Eutelsat Communications S.A. (ETL.PA) Earnings Call Transcript & Summary

Hello, everyone. I would like to greet you and welcome you here to our combined meeting, our General Shareholders' Meeting. I am Eric Labaye, President of the Board of Directors of Eutelsat Communications, and I'm here with Jean-Francois Fallacher, General Manager; Anne Carron, General Secretary and Human Resource Director; and Christophe Caudrelier, Financial Director. Also here with us in the room among the members of the Board, and I would like to thank them for being here. We have Guillemette Kreis, who is the permanent representative of the French State; Lucia Sinapi-Thomas; Padraig McCarthy; Florence Parly; Agnes Audier, who represents the FSP. We also have [indiscernible] Erwan Candau, who represents Forvis Mazars as a member of the Auditors College Company. Absent and Excused is Nicolas Marseille, who represents Ernst & Young, who is also a member of the auditors college. And finally, here with us today is Piotr Dmochowski-Lipski, who is the Executive Secretary of Eutelsat IGO and representatives of the CSE, the Works Council for the company. And now, as the law calls for, we will be calling on the election of the members of the Board. So, we will be voting on Bharti Space Limited. It has 114,472,331 voting rights and the French State through the Agence des Participations de l’Etat, which has 64,586,426 voting rights. So I would like to suggest that [indiscernible] representative of Bharti Space Limited and Boris Hauptmann through the French Agence des Participation to please join me here. They will join me here for the voting process. And I would like to ask them if they would agree to designate Anne Carron, General Secretary and Human Resources Manager to be in-charge of this voting process today. And now I turn to the Assembly's Secretary to see if she can announce a quorum and remind us of the legal formalities. Thank you very much, Mr. Chairman. The shareholders have signed the presence sheet or have named their proxies. And among those who are present and those who have sent in their proxy votes, we do have a quorum, the minimum quorum of 20%. As this has been attained, so we can now deliberate for the ordinary and extraordinary general meeting. So we can now vote on the resolution. This meeting has been called by the Board of Directors and all of the legal formalities have been carried out. And we can, therefore, Mr. Chairman, go ahead with our agenda, which had previously been sent out to all of those attending the meeting today. So I suggest that we can talk about also certain items that have been withdrawn from the agenda given recent events. All of the information has been made available to the shareholders either at the company headquarters or on the Internet site. Everything was sent to -- any further information that was requested by shareholders has been sent to them. Madam Secretary, thank you. I am happy to announce that a major event that recently took place has changed the agenda for this assembly today. This is the launching of the capital increase, which is a first stage in a global financial strategy, which will make our Group more solid financially. I would like to remind you that the general assembly held on the 30th of September of this year voted in favor of this operation. On the basis of this decision, the Board, which met on the 18th of November, authorized the launch for an amount of EUR 828 million at a price of EUR 4 per share subscribed by the French State, Bharti Space Limited, the British government, CMA CGM participations and Le Fonds Strategique de Participations. This operation of capital increase is now being carried out in accordance with the approved delegations as provided for by the 30th September assembly and without any recourse to setting off against debts has -- had previously been envisioned. This decision -- so here, we have resolutions 36 to 45, which were included in the agenda to enable us to carry out this increase, and they have been removed from the agenda because they are superseded by the Board's decision on the 18th of November. So they will not be submitted to vote. So finally, with regard to maintaining the preferential subscription rights for an amount of EUR 672 million, this has not yet been studied by the Board. And so as specified in the Board's report, the 34th resolution regarding canceling the reduction of capital with regard to losses authorized on the 30th of September could be removed from the agenda, in particular, with regard to the increase of capital with preferred subscription rights. So this 34th resolution is no longer necessary and has been removed from the agenda and will not be voted on today. Now let us look at the amended agenda. First of all, the Board will be making a presentation about Eutelsat Communications, what we have achieved as of 30th June 2025. Jean-Francois Fallacher, the General Manager, will talk about 2024, 2025 perspectives, and this is points 1 to 3. Then, Christophe Caudrelier will talk about the financial performance of the company. This is Item 2 on the agenda. I will be giving you a report on management and governance of the company. Florence Parly, who is in-charge of the Remuneration Committee, will talk about remuneration and social mandates. And, [indiscernible], who is in-charge of corporate and social responsibility, will discuss these subjects. And Item 6, Mr. Erwan Candau, representing the College of Auditors, will then present the reports on the accounts for this fiscal period and the project for -- drafts of resolutions, this is Item 7. The different documents regarding these reports have been made available to the shareholders at headquarters and on the Internet side of the company, and we will be giving you a summary rather than reading the whole thing out. Then we will continue with a session of question and answers. This is Item #8. And finally, we will be voting on the resolutions submitted for your approval. This is Item 9. So Jean-Francois, let's move then on to point 1.

Hello, everyone. Thank you, dear Chairman. Thank you, Eric. So let's start with some of the main events of this year, which was a very important year for us. We had an excellent performance, meeting our expectations because our sales were up to EUR 1,244 billion, and that is an increase of 1.6% in comparable data for operational segments contributed to this at about EUR 1, 226 billion. This is up 0.8% in comparable data. Our LEO segment also Low Orbit, OneWeb also had a growth in sales that was significant because it was more than 80% with regard to the previous year. And this also shows that this is now 15% of our overall sales for the Group. So you can see this is significant growth, substantial growth, and we will be needing more capacity in low orbit and this in all segments. During the year, we provided satellite capacity in Ukraine. We also signed key agreements with European institutions, in particular, a framework agreement with the French Ministry of the Army, very important contract, EUR 1 billion over 10 years and also with the Foreign Affairs Ministry of the Commonwealth. And they will be working with OneWeb. These different phases clearly show the growing role that we have as a partner with regard to sovereign infrastructure in Europe. And as our Chairman just said, we announced a capital increase at about EUR 1.5 billion, and this will support our strategic road map in the long term. This initiative supported by all of the main shareholders, including the French State and the British government, and this should be as well as the other important shareholders, FSP, CGM, Bharti. This supports our long-term strategy, and it should be completed by the end of the current year 2025. This financing will shore up our financial structure, and it will also help us to decrease our debt and open up capacity for investment to support the expansion and the growth of our LEO network and also to help us to play a major role in the future of IRIS, the European -- IRIS², the European project. At the same time, we are carrying out a complementary refinancing plan in order to improve our debt position and our financial flexibility. So let's go on to the next slide. Here, you can see our key financial data. You can see that on this table, all of the data are for comparable data that is with equivalent parameters and exchange rates. So for 2025, 2026, you can see we're looking at for operational activities that contributed over EUR 1,226 billion, up 0.8%. And we have for LEO, EUR 187 million, up 84.1%, thanks to dynamic growth. EBITDA adjusted is EUR 676.2 million as of 30 June, it's very stable. And the adjusted EBITDA is about 54.2%. Investments reached EUR 450 million, which is lower than last year because of the phasing and renewal of the Low Orbit constellation, which will be carried out in the coming years. The net debt-to-EBITDA ratio is at 3.88. As I said, these results are in accordance with our projections and our objectives, and we should have a similar level with an EBITDA margin adjusted that is slightly lower than last year's. Now let's look at the main segments of activity. You can see that Video is an important part of our business at 50% of sales, EUR 608 million, down 6.5%. Fixed Connectivity represents 20% of the total group sales. It increased to 4.3% and last year reached EUR 247 million. Government Services, which represents 17% of sales were at EUR 211 million, up 24%. As for Mobile Connectivity, we see that this figure has been stable since last year. Other revenues are at about EUR 17.5 million with a positive variation of EUR 14 million, which comes in particular from -- revenues from IRIS², which we are continuing to work on with the EU Commission. So let's focus, first of all, on our Video business, which, as I said, is very important. Sales, as you can see here, were EUR 608 million, down 6.5%. This reflects the maturity of this historic activity of ours, our legacy activity. But the hotspots continue to attract broadcasters in particular, through the HOTBIRD pole. And we have increased our capacity, working with a long-term partner, the Swiss Group, SRG – SSR SRG. And we're also working with wedotv, a worldwide broadcaster for television streaming services. And we also signed an agreement on streaming for several non-coated chains with the HOTBIRD constellation. In the fourth quarter, sales for Video were EUR 147 million, once again, down 6.8% compared to the last quarter of last year, but it remains stable with regard to the third quarter. As we said recently, Eutelsat has withdrawn several other Russian channels from its fleet to follow the latest Arcom directive to the French Regulatory Authority for Audiovisual and Digital Communication. And the impact on revenues from this removal is estimated at around EUR 16 million, a similar amount in terms of EBITDA for the financial year '25, '26. I'd like now turn to fixed connectivity. So for 2024, 2025, fixed connectivity revenue was at EUR 247 million, up 4.3%. This change mainly reflects the continued growth of LEO solutions. And on the other hand, more difficult conditions for solutions with GEO technology notably with the discontinuation of TIMs revenue recognition on KONNECT-VHTS. Fourth quarter revenues amounted to EUR 69 million, so down compared with last year. And that is because of catch-up revenues that boosted the fourth quarter of fiscal year 2024. It was up 20.9% compared to the previous year, mainly driven by our LEO solutions. Amongst recent commercial successes, we've had a contract with Orange on the LEO segment, enabling Orange to strengthen its portfolio of satellite solutions with Eutelsat's LEO connectivity solutions to meet its needs where it is present. Let's now have a look at revenues from Government Services. These revenues amounted to EUR 211 million, so plus 24% strong increase compared with last year. This reflects the growth in LEO solutions, particularly with services provided in Ukraine and increased demand from other non-U.S. governments such as countries like Taiwan. Fourth quarter revenues amounted to EUR 65 million, so a strong increase, plus 41% compared to the previous year. And in June 2025, we signed, as I said earlier, a very important key framework agreement with the Ministry of the French Armed Forces. It is called the NEXUS program, and this is going to help us reinforce our approach in terms of space communication. And that will help combining military resources and civilian capabilities. In addition, we also recently signed, as I said earlier, a contract with the U.K. FCDO. This will provide low latency broadband connectivity to British embassies, high commissions and consulates everywhere in the world as well as British government activities worldwide. We've also signed recently a contract extension with a company called MBS, it's a German firm that is very important to us because it provides OneWeb services to government and institutional customers in Europe. If we turn to revenues related to Mobile Connectivity now for fiscal year '24, '25, they amounted to EUR 116 million. As you can see here on the graph, they are stable compared with last year. This reflects growing demand for LEO solutions, particularly partially offset by lower GEO revenues. We are quite proud to have signed an agreement with the Indian company Station Satcom that's going to buy services from us for the global maritime sector. In this field, in mobility, air mobility is also gaining a lot of momentum to equip private aircrafts or major airlines, and we have more than 1,200 aircrafts in our backlog, thanks to our partners like Air Canada and Delta Airlines in the U.S. Thank you for your attention. And I would now like to hand over to Christophe Caudrelier, who is our CFO, and he will give you a presentation of our financial performance.

