Teleperformance SE (TEP) Earnings Call Transcript & Summary

Ladies and gentlemen, dear shareholders, I'm delighted to welcome you for this combined general meeting that I'm presiding as Head of the Board of Directors. I'd like to thank you for being present today. I will mention that our assembly is also broadcasted live from our Internet website. And I'd like to say hello to all the shareholders who are following through this connection. So Mr. Julien is here with me. Mr. Thomas Mackenbrock is here. Olivier Rigaudy, General Delegate Director; Sonia Cheurfa, Secretary of the Board of Directors. I'm happy to welcome the members of the Board who are present today. Madam Pauline Ginestie, Mr. Kevin Niu, whose director mandates are being proposed to you today. On behalf of the Board of Directors, I would like to warmly thank Mrs. Shelly Gupta, Mrs. Carole Toniutti and Mr. Jean Guez, whose mandates expire at the end of your meeting for their valuable collaboration and contribution to the work of the council and committees. Thank you very much for your input. Are also present here, Mrs. Vera Songwe, I haven't seen her before. She is possibly with us or on her way. And Mr. Mehdi Ghissassi, who I saw, whose nominations as members of the council are being proposed to you today. Your auditors, Deloitte & Associes and Pricewaterhouse Coopers have been summoned and are also present. Mr. Raphael Perot, Bailiff, present in the room, carried out the verification of the signing operations and will verify the smooth running of our assembly and the votes. I propose that we begin our assembly with the formalities prior to the opening of the session and thus constitute the bureau. The statement of the provisional quorum, the agenda and the legal requirements. Regarding the formation of the office, I will serve as President of the assembly, if you accept it. I call as scrutineers, the 2 shareholders present who have by themselves and as proxies, the greatest number of votes who have agreed to fulfill this function. These are Mr. Thierry Revah and Mr. Benoit Gabelle. What I propose that Ms. Sonia Cheurfa be appointed Secretary of the Assembly. The provisional quorum communicated to me a few minutes ago is a 73.89%, a quorum higher than that required for the validity of the deliberations of the ordinary and extraordinary general meetings held on first call. A few shareholders are still arriving. So we will inform you at the final quorum before the resolutions are voted on. The joint general meeting is therefore duly constituted and can validly deliberate. I therefore declare our general meeting open. During your meeting, you will hear from several speakers, Mr. Daniel Julien and Mr. Thomas Mackenbrock will begin by presenting the key figures and highlights of the year 2024. And the challenges for Teleperformance in 2025. Then Mr. Olivier Rigaudy will then continue with the presentation of the 2024 financial results and the turnover of the first quarter of 2025. Then Mrs. Clementine Gauthier and Mr. Evangelos Papadopoulos, will present the group's approach in terms of CSR. I will then present to you a summary of governance and as well as remuneration or compensation policies, the auditors will present summary of their reports. Then we will give you the floor in order to answer to any questions you may have. And finally, we will conclude with a vote on the resolutions proposed for your approval. I would like to point out that since when broadcast online, the shareholders will also be able to answer to questions. We will thus answer to all the questions asked later during this general meeting. I will now hand over to Sonia Cheurfa to present the legal notices.

Thank you, Mr. President. Good morning, ladies and gentlemen, and your assembly meets today upon first call. It was summon been notices published in the BALO on March 10 and April 16, 2025 and in the legal announcement of [indiscernible] on the same day. In accordance with the legal and regulatory provisions in force, the documents discussed during this meeting were made available to shareholders at the company's head office and on the Teleperformance website. In particular, it concerns the presentations and text of the resolution's notices published in the BALO and the copy of the Legal Notices Journal containing the notice of meeting letters of summons addressed to the auditors, of 2024 Universal Registration Document reports from statutory auditors on the accounts regulated document sustainability information and on the resolutions included in the agenda today. And finally, the status of postal and Internet voting and powers of shareholders represented by the company. I would like to point out that shareholders who requested this have received the documents and information required by law and have been able to consult them at this registered office. You're simply is called upon to deliberate on 37 resolutions, 23 of an ordinary nature and 14 of an extraordinary nature. The text of the resolutions appear -- well, the full text appears on Page 44 and following of the notice of meeting brochure. These resolutions relate to approval of the auditory and statutory and consolidated accounts of the financial year ending 31st December 2024, allocation of the result in fixing the dividend of its date of payment, approval of 2 regulated agreements, approval of information and elements of remuneration for 2024 for all corporate officers and executive corporate officers, approval of remuneration policies for 2025, the renewal of 2 directors, the appointment of 2 new directors and the nonrenewal of -- and non-replacement of 1 director, the authorization to be given to the Board of Directors for the purchase by the company of its own shares, the modification of the levels of achievement of the internal financial performance criteria decided for the performance share plan of July 26, 2023. You will also have to vote on the authorization to be given to the Board of Directors to cancel their own shares repurchased by the company. You will also renew, if you wish, delegations of authority and authorization regarding increases in share capital, and thus allocating shares to the members of the salaried staff members and/or certain corporate officers. Finally, the harmonization or modification of certain articles of the institutes of the company with the provisions of the commercial code. The final resolution is to proceed to the powers for the completion of formalities in the assembly. I also inform you that the company has not received any request for the inclusion of draft resolutions or items on the agenda of this meeting.

Thank you very much, Sonia. I will now give the floor to Mr. Daniel Julien and Thomas Mackenbrock for the key figures and highlights for 2024.

