LVMH Moët Hennessy - Louis Vuitton, Société Européenne (MC) Earnings Call Transcript & Summary

Good morning to all. Thank you for attending this general meeting. I formally declare the meeting open. And we've given, as we do every year, the possibility to ask questions in writing prior to this meeting, which, of course, we will answer. I propose to appoint as scrutineer the 2 shareholders present representing the greatest number of votes and who are accepting this function, Société Christian Dior, represented by Antoine Arnault and Financière Agache, represented by Frédéric Arnault. I also propose that we designate as meeting Secretary, Mr. Jérôme Sibille, and together, they will comprise the bureau of this meeting. The agenda, you are familiar with it. We are here to approve the financial statements of 2025 and to answer the questions that you have sent into us or that you will be asking us after the session. And prior to that, we're going to explain, comment and run through both the results of 2025, which are quite acceptable. We've achieved over EUR 80 billion in revenue, profit from recurring operations of almost EUR 18 billion and free cash flow, which is a key metric of over EUR 11 billion. And before handing over to Madame Cabanis, I'd like to commend the teams of the group here present who've allowed us to achieve this performance in an environment in 2025, challenging, challenging both for geopolitical reasons and challenging on the monetary front because the euro has risen constantly against a certain number of currencies. Let's now run through the 2025 figures in detail.

Good morning, ladies and gentlemen, dear shareholders, thank you for turning out in such large numbers. I will give you the numbers for 2025, but also the start of 2026. So let's start with sales in 2025, you will see that organically, sales were slightly down, 1% compared to 2024 on an organic, i.e., on an equal scope basis. The foreign exchange had a 3-point negative effect, and that reflects the strength of the euro compared to the other currencies in which we built our business in 2025. This was because of the U.S. dollar and the Chinese RMB. And you can see that this situation got worse in 2026, but the scope effect is negligible. So all in all, this means that sales were down 5% and the published number stood at EUR 81 billion. You have the geographic distribution of sales. It changed slightly, but it made no difference on the geographic balance of the group because the 3 main markets, Europe, U.S. and Asia, each accounted for 26% of sales. Japan was slightly down to 8% of sales and other markets were up 1 percentage point to 14% of sales. If you move on to the developments on a quarterly basis, one region to the other. Let's start with Europe and the U.S. Both markets were stable, slightly down in Europe, but the quarterly momentum turned around because there was higher growth at the beginning of the year on Europe because this was a strong dollar. So this was -- this favored the tourist trade, whereas then when the dollar went up again, then sales went back to the U.S. and there was less of it in Europe. Japan was down 12%. There's no surprises there because you may remember the previous year, there had been a 28% growth. This is because of the comparison basis, but there was an improvement in H2 because, well, there was less of a comparison effect, even though the basis was still high. And then Asia was down 4%, but growth resumed in H2 with an improvement, an acceleration of local demand. Now if you move on to the various business lines. As you know, the main business is fashion and leather goods, and that accounts for about half our sales. Then you have Selective Retailing accounts for 23% of sales, and that's mostly driven by Sephora. Then watches and jewelry, 13% of sales; Perfumes and Cosmetics, 10%; and then Wines & Spirits account for 7% of sales. Now this is the organic change in sales for the various business lines in 2025. So if you look at the table, you will find that you have an organic decline, a 5% decline for Wines & Spirits and Fashion & Leather Goods. Perfumes and Cosmetics stable and organic growth for watches and jewelry and Selective Retailing, respectively, plus 3% and plus 4%, again, with Sephora's remarkable performance in 2025. You should also note, and this is what you have on the right-hand side of the table, H2 saw an acceleration of these trends for most business lines, mostly Fashion & Leather Goods, Watches and Jewelry and Selective Retailing. And that made it possible for organic growth to resume at plus 1%. Now let's look at the actual profits. Now you have the change in profits from recurring operations, down 9% in published data. This degradation is mostly to do with the currency effect accounting for upwards of EUR 1 billion. Without that, profit from recurring operations would only be down 4%. If you look at the profits per business line, taking them in the order of the table, you start with Wines and Spirits with the largest decline. Well, both had a negative currency effect, but also a negative effect of mix and sales and then the first effects of the trade tensions between -- with the U.S. and China. Fashion and Leather Goods, also slightly down, mostly with the currency effect and lower sales. But still, the profit margin, 35% is quite high and higher than the group's historical average. Watches and Jewelry was stable, even though we invested quite a bit, mostly with the transformation of Tiffany, and that is bearing fruit. You will be able to see this for Q1 already. Perfumes & Cosmetics enjoyed an 8% growth in its profit, and that was driven because of its selective approach to retailing, but also working on the business model's overall efficiency. And then, of course, you should note the significant improvement in Selective Retailing profits, up 28%, mostly, of course, thanks to Sephora's performance, which continues its profitable growth, but also return to profits of DFS, mostly because we streamlined a number of territories, but also there was -- we worked hard on cost cutting. Now then if you take a look at how you arrive at the actual profit at group level, I already mentioned sales. So let's start with gross margin. That is down 6% over the year, and that reflects, of course, the inflation of goods sold and then currency effects. Operating expenses were down compared to 2024. So that includes marketing and selling, and general and administrative selling were down 4%, admin down 5%. And so that means we were able to apply significant discipline on cost allocation. But on admin, we had some costs, nonrecurring costs, in particular, of course, the Olympic Games. And so on that basis, we saw that the profit was down 9%. It stands at almost EUR 18 billion. Operating margin stands at 22%. So that's slightly down, but still higher than the group historical average. And then you have other expenses, income and expenses, no, that by definition is nonrecurring. In 2025, that was mostly the closing of a number of territories for DFS, and there were a number of restructuring costs. This is mostly an accounting expense. It doesn't have a cash effect. And then the financial result is negative, minus EUR 400 million, but it's still an improvement compared to 2024. And then the tax bill stood at EUR 5.5 billion. Now the corporate income tax rate was up to 32.8%, up 4 points compared to 2024 because of the supposedly exceptional additional tax and it's not so exceptional because it will be applied again in 2026. All in all, net profit group share stood at EUR 10.9 billion, down 13% compared to 2024. If you look now at the balance sheet, the currency effects were significant on most items on the balance sheet, but that's applied both to assets and liabilities. And so as there was no acquisition, the structure of the balance sheet is very much the same as the previous year. A few words about operating free cash flow standing at EUR 11.3 billion, significantly up 8%, even though profits were down, first, because we were selective in capital expenditure, but also we worked hard on converting profit into cash, and we worked hard on working capital requirements. That's at all levels in the group, we were able to achieve that. And so the net debt position was down again in 2025 for the third year running. It stood at about EUR 7 billion, and the debt ratio was down as well. It stands at about 10% of equity. This is very much in line with where it stood in 2020, the year before we acquired Tiffany. And then finally, and that will conclude the comments for 2025. We will be offering a dividend of EUR 13 per share. So this is stable compared to the previous year. We very much try and align the profit level to that of dividend in years of growth. And if there is no growth, we keep it stable. There was an interim dividend of EUR 5.5 back in December. And so the balance of EUR 7.5 will be paid out in April. Now then a few words about Q1 2026. Over the first 3 months of the year, you saw that LVMH enjoyed an organic growth of upwards of 1% and the trends improved in most business lines. Revenues stood at EUR 19 billion. Now that's down 6%, mostly because of the currency effect, a 7 percentage point effect. But well, that accounts for 6% of our sales. Now we have a limited exposure to the Middle East. That is about 6% of our sales. But nonetheless, it has a significant effect in the region, even though the year started off well. Without that, organic growth would have been plus 2%. Elsewhere, Q1 had solid growth in China and Asia outside Japan as well as the U.S. If you look at the various business lines, fashion leather goods were down 2%, but we have a positive effect in local customers, but the tourist trade was negatively impacted by currency effect. This is still a significant part of our business. There is growth in the U.S. and China, mostly in Asia. It's down in the Middle East after a good year -- after a good beginning, the 3 other lines of business, Selective Retailing up 4%, thanks to Sephora, Watches and Jewelry, up 47% with the new stores. Perfumes & Cosmetics also good growth, especially with Guerlain and Parfums Christian. Wines & Spirits were up 5% in Q1. So these are the numbers for the year. Thank you for your attention.

