 4 pillars in line with our values we defined 3 levels of ambition. First, be compliant. In other words, our commitments to do our job undeniably well. So -- and then there is a second level of commitment, standout. We want to stand out to be different from others. We want our patients, our residents, our employees to be attracted by us. And thirdly, third level of commitment, take part in something that goes beyond the mere care of our patients. For each of these pillars, we have written down a few sentences. So first, you have the commitment for our teams. What does it mean to be compliant for our teams being compliance means committed -- being committed as part of a collective force, recognized for its culture and its values as a responsible company. This is crucial for the teams. So of course, we now have indicators on top of this sentence to show progress. The indicators that we have is the turnover rate the rate of people being absent and the frequency of work accidents have an acceptable rate means having people who are close to the patients. But of course, there is a high level of turnover. Our goal is to reach 20% of turnover rate by 2030, whereas the rate was 33% in 2022. As you know, the level of absenteeism is quite high. 9.4% in 2022, and we want to reach 8% by 2030. And when it comes to work accidents, when Laurent and Guillaume joined the company, he said that he was astonished when looking at the work accident rate. And that is true. So thorough action plan was put in place. We would like to reach 20% by 2030 instead of 27% in 2022. This is what being compliant is all about. Standing out for our teams, it means offering a nurturing career path for our teams. We want employees to do their job well, but we have prospects as well and possibilities to evolve. So we have put in place indicators. You might have heard of them, indicators to measure the level of engagement of our employees. And it reflects the attractiveness and talent retention or retaining that we have. In 2025, this rate was at 60%, and we are aiming for 70% by 2030. For employees, you can benefit from social package and which was described in emeis and myself program. We're hoping that it will go from 80% in 2025 to 100% in 2025. Now for our patients, residents and recipients, what does it mean to be compliant and to stand out [Audio Gap] in line with managerial goals. Laurent Guillot has mentioned it. We want to make sure that this is a reality in the field. Satisfaction. The satisfaction rates. It was at 90.1% in 2020. The target is 97% in 2030. The promotion rates, how did people come to us and how will they recommend this. We're hoping that it will reach [ 40% ] in 2030, was at 21% in 2022. Our ambition is to strengthen safety culture, especially for care. In other words, our employees need to be able to declare a serious unfavorable events. It sounds like a paradox to say that we want to increase this rate, but it's not because in our jobs, we need to be transparent and report on serious events. The reporting rate was at 0.8% in 2022, and our goal is to reach 1.5% in 2030. And why does that matter? Is that when accidents or events are reported, an action plan is then implemented so that it never occurs again. And this transparency will continue, thanks to this action culture. And of course, there are 3 important things: residents, families and employees in care homes. And our level of ambition for reinforced dialogue with loved ones and patients because some residents cannot tell us how they feel, so it's important to enter into a dialogue with their loved ones. So our goal is for this reinforce dialogue rate to reach 100% in 2030, it was at 84% in 2023. In other words, we need to respond to -- or meet the needs of the different people and have an incremented care path and the goal is to reach care, acquired quality rate that is improved and patient interaction rate that is also improved. Interaction was quite good in 2024 at 90.3%. The goal is to reach 91.5% in 2030. And in our clinics, we want to develop specialties in psychiatry or other forms of care because it is expected from us. And our doctors are extremely talented and can meet these needs. On the third pillar for local areas, what does it mean to be compliant because we want to be a recognized a stakeholder and a respected one and a stakeholder that respects the local communities. It is very important because it makes us well known. So what we are aiming for is that our facilities start being closer to local communities. In other words, developing intergenerational activity, opening our facilities with events or carrying out prevention actions locally. We were at 31% in 2023. And our ambition is to reach 95% by 2030. So there is a huge step here, but we do think that facilities directors are extremely necessary. They are well-known stakeholders, but they need to now reach out beyond the borders of their facilities. We also have a strong tool training for our employees and training on anti-corruption, the anti-corruption system. And of course, we want to reach [indiscernible] well. 100% of the Board members are trained, but we want for all engaged employees to be trained, 85% by 2030, and we do have partners on purchasing. So we won strategic suppliers to sign a chance of responsible procurement and reach 100% by 2030. We need to go even further. We need to have intergenerational actions there. We would like to have 80% of our establishments who have developed intergenerational initiatives by 2030. And of course, we want our own employees to serve as ambassadors. They are the best ambassador as possible. We would like them to recommend emeis to have a recommendation rate of 70%. And then finally, the planet, the environment, another pillar. We are responsible players in terms of action on the planet. We want to keep our consumption under control, which is a very normal thing, of course, in order to preserve our resources we are keen to avoid food waste, which is why we have set a target of reduction and the first one that you see here on screen is the reduction of our energy consumption, which is absolutely understandable. Everyone should need to have objectives. And here, it's in kilowatt hours per square meter and per year. That's how we calculate things in our facilities. -- to truly make a difference for the plan is to work on biodiversity. Why biodiversity? Because it is consistent with the well-being of our residents. They can relate to that as do the patients, as do the employees and nature is one of the top partners of care. Our teams have developed an in-house label [ bio feel good]. And this in-house label is expressed with petals. So the first pedal is an attainable and measured objective and [ petal ] 3 is a very high level target, and we have a target of 80% for [ petal 3 ] by 2030, which always brings us back to our employees being the best ambassadors. They must be informed about the company's CSR commitments. And we hope that by 2030, 70% of our employees will be aware of the emeis' groups commitments, and they're only 50% in 2025, and it's a rate measured by our in-house tools. So that was our road map. And now over to Laurent Guillot, who is going to be telling you about the results for 2025.

