Renault SA ($RNO)

Ladies and gentlemen, and dear shareholders, we are delighted to welcome you to this very important annual event, which is our Annual General Meeting. Thank you so much for attending in spite of this beautiful weather that we are having here. So joining me here today are Mr. François Provos, the Chief Executive Officer of the Renault Group; Mr. Duncan Minto, the Chief Financial Officer; and Ms. Quitterie De Pelleport, our Chief Legal Officer. We are also delighted to have in the front rows here, the members of the Board of Directors, the members of the leadership team, our statutory auditors and the 2 shareholder representatives who will be acting as scrutineers. I'd also like to inform you that we have legal officers who are present. I'd now like to give you some legal information regarding the conduct of this meeting. Let me remind you that the notice convening this meeting was published in the Bulletin des Annonces Légales Obligatoires and in the legal gazette on the 25th of March 2026. Registered shareholders, holders of FCPE units and the statutory auditors were invited by post or by e-mail. Now I shall turn now to the composition of the meetings bureau. In my capacity as the Chairman of the Board of Directors, I shall be chairing this meeting and the rules of scrutineer will be filled by the French state, represented by Mr. Pierre Jenan and the company Amundi, which is represented by Mr. Frederic [indiscernible]. And the role of Secretary of the meeting will be fulfilled by Ms. Quitterie De Pelleport. The bureau is thus constituted. All necessary legal documents have been filed with the Board in accordance with the legal provisions and made available to shareholders from the date of the notice convening this meeting. These documents are deemed to be in order by the bureau. The notice of meeting comprising the agenda and the text of the resolutions as well as all the documentation that is required for this meeting have been made available on our group's website. I have received confirmation that the meeting comprising more than 1/4 of the shares representing the share capital and carrying voting rights is, therefore, valid to deliberate on both the ordinary and extraordinary resolutions on the agenda. The Secretary of the meeting will provide you with the final figures just before we proceed to the vote on the resolutions. I'd also like to point out that our meeting is being filmed and broadcast on the Renault Group's website. Now I will, of course, hand over the floor to François Provos in a minute. But before I do that, I'd like to share a few words with you. So allow me, first and foremost, to acknowledge all of the achievements of Renault over the past year. 2025 did indeed, if you don't mind me saying so, get off to a flying start with Renault with the Car of the Year being awarded to the Renault 5 and the Alpine A290, not to mention, of course, the International Van of the Year award that was won by the Master. 2025 also ended on a very high note with the signing of our partnership with Ford, which is quite an obvious testament to our company's appeal and credibility. And midyear, our former Chief Executive Officer, Mr. Luca de Meo announced that he was going to leave the company and Renault Group's governance structure immediately responded effectively to ensure business continuity with no impact on operations. And this was achieved against an international backdrop that has become even more challenging and conflict, driven by powers that are increasingly openly in asserting their dominance by aligning political, economic and military hegemony. We are now witnessing the confirmation of major shifts with the global economic center of gravity shifting towards Asia, the erosion of ties between the United States and Europe, the challenge of the Western model by a significant number of BRICs plus countries, which today actually account for nearly 50% of the world's population today and the increasingly aggressive protectionism of certain nations regarding raw materials and critical materials. But we also have to contend with more recent trends, the circumvention of multilateralism, the marginalization of international law and of major international organizations, the conditionality of NATO's Article 5, which has now turned international security into a service that now must be paid for, and the regular use of tariffs as a weapon in the battle for economic dominance. It is in this increasingly unstable and unpredictable environment where the era of supposedly happy globalization is well and truly over, that the European automotive industry must face intensified competition and ensure the transformation of its value chains whilst navigating an increasingly restrictive regulatory framework. Two major concerns really are mobilizing all of our energies. On the one hand, the slowdown in the Chinese domestic market, which is prompting Chinese car brands to seek sales in open economies such as Europe or Latin America that they cannot find in the closed U.S. market, making their commercial approach extremely aggressive. The Chinese tsunami that I predicted during my parliamentary hearing upon taking up the chairmanship of the Renault Group has indeed materialized. Let us recall that in 2025, for the very first time in history, China exported more vehicles to Europe than Europe did to China, resulting in a European deficit of EUR 6 billion, whereas just 5 years ago, we had a surplus of EUR 20 billion. Another concern is really Europe's excessive inertia as well as the difficulties in achieving alignment between different European countries, which hamper our competitiveness and make our strategic autonomy all the more frequently to be invoked, even though it often appears largely illusory. There are, of course, various issues on the European agenda, the relaxation of decarbonization regulations, easing of the regulatory framework for small vehicles, the long-awaited recognition of the principle of technological neutrality, the setting of local content requirements and the definition of rules specific to commercial vehicles. These decisions that are to be taken are obviously very, very complex. And as you know, the devil is in the detail, but they are too slow in [indiscernible]. Now in this very challenging environment, the teams at Renault Group under the leadership of the management team, whom I would like to commend here, achieved very robust results in 2025 and demonstrated a capacity to adapt that commands our respect. And I would really like to congratulate them extremely warmly. I would also like to express my deepest gratitude to François, who has stepped up to his responsibilities without any delay at all, with great courage, with great efficiency, thanks to his thorough knowledge of the company. Under his inspiring leadership, the company has defined a very powerful and a very pragmatic new strategic plan. Future Ready addresses this group's situation and the many challenges that it faces. Francois will obviously go into a lot more detail on this later. Finally, I would really like to extend my heartfelt thanks to the Board of Directors, which was -- which underwent a significant reshuffle last year, if you remember. The Board members have been deeply involved in the appointment of the new Chief Executive Officer and obviously, also in the development of the new strategic plan. Pierre Fleuriot will have the opportunity to highlight the importance of this task shortly. It has now been 7 years, ladies and gentlemen, that I have had the honor to becoming -- of becoming Chairman of Group Renault. I have 1 year left to complete my term of office. And believe me, this company will be occupying my mind, my time and my energy right up to the very last moment of the last day, so we still have much to accomplish. But I will not serve an extra term. And I will be committed to ensuring that my succession proceeds with a single focus, defending the interests of the company and its people. Since I took over as Chairman of the company under the circumstances that we are all aware of, what a long road have we traveled and what crises have we weathered. As I said, when at the height of the crisis in 2019, I said one day, Renault Group will come back to the standing that it deserves. And I think in hindsight that there was some self-persuasion involved, but the talent and the resilience of Renault's teams as well as the strength of the group's governance, whatever the ups and downs may be have ultimately proved me right to the benefit of all of us. And that is a great source of gratitude for me and also a little pride. What makes me particularly happy is that the company has remained true to its corporate purpose and that its performance has not come at the expense of its values, but rather by building on them. Thus, we have invested heavily in sustainability for example, by ensuring that the [indiscernible] plant can become a model of the circular economy, which certain competitors have since emulated, although they are a few years behind us. Even in very difficult times, we have sought to uphold sharing of our values and the care for all of our stakeholders whilst ensuring the quality of social dialogue. Finally, what a source of pride it is to have staked our future on France. It's a difficult gamble, one that has never been definitively won, but a gamble that we have embraced to the extent that Renault embodies even more today than yesterday, the proactive spirit of a company that contributes to the influence of French industry without turning its back on our social traditions. And when it opens next year, the Renault Museum in France will, in its beautiful setting, pay tribute to the remarkable history of our company, which will continue against all odds to be a part of France and to make the hearts of all generations beat faster. A few days ago, we paid tribute to Louis Schweitzer by naming the [indiscernible] plant after him. That was a leader who not only embodied the company beautifully, but also capable of transforming it, bringing it into the modern age without challenging or denying its roots or its past. And there are many of us, especially in this room here today who hold him in immense respect and have a deep affection for him, both for what he achieved and also, of course, for the man that he was. As everyone knows, in 1999, he founded the alliance, which has seen some exciting chapters in its long history. But we've -- it's also gone through moments of deep crisis, especially in the last few years. And that is why we have ensured that it evolves so that it focuses on concrete projects based on an approach that has become very pragmatic with time. This alliance is going to be a decisive asset in supporting our international offensive and obviously, in the very strong ambitions that we now have for India. Our various partnerships with our Japanese friends, with Nissan and Mitsubishi, with Ford and with Geely, with these partnerships, we can now maximize our geographical complementarities and our market coverage while boosting, the activity of our plants. Thus, despite the headwinds, despite the uncertainties that we have faced and will probably continue to face, I have great confidence in the company because it has put itself in the right position to avoid what I call the cyclical trap that many of our competitors are falling into. Our strategy, the appeal of our brands and our products, our partnerships, our culture of innovation, the relationships of respect and trust that we maintain with our stakeholders as well as the immense talent of Renault employees, all of this enables the group to stand strong and to look to the future, not with naivety, but with clarity and with confidence and serenity. We will continue, therefore, and we will intensify our trajectory in the years to come under Francois's leadership in a spirit of responsibility and accountability because we stand by our strategy and our choices, which are based on our purpose and our values. We are so attached to them, and Renault deserves it. Thank you so much, ladies and gentlemen, for your attention. And Francois, I'm happy to give you the floor now.

