Vinci SA ($DG)

Ladies and gentlemen, dear shareholders, good morning. Welcome to VINCI's Annual General Meeting. It's such a pleasure to see you all again year after year again. As you can see, we have a broader stage here as a result of the succession plan last year, you elected Pierre Anjolras as Chief Executive Officer. He was appointed as such as of May 1, 2025. And therefore, it is Pierre Anjolras who will present the group's performance and outlook alongside Christian Lee, who you know very well. This will be Christian's final AGM. So next year, you will meet his successor to him. He's with us today. Christian has been the group's Chief Financial Officer since 1999. And I know that we've changed venues from time to time, but he has stood at this podium 27x for our AGMs. This must be a [indiscernible] 40 record and that gives you a sense of the pivotal role that he has played in VINCI's remarkable journey. So I think it deserves a warm round of applause. We also have Patrick Richard with us, General Counsel for 25 years, a secretary to the Board and to the AGM since 2007. And for him as well, this will be the last of a long series of 20 AGMs. I focus well -- so [indiscernible] , who's also here with us today will be replacing Patrick in a couple of months. Once again, Patrick, many things, tireless and invaluable contribution -- all of these transitions are taking place in a natural and carefully considered way. Pierre and I talk constantly. We have a constant focus on continuity. And in just a few moments, you will see that your group remains true to itself. It has the same strategic venture, the same way of operating. We call it the VINCI Way. And above all, we have the same discipline and commitment to all around performance, combining economic, social and environmental results. Now we're never going to rest on our laurels, but we do owe our success first and foremost to our nearly 300,000 colleagues across 4,300 business units. And we owe our success as well to the strength and cohesion of the Executive Committee, one that Pierre has significantly reshaped in recent months, and his members are all with us today. And finally, we owe our success to the quality of our corporate governance. The members of your Board of Directors are present today include I met Ms. Mac. Our new Lead Director -- let us also welcome Carlos Aguilar, Karla Bertocco Trindade, Caroline, Claude Laruelle, Rene Medori, Roberto Migliardi, Frederic Nougarede, Alain Said as well as Maria Victoria. After 12 years of service on the Board, Marie-Christine will be stepping down at the end of this AGM. And I would like to thank her warmly for her commitment she has made and outstanding contribution to your group. Roberto Migliardi, is the Board member representing employees, and he will also be stepping down at the end of this AGM and I would like to thank him as well for his valuable contribution to the group. He will be replaced by Nelson Martino Gallego, a new representative appointed by the group's European Works Council when the EWC last met. So he's a new Board member starting today. Thank you, Nelson. As suggest, we formally open the meeting. This combined shareholders' meeting is being held on first notice. All required legal notices relating to the convenience of shareholders have been duly published within the applicable time frames. The financial statements, reports and all the documents required to be made available to shareholders have been provided in accordance with the applicable legal and regulatory provisions. These documents are available in a huge truck that Patrick slips around at every AGM. So the documents are available here on the table, I would ask you to take formal note of this. We will not proceed with the appointment of the members of the bureau verified that a quorum is present to review the agenda for today's AGM. Regarding the appointment of the members of the Bureau, I will act as Chair of the Bureau. As for the scrutineers and note that among the shareholders present or represented Frederic Nougarede, the Chairman of the Supervisory Board of the Castor Employee Fund and Frederic Rosamo representing Mondi are among those holding the largest number of voting rights. And I would therefore ask whether they are willing to act as scrutineers. I propose that Patrick Richard act as Secretary of the meeting. With regard to the quorum, I would like to note that VINCI share Capital currently consists of 582,257,305 shares. From this total, we must deduct the shares held by VINCI itself, namely 28,718,953 shares in order to determine the number of shares carrying voting rights. I would also remind you that the company's bylaws do not provide for double voting rise. The number of shares held by shareholders present represented having voted by proxy is 503 million. Therefore, the quorum is 70.72%, which is a new record for our group. So this is an excellent quorum. And we're happy with it. This exceeds the threshold of 20% and 25% required for ordinary and extraordinary general meetings held on first notice. The meeting is, therefore, duly constituted and may validly deliberate. Let me also remind you that resolutions under the ordinary part are adopted by a simple majority while others under the extraordinary part require a 2/3 majority. The agenda for this meeting is already known to you. It has been published and appears on Page 5 of the notice meeting. It is also displayed on the screen. So I will not read it out in full. Finally, I would inform you that the company has not received any requests to add draft resolutions and new items to the agenda and that the Social and Economic Committee has not exercised it's statutory right to submit draft resolutions. I suggest lastly, that we do not read the full Board of Directors report. It's available in the 2025 URD, which is available, if you don't have it yet, it's available in the lobby of [indiscernible] . You can also find it on the company's website. So how shall we proceed? Well, as usual, in a few seconds, I will hand over to Pierre Anjolras and he will walk you through the key highlights and overall performance of 2025. And then Christian Labeyrie presents the financial performance of each division and of the group as a whole. Then Pierre as will return to outline the outlook for 2026. And this will be followed by presentations on the work of the Board's committees. We will then hear from our statutory auditors, and these presentations will be followed by a Q&A session. And finally, we will vote on the resolutions. Pierre, over to you.

Thank you, Xavier. Good morning, everyone. I would like to welcome you to the 2026 Annual General Meeting. Let's watch a quick video on the highlights from the past 12 months. [Presentation]