Thank you, [indiscernible]. Thank you for this reminder about our ambitions for 2030 that show how ambitious we are across all of these CSR pillars. Let me start with a few examples of our actions in 2025, which, of course, fit within the broader process engaged since 2022, examples that are very representative of what we are trying to achieve. In 2025, of course, we continued our action in the field of training. We are a true learning company, teaching company by the end of 2025, 1,200 managers nurses establishment heads physicians receive training in the first school of care management. 1,200 is 3 to 4 people per facility which is huge and transforming the manner in which we manage care in France is an important mission, and we are very much involved in that. What we also did in 2025 is that we opened the first training center for emeis apprentices, and it was deeply moving when the center opened to see a carer, age 60, who came, who wanted to become -- wanted to access to a more qualified position at a range. And it is not just the salary that is important the qualification. So we continue to deploy the emeis [ EMEIA ] program, which now has all of the support systems. We launched the [ EV ] program, dedicated to our female talent. We've received a number of accolades, if I look across all of our companies, but one which was particularly good was the bold accreditation that we obtained by investors in diversity in the Republic of Ireland. These long-term actions -- the attention we paid to our employees is starting to yield fruit. The customer survey or rather a satisfaction survey of our colleagues conducted shows very positive results. And the first of which is that the response rate rose very sharply, 59%, up 11% versus the previous addition, meaning that there is greater confidence within the company in greater ability to express one satisfaction or dissatisfaction and that helps us to work on pain points on improvements to further improve the satisfaction of our employees. As you know, the satisfaction of our colleagues is, of course, a prerequisite for the satisfaction of our residents and patients. So across Europe, across France, most of these criteria have improved. Engagement rate, 63%, up 3 points versus 2026 and 7 points better than the benchmark of French companies. So it's something that we've been aware of. We have colleagues who are very deeply engaged, we are further improving that engagement rate. 82% of the teams are satisfied. They feel sufficiently empowered. 77% think their job is interesting and is meaningful and that's an improvement, too. Of course, another important aspect in parallel to that is the satisfaction of our patients, residents and beneficiaries, which has continued to make progress. [indiscernible] told you about this earlier, 92.5% in 2025. The overall rate, of course, up from 2022, 2024. And our Net Promoter Score is also up at [ 39 ] versus [ 34 ] and are much lower in 2022. And when we look at these results in detail, they are making progress across all of our priority pillars, which are the decision-making criteria people to decide to come along. Quality of care, of course, availability of the team, attention given to the residents and their expectations, presence and availability of carriers and time dedicated to Karen hygiene on a day-to-day basis. And then since 2022, of course, you know that we have focused on hospitality which is at the heart of what we do because the quality of care and wellness also means personalized services and catering that is adapted to the nutrition, the dietary needs of our patients and residents in our care homes, in our other facilities. And last Friday, in the [indiscernible] region, I attended a competition of chefs, a competition of recipes designed and created by the residents themselves. And that shows how our residents can be much more involved in their own life and much empowered in the management of our establishments, and we shall be generalizing that across the country and internationally. So the communities, the territories, as described by [indiscernible]. The group is further strengthening. It's a responsible procurement policy with CSR selection criteria for all of the group's 10 major tenders. We work in the community. This is very important for better integration and for the occupancy rate [ Mirabo Clinique ] in Urban, for instance, led a campaign for prevention against the [ noxious ] effects of laughing gas in the connection with local NGOs, of young people and the town hall. So that was just one example. But more globally, the group engaged in an experimentation across 3 major countries including France to analyze perceptions of or anchoring in the community by local stakeholders. The result of that investigation will help to draw some action plans to be deployed in 2027. So of course, in terms of the preservation of resources, which is very important to us too, we have deployed a large number of initiatives. We continue deploying the [ eco jesters ] and waste sorting in the establishments and head office. We are implementing projects with a much more immediate impact. You can see on that slide here in 2025, we have an exchange site, a base site called emeis [ talk ] in France, where between establishments. So we don't say that we can reuse products and buy them again. We managed to save around EUR 100,000 by exchanging equipment between establishments. We also favor biodiversity with therapeutic gardens and notably in Italy and Spain, where we planted the micro forest in Belgium and we don't just do it for the planet. We also do it for our colleagues and our patients and residents or sometimes for schools nearby. So that allows us to be more present in the community and to work in the interest of the planet and the environment, but also to the benefit of our residents. So all of that is very concrete, very serious and committed and anchored in our day-to-day work with our patients and residents, and that is what is the great strength of our CSR program. And we're delighted to see that this has been recognized by external institutions by the French authorities. You can see here the assessment of the [ HS], the high health authority. You can see that 99% of our care homes in France are in categories A and B, which is far better than other operators and the average of private operators. So of course, this needs to be further strengthened, and we need to make sure that our leadership persists. We're also delighted to see that the nonfinancial ratings agencies, which of course, had punished us in 2022 are acknowledging increasingly year-on-year, the quality of the process that is underway and that is extremely responsible of for a few years up, we're now above the average in our industry, and we hope that our action plan, in fact, I have no doubt that we will continue to improve. And then I couldn't finish this presentation without talking about our company with a mission. It was a transition that we implemented last year and since in 2025, we created our mission Committee animated by [indiscernible], greetings to him. And this committee with [ Didier ] is composed of 2 employees of the company, [indiscernible], who is in charge of a retirement home in Italy and another person from France. You heard them talking last year in a presentation video. We added to that committee 4 independent members, Melanie A from evidence [indiscernible], [ Professor Jensen], and [ Jean Dolan ] psychiatrist, the Paris Hospital; [indiscernible], who is a Director and a member of the Ethics quality committee also ensures better communication between the Board of Directors and that committee. It has already met 4 times since September 2025 and there's a meeting again tomorrow, and it has looked at the statutory commitments and targets that and is continuing to monitor the actions with a number of KPIs that will be reviewed by the independent third-party body. And [ Didier ] will come and present the results of their work during the next general meeting. And I think now for a few moments, we should listen to those who, on a day-to-day basis are keeping this mission alive. [Presentation]

