Publicis Groupe S.A. ($PUB)

Ladies and gentlemen, shareholders, good morning, and welcome. We're very pleased together with Élisabeth Badinter, Maurice Lévy and all Board members to welcome you to our general meeting. Thank you for being present in person today. Delighted to interact with you on the highlights of 2025, also our excellent results. As you know, as you've just seen, Publicis celebrated its centenary in 2026. This film illustrates the essence of Publicis' ability to anticipate the major changes of our industry, whether crisis embrace technological revolutions, constantly reinvented itself whilst remaining true to our values. At Publicis, we've always had 2 priorities, our people and our clients. Thanks to our growth model driven today by artificial intelligence, we're beginning our second century stronger than ever. We're now going to form the bureau meeting. As Chairman and CEO, I'll chair this meeting, propose your point as scrutineers, Élisabeth Badinter, Madam Sophie present in the room who've agreed to accept this function. Madam Céline Fronval, Legal Counsel, will act as meeting Secretary. Madam Matta will support in the second room, shareholders in the second room will follow the meeting, ask questions and vote from their seat. Meeting is webcast live and available on the group website. Here is the agenda of our meeting on screen. As a customary, I won't read the documents that we already made available and put on our website. I formally declare the meeting open and give the floor to Madame Céline Fronval.

Thank you, Chairman. Ladies and gentlemen, good morning. The seed indicates that shareholders present, represented or voting by correspondents hold 199,342,142 shares on the 249,707 shares making up the capital with voting rights and represent 219,250,291. Consequently, the meeting is correyted of shares with voting rights for the ordinary meeting, that's 49,941,588, 1/4 of the shares with voting right for the extraordinary general meeting that is to say, 62,426,935 shares. The meeting can therefore deliberate validly as an ordinary and extraordinary meeting. All the documents required by law are placed on the desk of this meeting. Let me add that the Board proposed the addition of resolution concerning the appointment of Madame Jaime Teevan as an independent director information pertaining to that resolution were made public on our website by press release. This resolution will be the subject of a detailed presentation during the meeting. That's it for me, Chairman.

Thank you, Celine. We will now move to the moment that you all been waiting for, especially those of you who are here in person, the speech of our Emeritus Chairman, my boss, will now deliver.

Really here at the lectern for such a moment all the more I did not think for 1 moment that I would still be around to talk to you about the centenary of Publicis. It's the sole purpose of my intervention. And you saw quite an extraordinary fill made, thanks to AI and gives a taste of what Publicis can do. And I have to say that it's extremely difficult in a few minutes to summarize 100 years of history, 100 years of boldness, of ideas and success. And then, I have to say that I was extraordinarily fortunate and some emotion to have shared just over half of those 100 years at Publicis. I thank Élisabeth Badinter for allowing me to share with you few fragments of this history of Publicis, and it's truly an outstanding founder, Marcel Bleustein-Blanchet, which nothing would have been possible. I was fortunate enough to spend 25 years at his side learning. With such a teacher, I was never bored for a moment. Marcel was very human and could be absolutely charming. And he wanted everyone to live up to his exacting standard. He loved advertising ideas, innovations and making his clients when is clients were always in the #1. So I think we've kept that and after he was gone even further on that front. He gave this business its credentials and never compromised on its values. His life was novel. You saw some excerpts. He left school at 14 to sell furniture in his father's store. He wanted to make advertising his job and his father didn't believe in that for a moment. As you saw in the film, advertising is hot air. It's just wind, and Marcel says, well, it's thanks to wind that wind mills turn, he found Publicis at the age of 20. Today, we'd call it a startup. He invented ads as we know it still today, great many innovations over the years, a flurry of advertising ideas, the creation of commercial radio whose format still works to this date. Innovation is at the heart of everything, the slogan, the jingle, the introduction of market surveys or even opinion polls. In 1940s you saw in the film, when the German troops entered Paris, he doesn't hesitate for a second. He scopes radio city shuts down this company joins the resistant and later on general Dega in London. After the war, thanks to boundless creativity with fizzing innovations, success will be there. He achieved his dream of being right up there at the top of the Chanels, open the drugstore that will soon become iconic. Our first encounter goes back to the 2nd of March 1971, many of you were not born there or Arthur was probably only just born, and it was a medical encounter, but it actually got off to a very bad start because I wasn't able to articulate a single word. I was petrified to find myself in the presence of the pope of publicity as he was known. It was an incredible setting, valuable furniture, masterpiece works, was unable to speak what he was able to break the eyes, asking me questions about the only thing I can talk about today, no more today as it happens at computer science. They're with passion, I sketch out a future and a discussion occurred between 2 passionate men at the end of the meeting by saying young man you'll run this company. Of course, I didn't fully believe it, my wife even less. I think we unfortunately, the devastating fire that burnt everything and could have destroyed Publicis on the evening of 27th of February 1972. A crowd was amassed in front of our building that was on fire. Marcel was there watching stoically for destroying his building, the dream of his life. It was impressive to see how much he resisted historically and seeing how the flames were in gulfing. The building I was really, they're just almost by can I'm very soon worried for my team who were working shift that I read in those days, we really did work. I managed to get into the building right in the dark of night, the stifling smoke and with the burning ambers and wading through the water. In fact, everything that wasn't destroyed by fire was destroyed by -- I saw the sorry sight of the destruction of everything we built and then driven by some intuition, I decided to rescue everything that hadn't burnt in the hope that it would hope to restart the company, which was the case. Marcel entrusted me with the put the company to rights after the trauma and the damage created by the fire and at the age of 33 to run the agencies in France. United by passion the taste to win back business, the urge to prove to all that Publicis is open for business, we embarked on a frenetic race for growth in all those who thought we were dead, and there were many, were really given the live by the win of many accounts and a rich crop of the -- following decades were hectic times, rich in innovation, surprises and innovation. We saw the advent of triumphant TV, digital revolution, social media, data, AI, video conferences. Who would have thought that 1 day we would create hands in our slippers in front of a wet camp. First passing of the baton occurred in Marcel appointed me President of PBG was a tremendous honor. It was the agency that we created from which everything occurred. I didn't, of course, have time to relish such an honor that it was already time to fight to keep our accounts that were attacked internationally. A few years later in 1987, Marcel Betalancher decided to entrust me with the reins of the group. My first decision is the international strengthening of Publicis with the encouragement, I have to say, rather doubtful of the founder who nevertheless had that great quality gave me a freehand. I said about building our global future whilst keeping an eye on all technological developments. And Publicis became at the beginning of the 1990s, the first webpage agency in France. Last Marcell passed away in 1996. His daughter Bunte assumes the Chair of the Supervisory Board. And together, we formed a singular couple between the left wing philosopher, right of feminist and the entree manager for the market economy, and we continued the work on the founder by taking it ever higher and becoming a global company. The biggest challenge was to impose a French agency in this Anglo-Saxon world. We manage that through frenetic acquisitions by cultivating our difference rather than raising success was there with the acquisitions of Sachi and Sachi in 2000 and then after 9/11, with its dual Leon. And lastly, the masterful cool of Digitas, when nobody believed in digital after the bursting of the dotcom bubble. Each of these acquisitions with a risky gamble. At this stage, I'd like to emphasize the key essential role of Élisabeth Badinter who never saw of her share ownership in terms of assets, but as the heritage of a company that needed to be preserved, grow and prosper for the good of all. This was done with talent and Publicis become a company that was apart from the others, family, profoundly, French and global, also paradoxical. How can a company, an advertising company born in France in a country that is a weiry of advertising and anti-capitalist become such a company under the leadership of Arthur Sadoun became #1 in the world. I don't believe the answer lies in any form of reasoning or logic or AI. No, because Publicis is a company whose energy has its roots in the fuel of passion that gives us the boldness of change and the acquisition of Sapient and then following that in 2015, the intuition of Power of One that put us out in the front, thanks to an innovative model that is now the template of the industry. Marcel ran the company for 60 years and made this fine company, the flagship of French advertising. I had the honor of leading it for 30 years in building the new Publicis global, digital and tech. And then the time came to handover has chosen to lead the change and grow the group. And the tandem that we found with Élisabeth became a trident shareholder custodian of the temple. Élisabeth watches over the direction of the group and the independence as for me, I become a bit of help where I can. Some services here and there, some minor things. And Arthur Sadoun propels the company with new powerful energy. The acquisition of Epsilon with the country leaders complete the profile of the group that emerges as the global #1 without losing any of its values. The ordeal suffered by Arthur with his cancer shows the fragility of life his strength of character. And well, now we must continue -- we must quite simply continue to dream to invent today and to surpass ourselves. Publicis will be still and ever reinvented tomorrow, such as with this bold acquisition of LiveRamp, the places of harder the Galaxy of the future. But with the fair emotions and the share of humanity that belongs only to us because, yes, AI will be at the heart of tomorrow's world, but a Publicis with heart today. I'd simply like to say thank you. Thank you to our clients for their trust. Thank you to all our value and team. Thanks to you, shareholders, who've supported us for so long with your fateful support, thanks to Elizabeth to our vigilant Board. And thanks to our high with you. We'll write new glorious pages. Thank you.