Ladies and gentlemen, dear shareholders, we're extremely proud of this video. It shows exactly who we are. We are a world leader in infrastructure, but we are much more than that. We are a company that takes the long view. And that's what underpins our all around performance. And these principles are at the very heart of our group's culture. For over 20 years, we have held a clear conviction. Social, environmental and economic performance are inseparable. And what's more, each one strengthens the others. In the short term, [indiscernible] for growth, and over the long term, they are what makes us resilient. Let me talk to you, first and foremost, about our social performance. We have a project-driven culture. We have several hundred thousand projects delivered every year. And our project-driven culture puts people firmly at the center of everything we do across 4,300 companies. Our greatest asset was quite simply our people. We have a decentralized organization, which is built on the following principles: autonomy, accountability, trust and boldness. And this decentralized organization is designed to empower individual initiative while fostering strong collaboration across the group. When it comes to people and social performance, our #1 priority is safety, ensuring the protection of our employees and everyone working alongside them every single day on every project. Across our 4,300 companies, we have built a genuine safety culture. It is this culture that enables us to outperform most of our industry in this area through extensive training, 3.5 million hours every year, we work collectively across the network, and we apply rigorous disciplined methods. Our ambition is clear, 0 accidents, and we are making real progress more than 75% of AG companies, so over 3,000 AG companies recorded no lost time accidents in 2025. With the full support of the Board, I have made safety a top strategic priority. And together with the executive committee, we have launched a renewed group-wide mobilization to go even further. When it comes to people and social performance, VINCI is a major player in recruitment and workforce inclusion. [indiscernible] group employs close to 300,000 people worldwide. Each year, we bring on nearly 85,000 new employees in long-term roles, including 10,000 young people starting their careers and close to 30% of newly recruited managers and women. In France alone, last year, VINCI also supported 6,500 middle school students from priority urban and rural areas through work experience programs, introducing them to the group's professions. Each year, 8,500 young people take part in work-study programs within the group, and 4,000 individuals were recruited through dedicated inclusion pathways. VINCI, recruits. VINCI integrates and you see this at scale, but always with a strong local footprint in every region, working hand in hand with local partners, deeply rooted in the communities we serve. To support people and social performance, the group invests heavily in training and upscaling to strengthen employability across its workforce. In 2025, more than 230,000 employees, around 80% of our workforce received training, averaging 24 training hours per person. In France alone, that's twice the national average across all sectors. To support this, the group relies on a network of more than 100 internal training centers as well as open access e-learning platforms. In 2025, over 730,000 courses were completed online. Beyond social performance or even societal performance and more broadly, we actively encourage our employees' civic engagement. And we do this through our network of 15 foundations in France and internationally. Our core mission is to support community initiatives that strengthen social cohesion at the local level. And together, they represent an annual budget of over EUR 7 million. Finally, when it comes to people and social performance, VINCI has for nearly 30 years, pursued an ambitious employee share ownership policy, bringing as many employees as possible into the group's success. By the end of 2025, more than 176,000 employees and former employees in France and internationally, collectively held 11.3% of the share capital, making them VINCI's largest shareholder. Now these 2 figures, 176,000 employee shareholders and EUR 8 billion in capital held, placed [indiscernible] group among the top 3 companies in the CAC 40 for employee share ownership. It's a real strength. It's also a powerful driver of alignment and long-term stability. Let me now turn to your group's environmental performance in 2025. While people are a fundamental condition for success in a group like [indiscernible] , Environmental performance is both a responsible response to the climate emergency and a powerful driver of growth. As shareholders, in 2021, you expressed your support for our environmental transition plan built around 3 key priorities: finding climate change, optimizing resources through the circular economy and protecting natural environments. Across each of these priorities, VINCI has a dual ambition to significantly reduce the footprint of its own operations and to support its clients, suppliers and partners in reducing their own footprint. The first pillar of our environmental performance is climate action, starting with our own operations. We have committed to an ambitious decarbonization pathway for all direct emissions aligned with the Paris agreement and validated by the SBTI, the science-based targets initiative. At the halfway point in 2025, the group is fully on track with its commitments, as shown by this carbon trajectory, we still have a further 20% reduction to achieve by 2030. In this respect, I would like to highlight the remarkable ambition of VINCI Airports. It already operates 6 net 0 airports today making it a global leader in a sector where decarbonization remains a major challenge, and we intend to keep pushing forward. We have just covered the first pillar, climate, which is shown in blue on the left, so I won't go back over it. And the second pillar of our environmental strategy is resource optimization through a circular economy approach, illustrated in the purple column in the center. So in practical terms, this means producing recycled materials through venture constructions, recycling platforms and reusing those materials, particularly on VINCI [ Otoroot ] projects. The third pillar is preserving natural environments shown in green on the right. and the group applies the avoid, reduce, offset approach and has rolled out biodiversity action plans across all its business lines. For example, our concessions businesses are actively working to eliminate the use of plant protection products and VINCI Immobilier is focusing on urban regeneration, redeveloping existing sites rather than building on new land. Beyond reducing the impact of our own operations, and this is even more significant, VINCI supports its clients with solutions that help them reduce the footprint of their own activities. And this is a powerful growth driver for the group. Because VINCI's purpose is to contribute to transforming living environments to sustainable mobility and to the energy transition. In that respect, as you can see, around half of the group's activity is recognized under the European taxonomy as contributing to the environmental transition. Let me give you a few examples, moving from left to right in top to bottom. This includes our low-carbon energy infrastructure activities in power generation, renewables and nuclear, and of course, in electricity transmission and distribution networks. It also includes low-carbon mobility infrastructure, rail networks, so main lines, high-speed rail, urban transport, trams and metro lines, soft mobility infrastructure such as cycle pass and pedestrian areas. I'm not forgetting electric mobility infrastructure along roads and motorways. It also covers water infrastructure, treatment plants and networks, for both drinking water and wastewater as well as retention basins. And finally, a wide range of urban infrastructure, building refurbishment and energy efficiency solutions for housing, offices and industrial sites. Across all these areas, the group is scaling up the most promising environmental solutions. Among the flagship initiatives, I would highlight charges is a drive. It's a dynamic charging system for heavy goods vehicles, led by Vinita -- and within VINCI Construction, the Granular Plus program and the Ag offering, both promoting material recycling and also the use of low-carbon concrete under the exit standard as well as the energy efficiency solutions developed by VINCI Energies and COBRA. Our social and environmental performance are, therefore, the expression of our commitment to serving society and local communities to promoting more responsible practices and to better managing our resources and our risks. These are the foundations of our long-term development and they underpin our economic performance. That economic performance is what I'd like to turn to now. And I will then invite Christian Labeyrie to take you through the group's 2025 financial performance in more detail. So what stands out from 2025? Is it truly strong economic performance by VINCI, -- we fully in line with previous years. And despite a macroeconomic and geopolitical environment fraught with much uncertainty. The key highlights include solid revenue growth combined with higher operating income across all our business lines. And that's what really matters to us. More than volume growth, our focus is on profitable growth. Net income also increased by 1% despite a very significant rise in taxation in France in 2025. Excluding the additional corporate tax, it is up 10% and Free cash flow reached a new all-time high at EUR 7 billion. And that's something Christian will come back to in more detail. This strong performance demonstrates the relevance of the group's decentralized multi-local organization. It is also a reflection of your group's unique culture. As you know, VINCI as a global leader in infrastructure, operates in around 100 countries. But our 12 core countries accounted for 84% of total revenue in 2025. Those are markets where we have long-standing positions. Our top include France, the U.K., Germany. Germany will become our leading international market in 2026. Not forgetting Spain, the U.S. and Canada. Overall, revenue generated outside France is now approaching 60% of the total. And you may have noted that 56% of our net income is generated outside France. We have been pursuing this international expansion strategy consistently for the past 15 years, and we will continue to do so. Let me share a few highlights by business line. Starting with concessions. For VINCI Airports, the key takeaway is strong momentum. Revenue reached EUR 4.8 billion, up 6%. This was driven by solid traffic growth. In total, the network of VINCI airports handled 334 million passengers in 2025, up 5% compared with last year. Customer demand remains strong, even as the post-COVID rebound effect gradually fades. So mobility demand is clearly a fundamental need. We also saw particularly strong growth in recently acquired airports, OMA in Mexico, Edinburgh and Budapest. This strong passenger traffic performance also reflects our ability, thanks to our unique global airport network, our ability to support airlines in opening new routes, we launched 400 new votes this year alone. This strong collective performance further reinforces VINCI Airport's position and its unique portfolio of assets as the world's leading private airport operator. Starting with VINCI where revenue rose by more than 2% to EUR 6.7 billion, traffic increased by close to 1%. Beyond these solid figures, it's worth highlighting that we have reestablished a constructive and balanced dialogue with the French government. As illustrated by the T investment program, which is designed to ensure infrastructure quality through to the end of the concession in 2032. This program was approved by the government early last year. We have also signed a new multiyear plan with [indiscernible] I will come back to that shortly. Turning to VINCI Highways. That is our international portfolio for motorways, which generated close to EUR 550 million in revenue. So traffic trends are also positive across our European and North American assets. Brazil, in particular, was a key highlight for VINCI highways in 2025. In Brazil, we now operate close to 1,200 kilometers of motorways in this dynamic country. making it our largest motorway network outside France. And to give you a sense of scale, a network slightly longer than Kofi roots. So within concessions, as we've just seen, we are the world's leading private airport operator. And we're now also the world's leading private motorway operator with 8,200 kilometers currently and soon, close to 9,000 kilometers once the acquisition in India included, but I'll come back to that later. Let's now move on to Energy Services, namely VINCI Energies and Cobra. This business remains highly dynamic, driven, in particular, by the energy transition and the digital transformation. Revenue came in at close to EUR 30 billion. This confirms your group as a global leader in energy services, and that represents growth of 8% Growth was driven primarily by international markets, which accounted for more than 70% of total revenue. Let's take a closer look at Germany. For Energy Services, we're talking EUR 5 billion in revenue in 2025. So Germany is now the leading international market for energy services. Activity is expected to continue growing in the coming years, thanks to a large number of electrification projects across the country and VINCI Energy's recent acquisitions in Germany. On the M&A front, VINCI Energy's continued its strong momentum completing 33 acquisitions in 2025, more than 1 every 2 weeks. These acquisitions, mainly international, represent around in additional full year revenue. In Energy Services, core business activities, meaning smaller scale projects carried out with repeat customers, which account for 88% of Energy Services revenue remained strong, both in France and international UV growth of 6%. In major projects, COBRA area of excellence, activity rose sharply up 24%, driven, in particular, by the construction in Germany of offshore electricity conversion platforms for the North Sea. Again, in Germany, the development of an LNG regasification terminal high-voltage transmission lines in Brazil and the launch of a major public private partnership for Electricity Transmission in Australia, all of which are strategic projects for the energy sovereignty of these regions around the world, Overall, 2025 once again confirms the strong positioning of our energy services business in highly dynamic markets driven, in particular, by the energy transition, digital transformation and increasingly by defense and sovereignty considerations. In Construction, revenue increased slightly, reaching just over EUR 33 billion. Let me take this opportunity to highlight something that's not what spread among the competition. Something that sets us apart from many of our peers. The vast majority of [indiscernible] Construction's revenue comes from smaller scale projects carried out for repeat customers, what we call our core business activities. -- large projects by contrast are deliberately kept to around 10% of our activity this year. Market conditions for venture construction vary depending on the segment. Core business activities remained at a solid level, supported by strong performance in road, rail and hydraulic words as well as building refurbishment projects. Specialist activities at [ Soletanche sine ] also held up well, particularly in the nuclear sector, while large projects declined reflecting the phasing of progress on certain major infrastructure projects. In property development in France, market conditions remain challenging, as you all know. Against this backdrop, VINCI Immobilier teams have shown strong resilience in navigating these headwinds as reflected in the return to positive results in 2025. Let me say a few words about order intake. It remained at a high level in 2025, totaling EUR 63 billion. What really stands out is the order intake in our core business activities make up the bulk of revenue in Energy Services and Construction. They remain well oriented with growth of 3%. Another key point is that order intake remained overall above revenue levels, particularly in Energy Services, but also in construction. This simply means that our backlog continues to grow. I will now hand over to Christian Labeyrie, who will walk you through the group's financial performance for 2025 in more detail.