Thank you, very much dear President. 2024 has been a major year for our group. It has been the first year marked by a broadened geography for the group after the combining of Teleperformance -- the joining of Majorel and Teleperformance. What we need to take a note of, we reached our financial targets with a ramp-up of growth during the fourth quarter, the EBITDA margin has improved by 10 points. And the net cash flow available is a record in the history of Teleperformance has risen at more than EUR 10 billion. Growth has accelerated during the second semester in the core service activities and special services that are specialized have followed their 2-digit growth in 2024 by knowing that, noting that it won't be the same situation in 2025 because of the nonrenewal of a contract in one of our affiliates. In 2024, we added Majorel to the group or Majorel joined Teleperformance, it's difficult to say which way it goes. But what we can say, it was well done and the success in terms of the human beings' men and women in the company, the project itself and concerning cost and synergies. Since EUR 94 million of synergies were already recorded in 2024 with a global plan of EUR 150 million over several years. So, what allocation of the capital have we made? We have strengthened our specialized services activities with the acquisition of ZP Better Together, which is a company that is extremely interesting, a company of interpretation and American Sign Language for the deaf and dumb community in the states. We have accomplished a buyback program, EUR 184 million between 2023 and 2024, so EUR 184 million of buybacks carried out in 2024, execution of EUR 500 million share buyback program total. The dividend was increased to EUR 4.20 per share versus EUR 3.85 in the previous year, which means the distribution rate is going from 38% to 48%. We have also starting this indebting our ratio. So, the debt reduction with a net debt recurring EBITDA ratio below 2%, 1.9% exactly. What is most important beyond figures, the strength and governance of the company, we have separated the functions of President and CEO that I had previously and Mr. Moulay Hafid Elalamy has accepted becoming President and had a very mobilized head of the company, very active, which -- who has really enriched our company in a tremendous way, quite remarkable in the thinking, reflection governance of the company. Thomas Mackenbrock has become Deputy Managing Director halfway through the year in charge of Teleperformance Global business and working in close collaboration with Daniel, well, neither I think that Thomas and myself have spent more time together than with our families separately or jointly. So, the succession plan, our long-term development plan is going very smoothly in terms of implementation. Last point, the strengthening of the Board of Directors with the 2 new members, bringing expertise, remarkable and rare expertise in AI. And I think we will have the opportunity to mention this again, as well as an international experience in terms of management, financial management and knowledge of the countries that are in quick development. The highlights of Teleperformance now. What are they today? The markets are still growing. It's not the 2-digit growth that we have known during COVID. But nevertheless, the growth remains between 3%, 4%, 5% according to the macroeconomic environment, then we have a high potential for new markets with a 2-digit growth and namely in services, data services with AI, artificial intelligence. The second point, during 2024 we have developed a hybrid policy for emotional intelligence that is highlighted or augmented, thanks to AI or enhanced, thanks to AI. Facing AI often presented in the media as disruptive we are using the capacities of AI in order to go beyond territories that we were used to cover in the past. Then we are optimizing our model of shoring, which means of geographies, outsourcing offshore, nearshore, et cetera, by highlighting or underlining the development of our activities in India, specifically, where we are very strong with 90,000 employees, a remarkable team and also developing Africa and sub-Saharan Africa, which represents special and exceptional abilities for development. Finally, we have consolidated our global positioning as the #1 in the world. And what is more important, given the figures is that our clients and customers who are -- have all remained our clients after the merging of Majorel and Teleperformance we see the resilience of the company and its financial solidity robustness. I'd like to add that we are in a full innovation phase and transformation phase full speed. What is our hybrid approach for i.e. AI, human beings, processes, technology and business expertise. Within human, we made -- work on training, upskilling, I'll use the English word, upskilling more than 60,000 people have followed training programs on AI and on the fundamentals of AI. We have also strengthened our business development teams in the United States, EMEA and APAC. So we -- for processes, we have embedded digitalization for the follow-up. In order to implement our processes in the right way for our Teleperformance processes, tops and best. These are operational processes that guarantee to present the same relevance and consistency, quality of service, whatever the geography where we are in the world. Coming to technology. We have launched more than 200 new projects that connected to AI in 2024. And in a number of cases, as everywhere around the world, we are still in the phase of proof of concept. We have also developed a platform that is for micro services on which we can plug in our different solutions that are vertical for AI that is easily connectable or connected to the system that our clients have through APIs, which facilitates or makes it easier for them in terms of internal, external relationships in a smooth manner. So for business expertise, we are growing. It's a double-digit growth in back office and BPO solutions in India mainly. We have recorded new businesses, new business gains in data labeling and annotation of data. In fact, it's the training of models, language models and of course, and you will see this later in 2025 when Thomas will present this year to you. We are accelerating or ramping up -- there are additional investments when it comes to technology. And for the use of digital and embedded solutions at all levels -- internal levels of the company. We are transforming and changing Teleperformance in order to better change our clients or help our clients. All of this deserves an evolution of the brand. Thus, we have moved from Teleperformance, so that was a little 20th century to TP, and TP in France will say, TP in French is the way in which we are known by our clients. In conclusion, TP reflects human beings' discipline in processes, technology and 47 years of business experience. Thomas, Olivier?

Thank you very much, Daniel. Hello, ladies and gentlemen. I'm going to present now some financial results for 2024 that have made -- been made public at the beginning of March. First aspect, what you see on the screen are the 2024 annual results as published that can be compared to 2 other figures, the published figures 2023 on the right-hand side and pro forma, because we were -- we had to do that with the acquisition of Majorel halfway through the year. I think there are two things to note. The first that your company, for the first time, has gone over EUR 10, so this is really a step that is significant. One of the key steps there will be other major steps after, but it is a significant one. And then the net adjusted result for the group has made a progress of plus 10% for 2024 as was promised during the acquisition of Majorel. I'll come back briefly to these figures. So how did 2024 unfold? Specific year, as Daniel mentioned, indeed, we have integrated for 10 months, the Majorel activity, almost EUR 1.8 billion, as you can see, all along the year, and then contrary effect of EUR 10 million -- because of a negative exchange rate effect, minus EUR 10 million. For currencies that were complicated and that reduced our revenue or turnover. So the group, nevertheless, generated more than EUR 260 million of additional revenue organically. In order to reach the figure that was presented to you EUR 10.280 billion. If we now want to look at the operational profitability, the elements are very clear. The EBITDA is making a 20% progress, as you see in a real manner compared to 2 figures published and our operating result, EUR 998 as you can -- well, in 2023 and 1.082 in 2024. Their aggregated results with no impact on cash that we have seen during the year in compliance with what the auditors have mentioned. If we want to go one step further in the analysis of our results, without any surprise, the financial results, as you can see, is going down, but more than EUR 2.5 billion of debt have been raised. And you can see that the financial result of the group is relatively good given this additional financial debt or tax burden, because it has played a role with the currency rates that have played a part. Well, let's look at the taxes now. So it's about the same, the tax burden, about the same as last year. We took careful positions or cautious positions because we're not sure how things are going to evolve in time in order to maintain what we have always done being cautious in order not to be faced to any surprise. Finally, an adjusted result if we make abstraction of these noncash elements, progressing by 10.2%, so the adjusted net profit group share, plus 10.2%, significant progress adjusted per share as well. Coming back 1.6% -- 8.6%. So what is the highlight is the generation of net free cash flow of EUR 1.1 million almost in 2024. This is a remarkable figure, which comes from, of course, a great activity, the joining of Majorel, but also our customer accounts and the control -- acute control of our investments, so expenditure also, control of investments expenditure and site optimization. All of this has helped us generate a 1.1 net available cash flow, thus, looking at the future in a serene manner. If we take a look at the debt of the group, I think that the first thing we can say is your company is the only one in this sector to benefit from a rating by Standard & Poor, BBB-, -- BBB sorry, not BBB, which is the best rating in the entire sector. And I think it's important to underline it. We have an easy access, easy and broad to cash flow in all of the markets. What we put here as an information, the origins of our financing, their nature, the source and the group has no funding issue and can finance its development easily. And it will be the case in the coming years as well. I'd like to understand the evolution of our dividends as shareholders, as you have seen since 2010, the dividend has increased steadily, and we are now reaching EUR 4.20, so this you will have to vote upon. So it has increased regularly in a sustained manner. This is what I can say about 2024 figures. I'm yielding the floor to you. Thank you.

Okay. We give the floor to Thomas for 2025.