And now we're going to look at a clip with questions put by some shareholders. [Presentation]

Ladies and gentlemen, dear shareholders, I'd like to begin, if I may, by saying a few words about the year that just ended and for which we are gathered here today. I won't return to the figures, but I would say, nevertheless, that these figures demonstrate the group's resilience in the face of a challenging environment, and it's due to the talent of our teams. And once again, I should like to acknowledge them and to say that each of our most important divisions are today headed in an exemplary manner. That's an important point, starting with the most important, Fashion and Leather Goods, Vuitton, with our friend, Pietro, Pietro Beccari, who's been with us for over 20 years now and continues to lead with considerable talent. This business increased his responsibilities with the whole Fashion and Leather Goods division. And for the future, no doubt, we shall see. And then Fashion -- Wines & Spirits with Jean-Jacques Guiony, who's been with us for a while now, perhaps even longer than Pietro and who took over in a quite exceptional manner, I have to say, a division that is facing a more challenging market, notably in certain places with some tax, tariff problems, et cetera. But in spite of all that, a demand that remained strong for champagne and for wines also for rosé wines, a bit more challenging for cognac last year, and we sense a recovery in the first quarter of this year. And so that should trend well, and we'll return to that in due course. And then amongst our most important division, we have the Dior brand with Delphine, who is leading. The arrival of Jonathan Anderson in this iconic house, and it's really got off to a great start such that we're having difficulty in delivering the products so strong is the demand. We'll see how it evolves. It's going to lead a show in Los Angeles at LACMA for the Cartier season, and we've already seen some excerpts of that. It's going to be very interesting and exciting. Next, the Watches and Jewelry division, which is currently directly headed by my #2, Stéphane Bianchi and that is delivering an interesting performance in 2025 with notable progress of Tiffany and Bvlgari and continues in this year to deliver quite good growth rates. I'll return to that later. And lastly, Cosmetics. That is now headed by Véronique Courtois, who's also been working with me for quite a long time. I won't give the number of years, but -- and we've been able to draw on her experience for Dior that she's been heading up for quite a while now, the most iconic brand of perfumes and luxury beauty and selective beauty as compared to mass market brands. I'll return to that later. And lastly, the Selective Retailing business, Sephora, Guillaume Motte that is going from strength to strength, and is present in barely half the countries in the world. So the world is your oyster, and it's already the leading brand retailing perfumes in the world. And so this year, we had several significant events. I won't go back over the detail of the figures, but store openings for iconic houses throughout the world. You probably all saw the new Maison of Vuitton opened in Shanghai, that's a ship, a vessel and is essentially a museum of Vuitton's expertise opened in downtown Shanghai, where we received some 100,000 visitors a week. It's truly remarkable. I've been there several times. I was congratulated by the Secretary General of the Communist Party for doing that. That would never have happened in France if we decided to build a vessel ship on the Place de la Concorde. I'll let you imagine the result. The trade unions here always supportive would have criticized that initiative. But there, we did it in less than a year. It really does show the dynamism of countries where we're established as compared to the heaviness of our old Europe that really is taking a while to turn around and to modernize itself, bogged down as it is in ghastly bureaucracy. But that's another matter. And for Dior, we've opened several iconic houses in New York, in Los Angeles and more recently in Beijing that are very iconic with quite extraordinary design and also explains the success of our group, notably Dior in the United States. The Universal Expo in Osaka, where the French building that we extensively sponsored with our brands was the most widely visited after Japan, of course, because for the Japanese, it's natural, they don't visit the Japanese building, but it was a considerable success. And we also hosted a wonderful show in Osaka, which I visited with Pietro, one of the most widely visited in Osaka after the expo, amongst the other highlights of 2025 with the signing, thanks to our proximity and that of Stéphane with Formula 1 of a 10-year contract with Formula 1 racing. So the group with all its brands has now teamed up with this sporting event, which is one of the most widely followed in the world that's recurring because there's a Grand Prix just about every month and is becoming an event that the young are increasingly following and for our brands is a recurring and tremendous opportunity. TAG Heuer chronometer. Louis Vuitton is very much involved. So that's very important for us. Amongst the interesting events I should add during the year. As Cecile Cabanis mentioned, the fact that in 2025, the second half of the year saw a return to growth of our business. That's continuing at least. It was continuing through the first quarter of 2026. I'll come to that in a moment. During this period, we have 2025 innovations that are continuing, very significant of our various houses. I won't go back on them in detail, but just to say that amongst our perfumes and cosmetics, Dior, Sauvage is the world's leading fragrance the success of Miss Dior and J'adore going from strength to strength and Dior continues to sell lipstick every 2 seconds in the world. So you can see that, that is going to fuel our production facility at Saint-Jean-de-Braye, and that's continuing. And its lipsticks, they're the most qualitative that are to be found. We have an R&D facility at Saint-Jean-de-Braye that is producing extraordinary products, which explains their success as is the case with many of our products, a brief word. Antoine is going to come to that in a moment of the group's economic and social footprint in France and in the world. Today, we have over 200,000 people in the world and over 40,000 direct jobs and every direct job generates 4 indirect jobs in our suppliers in France. That's a lot of people, the preservation and the transmission, the passing on of our skills in more than 280 design professions with -- by way of experience, over 3,800 apprentices trained by LVMH's Excellence Employment Program since 2014 since its launch. We need to obviously train the young to sustain our skill. Antoine will tell you more about the nonprofits, the active employment initiatives, and we have 117 production and craftsmanship plants in France, even if French producers and ourselves are not necessarily encouraged to continue to manufacture and produce in France, notably in a number of tax measures. I won't go back over that. Everyone knows that, but nobody does anything to change that situation. And we have paid EUR 5.5 billion in corporate tax in 2025, around half of which in France. I could continue through the year 2025. But what I'm sure interests you most is the outlook. Well, for the outlook, there are 2 things. There's the short term and the midterm. We can talk a bit about the short-term prospects. What fascinates and what motivates me and what amuses me is how will the group look? What will be the advantages of the group in 5 years. In short term, you'll have noted that the world is now in a pretty serious crisis in the Middle East. There was an impact as of March on our figures and reduced by half the growth expected for the first quarter. It all depends on how this crisis will unfold. Well, the outcome, either it will be a world catastrophe with a very serious and very negative economic impact, in which case, who can say how 2026 will unfold or it will be resolved more rapidly in some shape or form that we all hope for, even if it doesn't seem to be easy, in which case, business will recover and resume their normal course. Be that as it may, remains unpredictable if the second assumption were to appear. I expect to see a return to growth in our various activities in the second half of the year. In the opposite case, we'll have to face a crisis already happened to us, and there's every likelihood that we'll continue to gain market share as we did in 2025. What I would say is what counts the most is where will we be in 5 years' time? What will be -- what will the group look like in 5 years' time? And I believe that we have tremendous assets to remain far and away the leader in the manufacturer of quality products with the iconic brand, Vuitton, Dior with our iconic brands of perfumes and cosmetics, with our jewelry brands, for example, Tiffany. Tiffany, I think that we must set ourselves as a goal in 5 years to be the leading jewelry brand in the world. We're not far from that. We're not there yet, but I think we can achieve that over the next 5 years, and you will not contradict me on that. That's the goal. That's the objective, and we've taken a path with extraordinary qualitative products in terms of -- we brought out the design of Jean Schlumberger, who worked as a designer at Tiffany for years at the beginning of the last century. And all that is yielding results that are gradually becoming very impressive. And in addition to that, we're renewing, renovating the stores. You may have visited some aside from the most iconic on Fifth Avenue. We've reopened flagship stores in Milan right next to Vuitton, Montenapoleone, a great store, very successful, another iconic store in Ginza, Tokyo, Japan. So all the effort undertaken is expected to generate results. But the most important thing is to focus on the quality of the product. On the quality, I should say, of the craftsmanship. And at Vuitton, we have 2 iconic products that are high-end products. On the one hand, The Capucines, a bag that was launched some 10 years ago with the very predecessor, Michael Burke, who headed up Vuitton for 10 years [indiscernible]. And with him, we launched this product and a more recent one that was launched since Pietro is heading the company with a creation from Pharrell Williams called Le PONT 9, a very fine product. I don't know if we have a photograph to show you. But this product in an outstanding leather, totally made -- handmade. We have thousands on the waiting list, and we produce it as the pace that we can with craftsman, who -- each manufacturing a product, each craftsman does so, but it takes time and a considerable success, which will continue in terms of product quality of Vuitton. With watchmaking, we're fortunate to have the Fabrique du Temps, which is one of the most iconic watchmaking parts. And I'm wearing this morning watch manufactured by that workshop that's truly extraordinary on which was one of my heroes, Einstein. And if you press the little button in there, there's an incredible mechanism. Einstein pulls his tongue out. I'm going to show that to the directors, the Board meeting after this. I'm going to like to just give the floor for 5 minutes or 3 minutes, the person who's now heading up this business, who's delivered this type of product. My son, Jean, who would like to speak, but not for too long though, please.