Thank you very much for activity report of the fiscal year 2025 and our outlook for 2026, and I'd like to begin by you with the highlights. They are not on the screen, never mind. And it's a lag, but we will manage. Good news, we are the industry leader for the sixth consecutive year. We have this mantra every year, but we never tire of it. We're #1 for net revenue, organic growth, operating margin, new business, market capitalization despite being bought up by Omnicam and PSG as well. Let's dig down a little bit one key indicator is organic growth in our industry. This testifies to the health and the momentum of the group, 5.6% in 2025, much better than Omnicom and better than WPP, the former leader. And this shows the fragility of companies in the sector and the need to gain market shares. We have a unique revenue mix, connected media, 60% of our revenue and growing fast, 26% for intelligent creativity of middle single-digit growth and technology 14%, almost flat. One thing that's interesting to look at is our operating margin that's better than competitors. It's a historic high 18.2%. But we've got value shared well with average wage increase of close to 7% after 6.5% in 2024 and bonus pool and variable remuneration, which is the leading level for the industry and represents close to 4% of net revenue because we want our workforce to benefit from our success and feel truly involved. We're #1 for new business and by far, new business billings, you can see here, and whether it be media or creation and new business ranking once again for the sixth year in a row, we come first as defined by the 7 leading rating agencies. And let's take a look at a little film about our success in 2025. A 100 years ago Marcel created Publicis. In 2026 continues its good performance financially with nonfinancial none in the industry, with ESG ratings for the last 6 years because we want to make the difference in 3 areas, the environment, social equity and health. Our environmental commitments in line with the Paris agreement of 1.5 degrees scenario. And also, we are the owning group to have medium- and long-term reduction objectives to reduce our carbon footprint and validated by STI. 80% of renewables for 2030, we hope to get to 100%, thanks to proprietary tools like AI and other teams can help our clients in less energy and departmental transition. We have compulsory training for all of our staff, and we have impact of program. Our conviction is that everybody of 115,000 people must help the board had to save opportunities. We open the doors of our agencies to trade the new generation, and we continue to invest in our talents, thanks to our internal platform. We have the best tools meaningful development and talent growth. Generative AI is changing a paradigm. Business, we can scale up continuously inventing publicity and advocating for gender equality. We have the women forum for the economy and society in the last 20 years, which promotes the contribution of women to the economy and society. This is an international platform for quality. We bring together leaders, universities. Publicis we got to our objective of 46.5% of women in depositions in the company in 2025. He joined various networks like the which are open to all. Our third pillar is health. In a world where 1 person in 2 is likely to get cancer, we need to change the approach -- the serious illness is a good deal for everybody, the person themselves and the family. We advocate for working with cancer to remove stigma of working with cancer with 500 companies who joined this movement. We have made commitments for the people that affected to provide security to accompany them, to support and provide care for them. Since 2026, international study shows that health will improve if the workplace is right, if you have supportive workplace, then they will do better. Publicis was designated best company 2026 for working with cancer. For us, it was making the difference means moving into the new sanitary differently with the positive impact for our workforce society and the environment. Thank you very much indeed, and thanks to our teams. And now we are going to look for the financial details for 2025. Net income was EUR 14.5 billion that's up by 0.6% in organic growth and 4.2% reported growth. The operating margin EUR 2.6 billion. That's up 5.1%. Our free cash flow before working capital requirement variation reached EUR 2 billion for the first time as compared to EUR 1.8 billion in 2024. We saw an active policy of acquisitions together with an unfavorable development of the dollar. This led to a slight increase in our net debt on average EUR 1 billion. Operating margin has increased slightly. It's at a record level of 18.2% in 2025. This is the highest of the industry. As I said, this is a historical performance. And at the same time, we continue to invest in talent with more than 5,000 net recruits, a bonus pool, which is the highest level of the industry and significant investment of EUR 150 million in artificial intelligence, that's up 15% compared to 2024. Once again, the group has demonstrated its ability to generate good cash flow of more than EUR 2 billion in 2025, up to EUR 100 million compared to the previous year, thanks to a careful management of payments, change in WCR remained under control despite sustained growth of our business. We maintained targeted acquisitions, EUR 700 million in 2025. That's -- it's that you have to add earn-outs captive and low terministance. Our net cash situation fell slightly by EUR 227,000 in 2025. The macroeconomic context is uncertain and yet our situation is very sound. On average, net debt was EUR 971 million. That's EUR 400 million up, of which EUR 300 million is related to the negative currency translation effect because of the dollar Net financial debt at year-end, EUR 548 million. And so rating agencies, S&P and Moody's confirmed our credit rating at the beginning of this year on the basis of those figures. Thanks to those outstanding 2025 results, we are suggesting we pay out a dividend of EUR 3.4 this year. That's an increase of 4.2% as compared to 2023. The distribution rate is 50.1%. That's the highest level of the industry. And we have chosen this year once again to pay out all of the dividend in cash, so EUR 3.75. Just to wind up, these are excellent results, but there's also something else that's very dear to our heart and at the heart of Publicis, it's the engine of our growth. It's the fuel of our company. And the agency was recognized for the second as the best agency in the world that can and founded by lane. We are very proud of this and proud of all of our teams. What's amazing at Publicis can say is that they have huge campaigns with accounts, which changed the trajectory of the brands. And we're going to show you a film that we made for AXA to illustrate this. [Presentation]