Thank you, Pierre. Ladies and gentlemen, shareholders, good morning. So for the 27th time I'm going to present the main figures, the main financials of the year for VINCI, not the 99 figures. But those are 2025 and Pierre has already outlined them. Let's start with revenue, close on EUR 75 billion. That's an increase of constant currency. That's how we need to reason given currency volatility of increased over 5%, very good performance in the economic context the year 2025. That reflects, in particular, the strong dynamism of Energy Services whose revenue is now close to EUR 30 billion, that's 8% growth versus 2024. Concessions are also on a good trend, up 5%, with revenue topping EUR 12 billion. As to construction posting more mode growth of 1%, the consequence of a selective policy in terms of order intake, which is key to protect our margins, some very competitive markets. VINCI growth expansion rest, not just on the organic growth of its activities driven by the market trends but also M&A. And in 2025, about half of the revenue growth comes from the acquisition and new companies that represents EUR 1.8 billion additional activity on the year. I would so the main one, FM Conway in the United Kingdom Public Works company, well established in the London area, strengthening VINCI Construction's presence on that market. Several companies in North American roadworks specialty business lines of VINCI Construction, a zone where the group plans to accelerate its expansion going forward. About 30 acquisitions VINCI Energy, essentially international -- then the German metal standard Pierre said, Germany, with the U.K. is the leading VINCI group market internationally. In Brazil, a new highway concession between Belo Horizonte and Brasilia, these acquisitions enable VINCI to densify its local presence, enrich its skills and create value by implementing synergies across its various subsidiaries. Revenue growth is virtuous goes hand-in-hand with Roper growth that is operating profit from ordinary activities. Operating profit comes in at EUR 9.6 billion up 6% over 2024. That's growth higher than the revenue growth, an improvement in the operating margin standing at 12.8% plus 25 basis points over 24 [indiscernible] Our 3 business lines contributed to the growth in EBITDA of concessions are close to EUR 250 million. Energy Services, up EUR 220 million, with a revenue margin of 7.6%, up 20 basis points versus 2024. Construction EBIT is up by EUR 110 million in margin on revenue, 4.1%, up 30 basis points over 2024. The pie chart on the right shows the breakdown by business line concessions account for just over 60% of the total. Energy service is almost 25%, construction, 15%. Now the share of concessions in the total remains very significant. Those are the other business lines have grown over the past few years, notably the share of energy services. The strategic choices made by the group a long time ago account for this rebalancing leading to a lesser dependence of VINCI in the past on French auto concessions. Turning now to cash flows. Pierre indicated 2025 was outstanding for free cash flow generation. It's a crucially important metric, very closely followed by financial analysts and investors because it measures the resources generated by the group during the year to fund its investments, its expansion through the acquisition of new companies, and of course to finance the dividend paid to shareholders and share buybacks with a free cash flow in 2025 of EUR 7 billion. This is a new record. It's a record consequence of the EBITDA growth which reached EUR 13.5 billion, up over 6% versus 2024. If you could just -- on this EBITDA growth, forgive me for that. Offset the increase in financial expenses, an increase in taxes, including the increase of corporate tax in France, which came in close to EUR 450 million in France. Same time, CapEx for the year were maintained at a high level, EUR 4.9 billion, of which close on 1.5 bp mobility infrastructure airports and auto routes about EUR 1 billion in power infrastructure. We need to stress improved working capital of EUR 2.5 billion, reflecting the continuing efforts of the group's operations to improve billings and collection of receivables, notably at VINCI construction. Over the past 3 years since 2023, it's over EUR 6 billion additional cash, thus generated thanks to working capital and better operating cash management. New developments on financial investments of the year net of disposals, they stood at EUR 1.8 billion concern primarily acquisitions by VINCI Construction mentioned previously by VINCI Energy and also additional price paid to ACS in respect to the Cobra acquisition integration in our accounts, a Brazilian highway concessions disposals. They accounted for about EUR 300 million, essentially at Cobra and VINCI Concessions. These disposals are part of regular portfolio reviews that are regularly conducted by VINCI so as to optimize return on equity and make the presentation of our activities clearer. Lastly, amounts devoted to return to shareholders and capital movements amounted to EUR 4.7 billion, EUR 2.7 billion dividend paid to shareholders, EUR 800 million paid to the minority shareholders, certain subsidiaries, Gatwick Airport in London and Edinburgh, 1.2 in respect of share buybacks, net of share capital increases undertaken as part of the share ownership plan, the share ownership of maximum number of people in France, abroad is a key component of the group's performance culture to taken in these flows. Net debt is down by EUR 1.3 billion on the year coming and EUR 19.1 billion December 31, '25, that's 1.4x EBITDA which is a very modest leverage in respect of our recurring cash flows, not only the long-term highway concessions, but also energy services and construction from strong flow business as we call it. So if we put things in perspective and she will have generated over the past 10 years, EUR 48 billion in cash flow, an amount very much higher than profits over the period of EUR 35 billion in spite of disruptive exogenous events that we experienced COVID in 2020 or war in Ukraine, these bar charts shows that increments have been reached over the years and for 3 years now, the annual cash flow to EUR 6 billion. This demonstrates the power and resilience of VINCI business model that, as Pierre said, rests on decentralized organization made up of thousands of business units, 4,300 led by autonomous teams on the ground share in the same values. Also the relevant of the group's positioning on buoyant markets and its rigorous management this ability to generate steady and significant cash flow is a great asset to follow our strategic road map and prepare the future as illustrated by developments by the group in the airport sector, auto routes in France, Highway broad, through acquisition of COBRA and recent developments and power transmission infrastructure. So clearly, we have the means of our ambition whilst ensuring return to shareholders in the form of dividend and share buyback. Just to conclude, I'd like to recall the fundamentals of our financial policy. Firstly, it's important to constantly preserve a significant amount of liquidity to meet contingencies. There are many number to see M&A opportunities when they arise as we did in 2021 with Cobra that was finalized December 31 last year, decided the best time to raise funds on the financial markets so as to optimize our borrowing conditions. Liquidity, the price of our independence in the context of financial markets, increasingly volatile, not to mention stressful situations as we saw in March 2020 with COVID or February 2022 with war in Ukraine. In '25, we have cash on the balance sheet, EUR 15.5 billion with a credit facility, EUR 6.5 billion from our bank. Secondly, we must at all cost preserve the excellent credit ratings awarded by S&P and Moody's over 10 years ago further back because these ratings have been confirmed constantly in A- and A3, respectively, with stable outlook in both cases. Bond markets, the prime source of funding for VINCI. Essentially, the euro bond market accounts for 60%. The group's gross debt stability of credit rating is key to preserve the confidence of Lendo and optimize our lending borrowing conditions over time. At the end of 2025, the average maturity was 5.5 years, which means every year, we must reimburse loans maturing and issue new loans in 2025. We reimbursed EUR 4.2 billion and issued new loans for EUR 5.7 billion. Now the group for this, of course, has the possibility of issuing the various signatures that VINCI have [indiscernible] of course, but those of our auto router concession companies, ASF, coffee road some of our infrastructure offer good long-term visibility such as airports, London, Gatwick, Edinburgh. The idea being to position ourselves the debt as close as possible to the generated cash flow. Since the beginning of the year, we reimbursed about EUR 800 million issue just over EUR 1.3 billion in new loans with a convertable ADP bond EUR 500 million at a very low rate of EUR 0.75 per annum. These transactions were achieved very opportunistically before the start of military operations in the Middle East. In terms of rate management, a rule of prudence consists of setting the rates on the bulk of our debt save for amount that it corresponds to available cash. The group treasury is placed on short maturities at variable rates, the Euribor 3 months. So the impact of changing interest rates upwards or downwards on the variable Cost of debt is offset in reverse by the remuneration on treasury investments. On average, the group's debt stood at EUR 33 billion, EUR 70 billion of fixed rate 16 variable [indiscernible] The average cost of the debt stood at EUR 437 million in 2025 as compared to 5% 2024. Thank you for your attention. Back to Pierre for the outlook in 2026.

