SEB SA (SK) Earnings Call Transcript & Summary

Ladies and gentlemen, dear shareholders, good afternoon. Welcome to Pavillon Gabriel. I hope you like the venue for the Annual General Meeting. This meeting will be videotaped, it is being broadcast and will be available on the Group's website. I will be chairing the meeting with Stanislas de Gramont, General Manager; Olivier Casanova, in charge of Finance; Philippe Sumeire, General Secretary and Secretary of the Board of Directors; Cathy Pianon, who's the Vice General Manager in charge of Public Affairs and Communication. You can recognize them. We would like to say hello to the directors who are here, the members of the Board of Directors and Executive Committee and all the company's employees, and I would like to thank our statutory auditors for being here. The meeting statement was published in the Bulletin des Annonces Legales as per law on 11th of March 2026, and it was also published in the legal announcement Gazette. And the shareholders and the statutory auditors have been invited to attend the meeting. I will be the Chair of the bureau of the Board of Directors, and I would like to call the 2 members representing the largest number of votes. Please be the scrutineers, Mrs. Damarys Braida and Mrs. Caroline Chevalley representing GENERACTION and the other lady represents the shareholders. Ladies, would you like to do this? Thank you very much. Philippe Sumeire will be the General and the Secretary for this meeting. By the way, it is an important moment for Philippe because Philippe will be the Secretary for the last time. He's officially retiring at the end of this year. He joined the Group in '22. He was the Legal Director of Moulinex when we acquired Moulinex in 2001, and he became Secretary of the Board in 2011. And I think I can speak on behalf of the Board and all of the people working for the company. We all very much enjoyed his career. He's definitely a legal specialist of high quality, and he has beautiful vision on our activities and our work and our products in all the countries. And I'm very happy that I was -- had the opportunity to work with him for 25 years, and I would like to thank him for this collaboration. He will be attending the general meeting next year, but as a shareholder. As usual, I have all of the documents required by the regulations. All the documents were made available to the shareholders by the Shareholders Department and on the website according to the rules and regulations. Written questions from the shareholders were received before the meeting as we are authorized by law. And these -- we answered the questions and the answers -- and the questions are available on the website. Ladies and gentlemen and dear shareholders, this is your general assembly. It's a time to provide information and for the exchange with the managers of this group. We will start with a short introduction, which will be followed by the presentation of the 2025 results and first quarter of 2026, which will be delivered by Stanislas de Gramont. We will continue with the presentation on the Rebound plan, a project which should help us restore the profitable growth trajectory. We will then take stock of the situation regarding our ESG 2030 ambition, whereby we would like to anchor the environmental challenges within the heart of our strategy. We will come back to the highlights of the 2025 governance as well as the members of the Board and the various committees. We will then provide information on the resolutions on which you will need to vote. I will then give the floor to our statutory auditors, and they will summarize their report. The presentation will be delivered by [indiscernible], if I'm not mistaken, who is a partner in the Deloitte company. We will then have a question-and-answer session, and we will close with the votes on the resolutions. You have the resolutions in the documents you were given, the meeting opinion and the documents for 2025. What did I do? It is officially 2:37. I declare the General Assembly open. And I would like to ask Philippe Sumeire to share with us the provisional quorum figures.

With regard to the ordinary part of the general assembly, we have 1,430 shareholders who voted online, 1,944 gave vote to the President, 379 to the shareholders and 231 shareholders are present. So we have 71.7% of the capital present for the AGO and the ordinary general assembly and slightly less, 70.9% for the extraordinary general assembly. In order to be able to vote, the assembly should have at least 20% and 25% for both the general ordinary and exceptional assembly. So we have the necessary quorum, and we will have the final quorum before we vote for the resolutions. Thank you very much.

Now a short introduction. I would like to say that this year was unfortunately not up to our expectations. The revenue was stable, but the ORfA was down 25%. So we had to see our perspectives twice -- revise our perspectives and decrease them by 40%. As the Chairman of the Board, I would like to tell you that we are very much disappointed by what happened this year, and we are absolutely determined to restore the previous situation as quickly as possible. Before I give the floor to Stanislas, I would like to place SEB in our group in a longer perspective. And I would like to share with you a few things that we should keep in mind. SEB is the world leader of small domestic appliances. For more than 20 years, our growth has been above 7% per year in the long run. And this business was carried out for 70% with products or in geographical areas where SEB is the leader with 10% to 20% -- 10% to 15% market share. So we are highly profitable on a large part of our portfolio and the result on invested capital is higher than 15%. Therefore, there is a good balance between mature markets and emerging markets. Mature markets are more than 50% and emerging markets are where we are growing and will be growing tomorrow at slightly less than 50%. And we have a industrial presence of 70% -- 75% in low factor areas so that we can perform local activity for local markets and emerging markets, but also to produce simple products for our European sites in France, Germany, and France and Germany are mainly focused on high added value products. SEB has the capacity to develop further. We have EUR 1.5 billion of commercial resources and motor resources. Very few players have these resources available. We have a yearly cash flow of EUR 400 million, which means that we have the necessary capacity for industrial investments, 2% to 3% of our turnover every year. We are an industrial company. We have 48 industrial sites across the world, more than 15 of which are located in France. And we also have the capacity to perform acquisitions in order to enlarge our playing field for product categories and geographical areas so that we can strengthen our historical leadership and external growth has always been a part of our traditional strategy. And some companies we acquired when they were small like Supor, less than EUR 130 million turnover in China when we started negotiating. Now they have reached a mark of EUR 2 billion. All-Clad is more than EUR 200 million in turnover. Colombia [indiscernible], also small companies, EUR 60 million are now reaching the EUR 200 million mark or nearly. Acquisitions have always been a part of our growth strategy. So we have the necessary resources and very few players have such a sound basis. Third thing I'd like to say, I've made an observation. Our environment has changed deeply. Geopolitical issues and our core business. Geopolitical issues, obviously, there's nothing new. As early as 1998, we had been challenged by geopolitical issues. On 15th of August 1998, the Russian banking system collapsed and the euro, which was RUB 9 for dollar went to RUB 33. Cyril Buxtorf who landed in Moscow at that time to manage the company remembers it. So the whole Russian economy collapsed, and I had never witnessed this before. For several months, we had a negative turnover, which rarely happens to a company such as ours because we were actually buying back goods. We had -- taking back the goods we had sold to our customers because they couldn't pay for them. So that was the first serious crisis. There were also other crisis in Latin America and Southeast Asia. The Gulf war, the war in Ukraine that started in 2022, which obviously had a negative impact on us. But there was a world order, which was still under the American hegemony and China was mostly at the time looking after its own economy and Europe was still being led by the French, German pair, which we really wonder where they've gone. So there was some stability up to a certain extent. We are now witnessing and all the companies will be witnesses of this. We are witnessing the emergence of a world turmoil. We don't know what will happen. The war between Russia and Ukraine is coming into its fifth year. There is now the Middle East war, Iran, Israel, Lebanon, the Gulf countries with military but also economical consequences. 2 economic wars, the tariff war in the United States, which caused us issues in 2025, but we were not the only ones facing those challenges, which led to also some uncertainties with all economic players. There were the tariffs, but also nobody knew what was going to happen and how they would evolve. There's also the hidden conflict between America and China with lots of products landing from China to Europe. And there is also the economic situation with some currencies collapsing in emerging countries, and it's difficult to operate in such areas -- in areas such as Russia because we know the European Union has imposed sanctions. It's also a major element in the interpretation of the 2025 situation, where situation which Stanislas is going and Olivier are going to cover later. So according to what the Americans like to say, the world has become uncertain. You know the expression, VUCA, Volatile, Uncertainty, Complexity, Ambiguity. Welcome to today's world. It is a reality that we are facing and what we can do is try and understand how we can face the situation. The second thing I would like to dwell on is how is our business going to evolve. We hear that nothing happened for many years, and it's happening now. It isn't true. It isn't true. Our industry has been through some turmoil. A few years ago, modern distribution appeared, which replayed all the wholesalers with direct retail and direct trade and distribution, but also textile and toys and our industry have become delocalized. It started in the '70s and '80s in the United States, then it landed in Europe. And all our competitors transferred their production to cheap labor countries, including China. And for those of you following us for many years, in 2015, we saw the new brand -- distributor brands appearing with products that went from EUR 20 to EUR 5 almost overnight. At the time, the production costs for all the coffee makers and toasters were EUR 19. So can you imagine what it meant for us? It was a shock. And for those of you who were shareholders at the time and some of you may have been shareholders at the time, we had to close down some of our factories to adjust to the situation. And after the last few years, we have also witnessed a new evolution. Distribution has now become digital. We will see the figures later. More than 50% of retail trade is digital, 80% in some places. It depends on the countries, obviously. And the movement has been picking up speed since the COVID, but it questions all the consumption rules and codes. Now all these evolutions are -- have hit our industry very hard. Some of us resisted and SEB remain the world leader in spite of the turmoil, but some of the other players actually disappeared or went through a very difficult time. We are facing a new evolution in our industry. It's recent, but it is going to impact all our industry in Europe regardless of what we manufacture. And there will be new players with new characteristics, new features, players who -- forgive me, if I say this in English, but they are digital-native. They were born in the digital world. They think digital. And artificial intelligence, obviously, is involved. Two, innovation is almost exclusively coming from China, very often subcontracted. -- many people no longer have any innovation activities. They rely on a local network of suppliers. And some companies are fabless. They have no factories or very low-cost factories. They sell through platforms, no structures, no trade structures or very limited trade structures or sales structures, and they invest mostly in marketing activities. This is what we went through in 2025. like many of our competitors, the major competitors. What conclusions can we draw? What lessons can we learn? Our industry -- is our industry in danger? No, it isn't because people will always want to live a better life. People are prepared to spend money, a lot of money to celebrate, to have fun, to enjoy their family, to be in good health, to live a comfortable life and to simplify everyday chores. So we still have a beautiful future. And in mature countries with innovating products being developed and in emerging countries with the middle class going up. It's a generalized movement. There is a good correlation between the household equipment rate and the GDP per inhabitant. So now in our world, we adapt to the strategy, and there is the incentive of innovation more than the quality of execution all through the value chain. This is going to be a turning point. We have an advantage versus many of our competitors. We know the whole world. I mean, we have the biggest network. We have marketing resources available, research and development resources, production resources across all the continents, especially in China. China, which is the heart, the beating heart of the innovation ecosystem, production and online trade -- more than 80% of the world online trade and new methods and new ways that Stanislas will discover -- will describe with under the half hour delivery times, and this is still changing. So what we observe is that the model is -- inherited from the past is too complex. Our product diversity, our world presence is a major trump card, but there is -- it is very demanding because it needs to be controlled in a very accurate way. We need to be quick. We need to be disciplined, and this is absolutely vital. And this leads us to the Rebound plan that Stanislas de Gramont is going to explain, simplification, optimization, acceleration, reallocation of resources to go further and faster. Our growth engines are there, innovation, geographical expansion, new consumer needs, development of professional areas, which we are the world leaders for and a quicker and more selective and more efficient implementation. Our priority for 2026 and '27 will be to restore profitability quickly so that we can restore our operational standards with an operational margin in excess of 10%, which doesn't mean that we are giving up on our historic turnover growth standard, which we will need to restore once we have restored the profitability target so that we can go back to a 5% per year organic growth as we traditionally have had for many, many years. One last word for the Board of Directors and the shareholders. I would like to say that in this situation, the Board of Directors is extremely active. Obviously, we are there to make sure that the execution level is on the same level as the strategic ambition. Myself and all the directors are committed to reaching this target. And I would like to take the opportunity to thank all the shareholders, the family shareholders, the employee shareholders, our directors, independent directors for their commitment, the commitment they have shown throughout all of the meetings we have held since the beginning of the year and which we will continue holding until the end of the year. I will close my introduction by saying, ladies and gentlemen, dear shareholders, we will be able to rely on your long-standing loyalty and your legitimate demand. We are honored, but we also know that we have a responsibility we have to provide you with the financial results. And I would like to thank you for being here, and I will give the floor to Stanislas.