Thank you very much and cherry on the cake. According to the Times, Publicis is 1 of the 100 most influential companies in the world. Maurice and I love this because this puts us alongside Anthropic, Meta, NVIDIA. Obviously, our market value is not the same, but it certainly puts us in the right league and its excellent recognition in the U.S. The 2026 outlook now, 2026 is a year of major challenges. When I showed Maurice this chart, he said, you say this every year. And I had to admit that that's true, but I said it's particularly true this year. The macroeconomic climate is tough. We have many fears and uncertainties surrounding the rise of artificial intelligence that weigh on our ratings. And we have a completely transformed competitive landscape, #3 bought #2, et cetera. All of this is having an impact on our clients. The good news is that we got off to a good start with organic revenue growth in Q1 that was 6.4%, and net revenue growth, 4.5%, and barbell, we can confirm all of the 2026 guidance objectives despite the uncertain macroeconomic context. Net revenue organic growth of 4% to 5% with a very solid floor, 4%. We're sure of doing that. We hope to do better, and we are predicting a slight improvement in Q2, which is great, especially in this context. Operating margin rate, slight improvement and free cash flow of more than EUR 2.1 billion. So all of that looks pretty good given the climate. And by way of conclusion, I'd like to come back to the 3 reasons for our confidence in our ability to continue delivering objectives and to outperform in 2026 and beyond. As Maurice has said, and this is in the genes of Publicis and our founder always said this, we're 100% focused on clients. That may sound like a very simple message, but it makes all the difference. Our transformation is behind us. At a given point in time, it was difficult. We restructured. We took bold decisions with Epsilon, for instance, when growth wasn't what was expected, but we have turned out to be right. That was the vision of, the same at the Power of One. We said we need to simplify structures and moist in 2014, 2015, initiated the Power of One, and we were pioneers with AI first movers with Marcel. This means that we have won market shares and we're #1 position in the media billings in the U.S. despite the fact that the leading American for port of the second one. And that counts is a market where scale counts. We move into the coming on in China, the 2 main markets are China and the U.S. So we are well ahead of others in new business, and we will continue to outperform in 2026. If you look at consensus reports with the margin that continues to improve, and we continue to forge ahead and out distance rivals. And the second message I want to get across is that artificial intelligence is a driver of growth and profitability for Publicis. Some people are skeptical and have doubts about that. There's a debate about AI losers and AI winners. But I would like to make one point quite clear, and that is that we are the winners. This is not just words, hollow rhetoric. If you look at the last 3 years, with the arrival of GenAI, we have got growth of 20%. We've added EUR 2.3 billion in additional revenue. We've accelerated our difference with the rest of competition because we were first movers first because we've moved fast and we focus on our clients. The same is true for margin. We launched Marcell, our AI platform in 2017. And since EBITDA has increased twofold, and we've added 270 basis points to our margins. We're not going to stop there. We're going to continue to accelerate growth, thanks to our clients because AI helps to identify new consumers for them. It helps to create more intelligence and better adapted content and to do better every day. And we're going to be using artificial intelligence to improve intrinsic Publicis performance. Thanks to agentification of operations. And the third reason that we are confident is because there is a size effect in our favor. There's less competition. I'm talking about the big competitors. There were 4. There's only 3 now. So we have reduced the competitive field, and we continue to invest in new addressable markets that are growing with influencers, with trade, with sport. And as Maurice as said, we are going to continue with this -- with the LiveRamp. LiveRamp Is a global platform, data collaboration so that companies can unify, manage and activate their data the whole of their digital ecosystem in a completely secure manner because that's what our clients expect. And it's an acquisition that is worth about EUR 1.8 billion enterprise value. It's growing fast. 13% on average annual net revenue growth over the last 5 years, good operating margin and which will be accretive to the group's headline EPS just beginning, we need to get approval for LiveRamp for shareholders, and we need to get regulatory approvals. We hope to be able to close by year-end 2026. Once finalized, there are 3 major key advantages our company. First of all, it will mean that we have new key expertise that we can make available to clients. Data co-creation, it has to be understood that AI without data is worthless because AI is huge sources of data that speak to other sources of data. 93% of our clients today can't make the most of AI because they don't have the right data. With LiveRamp, we'll be able to use their data to aggregate it to organize it to aggregate with other sources of data in a secure environment to get -- to give them a competitive advantage. We always think in terms of how is this going to help the clients, how will it help them to have a competitive edge. The second point is really fits into our growth model. Epsilon, Sapient and Marcel, we are now building a new model increasingly innovative with we hope have a stronger growth. And this brings me to the third point. We think that LiveRamp will help us to continue our trajectory that we started with Epsilon. Most of you will remember in 2019, when we made that gamble that was a bet, and it's in the genes of Publicis, as Maurice told you, we have always invested in the best talents on the market and in innovations that help our clients to grow and to progress. And this has always helped Publicis itself. Since 2019, when we bought up Epsilon, our net revenue increased by almost 50%. Our operating margin almost 60% headline diluted EPS by 50%, dividend per share by 226%, total shareholder return since 2019 of 226% -- 158%, sorry. And this brings me to the end of my presentation. It remains for me to thank you shareholders for believing with us, standing by us. I'd also like to thank our clients who are maybe not in the room but may be listening, but it's the confidence and trust of our clients that supports Publicis. It's easy to stand here and present these outstanding results, especially compared to the rest of the industry. But on a day-to-day basis, it's a tough market for our workforce, for our teams, who work unstintingly to make sure the company does well. I'd like to thank the Board, especially Élisabeth Badinter for unfailing support that makes all the difference since I was fortunate enough to be CEO of the group. And of course, it goes without saying almost I would like to thank Maurice Lévy. Maurice, I have been fortunate enough to work with you for 20 years. I learn something new every day. And it occurred to me that you worked alongside Marcel for 25 years. I trust that we will do better than that and work longer together. Thank you for always being by my side, always being there for me. Everybody in the room would agree, you are always there for us, for our clients. We are very fortunate. Thank you very much indeed. We're now going to move to the reports Board of Directors and of committees for 2025. And before I hand over to the chairs of the committees, I suggest we watch a short video on the functioning and the word of your board in 2025. As of 31st December, 2025, we have 13 members on the Board with 45% of 45% of women and 73% of that were not French nationals. In 2025, the Board in times with attendance rate of 97%. The Lead Director, Mr. Kudelski also contained 2 meetings with independent directors only. To support in its work, the Board is supported by 4 specialist committees, the committees of audit and financial risks, shared by Mr. Tanglin, supported by permanent system. Mrs. Badinter, the Nomination Committee. The Remuneration Committee chaired by Ms. Antonella Mei-Pochtler supported by permanent expert Mr. Cicurel. The strategic environment on the Social Committee chaired by Ms. Josee Caves. All in all, 60 meetings and 2 common sessions between the different committees in 2025. Throughout the year, the Board paid good attention to the activities and the results of the group to improve the financial and corporate statements of 2025, reviewed the proposed dividend of EUR 3.75. In terms of governance, the Board reviewed the membership of the Board. It closely looked at the appointment of members in the search for new members in order to strengthen its independence. Besides the Board worked on the strategic and sustainability priorities to also devoted its annual seminar to AI, reviewed the cybersecurity systems, looked at the main mergers and acquisitions, operations, looked at climate change, renewable energy challenges. The Board also consulted all questions and comments by investors and shareholders and included them in its work. Like every year, it reviewed the main takeaways of the general meeting of the previous years. Thank you very much. Now over to Mr. Tumble who will be addressing you for the very first time to present the activity report of the Audit and Financial Risk Committee of which he took Chairmanship last May. Over to you, Tom.

Thank you, Arthur. Ladies and gentlemen, shareholders on the 27th of May 2025, I succeeded Mr. Jean Charest as Chair of this committee. I would like to warmly thank my predecessor for his contribution during his chairmanship and for green to continue participating in our work. As every year, the committee reviewed the group's statutory and consolidated financial statements that will be submitted for your approval under the first and second resolutions. The committee examined the accounting methods and analyze the cash position. The committee ensured the independence of the statutory auditors and the proper conduct of their missions. It reviewed and approved the fees for additional assignments, interested with the auditors, who presented their methodology, the scope of the audits and detailed work to the committee. The main disputes, which are limited in number relative to the group's size as well as ongoing investigations are presented at each meeting. The committee informed the Board of the results, the evaluation procedure for agreements entered into by Publicis Group S.A. that cover routine transactions conducted and normal conditions. The committee monitored the evolution of the group's internal accounting and financial system. This system is based on a quarterly self-assessment process and on dedicated teams that are responsible for testing the effectiveness of key checks. The conclusion is that the level of internal audit for the 2025 financial year is deemed satisfactory. The group's Internal Audit Department executed the 2025 audit plan, exceeding the set objectives. The committee approved the 2026 internal audit plan and closely monitors the implementation of the recommendations. In April 2026, the certification of the internal audit department, which has been regularly obtained since 2017, was renewed for 3 years by the French Institute of External and Internal Audit. This recognition attests to the sustained quality of Publicis' internal audit, which the committee welcomes. The committee is regularly informed of alerts, fraud and attempted fraud reported to the group. A summary of anticorruption checks identified within the agencies is presented semiannually in accordance with the law. No cases of proven corruption have been identified. Your committee reviewed financial risks, both actual and potential as well as off balance sheet commitment. It examined the group cybersecurity framework in collaboration with members of the strategic environmental and social committee. The committee took note of the group's insurance policy. Finally, your committee monitored the results and mechanisms implemented for the first sustainability reporting within the group. It reviewed the work of the auditor responsible for certifying the sustainability information for the 2024 financial year. It examined the conclusions related to the update of the double materiality matrix as well as the analysis of the most significant IROs, impacts, risks and opportunities for the company. It also reviewed the scope of the 2025 sustainability audits. The update of the group's climate risk mapping and the revision of the climate transition plan with a new climate trajectory that will be submitted to the SBCI in 2026. Ms. Marie Kravis, the Chair of the Strategic Environmental and Social Committee, will provide further details on this shortly.

Ladies and gentlemen, thank you for your attention. Thank you, Tom. Thank you very much indeed. I now hand over to Ms. Élisabeth Badinter, the Chair of the Nomination Committee, who's going to be presenting the work of the committee in 2025.