Thank you, Jean-Francois. Hello, everyone. Let's start with profitability. Adjusted EBITDA amounted to EUR 676.2 million as of June 30, 2025, compared to EUR 718.9 million a year earlier, so a decline of 5.9%. This difference is explained by the absence of OneWeb, the first -- in quarter of fiscal year 2024. On a like-for-like basis, adjusted EBITDA remained stable. Adjusted EBITDA margin was 54.2% at constant exchange rates, 54.4% reported compared to 55% a year later -- a year earlier, sorry, and 59.3% reported. Operating expenses have gone up '23, '24. On a pro forma basis, costs have increased by 2.5%, reflecting the LEO activities. So this impact was offset by synergies, thanks to OneWeb and by a strict measures to control cost, including the implementation of one team. The net result translated into a loss of EUR 1,081.9 million against EUR 309.9 million a year earlier. This can be explained by EUR 777 million in operating expenses compared to EUR 208.2 million last year. It includes a loss of value of goodwill of EUR 535 million for GEO assets, the first quarter as well as a loss of value linked to the satellites amounting to EUR 186 million. And in terms of amortization, EUR 8.3 million against EUR 702.1 million a year earlier because of the OneWeb scope and the commissioning of EUTELSAT 36D as well as 20 LEO satellites during the first quarter. This is partially offset by a decrease of the GEO assets on the ground. The net financial result of minus EUR 201 million against minus EUR 123.9 million reflects mainly the developments in terms of exchange rates and an increase of interest rates. Corporate tax went up EUR 6.7 million against EUR 28.3 million a year earlier, reflecting the non-acknowledgment of deferred taxes. And lastly, a loss of EUR 2.4 million of -- in terms of corporate results against EUR 22.8 million the previous year reflects the contribution of the participation of OneWeb, which is now consolidated. Capital investment expenses should go up, go from EUR 1 million to EUR 1.1 billion, thanks to investment expenses for the LEO satellites on the ground as well as the phasing out of other investments in the framework of the LEO constellation. Investment expenses should go up for '25, '26 and reach -- and thus reached EUR 1.1 billion, reflecting key steps like the order of a first batch of 100 extra satellites in December '24 and 340 extra satellites for the LEO constellation. Investment expenses will remain focused on LEO activities in line with the strategic vision of the Group, mainly for the Gen 1 program. And there will be a continuity in services. Let's have a look at debt now. EUR 2,726.6 million, that's the financial debt, up EUR 82.2 million compared with June '24 because of an increase of financial costs and new movements linked to investment expenses and also because of the IFRS 5 standard regarding the ground infrastructures. So the debt net ratio is 3.88x against 3.79x at the end of June '24. The average cost of debt after hedging is 4.37% against 4.87% for the financial year '23-'24. This decrease reflects the reduction of short-term interests indexed on variable rates and the swap portfolio of currencies. The weighted average duration of the debt is 2.5 years against 3.5 years at the end of June at around EUR 1.07 billion. I'd like to now give the floor back to Jean-Francois, who's going to talk about the next steps. Thank you, Christophe.