So the outlook for your group reflect its value creation strategy in its long-term as well as short-term business. Let's start with the long-term business, infrastructure mobility in this area of VINCI has agreed defined major deals strengthening the visibility of these contracts and offering promising growth prospects in airports. First of all, let me stress the importance of the growth of airports operated by VINCI, especially supplemented through external growth in this complex world. One of the big strengths is to establish relations based on trust throughout the world and through this constructive dialogue, several major agreements were signed these past few months in London. London Gatwick in September '25, we obtained the approval of the Northern runway, which is a defining project for the airport as well as for the whole country in Lisbon. Our teams initiated in 2025, the request of the port authorities studies to develop a new airport at [indiscernible] Cote close to Lisbon in Mexico. Our subsidiary [indiscernible] signed at the end of last year, a new economic regulation contract of 5 years, defining the investments over the period as well as associated tariff increases. I'd like to mention the beginning of the works launched by VINCI Airports in close conjunction with inch Construction, Energy on the new terminal of the Santo Domingo Airport and the Dominican Republic, all the vital infrastructure are kept alive and adapting, and these are as many opportunities to create additional value by VINCI across the airports in Autoroutes, now several major agreements were announced early this year in France. VINCI Autoroutes concluded a new rider to the concession of offer route to finance shared mobility and land planning projects and to receive EU vehicles. In terms of mobility, 100% of VINCI Autoroutes are equipped with charging stations, making it the best equipped auto route network with over 50 every 100 kilometers and the number of charging stations on the network is set to double still in the highways, but in India, VINCI highways announced just over 2 weeks ago, having signed an agreement to acquire fine portfolio of 9 highways, representing about 700 kilometers in India of a highway portfolio. This quality is a rare opportunity in a high-growth market. And this acquisition is part and parcel of VINCI's long-term investment strategy in mobility, infrastructure. A big bravo to Nicolas Notebaert, Concession's head and to his teams. In terms of energy infrastructure for long term, the group at the end of 2025 has a total capacity of renewable energy of 5 gigawatts 1.2 already in operation and 4 gigawatts in ready to build mode to date, EUR 2.3 billion has been invested in this portfolio. The selective investment policy is focused on a limited number of geographies toward Spain, Brazil, United States, also Australia, and we plan to strengthen the value of these assets by combining them with battery projects. On the basis of the current portfolio, we're banking on activity, EBITDA of close on EUR 400 million by 2030. Furthermore VINCI benefits from long-term know-how to implement major turnkey projects of construction and maintenance of high-voltage power lines. VINCI is currently in charge for public private partnerships were over 2,000 kilometers of power lines in Brazil and Australia. It's the beginnings of an asset portfolio in the field of power transmission infrastructure activities, opportunities, many number in Brazil, developing in Australia and set to expand significantly in the United States notably. More generally, all our business lines are nurtured by the mega trends that are underway throughout the world. Shown here is the exposure of your group to a selection of 6 major trends that we consider to be very dynamic, both short and long term. In power infrastructure, your group generates over EUR 10 billion annual revenue with an order book of EUR 20 billion. VINCI is clearly a world leader in this field, not the leader. That is the #1 power provider, particularly in Europe, where we have no fossil fuels for reasons of obvious energy sovereignty we must develop energy production of renewables and nuclear power and also develop the transmission and distribution grids and networks. For the other major trends in the rail sector, VINCI's revenue is EUR 6 billion, order book of EUR 10 billion, defense and sovereignty, EUR 2 billion in revenue EUR 3 billion order intake, water infrastructure, EUR 3 billion with an equivalent order book. Digital Infrastructure revenue at EUR 7 billion, order book at EUR 6 million. In the health care sector, EUR 2 billion in revenue with equivalent [indiscernible] all these vital infrastructure are already reflected in the VINCI figures. And when we add them up, they represent alone half the revenue and 2/3 of the order book of energy services and construction businesses, and this proportion is, of course, set to grow. If we return to 2025, the order books continue to grow, reaching an all-time high EUR 70 billion. That's over a year of activity, offering visibility to view the future with confidence without departing from our selectivity policy that favors margin over volume. [indiscernible] that France is in the order book is 29%, Germany, 20%. Rest of the world, 51%. Shown on screen, the outlook for the year as presented in February. At this stage, of course, it's too early to assess and quantify the reliably the impact on your group as the crisis in the Middle East. We know not the magnitude or the duration of the crisis is resolved rapidly. We hope that will be the case. Its impact will be limited. Be that as it may, over the medium and long this crisis like oil crisis, will accelerate change will strengthen probe sovereignty reasons. The need for a further acceleration in the energy transition of further acceleration in electrification and that is one of the most powerful, if not the most powerful growth driver of your group. In terms of capital allocation strategy remained constant shareholder return through a dividend, a payout ratio trending to 60% of net income. That's the goal down the road and share buybacks in terms of development, we plan to continue to investment long-term infrastructure concessions airports, highways and renewable power generation assets, storage and electricity transmission in our short-term businesses. The group strategy is to accelerate an energy services where VINCI has demonstrated its know-how to acquire, integrate new companies, big or small. And lastly, the group remains open to opportunistic acquisitions in the construction sector. I just presented the social environmental economic performance of VINCI in 2025 and the outlook. Through this, we have capacity to create value long term, that's outstanding and it rests, of course, on a very strong VINCI culture shared by all the VINCI way that makes VINCI unique of this culture is based on the long-term perspective. And of course, the search for all-round performance, financial and nonfinancial performance are inseparable and nurture one another. The group culture is one of decentralized organization, agile, reactive, multi-local, particularly relevant in today's world. VINCI culture is the reliability of its management with shared principles across its 4,300 business units. It's a much less execution, quality and great discipline in capital allocation. This culture characterizes your group across its business lines across its countries across its world-class assets. This culture is the strength of your group makes it perform over a long term because it creates robustness, consistency, resilience, and this culture has allowed us to weather the latest crisis, Ukraine, COVID, subprimes will allow us to confront the current crisis without losing our core by remaining agile, solid and capable of bouncing back. This cultural synergy, the shared values make VINCI make your group a rare and a invaluable asset. It is -- I'm convinced the only way of continuing to create value over the long term. Thank you for your attention and for your loyalty and back now to Chairman, Xavier Will.

Thank you, Pierre. Thank you please very briefly on the basis of this fine fiscal year 2025, you'll be asked to approve a dividend of EUR 5 per share, of which EUR [indiscernible] paid as interim dividend at the end of 2025, which leads to a balance of EUR 3.95, which will be paid out on the 23rd of April. I'd now like to open the governance section asking the full Chairs of the committees to summarize their work. Firstly, Annet Mesa, who's our Lead Director, who also chairs the committee for nominations and governance. Over to you, Anette.

Ladies and gentlemen, dear shareholders, I am truly delighted to be speaking with you today for the first time and walk you through the work carried out by the Nominations Governance Committee in 2025. I was appointed by the Board of Directors as Lead Director and Chair of the Nominations and Governance Committee on April 17, 2025, I'm taking over from Yanik Swad, we had held these roles for over 6 years. I am stepping into this role at a pivotal moment in the group's governance as Xavier Huillard handed over executive leadership to Pierre on May 1. The transition is going smoothly, and it is our shared responsibility to ensure VINCI continues to benefit from the highest standards of governance. As Yanik has mentioned to you last year, the nominations and Governance Committee was deeply involved in the early stages of the decision-making processes and helped identify the right person to take on the role of CEO. The committee also made sure the Board remains well balanced in terms of expertise and fully effective notably through the addition of 2 new female directors whose appointments you approved at last year's AGM. As of today's general meeting, the governance of your group is structured as shown on the screen. First, the Board of Directors, which I'll come back to in a moment, a governance framework built around a non-Executive Chairman of the Board, Chief Executive Officer and an independent lead director. And of course, 4 committees responsible, respectively, for audit, strategy and CSR, nominations of governance and compensation. Each Board member sits on at least one of these committees. The Board currently has 15 members, including 2 employee directors and one representative of employee shareholders. That number will move down to 14. As Marie-Christine who served on the Board for 12 years and will no longer meet the formal independence criteria will be stepping down at the end of this AGM. What stands out is the strong gender balance. The fact that 1/3 of the directors are non-French nationals, and a high level of independence, exactly what you would expect for a group without a controlling shareholder. The Board met 8 times in 2025 with full attendance at every meeting. And to give you a real sense of the directors' commitment, they also attended over 95% of the 9 meetings of the Strategy and CSR Committee, which Benoit Bazin will speak about shortly. And that makes a total of 17 meetings, not even counting the sessions of the other 3 committees for those who sit on them. In addition, in 2025, the Board has spent 2 full days on site visits, first to the major uralpiternal project between Leon and Tura where several business units are actively involved and also to Leon Santerre Airport, which is operated by VINCI Airports. The nominations and Governance Committee is made up of 6 Board members, Yanik Awad and Marie-Christine Lombard along with Benoit Bazan, Claude Laruelle, Frederic Nougarede, who represents employee shareholders and myself. The committee met 4 times with perfect attendance throughout the year. In 2025, the committee oversaw the Board's triennial evaluation, working with an independent external consultant who gathered feedback from all directors and reported back to the Board last December. The outcome showed a broadly shared satisfaction with both the Board's composition and how it operates. And it helped build a clear consensus around the key priorities ahead, namely ensuring a successful leadership transition and confirming the group's strategy for the years to come. The committee also worked on the future evolution of the Board's composition. And together with the Compensation Committee contributed to the evaluation of executive management. Turning now to the Board's composition. You are being asked to renew the terms of office of 3 directors: Xavier Huillard with the Board intending to reappoint him as Chairman should he be reelected as a Director. Claude Live, an Independent Director for what would be his second term and Rene Medori also an independent Director for what would be his third term. You are also being asked to ratify the co-option of Frederic Nougarede as a director. He was appointed by the Board in 2025, following Dominique Miller's resignation. Mr. Nougarede represents employee shareholders. And his appointment was put forward by the Supervisory Board of the group's main employee investment fund, in line with the company's bylaws. Lastly, as the terms of the employee directors come into an end, the group Works Council and the European Works Council have respectively confirmed the renewal of Ala Said's mandate and the appointment of Nelson Guilago, who will replace Roberto Migliardi. Ladies and gentlemen, dear shareholders, thank you very much for your attention. Thank you I'm now going to ask Benoit Bazin, Chair of the Strategy and CSR Committee to please join us on stage.