Thank you, Dear Jean-Dominique. Dear shareholders, good afternoon to all of you. It is an honor really for me to be with you today for my very first AGM as the CEO of the Renault Group. I'm delighted to present to you our results for 2025, our outlook for 2026, but also our medium-term strategy with Future Ready, which is our new strategic plan. Now before I tell you about the past year and my first few months at the helm of the group, I would first like to offer my very sincere thanks to the teams of Renault Group, the Board of Directors and to all of you, dear shareholders, for the trust that you have placed in us, in the leadership team and in myself since I was appointed. All right. Now let's take a look back at 2025. As soon as I arrived, I set out three priorities. The first priority was to have a team that was up and running to deliver results. One of my first priorities was to strengthen the leadership team, and this reorganization helped to bring out internal talent within the management team. It also enabled us to align our operations with our strategic and our operational priorities. We now have a Chief Growth Officer, Fabrice Cambolive. He ensures consistency across Europe between the Renault and Dacia brands, and he provides the necessary focus for our expansion outside of Europe. We have also consolidated all of our engineering function, the entire function under the leadership of Philippe Brunet. This new structure marks a decisive first step in addressing one of our most urgent internal priorities in the face of the upheavals that our industry is undergoing today. My second priority was to be out in the field, both in France and abroad, of course, working alongside our teams, our dealers, our suppliers and our partners. Finally, my third priority was to develop together with the leadership team, together with our teams and with the support of the Board, our new strategic plan. Now Future Ready is the result of this collective effort. I will present it to you in a few minutes. I also decided that we needed to make rapid progress on significant simplifications to our organization. First of all, with Ampere. Ampere was a success, particularly with the development of the new Twingo in record time. With Ampere 2.0 now, we are rolling out throughout the group this expertise that we have gained in electric vehicles and software. We have also reviewed the initiatives that were launched with MBA, Mobilize Beyond Automotive. We are now going to focus on two very clear priorities. On the one hand, financial services with MFS, our bank, which, of course, is an absolutely critical and key strategic asset. And on the other hand, customer experience in the -- which is driven by our brands. We have also made changes in India. Following the takeover of the Chennai plant, we have brought all of our activities together under unified management, and we are already seeing the positive effects of this because we can now much better respond to the speed and dynamism of the Indian market. Finally, in the LCV sector, we have restructured our internal organization and streamlined our cooperation with Volvo Trucks within [indiscernible]. Now over the last 9 months, we have also finalized several strategic partnerships for the group. First of all, of course, within the Alliance with Nissan and Mitsubishi Motors. Jean-Dominique told you mentioned this, and I'm especially happy with the successful launch of the new Micra on our new RGEV small platform. Now with Geely as well, of course, as part of our agreement in Brazil, we have announced the investment of over EUR 600 million to strengthen operations at our [ Curitiba ] plant. And this investment will enable us to produce 2 new models for Geely from H2 this year, followed by a new Renault model next year. With this partnership, we are really giving ourselves the equipment that we need to counter the offensive from our Chinese competitors in Brazil. Finally, we have also developed a partnership with a major carmaker, Ford Motors. We will produce 2 vehicles for them on our platforms and within our French industrial ecosystem at electricity. Ford's decision to place its trust in us is yet further proof of the appeal of our industrial and technological expertise in Europe and in France. Thanks to the commitment of all our teams, we have also stayed on track with our financial targets for 2025, a solid operating margin of EUR 3.6 billion, representing 6.3% of revenue and a high free cash flow of EUR 1.5 billion. Our performance is a result of a very clear strategy, ensuring that the product is our priority and investing where we can create value. In order to achieve this, we have a really key asset, our brands. Last year, all our brands delivered strong performances. Renault recorded its third consecutive year of growth and is now firmly established as the second largest brand in Europe. Dacia passed the milestone of 10 million vehicles sold in just 20 years. The brand is now #2 in the European retail market. And the Sandero is Europe's best-selling car. Finally, Alpine trebled its sales in just 3 years. And so, totally, our sales grew by more than 3% and exceeded 2.3 million vehicles worldwide in 2025. These results confirm it quite clearly, we are on the right track. And to illustrate this, one need only look at the launches that we carried out last year. In Europe, to begin with, the Renault 5 was voted Car of the Year in 2025, sold over 100,000 units last year and stood as the leader in the Electric B segment. In the C segment, the Symbios recorded nearly 90,000 sales and has established itself as our best-selling hybrid model. With Dacia now, just a few minutes after its -- a few months, sorry, after its launch, the [indiscernible] was already the best-selling C-segment SUV on the European retail market. So overall, our sales in the second half of 2025 rose by 5.2% compared with the second half of 2024. 2025 also saw the start of our international expansion. In South Korea, our sales rose by 56%, driven by the success of the new Grand Koleos with over 43,000 units sold. In Latin America, our sales rose by 11%, thanks in particular, to the [ Guardian ], of which we sold nearly 50,000 units in 2025. And in the months to come, we will be stepping up the pace even further with new exceptional vehicles, and I will come back to this in a few minutes. The sales results that we achieved in 2025 are the culmination and the result of a very clear strategy, putting the product back at the center of our attention and accelerating the electrification of our range and focusing our efforts on our recovery in Europe. That was the direction of our previous strategic plan, Renaulution. That plan delivered on its promises. In 5 years, we launched 32 new models across our 3 brands, including the Renault 4, the Renault 5, the Bigster as well as the A390. With Renaulution, we also strengthened our fundamentals. We improved the performance of our factories, especially in terms of quality. We streamlined our commercial strategy, which now puts us in a much stronger position than many of our competitors. We have also demonstrated very consistent discipline in managing both variable costs as well as distribution costs. So to put this simply, in spite of a very challenging environment, we can now build on a robust foundation. Now that we've proven we know how to win, our challenge now is to prove that we know how to sustain this success. And that is really what is at the bottom of our new strategic plan, Future Ready. [Presentation]

So as I was saying, our environment today is more uncertain than ever. There are so many disruptions, technological, regulatory and geopolitical. So to be able to succeed in such an unstable environment, we have to be faster, more agile and more resilient. We must be ready and prepared for the future. And that is the aim and purpose of Future Ready. Now this plan was something that we wanted to be deeply rooted in the reality of the group. Over 9 months, we worked together collectively, involving the leadership team and many other colleagues throughout the company. Now future ready is not just a detailed plan. It is also a mindset. We know all of us that the automotive industry is cyclical and so is Renault. With future ready now, our priority, indeed, our very obsession, I would say, is to create the conditions to break free from this perpetual yo-yo effect and generate coherent, consistent performance over the long term. With future ready, we want to ensure that Renault Group becomes the European car manufacturer, the reference European car manufacturer. Yes, European. That's important to us because I'm convinced that together with our teams, we are going to demonstrate that we can continue to develop and manufacture very, very competitive vehicles in Europe. In order to achieve this, our plan is based on four pillars. First and foremost, growth, thanks to our products, driven by our products and also by improving our customer experience. Then technology and innovation. The third pillar is what we've called operational excellence, performance. And lastly, the fourth pillar is, trust. The success of this plan depends on the mutual commitments that we make with all of our stakeholders. This is how we are going to become the reference European carmaker. Future Ready is, first and foremost, really a growth plan. Between now and 2030, we will be launching 36 new models, even more than we did during the Renaulution. In other words, we are not slowing down. We are accelerating. Europe will remain our priority with 22 launches programmed in Europe. We are continuing our push towards electrification with 16 fully electric models. For the Renault brand, we are actually aiming at a mix that will be 50% electric and 50% hybrid by 2030. But future-ready doesn't stop at the border of Europe. 30 years after the very first expansion beyond Europe initiated by my predecessor, Louis Schweitzer, it is now time for the Renault Group to usher in a new era of internationalization. We are going to roll out a highly targeted strategy in high-growth markets where we already have fully integrated local ecosystems, especially in India and in South America. These two regions just by themselves will account for more than 60% of our -- the growth in volumes of our industry in the markets where the Renault Group operates. This is a major step up, in scale, opening up access to a market of nearly 50 million vehicles a year, representing 55% of the worldwide market. To support our international mission, we will launch 14 new models, giving our international customers access to our E-TECH hybrid technology. And I do want to tell you this, the future-ready product consensus has actually already begun. Future Ready is not a plan for the distant future. It is a plan that is going to be deployed and is being deployed this year. In Europe, in the A and B segments, where Renault has a long-standing leadership position, we're going to build on the momentum of the Renault 5, the Renault 4 and the Clio 6 with a disruptive model, this new Twingo. The initial feedback from the Twingo has been extremely promising. Internationally, the new Duster in India embodies our renewed ambition in this market. Alongside, the Boreal in South America and in Turkey and the [indiscernible] in South Korea, it demonstrates clearly that our offensive is gathering pace in high potential markets. Finally, in 2026, we are also going to be launching the Traffic Van E-TECH. In recent years, we have invested very heavily in commercial vehicles. We now have one of the most attractive ranges, if not the most attractive range on the commercial vehicle market in Europe. 2026 will be the year of the turnaround for our SCV division. For Dacia now, our aim is to strengthen our position even further on the -- in the C segment by increasing the proportion of C-segment vehicles in our sales from 1/5 to 1/3. And in order to do this, alongside the Bigster, we have just unveiled the Stryker, our new multi-energy crossover that combines the dynamism of an estate car with the practicality of a very spacious sedan with a starting price that is very true to Dacia's DNA under EUR 25,000. I'll let you take a look at this beautiful car. [Presentation]

Yes, we are very, very proud of the Stryker. And this is just the beginning because Dacia is also going to be launching a new electric vehicle in 2026. So I'll see you at the end of the year for an exceptional surprise. Now on the international front, as I mentioned, one of the hallmarks of the Future Ready is our new Bridger concept. This is a model that was developed in India primarily to meet the needs of the Indian market, but which will also help us to conquer other high potential international markets. The Bridger is a vehicle that is under 4 meters long with a very bold design and balanced proportions, which offers a remarkable level of interior roominess. This is a vehicle that is designed for real-world use in major cities. It's compact, it's agile, it's agile, it's roomy. And from the very beginning, it was designed to be multi-energy, including 100% electric version. Now let's have a look at this together. [Presentation]

With future ready, we also want to take a significant step forward in customer experience. It is a key driver for creating greater value and enhancing the appeal of our products and setting us apart from an increasingly fierce competitive landscape. Our ambition is to build a long-term relationship with our customers spanning 10 years with an 80% retention rate by capturing greater value from the second and third lives of our vehicles. In order to do that, we can draw on some very powerful advantages. First of all, our distribution network with 9,000 locations worldwide. Next, Mobilize Financial Services, which enables us to offer our customers tailor-made financing solutions and acts as a real driver of performance for the group. Next, we have our aftersales service, which is a key differentiator. In particular, we intend to leverage the connectivity of our vehicles to reduce our costs and to support our customers for longer throughout the vehicle's entire life cycle. And in order to do this, we are going to rely on the development of digitization and artificial intelligence. As you've seen, when it comes to the product, we are going to be ready. However, in order to succeed, that is not going to be enough. We also have to compete with the very best in the technological arena, especially our Chinese competitors. Thanks to future ready now, we have comprehensive road maps for all of the technologies that matter to us. Let's start with software. With the Traffic Van E-TECH, we will be the very first European manufacturer to roll out in Europe software-defined vehicle -- to roll out this software-defined vehicle electronic architecture. We will also be developing a new generation electric motors and bioelectronics, which will be produced at our [indiscernible] plant. We also have an ambitious road map for more innovative battery chemistries, which will improve range while at the same time, reducing costs. For hybrids now, our E-TECH hybrid technology is already #2 in Europe. We have chosen to capitalize on this lead that we have by extending the hybrid range in Europe beyond 2030 and also rolling it out internationally. We are building all of this on a very key asset, [indiscernible], our joint venture with Geely and Aramco. This will enable us to keep pace with major technological developments and also to reduce our costs by up to at least EUR 1,000 per vehicle. One of the major technological innovations in our plan is our new RGEV Medium 2.0 platform designed for our future C-segment electric vehicles. We know that once a customer switches to an electric car, they never go back. But in order for them to take that step, there are still certain barriers to overcome. The first of these barriers is price, which is why one of our priorities is to bring the price of our electric vehicles as close as possible to that of our ICE vehicles by 2030. The second hurdle is peace of mind. What am I going to do on long journeys? Well, our answer to that is simple. It's the range extender. For most of our customers, they will probably use it once or twice a year. But those moments do matter, and that should never be a barrier for people to switch to electric cars. And because a picture is worth a thousand words, the best way to introduce you to the strategic advantage is simply to show it to you. Here's the RGEV Medium 2.0. [Presentation]