Thank you, Thierry. With Olivier and Cathy, we're going to review the results for 2025, the first quarter, and we'll be sharing with you some important information about the pickup in activity. Let me immediately start with a very short summary of 2025. We published our results on the 24th of February. I should not repeat what Thierry said for 2025, slight organic sales growth. This conceals some mixed results across a number of categories. Our sales have been up. E-commerce and online DTC across our own sites are very vibrant with 2-digit growth rates. So let's start with the 2. We have been facing cyclical headwinds due to currency effects and to what happened in Americas -- the tariffs in North America, the climate in South America and also base effects on professional, which have led to 60% decrease across the year. But besides these cyclical headwinds, we identified some structural elements that have been addressed by the Chair, which has prompted us to quickly launch the Rebound plan to structurally revive our activity, but I'll come back to this later. Now let's look at 2025. Let's quickly review the figures. Sales at EUR 8.169 billion, up 0.3% on a like-for-like basis. And ORfA at EUR 601 million, it's disappointing, down by EUR 201 million against 2024, which leads to an operating margin of 7.4% against 9.7% in 2024. So minus 2.3%, which has led to a net profit group share of EUR 245 million against EUR 232 million in 2024. But in 2024, we had the fine payable to the French competition authority. So the real comparison base was EUR 422 million. Net financial debt of EUR 2.342 billion, up by EUR 226 million against the end of 2024. And last, a proposed dividend that will be put to the vote of this general meeting, EUR 2.8 per share. It is stable relative to 2024. Now over to Olivier, who is going to explain this performance in detail and address the first quarter.

Thank you, Stanislas. Greetings. Let's start with Professional. As you can see, a drop in sales of 5.9% on a like-for-like and constant currency basis. 2 different quarters. The first half was strongly down. The comparison basis for the first half of 2024 was very high with very high sales with our main Chinese key accounts. And in the second half, a stabilization of organic growth. It was marked by a good performance in machine deliveries in Germany and China. We can also report a good performance in services in Germany, to a double-digit growth in Eastern Europe and in the Middle East. Despite that, customers are still in a wait-and-see attitude to professional customers in the U.S., mainly due to tariffs. As a reminder, there were 39% tariffs on the imports of our machines from Switzerland. Progress, however, strategically speaking, in 2025 with the strengthening of professional culinary with the acquisition of La Brigade de Buyer that occurred in the first quarter of 2025. As you know, it's a brand of premium culinary cookware professionals and for demanding enthusiasts. Now let's look at Consumer. Mixed performance here. Well, let's start with EMEA. Europe, Middle East, Africa, up 2%. Actually -- if you exclude the loyalty program, it's actually up 2.8%. Now, we can see the total markets are growing, 11 markets with growth above 5%, which is mainly driven by the success of our innovations. But some markets, specifically Germany, under-delivered. Eastern Europe, again, very high growth above 10%. So much for EMEA. Asia now, we're back to growth over the year, plus 2.7%. Of course, it's thanks to our performance in China with organic growth of 2.7%. A market that's not very buoyant, but the activity is driven by our ability to innovate and the success of online sales. Outside China, return to growth in Japan and activity, which is still looking good in the whole of Southeast Asia, which is mainly driven by online sales. Let's finish with Americas. As you can see, negative growth, minus 4.9% in sales, 2 different realities here. In North America, specifically in the U.S., the market, of course, was affected by the introduction of tariffs in early April by President Trump, which led our customers to engage into wait-and-see attitude. So sales were down in Q2 and Q3. However, the situation has started to normalize again in the fourth quarter, up by 4.7%. In Latin America, mainly the weather effect with the La Nina climate phenomenon, which is very adverse for the sales of fans. As regards to our product lines, we can see a good momentum in cookware, in floor care with the very strong success of washers and also in linen care with the success of garment steamers. One last thing, slight decrease in kitchen in cookware, especially the slowdown in air fryers. Last point, online sales remained vibrant with growth of close to 10%, especially direct sales DTC across our sites. Let's look at profitability now. The ORfA, the operating result from activity is at EUR 601 million, down 25%. Of course, this is disappointing. It is under our expectations. The operating margin is at 7.4%, as you can see, minus 2.3% against the previous year. However, we can see here that the performance was better in Q4 EUR 334 million in operating profit from activity, ORfA only "down" by 6.7% and a margin at 13.3%, which was slightly lower than the previous year. But I think that the Q4 2024 was an all-time high for the Group. So it was a comparison with a sterling performance in 2024. Now if you look at what has led to this result in 2025, you can see that here, we're trying to break down the results. We're looking at the 2 different effects, cyclical headwinds and then what we call other effects, which, of course, have led to the launch of the Rebound effect. First, let's look at the cyclical headwinds, 3 different aspects that every time account for -- accounts for EUR 40 million. First, the impact of tariffs, as I've said, with a very strong drop in Q2 and Q3 in North America. But also, we raised prices to offset tariffs. Of course, there was a lag between the introduction of tariffs in early April and the pass-through of price increases. Now currency, strong volatility in emerging currencies. We were also affected by the strength of USD and of the renminbi at the start of the year. And you will see that it took some time for us to benefit from the depreciation that occurred, which was obvious as from the second quarter. Last cyclical aspect, Professional, we had a very high comparison base, as we said, in 2024. This activity has an accretive margin gains for the Group's margin. Of course, its decline has affected our results. But it's not the only element. As you can see, there's a fourth block, minus EUR 80 million. The growth in volumes and the decrease in production costs, unfortunately, were not enough to offset price pressures and the rise in overheads and communication costs. And as we've said, of course, this prompted us to launch the Rebound plan. Last thing, as you can see, performance increase in the Q4, you can see that the cyclical effects overall faded in Q4. In North America, we returned to growth, plus 4.7%. The market started to normalize again in Q4. The currency effect also became positive. We started to benefit from the drop in USD and the renminbi that are 2 short currencies and a return to moderate growth in the second half in Professional. We can see that the effect on the rest of activity was more limited in Q4. Last, let's wrap up with the financial structure and our debt. As you can see, our net financial debt stands at EUR 2.342 billion. Of course, it's been strongly affected by the payment in May 2025 of the EUR 190 million for the fine that we have to pay to the French Competition Authority. As you know, we disagree with this decision. Therefore, we have decided to take steps to apply for refund of that fine. Excluding this, our debt is up EUR 226 million. It reflects 2 things: the free cash flow generation, of course, which is under expectations, EUR 124 million for the year only. Of course, it's due to the result of the drop in the ORfA and the WCR that remains high, also due to the fact that our investments and capital expenses were higher than the trend of the last years, especially with the famous Shaoxing hub for Professional. And second, of course, it reflects that the dividends at EUR 207 million, including EUR 50 million for SEB and a fairly limited amount in acquisitions, especially with La Brigade de Buyer. The financial leverage ratio stands at 2.7 above our objective, which is to be around 2.5. As you know, in 2026, we committed to decreasing this and to returning to approximately 2, which is our objective -- 2.5, which is our objective. But that being said, the Group's financial structure remains very robust. We have financial security, a very high financial security with more than EUR 2.5 billion in available liquidity. And we carried out a great refinancing with a great bond issue in 2025 with very good rates at under very competitive terms and large subscription, which demonstrates that the financial markets continue to trust us. And as you know, we have no covenants for our debt. So a very strong financial robustness. Let's move on now to the results of Q1. Sales stand at EUR 1.885 billion. As you can see, growth is up 2.7% on a like-for-like and constant currency basis. The ORfA, EUR 72 million, up 42% and the operating margin is itself slightly up. Now if we look at the highlights of this performance in Q1, I shall not discuss again organic growth. Of course, as the Chair said, we are still in a geopolitical and macroeconomic environment, which is highly complex and uncertain, which actually has deteriorated since early 2025, specifically since the breakout -- the outbreak of the war in the Middle East. Despite this, we have growth across all activities and regions. I will go back to this in the previous -- in the next slide. And the ORfA is up 42%, as I've said, of course, relative to the comparison base of Q1 last year, which was low, but the -- there's a positive effect -- the positive effect from the growth in sales. Also, as I've said, the positive effect from currencies, especially short currencies, USD and renminbi and the drop in operating costs. We've been extremely selective in our resources, but also we've reduced our overheads. All this leads to an improvement of the ORfA. We've turned it around. And since the announcement in early 2025, we've launched the delivery of the Rebound plan. Stanislas will go back to this later on. On the next slide, you can see a return to growth across the 4 activities, Professional on the one hand and the 3 main regions on the other hand, for Consumer, especially 6.7% in Americas. Now let's look at this in greater detail. In Professional, 1.1% in growth. It is lower than our ambition in terms of medium-term growth. This is mainly due to the wait-and-see attitude of clients and customers in America, but also now in the Middle East, of course, because of the geopolitical context. That being said, our Sales momentum is quite good. In China, we can see large volumes with Luckin Coffee. Also, we are still acquiring new customers with ChaPanda, a new tea chain and other tea chains. In North America, also new clients with the Scooter's, a chain with more than 1,000 sales outlets in America. And in Europe, a good performance in our operations, mainly driven by services. Also another highlight of Q1, the start of production in our new hub in Shaoxing. This will allow us to penetrate in a much more competitive way the office and small retail segment with the peak and elevation models that you may have seen on your way in this building. Now Consumer. As you can see, 2.5% growth in the EMEA region. This is mainly driven by good performance in France, plus 21%. Now of course, we do benefit here from major loyalty programs on Q1. But excluding loyalty programs, growth in France is 5%, which is noteworthy. Loyalty points are part of our traditional business model. We do mention this because they do not step in at the same time every year, which may slightly change results for Professional and may change the reading of figures. Now in Germany, our performance is down in line with the performance in 2025. Other EMEA countries slightly down, but the comparison base, especially in Eastern base was very high. And of course, the area is affected by the region in the Middle East. Now for the Group as a whole, it only accounts for 2% of our sales. It's an area that is fairly moderate compared with the rest of the Group. But for the rest of the EMEA, it accounts for 10% of that zone. Asia, 2.2% in growth. We maintain our growth rate in China, plus 2.3%. Our performance in other Asian countries is still characterized by good momentum in Japan and also good growth in Southeast Asia. Let's wrap up with Americas, plus 6.7%, in line with Q4. Again, good performance in North America, plus 4.7%. The market itself is not very promising, not very buoyant, but SEB has acquired quite commendable market shares. And in South America, we have -- South America, we have a more favorable comparison base due to the El Nino phenomenon. We are still at an intermediate stage with a decline in the sales of fans, but we still have good commercial successes, especially with the expansion of our ranges in some specific categories. Thanks so much for the details.