Ladies and gentlemen, shareholders, good morning. It is now my turn to present the work of the committee. I have chaired for the past 4 years. Venture Strategy and CSR Committee. The committee has permanent members. However, as I often point out, virtually such that the part is its openness. Every Board member can attend its meetings and take part in the discussions with full voting rights. And this makes it a particularly rich forum for discussion and debate. The attendance rates in 2025 are a clear reflection of this, 98.2% for permanent members and 95.3% across all Board members. These figures demonstrate the strong level of engagement and commitment from Board members in the committee's work. In 2025, the committee met 9 times. Just as in 2024, reflecting both a sustained pace of activity and the importance of its role with [indiscernible] . The committee reviews a wide range of topics that are key to the group strategy. Its main responsibilities include acquisitions and disposals above EUR 100 million as well as policies relating to corporate social responsibility. On the first front, strategic acquisitions. The committee issued opinions on around 15 projects during 2021 and early 2026. Some of these projects have already been completed. Pierre Anjolras talked to us about the Motorway acquisition in India. Also in 2025, the committee carried out its semiannual review of renewable energy investments made by Cobra IS in 2025, highlighting its ongoing focus on infrastructure projects, that are shaping the energy transition. For each of these projects, we ensure not only that the investment is strategically sound and aligned with the group's direction but also that social, ethical and environmental aspects are systematically reviewed. In 2025, as part of its second mission, CSR policies, the committee placed the manifesto at the very heart of its work. As you know, the manifesto is the cornerstone of VINCI's CSR strategy and applies across all business lines. It is structured around key commitments covering in particular, for social aspects, such as health and safety at work, respect for human rights, diversity and inclusion, equal opportunities, vocational training and long-term employability as well as employee share ownership. Strong vigilance in business ethics, including anticorruption measures and compliance with competition rules. Societal aspects, such as civic engagement, both at the group level and many employees as well as environmental commitments, which were covered earlier. The committee has therefore ensured that each of the manifestors' commitments is effectively translated into both strategic projects and the implementation of CSR policies. And this ongoing endeavor confirms the central role of CSR in the group's responsible governance. Each time through discussions with teams from across the group, we have been able to confirm that the CSR approach is genuinely implemented on the ground, embedded locally across business lines and adopted to this adapted to the specific concepts of each country, and that is what makes it effective -- and naturally, the committee will continue this work in 2026. Thank you very much for your attention.

Thank you, Benoit. Now let's hear from the Chairperson of the Remuneration Committee, Marie-Christine Lombard.

Ladies and gentlemen, dear shareholders, as Chair VINCI's Compensation Committee, it is my responsibility to walk you through the work we've carried at. But before I do that, this will be my final time. addressing you in this role -- as my term as director comes to an end at the close of this meeting, 12 years is a long time. Thank you to the shareholders for their trust. Thank you, Saul. Thank you to the entire leadership team for our constructive collaboration. And many thanks to my fellow board members. In 2025, the Compensation Committee is made up of 4 directors, one of whom represents employees. The lineup change in 2025 with 2 directors stepping down after the EGM and 2 new members, Alan Said and [indiscernible] joining the committee. The committee met 3 times in 2025 with full attendance every time. As you know, the committee's role is to prepare the Board's decisions on executive compensation as well as on the group's employee share ownership schemes. 2025, the committee determined the variable compensation of the Chairman and Chief Executive Officer for 2024, which you approved in April 2025 and it put forward compensation policies for both the Chairman of the Board and the Chief Executive Officer, you approve these at the 2025 AGM, and we will be asking you to confirm them again today. The committee also recommended the implementation of performance share plans for the group's executives and employees. At the start of this year, the committee also submitted the following proposals to the Board setting the variable compensation for executive corporate officers for 2025 and revising how Board members' compensation is determined. You will be asked to vote on both of these matters today. Let me start with the compensation policy for your Board of Directors. And this is covered by the eighth and tenth resolutions with full details on Page 38 of the meeting notice. The Board is mainly proposing to increase the fixed annual fee for directors from EUR 26,500 and to EUR 30,000 as well as the fee per meeting from EUR 3,500 to EUR 4,000 for Board and Audit committee meetings and from EUR 1,500 to EUR 2,000 and for meetings of the other committees. Also, you are being asked to raise the overall cap on Board compensation, which has not been reviewed since 2019. The idea is to give the Board greater flexibility in organizing its work. Keeping in mind that this is a ceiling, not a target level of spending. It's not a natural spending. Now the compensation policy for the Chairman of the Board set out in Resolution #11. The compensation policy for the Chairman of the Board provides for a fixed annual remuneration of EUR 900,000. There are no changes compared to the policy approved in 2025. I'd also like to remind you that the Chairman of the Board will not receive any attendance fees, short-term variable pay or long-term remuneration. However, a company car will be provided. The compensation policy. For the CEO, Pierre Anjolras for 2026 is the same as what you approved in 2025. And you'll find the full details on Page 39 of the meeting notice. On an annual basis, it includes a fixed component of EUR 1.3 million in short-term variable component kept at 1.5x the fixed salary with the final amount depending on a range of performance criteria as shown on the screen. A provisional grant of performance shares subject to both continued employment and performance conditions with the value at current that cannot exceed the maximum short-term variable compensation. And finally, a defined [indiscernible] of the short term variable compensation. Now the compensation awarded to Xavier Huillard for fiscal 2025 is set out in resolution #14. As detailed on Page 44 of the Notice of Meeting, this compensation has 2 components. First, the compensation for his role as Chairman and CEO over the full month period from January to April 2025. And this included both a fixed and variable component calculated using the same criteria as for the CEO. On the chart to the left, you can see what this would have amounted to over a full year as well as the actual total after pro rata adjustment. So the remuneration comes to EUR 1,112,795. Second, the compensation for his role as Chairman of the Board from May through December 2025, amounts to EUR 600,000 after pro rata adjustment. Let me now turn to the compensation awarded to Pierre Anjolras for fiscal 2025. So that's Resolution 15. This relates to his role as CEO since May 1, 2025. In line with the approved policy, it includes the following components: a fixed component of EUR 1.3 million on a full year basis or EUR 866,667 after pro rata adjustment, a variable component that would have reached EUR 1,91,987 over a full year. Given the strong performance, this represents 98% of the target. After pro rata adjustment, the amount comes to EUR 1,273,991. A conditional grant of 22,000 venture shares subject to performance conditions with a value of EUR 2,294 at the time of grant. And the pension contribution equal to 12% of the short-term compensation amounting to EUR 257,130 before tax. The chart shows both the theoretical maximum for this compensation over a full year and the actual total after pro rata adjustment. Now the employee share ownership system. As every year, the Board is asking you to approve the 17th and 18th resolutions. These are designed to allow employees, both in France and internationally, across 42 countries in 2025 and to subscribe to reserved capital increases, with a discount of up to 5% within an overall limit of 1.5% of the share capital. They can also benefit from a company contribution up to EUR 3,500 in France and up to 80 bonus shares internationally. In France, the shares are locked in for 5 years. Internationally, the bonus shares are subject to a 3-year vesting condition based on continued employment. As of December 31, 2025, employees and former employees, so more than 176,000 people collectively held the company's share capital through employee investment funds. And as we said before, this is a real performance driver for the group. Finally, for the sake of completeness, please know that based on the authorization you granted last year, the Board has decided to implement the performance share plan for 4,827 senior managers and employees in 2025. The goal is to help the group continue to attract, retain and motivate its key talent. These shares representing 0.45% of the share capital will be delivered to beneficiaries in 2028, subject to meeting performance criteria, the same as those applied to the CEO. And of course, continued employment within the group. Thank you very much for your attention.