Thank you, Chair. Ladies and gentlemen, dear shareholders, as Chair of the Nomination Committee, I shall now report on the work of this committee. The committee reviewed the membership of the Board and of its committees and issued several recommendations. In just a moment, I shall present the proposed evolutions relative to the membership of your Board that will be put today to your approval. As for every year, the committee has reviewed the level of independence of Board members against the MEDEF codes criteria. Last, the committee carried out in-depth work on the succession plans and more specifically on the succession plan for this year taking into account both the needs of the group and the expectations expressed by our stakeholders. The Chief Executive Officer was involved in this work in compliance with criteria that ensure the independence of the committee's decision. The Lead Director ensured the smooth conduct, objectivity and quality of this process. Now, let me address the changes that we propose today. Following this general meeting, the terms of Mr. Simon Baratte and Mr. Tidjane as Directors will expire. Simon Baratte has decided not to request the renewal of his term, which therefore will expire at the end of this meeting. On behalf of the entire Board of Directors, I'd like to express to him all our thanks for his constant involvement and for his contribution to the development of the governance of group Publicis over the last 26 years. The nomination committee proposed to the Board, the appointment of Mr. Bajan Barateiro as Director to succeed him for a duration of 4 years. that is until the general meeting that will deliberate on the financial statements for the year ended on December 31, 2029. This proposal follows the group's governance approach, which seeks to preserve the foundation of our core values in the best interest of employees, shareholders and all stakeholders. Bajan Barateiro did most of his career spent most of his career within the outlets and agencies of Publicis that he joined in 1995. He has developed recognized expertise in media and communication, specifically in the field of cinema advertising. His knowledge of the group and his deep experience of this industry make him the natural and legitimate candidate to serve on your board. Let me now hand over to him so that he can introduce himself directly to you.

Good morning to all. First of all, I'd like to thank the Board for its trust, particularly Maurice Lévy and Arthur Sadoun. I've known Arthur Sadoun for a number of years already as we went to school together. Maurice Lévy, of course, to all of us is an authority. He told me a lot. I don't feel make it short. Most of it has been said. I spent most of my career at Publicis. So I know this company fairly well. I have expertise in the media advertising agencies, especially cinema advertising in all its forms, in theaters or in the digital networks today. There's another activity, which hasn't been mentioned, tennis, which is quite hot at the moment, but that's for ones, of course. The Italian teams or the Italian players will probably shine at the end of the week. Rest assured that I will strive to defend the interest of all stakeholders, and I will do my level best to ensure that our performance can remain as outstanding as it has been in the last years. Thank you very much for your trust. You can count on me.

Thank you, Baijan. As regards the directorship of Mr. Tidjane, the committee has recommended its his reappointment for 4 years, that is until the general meeting that will be called upon to deliberate on the financial statements for the year ended on December 31, 2029. Mr. Tidjane contributes to the Board's recognized expertise in financial governance and risk management aspects, expertise that he has gained throughout a distinguished international career in the private and public sectors. His in-depth knowledge of Asian and African markets as well as his experience within major financial institutions and international organizations are major assets for the Board, specifically as regards to the assessment of strategic challenges and for the group's investment decisions. His reappointment on the Board will enable us to benefit further from his essential perspective and it's valuable contribution to the quality of our governance. Unfortunately, Mr. Tidjane Thiam could not be with us today. but he wanted to personally address you with a short video message. We're going to play it now.

Ladies and gentlemen, shareholders, good morning. 4 years ago, you granted me your trust by pointing me as director. And I'd like to thank you for this. This term was extremely rewarding as far as I'm concerned. It was very important for me to contribute to the work of the Board, especially on the Audit and Financial Risk Committee and on the Strategic Environmental and Solution Committee. I used my international experience that I gained in consultants in banking. In the last years, I've been able to witness the de-transformation of Publicis, the uniqueness and strength of our model. Today, I'd like to continue this commitment. Therefore, I'd like to apply for the renewal of my term. I'd like to thank Mrs. Élisabeth Badinter as well as members of the Nomination Committee and of the Board for their trust. If you place, again, your trust in me for the next 4 years, rest assured that it will be fully involved to work for Publicis scope and for all its stakeholders. Thank you very much indeed.

We do hope that you will approve these proposals -- apologies, I made a mistake. I skipped the page apparently. Apologies. Finally, just 1 word about the additional resolution that will be put to your approval today. With the support of the Nomination Committee, the Board of Directors has been fully committed to strengthening the independence of your Board and has pledged to appoint a new independent director before the end of 2026. Work was initiated as early as late 2024 to identify the profiles that would have recognized expertise in artificial intelligence and in technologies, which are strategic importance for the group. In the last days, this work has led to the selection of a highly qualified candidate, Ms. Jaime Teevan. She's the Chief Scientist and Technical Fellow at Microsoft. She's a recognized figure for our work in artificial intelligence. Thus, a resolution by -- was added by the Board of Directors in order to propose the nomination of Ms. Jaimie Teevan. This will allow us to strengthen the independence of the Board, its AI expertise and to reach perfect gender diversity. Let us now discover Ms. Teevan with a short video.

[Foreign Language] and thank you to the Board and shareholders for considering my candidacy. My name is Jaimie Teevan, and I'm Chief Scientist and Technical Fellow at Microsoft, where I focus on how advances in AI improve how people work, create and collaborate. What draws me to Publicis is the company's leadership in combining creativity, data and emerging technology at a global scale. If elected, I would bring our perspective grounded in state-of-the-art technology, responsible innovation and long-term value creation while supporting the Board in its oversight of strategy and risk. As Publicis enters its second century, I would be honored to contribute to its long tradition of reinvention and help shape what comes next. Thank you.

We do hope that these proposals will receive your approval. Ladies and gentlemen, thank you for your attention. I'll just add a few words. We're absolutely delighted of the arrival of Jaimie on the Board with what she will bring a great deal. She knows AI inside and out in companies most in vogue at the cutting edge of AI, and it's going to be a very useful adjunct to our Board. We're very pleased to welcome Baja. We were at schooled together a year old Natural Authority of me. I'm sure you'll preserve that. We're delighted. And Baja said, we need the right balance between people and Publicis. We want to remain true to our value is 1 of the reasons why we going from strength to strength. And we like Jaimie, who will take us on new routes, great good balance. Lastly, thanks to Simon because his role on the Board was key. You need to know that Simon great activities in the U.S., not going to talk about it to do doing things that are truly impactful. And when he can't be present, he's up at 2 a.m., very active, very challenging, did a great job. And personally said, I got here 20 years ago. Baja more part of the people. We welcome me help it to grow to understand better the Publicis. Help me a great deal to understand Maurice Levy, not always easy. And I'm particularly grateful to Simon today. Now, Santos, it's customary, Secretary of the meeting will read the resolution. Celine?

Thank you, chairman. So ladies and gentlemen, I'd like to read to you the motion for a new resolution appointment of Madame Jaimie Teevan as Independent Director. This resolution will be to the vote after resolution 6 under the title Resolution 8. So resolution appointment of Madame Jaimie Teevan Director the AGM on a quorum basis for ordinary meetings, proposes that you appoint following this meeting. Madam Jaimie Teevan as Director for a 4-year term until the end of the ordinary meetings that will approve the accounts of 2029. Madam Jaimie Teevan has indicated she accept this appointment excise, no duty or any measure preventing exercising this position. Thank you. If you've got any questions regarding this appointment, I advice you to put those during the Q&A session later on. Let's move on with our agenda and hand over to Madame Antonella Mei-Pochtler of the Nominations Committee, who will give a report.

Thank you, Chairman, Ladies, gentlemen, 2025 for the Compensation Committee met on 5 occasions. It's work focus compensation of the Chair and CEO and Board members as well as provisions applicable to all employees. I'd like to say a word on the key points of the resolutions put to your votes. In respect, first of all is the compensation of Board members. The annual package on to EUR 1.5 million that you approved last year and the compensation package of directors remains unchanged. Now, for directors, who have not yet taken up the duties at the 1st of January 2026, is proposed to calculate their compensation on a pro rata basis in accordance with the start or end date of their term. For Mr. Sadoun, for 2026, the Board proposes a revision of base compensation. No change is brought to the overall package or the performance criteria, given the disproportionate gap of the compensation of the CEO of Publicis with those of his direct competitors after a detailed analysis based on the lasting outperformance of your group, its sustained growth, the strategic transformation undertaking the internal team. The Board upon recommendation of the Compensation Committee proposes that you increase by 20% the annual fixed compensation of Mr. Arthur Sadoun that remained unchanged since 2022 and to increase it to EUR 140,4000. You'll also be asked to approve the variable compensation of the Chairman and CEO for 2025 based on exacting criteria that are predetermined committee carefully scrutinize the attainment of the targets to be reached by Mr. Sadoun and issued the following the recommendations that allowed the Board to approve the total compensation of Mr. Sadoun. The max target of organic the group's revenue was exceeded. Publicis has exceeded all expectations in terms of growth. That maximum target of operating margin was also exceeded in respect of CSR, the impact and equity and fight against climate change targets were also exceeded. Given the outstanding performance of the group in 2025, and the remarkable work of Mr. Sadoun, the Board proposes to pay him the maximum amount of his annual variable compensation. Thank you.