Thank you, Olivier. Well, this has prompted us to reassert our prospects, as we said in February for 2026. We do indeed live currently in a macroeconomic and geopolitical environment that is uncertain and deteriorated. I think we can all see the news every day. However, we can confirm our ambition for the offer for 2026 on the one hand. And on the other hand, a free cash flow generation that would be more in line with the average performance of the last years, which means that as early as 2026, it should help us reduce our leverage ratio. Our objective is to bring it down to the group standards. That is a ratio of 2, excluding acquisitions by 2027. We have talked about the Rebound plan several times since October and in some of our statements, I think it's important to discuss with you, ladies and gentlemen, our dear shareholders, what that means, what the content of this plan is and what this ambition is. Let's discuss it now. What is the medium-term ambition to serve the Group? The Group's mission for the last 25 years has been to improve daily life of consumers and improve their lives across the world. It means a Consumer ambition that consists of reinforcing our leadership position. And for Professional customers, the initiative started about 10 years ago with the WMF and Schaerer acquisition. We want to become the reference player across the world. Now if we look at the assumptions or the working hypothesis that structure our strategy as a group, we feel that we have success key factors -- significant success key factors. Thierry said 75% of our turnover is acquired in markets where we are the leaders, #1 for coffee makers, automatic professional coffee makers; #1 for cooking utensils, linen care, electric cooking; #1, #2 for electric blenders, strong positions relying on the position of some countries. We also have a strong brand portfolio, 80% of our consumer sales, DTC consumer sales are carried out with 5 major brands, Tefal, Supor, Moulinex, Rowenta and WMF. If we add Krups, we reached 85%. And if we add a few more brands with a different name, but actually belonging to the same group of brands, Calor, Tefal for ironing, for instance, it's 90% of our turnover focused on brands or brand systems that are very compact. These brands are often iconic brands. Very often, they are deeply rooted in our consumers' daily life, and it's essential in a world where communication is increasingly focused on brands. Thierry said this in his introduction, we see the evolution of -- our environment evolution picking up speed. The speed at which launches are carried out, the fact that product become viral. So innovation is no longer communicated on TV. Innovation is communicated on social media. Innovation goes from product to customer experience. Increasingly, influencers will describe the product and the innovation, not describing the sum of functions and features, but rather the experience lived by the consumers, the interaction with the product or the fact that the product makes some factors in their life easier and the priority is given to social media. A lot start and happens and becomes amplified by social media. And this is something we need to take in consideration, which brings me to the transition for the next item, the way the relationship between brands and consumers is changing. Increasingly, the consumers recognize themselves in communities, in social media communities, influencers become the content creators, the people who produce the content and the messages talk about the qualities of the brand. The ratings and reviews that Amazon's described very often are becoming vital factors in the choices made by consumers. 90% of the consumers have a look at the reviews before they choose a product. And finally, real-time data. The world has -- is changing at a fast pace and promotions, encouragement for the consumers are changing very, very fast. And mutations are also -- mutations in the access to market are happening at a faster speed. Online e-commerce has developed recently. DTC sales, direct-to-consumer sales are increasing. We see also social commerce appearing. TikTok is developing its own boutiques, its own shops. TikTok shops in 25 countries over the last 10 years. TikTok shop is now the third e-commerce network in China. And finally, omni-channel systems, players like [indiscernible], who's #2 in online platform with the Jingdong brand. And they recently acquired CECONOMY, which owns MediaMarkt in Europe, the first channel in e-commerce specialist. So omni-channel trade is developing. Finally, rising importance of sustainability, something we have observed. Consumers are increasingly aware of repairability, product lifespan, energy efficiency, refurbishment, second life for product recycling. So the world is moving faster. It's picking up speed and is increasingly led by social media. On the other hand, we also have consumers that's not necessarily contradictory, consumers who are looking for sustainable products. The Rebound plan, the Rebound plan means that we want to restore a profitable trajectory, and we are observing how vital it is to restore our growth model. We want to act as leaders in innovation by developing new product segments. And we have initiatives such as Coffee Crush, and it's an initiative to reinvent the automatic coffee maker. We want our new marketing practices to become systematized. This applies also to e-commerce practice and practices, and we are going to use this modus operandi for dozens of products across the world, and we want to accelerate with the more buoyant products. We want to restore our profitability by simplifying the organizations and simplifying our operating methods and simplifying our product ranges. We want to decrease by 20%, 30% our product ranges depending on the family. We also want to reduce our -- improve our industrial efficacy and our purchasing efficacy. We still have room for improvement. We can improve our productivity, and we are using those opportunities. We want to reduce our overhead by simplifying the way we work and also by using the contribution of AI to its full potential. Finally, we want to reinforce the connection and the stakeholder engagement. We want to nourish the connection and the involvement of our consumers. We want to develop the way our consumers are involved with our brands. We want to develop meaningful innovations. And we want this to be carried by inspiring brands. We're lucky that we have more than 70% of our turnover coming from cooking, cuisine, where we know there is culture, intimacy, and we go inside the households with our cooking utensils and our brands are a symbol, and we believe this is a trump card. In such a transformation era, we want our employees to be at the center of the transformation process. So you understand by now that many of our initiatives are across the Board levers based on artificial intelligence and the increasing role it is going to play in the way we carry out business. We will have a greater role played by data and simplification. Simplification will become our motto. It will become our raison detre in many things we do for this plan. Now the Rebound plan, the Rebound plan means a number of initiatives currently being discussed and shaped, developed by all our teams. There are more than 300 people involved in developing the Rebound plan. But it's only the first stage really. The plan will last for many years. And the whole group will go on board, and this will also structure our road map around artificial intelligence. What do I mean by that? I mean that we are facing some challenges and addressing those challenges. We're fully aware that our world is changing. AI will change the way we do business, will change our companies. A few months ago, we did a 360-degree scan of all the functions, pro and consumer business units, consumer markets. We carried out 140 workshops in Q1 with more than 500 employees. We identified more than 800 use cases where we could generate value. And so we are already working on a very ambitious program. Beyond the Rebound plan, there will also be a road map given to the Group in order to support growth, to improve operational excellence and to rely on a robust technology basis for our employees' sake. We are fully committed, and we will see the first results as early as 2026. And the plan will continue beyond 2026. It will create value for all of our business units, all our functions from turnover generation to margin improvement and also operational efficacy improvement. In the short term, the Rebound plan will have quantitative targets. We -- the target -- the ambition is to generate as early as 2027, EUR 200 million recurrent annual savings, partly by changing our organizations, partly also by changing the way we perform indirect purchases. It will have an impact on our structures, on our industrial efficacy, and it will also have an impact on our indirect purchasing basis. Now this plan will involve up to 2,100 positions worldwide, of which 1,400 are located in Europe, potentially 500 in France, but all on a voluntary basis. The plan -- the P&L provisions will mainly be in 2026 with disbursements mostly in 2027. And we believe that the onetime plan cost will be in the range of 1 to 1.25x the recurrent annual savings that we have forecast. This will bring us back or should bring us back to what has been our road map since 2023. Our 2023 ambition to place the group back on its midterm trajectory for a turnover organic growth of 5% annual growth and an operating margin of 10%, progressing towards 11%. The Rebound plan is aiming at placing us back on this trajectory on this route for 2026, 2027. And then we will continue adjusting and improving the Group and adapting it to today and tomorrow's environment and after -- the day after tomorrow's environment. This is it for the Rebound plan. I will move on and talk about Innovation and activation. As you may have surmised in the Rebound plan, we talk about innovation, acceleration, activation and transformation. But I would like to share with you what we mean exactly by that. And what we have already started doing and what we want to continue doing and insist on. The innovation pipeline first. But before -- rather than giving you a list of products, I would like to show you a video, a quick reminder of the innovations last year and the coming years. [Presentation]

These innovations show material results. The washing vacuum cleaners started in 2024 for the first full year in this category, more than EUR 100 million sales in turnover. I mean this is a historical high. This brings us to second position in Europe. Textile stain removers were launched at the same time in Europe. And wrinkle removers, this was an innovation. The first one reached EUR 90 million in sales, a double-digit growth for garment steamers. And innovation is new products, new categories, but also the renovation of existing categories. You may have followed over the last 10, 12 years, the success of the Cookeo story between 2012 and 2024, more than 5 million products being sold. And we have relaunched Cookeo fourth quarter of 2025 with a new product and a new brand, a brand that was losing steam and was suffering from the consumers looking away. But the fact that we relaunched in 2025 -- Q4 of 2025, the new Cookeo version with a new Cookeo Infinity offer, has allowed us to move the whole Cookeo brand in France from minus 20 or so -- minus 20% sales in 2025 to a 10% growth in 2026. So we are working on innovation. We're working on renovations of existing materials and products. We're working on new segments and we're working on core business segments, cooking utensils such as pans, 35% of the group's turnover. We have launched with a material success, new initiatives in 2025 in wider Europe but also elsewhere, new offers for stainless steel, cooking utensils, ceramic coating and also stainless coated aluminum in Europe, which are all contributing to making this so-called stabilized activity a growing activity, 10% organic growth in 2025, which comes back to what Thierry was saying earlier, our products, our categories are magic. And even on businesses which we thought were mature or reaching maturity with our innovation, we can find a second [ stamina ] and a new growth area. Now if we look at the portfolio, it's quite promising. The X-Clean range development of washers. X-Clean 12 is the evolution of the X 10 you find here in the hall. AeroSteam is a lighter version but a better performance version. With Supor, we are launching wok ranges. Wok in China is the cooking skillet. It's more than 50% of cookware in China with the new titanium coating, which seems to have a lot of success. We've sold more than 1 million pieces, Cookeo Infinity already described. And in the hall here, you can see the Pizza Pronto oven, which we will see on TV. Very soon there will be advertisements on TV. I will allow Katie to talk about that later. And finally, Coffee Crush. A new kind of automatic coffee machines, much compact, efficient, launched in France a few weeks ago and already very successful, absolutely remarkable. We will discuss it late July when we look at the second quarter results. Innovation in the consumer business but also professional business. We have recently opened the Shaoxing hub. It's both a R&D center, a purchasing and a production facility. And thanks to this new hub, we are now launching 2 new machines, models that have been designed for small companies or office blocks, machines that can make between 50 and 100 coffee cups every day and which are serving a very interesting market. We have introduced -- we have inaugurated Shaoxing in March. And I would like to -- I would like you just to have a look at a video to introduce this new hub. [Presentation]