What has changed is the important -- is the focus on our actions on what we do, the meaning. I think you can really feel within the institution that there are multiple examples, multiple little examples, although no example is minor. There's no radical change, but what is already infusing is a great many initiatives in the field driven by the employees themselves with -- and that will reboost momentum more largely. I'd say that it's all reflected in the commitment of our team. There's an evolution that we need to pay attention to an evolution of the up and coming generation, which really wants to strengthen the bonds with society. So we're a company with a mission in order to become a model and inspiration that will generate and lead by example for the future in the world of care and support for the most fragile individuals. Sustainability means that all of the company's employees, whoever they are, at whatever level should work together. Deploying the company with a mission means that we must listen to the employees from the lowest to the highest level. and that exchange of information will help to define a new policy. I think it can change people's vision of the sector and make our professionals more attractive and more valued. I think the greatest reward would be for us to talk about emeis beyond our pure expertise. The company with a mission is becoming incarnate. It helps us to question review and challenge our practices, our role in the community are linked with the persons we support and their loved ones. It's a shared conviction that must become a reality in each and every one of our establishments and what we do in our communities. And this is just a start. It's a great adventure that we will be experiencing at emeis in the years to come. So you can see accompanying with the mission. Our colleagues are the ones who are the best talking about it. At emeis, be it a company with a mission, be it CSR, all of that is not just a complement in addition to the company's core business. A company with a mission, our commitments to CSR are really at the heart of what we do in a manner in which we create value, our commitments are fully integrated to our strategy because in what we do, economic performance cannot come without social, human and environmental performance. That is the vision that is steering our transformation. Sustainably to the benefit of all of our stakeholders, the team, the patients, the residents, the beneficiaries and of course, our shareholders. Many thanks.

Thank you very much, [ Miray ] and Laurent. Before we can listen to your questions. There are 2 chapters. First, corporate governance and then the report of our auditors. Let us discuss governance. First of all, the setup of the Board of Directors, unchanged since December 2023, 15 members, 8 women, 7 men, 2 [indiscernible] sensors, 3 independent directors and 2 female directors who represent employees and the representative of the Economic and Social Council takes part. Then directors, they were highly assiduous 91.6 attendance. The rate of participation in committees also reflects their commitment. You have the figures up on the screen. We are also going to be putting forward the renewal of Laurent Guillot as a Director. Being said that, Laurent Guillot CEO, a mandate to the term of office is also renewed for the same period. Also the renewal of [indiscernible] as a representative as the case depot, which holds 22.42% of shares and her attendance is more than 90%. Renewal of the directorship of [indiscernible], which also 0.41% of the shares. Permanent representative, [indiscernible] year. He wended 81%, 82% of the time, and [ Frederic Masion ] renewal as a director. Her attendance was 100%. The appointment of Mr. [ Olivier ], who's sitting here in the first row as a Director. If you were to approve this, the Board of Directors that will be held directly after this general meeting will suggest that Olivier be appointed Chairman of the Board of Directors. Olivier dust was qualified as a nonindependent director in view of his various positions within the congestion. As for the compensation and benefits granted to the members of the Board. The overall remuneration in 2025 was in the amount of EUR 650,000 in view of the large number of meetings of the Board and of the committees the amount received each director had to be reduced in order to remain consistent with the overall budget approved of EUR 650,000. For the year 2026, we suggest that this amount be kept the same, namely EUR 650,000, which brings us now to the compensation and benefits package, Laurent Guillot, our CEO, a fixed annual pay package of EUR 760,000, unchanged since he took up his position, a variable compensation of EUR 970,000 with targets reached at 127.65% approved by the Board upon recommendation from the Committee of compensations and appointments. Long term, compensation in the form of 114,689-free shares under the 2025 plans that will be delivered after the general meeting of 2028 under conditions of presence and performance and benefits in kind of [ EUR 1,13409 ]. This will be subjected to your approval, you, as shareholders, as what is known in our jargon as ex-post say-on-pay. For 2026, the compensation 50% [Audio Gap] in the form of free shares value corresponding to 16% of the fixed compensation package if all targets are reached. And then departure system that has not changed over the past few years and Mr. Laurent Guillot does not receive any remuneration as a director. The variable annual remuneration for 2026, 60% for the financial targets that are here on the right hand of the screen and 40% for nonfinancial targets. Which brings me to the remuneration of Jean-Marc Boursier, our Deputy CEO, 600,000 fixed, variable at 100% of the fixed [indiscernible] maximum of 150%. For the indicators, if there is outperformance and LTI in the form of free share is of value amounting to 100% of the fixed compensation with conditions of performance and attendance. As per Laurent Guillot, the variable share for Jean-Marc Boursier, will be calculated 60% based on financial objectives and 40% on nonfinancial objectives. The remuneration -- sorry, the realization of the long-term performance share plan for both Mr. Guillot and Mr. Boursier, are conditioned with performance target, again, 40% nonfinancial and 60% financial targets, and they are exactly the same as those that apply to all of the company's employees who benefit from it. I will now suggest that Mr. [ Mike Brunel ] who chairs the Audit Committee, to say a couple of words about the remuneration of the Chairman of the Board of Directors. Mike, over to you.

Thank you, Guillaume. Ladies and gentlemen, greetings. A few words just to state the modalities of remuneration of the Chairman of the Board of your company for the year 2025. For the year 2025, Mr. Guillaume Pepy, a Chairman of the Board of Directors received a fixed annual remuneration of EUR 260,000 growth unchanged versus the previous year and EUR 51,692.41 growth as a director. For 2026, the remuneration policy for the Chairman of the Board remains unchanged versus 2025. It will affect UPP prorated for the duration of his position as Chairman of the Board for 2026 and we'll apply likewise to successor. The Compensation policy for 2026 is structured as follows: a annual remuneration of EUR 260,000. A remuneration as a director compliant with the compensation policy presented previously, the various benefits in kind in terms of insurance and health care. No exceptional annual variable remuneration, exceptional or long term is planned for 2026. Thank you for your attention and back to Mr. Pepy.