Thank you, Antonella. We're going to welcome Madam Marie-Jose Kravis, Chair of the Strategic Environment Social Committee, who'll deliver her report. Thank you.

Thank you, Chair. Ladies and gentlemen, shareholders, the strategic environment, social committee is tasked with reviewing all aspects of the group strategy including its environmental and social commitments. 2025, we held 2 joint sessions with the Audit and Financial Risk Committee that allowed us to work together on updating the major risk map and the group's cybersecurity setup. We also -- we're informed of a scenario planning exercise designed to assess the group capability to respond to extreme events. Feedback on the Ukraine-Russia conflict illustrated the group's resilience, its ability to use the crisis situation. Publicis demonstrated that its governance model has adapted and can operate in an unstable geopolitical setting. Lastly, the committee was informed of the M&A policy undertaken since 2019, the key sectors, deals underway, the pace of acquisitions as well as the M&A plan for 2025. The committee was informed of the main actions implemented in the 3 areas of the vigilant plant, human rights, health and safety of individuals, the environment as well as risk tracking measures for the most serious items. Regarding compliance, the committee reviewed the risk map of noncompliance and ethical breaches. No high risk was identified. The committee also discussed the new targets in terms of generic quality. In terms of CSR and sustainability, the group reviewed the revision of the climate risk map incorporating 2 global warming scenarios. One, plus 4 degrees centigrade 1 plus 1.5 degrees. The work highlighted did not highlight any significant new risk for Publicis. We also reviewed the update of the double materiality analysis that showed no major variance between 2023 and '25. The committee also reviewed the international deployment of the program. No impact or a big impact of proprietary ecosystem there to change marketing and responsible and sustainability practice. We track legal changes that occurred in 2025 regarding European directives on sustainability, reporting and the duty. I would like to share by sharing this visual that illustrates the change in the group's primate trajectory, the outstanding growth of the company sometimes masks efforts at reduction undertaken in the past few years. Since 2019, these emissions are down 11% in absolute terms when the group experienced a growth of 48% of its revenue. The carbon intensity per capita is down 33%, which clearly demonstrates that reduction actions were implemented. Thank you for your attention.

Thank you, Marie. A very big thank you for your ongoing support in the U.S., which is, of course, the #1 market that's extremely valuable to me. Let's move now the Lead Director, Mr. Andre Kudelski, who is key for the quality of our governance. Over to you, Andre.

Thank you, Chair. Thank you, Arthur. During 2024 as independent Lead Director, I held regular and in-depth discussions with management and in particular on group governance matter. I met with the heads of the various corporate functions so as to discuss with them the key matters of topical interest to ensure close coordination between the work and the Board and the management teams. As regards to the Board's work that was consulted for the preparation of each and every agenda and top part all meetings of the Board as well as those of the committees of which I am a member. Like last year, the assessment of the Board and its committees in respect of FY '25 was undertaken under my supervision. I will examine the questionnaire put to directors and discuss individually with those who so wish before reporting to the Board in early 2026. The conclusions of this assessment confer the smooth functioning of the Board and its committee, know situation regarding the risk of conflict of interest was addressed during the Board session over the past year. Furthermore, I organized and led 2 executive sessions, reserved for only independent directors, whose conclusions were shared with all Board members. I was closely involved in the discussion on the succession plan of Chairman and CEO and of key executives, both in the Nominations Committee as well as beyond the formal governing bodies. I contributed to shareholder dialogue on matters pertaining to governance, was kept informed of the conclusions of meetings organized with certain institutional investors in the discharge of my duties. I reached the conclusion that the Board operates in a spirit of openness and rigor with a true balance between management and independent directors, the quality of this delay in my view, is a bedrock for good governance, serving the group's performance and sustainability. Thank you.

Thank you. We now move to the report of the auditors available on the group. KPMG up next.

Thank you, Chair, shareholders. It's a pleasure for me to present on behalf of the college of auditors, PricewaterhouseCoopers and KPMG, the reports that we have drawn up for your attention for fiscal year closing 31st of December 2025. The reports refer to the annual accounts and the consolidated accounts, regulated agreements and resolutions relating to movements of capital. All of these reports have been made available for you and are included in the universal registration document 2025 and/or on the Internet side of the company. And I would now like to summarize the main terms of those reports. Regarding our reports on the annual and consolidated accounts, which are the subject to the first and second resolutions, we certify that those accounts are addressed in an accurate and fair manner, relating to the accounting benchmarks and give a faithful reflection of the results, the financial situation and the assets of the company and the group at the end of fiscal year 2025. Regarding the annual accounts of the company, we have no reservations, but we do have a technical comment relating to the application for the first time of a new regulation intended to modernize financial statements as of the 1st of January 2025. Within the frame of our mission, we pay particular attention to some key points of the audit, which we consider to be more significant and to help us form our opinion. For the consolidated accounts, this is recognition of revenue a valuation of goodwill, accountancy and devaluation of provisions for risks and litigation, other provisions and possible liabilities. And for the annual accounts, it is the evaluation of holdings held by the company. Regarding the fourth resolution of the shareholders meeting, we have drafted a report on regulated agreements. We affirm you that we have been informed of no authorized agreement reached during the past fiscal year, and therefore, not needed to be submitted to approval by the shareholder nor have we been informed of other agreements that might have continued during the fiscal year and negotiated beforehand. Regarding the extraordinary part of the shareholders' meters, we have drafted 3 reports that relate to delegation to the Board of various issuances of ordinary shares or marketable securities. So that might have an impact on the capital of the company, and therefore, we ask you to vote on these. This is the issuance of ordinary shares or marketable securities with the maintenance or cancellation of preferential subscription rights as set out in Resolution 12 to 15 and then again, Resolution 17 to 19. Issuance of ordinary shares or marketable securities for members of savings plan, this Resolution 20, and the issuance of ordinary shares or marketable securities with cancellation of preferential subscription right to benefit certain specific categories of beneficiaries as under Resolution 21. We have no observations to make on this subject. Some of the conditions of issuance are not yet known, and we will draft a supplementary report, if required, when these powers are availed off by your Board. Finally, regarding the work on information relating to sustainability and taxonomy published by the company, we have issued a report relating to compliance with the process to determine information regarding sustainability in keeping with the European sustainability reporting standards, compliance with ESRS of the publication of this information in the management report and compliance with the taxonomy. We did not note any material error, omission or inconsistency relating to compliance with information published regarding sustainability. These are therefore compliant with the ESRS standards. Thank you very much for your attention.

Thank you very much indeed. This brings us to the end of the presentation.

We will move on to question-and-answer session. We have received a series of written questions, and we have answered those as in keeping with the usual provisions. The written questions and the answers have been published on the Internet site of Publicis Group under shareholders meeting. We are now available to answer any questions who would like to start off. We can't see you very well, but I can see a hand at the back there.

I'm retail shareholder. I'm very proud to be a shareholder of the #1 advertising agency worldwide, especially is a French company, your values are amazing, and you have a lot of passion and energy. And Warren Buffett, who's my mentor, would be delighted. I'm a bit disappointed with the share value on the markets over the last year. So I have a question to try and understand Publicis and your acquisition checklist. What are the 3 key criteria when you buy up a company? I have another question, AI and Publicis, you said Publicis is a winner. But the clients are also winners, especially those who are well informed and inquisitive. What is the best way to convince even the shrewdest client to continue to use your services. And a third question, Publicis and the rest of the world. In order to better understand the specificity of publishes, could you quote 1 or 2 services that you're the only ones to offer? And it'd be good for your publicity as well. Thank you, and thank you to Viva Tech, who's the best tech firm in Paris.