So Jean-Dominique said earlier that our industry has now gone into a cycle that is more uncertain and tougher, more challenging. So in this context, there is only one path open to us to be the best at everything that we can control. And this is the third pillar of the Future Ready plan. So this means to begin with quality at the very highest level. So I'll come back to that in a minute. This means also shorter development times. Now with the new Twingo, we have demonstrated that this is possible, thanks in particular to ACDC, our advanced engineering center in China. We developed the Twingo in less than 2 years. From now on, this has got to become the standard for all our future vehicles. And we will achieve this at the [indiscernible] center with all of our teams and with all of our European suppliers. Operational excellence is also about the resilience of our organization. And in this regard, we are already future-ready. For example, as soon as the conflicts in the Middle East broke out, we were able within just 1 weekend to identify all the impacts and to prevent any disruption of our supply chain. So operational excellence is also about cost control and integrating ESG into our operations and deploying artificial intelligence on a large scale. So ultimately, operational excellence is really the driving force behind Future Ready. It is through this that we will be able to turn our strategy into results. And to give you a very concrete example of this, I'm going to talk to you about quality assurance. With Future Ready, Renault Group vehicles will be among the market leaders in terms of quality, not just on the first day when we deliver the car to the customer, but every day throughout the lifetime of the vehicle. In order to achieve this, we are scaling up our approach. 100% of all key manufacturing stages will be monitored by artificial intelligence with enhanced traceability, a much quicker response to alerts from the sales network and a widely available capability for remote updates to our vehicles. This transformation will enable us to go even further. First of all, we've already halved the number of incidents during the first 3 months of driving. We are now aiming for a further 50% reduction. Next, we will take a decisive step forward in terms of sustainability by reducing incidents during the first 5 years of the vehicle's life by 70%. Greater excellence in our operations. more customer satisfaction. That is our ambition. With future ready, we also want to take a further step towards integrating sustainable development into our operations. We remain committed to achieving carbon neutrality in 2040 in Europe and by 2050 globally. We've already reduced energy consumption in our factories by 25%, and now we are aiming at a further 25% cut by 2030. And we are set to step up our efforts in the circular economy, particularly through the future is neutral at our factory in [indiscernible]. But I'm not going to say any more about it, but I'm glad to show you these videos. [Presentation]

Now the fourth pillar of our plan is commitment, a mutual commitment, the one that we make and the one that we expect from our entire ecosystem. Obviously, I think first and foremost, here of our ecosystem in France because that's where our roots lie and because France is still the nerve center of our company. And because I know that for all of you, this really is a vital issue. Over the past 5 years, our commitment to France has not wavered by an iota. We have invested over EUR 13 billion there and stabilized operations at each of our factories. With Future Ready, we are reaffirming this commitment. We will once again invest a further EUR 13 billion over 5 years. We will develop 9 new models as well as 4 additional models for our partners. Over the next cycle from 2026 to 2030, if the conditions are right in the market, we plan to increase production at our plants by 20% compared to the previous cycle. Now before I go into detail about our commitments to each of our stakeholders, I'd like to invite you to meet on screen the people who are going to make Future Ready into a success. [Presentation]

Now all the faces that we've just shown you are those of future-ready, our teams, our dealers, our suppliers, our partners. They all have a crucial role to play. They are all very much on board with our plan. Now first of all, of course, first and foremost, our teams, our 100,000 employees. Now towards them, we have a duty of transparency. If we are to succeed, every employee, every team, every function has to know exactly where we are heading and how they can contribute. We take this commitment to clarity very seriously in our dialogue with trade unions. We also have a duty to support our staff. In an industry that is undergoing such quick transformation, roles and skills are evolving. Our responsibility is to ensure the long-term employability of our employees. And as I have said, the most decisive transformation is going to be that of our engineering department. And in order to make a success of this, the management team is not alone. We can count on our community of over 9,000 managers. It is they who every day represent the company's voice on the ground. And that is why we are going to be implementing a specific HR plan to support them and strengthen their impact. In order to make -- in order to succeed, we will also need our dealers and our network in at Renault Group, unlike most of our competitors, we have always regarded our network as a very major strategic asset. Along with our network, we want to take the customer experience to the next level while also improving productivity and better controlling fixed costs. On the ground, the situation is clear. We have to simplify. We have to digitize the way we work with our distributors. And this is what we're going to do together over the coming months. We are also going to need our suppliers with future ready. We are not just looking for just suppliers. We're looking for real partners. So this means more trust. We need to involve them at an earlier stage in the development of our vehicles so that we can achieve our cost, quality and deadline targets together by eliminating overly detailed specifications. It also requires greater transparency, gaining an overview of their value chain to secure our supplies and to build resilience. This is how we are going to improve our collective performance. Now to make future ready a success, we are also going to need our partners. And when it comes to partnerships, we follow three simple principles. The first principle, Renault Group does not need anyone else in order to grow and to achieve its objectives. Future Ready is a plan aiming for growth and independence. The second principle is that in Europe, we will retain control of our key technologies. And it is precisely the competitiveness of our ecosystem, especially our electric ecosystem that makes it possible for us to attract partners like Nissan, Mitsubishi and Ford. The third principle, outside of Europe, we will take a pragmatic approach. Wherever strategic intelligent partnership can accelerate our growth, we will seize the opportunities. This is the case, for example, with Nissan in India and with Geely in Brazil and South Korea. So in all, by 2030, future ready will enable us to produce more than 300,000 vehicles per year for 5 partner carmakers. Finally, we are going to build future ready also with all of you, our shareholders. With this plan, we will be demonstrating our ability to generate steady, solid and sustainable growth. We will invest this growth, first and foremost, where value is created in our core business, in our vehicles. We are going to be investing in our products. We will not spread ourselves too thin with costly low-return diversifications. Our priority is and will remain the product. This growth will also enable us to present a solid balance sheet and to reward our teams fairly and of course, to offer all of you an attractive dividend. With the support of the Board of Directors, we are proposing a dividend of EUR 2.20 for 2025. And in the medium term, our course is very clear. We want to offer you attractive returns and to gradually increase the dividend per share in absolute terms. Duncan, will come back to this in just a minute. It is now time for me to conclude. So I'd like to thank all the teams of Renault Group who have contributed to the development of this plan and who are now getting ready to bring it to life on the ground and to implement it. I would also like to thank the Board of Directors for its constant support. And of course, most especially its Chairman, Mr. Jean-Dominique Senard. Finally, I would like to thank all of you, our shareholders, for your loyalty to the Renault Group and for your trust and confidence in the rollout of our new plan. Future ready is a battle plan. It's going to enable the Renault Group to face the challenges ahead and to tackle them with energy. It starts now from 2026. It builds on our strengths and it gives us the means to scale up. We know perfectly clearly where we come from. We know perfectly clearly where we want to go, and we also know how to get there. At Renault Group, we are future-ready. Thank you very much, ladies and gentlemen. I'd like to give the floor now to our CFO, Mr. Duncan Minto.