From my side, it's a pleasure to be with you here today. Let's look together at 2025. And I think as all of you see, we live in volatile times, but TP is well positioned given our global footprint in almost 100 countries around the world. Our broad client portfolio across many, many verticals. So we are a platform of stability and growth also this year. This is reflected in our guidance for 2025. You see that without the nonrenewal of a Visa contract that we explained in our numbers, we are guiding to 3% to 5% growth this year. And we also guided that we will increase our margin by up to 10 basis points in 2025. And as Olivier just explained, in 2024, our strong cash flow was a key characteristic of TP and also this year, we expect around EUR 1 billion in free cash before nonrecurring items. Let's take a bit of a closer look into the topic of AI and how does it impact our business. TP is uniquely positioned by combining these 4 elements that you've seen earlier in the presentation from Daniel, and where we continue to invest in all 4 dimensions. TP is one of the leading global B2B business partners that is orchestrating human expertise with close to 500,000 colleagues around the world. Process know-how, for more than 40 years, TP is known in the industry as one of the best process excellence driver in the B2B space, increasingly technology. This is not a new topic, but for decades, TP has invested in latest technology and will do so in the age of AI, and more and more increasing domain expertise. Because in today's world, if you want to drive outcomes for our clients, you need to speak the language of our banking clients, our insurance clients, our high-tech clients, so to offer more and more complex business services, we need to invest in all 4 dimensions and drive the unique capability of orchestrating seamlessly these dimensions. What we strongly believe, and we have a lot of discussions, I think many of you, will AI replace human. And our clear answer is not. It will replace it, but it will enhance it. What does it mean? In tomorrow's world, you will have humans talking to humans in our world. You will have humans working augmented by technology on business process services, not just within TP, but in many companies around the world, but AI will be ubiquitous. So AI will complement the human task and in some cases, AI, and you see this a lot in the news will be agentic, will be able to work autonomously on certain human tasks. But the unique aspect in our core belief is that orchestrating this handover from human task and AI in a seamless manner will be a core capability for TP as any general-purpose model, every general technology need to be customized implemented on the respective enterprise needs. TP has more than 1,500 enterprise clients around the world, and we do believe we are a strong partner and one of the best catalysts for them to bring AI to life. If you look on the 50,000 feet level, what does it mean? TP has today 2 strong wings. One is our core business, the business process services business that you see on the left. And we have a second wing, which is very peculiar to TP, our portfolio of specialized services companies that drive highly value-added services for unique business needs. Both of them will continue to drive our growth in the future, but AI, and we call our platform here, TP AI, will be the catalyst, the accelerator of offering more and more solutions in this regard in the next month and years. And you will see, as we move forward, some more announcement in this area. So let's maybe take a look at what we have announced in the last quarter. And what our objectives, our years are reflected in the first 3 months of the year. And there you see us all very confident or pleased with the results. So as indicated in our objectives for the year, we started strong in 2025 with a reported growth of close to 3%. If you look on a like-for-like basis, so if you adjust again for the non-renewal of the Visa contract, also there, we have grown 2.6%. And we see a very strong dynamic, in particular, in our core BPS services where we have grown 2.3% in the first quarter and expect further acceleration in the year. And we are also very happy that we got the approvals from the authorities in the U.S. for the acquisition and closing of ZP Better Together, which is part of the group since February 1. We continue -- Daniel explained it, we have almost finished the integration plan, but there's still some work to do. So we expect a positive effect of the Majorel integration of EUR 20 million to EUR 30 million this year, and we continue to do our restructuring programs around the world, in particular, also the one that was announced in France. On AI, very interestingly, we announced 2 agentic AI partnerships. One is a company based in the U.S.; the other one is based in Europe. And there's a third one that was announced already in February that's why it's not listed here, Sanas, that we are working together, and it's based out of Palo Alto. All 3 companies have cutting-edge technologies that allows us to enhance augment our core business offering, and they chose TP, because TP is one of the best partners in their view to scale their AI solution to the enterprise world. These were the first 3 investment of our global EUR 100 million partnership program this year, and we are working on further partnerships in the coming months. We're also happy to confirm after the first 3 months, our guidance for the year. And as you can see on the next chart, it's pretty much aligned what we have indicated towards -- so we have now reached EUR 2.6 billion in the first 3 quarters, like-for-like growth EUR 1.6, and the acquisition of ZP was EUR 36 million. With that, I hand over first to Clementine, who will give an update on our CSR activities.

Hello, everyone. I will now introduce a highlight of our CSR approach for 2024. This year, we need to notice the first publishing of the CCRD report. So in terms of sustainability, you can find this report in Chapter 3 of 2024, which was presented at the -- or on our website. You will hear in a moment the report from the certificators, in this field, our conclusion was without any observation. Regarding our climate strategy, we also have some great headways '24. We were able to update our targets for gas reduction, carbon reduction. This was validated by one third party in 2024 in August, signed-based targets by 2030, including Majorel as well. So we had to work on this with Majorel. We are also increasing our target to move to the 1.5 degrees trajectory, which is the most ambitious trajectory. We also enhanced our objective of sourcing for renewable energy to shift to 50% by 2026 and by 80% by 2030. In order to reach those goals, we have developed a road map that is comprehensive with several pillars and levers for action, mainly some energy efficiency measures on our side, but also the increase of renewable energy on our site and also the digital transformation that we have mentioned already. This will also have a positive impact in terms of the environment and its efficiency. To date, if we look at the results of 2024, we are ahead of our targets. We have reached more than -- almost 47% of renewable energy in our consumption of electricity in 2024 against 11 in 2019. So that's a great progression to date. At the same time, our carbon footprint for Scopes 1 and 2, that's our operation has been reduced by 49%. The social aspect is also very much to be mentioned for TP, you heard about the place of emotional intelligence and AI, and men and women working for the group. This year, we have been ranked among the 25 best employees in the world, in the world's best ranking workplaces. We have been positioned in the seventh place based on 220 employee surveys, 2,000 employee surveys. We also have 69 countries that have been certified as a great place to work, covering 97% of our global workforce and all of our collaborators gave us a ranking of 72%, which shows the investment and the continuous investment and progression for working conditions. Finally, we believe also in a model of career development, 72% of the management and executive positions filled -- have been filled by internal promotion, thanks to internal mechanisms. Finally, one last point regarding UNI Global, which continues its implementation to date, some local agreements we signed in 9 additional countries, representing about 70,000 employees covered by these agreements. Now I will give the floor to Evangelos Papadopoulos, Social Auditor of the group, who is going to share the latest news on these programs.

Good afternoon, everyone. It's an honor to be here today. My name is Evangelos Papadopoulos, and I serve TP both as a Director representing the employees and as our Global Social Auditor. Today, I'll provide an update on our social audit activities. My dual role offers a unique and independent perspective within our organization. It's focused deeply on understanding the employee experience on the ground globally, and ensuring TP's strong commitment to ethical practices is consistently upheld. The social audit is central to this. Our mission has 4 key pillars: First, elevating the employee voice. We achieve this by regular on-site visits and confidential employee roundtables. Second, upholding ethical practices. We work to ensure our operations aligned with our company's values and the highest ethical standards as expected by all of our stakeholders. Third, supporting continuous improvement where our approach helps identify areas for enhancement, contributing to a positive work environment. And finally, this all contributes to building trust and long-term value. This commitment to listening to ensuring ethical contact and fostering improvement builds trust and reinforces our core values and contributes to the long-term sustainability and success of TP, our employees, our clients and you, our shareholders. To give you a sense of the scale of this engagement, let's look at our activity in 2024. We conducted audits in 17 countries, which involved assessments at 62 different sites. Through 256 confidential employee roundtables, we connected directly with over 2,150 employees. This extensive engagement allows us to gather firsthand perspectives, identify areas of good practice and support continuous improvement initiatives worldwide. The commitment has continued with strong momentum on 2025, where we assessed already 20 sites and spoke to more than 1,300 employees. Looking ahead, for the remainder of 2025, our risk-based audit plan continues. And by the end of the year, the function will have directly engaged with approximately 3,000 employees this year. Further strengthening our understanding of the employee experience and reinforcing our commitment to ethical practices. Thank you very much for your attention.

Merci Clementine. Thank you, Evangelos.