Thank you very much indeed. Well, there's a lot in there. Let me begin with the first point. You're a bit disappointed by the share price, and so are we. But let's try and step back a little bit. If you look at share price, dividends or TSR over the last 6 or 7 years, we are doing best in the whole industry. And we're doing very well compared to the rest of the French Stock Exchange, the leading company's CAC. That said, it's frustrating, to be honest, it's very frustrating. We are outstanding in performance, and yet it's not fully recognized by the market. That's put it as bluntly as that who would have thought that we were to outgrow Accenture, for instance, many other agencies. There are 2 factors behind this macroeconomic situation, of course. The drop in the dollar, that sort of goes hand in hand saw the figures. There's not much we can do about that for the time being. And then the perception that AI is going to have a negative impact. If I look back over the years, it's a bit similar to 2019. We had internal difficulties related to Meta, Google and the like. And we were able to demonstrate quarter-by-quarter that we could do better and outperform, and our share price rose sort. I don't know what's going to happen. Nobody does. But we are very confident about our capacity to continue to deliver growth and profits and continue to innovate. I'll come back to this and to gradually get financial markets to recognize our performance are at a high level compared to a few years back. That's the first point. Acquisitions. I said this earlier on. One of the reasons I joined Publicis 20 years ago, maybe the main 1 will also the joy of working with Maurice Lévy, we are obsessed by what's coming next. Why? Because we want to remain independent, we want to remain strong in troubled times. We're always looking at what's going to come next. And the best way to succeed on that score is to have talent. We invest in talent. We are very proud of this. We recruit people. We increase salaries. We pay out bonuses. Our competitors are firing thousands of people. It's a people first line of business, and it's our greatest asset. The future of AI, the men and women who are going to succeed to get it working better than in other firms. So we continue to invest in this, and we continue to invest in acquisitions. Three criteria when you have an acquisition, does this meet a client's need? Does it really help clients? Will it help them win? Second, is it does it fit with our strategy? Does it add another brick that gives more value within Publicis than if they're not in Publicis? If you look at our acquisitions, you can see growth around 20%, Epsilon at 10%, it was less than 3% when we bought it. And it has to help improve our financial performance. It's the case with LiveRamp, and it's been the case with past acquisitions. AI and what we have that's unique for our clients, they really to maybe 3 pillars: our talent and creativity they bring and technology. If you look at companies all over the world, the ones that are likely to succeed tomorrow. There are a lot of high-tech companies that are losing value at the moment, but those that will really succeed are the ones who have the best technology and the best talent to make sure that, that technology will work for our clients, and that's the great strength that as Publicis, we see -- we have been courageous in our investments in line with Maurice's vision in data, technology and that we have tools that our competitors don't have, but we've also got people in Publicis who know how to implement the know how to go out and look for new growth segments for our clients to invent the need of the future influence us for to have customized, measurable tools. And this is just a reinvention of the company, which is something we've been doing for the last 100 years, as you saw in the film. I could go on for half an hour or so, but we don't have clients in the room. So I think I don't need to continue on that score. Are there any other questions? Well, we'll be winding up earlier than expected. No, no, I'll come on there. Just being a bit shy.

I'm a visionary and a committed shareholder. In 2026, Publicis is celebrating its 100th anniversary, Vivatech 50 years. You have got a more immersive, more decisive tech approach. Your -- you've got VivaTech is at the 17th of June and Port over, but we've got a whole European sovereignty. Is that the different attacks, assaults on companies, their leaders in the whole planet? This fortress bodyguard, which is a cybersecurity tool because we're here at Publicis cinema. This would be Matrix, the Lord of the Rings, a single sovereign, a minority report anticipating threats. My question is simple. How can Publicis through Publicis Sapient access disruptive technology through VivaTech? Is VivaTech still an agile tool to challenge these projects with your teams?

I'll answer the first question. VivaTech, I'll hand over to my afterwards. Everything you've just said justifies the role of Sapient. Sapient is engineers and consultants who help clients to navigate a complex world and to take on board with these new technologies and integrate them into their business. That's why we're frustrated by the slowdown in investment in CapEx of our clients at the moment is because it's hard to predict what's going to happen. But we're confident because all of our clients experience what you've just described. They're going to need engineers like the engineers of Sapient so that they can build the technological platform they're going to need. They will need the data that's the fuel of AI and all of the services we can provide. Movies regarding VivaTech. Well, for VivaTech, I would just like to give you a VIP pass so that you can get access to the next session and see for yourself all of the innovations there. European sovereignty is something you've mentioned it's not a problem. It's an opportunity. And one of the roles of VivaTech is to open up new possibilities in a world that's dominated by the Chinese and Americans at the moment. It's very important for us to find our place for the future. Come up, give me your name and address, and I'll send you the VIP pass. There's a question in room 2, and then, we'll come back to you, if you don't mind.

I'm a retail shareholder, Jean Drax. Your revenue in Asia is quite low, EUR 8.9 million in America, EUR 5.3 million in Europe and EUR 1.2 million or EUR 1.3 million for Asia Pacific. Do you think that's going to stay that way? Or are you going to focus more on Asia? Congratulations, by the way, on what the lead director said that you've organized meetings with independent directors. I don't think other companies do that, and I think it's a great idea. And regarding the compensation and comparison with other groups, Page 116 of the annual report, you compare with have as, for instance, BWP, is that the right set of companies for comparative analysis? Things are changing a lot. Should the compensation committee not change the panel, WPP, for instance, should it be in there?

Yes, WPP, I got it wrong the first time around, sorry. Antonella, perhaps you could answer that question. Andre, do you want to add anything? I'll begin perhaps with the question about Asia. It's not a major share of our revenue. You're right. But please note that Asia and especially China is the #2 market or the #1 market for many of our clients. So it's not a big share of our revenue, but it's strategic. We are now #1 in China. That's significant. WPP held that position for years through rapid acquisitions. We succeeded with organic growth to become #1. Maurice is a financial director at the moment, but was the architect of everything that we've achieved in Asia. Thank you. We've got a leader in the region is outstanding. He was recruited by Maurice, and we are confident that we'll be able to develop in Asia organically rather than through acquisitions. We've got a good head start technologically. We want to succeed in terms of excellence, not necessarily in terms of size. On today, Antonella, perhaps you'd like to come in.

Thank you, Arthur. Just like to specify 1 point. Those executive sessions with just the independent directors are really good. It means that you get a sense of for what it is they feel and what they are thinking. What we note is that there's strong identity in Publicis. So the directors are keen for the company to do well to develop. And this helps us read between the lines, which is not always expressed perhaps in the official Board meeting. So very useful.

Antonella, thank you for suggesting that we have reconsidered our benchmark. We do reconsider the companies regularly in our benchmark panel. We look at companies that are directly comparable, but this is something that's uppermost in our mind, and thank you for reminding of that. It's something that needs to be done regularly. There was a question in the room, I believe.

Thank you. Good morning. Well done for the results. I've got 2 questions. The first, internationally, situation is very complex and is becoming increasingly so, not just talking about France, although there's a lot of tension in France as well. How are you going to navigate tomorrow? How are you going to organize Publicis to navigate? I don't know if we can call it a crisis. I mean, it's a whole series of crisis. Secondly, my daughter is studying as an engineer in data. Publicis is 100 years old now. What would the founder of Publicis tell my daughter?

I think that's for you, that second question. No, it's maybe for Élisabeth, certainly not for me. I'll let you think it through. I'm going to answer the first question. How shall I put it. It's too early to assess the impact of the crisis. We don't really see it in Q1 results at the moment or for the April figures. But as a shareholder of Publicis, 2 things to bear in mind, we have been able to demonstrate time after time that we managed crisis better than other companies. And we also emerged from a crisis strengthened. And the second point is we managed to deliver. That's why I stressed our teams. We outperform our markets and related markets, although the situation is grim generally. And it's worth noting that. Let's put 2021 to 1 side because 2020 was really bad. But in 2022, we had 10% growth. Things were going well then. But today, we have the same difficulties our competitors, CapEx cuts. But despite those difficulties, we are managing to deliver record growth and record value for the shareholders. So we manage crisis well, and we manage them well before COVID. 2008, for instance, Maurice mentioned that and others before. You saw the history of Publicis, it's part of our DNA. And secondly, despite the difficulties, we are outperforming well and even very well, and that's very reassuring. Does that give you enough time to think about the answer?