We are talking about innovation. In the last weeks, we've also talked a lot about activation. We have carried out an in-depth review of our activation policies for our new products. And instead of telling you about our marketing strategies, I wanted to share with you the example of the launch of Coffee Crush. So how did it work? We did a prelaunch with several dozens of influencers 2 months before the official launch to create content to make sure that they would fully understand the machine and to work with them on the content that they're waiting to launch. We organized an event in March 2026 in France with 75 influencers with a potential coverage of more than 20 million consumers. Since the launch, we've had more than 5 million views on the generated content. The product is being rolled out extremely fast. It will be available in more than 50 markets in 2026 and our market share in the first 6 weeks in France has more than tripled if you compare with De'Longhi or other competitors. So very promising start, very promising launch. I'll -- actually let's watch a short video. [Presentation]

Good afternoon, everybody. Let's carry on with activations. As you have seen, we will continue to organize a number of events like this. We already had another event in early April with 60 influencers, journalists to present all our products, all our innovations. The objective was to stage this like the fashion show and to have the SEB Fashion Domestic Show. I suggest we now watch a quick video. It's an immersion into our different brands and our different universes. [Presentation]

The concept of the event was to have a full day dedicated to our products, have people discover them. We wanted to convene influencers who attended the event at night. And since April, we've had journalists also attending the event who have been writing about our products. We have also signed a partnership with the French Institute of Fashion, Institut Français de la Mode in Paris. There are 45 luxury companies that are members and SEB will become a member for a chair on culinary cookware. It will also be part of some work on the objects of desire that are part of our everyday lives. Here is a video of our show. Visitors could have fun and play with the different articles. [Presentation]

Thank you. Thank you, Cathy. You can see the evolution of activation in Europe, in the U.S., in the rest of the world. But there's another country where some of these trends are also shaping up. And China is clearly one of the countries that is at the forefront of this, which is one of the most advanced countries. We know that merchants' social media developed in China, 20% of support sales online are on these merchant sites. Douyin, for example, which is known outside China as TikTok. That's where live streaming was born, that's a number of activation techniques were born. They are now broadcast across the world or live streamed across the world. But now we have instant sales, that is one order delivered on your doorstep -- to your doorstep in less than 30 minutes with warehouses that are fully automated, delivery riders or delivery staff that enter the warehouse, do picking themselves. Everything is AI-driven and automated, same for replenishment of inventories. So we can see that in China, part of the development of merchant social media or of new distribution methods and marketing methods and patterns are developing. They are developing and expanding beyond the borders of China. And in 2025 only, we opened close to 13 TikTok shops across 13 different countries. Thus, activity is quite intense. A transformation is underway. The point here is to tell you that our innovation is rich. That's the first thing. Second, our activation is transforming. It's amplifying and it's developing fast across all the countries where we have operations. Now of course, we are mindful. We don't forget our ESG ambitions. It's a very strong aspect of the group strategy. It's been a very important aspect since the last -- since -- for the last 30 years. Now let's watch the first video about the different aspects of our ESG policy. [Presentation]

Acting for the environment, reducing our carbon footprint, we work to decarbonize the activities of our factories and our logistics hubs through energy efficiency and conservation. I have talked about the deployment of a tool over the last 2 years, which has helped us to reduce overall 20% of energy use across all sites that were equipped with this in 2021. The modernization of our hardware, a lots of plastic injection machines have gone electric. They are much more energy efficient. Also the development of renewables, the acceleration of installation of renewables, 2 very practical cases in Shaoxing in China, where we have moved from gas to power, thereby reducing fossil fuel use with, therefore, a strong reduction in the carbon footprint, or the Til-Chatel warehouse in Burgundy in France, which is our new European warehouses for cookware, which is equipped with PV panels. This shows that we can meet our own demands, our own requirements but also redistribute power to surrounding sites. Then the reduction in the footprint of our products, I will come back to this in the next slide. But we also work on the use -- and the use of our product and the CO2 emissions -- sorry, let me more specifically, said the speaker, CO2 emissions and their use in the lifespan of our products. Subito, the toaster, for example, on the right-hand side, the acceleration of the rise in temperature reduces by 20% of the energy required to toast your bread. This is quite energy guzzling, so to speak. Well, we've managed to cut energy use by 20%. The same for rice cookers by Supor, where all the work on conservation or we've managed to reduce the energy use in in this device. Now as regards to circular economy, as I've said, we work a lot on the development of recycled materials and the integration of recycled materials in our machines with 3 key materials, stainless steel, aluminum and plastics. We have some very specific examples. The WMF 1500 S+ coffee machine, as you can see on the slide, contains up to 39% of recycled steel, which means a reduction of up to 80% of CO2 emissions or the Renew range, [indiscernible] range, where we've managed to reduce GHG emissions by almost 90%, thanks to the integration of recycled materials. Also in the last years, we have developed pioneering circular economy initiatives with 2 examples, which I think are highly inspiring and how should I put it, are extremely promising for the future. So first, the aluminum closed bottle that we -- that was -- so it's a collection circuit to recover aluminum parts, recycle them. So it's the first closed aluminum circuit, recycling circuit. So it's a global first. It has been expanded to Belgium. We now have plans to develop this in America, in the U.S. Another project which has been extremely popular with consumers and investors, the post -- the French post office, La Poste has opened more than 1,500 post offices to collect pots and pans from consumers. The other project that we've mentioned already is the transformation of the -- of our factory in Burgundy to turn it into a European refurbishment center. We started this last year. Now this plant recovers, refurbishes and resales of the products of several European subsidiaries. Today, we have 65 SKUs that are available for sale with reselling prices that are 20% to 30% lower than new products. The ambition is to process hundreds of thousands of products per annum in the medium term. Third aspect regarding the RSG -- the ESG policy. We want to act for the community. We work a lot on our suppliers' portfolio strategically, rather on strategic suppliers. We have -- we want to focus on 500 strategic suppliers that account for 80% of the group's carbon footprint. We try to work with them. We've done some -- we took some steps in 2025. For example, we have organized seminars at the group level in English and Chinese for these strategic suppliers to really onboard them in our carbon reduction push. Another visible -- this is quite an important objective as it -- this accounts for less than 1/3 of our carbon footprint, less than 1/3 of our carbon footprint is related to these suppliers. Now all these efforts have been recognized by institutes and firms that audit and certify or assess environmental performance, extra financial performance of the group. You can see here a number of institutes. I shall not comment this slide any further but we are constantly going up. It's quite outstanding because the criteria used by these institutions or these extra financial rating agencies become more and more demanding and more and more difficult to achieve. There you go, Thierry.

Thank you very much, Stanislas. We've done with the first part, which is about informing you on our activity. We are now going to move on to the more legal and governance-related part of this meeting and we shall start with the share capital. You can see on this slide the breakdown of the share capital and shares and votes, more than 3 million ,excuse me, 55.3 million shares and voting rights, almost 80 million votes. Two things we could say about 2025. First, a great stability in our shareholding structure or in the family shareholding, especially the voting block. I think that the creation of HRC a few years back that buys back shares from our shareholders has been quite successful as there has been no diluting effect for a number of years, which is a very good thing for the future that will ensure the sustainability of the family control in the voting block. Second point, you may -- or actually, you may not see it but it's a very strong rise in the number or in the percentage held by individual shareholders. For many years, we used to say that individual shareholders -- this part of our shareholding structure tended to crumble. But here, in 2025, we've moved from 6.4% to 9.1% owned by individual shareholders. We are thrilled at this. Many of you are here attending this event today. We'd like to thank you. And we've moved from 39,000 to 48,000 individual shareholders over 1 year, a growth of 10%. That's a great success. I'm absolutely thrilled and would like to thank you for this. Second aspect where it's not that fun, our share price since January 2025, as I said in my opening remarks, it went down by 43%. It is slightly up now by 9%. It's been up 9% since the start of the year. Still it, is at an all-time low or historical low. The only thing I can say here is that we have the same development in our share price as other players in the market with American or European players who've been through the same ups and downs on financial markets. Of course, we will do our best to improve our results and we do hope that this will have a bearing on our share price. The following aspect is our dividends. I think that this chart speaks volumes. You can see that since our IPO, we did not go back to as far as 1975 but since our IPO, the dividend has always followed the payout policy decided by our predecessors. That is an annual -- a regular improvement in the dividend, no payout ratio but regular steady improvement. As you can see here, we took a 20-year period here, an annual average growth of 7%. Sometimes when events justify it, a drop in this figure, sometimes the dividend is put on hold. The only time we reduced the dividend, you probably remember it was during COVID, the President of the Republic and the AFEP, the French organization of private business recommended that companies reduce their dividends by 30% to be able to deal with short-time work. So we did it at the time but we did believe that this year, despite the fact that our results were low, we we would maintain our dividend. But there was no reason to go against this dividend stability policy. Now just a quick word on your Board, the Board of Directors. Maybe 2 or 3 things I could point out here. First, of course, in 2025, we've had Eric Rondolat, who joined us. He was already with us last year. He replaced [indiscernible], who had finished his term. Also the replacement of Laurent Henry, who was a representative of employee, who's been replaced by Jean-Laurent Lacas, who's here, who works in Italy and he's been sitting on this Board with us and has taken part in several meetings. We're delighted to have him. We still have 14 members. Independent directors account for 1/3 of the entire membership. As you know, that this -- you know that this is a statutory requirement by the AFEP-MEDEF code. We only take into account directors, excluding employee directors and employee directors who are shareholders. That's 4 out of 11. That's 36%. That's above 33% as required by the AFEP-MEDEF code. Regarding gender parity, we have 50% of women. And if we apply the calculation method, we exclude the directors representing employee shareholders from this calculation. So 5 on 10. So that's 50%. We are on target with the rule. The minimum is 40%. We're even doing better than that. One word on the committee composition, no major changes. Thank you for showing the slide. So 3 committees, Audit and Compliance Committee chaired by Catherine Pourre, Governance and Remuneration Committee chaired by Jean-Pierre Duprieu, 2 independent directors sit on that committee and the Strategic and CSR Committee chaired by myself. I would simply like to remind you, if we look at every committee, the Governance and Remuneration Committee plays 3 roles: governance of the Board of Directors. It is in charge of the operation assessment procedure. We assess the committee -- the Board operation. We validate the applications for the directors' positions. And this year, we also defined a table of skills and competencies, which we wanted our directors to have so that we had all the different skills and experience represented within the Board to be efficient. Then we also have to be in charge of corporate officers and follow them. So we want the -- to look at the remuneration policy for corporate officers and their performance is also assessed. And finally, well, that's it. And the third role is regards human resources. The free action -- free shares plan and the human resources challenge review. The strategic committee is in charge of strategic orientation, 3-year priorities, which are revised and updated every year and are being introduced to the strategic committee. The CSR policy follow-up and the M&A follow-up, we follow the acquisitions performed and we look at possible acquisitions and we review these possibilities and we introduce them to the Board of Directors. And finally, the Audit and Compliance Committee looks at internal assessment, risk mapping and statutory auditor's appointment as well as the sustainability report, which is acquiring greater importance every year. Independence rate of our committees, the Audit and Compliance Committee is 75% independent. The Governance and Remuneration Committee is 60% independent with Adeline Lemaire, who's permanent representative at the committee has increased the independence rate. So we have a greater percentage of independence. And finally, Strategic and CSR Committee, 50% of independent members, attendance rate is 100%, 100% and 94%, 5 meetings for the audit Committee and 3 meetings for the other 2 committees, Governance and Remuneration and Strategic and CSR. I'm getting ahead of myself. Finally, last year, we showed a slide regarding the trip that the Board of Directors took in China in 2024. We think that the Board should travel to see what is happening on site in the -- across the world. So we travel off-site. And this year, we took all of the Board members to an event taking place in Lyon. It's an English word, IPC International Product Conference. It's a meeting lasting 1 week, bringing together 800 people representing all business units creating products. We -- you have seen many of them earlier and we had all the people representing marketing departments and the general management of our markets selling products and they meet once a year to discover new products, to define new strategies and priorities. It's a very interesting meeting because innovation is the heart of our business. It's a very important event and we wanted our directors to be able to witness it for themselves and they spent half a day there and they really liked it. I think they found it very interesting. That's it. And I will give the floor now to Philippe. We're almost on time. We're only a few minutes late. I'll try to catch up.