Thank you, Mary Christine. And the last Committee head, Rene Medori, Head of the Audit Committee will now take the floor.

Ladies and gentlemen, shareholders, good morning. I'm now going to present you the work of the Audit Committee in 2025. The Audit Committee is comprised of 4 members, 2 men and 2 women that met 5 times in 2025 with an attendance rate of 100%. Your financial CEO Christian Labeyrie, his colleagues as well as the statutory auditors took part actively in all our meeting. The committee also [ auditioned ] Head of Legal, Head of the Environment, Head of Tax, Head of Insurance, as well as the head of the group IT system. During the course of 2025, the Audit Committee organized its work according to 4 major focus areas. The first is the monitoring of the group's financial information, the review of the half yearly consolidated financial statement as well as annual financial statements and review liquidity management. The group's debt highlighted it's good financial management, the optimization of its resources, the committee was thus informed financial transactions as they unfolded throughout the year. Notably, new debt issuances totaling EUR 3.5 billion during the course of the year. The tax transparency report for 2025 filed by the group was reviewed by the committee prior to its publication. Second focus area for the committee's work was reviewing the efficiency of risk management, IT risk monitoring cyber risks, risk mapping at group level as well as the report by the Risk Committee of the holding company were presented to us. Group Head of Legal set out developments regarding major litigation under when the Head of Insurance presented the insurance policy and programs in place to cover the risks of the various business lines. Third focus area, the committee reviewed the internal control systems. The committee was able to assess the good functioning of the central fraud prevention scheme with an alert system open to all the groups employees. A presentation of the internal control annual report of business lines and divisions was delivered by Head of Internal Audit. Fourth focus area, covers legal control of annual and consolidated financial statements, discussions with statutory auditors and review the conclusions of their work highlighted the compliance with legal and regulatory obligation regarding financial a nonfinancial accounting information as required by law, the committee reviewed the declaration of independence of the statutory auditors was informed of the fees paid to them. In conclusion, your committee would like to emphasize the quality of financial management, financial information and the processes of your group. Thank you.

Merci, Rene. Thank you, Rene. We now move to the next section, which pertains to the work of statutory auditors who will deliver a summary of what is set out in detail in the universal registration document. Mr. Laurent will speak on behalf of the group of statutory auditors.

Thank you, Chairman. Ladies and gentlemen, shareholders, on behalf of a group of statutory auditors of your company, Ernst & Young audit and PricewaterhouseCoopers Audit. I'm pleased to report on our assignment. As you can see on screen, we issued many reports that we've combined for this presentation in 6 parts by nature. They indeed comprise our report on the group's consolidated financial statement or report on the VINCI parent company financial statements, special report on regulated agreements as well as for supplementary reports issued on the use of delegations of authority granted to your Board during earlier shareholders meeting. Three reports on delegations or authorization to be granted to your Board during this AGM to carry out transactions involving the shake up at largely a report on the certification of sustainability information in accordance with practice, I won't give you a detailed run-through of these reports, but give you a summary by emphasizing the conclusions. I'll start. First of all, a report on the group's consolidated financial statements as well as the annual financials or work is aimed at giving you an insurance that they comprise no significant misstatement in order to do that. We're involved in the prime entities of the group in France and abroad. Our approach is adapted to VINCI's organization, its activities and our assessment of risks pertaining to each business line of the group. Our detailed conclusions were presented to the Audit Committee, the fourth of February last year and a summary of these to the Board on February 5. I during our work on the group's consolidated financials, we focus particularly on the 3 key audit matters as follows. Firstly, the impairment test and recoverable amount of your group's asset. Secondly, the recognition of long-term construction of service contracts; and lastly, provisions for litigation, other contingency. These 3 audit matters described in greater detail in the consolidated financial. We confirm that we've reviewed the modalities adopted by management. We certify consolidated financial statements give a true and fair view of the results of its financial position assets at the end of the period. Turning now to the annual financial statements. Our main assessment focused on assessing the equity agreements and to ensure that the financial statements give a true and fair view regarding the special report on related agreements. We have not been informed of any new agreement entered into. Turning now to 3 reports to resolutions proposed under the extraordinary general meeting. You can see them on the screen. Firstly, our report on the authorization to reduce the share capital through the cancellation of VINCI shares held in treasury. That's the 15th of 2 report on the 17th and 18th report concerning capital increases for employees and VINCI Group employees as part of their savings plan. We have no observations to make on the details of the transactions proposed. If need be, we will issue a supplementary report when said transactions are undertaken. And lastly, your company publish sustainability and information under the CSRD. It's the second year of application of that directive and Ernst & Young audit issued a report aim at giving limited assurance on the consistency of the information with the SRS without observation. Ladies and general on behalf of a group of auditors, I thank you for your attention.

Thank you statutory auditors. We now come to the Q&A section. As regards written questions, we have received some from several shareholders. The Board that met just prior to this AGM approved the answers to said questions. You can therefore, find these questions and the answers given on the company website.

As for questions on the floor, if you have a question, ask one of the persons with the panel, and I shall attempt in the 30 minutes available even if we're running slightly late, to entertain as many questions as possible, start with questions. number right at the back as a whole. We tend to forget those people I'm an individual shareholder.

First of all, thank you to the very clear presentations and outstanding results. My question, the flare up in the Middle East is it going to have an impact or likely to have an impact on the group's activities.

I'll let Pierre answer your question, which is, of course, of prime importance. I'd just like to recall there your group has roots that go back to the early 19th century. So you can, of course, imagine the number of crises indeed was that we were whether we will, of course, confront them by adapting. There's no problem on that front. But if we want to go into detail, Pierre, could perhaps tell you a bit more.

Indeed, this crisis is a major one, and the situation is evolving day by day in a very unpredictable way as we all know the situation of follow. Just to tell you that VINCI has no activity in the 2 most heavily affected by this water with Iran and Lebanon. When we look at the group's activities across the Middle East, well, concerns active works. We don't have any concession activities. Energy services or construction and activity last year represented EUR 400 million for VINCI. That's about 0.5 of the total group's activity were not to all exposed situation is the following since the start of the crisis. Operations have continued with the exception of Bahrain where fortnight now a number of operations have been suspended. So as we speak the direct impact on the group's operations remained very limited. Second thing I'd like to share with you is that our foremost priorities is not the continued activity but is to ensure the safety of our people. There are about 1,750 of our people there. If we add relative that's about 2,500 people. We've been in constant touch and outreach to the team. We set up a crisis in conjunction with the competent authorities, notably the French Foreign Affairs Ministry and we apply a policy that is monitored day-by-day in accordance with the instruction is to maintain the teams there a the employees who wish to return with their families. And that's the case where there is slightly more critical situations either family or health related. For example, beyond that, as I said, during the outlook section, it's far too soon on a crisis whose intensity or duration remain unknown. It's difficult to precisely quantify their impact of VINCI activities. We'll see that over the coming weeks and months if need be. But I would repeat that this crisis will be a further acceleration of the energy transition like [indiscernible] which is a powerful growth driver for all the group's activities, be it the investment in long-term activities for energy services or construction. That's what I can tell you at this stage.

Thank you. Let's move now to the next question.

Chairman, good morning. I'd like to know how VINCI is factoring in artificial intelligence. Thank you.

Well, as you know, we first and foremost, a group with a strong culture, given the number of technicians and engineers. What that mean actual fact, it excites us greatly. We're very inquisitive, very curious, and we welcome such a minor or indeed major revolution with great deal of energy. It's far more an opportunity than a threat. Second thing I would add is for reasons of very humanist culture presented earlier. Our conviction is that AI must drive to augment human beings rather than replace them. Pierre?

Yes. Just to follow up on that. Our view AI from 2 angles. First angle is AI for VINCI serving an improved performance. And in this regard, we're doing the VINCI way, which is from the ground up from the 4,300 companies in its project. So really bottom-up rather than a top-down approach based on use cases. So it's up to each of the 4,300 companies VINCI's and divisions to unite them to devise the use cases that could improve our performance and we set up a team on our innovation and forward-looking platform of Leona Rave, specialist data scientists who in conjunction with teams in the fields will assess the feasibility of their project, their technical financial feasibility and then develop those projects, such projects develop with the Leonard project, there are about 100 million set up over the past 5, 6 years, when we number all the projects, at least those that we number group-wide that developed within the various business lines. There are probably about 300, 400 million. You have a few examples in the film. There was one on the best airport operations. There's another in the field of energy on the detailed plan for establishing electrical systems in a building or industry or to use data every time our teams at Sales rework on -- so how they can leverage the data to improve the work to be done on the same site. Second point is that VINCI also bring solutions for AI and AI, which is a growth try for digital infrastructure and digital infrastructure and the mega trends. That's about 10% of VINCI's revenue. And -- of course, it's all about working, designing, developing, building data centers and all the fiber optic networks and servers that irrigate various facilities, either in the home offices or in this hall and both VINCI Energy at Kaba. It's a amount of repeat business of designing service provision, increasing amount of cybersecurity assistance to IT in businesses and all that without not to mention what it generates in terms of power generation, number of the PV fields that we're developing the prime destination of this electricity clients that operate data centers. So AI is an opportunity for VINCI to develop and boost our own performance and opportunity to develop VINCI's activities in all the digital and electrification infrastructure.