Thank you very much, Mrs. [ Brunel]. And I suggest that we now have the -- our representative of the college of auditors who will come and tell you about the financial report. Mr. [indiscernible], over to you.

Thank you, Chair. 5 Dear shareholders Greetings. On behalf of the statutory auditors for your company, I would like to give you a summary of the reports that we have sent to you for the fiscal year of 2025 ending on the 31st of December. So we've submitted 7 reports, 3 are on behalf of the Ordinary General Meeting and a report on the consolidated accounts of -- and yearly accounts of the company and a report on regulated agreements. And we've also submitted 4 reports on behalf of the Special General Meeting. Of course, I will not read them all in full, but I will summarize them. So we'll start with annual reports on the annual accounts and consolidated accounts on Chapter 6 of the universal registration document. So we've worked on a consolidated and yearly accounts. And the goal is to give you a reasonable reassurance that the accounts do not include any significant anomalies. We've given you -- we presented -- we presented our findings in April 2026. And the main findings looked at the cash of the group and treatment of refinancing operations from December 2025; and secondly, the depreciation test of movable and immovable assets and the current accounts. And on the next slide, sorry about that. So we confirm that we have examined the modalities judgment approved by management to assess all of this. we've also taken into account the specificities of the MAs group in terms of business lines, regulation and organization. and we have certified without any reservations the annual and consolidated accounts for 2025. emeis is using a new accounting legislation, which has only had presentation impact. And we also confirm that we comply with the independence rules applicable to the statutory auditors profession. On the next slide, our special report on regulatory agreements. It's on Chapter 4 of the universal registration document. And there were no approved or concluded agreements in 2025. We mentioned in our report the existence of an approved convention for 2026. It is an amendment to an agreement that was approved in 2025, for your [ CEO ] and the -- the potential financial impact of litigation affecting Laurent Guillot and former partnership agreements older than 2022. But apparently, no convention was -- or agreement was approved in 2025. On the next slide -- for the special general meeting, we've submitted different reports on authorizations to provide the Board for capital-related operations, especially to reduce capital. Ordinary issuing of stocks and several movable or property values with the maintenance or elimination of the preferred subscription rights. And on the last slide, for the second subsequent year, we have certified the nonfinancial information on sustainability. We've issued an opinion on 3 findings. Compliance with sustained [ ESRS ] sustainability standards and on double -- dual materiality, the compliance of published information is there. And the -- that we are also -- you are also compliant with the green taxonomy -- we haven't seen any anomalies, any emissions. And so our observation draws your attention on the availability of data on suppliers when it comes to business operations. Dear shareholders, Chairman, thank you for listening.

Thank you very much, Mr. Lam. Let's now turn to the dialogue phase of this meeting. I inform you that we haven't received any written questions for this general meeting. So we'll now give the floor to you if we wish to do so. Hosts are here with us. They have mics.

But first, please introduce yourself when you take the floor. And then ask your question, and we will do all our best to provide you a comprehensive to provide our comprehensive and sincere responses. Who would like to take the floor? 1, 2, 3. Okay. Madam on the third row, and then someone at the back later.

Good morning. So this is the first time I'm attending a general meeting. Thank you for being here. I just wanted to ask you one thing. You have disposed of EUR 2.3 billion of assets and I wondered why. What will happen of EUR 2.3 billion? You've mentioned the Czech Republic, and see new residences or care homes in France and property, if I'm not mistaken. To acquire new accounts, so I'd like to know why -- it might be written somewhere. I'm sorry if it's a specific question. But why did you dispose care homes to buy others. It's a possibility, but why? And out of the EUR 2.3 billion, EUR 1 billion has helped to reduce our debt by EUR 1 billion if I've followed well. So this -- a tiny a bit more than EUR 1 billion that could be used. So could you please explain why -- could you explain this operation? And the second question, I am aware that there was a litigation for minority shareholders, and it is still underway. Have you received some more information on this? Have you made provisions? And if the trial were to be completed, could you please elaborate on this?

Yes, 2 very clear questions. I will let Laurent Guillot to answer them.

On the EUR 2.3 billion disposals, they occurred not only in '25, but over the course of '22 to '25 and as you remember, in '22, the company was in an extremely difficult financial situation. So when we renegotiated with our creditors -- and we agreed on a certain number of disposals, and we went even beyond that goal. The goal was to strengthen our financial position. We haven't bought a new care homes, but we have -- we have made targeted investments in countries and to -- reached the 6.1% ratio by 2029. When it comes to the litigation as minority shareholders -- as you know, we've won quite a few trials against minority shareholders because they we're aware of the change in regulation in 2021. And some of them sued us. Don't remember if there is still a trial -- ongoing trials, but they put forward the exact same arguments lower binding. And so far, we've won all of them and no provisions. Yes.

Thank you. Sir, at the bank.

I am an individual shareholder, and I've got a few questions for you regarding governance. In your Board of Directors, there are 27% of independent board members. That is very low, and it will reach 20% with your departure and the arrival of Mr. [indiscernible]. And you have 2 sensors within the Board of Directors. Are they compensated as part of the 650,000 envelope? Or are they not compensated just like the board members representing the employees? And finally, a question regarding the annual accounts because you haven't mentioned them. So why is there a loss of EUR 326 million in 2025? And after taking into account this loss, 1 -- there should be a loss EUR 1.865 billion. So what will be the impact?

So there's 3 questions. I will answer the first 2 and Laurent Guillot will answer the third one. Regarding the role of sensors, thank you for mentioning them because there are 2 sensors. One of them is here with us. She is recognized and head of a department, especially helping people recover and sensors role is crucial because these people have had long careers in hospital -- in the hospital universe and they take care of people being rehabilitated. So their approach on the medical strategy on HR policy is extremely useful. And of course, their compensation is part of the EUR 650,000 envelope, EUR 650,000 envelope, not EUR 660,000. And the compensation of the sensors is about half of the Board of Directors members. So to be extremely accurate on your other question in the pack that you can find in the universal registration document, provision stating that in case of the nonrenewal of the term of directors of one of the members myself, the members of the group have the possibility to appoint as the Chairman of the Board of Directors, a non-independent Chair. In that case, [indiscernible]. So this is provided for by the shareholders -- or shareholders' agreement that is part of the universal registration document. And on the accounts, I will let Jean-Marc answer this question.