Next very briefly, we're going to talk about the governance of TP, Daniel mentioned this already earlier on to indicate that there is a document in the 2024 Universal Registration Document. This report details the governance principles and the structure of the governance and the elements of remuneration that have been paid or awarded to the corporate offices, including those which are subject to a vote today by your meeting. Essentially, I would like to highlight the following points. On August 28, 2024, your council decided to adopt a new governance structure by taking several major decisions that I would like to briefly review today. The separation of the roles of Chairman of the Board of Directors and Chief Executive Officers, I was thus appointed Chairman of the Board of Directors and the Board confirmed Mr. Daniel Julien as the Chief Executive Officer and your Board considered on the recommendation of its Remuneration and Appointments Committee that this method of exercising general management was the governance structure that was best suited to the challenges facing the company in the current context. This structure makes it possible to promote the implementation of the succession plan through a distribution of roles and responsibilities, geared toward the efficiency and continuity of general management and to adopt a governance structure consistent with the principles of good governance. With Bhupender Singh -- Mr. Bhupender Singh having left the group; the Board has decided to appoint Thomas Mackenbrock as Deputy Chief Executive Officer as of October of -- 1st of October. His profile, experience and expertise are perfectly aligned with the objectives of the new governance and the challenges of the succession plan, allowing him to work closely with Daniel Julien and to benefit from his experience, of course, and his vision of the group. Finally, an ad hoc committee was created to which the operational management of succession was entrusted in conjunction with the prerogative to the Board of Directors, in conjunction with the prerogative of the Remuneration and Appointment Committee. So from a management perspective, we have now 14 members, 2 Board of Directors representing the employees, 9 nationalities are present. Regarding parity, 50% of women, 50% of men make up this Board. The Board is still majoritively independent, 9 members out of 12 are independent and is made up of experienced, recognized professionals working in diverse fields of activities and with also an international dimension. During the 2024 financial year, the Board of Directors met at 8 occasions, including a 3-day seminar dedicated to strategic review as well as meeting of Independent Director. The attendance rate was of 98% for this financial year. As for the Board -- the 3 Board committees just to remind you that they are composed mainly of independent directors and chaired by an independent director. 13 meetings were held in '24. The attendance rate was around 97% for this financial year, a detailed description of the work of the Board and each of its committees is set out in the Universal Registration Document for 2024. Now on the screen, you can see the composition of your Board of Directors as it will be at the end of the general meeting if resolution 17 to 21 are approved. You have indeed noted that your assembly has call to decide on the renewal of 2 directors, Mrs. Ginestie and Mr. Niu, the appointment of 2 new directors, Mr. Songwe and Mr. Ghissassi, as well as a non-renewal and non-replacement of Mr. Guez as Director. The approval of these resolutions will strengthen the independent and skills of an already experienced Board of Directors with an international footprint. Also Mr. Ghissassi expert with AI at Google and then Abu Dhabi and Mrs. -- okay, these 2 new additions are completing the skills of the Board. Following your vote, on this resolution, the Board of Directors would then -- would therefore, if the votes are positive, would be made up of 6 women and 7 men with a high rate of independence maintained. I will ask now Sonia to summarize the elements regarding the remuneration policies voted by your assembly as well as the remuneration policies proposed for 2025.

Regarding remuneration policies as voted by the annual assembly in 2024 of May have been applied without any modification, the Board of Directors on recommendation of the committees confirm that the conditions for the variable and annual remuneration have been reached by 60% for the short term, which shows the amount of the bonuses, the short-term portion and 67% for the long-term part. This is what was shared in 2022 -- a word in 2022 based on objectives measured between 2022 and 2024, included furthermore, this policy as part of the change of governance and the appointment of Mr. Mackenbrock as new Deputy Managing Director. This policy was applied along the same terms with pro rata, as of October 1, 2024. And for the former Deputy Managing Director, Mr. Singh between August and October of 2024. So on top of the resolution of the remuneration 2024, you also have 2 other resolutions regarding the approval of 2 policies for the fifth and sixth -- fourth and sixth resolution. The fourth one about the modalities and the noncompetitive engagement of Mr. Singh, former Deputy Managing Director; and the sixth resolution regarding the noncompetitive commitment of Mr. Mackenbrock, Deputy Managing Director since October '24. Now the vote for the sixth resolution aims to approve all information relating to the 2024 remuneration policies for the year 2024 of all the corporate offices. Thank you, next slide. Per individuals and per social executive managers. Resolution #7 is to vote for the approval of the remuneration of the director general. As you can see, this structure has not been changed, has not been modified during the fiscal year. It complies to what you had voted last year to implement the decision of the Board of -- following the vote of last year, the variable -- annual variable remuneration will be made providing the vote of the 7th resolution is positive. Now regarding the eight resolution, it is destined to approve and the desire of Ms. [indiscernible], President of our Board to not have any remuneration as an administrator and Chair of the council or even a member of the council. So therefore, you will have to vote this resolution, which is the absence of remuneration. Following the next slide to approve the remuneration given to Mr. Bhupender Singh, Deputy Managing Director until last August, which constitutes the ninth resolution, covering all the remuneration during his functions. This is just a reminder, there was a remuneration paid by Teleperformance SE and another one from a work contract that he had with the British -- British Company Global Limited, U.K. Global Limited. Ninth resolution is, therefore, to approve all of these elements of remunerations, which have been prioritized at the date of his departure. The next slide will show the structure of the remuneration for Mr. Mackenbrock as of October 1, '24. This was decided by the Board in compliance with the policy voted last year, and all the amounts have been calculated this remuneration is shared between the Deputy Managing Director of TP and another affiliate of the group in U.K. Okay. You will also have to make a decision regarding the remuneration of Mr. Olivier Rigaudy, General Director for Finances. As you can see here on the screen, same scheme of our remuneration, fixed annual variable long-term with some performance goals also and performance actions that were conducted performance shares and other elements compliant to what was voted by the assembly previously. Next, the remuneration policy applicable to directors. This is a 12th Resolution, aiming at continuing the -- maintaining the elements of remuneration as decided by the Board of Directors and not changed compared to last year based on some principles of distribution, which have been the same for some years now with a fixed remuneration compensation linked to membership, variable compensation based on lump sums and linked to the actual presence and the geographical distance. This is taken into account for some of them. No remunerations for the General Director as an administrator for the General Director or directors will also have an employment contract within the group. Finally, for 2025, the Board wants to keep the possibility to modify the distribution rules, which are described in the document for this annual assembly simply to be able to plan the creation of a new council committee during the financial year, if this possibility was needed, they would do this as part of the overall envelope that was voted by the assembly in 2022. And according to the principle that you can see on this slide, then another resolution per social administrator. The first one regards the policy of the remuneration of the Board of Directors or administrators. Mr. Elalamy has expressed the fact that he does not want to have any remuneration as a director, as a Board of Directors or administrator or member of the committee. Next, there will be another resolution to approve the remuneration policy of the General Director. Again, the elements are here and remained unchanged. In 2025 the fixed and annual variable depending on the financial -- extra financial conditions of performance, long-term variable, again, depending on the performances and some other elements such as advantages, benefits in kind, which remain or will continue in 2025. Then we will continue with another resolution in order to improve the compensation policy of the Deputy General Director shared between Deputy General Director of TP and Managing Director of Majorel. The structure remained the same, one fixed, annual fixed, variable, annual variable, another long-term variable and other benefits in kind with the commitment of noncompetition. Finally, the last resolution in terms of remuneration consists in approving the remuneration policy of the Deputy Chief Executive Officer with the maintain of the work contract as Head of Chief Officer, same structure as what was voted in 2024.

Thank you very much, Sonia. I'll now give the floor to Mr. Edouard Demarcq, representing the price firm.