Like every year, we're going to have a look at the agenda and the main resolution project. So no surprises, almost always the same. There is nothing really new. Obviously, the resolutions on the approval of the financial statements and for instance, the setting of dividends, we wanted to remind you of one thing with regard to this particular item. A resolution project was submitted called Resolution A in order to set the dividend in a different way from what the Board of Directors is suggesting. We want to keep the dividend at EUR 2.80, which is in compliance with the policy we have been following for the last few years. But shareholders want to decrease the dividend by 40% and bring it down to EUR 1.68. We're going to vote on the resolutions. And when we reach resolution #3, on dividends, if the resolution -- should the resolution be voted, we would not submit the alternative resolution to the vote. which was submitted because it's the contrary, it's either or it cannot be both of the resolutions being voted. That's it for this particular item. Then if we move to the next slide, you -- we see that some administrators are being reappointed. Bpifrance Investissement, represented by Adeline Lemaire. Bpi became a shareholder in 2022. She became a director at that time and she needs to be reappointed and we suggest she is reappointed. Your Board of Directors has observed that we were facing a situation where in 2027, we might end up with 6 directors that needed to be renewed and a total of 12 being chosen by the assembly because 2 are chosen by the employee representatives. So that's half of the directors needing to be renewed. And for good governance reason, we want to avoid the situation. We want to spread out in time reappointments or new appointments. And therefore, we submitted this to the Family Board, the possibility to postpone 2 reappointments. So 2 people submitted their resignation for this AG. Thierry Lescure for 3 years and William Gairard for 4 years should be reappointed so that we can reinstall some flexibility in the way we renew the -- reappoint the directors. Then we have the remuneration. Obviously, every year, the resolutions are the same. There aren't many changes. There are no changes really. We apply the same rules to set the remuneration of our corporate officers and managers. Regarding the ex post remuneration of the Chairman, the one paid in 2025, it is compliant with what you voted in 2025, fixed remuneration and variable remuneration and fixed remuneration as the Chairman. For the General Manager, as you can see here and as you probably saw in the document, universal registration document and also in the invitation to the meeting, the fixed part -- fixed portion has not changed between 2024 and 2025. However, the variable part has decreased for the reasons we have explained because we didn't reach the -- our targets. And there was a profit warning in 2025, as you're probably aware of, which means that the variable retribution decreased. A part of it is connected condition to quantitative targets of and results which were not reached and also individual targets and a collective operating target for the Executive Committee, which were both considered to be worthy of some remuneration, although they were not extraordinarily high. If I move on to the remuneration, there is the detail. And therefore, I suggest we move to the 2026 remuneration policy. For the Chairman of the Board of Directors, no change. so we can move on. Regarding the Chief Executive Officer, we would like to apply the same structures that you're already familiar with because we have described them. And I have been seeing them for like 24, 25 years. And obviously, this is a proven, system stable in time based both on quantitative criteria, i.e., turnover and financial results set by the Board of Directors every year and very demanding. You have seen this in 2027 but also qualitative criteria -- well ESG -- quantitative criteria with ESG, which are new. We started them in 2018. They are directly connected to the ESG group policy but they can be quantified because they are based on the rate of accidents in the workplace, including the temp workers and based on 2 other pillars, compliance with the minimum social basis in those countries where we have factories. Checks are being conducted in 4 or 5 sites every year by an independent company called Intertek and they are very famous and experienced for doing this kind of work. And with regard to CO2 emissions reductions, Stanislas has already mentioned this earlier, we have targets and we have reached our results and those are the quantitative ESG criteria of 15%. Again, quantitative ESG performance. And finally, we have individual performance criteria for this year, essentially, it's about implementing the rebound plan. Next, we move on the other remuneration items. Here, we have anything regarding the ordinary general assembly? Sorry, can you go back? Yes, this is the slide. Free share plan, you know the system. The shares are given annually for the managers who can benefit from it, 600, 700 managers, including the Chief Executive Officer. And the number of shares is capped. So it's really equivalent to what was done last year and it's also based on financial criteria for the 3 years corresponding to the vesting time for share acquisition and 20% for ESG criteria, which is slightly different from the ones being applied for the annual variable retribution. This is detailed in all the documents you have received. So we can move on. And we will discuss remuneration policy -- sorry, of course, to close with the Chief Executive Officer remuneration policy, we have the fixed remuneration variable, the ESG performance and also the retribution in kind, such as the vehicle, the death insurance and the unemployment insurance. We have retirement commitment, personal protection, health insurance plan, individual life insurance, noncompete indemnity and severance pay. And I would like to remind you that this is in compliance with the MEDEF code. Now we move on to the directors' remuneration policy. Constant if we compare with 2025. The total amount was revised in 2025 simply because we performed a benchmark over several years. And we found that there was a 1/3 difference between the market average and a number of companies that are similar to ours. And this is the reason why in 2025, the remuneration level of the directors was revised to be aligned on the market average. The structure is compliant with the governance prescriptions. There is a fixed part portion and the variable portion in this remuneration. There is the director, the member of the committee and the Chairman of the committee works more. And I can testify to this as a member of the Board, our committees are working very hard and the workload has increased. The Audit Committee, for instance, needs to revise a greater number of risks and different types of risks and also the ESG committee has to work on the succession plans of the managers. Finally, financial delegations and authorizations, very quickly because it's always the same every 2 years, in fact every 2 years. Cancellation by the company of its own shares, issue securities within the limit of 10%, issue securities without preemptive subscription rights, so directly on the market and capped at 10% of share capital. And finally, we also have an overall limitation of authorizations on 2 levels in such a way that we cannot multiply the authorizations in order to exceed 11 million shares, which would be a maximum of 20% of share capital. Finally, there is a resolution that allows to incorporate reserves and bonuses in the capital. And we also have the resolution on the euro program. And we also have a program to comply with the Women on Board directive, according to which in the calculation of gender parity, we can take in consideration the lady who represents employee shareholders. That's it. I'm done with the main presentation on resolutions.

Thank you, Philippe. I will now ask [indiscernible] from the Deloitte Company to introduce the statutory auditor's report.

Chairman, dear shareholders, on behalf of the statutory auditors representing KPMG and Deloitte, I am honored to introduce a report regarding the annual financial statements and consolidated accounts and information regarding sustainability. I'd like to tell you about the essential points on annual consolidated financial statements. Our work is based on professional standards in order to obtain a reasonable assurance that there are no material abnormalities. Regarding annual accounts, we certify that the SEB SA accounts give a true and fair view in accordance with French accounting rules and principles on the results of the operations for the year that ended and of the financial position and assets of the company as at the end of the year. We have integrated an observation on the change of accounting method regarding the first application of the new accounting rules regarding modernization of statements. We have included a key point of the audit regarding the assessment of the participation shares. And we have no observations on the report and the information with regard to company governance. With regard to consolidated accounts, we certify that the consolidated accounts based on the IFRS standards adopted by the European Union are true and fair in accordance of annual result of the operation for the year then ended of the financial position and assets as of the end of that year on the persons and total entities included in the consolidation. We have included the key audit matters regarding assessment of the recoverable value of goodwill and trademarks with indefinite useful life, assessment and recognition of provisions for deferred rebates. We would also like to tell you that we have no observations on the group's management report as shown in the report. I would like to move to the special report. It will be very simple. We have been informed of no agreements submitted to the Annual General Meeting for approval and no agreements already approved by the Annual General Meeting that would be continued during the financial year. which brings me to the report on capital transactions. We have 4 reports, 1 report with the 15 resolutions, delegation of authority for a period of 26 months and within a ceiling defined in Resolution 19 to issue shares and various share equivalents. In this report, we have no observations to make. As regards to the issuance of share capital -- share or marketable securities, grants and access, we do not have any opinion as regards to the terms to determine the issuance terms of the securities nor anything related to the preemptive subscription rights. If -- when appropriate, we will provide additional information. We also drafted 3 further reports as regards the 14th resolution regarding the delegation of authority for a period of 26 months to cancel within the limit of 20% of share capital for 24 months. The shares acquired under an authorization to buy back the company's own shares. Also report on the 21st resolution, authorization for a period of 14 months to grant existing bonus shares to employees and/or executive officers and a report on the 22nd resolution on the delegation of authority granted to your Board for a period of 26 months to decide on the issuance of ordinary shares and/or various share equivalents reserved for members of the company savings plan. We do not have any comments to make as regards to these 3 reports. As regards to the last one, where appropriate, we will issue an additional report when this delegation of authority is used. Now on to our last report on the certification of information in terms of sustainability. For the first time last year, this report was presented to you. It includes 3 distinct parts. Each of them corresponds to every strand of our action as provided for by the commercial code and the fee guidelines of the French audit institution. The first strand relates to the compliance with the ESRS or the process implemented by the group to determine the information to be published. Based on the verifications we have performed, we have not notified any emissions, inconsistencies or misstatements as regards the conformity of the processes carried out by the group with the ESRS. We mainly focused on how the group updates its analysis of double materiality. The second strand relates to compliance of information in terms of sustainability with the standards of the French Commercial Code and the ESRS. On the basis of our verifications, we haven't identified any material errors, emissions and inconsistencies regarding the compliance of the sustainability information, including the sustainability statements. However, I would like to draw your attention to 2 points. First, in relation to the data collection limitations that the group has continued to face and the expected progress -- prospects regarding the remuneration indicators specified in the section -- in the following section, ratio between the total annual remuneration of the highest paid person and the median annual remuneration of all employees. The second point relates to the operational limitations of the group -- that the group -- the operational limitations that the group has continued to face for the reliability and constellation at group level of the information relating to repairability, product recycling and eco-packaging as specified in section -- in the following section indicators relating to resource use and the circular economy. The matters that received particular attention relate to the information provided in accordance with the environmental standards, ESRS E1 to E5. Last, the third strand relates to compliance with the disclosure requirements provided for in Article 8 of the European regulation. On the basis of our verifications, we haven't identified any material errors, emissions or inconsistencies regarding compliance with the requirements of the said article. We are specifically focused on the eligibility of activities. Ladies and gentlemen, this was a summary of our various reports for 2025. Thank you for your attention.