You do have detailed information on Page 443, chapters 6.3% of the and universal registration document. To answer your question, objectively, the reading of the accounts is quite complex because we registered the business of care homes and not of the clinics because they're part of Kenya, another branch. But you what is included is all the corporate results and all funding and the funding results at the headquarters or the parent company, and of course, we've written off certain current account operations. And after a loss, we are -- you've mentioned an equities at [ MSSA ] at EUR 1.892 billion. So it's extremely positive. And why are they extremely positive because after the 2023 restructuring, we had included the write-off of a debt. There are 2 questions on the left-hand side. We will take both of your questions.

Good morning. [indiscernible], individual shareholder. The net result is at minus EUR 298 million. What is your plan to make it exit the red? And how long will it take?

Thank you for your relevant question. This is what we call a cash type question. So we don't have more guidance on this topic. We've significantly improved compared to previous years, and the improvement should continue in the following years. And as you can understand, I cannot give you a guidance because I haven't provided it earlier.

Good morning. Thank you for the past 3 years, Mr. Pepy and Mr. Guillot. I just wanted to warn counterparts on Resolution #9 to appoint Mr. [indiscernible]. He was sentenced in an appeal trial, [indiscernible] its moral compass. So this is not very positive when we are trying to recover. We shouldn't have Mr. [ Disa ] Chairing General Meeting. Mr. [ Disa ] talked about down syndrome children during pregnancy. He used terrible terms, and I think this is an issue when we are dealing with care homes, mental health clinics. When we have people suffering, you can't have someone using awful language because I love this company, and I don't want to see someone with a criminal report, including the Board. So if you could vote no, that will be -- I will be grateful.

Thank you for your question. Of course, there is a personal opinion, and I will not comment on that. And this is a Republic, everyone has their own opinion and is entitled to have one. But on the first part of your question, I think there is some information that you don't have. The decision that was rendered was then revoked by the [indiscernible], the French Supreme Court in June 2026 and then on the third June 2026. They will now be shown to the Court of Appeal of Paris within the next 6 to 12 months. When it comes to this legal case, we are talking about procedural issues related to public procurement in 2019. the first legal decision that was reversed, led to a EUR 5,000 fine and it closes these proceedings. And of course, we'll not comment legal decisions. The appeal by the Supreme Court was made by [ SAR ] and following this appeal, this legal decision was canceled. And I'd like to say that as soon as the appeal by the -- to the quarter of [indiscernible] wasn't made by Mr. [indiscernible] himself and means that it shouldn't be sentenced to more than the EUR 5,000 fine. As we are contemplating the appointment of Mr. [indiscernible], if he's voted as the Chairman of the general meeting. Mr. [indiscernible] received a green light of the high transparency committee. I can see that you would like to take the floor again. Thank you very much.

I read that the appeal by the quarter of Casson was related to the fact that it couldn't find job in public institutions. Is that right? Maybe you can comment on that.

Mr. [indiscernible].

Thank you, Chair. First off, we're talking about public procurement from 2009. And I was sentence to a fine, but the decision states that haven't benefited from this operation personally. I haven't appealed, but there was an appeal by the quarter cases, and it was stricken down. And most of the time, an appeal court will follow suit. You shouldn't believe everything that is written in the press. I have been working as a consultant since 2024. I'm part of other boards, such as [indiscernible] and I've always received a favorable opinion. And have you mentioned the 4%? What you've quoted is a truncated quote that was used by the far right. So this was a truncated deliberation. I had said that when a woman is pregnant, and that she told that the embrace she's carrying is affected by a serious disease. Only 4% of such pregnancies go to the birth. Of course, this is difficult, but because it is the far right, it has nothing to do with the fire, it's from the liberation newspaper.

Once again, this is a Republic. This is a useful dialogue. Thank you for your question. Thank you for -- to Mr. [indiscernible] for responding. Of course, after this general meeting, you can have an opportunity to keep talking together. So thank you very much for your question. I will give the floor to the next members of the public.

I am an individual shareholder. Dear Chair, CEO. I have a question for you. First up, congratulations on the remarkable work that you've done ever since you've arrived. [ Saint-Gobain ] has lost a remarkable addition. But I'm sure we are benefiting from your action -- you've mentioned an EBITDAR of over 10% on a like-for-like basis, if I'm not mistaken. And when we look at the press release, the revenue is progressing by 6.3%. But we can notice that this increase is based on a price effect of plus 3.9%, if I'm not mistaken. In a recent interview in April, you've reminded to the [ Lesico ] that there was an urgency to revalue wages for employees working as part of the facilities, and that is a good thing. I'm all in favor of that. But how will you materialize this 10% flooring of the EBITDA are considering the margin effects. You've also mentioned -- so will there be quantified goals? Or should we achieve this goal by increasing fares for residents in our facilities?

Thank you, sir, for your kind words. And thank you for following my career assiduously because I'm sure that you must have read at least 5 articles in the newspapers. What I'm very confident that we can reach the target for the year. We have stated this earlier, and when we published our results, as we said in Q1, revenue was up by 6%, and that is linked both to pricing which is raising and generating more profit margin, but also volumes, a higher occupancy rate, up 2.1%, and the occupancy rate is continuing to grow in line with what happened in previous years. And I hope that will continue. So there's both a volume and price effect and inflation, not just inflation and paid but also inflation in energy and raw materials is believed to be potentially stronger in the second half of the year. Of course, we have a hedging on energy, so that is going to dampen the impact. But if we take into account the rise in revenues driven by volume and pricing and the cost increase. I remain very confident that we can reach a 10% EBITDA growth, as announced earlier this year. Thank you very much. The gentleman in the middle.