Hello. Yes, thank you dear President. Dear shareholders, on behalf of the auditors and the Deloitte and PricewaterhouseCoopers, firm I will present the main conclusions of our report for the previous fiscal year and financial year. I will give you a summary of the main resolutions knowing that these reports are included in the notice or in the document, major document. Our first 2 reports, which will be the subject of Resolution 1 and 2, regarding the consolidated accounts and the annual accounts. This is here to confirm that all the accounts have no anomalies. We also found in this report, the audit results based on the main elements of the accounts and sensitivity regarding some hypothesis or some judgment hypothesis, as mentioned by the management. For our first report regarding the annual accounts, just 1.1 audit regarding the assessment of the participation shares for a net value of about 6 billion, for the other reports on consolidated accounts, including point of the audit on the equity securities and the goodwill impairment test and the accounting treatment of acquisitions for both of these key points. We have examined the main judgments, reviewed the main hypothesis, the financial models, so we are in agreement with everything and all the information that are in the annex. So therefore, all of our works can certify without any reserves or any observations, the consolidated and the annual accounts of Teleperformance SE. Next, we also issued a special report on regulated agreement, which have been presented resolutions 4 and 5. Just to remind you that this report has an aim to show the characteristics and the modalities of our engagements, these are the conventions and engagements that we have been told, which have been discovered during our assignment. Two new conventions have been concluded, one with Mr. Singh and Mr. Mackenbrock. Furthermore, we were also told that no other conventions approved by the annual meeting produced any effects during this fiscal year. So to do so, we have no further comments to give. Then concerning the extraordinary part of the general meeting, we also provide a different reports on the capital transactions on the capital reduction increase and shares -- free shares that will be presented in Resolution 24 and 26 to 30, 31 and 32. We have no further observations, but we will provide additional reports, if necessary, during the -- for your Board. And then finally, what I wanted to present to you is the report of sustainability and taxonomy information certification report. It's -- so this is the first time it was included. So we have a certification for sustainability for the European directive, the CSRD, we provided a report aiming at quoting a certain proof for the dual double materiality, then the compliance of the double materiality process with ESRS compliance of sustainability information with the ESRS and clients with taxonomy publication requirements. Absence of errors, emissions or inconsistencies were noted. I am done, and I'd like to thank you for your attention.

Thank you very much, Mr. Demarcq. What we will bear in mind is that we have no reserves. Thank you. So thank you very much. Without giving the floor to the room. I'd like to say that we have received written questions from shareholders of the company, the answers provided by the company are present on the TP website under General Assembly. What we suggest is to give the microphone to the room and to answer to your questions.

Hello. You are a very enduring company. We are attached to it as a shareholder, but it is not always an easy situation at TP, not always smooth. When we follow you closely, we see changes of men and women, and I'm happy to see Mr. Daniel Julien, Mr. Rigaudy, and I hope we will see you for a long time, but you left, we thought you were leaving. And I hope we can trust you. So I don't know if your analysts have not clearly understood what you're doing because you don't talk about your activity. In fact, you talked about concepts, general statements. I don't really understand much. I know you started with a few telephones, and you were then became a call center. Now I think you don't work with the telephone any longer, and you are rather in dialogues on Internet, websites with chatbots, et cetera. And maybe sometimes there is a person at the end of the line. And that's what I'm concerned with. You talk about thousands of employees around the world, 600,000 almost. So what about these great sites, the people that who are talented, but it's no longer people. Now there are engineers, IT specialists, AI, communications specialists and well, we don't want to -- we want to know what's happening because otherwise, we could wait for a very long time, and this is my comment on all the dialogue we see that many things are done, but they have fake names sometimes. And the other aspect, if you're talking about India, but what about your activity? Is it local? Do you mean your Indian companies there? Or with automatic translation or is that how you answer to clients? I'd like to better understand your activity, and I still don't understand it. Especially 500,000 employees for tasks that should require maybe robots or should be automated at least. I think in the companies you're able to retain people, but will you keep -- maintain the knowledge with the call centers that are more IT-oriented, I don't understand if it's still the same activity that you're pursuing. I'd like to know whether you're still in incoming calls because sometimes people call to change my windows or to clean my house. And this is something I liked with you is that you told me, okay, no outgoing calls. We won't bother you. We only take the incoming calls, okay? So when there's a -- well, I still have another question. Maybe you're too international now, and maybe you'll lose your French touch and maybe you'll settle in Florida now. So and move away from your company, your company is left in France. Why? Well, I'm happy you're leaving it in France, but I don't want you to take it anywhere else thank you.

Thank you. If you may, we'll first collect the different questions and then answer after.

Despite great performances in terms of revenues and -- revenue and results, despite noting a rating-by-rating agencies, that it's quite good despite a stronger involvement with AI to scale up or ramp up your growth and reinvent customer experience, TP remains too weekly value. This stock exchange valuation has melted by 60% between mid-April 2023 and the beginning of 2025. Faced with this situation, and despite its long history, almost 50 years of history, have you never thought about exiting TP from this rating, with the stock exchange?

[indiscernible]. What I'd like, if I may, is trivially adding one layer to the question when it comes to what was said before, the 2 previous questions. I think they're very extremely relevant questions. We, as shareholders of TP, ex Teleperformance since the year 2000, so shareholders compared to, well, relatively long-term shareholders despite of it all as the first shareholder said, it's difficult for us to see things we don't very well understand the evolution of your activity. Could you please give us a concrete example. And to say what kind of clients you have and what you do with them and what AI can add to your activities. And this is why we're going to keep our leaders' position. I think that, that is our concern as investor -- as an investor.

Thank you. Any other questions?

Hello, gentlemen. I'm happy to see the new team for many years, it's like for the soccer team at the PSG, they didn't succeed and finally, they did. So maybe this will be the good year. I hope this will be the case and especially for the 2 newcomers, the 2 gentlemen, Star in Morocco, for Societe Generale. For example, I know you've done a great number of things in business. I hope you will really help the TP Group you're here to do so I imagine. And what I heard is that on June 18, you would make an announcement, there was a secret plan. Is that the truth? Because we no longer have as much communication as we had in the past, and we read on the bits and pieces in the press. So is there something that should come out on the 18th of June, a secret plan. Mr. Julien, I saw you 2 years ago, and you said that it was a business secret. Maybe this is why we don't understand at all in terms of strategy, we also hear that your American competitor is earning or winning 80% and we are losing 10%. So I'll reassure you the 30% won in a day were lost immediately the next week. So just for the fact for this long-term announcement, well, I think they're less good than we are, but they are able to have PR that is more -- that is better performance, it's at 5%. So you told me it was not normal at the time. And in fact, there was a rabbit in the hat. Majorel, in fact, you presented a few days after. I don't know if you remember that I remember perfectly well. But unfortunately, it went wrong. Then the -- and finally, we had a merger, in fact, things reversed. So I hope you will succeed. And I hope there will be interesting announcements to make.

If you may, we can start answering these -- to these first questions, I will start by the end. I will -- PSG, the new team, the ones eating up the others, et cetera. First, what we see when we lose -- well, what you said about our losing is not necessarily shared by everyone. A company that has EUR 1.1 billion of free cash flow is a company that hasn't lost anything in terms of management. Now the market while the heart has its own reasons, and I don't know them all. Sometimes people don't understand TP, and I don't understand the market at times. But this is how life goes, sometimes there's growth that are the ones you can see today, with a company with solid robust foundations and a market that reacts. And I'm a shareholder, you're a shareholder, we're all shareholders. We can approach things to ourselves. What we see is that the company is growing, and it is -- it has solid foundations, and we are able to answer, and the market has answered to strange rumors and a femoral ones. And even worse than that, we answer one way and not the other. When someone declares that they discovered magic that means that you will have no longer any call centers, you lose 40%. And when this magical recipe they say that it hasn't worked nobody reacts. So as I said, sometimes, it's impossible to guess what happens. But in any case, and how people will react. But I don't see the teams have lost anything. What I can say as ex-competitor of TP, why have I joined TP, because they really annoyed me very simply. And for many years, I tried to fight against them in a nice way. I didn't have the same strength, their muscles as TP, I thought it was clever agile, and I could manage. But when I came, met my clients, I lost contracts, I lost because TP -- well, then I discovered what their magic recipe was now that I'm inside the company, I'm not going to show it all. They should be a few hints and emotional intelligence that the market doesn't have, for example, they have a know-how, a commercial know-how with their clients that the market doesn't master fully. But you cannot ask investors, I am an investor in other businesses as well. And we don't master all the activities. And when you say you're not mastering the activity, as you cannot understand it all. Sometimes even being a peer or a competitor, you don't understand everything. So what does do peers have more than I have. You need to be in the heart to understand things, "heart of the matter." And so what about AI, their owner -- well, I won't say there is a secret because it's a secret. So I can't say there is or there isn't. The company is working hard, and they implement things to go further. And there's no absorption, reabsorption or reverse of this. We are within a group that's a multinational, a French multinational company. The question about our staying in France or not, we are a French flagship, a global leader, one of the French companies that is a global leader. I do not know. I'm not French. I'm a friend of the French, a very close partner. I have studied in the French high school. I've learned your history, but we can say hooray for France. We are a French leader. I don't know if all shareholders, including French shareholders see this and understand what it's all about. We don't have that many flagships to show and to present abroad this is one of them. And I, as a friend of the French people, I raise my flag and I say hooray to the French, hooray to France, France being a friend of Morocco. I feel very close with. And I think it's a fantastic business a fantastic company. I'll stop at this and ask Daniel to answer to the first question now in a very direct manner.