Ladies and gentlemen, shareholders, I'd like to give you an overview of the first quarter. As you can see here, we see the revenue per segment. So Video accounts were almost half of the revenue, minus 10.5%. Now for the fixed connectivity, revenue represents 22% of the total of the Group, this figure went up 15.9% to reach EUR 62 million. Governmental Services now represent 19% of the revenue and are now at EUR 52 million, so it's an increase of 18.5%. Turnover for Mobile Connectivity accounts for 12% of the total revenue of the Group at EUR 35 million, so a drop of 12%. I would like to talk about the backlog of the company, which is important at EUR 3.5 billion, so comparable to the level at the end of June 2025. And this EUR 3.5 billion are equivalent to 2.8x the turnover of financial year '24, '25. What's interesting to see here on this graph is that connectivity contributes up to 58% of the total of this backlog, which is quite important for the company. So Video is going to decrease to the profit of connectivity. Let's now talk about the prospects of the company and a few key elements that I would like to remind you and that we presented to you on a few occasions. I'm talking about the growth of the B2B satellite connectivity market here. You see that this market is buoyant with 12% per year growth expected until 2029 and expected to more than double by 2033. Almost all of this growth, as you can see here on the graph, the blue -- dark blue part is going to increase significantly, 20% per year until 2025 and will increase almost fivefold its weight. So the LEO technology is no longer an emerging technology, but it's a technology that, thanks to its – low-latency can be rapidly rolled out and is a telecommunication solution on the market where there were few that were available. I also wanted to add that we are seeing particular interest in Government Services today, and we are one of only two operators in the world providing LEO connectivity, low orbit. We're the only non-U.S. company, of course. And as mentioned earlier, Eutelsat's strategic importance has recently been highlighted by several contracts. And the most significant one is a framework agreement signed with the French Ministry of the Armed Forces called French NEXUS, which will provide low orbit satellite services and capabilities. We also signed an important contract with the U.K. Foreign Commonwealth and Development Ministry, but I already mentioned that. They will use these services to connect all sites around the world. And we also extended this very important contract with MBS. It's a very, very important player in terms of LEO capacity in Europe. Let me now talk about our capital increase project, EUR 1.5 billion. On September 30, this capital increase operation, a 2-stage operation was approved by this general meeting by the shareholders of Eutelsat. We are continuing to implement this operation with completion still targeted for the fourth calendar quarter. And as you were informed, as our Chairman explained, you were informed in a press release published on November 18, and it's an important step, an important milestone that was reached because we got the approval of the launch of the Capital Increase Reserve by the Board of Directors. The main features of this operation are explained here. The first tranche is reserved for the 5 reference shareholders and the second tranche will be open to individual investors. The subscription terms will be announced when the offering is launched. The capital increase is once again the first milestone of a broader comprehensive strategy. And this way, we'll be able to cover our strategic plan through fiscal year '28, '29. As you can see on this slide here, we have a structured investment plan so that we can seize the opportunities, thanks to the growth and dynamism of this LEO connectivity market. And to carry out this ambitious strategy, the company has put in place a financing plan with the announced EUR 1.5 billion capital increase and this is its cornerstone. Thanks to this, we will strengthen our balance sheet, reduce our debt level to around 2.5x by the end of 2026, and we want to clearly improve our credit profile to facilitate access to additional sources of financing such as bond markets and ECA financing. All of these elements will be key to roll out our investment plan for 2026, 2029. And this will help continuous improvement in operation -- operating cash flow from LEO activities. Thanks to the strong support of a powerful group of existing shareholders, who are already a part of the capital of Eutelsat, this equity fundraising provides the company with the necessary foundation to implement its strategy and can confidently adopt a long-term self-financing model. The performance that we have seen in the first quarter of 2025, '26 comply with the objectives that we had set for the ongoing financial period. The sales for four operational activities are at similar levels to what we saw in the previous year. Sales from the low orbit activities are up 50% with regard to the previous fiscal year. And the EBITDA margin, as we said, will be a bit lower than 2024, '25. Investment expenses will be within a range of EUR 1 billion and EUR 1.5 billion. This is following orders from the low orbit orders for satellite constellations, which will be arriving in 2026. With regard to the capital increase project announced in June 2025 and which should be finalized by the end of this year, 2025, the ratio of net debt over EBITDA adjusted will be extended to 2.5x by the end of 2025, '26 financial year or financial period. Our objectives in the long term, which you see on this slide have also been confirmed. You can see that we're expecting a strong growth in our revenues. Revenue should grow because our low-orbit activity will be increasing and will compensate for the decrease in our legacy activities, our geostationary activities, which you see continuing to slope off. We're expecting increased growth and increased revenue for the period 2029. We're looking at EUR 1.7 billion, in particular, revenue coming from the low orbit activities, which are leaders in the market. Thanks to the operational levers, the EBITDA margin should advance at a rate somewhere in the middle of the range with a margin that would be at least 60% by 2028, 2029. In the even longer term, that is after 2028, '29, the market of B2B connectivity will certainly continue its growth. As you've seen on the previous slides, this is a 2-figure growth rate, thanks to our low orbit satellites. And so to sum up for this vision of the future and in the long term, Eutelsat has seen a strong growth in low orbit revenue, thanks to worldwide demand, which is significant and lasting. We have a unique position because we are the European leader in low-orbit connectivity in a changing geopolitical environment, but which is favorable to us because we are the only ones who are not American. We are European sovereign. We have managed to achieve significant progress facing our operational challenges, and we are well on our way to offering a complete worldwide service by 2026. General management is really focusing on growth drivers with the objective to achieve EUR 1.5 billion or EUR 1.7 billion in revenues by 2028, 2029 with an EBITDA margin of 60%. Financing has been secured, as you've understood, thanks to the solid support of our main shareholders for raising money. Well, and this clearly sets the stage for the financial strategy for the period 2026, '29. Thank you very much for your attention. And now I give the floor back to our Chairman, Eric Labaye.

Thank you very much, Jean-Francois. Thank you, Christophe, for shedding all this light on our performance and our development, as Eutelsat Communications. As the President of the Board or the Chairman of the Board, I would like to take this opportunity to talk about the -- how we prepare and organize the works of the Board and the works of this committee. And I would like to look at the governance report, which is integrated in the Universal Registration Document, which is available at company headquarters and on the Internet site. I would like to focus on certain points here. First of all, I would like to come back to recent changes in our governance and the perspectives that are opening up. In 2024, 2025, we had an important transition in general management, and I would like to welcome Eva Berneke as General Manager. She finished her work last spring. She had been committed and she was -- played a key role in bringing OneWeb within the structure of IRIS². Since the 1st of June, Jean-François Fallacher has been acting as the General Manager. He has expertise in telecommunications and international experience, which are major advantages for leading the transformation of our Group. He's been working hard since he arrived as you've seen today. The Board today has 10 members. We have diverse profiles and very complementary skills that are essential for making our strategy successful. On August 4, I was honored to join the Board, and I was named the Chairman succeeding Dominique D’Hinnin, who had told us last February that he would not be seeking a renewed mandate. I would like to thank him and pay tribute to his determining role in our Group strategy, in particular, the merging with OneWeb and reinforcing our position in sovereign connectivity. This past fiscal year was marked by this significant transformation in our governance as several Board members left their functions, and I would like to thank them for all that they have contributed. And as these people left, we have named new members, Guillemette Kreis, who joined us as the representative of the state via APE, which has succeeded Bpifrance Participations in this company's capital after acquiring [Actions] on July 3, 2025. Lucia Sinapi-Thomas is an independent administrator and finally Ramon Fernandez was named as the representative of CMA CGM. I would like to underscore that these members of the Board represent a wealth of experience and expertise illustrated by their -- As we see in the Universal Registration Document, they have expertise in telecommunications, finance, governance, public affairs, sustainability and transformation towards the digital world. So we now have a new mandate for Bharti Space Limited. We have a new mandate for Florence Parly. And my mandate also has been renewed as of last September 30. Concerning the council's works during the fiscal year 2024, '25, the council met 10 times with an attendance rate of 93.28%. The Audit Committee met 12 times, the Nominations and Governance Committee met 6 times. The Remuneration Committee met 5 times. The Corporate and Social Responsibility Committee met twice and the Strategic Committee once. As you can see, the councils and committees have been working on the classic topics of governance, annual accounts, budgets, medium- and long-term planning, remuneration policies and also major strategy topics, looking at financing the Group, carving out infrastructures, buying extra satellites, participating in IRIS², what's at stake with cybersecurity and compliance and also projects for capital increase. These works illustrate how deeply the council is committed along with its committee to assuring the financial solidity and the smooth transformation of the Group. Now let's talk a bit about the shareholding. In the context of the EUR 1.5 billion capital increase, the first tranche, EUR 828 million was reserved for 5 reference shareholders who have confirmed their engagement. We now have the French State through the Agence des participations de l’Etat (APE), which holds 26.65% of the capital, Bharti Space Limited holds 17.88%, the government of the United Kingdom 10.89%, CMA CGM participations 7.46% and the Fonds Stratégique de Participations (FSP) 4.99%. This new composition of the capital is accompanied by the will to reinforce the efficiency of the Board, and this has meant that we have fewer Board members. We have a better balance of men and women, and we have a better representative of reference shareholders. We now have 12 members, including 5 women. We have 6 administrators representing shareholders having more than 10% of the capital, the state via APE, Bharti Space Limited and the U.K. The representation of the state will now be 3 members in addition to Guillemette Kreis, we will have 2 new administrators, whose the nomination was approved on the 30th of September and will become effective at the end of the Reserved Capital Increase. Jean-Baptiste Massignon, who is here today with us, is well recognized for his expertise in governance, finance and sustainability. He was a former student at the French E&A. He was General Secretary of Capgemini and today works at the AMF, the French Market Authority. Jeremie Gue is an experienced legal expert specializing in banking law and public investment. He is directing the legal pool of the APE French Agency and has contributed to projects such as Bpifrance. We have 6 independent administrators as well in compliance with the AFEP-MEDEF Code. And these are independent representatives proposed by shareholders having less than 10% of the capital, CMA CGM and FSP, and they meet the criteria for independence. I would like to also say that the 6 members, they will do the governance, and the corporate and social responsibility committees have emerged. This is strategic and representative, the composition of the body of administrators, ensuring the transparency and the commitment of all members. And now I would like to give the floor to Florence Parly, who will be talking about remuneration.