[indiscernible], individual shareholder. Yesterday, I attended a debate organized by the demographic transition share that which you attended, that evoked [ lots ] of autonomy and the complementarity of family carriers and professional carriers. I saw that very often, the families are much more critical than the residents themselves your satisfaction index is better for residents than for families which are trying to -- which, of course, trust your establishments to take care of their elderly parents. Have you -- are you looking more into the problem with the families and with the residents and you're also talking about training? Could the families not be trained in a sense to help the residents themselves when they return home or not?

Well, first of all, thank you for your very subtle question. I'm sure that in this room, everyone is well aware, it often happens that as part of the image of a company, those who are not customers of the company have an image that is not as good as those who do, who are our customers.

Thank you, [indiscernible]. Thank you, sir, for your questions. Yes, we're well aware that the judgment the families is not the same as that of the actual patients. The gap is not that huge. Things are making progress. in each of our thousands of establishments. And of course, we have questions. What is the most important factor on the family side or on the resident side to improve satisfaction? And of course, that index does not only serve to fuel our presentations once a year. But all of that is deeply operational. We do have an action plan room by room, country by country. And we need to identify which is the most relevant KPI to improve the opinions of the families and residents. It's not always the same KPIs. For instance, the outside appearance of the establishment or if they come along and the resident does don't have a close shave, it's the appearance of the residents themselves -- it's important for the families -- and that is clearly what we are looking into for each of our establishments. As for educating the families, there already is a step in a sense slightly before that, when a resident comes into our establishments. Very often, the family has been in a carer situation. And for a time before the person comes into the care home. And there must be a transfer of knowledge between the family and the carer team. It's quite difficult. It's a difficult moment for the families. But there is a manner in which one can take care of each resident in line with what the family wants and what the family has practiced. Thank you. Yes, please.

[indiscernible], individual shareholder. Isn't there a bit of an opposition between a company with a mission and profitability? Because the company with a mission requires a certain number of things that are additional to what a normal company does. And then second comment, there are a number of direct are independent and who hold no shares, including the CEO. I think that's a bit of a problem. Thank you.

I come from the words about your first point. The Board of Directors adopted that status as a company with a mission. We believe the exact opposite. We believe that in the value the valuation of [indiscernible]. The fact that we are a company with a mission will serve to further strengthen in the long term our company's image are -- the fact that we are deeply rooted in French society in French communities, it's reputation and therefore, its occupancy rate, the attraction of the company. And we think that in every respect, the fact that we are a company with a mission generates value for our shareholders, and Laurent said so earlier in his presentation. And the examples that there are, there are around 2,000 companies with a mission in France, 20 of which are large companies. A number of surveys have been conducted. Companies with a mission have a valuation graph that is equal or higher than that of others because there's no contradiction in terms between a short-term financial interest that is important, of course, because investors are rightfully there to obtain a return and long-term value within the French society based on much broader criteria. So we had no second thoughts in choosing this status to create value going forward. Yes, but I won't repeat what Guillaume has just said, but the best example is the history of [indiscernible]. Look at [indiscernible], when you forget your values when you forget what you're working for, the men and women who and our colleagues patients or residents or employees and only work for the shareholders. You don't reach a situation where you end up destroying value for the shareholders. As for the fact that I held shares, well, you're not entirely right because a few weeks ago, encouraged me to buy a few shares personally. But the thing is that I could not prior to that buy shares because I was an insider in a sense. And when the financial reorganization was made, and now company that is much more normalized. I purchased some shares, and I think that was made public 2, 3 weeks ago. But I mean you're right in substance, but I could not buy shares 4 years for the reasons stated. The gentleman with a white shirt would like to talk again and the gentleman with the red shirt behind him.

Hello, I'm the gentleman with a white shirt. So it's beige actually. There was a point that was made about the fact that emeis made EUR 1 billion of disposals in Q1, easy. It was [ Azema], the disposal of some real estate assets. That has a significant impact on debt as was shown. But then, of course, it generates more rent, which is 8%. Is that -- is there going to be growth an increase of that with insulation, will [ then not ] weigh on operations while you still have to invest in the human aspect and other points?

Well, we created a real estate company, France. We took 68 real estate assets of clinics in France, Spain, Germany and place them in a vehicle that we have called [ Exenia]. And we brought in a minority shareholder for EUR 762 million with quite an original setup with convertible bonds. And the advantage of this system is that the company remains 100% controlled by emeis, minus 1 share. So there is no outside rent. The ex-date residences pay rent to [ Idemia] but then, of course, the EUR 761 million received were treated as a share capital minority share capital increase and will need to be remunerated in the form of a dividend. So you will see a dividend paid out to minority shareholders starting in 2026. But to answer your other question about the indexation of rent, the group pays around EUR 500 million in external rent. It's the gap between the EUR 760 million of EBITDA and around EUR 370 million of EBITDA. And all of that is indexed on the average price index in the countries in which we operate. So up around 2% a year over the past few years. So 2% times EUR 500 million, an increase of around EUR 10 million per year. Question [indiscernible]. Yes, of course, we could replenish that vehicle in the coming years. The agreements we have with both investors who are going to be contributing that money would make that perfectly possible.

So [indiscernible] basis, I'm not a shareholder because I'm not allowed to be. I'm not allowed to be. I'm a journalist [indiscernible]. First, the disposal of assets and the opening of new establishments, what will happen in 2026? Second question, preparation of the budget for 2027. And what about the PLF, the plan for the financing of social security. Do you have any fears of that? And three, the various court cases made by emeis against 3 of the former directors of [indiscernible], could you tell us where the procedure stands?