Yes, I'm going to try to be direct. First, it's true the opinion -- well, life is not always easy. As we know in the world, what we saw is an eruption or a disruption in 2023 rather that is called language models. And that really changed and transformed everything. This has totally stopped or distracted or change disrupted outlooks for all global companies. What are we going to do with these language models? It's concrete, is it a reality? Or is it just a storytelling? No, it's concrete. I use them extensively -- several hours a day to work because I am more efficient when using those language models. Okay. Now what about these language models? Are they going to kill Teleper or Teleperformance, just like a bank had predicted 2 months after the emergence of these language models. Or on the contrary, is it an opportunity for TP or Teleperformance, Teleper, TP. Is it an opportunity for TP to open up new markets. And I say it's a formidable opportunity for TP to open up the 2/3 of the volume in services to our clients that are not outsourced. Of course, now we can go visit these companies that -- who thought that it was they still had to manage this, and we can tell them, no. We are more efficient than you are. We have fully embodied -- embedded AI, and we are ready to do business for 30% cheaper than what you can do, and we are committed on KPIs as well, the quality criteria. This is a great opportunity. Of course, there are changes. Everything is upturned. And we cannot be very conservative here, otherwise, it's an immediate suicide. We need to be ready in order to consider the different data and to integrate or embed the best solution possible to win, to win market share, to win in profitability because winning market share without profitability is of no interest to me. I'm interested by the bottom line. At times, you need to play with things. And I can tell you that we need to adjust, of course, a lot. And it's not just sleeping in our office, in our directors' office at -- on the 42nd floor of our tower. No, not at all, we're at work on the ground with the innovation teams creating centers of expertise and developing new possibilities. What is important is that when facing these difficulties because life is not easy, it's full of obstacles. And okay, with an exceptional situation, exceptional solutions, we have strengthened our governance. We need to -- we are humble, but honestly, a generous person with his time, talent, his ability and power, I've never seen anything as such as a head of a company. And this is why I'm super happy for us to be together. I don't know who purchased who, but or bought who, but I'm sure we will be strong in the future. TP will be strong in the future. So in Europe, this is a company that was boring for Teleperformance. They were better than us in two markets where we were lame, France and Germany. And they were the first at Majorel, and they were managing -- he was managing it. So experienced, intelligent, you can be the judge. You can see the IQ; you can judge on his IQ super hard-working, and this means a strengthening of a managerial team that we need when we have 500,000 employees. I don't want to be alone managing this; I can tell you. One day, I will no longer be there. We'll see when, not necessarily tomorrow, so soon. I don't know who asked the question. Third aspect, we strengthened professionalism of the Board in an exceptional way, same thing. Mr. Ghissassi, we haven't said he's one of the creators of transformers. He was with -- he's here. He's here in the room. He's very shy, one of the creators of transformers. He was a deep mind and Google mind. And today, he is the Director of Products at AI71, and he is the spearhead for the Emirates, United Arab Emirates in order to develop artificial intelligence that is practical and not vertical. This is a good thing. Oh, she's right here, Vera is here. She knows Africa by heart. She knows the entire world. She is at the World Bank, she's exceptional. I went to visit Africa about 3 weeks ago with Thomas, we went to Africa together 3 weeks ago. Senegal, Ghana, Togo, Kenya, Rwanda, Madagascar, South Africa, all of this in 15 days, we met the President of Rwanda, Kenya, the ministers and technologies. Do you think we were capable of doing that? No, Vera was the one to do it. She helped us to do so. And we discovered so many things, a high potential to use for our clients that is going to help us even more to make the difference compared to our competitors. So this is what we strengthened. So I'm fighting on this because it's very important. Then we focused very hard on AI. We're not going to talk about AI generally speaking, nobody understands much. So we're going to do it in a specialized manner. We -- Thomas and I took our suit case and travel through Silicon Valley, meeting all of the startups and that validate their revenue 25x. Of course, there's no profit or they're losing money. It's cash burning, a cash burning ratio. We went to visit the mall, and we saw a few that were of interest to us. We took a minority positions. This was Thomas, we signed a commercial trade agreements, preferential trade agreements on our customer basis, protecting our territory and all at once developing our skills and capacities. So I'm understand -- now why don't we understand much about TP. We don't understand TP because if we're not inside daily, it's difficult to understand anything. All activity sectors in the world, all the greatest company in the world, the major companies have different service lines. So I have to say that even myself have been in the company for 47 years and spent 7 days a week, about 10 or 12 hours per day, there even I do not know everything that's going on. And no, no, it's the whole extent of our services, and this is why we need to be a team. Finally, and to close, somebody asked what about AI? What -- how do you use AI? It's very simple. AI is 2 things, internal and external. Internally, improving our processes, improving our recruitment processes rather than taking 15 days to recruit someone, we can take 24 hours instead of having 200 people to recruit, we could have 15 and AI could do a better job or preselecting at least. It's for training, training, instead of having third republic type training, learn this, learn that. We could have cases that are super interactive modules, for coaching, management, et cetera. So we are improving our internal processes. As we said before, we have internal processes called operational procedures and standards and best, the best practices. So we added AI in all of that. Then externally for our clients. What does that represent, we use Copilot or others, Copilot. So this is a little advertising for Microsoft. Why? To summarize, synthesize. We have very long reports. It can take a long time. If you have Copilot, it becomes seconds. Then, of course, impossible languages around the world that are very costly. So if you have faced with Norwegian, it's very costly. So obviously, I can create a speech, a text or answer in English. And this answer, the text answer can become speech again in English or conversely, it can lead text to speech or the opposite. So I can really integrate or embed this in the dialogue and keep maintain this human aspect, this emotional intelligence and we can ask some parts of automation that improve productivity quantitatively and qualitatively as well. I'm almost done here. Then online analysis, right? This is a dialogue for the person who said that nobody answers the phone anymore. So it's so expensive to answer the phone that our clients try to have call avoidance. So you need to manage to find the solution to your problem. And this has been the case for many years, 10 years now because in the past, before the language models, there were other automation processes. For 10 years, it's been like this. And I can tell you, out of 100 people who want to reach us only 35 to 40 can talk to us because in the -- before, all of our clients' added systems of filters and so that it doesn't cost them anything. Despite of it all, we need 500,000 people to answer to the 40% who are able to reach out to us. And we haven't dismissed anyone. After that, okay, we can have online analysis. Online analysis means that analytics are going to understand the content, tone and provide an immediate recommendation to be more efficient in my first call resolution. This means I'm going to improve performance then something else. I'm almost done, I'm almost done, I promise. Then he's passionate, as you can see, accents neutralizing action -- accents, people said, "Oh, it's really bad." It's true, Indian people answer instead of Americans, and there -- they have strong accents at times. The President of the United States hasn't answered to an Indian journalist saying I do not understand what you're saying. We have something called accent neutralization where we keep your real voice, everything you say, but we are neutralizing the accent because we have a predictive model, not a word, but of the letter that comes after. It's crazy, but there's no latency. This is the world we live in, and it's difficult to understand if you're not part of it.