Well, thank you, Jean-Dominique, and thank you, Francois. Good afternoon, everyone. I'm delighted to be with you today to present the financial results for the year 2025. And then we'll look briefly at sales trends and developments in the first few months of 2026. As Jean-Dominique and Francois have underlined, in 2025, Renault Group demonstrated its resilience and the strength of its strategy in a particularly challenging environment for the industry. And these results are the fruit of a major collective effort, and they reflect the robustness of our fundamentals, the success of our vehicles and the rigorous execution of our value-focused commercial policy, and they provide a solid foundation for the execution of our plan, future ready. Now let's start off with the business performance. In 2025, sales were up for the third year running to 2.3 million units. The three brands, Renault, Dacia and Alpine all contributed to volume growth volume growth driven by the expansion of our electric lineup, our hybrid lineup and the rollout of our international growth strategy. The Renault brand itself recorded its third consecutive year of growth, up 10% in the passenger car segment worldwide. In Europe, the Renault brand reached second place in the passenger car and LCV market driven by a 7.4% increase in passenger car sales and the strong momentum in order intake since the start of the year confirms this momentum. And Dacia also had a strong year. The brand grew 3.1% and passed the very symbolic milestone of 10 million vehicles sold in just over 20 years. It's also become the second best-selling brand in private customers in Europe with a 7.9% market share. It's even more than Toyota. And finally, Alpine continued its growth trajectory. The brand surpassed the symbolic threshold of 10,000 annual sales for the year for the first time. And these results prove one thing we're on the right track, and we started the year with a very healthy inventory level of 539,000 vehicles, and that once again reflects the success of our products. Group revenue was up 3% in 2025 to EUR 57.9 billion on a constant exchange rate basis, it was -- it would have been up 4.5%. The Automotive revenue per se was up almost 2% to EUR 51.4 billion, and that benefited from a positive volume effect, and that is in line with the rise in global registrations, but also a price and product mix effect of nearly 3 percentage points, and that's primarily driven by the group's value-focused commercial strategy, but also price increases to offset inflation and indeed, the success of new launches. Finally, a dynamic momentum in Parts and Accessories and in Used Vehicles as well also contributed to revenue growth. MFS contributed EUR 91 million in 2025 compared to EUR 69 million the previous year. And it should be noted that as of January 1, 2026, Mobility Services were reintegrated into the Automotive segment following the organization of its activities, as Francois pointed out. And then finally, our captive finance company, Mobilize Financial Services generated generated EUR 6.4 billion in revenue, an increase of more than 13%, and that was primarily driven by higher interest rates, but also an increase in the average amount financed per vehicle and of course, growth in the total number of cars with car loans. Now let's now turn our attention to the group's operating margin. In 2025, operating profit was EUR 3.6 billion. It's 6.3% of revenue. The Automotive operating margins stood at EUR 2.2 billion or 4.2% of Automotive revenue that accounted for 5.9% of revenue back in 2024. So this is down, but that decline is well, mostly due to an unfavorable currency effect, especially in Argentina, but also a less favorable product mix and fewer LCVs and more electric vehicles against the backdrop of increased commercial pressure and competition. But these effects were partially offset by higher volumes. And then in 2024, we had a positive effect related to the discontinuation of [indiscernible] depreciation and amortization since its de-consolidation. So [indiscernible] appreciation, amortization and margin are now recharged to us, but these two combined effects had a negative effect in 2025. And then finally, our Financing business, so therefore, MFS Mobilize Financial Services contributed EUR 1.5 billion to the group's operating margin. That is an increase of EUR 173 million compared to 2024. Let's take a closer look now at the income statement. This line, other operating income and expenses was negative, minus EUR 11.5 billion. Now what does this include? Well, you have the noncash loss of EUR 9.3 billion, and that is related to a change in the accounting treatment of our stake in Nissan as of July 1, 2025. And that aligns its valuation with Nissan's actual market price, but this has no impact on the calculation of the dividend paid by the Renault Group. But this also includes impairment charges on production assets or the charges related to vehicle development. That's a total of EUR 900 million plus restructuring costs, and that was EUR 400 million. And then the financial result, that was a negative EUR 208 million in 2025 compared to EUR 517 million in 2024. You have to note that hyperinflation in Argentina had less of a negative impact in 2025 compared to 2024. And then contribution of associates to the group's results was a minus -- minus EUR 2.2 billion compared to minus EUR 521 million in 2024. So you had minus EUR minus EUR 2.3 billion from Nissan. But as I said, as of 30 June 2025, the date of the change in the accounting policy, Nissan's results no longer affect the group's own results. Now contribution from associate companies also include a positive contribution of EUR 245 million that is from Horse Powertrain Limited. And then taxes accounted were an expense of EUR 522 million, including a EUR 24 million charge related to the exceptional surtax in France compared to an expense of EUR 647 million in 2024. Now the effective tax rate is 42% and the change in 2025 is impacted by the nonrecognition of deferred taxes on expenses and tax losses, especially in France. As a result, net income group share were minus EUR 10.9 billion in 2025. But if you leave out the Nissan impact, it would have been a positive amount of EUR 715 million. Now the Automotive free cash flow stood at EUR 1.5 billion, including EUR 300 million in dividends from MFS compared to EUR 600 million in 2024. The net financial position of the Automotive division reached a record high, plus EUR 7.4 billion compared to EUR 7.1 billion in 2024. This change to free cash flow generation includes EUR 697 million in dividends paid to shareholders, EUR 186 million in net financial investments and the positive impact of the acquisition and consolidation of RNAIPL in India, and that was EUR 76 million. So that's how we got to the net financial position. Let's look at the liquidity reserves, and they remained very comfortable at plus EUR 17.7 billion. In 2025, S&P Global Ratings upgraded Renault S.A.'s long-term credit rating to investment grade, BBB- with a stable outlook, up from BB+ previously. R&I and JCR in the first half of '25 had also raised the outlook on their credit ratings from stable to positive. And then finally, on April 7 of this year, Moody's confirmed also the positive outlook on its rating. Now against the background of downgrades for our main competitors, these positive developments underscore, in particular, the continued improvement in our operational performance and also the momentum surrounding our product offensive. So bolstered by these results and confident about the future, we are submitting for your approval the payment of a dividend of EUR 2.2 per share for the year 2025. As we indicated in Future Ready, our intention is to continue rewarding our shareholders with a gradual increase in the dividend per share in absolute terms over the medium term. Let's move on to the year 2026, starting with registrations. Global sales stood at 546,000 units in Q1, down 3.3% compared to the first quarter of 2025. But this decline is primarily due to temporary production and logistics disruptions at Dacia. Sales picked up again in March. And indeed, Dacia has a solid order book, and we're beginning to make up for production losses in the second quarter. Sales of Renault and Alpine are both on the rise. And in Europe, in particular, the group has confirmed its third place position in the passenger car in the LCV market. And then the group's revenue grew 7.3% compared to last year, reaching EUR 12.5 billion in the first quarter. And at constant exchange rates, it would have risen by 8.8%, in line with the average single-digit growth trajectory for group revenue as outlined in our Future Ready plan. But let's look now at our financial outlook. We confirm the financial outlook for the year 2026. Group operating margin around 5.5% of revenue with the operating margin for the second half of the year higher than H1, in line with typical seasonal patterns. And Automotive free cash flow should stand at about EUR 1 billion. 2026 will be a year of resilience in a complex and challenging external environment before the full effects of our productivity plans can be fully implemented. Regarding operating margin, revenue growth will be supported by international expansion, but also the ramp-up of sales to our partners and the growth of electrified vehicles and the full year consolidation of RNAIPL in India. Nonetheless, this will have a latter -- this will have a dilutive effect on the margin in percentage terms. Finally, cost control will remain -- will have a defining will be a defining priority in 2026 and beyond. And we won't stop there. In the medium term, we certainly aim to improve our financial performance, and that is the very objective of our new future-ready strategic plan. In a highly challenging market environment, group aims for steady and controlled value creation based on rigorous and realistic approach, and the goal is to ensure a robust operating margin and sustained free cash flow. We're looking at operating margin between 5% and 7% of group revenue over the medium term. The lower end of the margin forecast, you will note is significantly higher than historical margins. And [indiscernible] free cash flow of at least EUR 1.5 billion per year on average, again, over the medium term, does include about EUR 500 million per year on average in dividends from MFS, but we also expect to receive a dividend from Horse Powertrain starting in 2027. These targets reflect our confidence in our plan of future ready and indeed, in the group's ability to sustainably improve its financial performance. So well, thank you for your attention. And now I'd like to call on Mr. Bernard [indiscernible] from KPMG our auditor to present a summary of the reports from the Board of Auditors. Thank you.

Thank you, Mr. Minto, Mr. Chairman. Good afternoon, everyone. And on behalf of the Board of Statutory auditors, I'll show you a summary of the reports prepared for your consideration. These reports have been made available to you and are indeed included in form in the meeting materials for this general meeting. For the year 2025, we issued as many as 8 reports covering the annual financial statements, the consolidated financial statements, the compensation and the remuneration of redeemable shares, related party agreements, sustainability information and finally 3 reports on various transactions concerning the share capital. On the first report, we issue an unqualified opinion on the annual financial statements for 2025. And in line with regulations, we've outlined in our reports the key findings of the audit of Renault Group's annual and in consolidated financial statements. Regarding the annual financial statements, this is about the value of redeemable shares and related receivables. And we added a technical note regarding the effects of the first-time application of the ANC regulation # 2022-06 as set forth in the notes of the annual financial statements. And we also certify without reservations, the consolidated financial statements of Renault Group in 2025. There are now 3 key audit matters brought to attention in these consolidated statements. First, the recoverable amount of the Automotive sector's assets. The second report is on the change in the accounting treatment of the investment in Nissan, our stake in Nissan as of 30 June 2025. And finally, the expected loss on sales finance receivables. For each of these three items, we reviewed the accounting method and ensured that the -- that Renault's own estimates were reasonable and realistic. In -- as part of the Annual General Meeting, we also issued three additional reports. The first one is on redeemable shares. And there, we certify the calculation of the variable remuneration of the securities, make sure that this is in line with the issuance agreement. The second report is about related party agreements, and that describes the main characteristics and terms of the agreements which were notified between your company and its corporate officers or between the company and companies with directors in common. The agreements already approved by the AGM and whose implementation continued in 2025 are summarized and the agreements authorized by the Board of Directors during the past year and submitted for your approval are about the reorganization of the partnership between Renault and Nissan Motor Company and indeed, the continued implementation of the Renault Nissan Mitsubishi Alliance. So there are 4 agreements, and they were all entered into on 31 March 2025. You have the umbrella agreement, the termination agreement for the Ampere investment agreement, the second amendment to the Framework Agreement and the second amendment and restatement of the new Alliance Agreement. And then the third report is about sustainability. Now our purpose is to provide limited assurance on Renault Group's sustainability, and it covers three areas. First, the compliance of the double materiality analysis as implemented by your company to assess the information provided, the compliance of the disclosed information with sustainability standards known as ESRS and compliance with the information disclosure requirements set forth in the taxonomy regulation. So for each of these three areas, we present the nature of the checks, the verifications we performed, but also the conclusions we arrived at and in support of these findings, the items to which we paid particular attention and the procedures we implemented. In summary, we didn't identify any material errors, admissions or inconsistencies regarding the compliance of the sustainability process or information with the ESRS and compliance with the taxonomy regulation. And so we can certify each of these three areas without reservations at all. And then finally, regarding the extraordinary portion of the general meeting, we issued three special reports concerning regulations that may affect the share capital or [indiscernible]. These transactions are consistent with conditions set forth in the Commercial Code and our reports contain no specific remarks or observations to bring to your attention. Chairman, ladies and gentlemen, thank you for your attention.

Thank you, Mr. [indiscernible], for this presentation, always clear and short and that reflects the good work of your teams and us at Renault, we have been working in good spirit. And now ladies and gentlemen, it is now for Pierre Fleuriot to give you a presentation of the committees of the Board and of course, the committee -- the Compensation Committee. Pierre, it's all yours.