Now let's move over to the other side.

Thank you. My name is Peak. I'm a retired the aerospace engineer and the long-standing individual shareholder. In your introduction, you recall that since the last GM, several changes have been made to the lineup of the Executive Committee. Could you please shed light over those changes? And also to shed light over the goals of the new team.

Well, it is simply the sign that this group is a living organism, and it changes all the time, and that's a good sign. Pierre?

Yes, Changes have been made to the Executive Committee over the past year. It's been my primary focus putting together my team. So more specifically, we've tried to strengthen the presence of concessions. Sabin [indiscernible] , Managing Director, VINCI Otero and CEO for concessions Remo also Janette. He is the Managing Director of HA VINCI Airports working with Nikola. Also, I wanted to increase the visibility of FX [indiscernible] are has been appointed as ethics and Behavior Director. Why is it important? Well, it is important because our group is highly decentralized. On the HR front, Guide has been appointed as Head of HR and as we said -- as Davia said in the introduction, a number of changes have been made to a long-standing succession plans, Christopher replaced Christophe lice Rosa as Head of Development. Sophie Desberg is now Head of Legal Affairs, with Patrick Richer, who's been promoted as General Counsel and Thierry Merrell has been appointed as Deputy CEO and CFO. And in the coming months, we will be replacing Christian Naverias CFO. Over and beyond what Xavier said, I would like to take this opportunity to extend my warmest thanks and congratulations to Christian Labeyrie as CFO well as Patrick Richard. Congratulations and thank you. Throughout your career, you have shown tremendous commitment to the group. And this shows that we hire from within. We appoint to mete members from within. And this really shows our sustainable approach when it comes to career pathways. And also, Christian Patrick's longevity is a perfect example of that. And now we have 5 women on board, including 5 operational position, Begin Looi, Sabin Ranger and over and beyond [indiscernible] and Ms. Cardio, we have a new female head of the environment. Thank you.

Now number two, please.

Hello, everyone. I don't need to introduce myself, do I? My name is Jean Chapel, an individual shareholder today. Before I asked my questions. I would like to extend my warmest thanks to

We did not turn off your microphone on purpose, our promise. The sound is back.

My warmest thanks to Christian for all these years of collaboration. I have a couple of questions regarding Germany. Regarding VINCI Energy and also the recent acquisition in India. Regarding the acquisition in India, could you please give some color regarding the duration of the concession contract, tariffs and also potential revenue regarding VINCI Energy, and this includes COBRA and VINCI Energy's activities per se margin has improved by 20 bps and there has to be a cap selling somewhere. Can we expect margin to grow further in 2026? And regarding Germany, and that's a country that you touched upon at the beginning of the AGM. Metrics keep going down for the first time in 3 years in itself, its quarter performance. So what are -- what is the outlook for 20260? The unwinding is -- has yet to materialize.

So well, we just signed the agreement, but we have yet to fully finalize it. So at this juncture, it is too early to give you a detailed answer. If we do provide an answer, we will provide it at the end of the year, which is when we expect to close the transaction. Regarding VINCI Energies and progress thereof, and this is true of all works businesses. venture construction and COBRA, VINCI Cobilier. I do have a take on this, and I do share it with the heads of the different divisions. It's a bit like sports, any world champion can beat their own record. We don't know when it will happen. We don't know by how much, but the goal is continuous improvement. What is our best performance indicator in terms of operations, in terms of finance? That's the percentage of margin from operation. And as I said before, that's what we focus on. So yes, our margin will continue to increase. I can't tell you to what extent or when that will happen, but it will continue to increase because we want to maintain our leadership in our various business lines. And we have what it takes to make it happen. Regarding Germany, clearly, Germany is an economic stronghold in France rather in Europe and for VINCI. And as I said before, it is our third leading market business was VINCI Energies has made a number of acquisitions and has also developed major projects in electrification. So Germany is bound to overtake France. I'm not saying that the U.K. is declining. The U.K. is still growing, but Germany is growing faster. In Germany, there are a number of positive aspects including 2 recovery plans, which have been announced by the Chancellor, were announced last year in defense and in infrastructure. And we're starting to see the effects maybe not for defense yet. But in infrastructure, and that a number of long-term trends that do impact our energy and services business, electrification, Germany has undertaken its own transition towards renewable energy sources, including offshore wind. And this means a lot of work for us. And including Cobra's conversion platforms and all the electricity transmission networks because you need to rebuild the entire network that brings the energy all the way from Northern Europe to the south of Spain. And the second major trend at work in Germany is fueling our services to industry. The entire Germany -- the entire German economy is faced with changes, transitions in energy, but also market changes across the world. So the German [ Mittelstand ] is reengineering its industrial process. And so we are ideally placed to help, and this is what underpins VINCI's activity, particularly services business in Germany and infrastructure. Also a quick reminder, in Germany, we are the leading PPP motorway operator. We're not planning any other such motorway PPP. We're not planning on responding to any tenders, but if this did happen, we would be ideally placed. Thank you.

Placard #1, please. You have individual shareholder.

Congratulations for the good results and for the future, I read on the net information about the toll on the highways and there's action underway. 30% of tolls serving to pay dividends seem to me to be rather high. I'd like to be more enlightened view to my owners, mean shareholders, the likelihood of success or what we should think about legal proceedings underway.

I'll ask perhaps Nicolas Notebaert to answer that question. Well, this type of action is rather unusual.

There was one in 2015 by Colin Lepori didn't lead anywhere than this lawyers asking EUR 36 per person to defend them EUR 700 for corporates, limited possibility and success. The idea was to get wide media coverage to have some people to support and we're not too worried about the outcome of those proceedings.

Moving to another question at the back of the hall.

Good morning. I'm from the investment publication. I represent 373 readers. You've given their power of attorney to the publication. My first question would be to ask you to explain about the expected decrease of free cash flow of EUR 78 billion expected this year. I think there were a bit of one-off last year, some payments accelerated client payments. Second question, the lead director referred to the Linnane Directors visited the worksite. Could you give us some details on that work site, some figures and the time line and the construction costs and the tolls down the road. Thank you.

Let's start with the cash flow, Christian.

Well, cash flow. It's the first time that we're risking ourselves to give a projection or forecast for the current year. It's very risky because part of the cash flow is generated towards the end of the established the parallel with a toy company. A large part of our revenue and cash in happens at the end of the year. It's very difficult to estimate them accurately. Over the past 3 years, we've improved our working cap by EUR 6 million, EUR 2 billion per year, EUR 2.5 billion, we can't extrapolate in definitely a structural improvement at EUR 2.5 billion. Let's [indiscernible] on the side of caution. That's why we announced a target of EUR 6 billion cash flow for EUR 26 million. It may be a bit more slightly, let's be cautious on trending working cap, another factor that plays is investment CapEx, we're growing CapEx in a number of areas in airport concessions, notably several CapEx programs underway at VINCI Airports and energy services, power infrastructure at [indiscernible]. We have significant investment plans that impacts free cash flow even if they'll generate free cash flow in the years, but it weighs on the current year's free cash flow for all those reasons, it was risky to announce EUR 6 billion, wouldn't have been reasonable to promise much more depends on which the pace at which these CapEx will come at this year, we'll be able to have cash in and billings that are as efficient as possible. On the TransEuropean Leontine. In fact, it's one of the most fun day projects underway in Europe, comparable to what's happening in Paris with the Greater Paris, EUR 40 billion comparable to HST in the U.K. and this work site that we don't see because by definition, it's underground, say, a few merchants when we go through the Valley is one of the most significant for construction and civil engineering and electromechanical equipment and it's foundational for exchange between France and Italy. Country, the water was given to understand your [indiscernible] it's not a concession. So we're only involved as a construction company. It's an intergovernmental Franco Italian structure that is the contracting authority. For us, the client, we're working on a work site that's just ended one that's beginning the 1 that's just ended our ventilation and access tunnels, the every year vent just next to Medan that is deploying major stake drilling vertical chimneys in fragmented rock, and then the second, the work site that's just got underway is that of the tunnels that was carved up into 3 sections: the first cross-border between Madan and Italy, a fully Italian segment, the one where we are which is between Sanan Marian and Madan about 15 kilometers, we're in charge of digging the tunnels in the rock with 3 tunnel boring machines, 1 currently in operation. That's the one we've visited it with the Board, and this works as was well defined by the contracting authority, it's a very narrow Valley, not many storage areas. The question is what do we do with all the materials excavated during the tunnel borrowing process. There was a plant built at Sanan Mariana we can see from the highway to sort all the materials to recycle as much as possible, in line with our plan to optimize materials to aggregates for the concrete that will be used to build the tunnel. And that's the first in France and indeed Europe making this site, quite fascinating. If you're interested in engineering. Unfortunately, it's not too visible. Maybe we could think about how making a bit more visible and images, maybe in next year's film. But when we're fortunate be able to go to, it's difficult to be able to host visitors for safety reasons. It's a very impressive site that is calling upon the skills of VINCI Construction in tunneling, tunnel boring and geotechnical engineering. Thank you.