Thank you very much. And thank you for the clarity of your presentation. It's not always easy, says the Chair. On to questions and answers, the Q&A session. Let's listen to Philippe's instructions.

[Operator Instructions] Sir?

I have 3 questions. The first one for the statutory auditor. This gentleman has told us that there was no significant error. But what does he mean by error? Or what is material? EUR 1 million, EUR 10 million, EUR 100 million? Another question regarding competitors. Who is the fiercest competitor for SEB in terms of products, marketing and distribution? And last, you haven't mentioned Africa. Africa is developing much more than Europe, especially it's middle class. Why is SEB not present in Africa?

Could we give the microphone to one of our statutory auditors, [ Nicolas ], maybe, so they can explain what they mean by material error.

Good afternoon, ladies and gentlemen. Because of the regulation, we cannot give you an answer. I'm afraid that's dissatisfactory but we have to comply with the regulation. The Chair?

Well, If it's what the regulation says, he cannot give you an answer. I'm absolutely unable to give you an answer on this, I'm afraid.

Now the fiercest competitor. That's a tough one. First of all, the group operates across several regions, across several product families, so to speak. I think the first thing we need to say is that the competitors are very diverse depending on countries and product families. For example, if we look at cookware in France, our competitors are private labels. If we look at ironing across the world, our competitor is Philips. If we look at electrical cooking, it could be Ninja in one geographical area, it's Philips in another area. Therefore, I don't think there's one single answer. We are not in a linear world as in the businesses where I used to work, Suntory, for example, where there were 3 or 4 global players that had very standardized product portfolios. I think that as regards the distribution landscape and the competition, there are several things to say here. First, we are very well balanced with lots of product families in many countries. This is really a factor that's allows us to be very well balanced. We can see that many of our competitors that are very much oriented on one product, for example, or one family of products like British competitors that are going through successes but also suffering some severe setbacks because they only focus on one type of product or one type of product family. Second, competition is evolving very fast indeed and often unpredictably. As Thierry said in his opening remarks, in -- you mentioned 2024, right? That's 2004, we had this kettle crisis that with the price going down from EUR 20 to EUR 5. Today, we are witnessing Chinese competition that works in the lower-range products but also premium, more sophisticated products with higher value added. And maybe 5 or 10 years, I could have told you about Japanese or Korean products. Thus, I think that this competition issue is a recurring one. This is a very attractive industry. But to us, it's more a stimulation. It's encourages -- it encourages us to match our competitors in every single area, marketing, distribution. We're not the best everywhere but we do have this ambition. I mean, when we're not the best, we try to call ourselves into question to redo the hard work and become the best. Now as regards to your question on Africa, you're quite right. We don't talk a lot about it. I was just doing the math. We generate slightly more than EUR 100 million in Africa already. We have very important fundamental or foundational initiatives. We launched a joint venture with Zalat (sic) [ Zahran ], a company in Egypt. It's very successful. 3 or 4 years ago, we entered into another JV in Morocco. It is also thriving. We are the leader in small electrical appliance, small domestic appliances in Cameroon, in Kenya. And it's fair to say the middle class is developing but these markets remain small. For example, in Kenya, I think that in modern mass retail, we have 35% of -- in market share, that's EUR 6 million in sales. So what we do in Africa is creating the conditions for the success of tomorrow, making sure that in major urban areas, in large metropolitan areas, we have a presence. Of course, it has to be cost effective. We don't want to overdo it. We don't want to force through this development by working on prices and affordability only. I suppose we can discuss this during one of our next general meetings but we are interested in this continent. Now on a more personal note, I started to work in Africa with Danone in 1998 in my previous career at Suntory, 15% of my business was in Africa. What my experience has shown me is that we have to be patient. We need to be strategic. We need to do things in the right order. We need to do things right. We need to properly build our brands. We don't want to jump the gun. We don't want to go too fast. Yes. And I can also say for fun, if I may say so, is that Africa is a continent where there's a lot of counterfeiting from China or elsewhere. For example, there are lots of countries where you have Calor -- branded products like Calor, [ Mamulex ] that sounds like Moulinex. So a lot of quite quixotic brands like this. But of course, the prices are as quixotic. Yes, the gentlemen there.

Yes, my name -- I'm an individual shareholder. I'm very disappointed at the performance of the share price for this beautiful brand, minus 40% over 10 years. I can't possibly fathom this. You have a beautiful brand, you are a leader and you organize great events. I need to understand. So I have three questions. First, as regards to the timing of the rebound plan, why did you wait? Why did you wait that long? Why did you wait for the share price to be that low to propose this very strong plan? To me, it's almost like a restructuring scheme. Why this very -- this belated awakening? Second, about the track record of your launches. There are, I suppose, a lot of successes well done. But maybe all sorts of flops. Maybe this could shed light on your operating methods. Could you give us some examples? And could you maybe explain why they didn't work? Third question about your great stake in Supor, 83%. Could you tell us more about its market cap today, its market valuation? Is it possible to raise your stake? And one last bonus question. I'm quite curious how do Supor general meetings go in China? What about the Q&A sessions at Supo general meetings in China?

Thank you very much for your question. First of all, we do understand your frustration and your anger. No one can be satisfied at these results. The first thing we need to say here that we need to say loud and clear, we have members of the Executive Committee here. This is a concern that we share with you. As regards to the timing of the rebound plan, it was announced in September -- at the end of September 2025. We started to work on it with the Executive Committee in July. I think it's important to remember that in 2024, the group's performance was -- in terms of sales, I mean, was satisfactory. It was not at 5, I think it was in the region of 4. There was a significant improvement in the reported operating profit. The rebound plan is not a response to the share price, it's a response to what we think we are seeing the structural need to transform the company to become profitable again. But also the management team does believe that there are cyclical explanations of our performance in 2025, but let us not be fooled. There are more structural issues that we need to address and tackle. The rebound plan is not a response to the evolution of the share price, it's an initiative of the management team. we have looked at the more structural dimensions of what has to be done if we want to return to this profitable growth path. As regards to the results of our launches, you're quite right. Some of them are successful. Now you're asking me -- you're asking us about the flops. Well, it's not -- it doesn't work like this exactly. We don't have launches that are unsuccessful. The thing is that we have a core business where things might deteriorate. Let me give you a very simple example. Optigrill, one of our products, which I suppose account for about 10% of our sales in Germany. This product has been down by 15% to 20% in the last 15 months. The problem is not that innovation didn't work, the problem is that we have countries that are really mainstay pillars where activities crumbling is eroding. That's the problem when you have a large product portfolio, large coverage in terms of family -- product families and geographical areas. I used to -- I said earlier on that, it is an advantage, it can act as a shock absorber, but there's a problem. If we want our innovations to be successful, to be tangible success, we need to -- well, we need to take steps. Now if you look at this rebound plan in greater detail, all we say is that we need to be faster in our innovation. We need to be stronger and more relevant in how we activate this innovation. What do we mean by that, more relevant in the activation? That means it's all about our ability to turn a good or great idea into good success and possibly a great success. We did some launches in the past that were, for example, superior to the washer. Now the innovation -- the great thing with the washer in its launch in 2025 is that it's been a success, and we've generated EUR 100 million, but it's not enough. We need to have five launches like this and more and faster. Why? That's the very purpose of the rebound plan. We do this because our competitors respond to the market much faster than before. Ten years ago, when you launched an innovation, you would see the first Chinese copies or counterfeits or copy products get on the market 5, 10 years later. Now it's after 3 or 6 months. And in China, we visited Supor a few weeks back. Copies hit the market maybe 8 weeks afterwards. So we do some monitoring of the competition, especially in China. It gives us the objective in terms of pace, the standards we need to meet in order for us to generate innovation that is successful, but not only that, innovation that can offset what is not as successful and that can generate this additional growth that we wish for. Also, we have to be the first on the market segments that we're interested in. And we want to be able to derive some profits for this and faster than our competitors.

Thank you very much for what you said about Supor -- for what you said. Now about Supor, you're absolutely right. At this point, Supor is worth EUR 4.8 billion, CNY 9 billion, whereas SEB is worth EUR 2.9 billion. So even if we have 83% of our share capital, that means that actually Supor is much -- is worth much more than SEB as a whole. If we want to buy the remaining EUR 2 billion, that means that we go in the red and that we're negative. That doesn't make sense. Now let me give you some information, a few points. Supor is EUR 3 billion, EUR 3 billion for China. But for a lot of people who look at Supor through SEB, it's EUR 2 billion. For 15,000 Chinese shareholders, they can see a company that generates EUR 3 billion in sales, which first is very big. It's the largest one. And second, which is clearly the undisputed Chinese leader today. We have already overtaken Joyoung and Midea, which they are very dynamic. Second, as you know, clearly, the market cap on Asian stock exchange, especially on Shenzhen, have multiples that are much higher than the European stock market and the French stock market. It all comes into play. And now the third reason, I think, is that the share price is particularly low. Supor's share price is not very much different or is not lagging behind that of its Chinese competitors. It's fair to say that SEB's share price is way under what we would like it to be. It should reflect the company's value. I think, however, that China that has been driving us -- that really drove us a few years back when we had this development of 100 -- from EUR 130 million to EUR 2 billion on the Chinese market, two things have changed since then. First, China scares a number of people since Xi Jinping became President and also since the COVID policy that has caused some doubts as to the strength and reliability of China, we believe it's overstated. And also some still believe that China can have a 10% annual growth rate. But if you have an opportunity to go to China, go to large Chinese cities. Even in small 10 million cities like Hangzhou, where we are based, there are many more Lamborghini and Porsche car dealerships than in Paris. Today, China is a mature market with an equipment rate within -- amongst households for our products, which is very high. Actually, the products we sell are very expensive on the supermarket. There's been an evolution. And the development of China means that today, China's growth rate will not be the same. However, the most fundamental explanation is that SEB share price, we believe, but of course, we cannot judge our own share price. All we can say is that we are fully determined to ensure that results pick up fast to make sure that investors can trust the plan that we want to deliver that they will trust in our recovery. And I do hope that their share price will move fast as it already has, as it already did. Our share prices dropped until October 2022. I think we were in the region of -- I think we lost most of our value. We were at EUR 58 and then we picked up at the general meeting in May 2023 up to EUR 106, so EUR 59 to EUR 106 in just a few months. I do hope and we'll do our level best to make sure that we can do the same. Now about how a general assembly is conducted in China, I'll allow Philippe to answer that question.