Thank you very much. The context of 2025 and the perspectives that we see before us with regard to the upcoming capital increase has been discussed by our Chairman and General Managers, so I won't come back to that, except to underscore that we are strongly committed. All of our teams are strongly committed to the success of this project. And now I would like to come back to the remuneration that we will be presenting to you today. This is the continuation of last November's meeting and the decisions that were made there. The year was marked, as we've said, of the new General Manager, Jean-Francois Fallacher, who began his work in -- on the 1st of June. So we'll be talking about that presenting his remuneration for approval, and we will see appreciation of the performances of the former General Manager, Eva Berneke, and we will be looking at management and the objectives set for 2025, and we will look at management following the merger and the first results following the implementation of the strategic road map for the Group. So to introduce the subject, I would like to talk about our policy for remuneration within the company, where there's a triple objective. First of all, to attract, retain and motivate the management team. Secondly, to align the interests of the directors with those of the shareholders, in particular with regard to creation of value and working with other stakeholders, in particular with return -- with regard to social -- corporate and social responsibility. And finally, we want to take into account the specificity of Eutelsat, in particular, the high capital intensity, its high-tech environment, the long duration of its investment cycles and the long term, which represents the most important component of the global envelope for remuneration and this in the context of a high competition, which, of course, is underscored by the international dimension of our activities. One of the main characteristics of our policy for remuneration and it's strong alignment with the criteria of performance for the company is, therefore, the interest of the shareholders. Indeed, variable annual remuneration and long-term variable remuneration represent more than 2/3 of the theoretical remuneration and are determined at 100% by performance criteria. Annual variable remuneration is a reward for the performance during the fiscal exercise. This targets, in particular, the attainment of financial objectives and incites the managers to go beyond these objectives. It will be based for 2026 for 85% on quantitative objectives that is the same ratio as last year. Long-term variable remuneration is based on maximizing creation of value in the medium term, that is a 3-year horizon, aligning the interest of the management team with the strategic plan, reflecting our medium-term ambitions with regard to corporate social responsibility and retaining management. In order to reinforce the alignment of the interest of general management with the shareholders' interests as the law calls for, executive directors have the obligation to hold on to their actions to an equivalent of 200% of their set annual remuneration during their term of office. Before we look at the analysis of the amounts due to the administrators and directors at the end of the current fiscal year and the policy for remuneration, which will be submitted to your vote, I would like to remind you that you can also find all of this information in detail in the Universal Registration Document for 2025 -- '24, '25, which is available on the Internet site of your Group. So let's start with looking at the remuneration for the Chairman of the Council, which is made of presence fees for a total amount of EUR 343,000; EUR 260,000 for the fixed part; EUR 40,000 for the variable share linked to participating in council meetings and EUR 43,000 linked to participation in committees. It was -- we talked about this a moment ago in terms of the activities of your council members for 2024, '25. There were 36 meetings of the Board and its various committees as compared to 41 during the previous year. Now I'd like to talk about the remuneration for 2025 for Eva Berneke, who worked as General Manager until the 31st of May 2025. First of all, I would like to specify that everything that is presented here was calculated pro rata for the duration of the time that Madam Berneke was in the company, 11 out of 12 months for last year and Jean-Francois Fallacher was present 1 month out of 12 during the current fiscal year. Regarding the fixed remuneration now, as I mentioned, it was EUR 170,833 pro rata and the variable remuneration, same amount since 100% of the goals were achieved. In addition, the General Meeting of November 23, 2023, approved the principle of exceptional compensation to reward the success of key strategic projects for the company and strengthen alignment with shareholder interests. This compensation took the form of shares divided into 3 yearly tranches subject to performance and attendance conditions tested at the end of each fiscal year. Following Mrs. Berneke’s departure and giving the proximity of the end of the period for assessing the acquisition performance criteria and the need to organize an orderly transition with the company's new CEO, the Board of Directors decided to waive the attendance requirement for the second tranche, which was recalculated on a pro rata basis for the actual time spent in attendance during the 2025 financial year, i.e., 74,421 shares are remaining to be allocated based on performance. The objectives for this tranche were achieved at 74.5%, representing 55,444 shares corresponding to a value of EUR 203 million, the allocation price being set on November 23, ['23] to EUR 3.67. The final allocation of the second tranche remains subject to the approval of this general meeting, of course. Similarly, the Board of Directors has decided to waive the attendance requirement for the November 2022 performance share plan, which has been recalculated on a pro rata basis according to actual attendance, i.e., 81,675 shares remaining to be allocated based on performance criteria. The objectives of this plan were achieved at 66.7%, representing 54,477 shares corresponding to a value of EUR 451,614 at the allocation price set on November 10, 2022, at EUR 8.29. Once again, the final allocation of this plan remains subject to the approval of this general meeting. In addition and in accordance with the compensation policy that you approved, the Board of Directors has recognized Eva Berneke’s right to severance pay equivalent to 18 months of fixed and variable compensation received over the last 12 months. Pursuant to recommendations of the AFEP-MEDEF Code, this amount is adjusted according to the average performance rates recorded over the last 3 financial years. Similarly, the total amount of this compensation may not exceed 2 years remuneration, fixed and variable. As Eva Berneke has received over the last 12 months, EUR 1,971,840 and the average performance rate being 115.1%, the gross amount of the severance pay to be paid is EUR 3,404,382 subject to the approval of the general meeting. Finally, as the attendance requirements were not met, Mrs. Berneke lost the rights attached to the allocation plan voted on at the previous general meeting on November 21, 2024. All information relating to this remuneration as well as the tables required by the AMF are included in the Universal Registration Document. Regarding the remuneration to Jean-Francois Fallacher, new CEO for the 2025 financial year. It includes 1 month salary and a target bonus equivalent to 1 month salary for the 2025 financial year. So fixed remuneration is EUR 79,167 and variable remuneration EUR 85,555. And you can find all of this information in the Universal Registration Document. That takes me to the remuneration -- the compensation of the CEO for '25, '26. And as an introduction, I would like to say that the structure of compensation is in line with our compensation policy voted on during the General Meeting of '24. So the fixed annual salary remains at EUR 950,000 for the CEO. Regarding annual variable component, the different elements reflect the strategy at Eutelsat and are in line with market practices. This annual variable share represents 100% of fixed salary if the goals are reached and 142.5% in case of outperformance. We have to keep in mind that this annual variable portion remains entirely determined by performance criteria. And this year, just as last year, quantitative targets represent 85% of this variable portion. And within these targets, financial indicators also have the same weight, i.e., 70%. For fiscal year 2026, it is proposed to replace the financial leverage ratio. It's one of the only modifications proposed for this year. So to replace the financial leverage ratio, which may be less relevant in the short term following a capital increase context, to replace it with a key performance indicator that is more representative of the company's operating situation. This new proposed indicator corresponds to net cash flow from operating activities, less gross capital expenditures. And this change also goes hand-in-hand with a slight modification of the weighting that will go from 10% to 15%. So 10% for the debt ratio, 15% is the new ratio so as to better reflect the challenge facing the company in balancing its investments, supporting its growth trajectory and managing its cash flow cautiously. In addition, the weighting of total operating expenses has been reduced by -- and gone from 25% to 20%. These adjustments reflect the desire to align financial indicators with strategic priorities of a company's actual performance. CSR objectives account for 15% of this variable portion, so no change compared with last year. And they remain focused on carbon reduction, digital inclusion and employee engagement. Those are the key areas of the Group's road map in this area. The variable portion will also be determined on the basis of qualitative objectives or 15%. And these goals are specific, predetermined and linked to Eutelsat's priority projects for the financial year. Finally, with regard to long-term variable compensation, the theoretical amount awarded would correspond to 140% of the fixed salary. And in case of outperformance, it would remain unchanged at 130% or 182% of fixed salary. The final award would be subject to the achievement of performance targets over 3 financial years for the following 5 components: connectivity-related revenue, we saw how important this was earlier. EBITDA and CapEx, measuring gross margin generation and the effective management of capital expenditure to support long-term future growth. An indicator called the relative TSR standing for total shareholder return. It's an indicator measuring the rate of return on a share, including dividends compared to a benchmark panel. And lastly, criterion linked to CSR also based on quantitative criteria related to reducing the Group's carbon footprint, a diversity objective and another aimed at reducing the digital divide in Africa. This component of compensation is also subject to a condition of presence over the 3 financial years. With regard to the other items, it should be noted that in the event of forced departure, the severance pay clause is linked to performance conditions corresponding to objectives set and assessed every year by the Board of Directors as part of the annual variable remuneration for the 3 financial years preceding the departure. In accordance with the compensation policy, an exceptional award may be justified upon the arrival of a new CEO to compensate for the loss of variable compensation linked to his or her previous position. In this context, the Board of Directors has decided to allocate to Mr. Jean-Francois Fallacher EUR 300,000 performance shares with a waiting period of 3 years, subject to 1-year service requirement and performance criteria defined by the Board of Directors upon recommendation of the Compensation Committee. Of course, no shares will be vested in the event of voluntary departure or for a fall before the end of the vesting period. This allocation will be subject to the approval of this general meeting. The final acquisition of performance shares will remain subject to approval by the general meeting called to approve the financial statements for the fiscal year ending on June 30, 2028. In the event of the departure of the CEO, the Board has the option of waiving the noncompetition indemnity at its description. Finally, it should be noted that there is no specific supplementary pension plan. The company does not currently have a Deputy CEO in place, but in order to maintain the flexibility and the ability of the Board of Directors to appoint a Deputy CEO upon recommendation of the CEO, of course, a fixed annual remuneration for the Deputy Chief Executive Officer must be voted on each year by the shareholders in accordance with Article L22-10-8 of the French Commercial Code. It is thus proposed to renew the amounts applicable until 2025 and approved last year. Finally, and sorry that this is so long, but this is because of everything that has happened within our company this last year. So finally, the remuneration of directors. The remuneration policy that you are going to vote on is unchanged compared with last year. The fixed remuneration of the Chairman of the Board is still EUR 260,000. The fixed remuneration of the other directors is EUR 25,000. And you will see on the slide as well as in Chapter 2 of the Universal Registration Document, the detail of the remuneration for each committee of the Board. The maximum annual budget is stable, EUR 1,690 million. In conclusion, I'd like to underscore the fact that the modifications that I have presented to you during this lengthy presentation are quite marginal compared with what was presented during last year's general meeting. So this compensation policy is relatively stable, and we are submitting it to your approval today. Thank you for your attention. Thank you very much, Florence. I would now like to ask [indiscernible], having the CSR committee to give her presentation in terms of CSR commitments.