Well, sir, you told us you're kind enough to say that you were not a shareholder. While the questions are reserved to shareholders during this general meeting, we will try to answer because you've been very straightforward. I think your second question is more a press conference question than a general meeting. But then, of course, we know [ Frank]. I think we would have recognized him anyway even if we've not introduced himself. So on the disposal of assets, I would say that in terms of volume, we are reaching the end of our disposals program. We still have a couple of establishments outside of Europe on which we're continuing to work to dispose of them. The amounts would remain relatively minimal compared to what we've already done. But in terms of management intensity, and distraction management distraction, I think it's important for them to be disposed of. For the openings, I would say that we're going to continue in the Netherlands, Germany, Spain, because in France, we need permits for openings and that these permits are granted in a very restrictive manner. So we're going to continue to invest. But again, the volumes will be quite reasonable. We've received -- we have around EUR 100 million a year in -- to invest in new developments. For the preparation of the social security budget plan, I don't really have much to say. The proceedings have only just started, no letters have been sent out, but what the entire sector is worried about, of course, is a potential gap between a rise in inflation on the one hand and a rise in the budgets granted. On the other hand, because no sector can sustainably withstand an inflationary pressure without suffering. But then, of course, as we know that there's not much leeway in the government budget, what we are asking for and what we're working on with the authorities, is simplification that might allow us to work more efficiently. And that is what we're working on and notably with the group of 6 namely colleagues, both from the public sector, from the nonprofit sector and from the private sector who have common interests across our professional sector without whether the vision is unified. And we insisted there on 3 aspects: one, planning. We know that in our sector, notably for care homes, and to expect for clinics, we need to plan in the long term. We need to know where we're going. The main resource that's going to be lacking is employees and therefore, we need to train, train and train. And we need to know how many people we need to train. And that requires medium-term planning. Second, simplification. We live like any other sector, it's not specific to us. We live in the country that has a great number of standards and norms, some are, of course, very useful and indispensable than others, where they just make our work more complicated with our particular advantages. So we're working on simplification with the authorities. And then another point is that we need to restore confidence and there must be more controlled. The court cases. We told you about an improvement, quality improvement in satisfaction. We feel perfectly comfortable to have people who either work with us or come and control our activity in the best interests of our patients. For the criminal cases, no news, no news of these court cases. Just two little things for those of you who are in the room and who were not here last year or in previous years, you will remember that the company emeis file a complete versus persons unknown and versus persons known, namely on December 20, 2022, 3.5 years ago, Mr. [indiscernible], former Director General of the company, 4 facts that may be characteristic of various criminal facts and there were other nominative court cases brought against other individuals. And you may remember that the state prosecutor [indiscernible] not there communicated about these court cases on very rare occasions. The last time was in January 2024 where just the judiciary indicated that the 2 people who had been reminded in custody had been released. That's the latest information we've received dates back to 2024. We are party to the procedure. We are continuing to monitor that. But then, of course, we cannot violate the secret of the investigation. So as long as there's no official communication, we have nothing to say, which doesn't mean that we continue to believe. Madam, you had -- you started this, you are going to have the final word. And please keep it brief.

Earlier, it's [indiscernible] anticorruption training. I wanted to know what -- it's corruption of what? Of staff? Does that mean the corruption has existed? And second, anticorruption for whom, how and so on. You're making a link between what I was saying in your question then hang on, hang on. I would like to know if by any chance -- do you work like other trade organizations that get together to try and have a collective contract -- it's true for cemeteries, sorry to use that example. But there are federations that get together and say, okay, I pay for 30 spots in a graveyard. Do you have federations or whatever? There are all sorts of groups or federations that would buy like spots? Do you have that sort of thing? I thought it would be a pretty good idea for graveyards. And then we're there to take care of people. Well, wouldn't it be funny or nice. You'd have sort of before you die and then when you die. Oh yes, and something else Mr. Guillot. So yes, I'd also made a note that you didn't have any shares, but you bought shares now. When did you buy them? And how many, if possible? No, he didn't say how many, and he didn't say when. And what it says here -- it says that you're going to be given 114,000 if you do your job properly.

Yes. Thank you, madam. So 3 questions, anticorruption. I think for the cemeteries that is not really linked to what we do and then the shares. So anticorruption training. It's part of a broader package. When you join emeis, you get all sorts of training sessions that are pretty conventional. Everyone needs to commit to comply. It doesn't mean that in the past years, the corruption within the company. It just means that everyone needs to be trained to face and prevent that. It's part of our obligations as is the case with all sorts of other training sessions. We are not linked to a -- we don't have a federation of customers or clients. And for the shares, it was published on the AMF website. And to be honest, I can't really remember when it was precise is 2, 3 weeks ago, and I bought 5,000, 5,000 shares. Thank you very much. All of these questions were very interesting and relevant. Let us now move on to the vote of the resolutions over to [indiscernible] who will be managing the voting procedure. And if you have your voting boxes, please tick them now.

So the final quorum, it has been reached 6.17%, 107,980,674 for a total number of shareholders as announced. So these are the instructions for the voting boxes Three buttons, 4 against abstain. I'm sure that you're familiar with the voting boxes. So let us now vote on the following resolutions that are on the agenda resolution on approval of the financial accounts for the fiscal year ending at December 31, 2025. Net result, negative EUR 326,079,241.09. You may vote. [Voting]

Vote is closed. The resolution is carried. Second resolution, approval of consolidated accounts for the fiscal year ending December 31, 2025, consolidated net result, group share or NPG minus EUR 298 million. The vote is open. [Voting]

The vote is closed. The resolution is carried. Third resolution. Repetition of the result for the fiscal year ending December 2025, loss affected to the carryover account, vote is open. [Voting]

Vote is closed. The resolution is carried. Resolution 4 regulated agreements, approval of the special report from the statutory auditors for the extension of the engagement of execution taken by the company and a dispute against Mr. Laurent Guillot, the vote is open. [Voting]

Vote is closed. The resolution is carried. Resolution #5, the renewal of Directors term of office, Mr. Laurent Guillot, CEO. The vote is open. [Voting]