Yes. I keep thinking about my first meeting with Marcel Gustin Blanchet. I talked about computers. He stopped me and said, "If I put something there, will I get a result there"? And I said, yes. That was his approach. And that's the amazing talent he had. He was always inquisitive, curious about new technology. He wanted to find out more get to know people had a slightly different mindset he wanted to attract them to Publicis. That's why we had a kaleidoscope of amazing skills and personalities. And what he would probably tell your daughter is come along and see me.

Thank you very much. 4, and then we'll take room 2.

Chairman, ladies and gentlemen, Philippe, a retail shareholder for many years now for Publicis. So I'm very pleased to be a long-standing shareholder. I don't want to compare myself to Maurice Levy, but I had IT responsibilities in various companies, some small, some larger, some international, for 30 years or more. And I'm still fascinated by this, although I retired 10 years ago, but I'm beginning to have a nagging doubt. While I was working, I managed to understand how computers worked, even though they changed a lot. But now I can't. I can't keep up because with artificial intelligence, and I know you have amazing specialists and experts, but can they stop fake news and data theft? How can you stop that? And I have this nagging doubt, if you have -- even though you have experts, you say you're developing in China, but in all businesses, Chinese -- the Chinese are very good at 1 thing, and that is to understand the product or the service they bind to suck the juice out of it, and then, to do it cheaper and better back home, and then, they flood global markets. One of the strengths of Publicis is data. Don't you think that you're running a risk if you share that data with the Chinese even if you take a lot of precautions. Aren't you afraid of data theft? Don't you think that sooner or later, they will steal your special skills and lines of business from you? And I have a brief comment regarding the organization of the shareholders' meeting. Publicis is the leading communication group in the world, and I'm looking around the room now, and I'm not the only elderly person in the room. Probably not the only person in the room who doesn't see that well. So the slides that you showed are using the Publicis colors. So a white background and light beige, it's very hard for us to read. And second question, I'm very keen on environmental policies in the company. But given the relatively low number of participants compared to other companies like Air Liquide and Sanofi, who hand out a little leaflet that you can look through. Is that not something that Publicis could do as well. I don't think that would be too damaging for the environment.

First of all, regarding the organization. Maurice is Head of Artistic Management, and I'm his assistant. You're probably right, we'll reconsider this. Regarding leaflets, yes, we are always very careful about environmental concerns, but we take -- now securing data is of paramount importance. I will not dwell on this. But of course, we do have process infrastructure and technology that enables us to make sure that our proprietary data and our client data is fully secure. So there are very, very few leagues. And if they were, actually, there are really any leaks. And if they were, we would be able to hedge protect ourselves against them. Now, the world has changed a great deal on this. And actually, the Chinese are really ahead of the rest of the world. It is opposite now in terms of marketing the platforms. They have created e-commerce, the way you communicate, you buy things, loyalty programs across all the acquisitions of marketing and commerce, they are way ahead of the Americas. Actually, we have American clients that we send to China to show them what we do with global clients in China. So the problem of intellectual property is not an issue for us. And I think that's one of Publicis' strengths. We are a French company. We are, so to speak, at the center of the world geographically as we are located in Europe. But we touch the same importance in all countries to this. Of course, adapting this, trying to be mindful of the local the rest of the world because we are the leader on that market. Thank you very much. We have a question in the room, in room 2.

Good morning. Thank you very much for giving me the floor. My name is. I am an individual shareholder. I study political sciences and international relations. I have 2 questions for you. At secured or obtained great results with the Copanopan commercial, which was without AI at all. Do you think that going full on or going 100% for AI is a good idea considering the very negative feedback and very negative reviews for major brands following commercials that were fully designed with AI. And also, a lot of jobs might be at risk, not all of them, but a substantial share of these jobs. Have you provided -- have you planned any arrangements to support people who might lose their jobs?

These are 2 very good questions. First, as regards AI. That's the way we see things at Publicis. We consider that technology, digital, everything that we've done with social media and today with AI are means and not an end in itself. Hence, the importance that we attach to talent. If AI enables you to create some of the scenes of the 6-minute film that we've shown at a reasonable cost, well, it allows you with great actors to direct a spectacular movie, something that would not have been able without AI. Now if you use AI to design things that do not meet clients' -- consumers' expectations, it will backfire. And I think that Lucy is doing great work there. We use AI to make creative ideas stronger, not to replace them. In English, people say hyper human. AI is there to make you stronger, not to replace you. And to this end, that's why I highlight this point, you need talent and you need the technologies, particularly data because, again, AI is large sources of data that are aggregated with other sources of data. Now, coming back to your first question, we never let AI take over in terms of ideas. We just use AI to augment these ideas. Now, you've just asked a question about the future of work, it could take outs. But let me tell you what we do. Something that's really encouraging. We've started to -- we started to put AI at the heart of our work in 2017. We were 70,000 at the time. Today, we are 110,000. And still, we do use AI everywhere. So -- and now, we can replace not jobs, but tasks. Maybe 20%, 25% or sometimes 40% of the tasks carried out by our members -- by our employees can be done now by AI. And our work is to help them be more efficient to harness AI to help us progress individually and overall and to be able to advance people's careers in the company. We clearly said that the most important for us is our employees. So we have kept hiring, but we're very careful in our recruitment policies because the only way to turn Publicis into something new with AI at its heart is first to generate growth because growth generates jobs. And once you generate jobs, you can reallocate tasks. Also, we need to be on top of attrition. We need to keep good control. We'll manage attrition pretty well up to 40% of people will leave in the coming years. And our priority here again is our employees. We have 2 levers here. First, we need to have a growing number of tasks carried out by AI whilst protecting jobs. Another question from the room.

Good morning. I've been a shareholder for 1 month. It's the first time I go to the Publicis General Meeting on this centenary. I quite enjoyed the first film at the beginning, which was very, very inspirational. Now, as regards the shareholders' clubs, I don't know whether you are considering to create one. I thought that's a bit of promotional advertising for public would be a good thing. Also, have you ever considered organizing a buffet so that shareholders can enjoy themselves? One last question. Would it also be possible to attain tickets for the VivaTech show?

Right. Well, I think I'll start with this. I think that Maurice has no choice but to give you a ticket. We haven't thought of the buffet yet. That's quite new. We did it in the past. Yes, but it was much better in the past wasn't it. Right. However, as regards to the shareholders' club, we have our activity leader, Gabriel, who could say a few words about this.

Right. We will not start the shareholders' club. For us, the priority, first and foremost, is to have a value-creating strategy that yields great value. We do it, thanks to our performance with the dividend, which has been up 4.2% after 6% last year, 17% the year before. So we put all our energy into this. Thank you for your understanding.

Right. Okay. Question there in the Room 1 and then in Room 2. And the third one is there.

We can see that AI is disrupting all industries, all economies, audit, for example, or even in advertising companies because investors think that AI will be developed directly within clients. Well, you may buy a racing car, but you don't become a racing driver yet. Now, data, data is controlled by GAFA that have huge financial firepower. Don't you think that going forward in the long term, the GAFA -- don't you think that they will dominate the entire advertising industry? I don't know what share of this -- of that business advertising accounts for. We can see that a large share of the media business is sucked by the GAFA.

Thank you very much for this outstanding question. First, you're quite right. Today, 95% of what is developed for our clients with AI doesn't work. Only 5% works. When I mean our clients, I mean, overall across all large companies. Why? It's just like you said, if you give a Ferrari to an organization that is not ready, the people that still work in silos, they don't have the data, the infrastructure, they're not ready. Now, this is a huge opportunity for us. Why? Today, if you are a client and you think to yourself, okay, I'm really going to look seriously into AI. We're all going to need it and it will affect all of us, I think, in the longer term. But it's going to revolutionize everything we do. Well, the first thing you need for this is a functioning energy infrastructure or rather a functioning infrastructure. And we have this with Sapients. Second, data, that allows you to look at people on an individual basis, exactly like the GAFAM do. And that's what we have with Epsilon. The third thing we need is that you cannot be content with your own data because by definition, you don't have enough data to win. You need to collaborate with partners that can aggregate data and do it securely. And I hope that we can do this with LiveRamp. Last, you need a platform to make sure that each and every one of your employees can use AI in a simple and functional way in an advertising agency with a partnership with them. That's what we do with Marcel. And the reason for our success today, despite the current global economic crisis that we can deliver this. Now coming back to your question, no one else can do this. The GAFams, they can deliver data, but they cannot deliver this technology and even less so the technological collaboration because data remains in their midst. Data is with us. Sorry, it's a bit technical, but it's all very important. Now what you need to see is that GAFam will keep thriving for sure. But our clients today understand one thing. They need to own their data to build their own models. It doesn't mean that they won't work with the GAFam, but that means that they will need to know their clients better, well, inside out and even better than the GAFam. That's what we provide at Publicis. And again, as we have seen, we don't have the market cap of these companies, but in the market of several billions, hundreds of thousands of billions, we can have a unique position. We can be the company that supports businesses in technology, value creation, co-data creation to create within their companies, the model that will help them to best harness AI. So we're not against the GAFam. We are an alternative, smaller, I give you that, but that can help its customers. That's why we're so confident about the future. Thank you. Third question. Question number 3 and then question in the room to Maurice calls the shots here. Yes, someone needs to have eyes on the room.