Ladies and gentlemen, dear shareholders, in my capacity as Chairman of the Governance and Compensation Committee and indeed, Lead Director, it falls to me to present to you a summary of the Board's activities and the compensation arrangements for the corporate officers. Let's start with the activities of the Board. It has been very intensive this year. We met on 14 times compared with 9 last year. And the committees met as many as 16 times compared with 15 last year. So this illustrates the number of meetings and the intense activity. You'll have detailed information on the activities of the Board. But the year 2025 was marked by 2 -- well, 2 events that involve the Board. First, the change in governance and indeed, strategic directions. And so let's look at governance first. As you know, we had -- well, midway in 2025, we had a new CEO. In fact, we had three. The first one, of course, was Luca de Meo, who stepped down on the 15th of June, effective 15th July. The Governance Committee started looking for replacement immediately. Now in its annual reviews, it had already been working on a possible successor. And so we had a number of profiles, and we started working on that immediately. Now as of 15th July, we appointed an interim CEO, Duncan Minto, who is here, and he covered the position until such time as the new CEO was appointed. That was François Provos, who was appointed on 31 July 2025. Now after this selection process, and you can see this was fast and efficient. So his appointment on 31 July was a co-optation, meaning that the Board appointed him to stand in for the vacant position that as directed by Luca de Meo. And so that made him a director until this AGM. And so this appointment is being put to your vote in Resolution #10 to ratify this cooptation, which will then will enable Francois to remain as a director until the end of 2027. Now 2026 will be the last year of my term. My own succession has been organized. First, you have the proposed appointment of Marie-José Donsion, who is with us in the auditorium, and she will stand in for me as a member of the Risk and Audit Committee. In my capacity as Lead Director, Bernard Delpit, who's also in the audience, who will stand in, and he will also be my replacement on the Governance Committee. And finally, the Governance Committee will also have Annette [indiscernible] on board, and she will then joined the committee to replace [indiscernible]. [indiscernible] is now -- was appointed as Director last year. So all the positions now are filled and will be filled indeed when my own term comes to the end after this AGM. Then finally, we have a director, women on board. There is a principle of strict gender balance, and that also includes employee representatives. You have 3 employee representatives on the Board. And so one of them -- of the 3 has got to be a woman. And so -- and this is -- we arranged we actually have a resolution now to amend our articles. And so Sebastien Jacques to get upon himself to step down. And so this will become effective after this AGM. And so there will be an election in May for a new member to replace him. And that, of course, will be a woman. I'd like to thank Sebastien Jacques for this initiative and indeed for his contribution to the work of the Board. Thank you. And now let's look at our strategic priorities. And so this is the second main line of activity of the Board. Now there were a number of agreements that had to be reviewed and in particular, our agreements with Nissan. You may remember that Renault took back or bought back 50% of Nissan's stake in India, but also the provision of vehicles for Nissan. So we have a new CEO now and a number of strategic directions were revisited or updated as it were. And so we, in particular, revisited our partnership with Geely in Brazil, and Francois mentioned this in his own presentation. But also we reviewed and monitored the financial situation of [indiscernible]. This is a joint venture we have with Volvo, and Francois also mentioned that. We reorganized a number of branches, including Ampere, but also Mobilized Beyond Automotive. And then the review of Alpine's strategic road map. And so Board was very much involved in this in preparing the new medium-term strategic plan, and that was disclosed on the 10th of March. And indeed, the committees of the Board, including the Strategy and Sustainable Development Committee chaired by [indiscernible], but also the Audit Committee chaired by Bernard [indiscernible] were both very much involved in finalizing that plan that became -- that was published and was indeed very well received. And indeed, now we are implementing this very plan. And now let's move on to the second part of my presentation and the draft resolution on the compensation of corporate officers. So this is, of course, our Chairman, Jean-Dominique Senard, the CEO and the directors. So the compensation of the Chairman of the Board, you have EUR 450,000. This is the fixed compensation that has remained unchanged at the beginning of his term. You also asked to vote for the 21st resolution, which provides for the self same amount, EUR 450,000. We move on to the 2 CEOs because -- well, there was the interim CEO, Duncan, and then Francois who is now there on a permanent basis. So well, first, we start Luca de Meo. We had to have Luca de Meo's compensation on a pro rata basis from the January 1 to 15 July for Luca Mo. So you have this figure, EUR 914,000. Now that's on the pro rata, it should have been -- well, it's a pro rata on EUR 1.7 million that had been approved last year by the AGM. And the variable portion, so the maximum would have been 225%. The actual attainment rate was because there are a number of financial criteria that were not met. So we arrived at 89% achievement rate. And that, again, on a pro rata basis, you arrive at something slightly above EUR 813,000. And then the performance shares that were attributed in 2023, '24 and '25 are therefore canceled and there was no severance compensation nor did we in invoke a noncompetition clause. That was for Luca de Meo for Duncan Minto, so that was the period from 15 July to 30 July. So he had an additional EUR 300,000 on a pro rata basis that came to EUR 13,636. So that's for about 2 weeks, plus a variable component of that complement -- that supplement rather. That was also on a pro rata basis, and we stuck to the same achievement rate as Luca de Meo, 89%. So that came to about EUR 12,000. And then the third compensation package for the year 2025, that Francois approval from the period from 1 July to 31 December 2025. So his contract provides EUR 1.2 million on a fixed basis. On a pro rata, you get EUR 504,000 for the fixed part, about EUR 398,000 for the achievement rate. That was 79% out of 200% rather than 225%. So you may remember for Luca de Meo, it was 89% out of 225%. So this is 79%, and that comes altogether to performance shares, 31,250 performance shares and the -- this is based -- this is pro rata on the base of EUR 75,000. And of course, the value will be considered over 3 years. So you have the compensation package. So it's EUR 1.2 million, 200% variable, EUR 75,000 performance shares and then post-term benefits. Under the performance conditions, we have 2 adjustments, minor adjustments. Number one, one of the criteria known as ROCE, that is return on capital employed. That criterion came from compensation for short term to long term. And then we have another criterion, and that replaces another criterion, which was a reduction in variable and that used to be long term, and now it's short term. So we switched -- I mean, the criterion ROCE and variable costs as it was switched positions between long and short term. And then there's another criterion, total shareholder return, TSR. So that accounted for 25% of the compensation. So that bonus is now focused on a single criterion comparing Renault's performance in terms of shareholder return, compared that with a benchmark in the automotive industry and suppliers. And so we have a basket of other companies to compare with. And then the directors themselves for the year 2025, but also for 2026. So would you have it up on the table now. People used to this will recognize this because this table is identical -- has been -- has remained unchanged since 2024, but you have a fixed part of the fees for directors and then a variable part. So we look at attendance rates and then a special compensation for chairs of the committee and for the Lead Director. Now this -- we had a total envelope of EUR 1.067 million. And so that accounts to about 71% of the total budget. So the full budget was EUR 1.5 million. That was decided in 2018, and it has remained unchanged since. So that's resolution #16. And then resolution #23, that's the last one, and that is for the compensation for directors for the year 2026. So you have the same schedule identical to 2025 and indeed has remained unchanged since 2024. This is my final statement in this meeting. I'd like to thank the Chairman of the Board, Jean-Dominic Senard, and all shareholders for giving me the privilege to work as Chair of the Governance Committee and as Lead Director. Many thanks to you all.

Thank you very much, Pierre. And I'd like to take advantage of this opportunity to highlight how much Pierre has contributed to the life of your company. So Pierre has, over the last 8 years, been through all of the adventures of Renault and heaven knows that there have been adventures. And certainly, I know what I'm talking about. He's always been with us. He has always proved to have a lot of the capacity to stand apart and look at things objectively. And he's not just worked for Renault as a member of the Audit Committee, as a member of -- as the Chairman of the Committee of Compensation and Benefits and also the Lead Director, which is quite a heavy role. And he has been voted back every year, but he also worked for Nissan. He was a member of the Nissan Board up to last year. And I can witness to this personally because I was there with him. We both attended Board meetings, and we were -- he was a member of the committee for appointments and nominations, and he was extremely careful to protect all the relations. The interest of Renault, but also to create the best possible relationship with Nissan. So very often, these meetings took place after hours and hours of air travel and sometimes at 4:00 a.m. in the morning, and they lasted for a long time. And we managed to energize each other. And really personally, I owe him a lot because he's helped me so much to think things through properly. And I think you will all agree that we can express in the name of the group and in our name for our real gratitude. Thank you so much, Pierre, for all of this. And now we come to a moment, which is an important one in this meeting, which is the discussions that we are delighted to be able to have with you. And I wanted -- before we start the Q&A session, I wanted to inform you that answers to the written questions that were sent to us by post by certain shareholders have been put onto our website. So you have the written answers there. Quitterie De Pelleport will now outline a few guidelines to ensure our discussion runs smoothly. Thank you, Quitterie De Pelleport [indiscernible] tell us what we need to know, please?

Well, in order to ensure that the largest number of you can ask your questions, we are going to take direct short questions for a minute each. And if you ask questions, please come out to the end of your row and the hostesses and hosts have microphones, so please ask for a microphone and you can ask your question or make your comment. Jean-Dominique, you have the floor again.

Well, that was strict, and we are counting on all of you to follow them. So let me remind you that the Shareholders Consultative Committee -- and the shareholders' Day obviously does make it easier for us to exchange information with each other. And last year, when -- the last day that we had for shareholders on the 1st of April, Francois and I were able to have a direct dialogue with many shareholders, and that's really important to us. I'd like to show you a few pictures of that day. It will show you what the atmosphere was like. [Presentation]

Okay. So that really was a very interesting day. So what I suggest we should do is start with a question sent in by one of the members of our Shareholders' Advisory Committee. I think it's Mire Luca.

Yes. Hello, everyone. We'd like to thank you for the presentation of these results and the encouraging prospects. So here's a question that the Shareholders' Advisory Committee decided to ask. Renault developed the Twingo in 2 years in collaboration with Chinese partners. Is this your model for developing future vehicles? And would this not result in staff cuts in the engineering department?

I'm going to give the floor to Francois to answer this first question.

Well, yes, as I said earlier, we have a development center in China, as I was telling you, to try and learn how the Chinese carmakers have managed to get such an advance on us in terms of technology. So with the Twingo, we were able to learn this. And the whole challenge of future ready is to be able to extend that knowledge to all the other cars we're going to build at the Techno center with our teams and with our suppliers. So the transformation of the engineering department is really at the heart of the transformation of the group in the years to come. And above all, it is -- it means it's one ambition. It means that we have to prove that we can actually do this in Europe. So this is, of course, the battle is about skills. All of our engineers need to be able to adapt to these new ways of working to the new technologies that are coming in, batteries, software, electronic components. And this is -- we have to change the way we work, for example, with our suppliers. So after having for many, many, many years, learned to make cars in 3 or 4 years, we now have to manage to do it in 2 years. And then this also means that our engineering and technical centers have to be specialized because so far, they were all developing new models, and we then had to rationalize. So we are going to change this. We are concentrating the heart of our engineering in France and especially for the new technological road maps. So it's true that when we talk about the transformation of our engineering department, obviously, the press immediately start talking about layoffs. But above all, we want to prove that a European company like ours is able -- capable of being at world-class level in terms of engineering and development. And we are doing this in an open and transparent manner with the support of our trade union partners, but we have to do it in the right order.

Yes. Thank you very much, Francois. And you can see that for decades, our Asian counterparts imitated what we did. And now we are doing the same to them to try and catch up what we can catch up. And what François ois has said is very much the path we're going to follow. Okay. We can take a question in the room. We can take a question mic #5, please.

Hello, Mr. Chairman, [ Denis Branch ]. So you talked about the fact that you only have a year left, but you didn't really say what's going to happen about governance in the future. We want -- what are we going to do to ensure that the separation of the two functions should continue? And what would be your recommendation on the new organization?

Well, obviously, we are going to start discussing all of this in the weeks to come, but there's no emergency because we've got a year ahead of us. But to answer your question, of course, it is the group's governance team that will take the decision. I will say that today, our governance is working pretty well. And we've seen that the separation of the functions was useful over the last few months. So I think we are going to go -- continue down this road. But for anything else, it's a little too early to talk about it, but I hope I answered your question. Okay. Let's take mic # 4.

Hello, Mr. Chairman, [indiscernible], and I'm the Secretary of the Renault Share Fund. In this very turbulent time, we are going to have a subscription for shares and that decision is coming up, and it may be a difficult decision. Could you maybe to guide us, tell us what you think a shareholding employee. How would you define a shareholding employee?

Well, yes, you're right. We could have mentioned this earlier, says, Mr. Senard. The question of employee shareholding is a vital one for us. Over the last few years, we've very clearly set out to achieve a rate of at least 10% of the capital of the company held by the employees of the group. We are at about 6%, I think. And we've improved because it used to be 2.5%. So we haven't got as far as we wanted to, but we're going to continue. And we will carry on year after year until we achieve this goal. And I think -- I hope that in the next 3 or 4 years, maybe 5 years, I hope we will achieve this objective. I think it's really important because this group does actually belong to its employees in a way and the fact that it should belong to them in terms of shareholding is part of basic capitalism, I think. And we've always done what we could to encourage this. And I promise you, we are not going to give up on this. We are determined, and I just hope that it will happen easily. And I do speak to the association of employees -- shareholding employees very regularly. And I think for them, it's really important. And I think everyone and the Board as well, they all -- everyone here shares my point of view because given the kind of times that face us, the robustness of the social capital of the group is extremely important. It's one of our big advantages. Thank you very much. Okay. Let's take mic #3, please.

I have a question. I'd like to know whether Renault is going to keep its margins or increase them because you're going to sell fewer cars than before in a very competitive market?

Yes. Thank you very much. Francois, maybe you can -- we could just reaffirm what you said earlier.