Ladies and gentlemen, I'm very happy to present the CSR element of this year. Our approach is based on 4 key pillars that you can see here on the screen. It's been like this for many years, and this system is quite efficient and relevant. That's why we're keeping it. At least 2 pillars are closely linked to our business model and reflect the Group's unique nature. First of all, preserving a sustainable space. We are working to ensure the responsible use of orbit by limiting the risk of collision, avoiding the creation of debris from our operations, guaranteeing long-term sustainability of space activities. This is really at the heart of our responsibility as a company. Secondly, reducing the digital divide is important for us. We provide essential connectivity to populations and territories that are not yet connected throughout the world, including Africa. And we guarantee free, reliable and universal access to information through satellite broadcasting, thereby helping to strengthen digital inclusion. Third pillar, aware of the climate emergency, we are taking action to limit our environmental impact on us and in space by aligning our assets with the Paris Agreement objectives and by seeking to reduce our carbon footprint across the entire value chain, but I'll come back to that in a second. Lastly, we promote diversity, inclusion and equal opportunities and attach great importance to respect and fairness in our relationships with our employees, partners and customers. Let's now focus on CO2. We are committed to fighting against climate change. So we have goals in terms of greenhouse gases reductions, and they were validated this year by the science-based targets initiative, SBTi, that was done last January. It's important. It's not easy because our objectives need to be aligned with scientific objectives to reduce climate change. And this really reinforces the credibility of our action with all of the stakeholders. For our direct emissions, what we call Scope 1 and 2 emissions, we want to reduce our impact by 50% by 2030. So we have goals that are set, and we have many actions launched already. For instance, we're going to replace our teleports that are obsolete so as to increase their energy efficacy. We also rolled out special programs to install PV arrays for green energy. And as soon as possible, we moved to green energy supplies on the sites where that was possible. Scope 1 and 2, let's keep in mind that they represent 2% of our emissions. So it's quite a low figure compared to other companies. Scope 3 is particularly important, so indirect emissions. These emissions have also been subjected to commitments with a 47% reduction compared to 2021. And we have in mind to limit the new launches to prolong -- to extend the life of our satellites, for instance. And that is for all LEO and GEO satellites, of course. A few highlights now and non-exhaustive actions, illustrating what we do in terms of CSR. I'd like to start with the responsible use of space. For instance, we removed from orbit EUTELSAT 16A and 33E without generating debris, guaranteeing that our GEO satellites have no impact on space. We are also actively working to prepare the future European framework on space so as to anticipate on regulations and to reinforce the sustainability of our operations. Regarding the digital divide now, we've reached our goals. We even outperformed our connectivity goals with the Konnect WiFi hotspot service in Africa. In Sub-Saharan Africa, we outperformed because we have more than 1.3 million users. So that is 2 years ahead of the initial schedule more or less. The aim here is to connect villages that are not yet connected in Africa to paid services, but the cost should remain very low for the users. In this way, they can have access to these services even if they are very modest populations. Earlier, I said that we set objectives for 2030. We also have intermediate objectives for 2025, and we have largely exceeded our goals because we have a reduction of 47% when compared to 2021. In particular, some actions have had a lot of impact, in particular, production of solar energy in our teleports was multiplied by 40 since 2021, contributing to the reduction of our carbon footprint. And this was something that we did very -- with great determination. Our objectives for reducing CO2 emissions for 2030 have been validated, and we participated in the road map launched by the government 2 years ago for the space sector, working with the CNS and COSPACE in order to share best practices. These different impacts have been recognized by our ratings. And these ratings are given in letters or figures and definitely demonstrate the progress we've made. In the social sphere, I'd like to talk about the share of women. Women are 29% of the personnel of the Group and 31% at headquarters in the management sector. And in our diversity and inclusion policy, we have set new objectives for 2027, which is to achieve 33% of women throughout all the personnel, including 35% in management positions. And I'll finish with reporting. Our company is part of the CSRD directive with regard to sustainability. So for 2025, we underwent an external audit by Ernst & Young and Forvis Mazars, college of auditors, which was very positive and without reserves showed that we are completely CSRD-compliant. Thank you very much, [indiscernible]. And now I'd like to give the floor to Erwan Candau, who represents the College of Auditors for the company, and he will be talking about the different reports produced by the college of auditors.