My name is I'm I've been a shareholder for 30 years like everybody else here. Of course, I'm joking. You have highlighted the outstanding performance of the group for the last years. Is it true across all of the group's subsidiaries or do some offset the weaknesses of others? I work in the events industry. So of course, I'm interested in the dynamics of Publicis Live, its growth, competitors, whether in France or internationally. And I'd like to know what the answer is. And of course, if it's a positive, it's a vibrant company, well, I'm here, I'm interested. I'd like to apply for a job.

Well, we love that. We do love that. That's great. That's how you should go about things. Now, we're very fortunate today. I'm going to give you a very global overview of things. We're fortunate enough to have all our operations that are successful. It's like the so-called Chinese plate game. One of them will maybe be weaker. Well, if everything went fine, we'll be rather in the region of 7% to 8% growth instead of 4%, 5%. And that's all due to the fiscal cuts that we can see everywhere. But all of our business lines have delivered strong growth in the last years. We also strongly believe in the events industry. And I think that the world will polarize. On the one hand, you will have ultra customization on the other side, large events, sports events mainly. We invent into sports, as you may have seen. We'll invest further -- and of course, we'll follow Benjamin's advice. Just to give you an idea, 97 of the largest viewerships out of 100 are live sporting events in America. So we do believe that the events industry will be increasingly important, especially in a highly digitized and customized events. So please don't forget to give us your resume before you leave. Over to room 2 now.

Hello, Chair. My name is Richard. I'm an individual shareholder. Some people have preempted my questions on the share price, but that's all right. Anyway, we do know that share prices fluctuate as they please do not always take into account reality. Now, people talk a lot about Taiwan, formerly known as Formosa. You mentioned China. What is going to happen? There are currently 2 wars raging, but this one is a dormant conflict. What happens when the situation deteriorates? What will you do? One last question. No one has mentioned it, but you've created an amazing atmosphere in this company, and that's probably what most impresses me most. Of course, the results are outstanding, but the atmosphere is quite incredible. It probably comes from the family. Mr. Marcel, I heard him talk some time ago. I suppose the company picked the right successors who have created this great atmosphere. So please keep it up.

Thank you very much. Well, the Chief Atmosphere Officer is Maurice. You're absolutely right. That's the way it works. About Taiwan, we do have the solution. It's Maurice Lévy. If there's a problem, we will send him there. Maurice, over to you.

Well, first, let's deal with Iran. Joking aside, I cannot answer this question. I think we all have our personal views on this. But I think what really matters for us today is to remain flexible whenever there was a conflict in the world that our priority was our employees, they were our priority with the Ukraine conflict also with Russia. When the war started, all our competitors closed their agencies overnight and fired everybody. We realized that some people were working for Publicis. And it actually goes what you said about the atmosphere and about other things that you said. I think that beyond the atmosphere, what makes us strong is our legacy, our values. Our people are really at the heart of our concerns. So even when things went badly in Russia, we found solutions that people who had been there for 20, 30, 40 years could have a future despite the decisions made by the government. And the same will apply, we'll have the same policy for Taiwan if anything happens going forward. We decided that we would not try to manage what is unmanageable. But for now, we are preparing for all options, all contingencies. But every time we manage to weather storms by giving priority to our employees.

We've answered the question in room 2. Is that the last question? Right. Last question, please. Is the question in Room 1 or Room 2? No more questions then. Right. We'll stop it here. We are now going to present and vote on the resolutions, and I hand over to Celine again, the Secretary of the meeting.

Let me start by sharing the final figure for attendance. The shareholders who are present or represented hold 201,712,293 shares out of the total of voting shares that constitute the share capital. I can confirm, therefore, that the quorum has been met on ordinary and extraordinary matters. Before proceeding to vote, I remind you that the full text of the resolution has been subject to regulatory disclosure, except the additional resolution that was presented during the meeting by Ms. Élisabeth Badinter. I suggest we now watch a short video that will present the resolutions that you are already familiar with. Also, it will present the voting device. [Presentation]

I suggest we now move on to the vote on the resolution. First resolution, approval of corporate statements for the financial year 2025. The vote is open. [Voting]

No more voting. The resolution is adopted. Resolution 2, approval of consolidated accounts for fiscal year 2025. Please vote now. [Voting]

No more voting. Adopted. Resolution 3, allocation of the result and allocation of dividend. Please vote now. [Voting]

No more voting. Adopted. Fourth, special report of auditors on agreements as under Article L 225-38 of the Code of Commerce. Please vote now. [Voting]

No more voting. Adopted. Resolution 5, renewal of the Mandate of Director, Mr. Tidjane Thiam. Please vote now. [Voting]

No more voting. Adopted. Resolution 6, nomination of Mr. Benjamin as Director. Please vote now. [Voting]

No more voting. Adopted. Resolution 7 appointment of Ms. Jaimie Teevan as Director. Please vote now. [Voting]

No more voting. Adopted. Resolution 7, approval of the report on compensation for fiscal year 2025. Please vote now. [Voting]

No more voting. Adopted. Resolution 8 approval of components of compensation to be paid out under fiscal year 2025 to Mr. Arthur Sadoun, CEO. Please vote now. [Voting]

No more voting. Adopted. Resolution 9, approval of the compensation policy for the CEO under fiscal year 2026. Please vote now. [Voting]

No more voting. Adopted. Resolution 10, approval of the compensation policy for the directors under fiscal year 2026. Please vote now. [Voting]

No more voting. Adopted. 11, authorization to intervene to trade own shares. Please vote now. [Voting]

No more voting. Adopted. Resolution 12, delegating the power to increase capital by issue maintaining preferential subscription rights of shares, which give access to capital. Please vote now. [Voting]

No more voting. Adopted. Resolution 13, delegate the possibility to increase capital by issue without preferential subscription rights of shares, which give access to capital through public offerings other than private investments. Please vote now. [Voting]

No more voting. Adopted. Resolution 14, delegating the power to increase capital by issue without preferential subscription rights of shares, which give access to capital through private investment. Please vote now. [Voting]

No more voting. Adopted. Resolution 15, delegating the power to increase the number of securities to be issued in the event of an increase in capital decided by application of Resolutions 12 to 14. Please vote now. [Voting]

No more voting. Adopted. Resolution 16, delegating the power to increase capital by incorporating reserves profits, bonuses or others. Please vote now. [Voting]

No more voting. Adopted. Resolution 17, delegation to issue shares marketable securities without preferential subscription right in the event of a public offering initiated by the company. Please vote now. [Voting]

No more voting. Adopted. 18, delegation to issue shares or marketable securities without preferential subscription rights with a view to compensating provision in kind agreed by the company. Please vote now. [Voting]

Voting closed. Adopted. Resolution 19, delegating the power to issue shares or marketable securities without preferential subscription rights to benefit one of several people who have been designated by name. Please vote now. [Voting]

No more voting. Adopted. Resolution 20, delegating the power to increase capital to benefit members of a corporate savings plan. Please vote now. [Voting]

No more voting. Adopted. Resolution 21, delegating the power to increase capital in favor of certain categories of beneficiaries located abroad with the possibility of setting up shareholders or savings plan to benefit them. Please vote now. [Voting]

No more voting. Adopted. Resolution 22, granting powers for formalities. Please vote now. [Voting]

No more voting. Adopted.

Thank you very much indeed, Celine. We have reached the end of our agenda. This shareholders' meeting is closed at 12:19. A gift will be given to you in exchange for your voting device. And I'm afraid there is no buffett, but maybe next year, and have a very pleasant day. Thank you for your attendance.