Yes, you're right. I did say that there was a lot of pressure on prices, competitive pressure. This has been obviously created by the arrival of our new Chinese competitors onto the European market. And what we are doing really is to concentrate and reduce our policy of platforms. So we are going to have fewer platforms. We've restructured engineering. We've very clearly set up across car line, which means that the modules that are key, for example, the cockpit, things like that, we need to have very, very strong [indiscernible] at the right level of cost. And for this where we put the value of our -- for our customers in each car, depends on what kind of existing modules we can use and we can set that up per model and per type. So if I take the example of platforms, we have one dedicated electric platform for small cars like the R5. The new platform that I showed you earlier for the C segment, which is also going to be electric and electrified through the range extender. And then we have the RGMP, which is our multi-energy worldwide platform. It's for Dacia and it's for Dacia in Europe and Renault outside of Europe. So as you can see, we've really -- we have a much more healthy policy for platforms. We've streamlined everything, and we can focus our investments on the things that really are -- do add value for our customers. For example, design, and that means we can distinguish our brands from each other and distinguish our products as well. I'm often asked a question about electric cars. It's true that we have a lot of margins. We have a lot of problems, sorry, on the margins for our EVs. But every car is more -- we have a better profit margin on each car compared to its earlier version, so -- or the earlier cars. So for example, the -- if you compare to Megane and Scenic, which are in the C segment, but which were our first electric cars, did not have a great margin, but our margins for the R5, the R4 and the Twingo are better, although these are smaller cars, they're in the B segment. And we need to maintain these margins. We need to be able to invest in the long term in our products.

Yes. Thank you very much, Francois. I think we've answered your question. Let's go to the other side of the room again. and we'll take #5.

Good afternoon Mr. Chairman, good afternoon, everyone. I understood that Renault wants to be ready for the future. But Mr. CEO, what I heard from you actually made me feel a bit giddy because in my memory, I'm thinking of all the problems that have struck your competitor, Stellantis, which was far too ambitious earlier last year, and I'm very happy to not be a shareholder with Stellantis. So I agree with an earlier shareholder is that I'm very glad that it's -- there's a double dual hedge to Renault. And I understand Mr. Provos that you are very ambitious. That's part of your rule. But I'm also very happy that there should be a Chairman who can mitigate any excessive ambition. So I'll give you an example in the production of electric cars. Stellantis is really putting the brakes on, but Renault is speeding up. So for a shareholder like me, it's a bit paradoxical. You wonder what's happening, and I don't really know what to think. So I'd like you to reassure us on this, please. Why has Renault decided to go in the opposite direction to what its competitor is doing. And the second thing is I have this brochure, the invitation brochure that I had to print out. I had to print it out, but I have a request for you. I know you can't give me an answer today, but I really hope that Renault will think about whether or not from next year onwards, if a shareholder asks for it, could you send them a printed brochure? Because I do admit that there are shareholders like me who are much more comfortable with paper than with a digital version.

Yes. Thank you very much. Yes, certainly, we've noted that, and we will take that into consideration. I promise you. I do understand. And I will let Francois answer the question that you asked about Stellantis, but you know that we don't really make comments on what our competitors do. But I suppose Francois can give you a more general answer. It's very nice of you to say that I keep a sharp eye on any extravagances, but I assure you that with my -- with Francois today and his leadership team, my role is very much -- has been made much easier. It's really very [indiscernible] actually now for me. Francois?

Well, yes, when we presented Future Ready on the 10th of March, many of the journalists said to us, you're the last ones to still believe in the electric vehicle. And 2 weeks ago, we were launching Future Ready in India and journalists as well, of course, they were Indian journalists, but they always think the same thing. So are you sure you want to slow down on electric cars because the Middle East conflict had broken out between the two. What -- what really sets us apart is that we take a decision and we stick to it because electric cars are not just good because they happen to be the fashion. It's because they are the best solution for our customers. Our customers who have switched to electric cars will refuse to go back to ICEs. Of course, we have to ensure that the prices are lower, and we have to be able to give people the confidence that little by little, they will learn that you don't run out a battery that easily. We think that electric vehicles are positive. We think that the electric cars and the mix will continue to grow. I think that -- I think 2035 is crazy. But in general, electric cars is a very good idea. So -- and we saw immediately with the price of petrol that has gone up, we have electric car sales that have increased. And we haven't changed our minds even since then. We think hybridization is a good idea. That's why we've got a second pillar. And we will always keep plan A and Plan B with the long-term idea of achieving 50-50, 50% electric vehicles and 50% hybrid vehicles. And all of this is happening. It's all working out in this context that we can all see is so uncertain where the European Union decides what is good for the customer. The leadership team and I believe that you need to think about your customer. And everything we've put into the Future Ready plan, we are thinking of our customers. We think that with range extenders, many, many, many families will be ready to switch to electric cars. And we have at least 60% of people who have family cars who after 2030 will be able to switch to either electric cars or range extender cars. And they'll realize a little by little that it really is not a problem, the range. And there are many people who cannot charge their batteries easily or they will -- they don't want electric cars. Well, in that case, our offer will still be great for them. So we are going to stay consistent and coherent with our choices. We are not going to switch one day to all electric and the next day to all diesel. So I think that it's the customer whom we keep in mind when we make the choices for Renault Group.

Yes. Thank you very much, Francois. It's true that the -- all these questions about electric cars. The current situation certainly does send us some very strong messages on electric vehicles. But you have to keep in mind that 100 kilometers in an electric car compared to 100 kilometers in an ICE costs you half as much. So these are elements that people are realizing, and that is why there might be a change of paradigm on that. Okay. Let's take mic #4.

Yes. Hello, sir. Hello, everyone. So this is the ninth AGM that I've been to in the year. And it's the first time that I've not been asked. I've been told that I couldn't kept the consolidated accounts. I really insisted and sometimes a co-legal officer from Renault came and said to me, well, we don't give those anymore. And I said, well, these documents have to be placed at the -- has to be given to shareholders. And he showed it to me under [indiscernible]. And he said -- I said I would like to have a copy, and he said, no. So the documents are there, but you can't really look at them. So Mr. Chairman, seriously, how can this kind of thing happen? Don't tell me that it's about the planet or CO2 or paper or anything else because the more trees we plant and the more we cut down and pulp, the better it is for the planet. So I don't -- really don't think that you should refuse to show shareholders the audited consolidated accounts. So my second question is the dividend. I'm very happy to get a dividend. But is it really reasonable given the context that we're in today and the big losses of Renault, I know that the state is heavily present in your capital. I know that the French state needs money. And in fact, the French state is dying to gobble up anything it can get. So I think would it not be a better idea to keep the cash in order to invest when times are tough?

Okay. Thank you very much. Thank you for your question. I'm not going to talk about CO2 or plastic, but consolidated accounts are public. So I don't see why you shouldn't be able to consult them. I really don't think there's any reason to not let people consult these accounts, right? Quitterie, our Chief Legal Officer, will confirm this. Well, so I think you're referring to the universal document, and it is published. It's on the website. So if you want, yes,

But I'm coming here, so I'd like -- I would like to get the document before the AGM. So I can ask questions.

Yes, I do understand. Very clear, very good. I'm sorry if you were frustrated -- just we will try and make -- do better next time. Now for the dividend, what I can say is that our whole Board was unanimous on this decision that was taken because I do believe that for our shareholders of whom you are one and for your loyalty and you said this is your ninth AGM. So I understand. I'm glad that you're loyal to us. So the dividend is really important for the life of the group. We are asked very often for a dividend. So your perception is very reasonable. And there are circumstances when times were difficult, we did not give out a dividend. You may remember, we stopped giving our dividends because we were in a very bad situation. COVID didn't help us in any way, and we decided to stop distributing the dividend. But then we started again. And very sincerely, the level that we are handing out is very reasonable. We have some shareholders sometimes who ask for a lot more. And they say, well, otherwise, why don't you buy back our shares and all that. And we need -- we try and be -- we try and resist that because we need to be coherent. And if you do international comparisons, you'll see that what I'm saying is happening everywhere. Obviously, if we thought that there was a major risk on Renault over the next few months and years, we wouldn't be saying this to you, but that's not the case. You have understood that we really are confident in our future over the next few years with what we've set up. So I do -- I have heard what you said. You've been very cautious and prudent, but we consider that what we are doing is also prudent, but it's really important to build loyalty with our shareholders. Thank you very much for your questions. And I suggest we take mic #3.

Hello, everyone. Mr. Chairman, you reminded us of the race wins by Renault and Alpine in history. I'd like to know what exactly is Renault going to do about motor racing because last year, Mr. de Meo told us would not simply be an also [indiscernible] in motorsports.

Yes. Thank you for your question. Maybe Francois can answer it.

Yes. When I looked at this subject, my first priority was to try and stabilize Formula 1, our Formula 1 department because it was in a very, very tough situation. And I hope that you will see that the results will bear out what we have done with the management, and we hope you will see the results -- better results this year. We were kind of scattered over all sorts of motorsports, but we didn't -- we were not talking up the right kind of results at all. And apart from Formula 1, the rest of the motor autosports corresponded to about 1 vehicle per year. And so as the MD, my -- it was my job to make choices. And so I had to give priority to a product. And I knew we couldn't do everything. So we announced that little by little, we would prioritize Formula 1 and just concentrate on Formula 1. And I hope that next year, you'll be able to tell us that we were not also [indiscernible].

Yes, all the more so because this year, they've changed the rules as well. Francois knows a lot more detail about this than I do, but it certainly hope makes us hope that with a new engine and with a new car, we will perform better. We -- fingers crossed, of course, but we all hope for the best. Thank you very much for your question. Now let's come back here to mic #5.

Yes. Hello, everyone. I have a question. Today, as an employee of Renault and as a shareholder and as well as somebody who drives an electric vehicle every day, we've had to put up with the crisis of the of -- in the Strait of Hormuz every day, and we've seen that it's true people are buying more electric vehicles than before, but there are a few customers who are still holdouts. And as customers, as employees, we try and convince them, but it's very difficult because range really is something that people are afraid of. And what you presented earlier, the range extender, I think, was very interesting because I hope that, that will really help us to break into the market. And I'd like to know when exactly are these RE-EVs going to be on the market.

Yes. Thank you. We'd like to present all of -- we want to develop every car we develop in 2 years, so in 2 years' time. So maybe next year, we will tell you it's going to be even faster. No, no, no, no, no. It's a huge investment in terms of technology. So 2 years, 2 years. So as you can see, as you said, you told me to keep an eye on what's going on. And as you can see, I am. So I'm quite sure that the range extender will help people to accept electric vehicles more easily. Let's come back to mic #4.