Yes, you're right to say that I shouldn't talk for too long because if given a free rein I could go on for literally hours on end. This -- of course, this career plan was outstanding. It's a great adventure. And it wasn't just watches and jewelry, it was all of LVMH. But we started -- we decided to transform Louis Vuitton's know-how with 2 great watchmakers, Michel Navas and Enrico Barbasini, who created the Fabrique du Temps. And we've been working in different trades. I was checked on my phone, but we have about 30 different trades working at the Fabrique, and that includes engraving, tapestry. You have all sorts of specialty trades involved in the making of specialty watches. And so La Fabrique du Temps is a bit different from other workshops. And one of the rules is you have one watchmaker making a watch from A to Z. And so that means we cannot increase production exponentially and the watch that you're wearing, I mean, this is a very special watch, but any watch made at La Fabrique du Temps, we can tell a collector or a customer when the piece was built, how long it took to make it, what the weather was like, and where the watchmaker stood in the workshop. And this watch is one of these. There were more than 600 hours of work in the mounting, in all the fine mechanisms that allows Einstein to stick his tongue out. Any case, if you get a chance to visit that Fabrique du Temps, the doors are wide open.

Well, now another example of what motivates the group to continue to strive for the highest quality was the acquisition of some 10 years ago of Loro Piana and whose results are quite excellent. We don't give them directly, but I can tell you that the growth that we don't want to increase as it happens is better than all the high-end brands in this sector. And what's interesting is that this acquisition, we did it with a family that has remained in part in the share capital, and I'm very pleased to have done so for that matter because the values increased considerably, multiplied the figures quite strongly. And they're still with us and they're really excellent connoisseurs of raw materials. And Frederic, who now heads up Loro Piana in 3, 4 minutes will tell us what contributes to the success of the company.

Well, good morning, everyone, and I'm delighted to be able to tell you a few things about Loro Piana, a truly fantastic house. I'm delighted to be there running -- have been there for about a year. Extreme quality is key to company's success. It's about 100 years old. You're looking at exceptional fibers and textiles, and it was one of the very few companies that integrates the whole chain from cashmere in Mongolia and silk in Peru. And of course, we've been investing in this unique know-how. Last year, we're talking about the highlights of 2025. We started 2 new fabrics, Royal Lightness, which is a combination of fine wool and silk and eye swish, which is a type of cotton, very light, but extremely soft as well and do have a look and feel for this fabric in our stores. And we have been very much investing in this unique know-how, many thanks and enjoy the day.