Thank you, Daniel. Thank you very much. It's very rich, interesting and important for us to share this. Maybe one small answer to a large question. TP does not have any coming out calls or -- so it's not TP that calls you when you have a call. One question that remained exiting TP from the stock exchange. We are all aligned on the fact that the valuation has no meaning compared to what it is on the stock exchange and closing this side story. All the banks I met with from the most intelligent to the least intelligent, as you know, there's no -- they're all brilliant. They say hello, what we suggest you to delist TP, it's almost impossible. Floating of TP is huge, if you want to delist TP, you need to have the ability to buy 90% of the shares. Once this has been done or achieved, you can have a squeeze out. But this is without looking at technicalities, nobody will sell 90% of TP today. Why? Because as you and I, people know that it's not the real price of the share. So nobody will let go with TP at this price or at 1.4, 1.5x the price of the share. So in order to delist TP you need to pay an amount that makes no sense. You need to reach the real value of TP then who is going to want to buy the real price, which is maybe 3x their current price at the stock exchange. That's my own words for this. Now if you make a simple calculation, having done this, having tested this with brilliant people like bankers, they go backwards and say, "Okay, true." The reality is that shareholders that we are talking to you and to myself, we don't have the best attitude when it comes to the shares, we must defend our share. I'm not going to unveil any secrets or into details here. Stock exchanges are made to enrich who are smart. That's what it's all about, it's a game you have to accept this. There's a category of people shorters. Others, spillers, they buy in the morning, sell in the evening. So all of these people are looking for shares like TP. What I can say is that we're working on this to make sure that people who are playing with this would burn their own wings. That's the best way to go about this is to help people to learn lessons, take lessons and learn on the ground. To lose that what I'm saying is to lose when they try to play with the shares, but that's how it's organized. Today, I take this to earn money and to help you decrease your share, how much spiller -- spiller that's a noble job because at the end of the day, I would make money. And behind me, I would have clients, partners who have invested for me to play with your shares or deeds. So I've scored at the end of the day. So this is an exercise. We're working on this in a serious manner. With great knowledge. On June 18, Capital Market Day -- Capital Market Day, and we will explain a number of elements like these ones and enter into more details. Just know that we're working pretty much every day, I'm supposed to be the Chair of the Board of Directors, just something I was supposed to be just on retirement and doing something else. I find out that it's much more than a small thing. Actually, it takes a lot of my time, but it is so interesting to work for a company of this quality. It's a particular flagship of a global leader and to bring my own contribution, modest contribution with the team, we work with financial officers, managers in order to regulate all these topics, including the misunderstanding of AI and the serious work that is being done, the arrival of Mehdi who joined the Board of Directors, is not by accident. The work which will probably be also announced on June 18, there's a real work that is behind all of this. The difference, however, might be ill interpreted, might not be well understood, but with no bad intentions really for colleagues, the difference with TP is that we do what we say, and we say what we do. We don't want to make any false announcement to oversell anything. Sometimes, we can pay a high price for this. When you speak the truth, sometimes it can be badly interpreted, people who are not familiar with this business. So we are extremely transparent on this. And on June 18, we want to come with some serious matters, practical matters, which are consistent. Let's move on to a second round of questions, if there are any? No mic. The speaker is not speaking in a mic, sorry. We didn't hear the interpret, did not hear the questions sorry about that. Microphone, please. Okay. No strategy to leave the Paris agreement. We are very happy in Paris both American and French citizen. Just to answer in a very transparent way to what you just said. We -- there must be an interest for us, a real interest to leave and go elsewhere. We must first understand why some people will leave, some flagships who will leave the stock exchange. If there are any problems, it needs to be taken care of. TP doesn't feel ill-treated in Paris, in the Paris stock market. So if we are -- it's not Paris that is doing us this, it's the investors, analysts would sometimes do things lightly. If you're here or in London or Amsterdam or in the U.S., the same analysts, the same approaches. We don't just have provision shareholders or French shareholders, as you know, it's a multinational with shareholders throughout the world. We are very happy here in France as long as you want, but when you tell us to go, we will look for somewhere else. But at the moment, we're very happy at home. Any other questions? Sure, over there.

Even if you are a global leader, I guess you still have competition and you look at this, what's your vision on competition? Could some competitors emerge quickly and take your place? Either with similar activities or other specialists in AI, for example.

Simply true that we don't have the growth rates that we used to have. [indiscernible] this, I believe. When I look at myself, I feel sorry when I compare myself, I feel reassured or I feel comforted rather, yes, I feel comforted. It's a bit like that. Today, regarding our direct market no one is doing better than us. When it comes to services to companies in this market, especially including if we look at the great consulting firms, you will see that the growth rates are around 2%, 0%. I'm not going to mention a French company. But I think the first quarter was negative. It's a large French company, very well known. So clearly, there is a macroeconomic situation that is not easy. There is a deglobalization that is ongoing, which do not make long-term investment decisions easier. There's also a lack of certainty regarding long-term vision of the market, so meaning that all of the main stakeholders of the economic world in the world have become more cautious. Maybe the only thing that is not cautious or careful is the New York Stock Exchange. But I think that when we compare ourselves to the world, as we know it, we have no reasons to be declassified, our clients like us very much. We know we're not perfect. We still have a lot to do so that we no longer be a company of EUR 10 million -- billion, but a company of EUR 15 billion with an even better growth rate. It's more exciting to think of that than to think of looking at your small competitor that pretend they're doing so great because they're only doing 2% of your own revenues. So from time to time, there are interesting things to look at. But competition is not an obsession for us. What's our obsession is to be always more relevant to better serve our clients and extend our market shares among our clients. Thank you. Any other questions? With no more questions, we will now move on to the next phase of our meeting. I will ask Sonia to give us a final number.

What has been communicated is 73.90% of shareholders with a right to vote. Okay. Just to remind you, to inform the definitive quorum, therefore, I remind you that a double voting right is attached to shares held in registered form for at least 4 years regarding the majority rule, your assembly decides by majority of votes cast for resolution relating to the ordinary part 1 to 23 and by a majority of 2/3 for the extraordinary part, Resolutions 24 to 37. Now the way this works, we suggest you vote electronically using the box given to you when you signed in for each resolution. If you wish to vote for, you can press key number 1. Key number 2, if you vote against, and if you want to abstain, you press key number 3. A message on your box screen indicating received will confirm that your vote has been taken into account. If you want to correct your choice, then you can press a new key. Moving on to the first resolution, the first ordinary resolution concerning the approval of the company accounts for the financial year ending December 31, 2024. Voting is now open. [Voting]

Voting is closed. The resolution is therefore adopted. Second resolution of ordinary for the approval of the consolidated accounts closed on December 31, 2024. Voting is open. [Voting]

Voting is closed. The resolution is adopted. Third resolution, ordinary resolution aims to improve the allocation of the result and the distribution of a dividend of a gross amount of EUR 4.20 per share. The coupon will be detached on May 26, and the dividend will be paid on May 28. Voting is open. [Voting]