I have 2 questions and a comment. My first question concerns the Gordini brand. What exactly do you plan to do with it? Because after all, this is a very prestigious brand. And given how things are going right now, Renault's sporty models are now called the Alpine version. I might suggest that the name of Gordini might be associated with maybe the sports versions of Dacia maybe, who knows, why not? What do you think of that? And what are your intentions from that point of view? My second question concerns MOTRIO. So I know that MOTRIO, I think, is a Renault subsidiary unless that's changed and concerns more than 1,000 garages that were very often earlier that used to be Renault workshops and garages. So on the one hand, does the general public not realize that it's Renault. Most people I talk to them, they've never even heard of MOTRIO, let alone know that it's a Renault brand. So do you plan the 1,000 or over 1,000 MOTRIO garages as sales outlets for Renault in the 9,000 dealerships that you talked about. Do these 1,000 or 1,200 MOTRIO outlets, do you count them as Renault sales outlets as well or not? And my comment now is -- now you presented -- you really presented the beautiful facade of the company. We were very good at it, but you did not present the back of the building. And there's a few rubbish dumps in the backyard, not just Renault, it happens everywhere. And I'm not trying to denigrate Renault or anything like that because this company fed me for 33 years, and I would like to really pay homage to the work that you're doing and the beautiful range that Renault has right now. But I'd like to know what about headcount? How many employees does Renault have? And what proportion of temp workers do you have in that? Because I've been informed that jobs are becoming more precarious within Renault. So there's a lot of temp workers. There's a lot of subcontractors. And they are working in illegal conditions. And 2, 3 years ago, the company had a legal problem for illegal labor. And this had happened before in 2004 under Mr. [indiscernible]. And it is -- has once again been taken to court for illegal labor. So that subcontractors who are integrated into the company, things like that. So please give me some details on this. And thank you very much.

That's a lot of subjects that you've mentioned. So Francois will start.

Yes, let's take them one by one. The Gordini brand, of course, we are keeping the brand. There's no doubt about that. There are no projects right now. We've got nothing that we are planning, but I noted your suggestion. The priority of the group is to make a success of Alpine. It's a huge mission. I don't know how many European carmakers are continuing to develop a premium sports brand in Europe. We are doing it, and that's what we are focusing on. The A290 is working really well. The A390 that we've just launched has also been very well received. You know that we are working on the platform that's also going to be renewing the A110. And that's what I want our teams to concentrate on to ensure that we are -- it is credible to have a French brand that is premium and sporty. MOTRIO. The 1,000 MOTRIO outlets are not counted as Renault dealerships. This network is working pretty well, especially in France. So we're going to continue with it. But from a more overall point of view, my priority is to reinforce the retention rate within the Renault distribution network and to resell the car for its second life. As you -- since you know us well, you know that we've always concentrated on customer loyalty during the warranty period. And I think Renault is among the best in that field, so the 4 or 5 years. And we've managed that as well for electric cars, we want to get back the cars for its second life and to be able to sell it again through the Renault network as used cars. And that means that this will give our customers affordable EVs, and that means that customers will have a much longer contact with us during the second life of the car. One of the things -- reasons why people don't buy electric cars, if you think, well, will I buy a 4-year-old electric cars because there's only 4 years left on the warranty for the battery. But now what will happen is that the customer will buy a used car within the Renault network, but they will start with an 8-year guarantee for the battery. So it's much better. So that's what we plan to do. But we're keeping the MOTRIO network up and running. Now as far as your last question is concerned, we do -- we are still keeping some temp workers in order to face up to the variability of the market. And sometimes it's difficult for us to recruit people in our plants. And every year, we recruit long-term contract holders in our plants. So we keep this balance. I can't comment on a concrete case, but it's quite normal that we are following up very, very closely the fact that we respect the rules and the laws and our human resources teams are very, very alert on that. And I'm quite sure that we are among the most virtuous and most benchmark companies in this field.

Yes. Thank you very much. I'm sorry, we've got too many questions. We have to move along, please, if you don't mind. So I'd like to ensure that everyone can get a turn. So thank you very much for your question. Now let's take 4 -- go ahead. Let's take mic 4, please keep it short. Please keep it short. Yes.

So one short remark. As an FCP unitholder, I'm surprised to see that we were not given the same level of information as other shareholders this year, contrary to what was done earlier. So will you publish the results and the turnover and the profit for each of the brands of the group, for example, Dacia and Alpine?

Yes. For the FCP units, I'll take the information. I didn't know this. I thought that everything was the same. I thought all elements had been transmitted at least electronically. Yes, by -- either by post or by e-mail. You should have received this. Maybe you could check whether you had a problem with the connection, but definitely, we look into it. I am astonished. Yes, we do communicate on volumes, but not on turnover. So -- and we don't plan to change that because I think the volumes do give you quite a clear idea of how our activity is evolving. So we don't communicate on the detail of the turnover figure within each model or within each brand. Okay. Should we take mic 3 now, please?

Yes. Mr. Chairman. In terms of production, in terms of the production tool, [indiscernible] said at the beginning of the week that there was an agreement apparently between Wondercraft and Mistral and Renault on the manufacturing of humanoid robots for use on the assembly line and also maybe outside. Could you say a couple of words on that, please, for us?

Yes. This is a really important subject and it's strategic for us. I was telling you that we were not going to diversify in all directions, but robotization is important because this, I think, is something -- is a sector in which we can contribute. I think we can also contribute in terms of scaling up of production, design to cost as well. And our partnership with Wondercraft has been extremely fruitful. And we do intend to reinforce it even further. And as far as Renault is concerned, we are going to start using these robots for industrial applications. And in fact, we've got a couple of robots, the very first ones that are being tried out on the assembly line on work in working positions that are very complicated with a lot of diversity and very bad economy. So the first thing is, for example, is putting in tires because you have to go -- you have to go and pick up different kinds of tires from different places and tires are extremely heavy. So this is really something that interests us. So I think that manufacturing on this subject, like on digitization, on AI, we are the best or at least among the best worldwide. I think I believe we are better than the Chinese. I think in manufacturing, we are ahead of them. And this is very much part of the way we modernize. We are modernizing our manufacturing. It's quite crazy to see -- it's amazing to see how this robot works. It's really yes, I have -- it's a very, very tough position. I know that. I know that. It is pretty impressive when you see how it works because it's interesting to have the industrial vision on this because it's certainly going to help us a lot. Okay. We are almost at the end. I can see that we are -- we still have questions, but maybe we'll take one last question or maybe very quickly two questions so that we can answer them. And then we will -- so let's take mic 4. And if that's quick, we'll take another one.

Yes. Mr. Chairman, thank you very much for your presentation. I have two quick questions. One concerning data and the other one on competition. So in 2027, I think in February 2027, we are going to have digital passports for batteries. And then it's going to be Renault as the OEM that is going to be completely responsible and accountable for all of the components of the value chain of the battery. So in that framework, you've signed a lot of partnerships and joint ventures with foreign companies. So I wanted to know within these partnerships, can you really guarantee the sovereignty of the data and the fact that Renault can access this data without having to be under any kind of proprietary protocol? And can you confirm that the traceability of cybersecurity of hosting and everything else is contractually signed and that they can -- this can be verified by regular audits, please? If -- very quickly for my second question, -- we have a partnership with the Chinese group called [indiscernible] for the manufacturing of battery blocks, I think, in recycled aluminum. And they're there in plants like Ruitz and [indiscernible], where Mobility is also present in present in [indiscernible]. And I have two quick questions for you on this. There was a communication on this subject asking French and European authorities to act very quickly to -- for the safeguarding of the European automotive suppliers. So if you signed a joint venture with a Chinese group and they are being subsidized by the Chinese government, how would you -- how do you reconcile that with the commitment that you signed 2 years ago for the manifesto of the competitiveness of this stream of the automotive stream so as not to destabilize the historic suppliers of Renault who actually played the game for Renaulution and helped to improve your work. So this is really something that the automotive stream is very worried about.

Thank you very much. So I'll just take one last question. And then I would have, I think, hopefully covered everyone, and then we'll answer all the questions at the same time. Please be -- please keep it short, please, if you don't mind.

Well, thank you very much. I've been a shareholder of Renault for very, very many years, and I'll keep this quick. The problem is the price. So the price of electric cars is really the first and foremost barrier. The Renault 5 is a great success, but it's at the same price as bigger sedans. You said that the price would go down, and it would -- after how many years is the price going to start going down? And concretely, for example, the Renault 5 is sold at EUR 30,000. How many thousands of euros can it come down by and when? That's my first question. And the second question also, I think, is interesting, I think, which my neighbor asked me to ask at the level of -- now for -- you have a defense branch. I'm sure that there's something that you can do in the defense industry because after all, the state is a shareholder. So have you got orders from them? And it's annoying. I'm sorry, it's because there's an echo in my ear says a gentleman. And what sort of things are you manufacturing? Those are my two questions.

Okay. Let's take all of these questions together. And let's keep it simple. You know that this is public. We do have a relationship with the DGA, which asked us some time ago to take a look at what we could do for machines or vehicles that could be used by our armies, and we are answering their requests, obviously. And right now, we are working on the DGA on projects for drones, for example. I'm sure you've heard about this. So -- and we are thinking about UAVs, obviously, but also on UGVs in association with partners, and this would obviously be for the French Army when we get the orders. But we have a great relationship with the state -- with the French state on these subjects. And I've always said that Renault would do always would -- always respond to a call to arms if the French state asked for it. Okay. Now let's take a look at electric batteries. Our strategy is not to make batteries, but it is to be part of the value chain. So we have a laboratory in [indiscernible], which has been completely transformed, and it makes it possible for us to test battery chemistry, different chemistries ourselves. It helps us to test the compliance of what the suppliers give us and also what the suppliers give to our competitors to ensure that we've got the best. And we do all we can to drive down the costs and also, therefore, ensure even more traceability for all of the elements that you pointed out. Now as far as cybersecurity and data are concerned, our strategy is to host -- most of our data in -- on the cloud, which is what most big corporate groups are doing. I mean there's definitely an interest in that. It's quite obvious because we are -- that's not our job. And also, as far as sovereignty is concerned, it's all hosted in Europe. Cybersecurity is an absolute priority. And in fact, it's an obsession. There's not a single month with the leadership team, and we don't have at least one session on cybersecurity. And the Board asks us to let them know all the time how we are doing in terms of cybersecurity. We take it very, very seriously. And this is not just an IT subject. This is a subject that's followed up very closely by the Executive Committee. Now [indiscernible], you may like it or you may like it, but -- or you may not like it, but they were the very first to install a plant to make battery packs in aluminum in France. You were talking about the diversification of [indiscernible] on big plastic parts probably. Of course, the choice of Renault is not really that easy in terms of competitiveness. Toyota makes all of its big plastic parts in its own plants. So we did think about it. But in France and in Europe, if you trust your suppliers, including OP Mobility, we decided not to bring that into question, but we have a panel of suppliers. And we expect all of our suppliers to be competitive. And we know exactly at what price we need to buy our plastic parts. And that brings me to your next question on our relationship with our suppliers. We've transformed our relationship with our suppliers because it used to be very transactional. But now the challenge because we know what the price is that we need to be at, but we have to start with the principle that some of our customers -- some of our competitors will probably have a plant, a screwdriver plant here, but all the parts will come from China, and we know the price in China. So our target cost is the prices in China plus immigration -- plus -- sorry, importing and assembly here. So the problem is how do we achieve this target. We have to work with our suppliers. So we have to do away with all the specificities that we had that really was difficult for our suppliers. And we are going to now do -- work with our suppliers in order to achieve the profitability that they need. Ask the suppliers, I'm quite sure that they are happy to partner with us. We are the first ones to have done away with the system of tokens -- and we are the only ones, I think we don't have any tokens with our partners anymore, and we work -- we regularly reimburse the investments that our suppliers make, and they know that they are going to be paid in cash very regularly. Now the price of electric cars. So it's true for electric cars as well as ICE cars. Europe is the only continent where the the market has not achieved the same level as it was before COVID. That's the only -- and the reason for that is because we had a tsunami of regulations that have added to the cost of our cars. So between now and 2030, there's going to be 103 new regulations that will apply to the automotive sector. And we, as Renault, we ask -- we are asking the [indiscernible] to change their software and to go from a logic of complete decarbonization with a lot of regulations and then people can't buy cars anymore to something that's a bit more reasonable where we can concentrate on driving down prices. And we are aiming to have a price of electric cars by 2030, which will be the same as that of a hybrid car. And you already covered the arms, the weapons.