Well, according to Chinese law with regard to the stock exchange, they're very close to our system. They've tapped into our system and the British system. They've mixed the two. So it's very mature, legally speaking. However, in practice, there are some differences, especially one. There are no shareholders carrying the shares. Everybody is registered. If you have a share, you cannot just simply carry the share. You have to be registered by the administrative authorities. So the visibility on the capital composition on -- it's very detailed. We don't have that in Europe. And also regarding general assemblies, there are very many resolutions. There are many more items being voted on during the general assembly, especially the related party agreements between the shareholders and SEB because there are EUR 1 billion worth of products being called as related party agreements and being sold under the group's brands. And this is voted in the assembly and scrutinized with attention. There are a few questions. The general assembly is entirely remote. In the meeting -- in the Board meeting room, there are only the managers present, a few directors and all the shareholders are attending the general assembly online and voting online.

There's another question I did not have time to answer, sorry. You were asking if we had 83% and whether we can increase. Yes, we can. We can go up to 80%, 90%. And from 90% onwards, we would have to unlist the share, and we don't want to do that, but we want to be listed in China. We're the only company across the world having been authorized by the Chinese authority to have the majority control of a listed company. That had never happened before 2007, it's never happened since 2007. So we have a very special situation, but we like that. It's very good for us because we are de facto a Chinese company. Yes, we own 83% of the shares, but the other 17% are very small shareholders. No one has more than 1%, 1.5% of the shares, individual shareholders, financial shareholders, pension funds, but they have a very limited number of shares. So we are in control. We are the captains. It means a lot. But on the one hand, it means that we have -- we need to have three independent directors. We have six directors, and the rest are independent directors. We have one accounting professor, a Chinese professor teaching accounting in China. It's by law. We have to have that. And we also have two ladies, independent directors. One is a French lady living in Shanghai. The other one is a Chinese lady who lives in Paris. She's a lawyer. And the Board meetings are held every quarter. At least twice, we meet in person, and we perform a working session just like any other Board meeting in France. It's very interesting. That's it. And now we have -- yes, according to the Chinese law that's recently changed, there used to be a group of shareholders who sat on the Board and did not vote. Now we have an employee director who votes. It's been the same one for like 20 years, the same person, but now he has a voting right. He's a company -- he's a factory manager, and we have great stability with regard to management on all the levels. I think that last year, we ended out 600 medals for people who were -- had been in the company for more than 10 years and 60 medals to people who had been with the company for 30 years. They say that in China, there's a lot of turnover. We're going to have a look for yourselves. Now the gentleman there. Yes, we know, we've seen you.

Patrick Servais, individual shareholders representing the National Association of French Shareholders. And I would like to thank you and congratulate you on the increase of the number of individual shareholders. Now the first question, you explained that you moved from 6.4% of the capital held by individual shareholders to 9.1%, that family shareholders were stable. So it's institutional shareholders have lowered their share in the capital. Is it possible that the lower share value comes from the fact that institutional shareholders have left the company? And the second question, if I may. Mr. de Gramont, could you please tell us more to elaborate on the TikTok shop, where are they located? How does it work? How do they work?

Well, I will answer the first question. Yes, of course, we cannot rule out that some financial investors who saw the share value dropping decided to pull out, and we cannot exclude that this might explain also the shareholders' value dropping. And TikTok shops, yes, I can explain where they're located. TikTok is a social media, very powerful in China. The figures for September last year are staggering, 800 weekly visitors, 800 weekly visits in China. It's huge, it's staggering. And TikTok started developing in Southeast Asia. So the more mature TikTok sites are in Southeast Asia. And it makes sense that social media sites becoming an e-commerce site happens where there is the greatest traffic. So the first places where we opened TikTok shops were Malaysia, Vietnam, Thailand, Indonesia, Singapore, the Philippines, and we opened them on the brand that we sell in those countries, Tefal. These are countries where only -- almost only Tefal products are being sold. Then there's a second level. The countries where TikTok developed in priority outside of Asia. So it's the United States. And I think that it was October, we opened the Tefal TikTok shop in the U.S. The United Kingdom also we opened fourth quarter, we opened the shop. And then Germany is a country where TikTok is developing. This is for the Tefal brand. We also opened two sites with the Rowenta brand, one in the U.S. because in the U.S., we sell two brands, Rowenta and Tefal. And in Spain, we also have Rowenta very strong on the floor management, maintenance and linen care. And Spain is a pilot market. So we also have a Moulinex site. And one of the biggest brands in one of the biggest countries is WMF in Germany. WMF, we opened a shop -- a site -- a TikTok site in the fourth quarter of 2025. Next question. And then just behind there and in front.

Good afternoon. Now if we have a look in 15 years from now, we will have populations from Japan, India and Europe aging, many elderly people who will be overequipped. The only country where the 30-year-olds will increase in numbers will be the United States. And then in India, there will be a 400 million middle class. Half of the population less than 30 years old will be in India. They will need to buy equipment, have access to our comfort level. Do you have a factory in India? Are you going to organize a hub with China? How do you see this market in the coming years? Because we should start thinking about the future now.

I will allow Thierry to answer the question. It's his specialty, and I will add something if I need to.

We're agreeing according to the U.S. The U.S. is a very dynamic market. We're very -- we have an average presence in the U.S., but we could reinforce it, and if the conditions are met. Very few players have succeeded in the U.S., only two of them, and they cannot be bought and the others are not doing well at all. India. India, how can I phrase this? India is a bit of a mystery to me because India is a country where the population is growing. It's a country where they are developing not so more with industry, but rather with service. They are very well educated and university trained. They have all the conditions to become a big country, the biggest country in the world with regard to population, and this should be developing very fast. Trouble is that's the theory. And until now, we haven't seen it happen in our business, in our industry for two reasons -- two main reasons. The first reason is that India is a country where there is no modern retail distribution network. It's coming, but it's very slow. They prevented all international distributors from taking a foothold in the country, and it was allowed on the federal level, but every state refused it. And the trade system is still based on mom-and-pop stores, very small stores, local stores, 15 square meters, each selling their own product. And oftentimes, the products are a very basic product. So it's not a structured market. There are no big players and the distribution network is fragmented. And it is also an extremely complicated country. It's a federal state, and they have excise duties between the states -- the federal states. Logistics are scary because you drive on the motorway and then all of a sudden, there's a cow crossing motorway. It's a country where contrary to China. I mean, China was a very quick development. In India, we have never succeeded. And I don't think that it is among our priorities. India is clearly not on our list of priorities. It will take so much time. And there are other countries such as Southeast Asia countries where the population is high and they have a much higher purchasing power, and they will become an El Dorado, which we can conquer faster than India. Well, even mature countries, developed countries, so-called saturated markets, they continue to grow in an interesting way. Household equipment rates in Western Europe, according to our figures, reached 25, 28 appliances per household. And we see that the consumers tend to duplicate or even triplicate their equipment. In every French household, there is 1.8 vacuum cleaner. 15 years ago, there was less than 1 vacuum cleaner per household. Now there's more than 1 vacuum cleaner. So what you're saying is quite relevant. Demography growth will come from India or the U.S. However, we see growth pockets through innovation in mature countries, mature markets.

Three more questions here. Yes, please. Can you raise your hand again? Thank you. And then the two people behind.

I'm an individual shareholder. I have three small questions, three things I'd like to discuss with you. Tefal, whose brand image is suffering from the anti adhesive coating. And apparently, one director -- well, there was one issue where the Tefal plant is located. So in order to make sure they don't lose too many jobs in that factory, do you have any substitution products, maybe frying pans with different coating or titanium coating that could be manufactured there so they don't lose all their jobs? And Supor, their e-commerce site, does it sell products that you want to push in those countries? Or is the trade limited to Supor product? And finally, in the presentation -- in Mr. Gramont's presentation, I did not quite grasp the attribution of performance shares in 2025. I think it was 13,000, but we didn't see any variation versus the previous year. The variable share dropped. The variable portion dropped. Did the performance share number decrease as well?

Thank you. Well, we'll talk about PFAS at the end. Supor maybe first. Supor, e-commerce site. Yes, we choose. We decide together with Supor what we want to sell on the Chinese market. I'll give you an example. We are currently developing a range of coffee makers, coffee machines with international brands sold and developed by Supor. So the choice of what we sell on the Supor e-commerce side and the choice of brands we offer is definitely something that we control the group. And Supor is behaving like a market company. If we want to launch a new range of frying pans or mixers, blenders or cookers, it's the -- we decide what brand we want to sell that products under. Well, we have iron steam, a big success in Europe, and we have an iron steam with a Supor brand in China, and it's also very successful. Philippe Sumeire, two words.

On the performance shares. There is the annual attribution, but that can only be acquired over a 3-year period. So the one you're talking about 2025, 13,000 shares can only be measured. The final performance and the real assignment of number of shares that could be lower or higher. It will be measured over the '25, '26, '27 period, and it will be measured in May '28 based on the economic performance of years '25, '26, '27. How is the economic performance target set? Every year, the Board following the disclosure of the accounts, will decide on the target set by the management. It was set targets for turnover. And just to give you a concrete example, on the 2023 plan, what was given -- distributed in 2023, measured in 2023, 2024, 2025, the economic performance was quite okay, 120% in 2023. 2024 was even higher than that. The offer was EUR 200 million, and then the next year was 0. So in average, for 2023, again, measured in '23, '24, '25, it was 74% of the shares that had been promised. So there were -- the number was decreased. There was an impact on the number of shares given to the CEO or the other managers who can receive performance shares. Does it answer your question?

Let me answer your question. The group makes stainless steel pans and also in TFE. And for Remy, the pans are mainly made in ceramics and PTFE. So we have both coatings on our site. And of course, we stand our ground. We have a very clear objective. We want to remain the #1 in terms of all materials. I can see two hands raised there at the back.

Hello, I'm an individual shareholder. Thank you very much for all these product presentations. There's something that we haven't discussed at all, which, however, I think is very important, the ergonomics and the user friendliness of your products. Very often, used manuals are lacking. And sometimes, the users have to deal with extremely complicated tasks. Do you have an example, sir?

Well, first, I suggest we address this outside this general meeting. There are products that leave our factories that cannot be used, that's a real problem. We try to make sure that users' manuals are increasingly paperless, that we have videos on YouTube and pictures online. I would be tempted to say that actually, we do a lot to make our products accessible to explain how they work. But if you have a different take on our products, I would be very interested. And a couple of people -- a couple of my colleagues on the Executive Committee will listen to what you have to say. Right. The gentleman there. Give the gentleman a microphone, please. It's not a gentlemen. Apologies, madam.

I just have a quick comment. You talked about 360 degrees for the scan. Well, that's -- you've come full circle if you do 360 degrees. Anyway, you referred a lot to AI. You haven't mentioned at all human intelligence. I would like to understand what AI will do for this company according to you. How will it develop within the group, especially in terms of jobs? Can you give us an overview? Thank you in advance for your answer.