Another activity of wines and spirits. People often ask me wines and spirits, what's the situation? People are consuming less alcohol, what's the future? And in fact, the future is promising. First and foremost, they are outstanding unique brands amongst the finest wines in the world. We have the best cognac far and away because we're far and away market leader. And this market continues to expand differently. And to illustrate that, I'm going to ask Alexandre, who's #2 behind Mr. Guiony, this business and who's crisscrossing the world to review our activities to talk to us about Africa.

Well, thank you, and good morning, everyone. When Jean-Jacques Guiony, who is -- who runs Moët Hennessy and myself arrived a year ago, there was talk of restructuring, and I thought we should look to the future in the long term. As you were saying, Africa is the most attractive continent for Moët Hennessy. Together with Jean-Jacques, we went to South Africa. And we saw Hennessy's remarkable dominance. It's the third largest market for Hennessy after the U.S. and China, we've been -- we sell the equivalent of 2 glasses of cognac per inhabitant drinking age per year, which is a very high average. And that continent is growing fast. Other countries in Africa where we have a leading position, Nigeria, 220 million inhabitants. 30 years' time, it will be the third largest country or most populated country in the world. Again, for Moët Hennessy, this is a big market, not just because of the demographics, it's also because this is a young population and such products have Moët Hennessy Champagne, Hennessy cognac, Veuve Clicquot champagne, and there are many brands. This is an access to the market of luxury goods with the pride that goes with it. And of course, we can have access to other products that haven't made much inroads as yet in the -- on the African continent, but this is a good illustration of our long-term approach. The example of Hennessy in South Africa, we have a 90% market share, but it took us 20 years to build that with a local retailer that enabled us to be spread not just in Johannesburg and Cape Town, but all small towns in South Africa. You have small stores selling a few bottles and then you have the largest restaurants and nightclubs. And how many potential -- I mean, in Africa, how many people are you talking about? We're looking at 1.5 billion people today. And by 2050, there will be 2.5 billion, an additional 1 billion people. Wow, that's pretty impressive. So a very young continent.

And so the future of our group is also based on the young people of championing creativity. And this year, we've received Michael Rider at Celine, [indiscernible], Sarah Burton at Givenchy and Maria Grazia at Fendi and all have generated considerable success, but not as strong as Jonathan Anderson at Dior. That's what Delphine is going to talk to us about creativity.

Well, good morning, everyone. My name is Delphine Arnault. I joined the group in 2001 at work at Christian Dior with Sidney Toledano. As of 2013, I was -- I became #2 at Vuitton, working with Michael Burke, who is right here in the audience. And since 2023, I've been in charge of -- well, I've been the CEO of Christian Dior which is a daunting role, but there's something of a revolution going on there with the arrival of Jonathan Anderson. He is a highly talented creator, something of the genius. And we know him well because he worked for 11 years at Loewe. And Jonathan is -- I mean, since Christian Dior himself is the first one to work on both women's collections, men's collections and Couture and his fashion shows are very successful, not just in the media, but with the customers themselves. He's been with us about a year now and the first -- his first creations arrived in the stores in January, on the 2nd of January, a great commercial success. We have indeed many items that are already out of stock and -- but we are trying to keep up. We're working on operational excellence, supply chain excellence, and also retailing excellence, as my father just said. We -- last year, we opened 3 houses of Dior, and these are shops that I can be as wide at Avenue Montaigne and they're decorated by Peter Marino. And so there are 3 stores, one on Rodeo Drive in the U.S. You have to remember that the United States is very significant market for Christian Dior; one in New York City, but then we also have a House of Dior in Beijing at Sanlitun. And this year, we will be opening Houses of Dior in Milan and Osaka, Japan. Now in line with this, and I've always been very much very keen on the creation and creators. And 30 years ago, we started a new prize, the LVMH prize for young creators. And that is something I created with Jean-Paul Claverie. That prize is an award that enables sometimes to emerge Jacquemus, [indiscernible], Grace Wales Bonner or Marine Serre. They were laureates of that prize; and we have Nicolas Ghesquière, Jonathan Anderson, Maria Grazia Chiuri, Marc Jacobs, Phoebe Philo and many others were members of the jury. Well, thank you very much.

Well, there you have a summary why I'm extremely confident in the 5-year outlook regarding the development of our group. That's why when the share price drops a bit as is the case for a while, I'd buy more shares. And then I wait another 5 years, not by remaining inactive, but you just have to be patient in business that you always need to be patient. If you get too excited, it doesn't lead anything. I'm just saying that. Thank you for your attention. What's up next? Questions? Maud, sorry. So Maud is going to talk to us about HR, outstanding Head of Human Resources of the group, followed only by Antoine, who is going to talk to us about all the societal side of our group. Thank you.