Ladies and gentlemen, shareholders, hello. So on behalf of the auditors, I'm happy to report that during the period closed on the 30th of June 2025, our 2 firms, Forvis Mazars and Ernst & Young and their different networks carried out an audit of all of the significant entities of the Group. Our firms reported to the previous general meeting in November 2024, and we carried out a mission of certification of information with regard to sustainability. In order to do this, we carried out an audit that takes into account risks -- current risks, significant operations and the environmental -- the economic environment of the Group and its subsidiaries. So our approach was adapted to the Group's activities and its organization. So we concluded with the Board of Directors and shared our information with them. I will not give you an exhaustive reading of our reports, but I would like to talk about the 5 reports, the figure in the Universal Registration Document and those that are also -- figures that you can also see in the brochure that was sent to you as part of your convocation to this general meeting. Our work was focused on achieving a reasonable insurance on the regularity and the honest reporting by the company of its accounts with regard to the Universal Registration Document, and we -- our opinion is expressed without reserves. The consolidated accounts can be seen in the Universal Registration Document. We looked at the use of satellites, and we've seen that you have -- show a special attention to amortization, depreciation and the gap between acquisition and units that generate cash flow. We noticed that you -- that there is -- there are estimations used by management to establish the cash flow, and we have appreciated the relevance of the actuary rates that were used for long-term growth. Let's have a look at the annual accounts. Over the fiscal year ends on the 30th of June, so we looked at the URD and we had no particular observations to make. The key point in our observation concerns evaluation of shares and their annual depreciation. We looked at the coherence between projections for cash flow and our understanding of the perspective and strategic organization of the Group and the reasonable nature of the hypotheses that were supplied. Also, and in accordance with the law, we assured that the accounts were true and faithful reporting of the compensation and advantages that were paid out or attributed to different directors as well as anything consented on their behalf with regard to the governance of the company. Our special report which you see in the URD, Pages 379, 384 shows that everything having to do with the commitment to subscriptions was in the capital increase that has been announced for EUR 1.5 billion, including the different shareholders listed here on the slide. And in addition, we looked at the shareholders' pack for OneWeb. And we've seen that this shareholders' pack has been continued during the fiscal year in question. We looked at regulatory agreements and so that there are two new agreements. First is the cancellation of the previous shareholders pack from 2023 and that there is a new shareholders' pack agreed upon on 29th September 2025, which is done on reserve of the carrying out of the capital increase. The general assembly -- the general meeting is required to vote on these topics. Finally, you can see our reports on the different resolutions listed here on the screen. We don't have any particular observations with regard to the causes and conditions for the reduction of capital called for in the 25th resolution with regard to issuing called for in 27, 23 resolutions -- 27 to 23, we can see that we don't have any particular observations on the determination of the price of issuing share capital as concerns, resolutions 27 and 28. In addition, this report does not specify the modalities of determining the price -- the issuing price of capital -- of share capital as specified in resolutions 30 and 31. Since the final conditions have not been defined, we do not express any opinion on this or on the suppression of the preferred subscription rates as stated in 27 and 28. So we will make a complementary report, if necessary, when these delegations are used by your Board of Directors and in case of any further issuance. With regard to resolution 32 and on reserve of examining any further conditions that are determined, we don't have any observations to make with regard to how the issue price has been determined. In the same way since the definitive conditions of issuance have not been set, we do not have any opinion. And therefore, with regard to eliminating the preferred subscription rights, we don't have any comment to make. We will fill out a complementary report if this is called into play. And finally, with regard to the capital increase and the elimination of the preferential subscription rights mentioned in resolutions 36 to 45, we've seen that these resolutions have been withdrawn from the agenda, so I suggest we do not comment them because they have been withdrawn from the agenda. And let's move directly to certification with regard to sustainability. So our mission was to express our limited insurance on the sustainability state. We looked at 3 different pillars, compliance with the analytical process. Secondly, compliance with information published and the ESRS sustainability standards. And finally, respect of requirements published and information provided by Taxonomy Regulation. So we considered after analyzing double materiality, ESRS E1 regarding climate change, ESRS S1 regarding the number of personnel. And finally, we did not find any errors or any contradictions or emissions that would compromise [Technical Difficulty] some uncertainties and limits facing the Group in the current election with regard to the CSRD directive. And we'd also like to draw your attention to the insufficient availability of some indicators, in particular, regarding payment periods for suppliers. This is 3.4.1.3. Ladies and gentlemen, shareholders, I'd like to thank you very much for your attention. I'd like to give the floor back to the Chairman of the Board. Thank you very much.

Before we move on to the questions, I would like to respond to the written questions that were submitted to us. You will find these also on the site under the tab questions. So I'd like to -- these questions are published on the site, but we will be answering them orally here, although they were written questions that were submitted. These questions mostly address our activity in Russia. Of course, we take these questions very seriously at Eutelsat and have done so for many years. Our activities are framed by many governmental authorities and regulatory authorities, in particular, French authorities. We have an ongoing dialogue with these authorities, and we respect their decisions. As you will be hearing from me in my answer to the questions. In order to be concise, I will not read out the questions in full because they are quite long, but I will give you a resume. Of course, the questions in full are available on our Internet site as well as the answers that we have provided. So the first question from an individual shareholder has to do with why Russia is absent from the breakdown in the consolidated accounts from the fiscal year 2022, 2023. This was modified. And this has been the case since 2022, 2023. It is not something that we've done newly this year. We work with the French market authority and Russia is now integrated into Europe. Other and -- is represented us in 2024, 2025 in the group results. The impact of the Ukrainian conflict did not constitute a new event for the fiscal year, and Russia is not mentioned for 2024, '25 and the highlights of the consolidated accounts annexes, which focus on new developments during the year. And with regard to reporting on Russia, had to do with the staffing levels in the country, and there has been no impact on staffing levels in the country. Then there were questions that had to do with asking for detailed information on different constraints for suppliers linked to our activity in Russia. We cannot disclose the requested details because this is confidential information, because these concern the exact terms of various contracts with private contractors. This is sensitive and confidential and cannot be made public. This question also referenced a rumor concerning Russian clients transitioning from Eutelsat from the 36 degrees East position to satellites owned by the Russian operator at 56 degrees East, but we do not have any specific information on this matter. Another question concerned the excess -- question of Internet access provided by Tricolor and satellite E36D and illegally annexed territories of Ukraine. To our knowledge, there is no Internet access service provided from capacity on E36D. The next question concerns the presence of advertising spots for the Russian Army on certain channels of our Russian clients on their packages. So to answer this question, it is important to recall the contractual situation regarding the broadcasting of Russian channel packages. Eutelsat has a commercial relationship with channel packages and the company provides satellite infrastructure services. These packages themselves -- packages provided by our direct clients are not sanctioned entities. They aggregate channels, which themselves are not under sanctions. These channels create programs and bear editorial responsibility for the content broadcast, including advertisements, which may originate from a sanctioned entity if we're talking about the Russian Army, for example. Eutelsat is committed to conducting its activities in compliance with international sanctions as stated in the Group's Code of Ethics on our website, and we implement these within the scope of activity. However, as the company is far removed from editorial responsibility in the contractual chain, we have no means of controlling or removing advertisements inserted into programs. Moreover, no sanction measures currently exist against channels we carry on the grounds of broadcasting illicit advertisements. The last question was on the Svoboda bouquet broadcasting by NGO reporters without borders. Currently, the Svoboda bouquet is broadcast at 13 degrees East under our Hot Bird satellite, with coverage of the western part of Russia, reaching 4.5 million households. This orbital position, the premium position benefits from a large installed base of antennas associated with free content, reception free being important. The 36-degree East position on the other hand is associated with pay TV, reception terminals that prevent the reception of free content. Therefore, there is no discriminatory practice by Eutelsat under the IGO convention by not broadcasting the bouquet, the package at 36 degrees East. Once again, the regulators and competent authorities do have the necessary tools to make to take the necessary steps. Eutelsat has to comply with these decisions as a role -- as our role provides for as an operator. So we hope that all these answers were satisfactory to you, and we remain available should you have any further questions.

Thank you very much, Madam Secretary. We're now going to open the debate. So there are a couple of microphones for a discussion. You can ask your questions. The questions must have something to do with the draft solutions and with the agenda. Please introduce yourself before you ask your question.

Yes. I'm [ Mr. Jeandre ]. I'm very happy to have come. It's always extremely interesting. What I like is the fact we have access to Wi-Fi. I don't know if you can hear me correctly. Can you hear me well?

Yes. Yes, go ahead.

Regarding the Q&A part, the answers to the written questions, it's too bad because I don't see these questions, these written questions on the Internet website. It would be nice to be able to have an update a bit before the general meeting, maybe have a QR code that makes it easily accessible to everyone. I have several questions. The company has changed quite a lot. Someone is speaking without a microphone in the room. If you have to leave, let me give -- hand the microphone to you. I had a question regarding the major changes within the structure. For instance, I saw that Mr. Michel Combes was appointed in February, then he left in August, came back in September. Could you give us some explanation around this? I didn't really get this. It's Page 33 of the reference document. Then on February 12, 4 Board members, Mrs. Esther Gaide, Fleur Pellerin, Mrs. Gordon and Mia Brunell left. Could you tell us why the same day, Dominique D'Hinnin departure was announced. So I always look at the share price in November 8, the share price was around EUR 18 in September '21, an offer was refused by the Board at EUR 12. And when he left, the share price was at EUR 1.75. So he was congratulated very well. Mrs. Berneke, she joined in January '22. The rate when she left was at EUR 3.04 more or less. And I remember during the general meeting, she told us everything was a bed of roses. She was telling us about the potential of Alaska and being able to have satellites antennas in Alaska. And we know that the U.S. is quite present in Alaska. So I don't know why we are congratulating her. Next, regarding the chair of the committee, Mrs. Parly. She gave us a presentation and mentioned EUR 3.4 million of severance pay, but it's complicated to compare the amounts because the EUR 3.4 million cannot be compared. If you don't see that 3.4 million severance pay is written, you may think it's normal. So I'm quite surprised by this. Still on compensation, the TSR because we saw that the share prices had a great development with former management. We see that the TSR only accounts for 20% of the variable part, and this is based on a panel of shares, not only on the Eutelsat shares. So could we be clear on what this panel is about and what securities are in that panel? And I see I can also buy a starting kit. My question is, will Eutelsat suggest this type of offer in the future? Or do you think that your coverage of Europe is not sufficient? It was announced yesterday that a new process to launch text messages via satellites will be possible. I had -- I was wondering about that. And I have a question regarding the speculation of the Eutelsat share, EUR 1.19 in April, EUR 7.8 in March. Can you clarify this? Or do you think that Eutelsat is like a nutshell that follows the rumors and the sea of rumors on the Internet. I'd like to know what Eutelsat's position is. I'm sorry, I asked several questions, and I would like to have some answers to these questions.