Well, thank you, Francois. And the point Francois made about suppliers is quintessential. I took -- I mentioned the gamble taken by France and Renault's decision to place in France all the value added in the electric car business, and we do, of course, pay attention to that business. And our suppliers are very close indeed, many of them in France itself. The -- I mean, worst-case scenario would be for Asian OEMs gaining a foothold in France or elsewhere in Europe and using only Asian suppliers. And on that, let me be clear. It is, of course, essential that not just French, but European authorities should take a stand on that and have firm rules about suppliers. Having said all that, I'd like to thank you all for these -- all these questions, very astute questions and covering a wide spectrum of issues. And now I will need you, the shareholders, for the vote. And in terms of vote, well, you'll get your money worth as it were because there are many resolutions up for vote. And I will ask Quitterie to go -- to tell you all about the process and give you instructions.

Yes. Thank you, Chairman. And ladies and gentlemen, this meeting is called upon to be deliberate on 36 resolutions, of which 25 are ordinary and 11 extraordinary. Before presenting each of the resolutions, I'd like to tell you that the number of shares is 198,825,611 shares, representing 68.38% of the shares carrying voting rights in the ordinary meeting and 198,825,611 shares or 68.38% of the shares carrying voting rights in the extraordinary meeting, same numbers. Anyway, the quorum required for the validity of the proceedings of both the ordinary and extraordinary general meetings have before. Let's watch this video explaining how the voting device works. [Presentation] These are the usual instructions. I believe there is subtitled, but if not, it basically reminds you that you're supposed to press the green, yellow or red button depending on whether you for, against or whether you abstain. And you're supposed to switch off your mobile phones during the vote and return the voting boxes after the AGM. All right. Well, if you don't need any additional instructions, we start with resolutions in the ordinary part. Resolution 1 concerns the approval of the annual accounts for 2025, showing a loss of EUR 1,242,244,191.75. Let me remind you, these are the separate accounts of Renault S.A. and not the consolidated accounts of the Renault Group, which is the subject of the next resolution. Voting is now open. [Voting]

Voting is closed and the resolution is adopted. Resolution #2 concerns the approval of the group's consolidated accounts for the year 2025, showing a loss of EUR 10,794,555.31. Please vote now. [Voting]

Voting is closed and the resolution has passed, is adopted. Number three, allocation of the profit for the year 2025 and setting the dividend. The dividend is set as EUR 2.2 per share for the year 2025. The total amount would be EUR 637,648,741.40. The balance of the retained earnings after distribution will amount to EUR 8,588,740,357.46. Please vote now. [Voting]

Voting is closed and the resolution is adopted. Number four, take note of the statutory auditor's report on the factors used to determine the amount of the remuneration of redeemable shares. Please vote now. [Voting]

Voting is closed and the resolution is adopted. Number five, to take note of the information relating to the related party agreements and commitments entered into and authorized in previous years and whose performance continued in 2025 as described in the auditor's report. Please vote now. [Voting]

Voting is closed and the resolution is adopted. Moving on to Resolution #6 to approve the related party agreements entitled umbrella agreements entered into between the company and Nissan. On 31 March, Nissan will not take part in the vote. [Voting]

Voting is closed and the resolution is adopted. Number 7, to approve the related party agreement entitled termination agreement of the Ampere investment agreement entered into between company and Nissan on 31 March 2025. Nissan will not take part in this vote. [Voting]

Voting is closed and the resolution is adopted. The next one is #8. Again, the related party agreement, second amendment to the framework agreement entered into between the company and Nissan and Nissan, of course, is not taking part in this vote. Please vote now. [Voting]

Voting is closed and the resolution is adopted. The next one is called second amendment and restatement of the new alliance agreement entered into between company and Nissan on 31 March 2025. Nissan will not take part in the vote. Please vote now. [Voting]

Voting is closed and the resolution is adopted. Resolution #10 proposes to ratify the co-opting of Mr. François Provos as a Director to replace Mr. Luca de Meo for the remainder of the latter term of office, i.e., until the end of the 2027 AGM. Please vote now. [Voting]

Voting is now closed. Resolution #11 to appoint Mrs. Marie-José Donsion as an Independent Director for a term of 4 years. Please vote now. [Voting]

Voting is now closed, and the resolution is adopted. And I should like to congratulate Marie-José Donsion and welcome her to the Board. Number 12, to renew KPMG's appointment as statutory auditor for a period of 6 years. Please vote now. [Voting]

Voting is closed and the resolution is adopted. We move on to #13 to renew the appointment of Forvis Mazars as statutory auditor for a period of 6 years. Please vote now. [Voting]

Voting is closed and the resolution is adopted. Number 14, to renew KPMG's mandate as statutory auditor responsible for the sustainability assurance engagement for a period of 6 years. Please vote now. [Voting]

Voting is closed. Resolution adopted. We move on to 15 to renew the appointment of Forvis Mazars as statutory auditor responsible for certifying sustainability-related information for a period of 6 years. Please vote now. [Voting]

Voting is closed and the resolution is adopted. We move on to #16, and this is approving the information relating to the compensation to -- for the year 2025 for all corporate officers vote. Please vote now. [Voting]

Voting is closed and the resolution is adopted. We move on to #17 to approve the compensation paid during or awarded for the year 2025 to Jean-Dominique Senard, Chairman of the Board. Please vote now. [Voting]

Voting is closed. The resolution is adopted. We move on to #18 to approve the remuneration paid during or awarded for the year 2025 to Mr. Luca de Meo, CEO until 15th July 2025. [Voting]

Voting is closed. The resolution is adopted. #19 to approve the compensation paid during or awarded for the year 2025 to Mr. Duncan Minto, acting CEO from 15 July to 30 July 2025. [Voting]

Voting is closed and the resolution is adopted. Number 20, to approve the compensation paid during or awarded for the year 2025 to Mr. François Provos, CEO, with effect from 31 July 2025. Please vote now. [Voting]

Voting is closed. The resolution is adopted. Number 21, to approve the remuneration policy for the Chairman of the Board for the year 2026. Please vote now. Please vote now. [Voting]

Voting is closed and the resolution is adopted. Number 27, to approve the compensation policy for the CEO for the year 2026. Please vote now. [Voting]

Voting is closed and the resolution is adopted. We move on to 23 to approve the directors' compensation policy for the year 2026. Please vote now. [Voting]

Voting is closed. Resolution adopted. Number 24, to authorize the Board of Directors to buy and sell shares of the company for a maximum period of 18 months and up to a limit of 10% of the share capital. The authorization enables the company to implement its own share buyback program. Please vote now. [Voting]

Voting is closed. Resolution is adopted. We move on to resolutions falling within the remit of the extraordinary general meeting. Purpose of the 25th resolution is to authorize the Board of Directors to reduce the company's share capital by canceling shares for a maximum period of 18 months and up to a limit of 10% of the share capital. This resolution is linked to the previous one concerning the share buyback program. Please vote now. [Voting]

Voting is closed and the resolution is adopted. Number 26, to authorize the Board to increase the share capital by capitalizing reserves, profits or premiums. I'd like to draw your attention to the fact that the meeting will vote on this resolution subject to the quorum and majority requirements applicable to the ordinary general meetings. Please vote now. [Voting]

Voting is closed and the resolution is adopted. Number 27, to delegate to the Board of Directors for a period of 26 months, the authority to increase the share capital whilst maintaining shareholders' preemptive subscription rights. Please vote now. [Voting]

Voting is closed and the resolution is adopted. Number 28, to delegate to the Board of Directors for a period of 26 months the power to increase the share capital with removal of shareholders' preemptive subscription rights and with optional priority period in the context of public offerings other than private placements. Please vote now. [Voting]

Voting is closed. Resolution is adopted. Number 29 is to delegate to the Board of Directors for a period of 26 months the power to increase the share capital with removal of shareholders' preemptive subscription rights by way of private placements with restricted circles of investors or qualified investors. Please vote now. [Voting]

Voting is closed and the resolution is adopted. 30 is to delegate to the Board of Directors for a period of 26 months the powers necessary to increase the share capital in consideration of contributions in kind that may be made to the company. Please vote now. [Voting]

Voting is closed. Resolution is adopted. The first resolution is to delegate to the Board of Directors for a period of 26 months the authority to carry out capital increases reserved for the group employees who are members of the company's savings scheme with removing of the shareholders' preemptive subscription rights. Please vote now. [Voting]

Voting is closed and the resolution is adopted. Number 32 to amend Paragraph C of Article 11 of the company's Articles of Association relating to the procedures for appointing directors representing employees in order to comply with the new regulations on gender balance on Board of Directors. Please vote now. [Voting]

Voting is closed and the resolution is adopted. Number 33 is to amend Paragraph D of Article 11 of the company's Articles of Association relating to the procedures for appointing the director representing employee shareholders in order to take account of the new regulations on gender balance on Board of Directors. Please vote now. [Voting]

Voting is closed. The adoption -- the resolution is adopted. Number 34 is to amend Article 13 of the company's Articles of Association to clarify the procedures for the Board of Directors to take decisions by written consultation. Please vote now. [Voting]

Resolution is carried. We move on to #35 to amend Paragraph A of Article 11 and Articles 12, 13, 15, 17 and 25 and 28 of the company's Articles of Association, in particular to comply with recent legislative and regulatory changes. Please vote now. [Voting]

Voting is closed and the resolution is adopted. And finally, the 36th and final resolution aims to grant the necessary powers to carry out the legal formalities required following this AGM, please vote now. [Voting]

Voting is closed. The resolution is indeed adopted. And indeed, all resolutions have been put to the vote. The detailed results of the votes will be published on the company's website, and I now give the floor back to the Chairman of the Board to conclude this AGM. Thank you, everyone.

Thank you for this positive vote and many thanks to Quitterie for this before. And it's worthy of the Guinness Book of World Records, so many resolutions, some of them adopted. There's nothing left on the agenda. So the meeting stands adjourned. I'd like to thank you once again. And for those of you who wish to meet us personally, Francois and the leadership team to take a closer look at the beautiful cars here up on display, this is your chance. Well to anybody listening, this is the end of the broadcast.