360 degrees, that's more a comment than a question. Yes, a 360-degree scan, that means that you look at everything from all angles. You look at all scopes of the company. Now as regards to AI, maybe the two of us can answer this. Let's proceed this way. Artificial intelligence offers a number of opportunities to optimize, to improve things. There are several ways you can harness AI. What we try to do is to find the right balance between AI and human intelligence or rather the human factor. I suppose you can continue.

We -- our work on AI rests on several pillars. First, people, as you said. The idea is that it should be a tool to augment the capabilities of our employees and not displace them. We said, for example, we've worked on 800 use cases. We don't want to use AI for the sake of it. We want to introduce it when it really helps us, also when we can -- when we have the data for it. Of course, we are going to focus on AI. Of course, we want our employees to be able to keep abreast of what's happening in AI. We don't want them to become obsolete. If they are not surrounded by AI and assisted by AI, it might become very difficult. So let's not forget that we have several pillars, three pillars. We have one pillar about responsibility because we do also take the account on the environmental footprint of AI, but also we have another pillar on human training and we try to see how we can help our employees. AI is meant to augment our employees, if I can use that term.

I'd like to pick up on this because it's absolutely essential. We have always worked on employability, I think that the duties amongst others. One of the duties of the company is to make sure that the employees remain employable. And that applies to the industry. We've, for example, worked with people to help them move from assembly jobs to robots or machine controlling work. We want to make sure they remain employable. Now AI is a revolution that is going to hit all businesses with full force across the world. If we don't prepare our employees to use AI, they will not be employable anymore. We need to do this. It requires a lot of hard work, but I think that it's one of the duties of business, the member of the public.

I understand your answer. But in your presentations and in your remarks, you haven't mentioned people at any time. That's just my point. I do understand that AI cannot be ruled out, but maybe you could say that at some point that someone thinks, that a team thinks, that an R&D team thinks on this. Maybe it would be worthwhile saying this during a general meeting.

Thank you. It gives me an opportunity to clarify this. On one of our slides, you have the number of people, employees, humans who took part in these workshop because we don't forget them. They are at the very heart of our work. We mentioned employees who were onboarded on this AI road map. We already have 500 people. It's a joint development. We don't impose this on our employees. It's teamwork.

Thank you very much. We can take one last question, if you don't mind, the gentleman there.

A quick question about the rebound program. Is it the program of last resort? Is it because there were delivery mistakes by the current management? And how can we be sure that the rebound program will be successful because I've gathered that when you buy out entities in the professional sector, it was to develop them. I can see that figures in the professional sector are very poor. How can you guarantee that this rebound will happen? And I'm thinking here about the share price, which reflects this. We are at the very bottom. We've bottomed out. One last point about the eighth resolution. It's a question I wanted to ask last year. We have the remuneration of the Chair, EUR 750,000 and corporate officers fees as well. I asked at the time about the pension of Mr. La Tour d'Artaise, and I was told that it was confidential information. Actually, I've double checked. It's on the reference document on Page 128 of 2022. And the pension that was financed at the time by SEB was EUR 450,000 per annum. Therefore, I'd like the company to include this information on the eighth resolution or the information that is in the reference document as it gives information about the Chair's overall remuneration.

As to your first question, the rebound plan is not the plan of last resort, and it's not a response to what's happening on the stock market. That's what I said in response to the first question that was asked. The rebound plan is meant to adapt the practices and policy and organization of the group to today's context and to the context of tomorrow. It's important to do it now because this context keeps changing ever faster. We need to do this swiftly as we know that after the rebound plan, there will be other evolutions. We know that the pace of innovation will accelerate. There will be an intensification of activation policies. Thus, the question is not whether a rebound is the last resort. We've generated EUR 600 million in operating profit last year. However, it's required or necessary adaptation of the group of its policies of how it works, of its organization so that it can deal with the competition and with consumers. Excellent. Right. Thank you very much. I can see that it's quite late, we are behind schedule. You do have a question?

Just a quick question about AI. You mentioned AI in the rebound plan on repeated occasions. There are several types of AIs. For example, if you look at what NVIDIA says, they categorize the different types of AI. There's perception AI, agentic AI, generative AI and robotic or physical AI, it's mainly robotic. Could you give us specific examples of how you want to use AI in these different categories?

It can be, for example, to answer or to help some of our consumers, for example, chatbots to help consumers. Also for prediction. The AIs that can look at supply chains. You know that we have a lot of work in terms of deliveries. Also content automation to do things faster rather than using agencies. We've identified 800 potential use cases that are interesting. What about the Agentic AI? We do have Agentic AI, but not only that. I'm talking here about use cases to make sure it's clear to all our shareholders, yes.

Excellent. Let us now move on to the vote, the final quorum. Over to you, Philippe.

The final quorum has slightly improved. 4,068 shareholders attending or represented at this general meeting. You represent 71.32% and 71.19% for the Extraordinary General Meeting. That's a voting -- that's 78% in terms of voting rights. You can see the figures here. The general meeting can validate on the ordinary and extraordinary issues. If you don't mind, we'll briefly describe each resolution before the vote. The voting devices have been handed to you. Instructions will come on the screen. It's the same as every year. Please make sure you remember -- well, remember that you have 8 seconds to vote on each resolution. Can you play the video? It's the instructions on how to use the voting device. [Presentation]

Dear shareholders, the voting device that has been handed to you after you sign the attendance sheet is strictly for personal use. The number of votes that you have or represent is -- should be displayed on the voting device screen. You only have to use the green, yellow and red keys. Green is for -- in favor, yellow is for abstention, red is for opposed or against. After each resolution has been read out, the vote will immediately start. Members of the Board will say the vote is open. You will see a loading bar on screen, which will show the countdown, the time you have left to vote. Once the countdown is over, the Board will say voting is over. You won't be able to vote anymore. Results will be displayed on the screen a few moments after the end of the vote. One last clarification. Please make sure you turn off your mobile phones during the votes and make sure you return the voting devices on your way out.

Right. The first resolution, approval of the separate financial statements for the ended December 31, 2025, showing a net profit of EUR 127,161,182. The vote is open. [Voting]

The vote is over. This resolution is approved at 99.96%. Second resolution, the consolidated financial statements, EUR 244 million. The vote is open. [Voting]

The result is on its way. The vote is closed. This resolution is approved with 99.99%. It is approved. The third resolution, allocation of the profit of the results. That is the setting of the ordinary dividend at 2.8. And let me remind you of what I said at the start of this meeting, it is an alternative resolution relative to the A resolution tabled by a shareholder. We have 1.68 in the alternative. And this is the third resolution 2.8. Let's start the vote. The vote is open. [Voting]

The vote is closed. 83.13%, this resolution is approved. We won't have to vote on Resolution A, which is considered as rejected. Fourth resolution, reappointment of BPIFRANCE INVESTISSEMENT represented by Ms. Adeline Lemaire for 4 years. The vote is open. [Voting]

The vote is closed. 98.4%, this resolution is approved. The fifth resolution, appointment of Mr. William Gerard for 4 years as part of the staggering of directors' terms. The vote is open. [Voting]

The vote is closed. 88.47%, this resolution is approved. On to the sixth resolution, appointment of Mr. Thierry Lescure as Director for 3 years, again, as part of the staggering of directors' terms. The vote is open. [Voting]

The vote is closed. 90.19%, the resolution is approved. On to the seventh resolution, approval of the remuneration of all executive officers. The vote is open. [Voting]

The vote is closed. 96.72%, this resolution is also approved. On to the eighth resolution, the ex-post remuneration of the Chair for 2025. The vote is open. [Voting]

The vote is closed. 76.4%. This resolution is approved. On to the next resolution, the ex-post remuneration of the Chief Executive Officer for 2025. The vote is open. [Voting]

The vote is closed. 78.26%, this resolution is approved. On to the remuneration of the Chair of the Board for 2026 ex ante. The vote is open. [Voting]

The vote is closed. This resolution is approved with a majority 82.41%. On to the next resolution, the ex ante remuneration for 2026 is the structure of the remuneration policy for the CEO. The vote is open. [Voting]

The vote is closed. 82.47%. This resolution is also approved. On to the 12th resolution, which is the approval of the remuneration policy for directors. The vote is open. [Voting]

The vote is closed. Surprise, 85.12%. This resolution is also approved. On to Resolution 13, authorization to be granted to the Board of Directors for the company to buy back its own shares. The vote is open. [Voting]

The vote is closed. This resolution is adopted majority of 77.75% of the votes. We move on to Resolution A, which is not going to be voted on. Resolution B, which was not approved by the Board of Directors. Resolution B is about setting of the total amount of directors' remuneration at EUR 650,000 from EUR 1.1 million for the 2026 financial year. The vote is open. [Voting]

The vote is closed. This resolution is rejected 80.75%. Extraordinary resolutions, Resolution 14, authorization to be granted to the Board of Directors enables the company to cancel its own shares. The vote is open. [Voting]

The vote is closed. 99.2% for is approved. The next is Resolution 15, to increase the share capital by issuing ordinary shares and all securities giving access to the share capital and all debt securities. The vote is open. [Voting]

The vote is closed, 86.58% in favor. The resolution is adopted. Resolution -- next resolution is 16, delegation of authority granted to the Board of Directors to issue ordinary shares and/or securities by offering them on the market. The vote is open. [Voting]

The vote is closed. 83.57% adopted. Resolution 17 follows the 16, delegation of authority granted to the Board of Directors to issue ordinary shares and share equivalents using the offerings referred to in Article 411-2 and the vote is open. [Voting]

The vote is closed. Resolution adopted 83.3%. Resolution #18, the issue of power to the Board of Directors to increase the company's share capital by issuing shares and/or securities, giving immediate or future access to the company's share capital in consideration for contributions in kind made to the company. The vote is open. [Voting]

85.18%, approved. Extraordinary resolution #19, blanket ceiling on financial authorizations. The vote is open. [Voting]

The vote is closed. 97.89% approved. We move on to extraordinary resolution #20, delegation of authority to be granted to the Board of Directors to increase the share capital by capitalizing retained earnings profit premiums. The vote is open. [Voting]

The vote is closed. 99.88%. Extraordinary resolution #21, authorization to be granted to the Board of Directors to grant performance shares to the general management and the managers. The vote is open. [Voting]

The vote is closed. 96.66%, resolution is approved. We move to resolution #22, delegation of authority granted to the Board of Directors to carry out share capital increases restricted to members of the company or group savings plan. The vote is open. [Voting]

Vote is closed. Resolution adopted 99.45%. 23, amendment of Article 16 of the bylaws. We already explained earlier. The vote is open. [Voting]

The vote is closed. 97.82% resolution adopted. Finally, the last one is resolution 24, powers to carry out formalities. The vote is open. [Voting]

The vote is closed and the resolution is adopted 99.94%. All the resolutions have been approved, Chairman.

Thank you, Philippe. Well, before we close, I'd like to thank you for attending the general meeting and for voting all the resolutions submitted by the Board. Please do not forget to give back your voting device, and you will be given a token of our appreciation. We would like to thank you, and we will meet you again next year for the next general assembly.