Dear directors, shareholders and colleagues, last year from this very spot, I shared my conviction, namely that women and men in our group are those that will ensure the sustainability of our performance and the continuation of our ambitions. And this is the whole meaning of our people at heart approach. We put our own people at the heart of leadership, excellence and long-term performance. We made 2 collective commitments. One was to roll out our career development policy, career compass to as many as 211,000 employees and continue our efforts to promote equity, and I'm delighted to show you the fruition of these efforts. In 2025, our 31,000 managers were trained and empowered for -- to ensure that talent support should be constant and intentional. And we decided that skills and career path should be at the very heart of managerial duties. And this year, we have been rolling out, as I said, career path to all workers so that everyone should have some visibility on his or her outlooks, their performance and should be an active player in their own career paths. And you have 5 pillars for this approach, knowing the group, knowledge of oneself, creating a network within LVMH, measuring performance and impact and promoting internal mobility. Now we have some results. I'll give you one example regarding mobility. This year, as many as 2/3 of managerial positions were filled internally compared to only half 2 years ago. Our second commitment was to do with gender balance. When I joined the group back 20 years ago, women accounted for less than 20% of key positions. They were 48% at end 2024. And today, we've reached and we did better since that we have more than 50% of women in key positions. Now these numbers are indicators of the use and effectiveness of our action. They reveal our ability to lift obstacles, whether visible or not, which could impede somebody's career development regardless of age, gender or background. Human resources always look at the long term. We have to prepare succession plans. We have to support mobility, and that requires constancy and the indicators I just shared with you shows that we have an ongoing momentum. That momentum is also driven by training, which is a key driver of performance. In 2025, 82% of our employees were given an additional training, and we have a clear ambition we want to train. Well, training is how we prepare for the future, and we are demanding also when looking at new trends that are redefining our trades, especially, of course, artificial intelligence. And the advent of artificial intelligence prompted us to make a clear choice. We have to seize the opportunity, but respect what we are. We are an ethical and resolutely human company. Our program AI for all is the direct translation of that. What we propose to do is to make artificial intelligence understandable and accessible to all. And this adds to the deep identity of our houses. The work of leather maker, the CEO's ability to mobilize his or her teams, listening to a commercial consultant or the patience of a wine seller master, all these skills have got to be developed over the long term. And this is why we developed our programs, Métiers d'Excellence, Trades of Excellence since 2014. We've been supporting upwards of 3,800 apprentices in 43 trades and 73% actually joined the business or continued their studies. And this aligns between the power of technology and the wealth of human skills that have strengthened our competitive advantage and our ability to create values for our customers, for our houses and for decades to come. Preparing the future beyond our know-how also means attracting tomorrow's talents. And with Inside LVMH, which is a training platform open to all more than 200,000 people were certified around the world. New class started this year with upwards of 42,000 students enrolled. Insight is our spirit of conquest supply to talent, but it is also our way -- a concrete way of providing -- rolling out our group around the world. And that rollout, it can also be reflected in our societal footprint. And let's look at this more specifically in France. In France, we have upwards of 40,000 employees, the wage bill adding up to more than EUR 4.5 billion. We have 539 stores and 117 production and craftsmanship sites all over the country in as many as 66 locations. And this territorial anchor goes beyond, of course, the borders because 75% of sales from our French houses are exported. According to Aster, each direct job at LVMH generates more than 4 indirect jobs in the national economy. So we're talking about 160,000 indirect jobs supported by 13,500 Tier 1 suppliers. And of course, we are committed to this. And when our workers and employees experience geopolitical climate or personal crisis, we are there to support them with the LVMH Heart Fund. We've helped as many as 11,000 people since 2021 on 5 continents with psychological, social or financial support. And of course, we had an exceptional effort with the situation in the Middle East. And of course, this goes beyond the walls of LVMH. We have LIVE, the Institute for vocational training. We have 7 active campuses. The latest one was opened in Bordeaux in March of this year with 700 long-term unemployed who were taken on board. And out of these, more than 80% returned to work. Now of course, these achievements is the result of our social road map that started in 2020. The objectives for 2025 were all met and now we're looking at the next step, which is Ambition 2030. Ladies and gentlemen, dear shareholders, I told you about our commitment that we've kept, concrete results and a solid momentum. But I would like to make 2 commitments for the year to come. The first commitment is to continue our people at heart policy, and we'll train indeed all of our employees through career compass, and we'll start a new edition of our survey, the Pulse survey to all workers around the world in 80 countries, 5 generations, about 20 languages. And the second commitment is to accelerate our support to workers in the transformation brought about by artificial intelligence. We are building a group that will secure our talents and make them sustainable over the long run. We are a group that will pass on and cultivate excellence because the desirability of our houses will be built over decades and not quarters. We want to create value and pride for our workers, for our employees, for our territories, for society at large. This group has been advancing the spirit of conquest, but that was always the soul of LVMH. Thank you for your attention.

Antoine, take it away.

Good morning, everyone. I'm delighted to see you once again. Dear shareholders, I'm delighted to show you our results -- environmental results in 2025 and look at our activity in 2025 at group level in all 75 houses. We base ourselves on Stage 1 of our Life 360 strategy for '21-'23 to roll out our programs on such key items as circular economy, traceability, biodiversity, climate and mobilizing stakeholders. Our commitment now is to reach quantified objective that we set for 2026 and 2030. We will continue this action doggedly not listening to local fashions that could put in brackets the environmental approach. On the contrary, we believe that the climate disruptions have effects on biodiversity and water. And this is not on hold, and we can keep our ambition in terms of sustainability for all our operations because things are accelerating and so are we. Life 360 will be a robust strategy based on risk management, value creation. We're managing the risk of impact of the loss of biodiversity on our supply chains, but also we're creating opportunities and create new services to our customers based, in particular, on the circular economy. And it is this intrinsic nexus between environmental performance and value creation that evidenced the first edition of the Life 360 awards last year. Our houses were asked to present new initiatives in terms of circularity, traceability, climate and biodiversity. There was a strong mobilization since as many as 187 sustainability solutions were proposed, all testifying to great creative innovation, out of which -- out of these, 13 got special attention. You see them on the screen. You have ambitious strategy for plastic-free packaging, new services for repair, regenerative husbandry. And this highlights the maturity of our environmental approach and the wealth of cooperations within the group, such as One Route, the joint logistics approach driven by Louis Vuitton and Rimowa in the U.S. to deliver their products to boutiques. Over the year, Life 360 became an ecosystem for the benefit of houses, integrating sustainability in the daily practice, facilitating cross-cutting approach within various departments of the group, purchasing operations or finance, taking advantage of collaboration with the various stakeholders, but creating new tools and technologies to gain in terms of accuracy and robustness. This professional approach to sustainability has led to better profits in 2025. On the circular economy, our houses accelerated their eco design to reduce the environmental footprint of products and packaging with the new aesthetics. For instance, Guerlain provided its iconic item, Orchidée Impériale with a charger, which is made up of 90% certified cellulose. 10 million products have such circularity products. You have the recrafted by Rimowa, which facilitates the repair of suitcases, their reconditioning or their total repair. This responsible sourcing for raw materials is the fundamental principle guiding our products. The rate of certification for strategic systems progress in 2025. We're continuing the rollout of the numerical Passport, which answered the call from the French government to try an Eco-Score for fashion goods. Boucheron was a case in point for 25 items. We protect natural resources as well. We are reducing our use of water, acting to protect biodiversity, soil quality around the world. In 2025, we rehabilitated 4.3 million hectares of wildlife and with institutional partnerships, in particular, with UNESCO, we renewed the partnership in 2025. By broadening our scope of action with programs of regenerative agriculture, we've been supporting our own supply chains in husbandry agriculture and wine growing and regenerative is effective. Look at these 2 pictures 2 days ago, on the same day at the same place, you in the south of France in vineyards producing rosé wine in 2025 during the heavy rainfall. On the left-hand side, Château Galoupet of LVMH. This vineyard is protected with soils made permeable, thanks to regenerative agriculture. On the right-hand side, you have another vineyard next to Gallupeau with traditional wine growing. The soil is waterproof. It doesn't -- is not in a position to retain water. And this adapting -- adaptation to climate disruption took us less than 3 years. On climate, stringent new carbon trajectory validated by SBTi in 2025, our results in terms of carbon emissions on all our scopes provided us with an award. And I would like to congratulate our teams, Hélène Valade in particular. We got the AAA rating from the Carbon Disclosure Project, CDP. It's a great way of rewarding ambition and our transparent strategy. Renewable energies in our energy mix stands at about 75%, and we have many sites at Bulgari, Louis Vuitton and Christian Dior producing their own energy. Mobilizing, of course, our shareholders is quintessential to achieve our objectives, and we train them at the Life Academy. And more specifically, we promote the acquisition of know-hows and especially for new luxury. We have a new culture of our trades that we share with our suppliers. And together, we work on our vision of luxury, the alliance between desirability and sustainability, looking after nature because, of course, the very exceptional nature of our products is due to mother nature itself. And our strength is to combine this linked with nature and our traditional and fundamental connection to know-how. And of course, nature, culture and gestures are things that are deep rooted in time and are shared with all. And I'm proud to announce that on 16, 17 and 18 October next, we'll have the sixth edition of the special day, Les Journées Particulières. This is a chance for the public to go do a deep dive into our houses and discover the fine work of our craftsmen and have a look at the next edition of Les Journées Particulières.