The vote is closed. Resolution is carried. Resolution #6, the renewal of Directors' term of office for the [indiscernible], the vote is open. [Voting]

The voting is closed. The resolution is carried. Resolution #7. Renewal of the director's term of office for [ MCSF, Aponte], the vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #8, renewal of the director's term of office for Mrs. [ Fredrik Muzikant], the vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #9, the appointment of Mr. Oliver [indiscernible] as Director, the vote is open. [Voting]

There vote is closed. The resolution is carried. Resolution #10. Approval of the information mentioned experts on the compensation of corporate offices for the fiscal year of 2025. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution 11, approval of the fixed variable and extraordinary items as part of the total compensation and benefits of any kind for 2025 given to Mr. Guillaume Pepy. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #12, approval of the fixed variable and special components of total compensation and benefits of any kind for 2025 and given to Mr. Laurent Guillot. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #13, approval of the compensation policy for directors and sensors for the fiscal year of 2026 in the [indiscernible] procedure. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #14, approval of the compensation policy for the ex-ante in the [indiscernible] fashion for the Board of Chair for 2026. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #15, [indiscernible] approval of the compensation policy of the for the fiscal year 2026. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution 16, [ expansive ] approval of the compensation policy of the Deputy CEO for the fiscal year of 2026. The vote is open. [Voting]

The vote is closed layers. The resolution is carried. Resolution #16. The delegation of authorities to the Board of Directors to increase the company's capital through the issuance of common stock and securities, the vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #18, the delegation of authority to the Board of Directors to reduce the capital. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #19, delegation of authority to the Board of Directors to increase the company's capital through the issuance of common stock and securities with maintaining the GPS. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #20, delegation of authority to the Board of Directors to issue through public procurement, common stock and securities with a preferred right of subscription for shareholders. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #21, delegation of authority to the Board of Directors to issue through a public offer common stock and securities while suppressing the GPS with an optional priority delay. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #22, delegation of authority to the Board of Directors to publicly increase common stock and securities well, deleting the DPS. The vote is open [Voting]

The vote is closed. The resolution is carried. Resolution 23, delegation authority to the Board of Directors to issue the number of securities to issue in case of an increase in capital while maintaining or eliminating the DPS or preemptive subscription rights. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #24, delegation of authority to the Board of Directors to increase the social capital in order to compensate with benefits in kind within the limit of 10% of the social capital of the company. The vote is open. [Voting]

The vote is closed and the resolution is carried. Resolution #25, delegation of authority to the Board of Directors to increase the -- to increase the capital of the members. You have the floor for savings plan. The vote is open and the vote is closed now. The resolution is carried. Resolution #6 -- 26 delegation of authority for free purchase of shares with -- while eliminating the DPS. The vote is open. [Voting]

The vote is closed. The resolution is carried. Resolution #27 delegation of authority to the Board of Directors to increase capital in favor of members to corporate savings plan. The vote is open. [Voting]

The vote is closed. The resolution is carried. Thank you very much for voting. We've heard the jingle 28 times. This is quite difficult, I have to say. Thank you for voting. We have reached the end of our agenda. But on a more personal note, I did not want to ask your general meeting to renew my term of office. This has been the privilege to chair the works by the Board of Directors in the past 4 years, while and helping the company recover, rebuild itself while helping patients and employees. But now a new chapter is opening, I'd like to extend my warm thanks to the directors -- you present on your behalf and on my personal behalf, because as you can see, the mission of directors is quite rigorous. It requires a lot of work from directors and I'm glad to have chaired Board of Directors where we actually debate, we discuss the matters at hand. I also wanted to extend my warm thanks to the executive committee, Supervisory Board as well as Laurent Guillot. They've been doing an extraordinary work where we add up all the actions taken to rebuild the company from an ethical point of view and in a sustainable fashion. This was a colossal work. And since there are employees representatives in this room, I would like to show how grateful I am of the 86,000 people working at the headquarters or in our facilities. Every time that I met them in the field, in our facilities, I've met with people that are extremely engaged, involved and they want to do their job well, and this hard job is due to their heart. And I think I can say on behalf of everyone that the daily work deserves recognition in our respect and the respective of society as a whole more broadly. And I would like to thank you shareholders. Your life hasn't always been easy as shareholders. But in the past 4 years, you've shown me or you've shown the Board of Directors restored confidence. So thank you very much and thank you for taking part in the general meeting. It's always very interesting because there are good questions that are being asked and we try to be as transparent as possible. Thanks for listening and have a good day.

Thank you, Guillaume. I cannot let you close this general meeting without myself saying a few words, to thank you for these 4 years we spent together. I mean all of us within the [ ExCom ] of the Board of Directors and all of our colleagues at emeis. You joined the company at the toughest time at a moment when the company was going through one of the most difficult periods of its history and probably one of the most difficult period for all sorts of companies in France. And it was probably the worst. And we were really in the eye of the storm. There weren't many of us, and we had to face huge challenges, lots of confidence that was absolutely dreadful. And you decided to come on board, and that was greater contribution your career and the service of the general interest, your status, your reputation, very quickly restored confidence both inside and outside the company at the moment when it needed it most. You helped us to find our bearings to make progress towards rebirth at a time when it was particularly necessary. You were with us in difficult times, always very demanding always hugely intelligence. I really enjoy the quality of the advice you provided and the manner in which you always encouraged us and supported us. The refoundation of emeis was a collective effort, is a collective effort. You are very much involved. You took your share and I would like in front of all of these shareholders and all of our colleagues and all of the Executive Committee, Board of Directors to thank you very warmly for what you did. Thank you for your commitment, for your trust and for everything you contributed to emeis. Thank you very much. Thank you. Thank you for coming. Take care. And you -- there might be a slight shock with the outdoor temperature when you walk out of this room. [Statements in English on this transcript were spoken by an interpreter present on the live call.]