Thank you. I'll start, and I will also hand over to the CFO for the financial part. Regarding the first question you had on the way the Board changed. I joined on August 4. It's true that before August 4, there had been changes already. So there are going to be 12 members now participating to the Board of Directors in the coming months after the increase in reserve capital. So I don't have any specific information to provide because that was not part of the Board before that date. But as you can read in the document, in the universal registration document, some people have left and others have joined throughout the year so as to have a Board of Directors that is -- keeps representing its shareholders and that keeps being diverse and have the necessary skills to steer change in the business environment Eutelsat lives in. As we explained, the market has drastically changed over the last few years. And I think that the previous Board of Directors took action to be in line with these new business environments. They are great challenges. This is why general management has changed, and that's why new members joined to support the development of Eutelsat in these new businesses and to be transitioned towards excellence and development. So that's why the Board changed and I explained the context and the environment in which this took place. Now regarding the chart, we can show it on the screen with the different figures. The idea is to implement the compensation policies approved by previous general meetings and well explained. So now these policies have to be implemented, hence the figures that were shared with you and that are more in line with the Medef code, especially regarding the departure compensation. So here, we are talking about principles and actions that have been approved by previous general meetings. Comment off mic, the interpreter cannot hear it. A question regarding the performance of shares. Considering the developments of new businesses steered by the previous CEO but not for the years to come. Now going back to TSR and the panel, I don't know if someone can answer this question. The panel is usually a classic structure with a panel of companies. So here, we have to follow market conditions. There are always specific developments to specific markets. And as you see, this is now included, it accounts for a certain percentage. We'll see if this figure moves with time. But this is what is submitted to the vote of shareholders. And that shows also how important it is for the Board and the Remuneration Committee to have this return to shareholders. I think this is a very important element that it's a new criterion, a new indicator. Jean-Francois, regarding coverage Orange, do you have anything to say?

Yes, to go back to your question. Well, clearly, our service, the service we provide is for major companies, for the government with advanced features, encryption possibilities. So the company does not wish to have mainstream services with whatever the price is because Starlink, of course, wants to acquire more and more customers and has a different strategy. Now to turn to Orange. We know that Orange launched directed device. It's a service that makes it possible for mobile phones like this one to send text messages, work on data. So they announced this with 2 phones, Pixel 9 and 10 on Skylo, it's a satellite constellation, a specialized constellation. Now Eutelsat and OneWeb is a constellation with broadband telecommunication services throughout the world with dedicated antennas -- antennas dedicated TV services. So to date, we have no project to have a direct-to-device constellation so that mobile phones can communicate with one another. So that's to answer your 2 questions.

Thank you. There's another question. Unheard by the interpreter because asked off mic. I have no specific comment on the current developments, but I referred to this in February. I remind you that this period of time was quite special because people were talking about Starlink in Ukraine. There were speculations. There were analysts also carrying out studies, publishing a certain number of papers on this subject, mentioning the fact that -- and it is true that Eutelsat is the only LEO and European constellation with positive effects on the price share. It was also a time when what we call short positions, short-term positions were important. And a certain number of speculators holding these positions had some losses. So that increases the phenomenal volatility on the share price. So that's what I can say factually on the analysis of the price share, but I don't have anything else to provide. Another question?

You mentioned a strong performance earlier, a sturdy performance. Now I see 1.6% of increase in revenue. Would you call this solid performance, minus EUR 200 million to minus EUR 1.1 billion. Is that a sturdy performance? I did hear that you have about EUR 700 million of goodwill. The acquisition of OneWeb, is it concerned by the goodwill?

No. Regarding operating expenses, if the turnover goes up by 1.6%, operating expenses went up 15% or 16% compared with revenue. And we see that the expenses are skyrocketing even though the rates have gone down. So the situation is not good at all.

My question is, when do you think we can hope for dividends in how many years because the situation seems to be worsening. You talked about Ukraine. With its satellites, can Eutelsat help Ukraine communicate on its territory, communicate amongst its armed forces. This is a major problem they have today because of the fact that the American player can say something one day in the country the next. So can Eutelsat play a role in terms of Ukrainian communications?

I qualify the results for '24, '25 as solid results because of the revenue, as you saw, the GEO satellite revenue has gone down. This is a structural result because many people now watch TV on their mobile phones and no longer on their TV using parabolic antenna. And in Eastern Europe, in the Americas or Canada, fiber is getting more and more important. So it's referring to the growth of our LEO low-orbit activities, EUR 183 million. That is what represents our activity, 15% of the revenue of the company. And in spite of this growth, it's not yet offsetting the geostationary business, which still accounts for EUR 1 billion of the turnover. In spite of the GEO revenue loss, and in spite of the CapEx results, which you saw and which are lower than the previous year. But I understand your point of view. And regarding Ukraine, I can tell you that we are extremely present in -- over the territory. We presold almost all of our capacity. Now of course, it remains confidential to know how many antennas are in Ukraine. But what I can tell you for sure is that we have very important European distribution network. We have also Airbus, TELUS, [ Patio ] and others. And thanks to all of this, we have many different Ukrainian uses, temporary uses sometimes. So yes, you are right. Well, it's not a question. Can we be an alternative? It's not a question because today, we are very present and used in Ukraine. Another question, maybe behind and then there's another one in the front.

I've been a shareholder for a long time, unfortunately. The 2 previous speakers, I think you gave a good description of the situation in which we shareholders find ourselves. A technical question. I did not get the reference document. I would like to have one. I didn't find it here. They didn't have any downstairs. Secondly, I would like to know -- well, I'd like to talk about performance shares of dozen years ago, Chrysler was in a bad way. One of its former managers associated with Coca-Cola went to say, I'll get things right. And if I do, I want 10%. He did it, and he got his 10%. So with regard to performance, whenever we see companies that are making money, I mean, that's one thing, but companies that are losing money massively, I don't see where the logic is in performance linked payment. What do you think of CubeSat. That was something I wanted to ask you about. And no one ever wanted to answer my question. Now you're back in the GEO. You don't really anticipate technology. Even if you have contracts in Ukraine, when we look at how Starlink was developed, and it covers almost all communications in Ukraine, when we can see the state of public financing in European countries, I wonder if the cost of your installations really enables you to see a road toward profitability. In other words, have you targeted a market where you think you will really be able to make some money? Is that clear to you? Do you see where you're going to make money, not to do something or realize some other objective, but to make money. Do you have a path towards that?

I think that today, we're looking at a change in activities with different business models, different profitability models, and this requires investment. Yes, it requires investment, especially with regard to the intensity of international competition. So this is why we carried out the capital increase. This is a financial investment, an investment in low orbit and [ IRIS2 ] satellites. GEO was our legacy field where we had invested historically. And now we have to invest massively in order to be able to go forward. And I think the Board has been looking at this for several months now and has taken actions so that we can continue to develop this new business, at least 2 segments where you just said, developing is B2B and government services. And we've seen that these are significant customers for us. We said that we are sovereign in Europe, and we can even have government contracts outside of Europe. And B2B is also an area where we can provide profitable services. So yes, the company is working. The Board is working in order to accelerate this transition. We need to speed up investment in our new activities, as was said earlier. Francois, would you like to add anything to that?