Vote is closed. Resolution is adopted. Fourth resolution aims to approve the regulated agreement concluded between Teleperformance SE, Teleperformance Global BPO U.K. Limited and Mr. Bhupender Singh. Voting is open. [Voting]

Vote is closed. The resolution is adopted. Fifth resolution aims to approve the regulated agreement concluded between Teleperformance SE and Mr. Thomas Mackenbrock. Vote is open. [Voting]

Vote is closed. The resolution is adopted. Sixth resolution aims to approve the information referred to I of Article L. 22-10-9 of the French Commercial Code for all of the company’'s corporate officers. Voting is open. [Voting]

Vote is closed. The resolution is adopted. Seventh resolution aims to approve the elements comprising the total remuneration and benefits of any kind paid during or awarded for the 2024 financial year to Mr. Daniel Julien, Chairman and Chief Executive Officer until August 28 of '24, and Chief Executive Officer from that date. Voting is open. [Voting]

Vote is closed. The resolution is adopted. Eighth resolution that is to note and approve as necessary the absence of any element of remuneration and benefits in kind paid during the -- during or allocated for the 2024 final year -- financial year to Mr. Moulay Hafid Elalamy, Chairman of the Board of Directors as of August 28 of 2024. Voting is open. [Voting]

Vote is closed. The resolution is adopted. Ninth resolution aims to approve the elements comprising the total remuneration and benefits of any kind paid during awarded for the 2024 financial year to Mr. Bhupender Singh, Deputy Managing Director until August 28 of 2024, Voting is open. [Voting]

Vote is closed. The resolution is adopted. The 10th resolution aims to approve the elements comprising the total remuneration and benefits of any kind paid during or awarded for the 2024 financial year to Mr. Thomas Mackenbrock. Voting is open. [Voting]

And the vote is closed. The resolution is adopted. 11th resolution aims to approve the elements comprising the total remuneration and benefits of any kind during or awarded for the 2024 financial year to Mr. Olivier Rigaudy. Voting is open. [Voting]

The vote is closed. The resolution is adopted. 12th resolution, ordinary kind aims to approve the remuneration policy applicable to directors for 2025. Voting is open. [Voting]

The vote is closed. The resolution is adopted. Next, 13th resolution, which is the approval of the remuneration policy applicable to the Chairman of the Board of Directors for 2025. Voting is open. [Voting]

And the vote is closed, and the resolution is adopted. The 14th ordinary resolution aims to approve the remuneration policy applicable to the Chief Executive Officer for 2025. Voting is open. [Voting]

The vote is closed. The resolution is adopted. The 15th resolution aims to approve the remuneration policy applicable to the Deputy Managing Director for 2025. Voting is open. [Voting]

The vote is closed, and the resolution is adopted. The 16th resolution aims to approve the remuneration policy applicable to the Deputy Managing Director in Charge of Finances for 2025. Voting is open. [Voting]

And the vote is closed. And the resolution is adopted. The 17th resolution concerned the renewal of Ms. Pauline Ginestie as Director for a period of 3 years. Voting is open. [Voting]

And the vote is closed. And the resolution is adopted. The 18th resolution concerned the renewal of Mr. Nan Niu as Director for a period of 3 years. Voting is open. [Voting]

The vote is closed. And the resolution is adopted. The 19th resolution, ordinary resolution concerns the appointment of Mr. Mehdi Ghissassi as Director for a period of 3 years, replacing Ms. Shelly Gupta. Voting is open. [Voting]

And the vote is closed. The resolution is adopted. The 20th resolution concern the appointment of Ms. Vera Songwe as Director, replacing Mrs. Carole Toniutti. Voting is open. [Voting]

The vote is closed. The resolution is adopted. 25th -- 21st, sorry resolution, concern the non-renewal and non-replacement of Mr. Jean Guez as Director. The voting is open. [Voting]

And it's closed. The resolution is adopted. The 22nd ordinary resolution aims to authorize your Board of Directors to purchase its own shares by the company under the provisions of Article L.22-10-62 of the French Commercial Code. Voting is open. [Voting]

And the vote is closed. The resolution is adopted. 23rd resolution aims to acknowledge the modification envisage by the Board of Directors relating to the levels of achievement of the internal financial performance criteria decided within the framework of the performance share plan of July 26, 2023. Voting is open. [Voting]

The vote is closed. The resolution is adopted. Moving on to the 24th resolution, the extraordinary resolution aims to authorize your Board of Directors to cancel the shares repurchased by the company. Voting is open. [Voting]

The vote is closed. The resolution is adopted. 25th resolution, aims to delegate to the Board of Directors the authority to increase the capital by incorporating reserves, profits and/or premiums. Voting is open. [Voting]

The vote is closed. The resolution is adopted. 26th resolution, aims to delegate to the Board of Directors, the authority to issue ordinary shares and/or securities giving access to the capital with maintenance of preferential subscription rights. Voting is open. [Voting]

The vote is closed. The resolution is adopted. The 27th resolution is attendant to delegate to the Board of Directors, the authority to issue ordinary shares and/or securities giving access to the capital within the removal of preferential subscription rights with the option of granting a priority period by public offering. Voting is open. [Voting]

The vote is closed. The resolution is adopted. The 28th resolution is intended to delegate to your Board, the authority to issue ordinary shares and/or securities, giving access to the capital with the removal of preferential subscription right by an offer referred to 1 of Article L.411-2 of the Monetary and Financial Code. Voting is open. [Voting]

The vote is closed. The resolution is adopted. Moving on to the 29th resolution, aiming at authorizing the Board of Directors to increase the amount of issues under the 26th, 27th and 28th resolution within the limit of their ceilings and within the limit of 15% of the initial issue. Voting is open. [Voting]

The vote is closed. The resolution is adopted. The 30th resolution, aims to delegate to the Board of Directors, the authority to increase the capital by issuing ordinary shares and/or securities giving access to the capital. [Voting]

The vote is closed. The resolution is adopted. The 31st resolution aims to delegate to the Board of Directors, the authority to increase the capital by issuing ordinary shares and/or securities giving access to the capital for the benefit of members of the company saving plans with removal of the preferential subscription right. Voting is open. [Voting]

The vote is closed. The resolution is adopted. The 32nd resolution, aims to authorize the Board of Directors to allocate existing shares free of charge and/or to issue them for the benefit of salaried staff members and/or certain corporate officers of the company or related companies. Voting is open. [Voting]

The vote is closed, and the resolution is adopted. The 33rd resolution aims to authorize the Board of Directors to allocate and existing shares free of charge -- to allocate existing shares free of charge, yes, indeed. The voting is open. [Voting]

The vote is closed. The resolution is adopted. That was 33, 34th resolution aims to modify to lines of the modifications of the status. The voting is open. [Voting]

Vote is closed. The resolution is adopted. 35th resolution aims to put in harmony the Article 22 of the specifications of Article L. 821-45 of the Code of Commerce. The voting is open. [Voting]

Voting is closed. The resolution is adopted. The 36th resolution aims to put in harmony the Article 21 -- 25.1 of the state specification -- with the specification of Article R. 22-10-28 of the Code of Commerce. Voting is open. [Voting]

The vote is closed. The resolution is adopted. And finally, the last resolution, 37th aims to allow the fulfillment of the formalities following this annual assembly. The voting is open. [Voting]

Vote is closed. And the resolution is adopted.

Thank you, Sonia. I want to thank Sonia and the team for organizing this annual meeting. Nothing else on the agenda. I want to thank you for being here today for your participation, and I declare the end of this meeting. There is a cocktail outside if you want to stay a few more minutes. Yes, are you talking about the cocktail? Okay. So do I. Thank you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]