Well, so I hope many of you will attend the special days this year. Over now to our statutory auditors.

Thank you, Chairman. Ladies and gentlemen, shareholders, good morning. I'm pleased to present on behalf of Deloitte and Forvis Mazars, the reports we've drawn up for your attention in respect of 2025. There are 8 reports on the annual financial statements, consolidated financial statements, related party agreements, 5 special reports relating to transactions on the share capital made available to you before this meeting. I propose to summarize them. The annual financial statements subject of resolution 1 drawn up under French GAAP, and we considered that the assessment of assets and equity investments are key items, technical observation regarding the modernization of financial statements, and these were approved unreservedly. And then the consolidated financial statements, we considered the following 3 key audit matters, valuation of fixed assets, inventories, work in progress, provisions for contingencies, losses, uncertain tax position in our opinion. These give a true and fair view, and we certified them with that observation. Fourth resolution, we issued a report on related party agreements. No new related party agreement was notified to us and agreements and commitments authorized in prior years remained in force also presented in our report. Lastly, in respect of the extraordinary part of your AGM. We issued 5 reports concerning authorizations that might affect the future of your share capital, authorization to decrease the share capital, increase the share capital, grant stock subscription or stock options, issuing new shares. Our reports comprise no comments or observations on these operations that are consistent with the Code of Commerce. Ladies and gentlemen, Chairman, thank you for your attention.

Thank you. And I'm now going to give the floor to Stéphane Bianchi to present the answers to the written questions sent in to us prior to this meeting.

Thank you, Chairman. Ladies and gentlemen, shareholders, good morning. As with every year, we've received a great many questions forwarded as part of the scheme planned under the Code of Commerce as well as answers provided were placed on our website before the opening of the AGM. Amongst the other questions we received, there are 3 broad topics that emerged, and I'll now address with you. A great many of you asked us about the impact of artificial intelligence on LVMH and developments linked to AI. AI, its adoption and the acceleration of its rollout are, of course, part of our strategic challenges, but also our operational reality. For a great many years now, the houses of LVMH have built their technical foundation and implemented these new tools with a very simple and clear guideline to be at the service of the values of creativity, innovation excellence, spirit of enterprise and positive impact of our group worldwide. We announced at the end of '25, a major transformation plan, AI for all in order to accelerate further the take up of these new solutions within our teams. Maud referred to that a moment ago, and this plan rests on 3 pillars. First of all, strengthened governance at group level and with our houses, with the framing of our practices, both technologically, legal, ethically and in supporting discussions on this matter that are evolving constantly. For that, we're fully leveraging our partnership with Stanford University in California. Second pillar is a focus on strategic projects. We're prioritizing the fields of commerce, marketing and operations, always at the service of the customer experience. Many tangible applications are rolled out in the group in order to personalize and fluidify the relations we have. A figure to illustrate. 80% of our sales advisers use AI in their customer loyalty enabler. We've also informed our houses on operational issues. Less visible to our customers mean that we can constantly better meet their expectations. In jewelry, for example, for certain special commissions and orders increasing in number, we've been able to reduce the cost estimate time from 2 months to less than a day, thanks to AI. However, our customers will always have to wait several months for our craftsmen to deliver their unique project. Ditto for leather goods. We've reduced fivefold the time it takes to estimate the cost of manufacturing a bag from a prototype. Pillar 3, training, the importance of training and the cultivation of our team so as to onboard all our people in this transformation plan. 15,000 of our people have already been trained on data and AI. We also use and continue to use AI, serving our operational excellence. But of course, the human being remains at the heart of our creativity and know-how. And you'll see that notably once again, as Antoine said, during the special days organized this year. Second question pertains to the partnership between LVMH and Formula 1 showcasing Louis Vuitton, TAG Heuer and Moët Hennessy. We're very pleased with this partnership that is just entering its second year, but seems to us to have been in place for a great many years given the path already traveled. We benefited from extraordinary visibility in 2025, notably across our 3 Grand Prix, Melbourne that launched the season with Louis Vuitton, Monaco, TAG Heuer and Spa with Veuve Clicquot. Each of our houses found or found once again their place on the circuits on the podium and the incredible ecosystem of Formula 1. There again, the group's values are showcased to millions of fans worldwide, creativity, first and foremost, with new rituals for those of you who watch Formula 1. There was the cooldown room of Moët & Chandon that pleased Lewis Hamilton no end when he won in Shanghai. The experience a unique experiences offered to fans on social media, but above all, to the guests of each Grand Prix who live a unique experience, allowing our houses to invite their major clients. The money can't buy occasions that are quite remarkable. Demand is strong, and it's difficult for the various houses to select a happy, fortunate guests. So that meets the expectations for this partnership. I'd like to thank our teams and those of F1 for their outstanding cooperation and their constant ability to innovate together. This year, we're going to surprise you once again, I hope, with new activations that will be unveiled during the '22 Grand Prix, more specifically at Monaco and SPA, where Louis Vuitton and Moët & Chandon will be prominent and the first in Madrid in September with TAG Heuer. Last year, you asked questions about our continuing efforts in terms of vigilance and overseeing our supply chain, notably in Italy with events that occurred these past few months. We addressed this point at the last shareholders' meeting, and it's a good thing that this matter is addressed once again because the matter is fundamental for our group, and I say that unambiguously. It is mobilizing our ExCo, our teams and our partnership -- partners because we have the highest quality commitment with them. For several years now, we put in place prevention, social, environmental and ethical risks in our supply chains. The procedures initiated -- proceedings initiated by the courts of Milan in '24, '25, which I won't return because the 2 houses concerned saw the measures lifted in an anticipated way, aimed at strengthening the operational implementation of these schemes, notably with our indirect suppliers. Following these events, the group immediately put in place a short and midterm action plan. Firstly, an immediate reinforcing of oversight schemes with unprecedented audits in 2025, several thousand audit checks were conducted, a significant portion of which on our indirect suppliers so as to prevent any breach and then heightened surveillance of the full supply chain. These resources were allocated by the group to the houses, the holding company with a strengthened team of internal auditors. We reinforced our duty of care with the setting up of a vigilance committee placed under my direct supervision whose members come directly from Executive Committee. This committee sets out our strategic policy in terms of ethics, human rights and environment and ensures the consistency and efficiency of existing policy of strengthening risk assessment and rolling out prevention measures across the group's and houses supply chain. It's based on a team made up of the major departments in line with these and coordinated by the Ethical and Compliance Head of LVMH. Lastly, with the teams and Industrial and crafts division set up in September 2025, operational follow-up close to strategic partners was put in place with systematic regular on-site visits, traceability control, assessing production capabilities and reinforced training plan. Ladies and gentlemen, shareholder, thank you for your kind attention.