Well, I can say that OneWeb are really big CubeSats in a way. They're not really GEO-sats. GEO-sats are the size of a boost and One-sat is the size of a refrigerator. So we're getting closer to that with OneWeb. With regard to profitability, of course, that is the purpose of the whole discourse that I gave you on long-term profitability. We're looking at fixed costs. We have 600 satellites up there, 150 up there permanently, 40 earth stations. These are antenna fields with 8 to 12 antenna and 40 places around the planet. So this enables us to provide services to clients around the world, including the fiber background. These are all fixed costs. The low orbit growth in revenue will enable us to, of course, take profit from our fixed cost investments. But we have to remember that we've got the ground space. We've got antenna that we sell their use. Of course, we don't just give it away for free. Of course, we're interested in the profitability of the company and the return on investment. You see we have 50% EBITDA. And our guidance with the growth of GO is by 2028-'29 to have EBITDA, which will be higher than today's closer to 60%.

The gentleman in front.

I'd like to thank you for the answers to my written questions, which I raised about Russia. I'd like to thank Eutelsat for allowing Svoboda program package to exist. I was one of the first to call for its support. But in the risks, there's no mention of sanctions against Russian businesses. The sanctions stated from 2022. I'm glad that sanctions have been applied since the summer, but this required the intervention of Arcom. And because Arcom intervened, it required an article in the National Assembly resolution and a number of parliamentarians. And other political figures had to write a paper in the Le Monde newspaper in order to bring that about. But one of your answers has to do with the Svoboda satellite, RSF channel to access 36D satellite. You've said 36D is a satellite for paying channels. I'm looking here at the list of channels established by NISAT, which Eutelsat uses as a reference. I can see that for the transponder 11785, there are 3 Russian channels that are not in the packages and that are freely accessible. So this is discrimination. On another transponder, there are 20 radio channels that are not in the packages that are free of access.

I've noted these different specifications down. Thank you. Another question in the back.

Yes. It's cold here. And I have a question about seasons and mobile connectivity. I've seen that this activity seems to be more seasonal, and I wonder why. Is it because you got out of a contract with TIM? Is that why this activity fell in the last quarter? And for people who looked at the table, there was one quarter that was at 36% that fell to 33%, and another was 45% that went down to 42%, whereas the others went up. So vis-a-vis ex TIM. And then with regard to having more women on staff, I've seen that it can be important for more women to be present in compute in the computer industry. But I don't know in this European company, why it's too bad. There's only one woman on our Board. So with regard to recruitment, what is the number of women who apply for jobs at Eutelsat? Is it possible to make a bigger effort to get more women to apply for jobs so that we could reach a level of more than 40% or 45% of women? And then another question that worries me a bit has to do with payment. I know there was a former CEO of the group when he went over to a different group. He said that in the other group, he was paid well, but that it didn't really compare with the conditions that he had at Eutelsat.

So with regard to women, we have more than 40% of women on the Board. You've seen there were 2 committee chair women. So I just wanted to remind you of that. With regard to seasonality of mobile activities, these are antennas that are used for air traffic, maritime traffic. Maybe Christophe could talk more about that with regard to payment delays, that was the other part of your question. With regard to your question on mobile connectivity, first of all, team that's fixed connectivity. So it doesn't have anything to do with the mobile connectivity. The variations that can be observed from one quarter to another on all activities and especially for mobile activities, this is mostly linked to sales of equipment, which is not necessarily linear. And as LEO was ramping up, you could see that there were significant sales period where we were selling user terminal units. And then with regard to mobile sales from one quarter to another, it's related to a drop-off in maritime activities, in particular, with regard to GEO. So this has to do with mobile activities and seasonality. With regard to late payments in the past, we did experience a delay in payment. This is maybe 3 years ago linked to the COVID period and the increase in activity in certain geographic zones where payments were more difficult to obtain. So that played a role in overdues that were reported in the accounts. And some of this is still recorded. But in the LEO activity, we do have some contracts where payment is actually made even before the service is fully provided. With regard to more women, as the CSR Committee President said, we do have objectives. We're at 29 and 31 with regard to total staff and management, and we propose to increase both of those numbers by 2027. All the entire company is working hard to ensure that more women join the company. And you asked a question about recruitment or how we can achieve our objectives. As the CEO said -- the Chairman said, it's something that we have to do all the time and in particular, with regard to recruitment. Sometimes we may have to accept to spend a bit more time on recruitment so that we can ensure that we get enough diversity in applicants. And there are some fields where we have fewer women applying, and it's true. Sometimes recruiting takes more time because we try to get a final list that has 3 people including diverse representation so that the managers could have a real choice, and not just create token diversity positions. So we are making efforts in recruitment, and we try to be present in different communities that promote women in the STEM fields. This is where we do a lot of our recruiting. We work with different women in the program around in women's development. So it's maybe not so much at the moment of recruitment, but really creating greater visibility for women in the aerospace industry. So there are lots of initiatives internally and with other stakeholders in the sector, and we are committed on a daily basis. We have a lot of support from all of our male colleagues as well to carry out this effort. Thank you very much. Another question?

But you didn't answer. Now we're talking about a capital increase reserved for shareholders. What about the dividends? In how many years will we have to wait before we see a return on our investment? You didn't answer the question. So I suppose that we'll have to wait a long time. So I'd like to have an answer to that.

For now, as you know, the Board of Directors has not reviewed that question, but we have reviewed the question of investments. And that's why I'd like to say that supporting the development of our activities. So we're looking at not only dividends, but also share value. So I think the Board is paying a lot of attention to that balance between dividends and share value. What I can say today is that -- and what I've been hearing for the past few months is that we are kind of weighing the balance between share value and dividends, yes, but I'm talking about the price on the market. So as you know as well as I do that the market is always moving but everyone is working towards making the shares more valuable. The question of dividends, I think, is something that is related to investments that are necessary to ensure the development of the company. We're in a market where in a sector that requires a lot of investment. And in the months to come, I think the Board will be looking at this dividend question. Yes, of course. To answer your question directly, yes, of course, like every company, we have a business plan. And of course, our business plan aims for profitability. And of course, like every company, we hope to be able to pay out dividends one day. But today, we do not have a precise horizon for paying out dividends.

A new question, a very simple one. When OneWeb was acquired, the British government had specific rights. They had veto rights. Does the OneWeb structure still exist? Does the U.K. government still have a veto right? And if so, will these veto rights last forever? Or will there come a day when that OneWeb structure will vanish?

The OneWeb structure still exists in the group's organizational chart. And I think you can see that in the published documents. And yes, there are special rights associated with the U.K. shares and only in the OneWeb structure. And the trust will be renewed to OneWeb.

[Foreign Language]

A question is being asked off mic in the room. Yes, he took part as a new shareholder to the capital increase at a price of EUR 4. Another question?

Well, it might be difficult to answer the question on profitability. But in your plan, in your mind, when do you think will -- you'll reach a balance between GEO and LEO activities? And when will GEO activities become a minority activity? Do you think it will be in 5, 10 years from now?

We haven't given any specifics regarding this. We don't know when GEO activities will be less important than LEO activities, but you saw the figures and you saw that the LEO activities dropped significantly, and there was a slight drop of EBITDA compared with the 44.4% of last year. And we talked about an EBITDA at around 60% for 2029. So that gives you an idea of when the pendulum will shift. Thank you for your questions. I hope we were able to meet your expectations to answer your questions. If you have any other questions, you can ask Joanna Darlington, Hugo Laurens-Berge and Christine Lopez. They are here attending this meeting today and feel they're in the best position to answer swiftly. If there are no more questions, we can now move on to the vote on the resolutions. You have the floor, Mr. Secretary.

As required by law, before we vote on the resolutions, the shareholders, I must tell you where the quorum is and make sure it is still reached so as to be able to vote both on ordinary and extraordinary draft resolutions. 75.94% that is the quorum, and we can now vote unless any of the shareholders present a contrary opinion, I propose Mr. Chairman, that we do not read out the draft resolutions submitted for vote in full. So I'll only read the simplified titles. I would like to remind you that ordinary resolutions 1 to 24 and resolution 35 will be adopted by a simple majority of votes cast or represented while extraordinary resolutions, resolution 6 to 20 will be adopted by a powerful majority of 2/3 of votes cast are represented. As it was reminded to us, resolution 34 will not be put to the votes and resolutions 36 to 45 either. Let's now proceed to the vote on the resolutions. Let's start with the ordinary resolutions. After this video, remind you how to vote on the tablets that you were handed before entering the room.