All right. Then we can move on to questions from the floor. If there's anybody in the room with a question, please introduce yourselves before asking your questions.

Good morning. My name is [indiscernible]. I've been a shareholder for many years, and we've experienced a number of crises since 1998, and I'm still around. I really do admire Mr. Arnault, your unique talents as an entrepreneur. All of France should be proud of you. But I would like -- first a good start. I have a few questions, LVMH and the Chinese market. How are you handling the new threats? You have the boom of quiet luxury, luxury shame, the anticorruption and anti-bribery policies of the government, the rising power of secondhand platforms and of course, the negative attitude towards luxury groups. How do you resist this? And then the big question is, Bernard Arnault and his 5 children trying to protect the best interest of the group, how do you propose to manage the ambitions of your 5 talents that are on the highest step of the podium? And finally, Bernard Arnault on the ground, you've been paying regular visits to shops and boutiques. Can you share with us your checklist of what one should do and what should not do to please your expert eye? And then finally, many thanks in advance to your questions, but then a bonus question, if I may. How is Einstein a mentor for you?

Well, let me take the last question first. Einstein was a genius and probably the greatest genius of all times, at least that's what I feel. But also I love this quote, "imagination is more important than knowledge." Now on China, China is, of course, a very important market. It is becoming, in a way, more professional and the customers are more and more knowledgeable about our products. They are more and more demanding. And this is excellent for LVMH because a few years back, it was easy to go to China, put up a brand on a product and you could sell it no matter what. This is no longer the case. Now you have to come up with quality. You have to have a culture, you have to have the right -- to be at the right place with the right people. And this is a very important work. It's our second largest market after the U.S. And so I'm very confident and not too concerned about future developments of that market where the outlook remains very promising indeed. Our children, you've seen them. Do they look very ambitious? I do not know. It's for you to tell me, but the outlook -- and since I would like to say this once and all. Last year, I was renewed by the shareholders for another 10 years. So we'll take this up 10 years from now. And then visits to shops, and this applies for all our people. It is important to be there on the ground, because this is where we can see how things really work and how people really respond to our business. And I see this every day. And every time I learn something new, I meet the people in charge of running the stores, and this is my chance to assess their work discreetly. But then I can also see how customers respond. Many come to talk to me. Sometimes I myself will sell products because there are so many people that you need more salespeople. Sometimes I look after visual merchandising. I've been told I was pretty good at this. Some people want to hire me to do this. I'm afraid I haven't got quite enough time for that, but it's most exciting. So it's essential to be there in -- not just in stores, but also in workshops. I recently went to visit the logistics platform, Pérou. And believe you me, this is unique. It was all started by Michael when he was running Vuitton. This is something quite fabulous, and we are years ahead of the competition. And likewise, with [indiscernible], with Véronique. So many thanks. Is there another question?

Maybe number one.

Hello, ladies and gentlemen, I come here from Toulouse. Would it be possible to have a shareholders' meeting in our town instead of Paris for local customers.

Well, I suppose next year, we could organize the AGM. I don't know if everybody would be happy with that, but I have no objections. I raised a very possibility with the legal department. There's one nice place in Lille called Diplodocus. And that's where I started my shareholders' meeting back when I took over Dior. There are quite a few people already, but I don't know if everybody wants to go to Lille. But anyway, we could put that to the vote. But every once in a while, why not? Yes, further questions?

I've been a long-time shareholder. Again, congratulations on our past performance. You are certainly keeping up the performance and we'll talk about succession in 10 years' time. On Wines & Spirits, could you give us a comment on acquisitions, M&A activity? You have one of your smaller colleague, [indiscernible], who may comment on that. Well, I'll ask Jean-Jacques Guiony, who knows about shareholders' operations and M&As and he runs Moët Hennessy now.

Well, thank you for this question. It's a bit sensitive. I mean, you're referring to operations that do not concern us, [indiscernible], but this bears witness to the fact that the Wines and Spirits business is experiencing changes, especially for entry-level players. Even though they cover the entire range, their entry level is quite low, and there is tough competition. And that usually means that people try and come together. There's consolidation to generate synergies, generate savings and remain competitive. We're not in that entry-level business, our own rating is super premium plus. So the starting price is upwards of EUR 30 or $30. So we are not in that part of the business. And so we are not -- we don't have this concern about cutthroat competition and the obsession with costs. And thank God for that because we have a very successful business model, and we don't need to get involved in such operations.

I see microphone #6.

Good morning, Mr. Arnault. It's a huge honor to be -- to take part in this second AGM and talking with you. It's a very emotional moment. I came this morning from Colmar just to see you. I'm 25 years of age. I hold a few shares, and I'm looking 20 years down the road or more. But my big question is about the future of the group and the desirability of the houses, the acceleration of our group towards a more experiential approach. Can you tell us -- can you comment about the hospitality business and events that would take us away from just physical products? And on capital operations and share buybacks, the share price came down after the war in the Middle East. In view of the cash flow generated by the group, that would be an entry point for your group to engage in share buybacks that would enable you to acquire these shares at the best time. And then an additional question, could we have a selfie with you at the end of the AGM?

Well, thank you for the question. But about the picture, you may have one, but not everyone otherwise will never be out of here. In the hospitality business, we already have -- I mean, the Cheval Blanc brand was created from scratch, starting with a hotel in the French Alps 15 years ago. And that brand developed. And then we have another brand used to be called the Orient Express called Belmond, and we acquired them and they have outstanding features at Cipriani in Venice, Copacabana in Rio and such like. And so there, you have -- well, it's a humble start, but there, we are diversifying our businesses. And indeed, while this may seem intangible, we are right in touch with our customers. Our customers, those, for instance, who purchase or buy wines and spirits will be there. And indeed, in these various hotels, we have shops so we can sell these goods. They are Dior Spas in Berlin and such like. And so we are developing that sort of a sideline, but in a gradual way. We are -- well, I won't tell you exactly where, but with Michael Burke, who's been running our group in the U.S. and he's been working with us for some time. And I think he's the longest-standing member of the group working with me for all these years. And now we are looking at a very exciting plan, something to do in Florida, opening a Cheval Blanc hotel in Florida. And if this happens, we can give you details at the next AGM. It will take probably several years to build that. But still, this is something quite exceptional with a remarkable architect. So what I'm trying to say here, what I would like to do is exceptional things. It's not -- we don't want to buy to acquire Novotel. I mean we do have plans, but they have to be targeted and they have to remain within our own environment, and we have to provide the best of the best in hospitality. We have the Copacabana that we are renovating in Rio. Part of it has been completed. It's one of the finest hotels in the world, and it will be even better with that. Now share buybacks, we have been engaging in that. We've done this. And by the way, well done for buying shares. This is the best time. So I've been doing this myself at my own scale. So anyway, within the group, we've been -- well, we'll be buying shares? Can we?

Yes, last year, EUR 1.6 billion worth of shares. We canceled some of them and the other -- and then the others were left for the employee share program. And then we have a plan to buy back EUR 1 billion worth, and a part of that will be canceled as well. So even though we have a clear plan, I mean, that all these buyback programs are public.

We'll take a question from the room, the whole next door before moving to the cocktail reception. I understand there is a buffet as a gift. That's for after.

Chairman, I have a question. On this point, India seems to present quite good potential growth. How is LVMH positioned in terms of that opportunity? And is that a strategy planned for the long term?

I'm going to ask Stéphane to answer your question. It's true that it's the most populous country at the present time, and it is quite striking. But there is a problem today. The customs duties that are extremely high for our products as we don't plan to manufacture on site. It's not easy.

Thank you, Chairman. We do already have stores, but you said it all. I don't really have much to add, but it's precisely my answer. Indeed, we have a few stores. Bulgari, that's quite well established in India. Now the Indian market, we're also addressing it abroad because there are great many Indians who buy our products abroad in all our houses. And why? Because in India, when you want to import products there, the taxes are such that it's extremely difficult. So Mr. Arnault indeed has answered your question.

There's one question we haven't had that I'm going to ask because I think it interests many participants. And what are you going to do with La Samaritaine department store? And Mr. Patrice Wagner here present, who's tremendous developed Le Bon Marché in an extraordinary way has just taken it over. And so he said, well, it's going to become one of the finest successful department stores on the right bank. So of course, I mean, there were articles saying that we're not going to keep the Samaritaine store, but don't take any notice of that. In most cases, they're talking through their hat. But of course, we're going to keep La Samaritaine. That's an extraordinary asset, a wonderful building, and we're going to make it work because up till now, it was a bit weakish on the -- so we -- shall we say. But with Patrice Wagner, I'm sure and his team, of course, we're going to achieve something great. Now vote, please. I'm told that we have to vote on the resolutions. But I think there are a few resolutions than last year. Let's turn to the resolutions. So first resolution, approval of the financial statements. Please vote now. [Voting]

Very good. That's a strong majority in favor. Next resolution to approve the consolidated financial statements for FY 2025. [Voting]

Resolution 3, allocation of net profit for the FY and determination of dividend. Please vote. [Voting]

Resolution 4, statutory auditor special report on related party agreements. Please vote. [Voting]

Fifth resolution, renewal of Delphine Arnault's term of office as director. Please vote. [Voting]

Well done, Delphine. Congratulations. Resolution 6, renewal of Wei Sun Christianson's term of office as director. Please vote now. [Voting]

Congratulations, Wei. Resolution 7, renewal of Marie- Josée Kravis' term of office as director. Please vote. [Voting]

Well done, Marie- Josée. Resolution 8, renewal of Laurent Mignon's term of office as Director. Please vote. [Voting]

Congrats, Laurent. Ninth resolution, renewal of Natacha Valla's term of office as Director. Please vote now. [Voting]

Congratulations, Natacha. Now appointment of Ariane Gorin as Director and propose before vote to show you an introductory film. Please vote now. [Voting]

Well done, Ariane. 11, renewal of the position as a lead observer, Diego Della Valle. [Voting]

Well done. Then renewal of Lord Powell's [indiscernible]. Please vote now. [Voting]

Well done, Charles. Resolution 13, approval of the compensation of executive officers. Please vote now. [Voting]

Resolution 14, Compensation of the CEO for 2025. [Voting]

Resolution #15. Compensation of members of the Board. Please vote now. [Voting]

Resolution #16. Compensation policy for the Chief Executive Officer. Please vote now. [Voting]

Resolution #17, authorization to the Board to acquire shares of the company. [Voting]

Resolution #18, authorization given to the Board to cancel shares. Please vote now. [Voting]

Resolution #19, authorization to be granted to the Board to award bonus shares without preferential subscription rights for shareholders or shares in issue for the benefit of employees or senior executives. Please vote now. [Voting]

Resolution #20, authorization to the Board of Directors to award share subscription options without preferential subscription rights to employees or senior executive officers of the company or related entities. [Voting]

Resolution #21, delegation of authority to be granted to the Board to issue shares and/or securities giving access to the company's share capital without preferential subscription rights for shareholders reserved for members of the company or group savings plans. [Voting]

Resolution #22, delegation of authority to be granted to the Board of Directors to carry out capital increases without preferential subscription rights for shareholders reserved to categories of beneficiaries comprising eligible employees and executive officers of foreign subsidiaries. Please vote now. [Voting]

Well, thank you, ladies and gentlemen. And now you're invited to refreshments -- there are no refreshments. Apologies, no refreshments.