Another question.

Hello. I have a brief question on performance shares Pages 401, 402 what was presented in the slides about 0, 45% of the share capital goes to performance shares. If we look at the 2022 plan that was distributed in April '25, there's about 1.9 million shares issued to 3,600 people. That's about hundred shares or EUR 135 per share. That's about EUR 70,000. Could you perhaps post AGM put on your website, the number -- average number of shares per benefit?We want to find the median as we decile the first and the ninth day. It'd be interesting to see how these performance shows distributed every year, there's about 0.45 or 0.3% of the share capital that's given to about 4,000 managers to know what the split men, women of these men who can receive these performance shares. My second question concerned the -- you tell us the net 0 in terms of emissions, what resources have you used to get there?

Now let me tell you a little bit more about performance shares. Maybe that's the whole market of the VINCI group, but I believe it is one of the drivers behind our excellent trajectory over the past 20, 25 years. Regarding our executives, and we have quite a few long-term incentives in the form of performance shares account for a much bigger share of the overall remuneration than in other groups because the base wages and the short-term variable pay are more in line with the average on the lower side. And this means that our people are here to stay. We are better able to retain our talent. It's part of our corporate culture. Now I've already given you a lot of information. How far should we go? Well, one thing is sure, and Pierre has shown that this year the performance shares proposed to our female executive is growing faster than the share paid out to our managers. Likewise, we are increasing the share given to our national managers as opposed to international managers. That is how the system was designed. And we are taking into account 2 major trends, having more women and having more international representatives in our workforce. Nicola?

Yes, we decided to spearhead decarbonization across the world. We're electrifying heating systems and HVAC in airports, we use LEDs and we use green sources of energy. In particular, we installed solar PV panels in most of our efforts. And this leaves less than 10% in terms of additional reduction and we also have offsetting programs. Now our airport in Brazil is the #1 of its kind in the South American continent.

Now, #7. We're coming full circle. I started with placard 7 and ending with placard 7. All right. Thank you shareholder.

I have 2 quick questions. You said that France has now for of fuel resources. But I do believe we manage a lot of water, which is a key global resource. Over the next 3 years, I expect the AGM will continue focusing on water, which is a key resource. The problem is the rise in sea levels, which is flooding the coastlines and EDF is factoring that in and setting up natural energy storage systems to stay ahead of the curve. Also, you talked about what's been happening since February 28. A lot of countries are being devastated. Lebanon, in particular, can VINCI take part in the rebuilding effort and maybe Spark and international initiative to rebuild Lebanon. Now in terms of what I talked about our water infrastructure. This activity represents EUR 3 billion in revenue, which is quite a lot. We are aware that this is a buoyant trend. You talked about drinking water, wastewater, storage basins. And also it's important to adapt in the face of climate change.

Climate change means we need to focus on carbonization to address a problem at the source. We also need to adapt to the consequences of climate change. And this means a lot of new solutions must be found in terms of water networks and dikes. We're extremely involved in those aspects. This is true for both Construction and Energy Services because we need to provide instrumentation equipment. And this is a long-standing business for the group. It's also a variable in business. And the second question had to do with Lebanon. I'm sure you understand that most of our Works business, our civil engineering business is done locally by local business units that have deep ties to the community. When we don't have that local presence. It's difficult to become well established because we don't own the affiliates yet. However, we are able to provide input to complex major projects. projects that require very specific sets of skills, for example, specialist civil engineering. So it is against this backdrop that we can consider intervening in countries such as Lebanon, or Ukraine, when the time comes. Usually, energy services and construction projects such as these are done at the local level there's a local fabric of companies. We're not here to replace them. But if we can provide the specific expertise that can make a difference, then we will -- thank you very much. This concludes our Q&A session. Thank you for attending, and thank you for your interesting and relevant question.

We're now going to vote on the resolutions. But before we do that, I'd like to share with you the final quorum. The number of shares held by shareholders currently comes to 553,538,352 shares, which means a quorum of 70.78% of the shares with voting rights. Your Board of Directors has decided to submit 20 resolutions for your approval, 15 within the remit of the Ordinary General Meeting and 5 within that of the Extraordinary General Meeting. We will now begin the voting process. You have each been given a voting device. It's very easy to use and instructions will be shown on the screen. In order to vote on the AGM's resolution, a tablet has been given to you. It is strictly personal and can only be used at this AGM. When you hear the announcement, the voting window will automatically display on your tablet even if the tablet is in sleep mode. In order to vote, well, it's quite simple. Just press on the corresponding button: green to vote in favor, red to vote against, amber to abstain, and press okay to validate your choice before the vote closes. Once your vote has been approved, you can no longer change it. Thank you very much for returning your tablet as you exit this room. Quite simple, really. We're using the same voting devices as last year. For each resolution, we'll give you the signal. I will say, please vote. And then when the window closes, I will say, time's up. And Patrick Richard will now briefly present each resolution before we proceed to the voting.

Resolution 1, approval of the 2025 consolidated financial statements. For fiscal 2025, net income attributable to owners of the parent comes to EUR 4.903 billion. Please vote. [Voting]

Time's up. Resolution carried.

Resolution #2, approval the 2025 parent company financial statements and net income, EUR 1.145 billion. Please vote. [Voting]

Time's up. Resolution carried.

Resolution 3, appropriation of the company's net income. Now the proposed dividend, EUR 5 per share. An interim dividend was already paid out in October 2025. So the final dividend will come to EUR 3.95 per share, ex-date April 21, 2026. And the final dividend payment date, 23rd of April 2026. Please vote. [Voting]

Time's up. Resolution carried.

Resolution #4, renewal of Xavier Huillard's term of office as Director for a 4-year period. Please vote. [Voting]

Time's up. Resolution carried. Thank you very much.

Resolution #5, renewal of Claude Laruelle's term of office as Director for a 4-year period. Please vote. [Voting]

Time's up. Resolution carried. Congratulations, Claude.

Resolution #6, renewal of Rene Medori's term of office as directed for a 4-year period. [Voting]

Time's up. Resolution carried. Congratulations, Rene.

Resolution #7, ratification of the co-option of Frederic Nougarede as Director presenting employee shareholders for a term that will expire at the end of the AGM called to approve the financial statements for the year ending December 31, 2026. Please vote. [Voting]

Time's up. Resolution carried. Congratulations.

Resolution #8, the termination of the overall annual amount of remuneration awarded to members of the Board of Directors. Please vote. [Voting]

Time's up. Resolution carried.

Resolution #9, renewal of the delegation of authority to the Board of Directors in view of the purchase by the company of its own shares. Maximum number of shares that may be purchased, 10% of the share capital; maximum purchase price EUR 160 per share; maximum amount of authorized purchases, EUR 5 billion; duration, 18 months. Please vote. [Voting]

Time's up. Resolution carried.

Resolution #10 approval of the remuneration policy for members of the Board of Directors as described in the URD for 2025 at Page 150. Please vote. [Voting]

Time's up. Resolution carried.

11th resolution, approval of the remuneration policy applicable to the Chairman of the Board of Directors described in the URD Page 150. Vote is open. [Voting]

No more voting. Resolution is passed.

12th resolution, approval of the remuneration policy applicable to the Chief Executive Officer set out in the URD Page 151. Please vote now. [Voting]

No more voting. Resolution is adopted.

13th resolution is the approval of the report on remuneration set out in the URD Page 154 and following. Please vote. [Voting]

No more voting. Resolution is passed.

14th resolution, approval of the remuneration paid in 2025 -- in respect of 2025 to Xavier Huillard, Chairman for the period -- CEO 30th of April 2025 and then Chairman of the Board from May 1 to December 31, 2025. All items are to be found in Pages 159 of the URD. Please vote now. [Voting]

No more voting. Resolution is passed.

15th resolution, approval the remuneration paid in 2025 or due in respect to 2025 to Pierre Anjolras, Chief Executive Officer from May 1 to December 31, 2025. These items are set out in URD Page 161. Please vote. [Voting]

No more voting. Resolution is carried.

Turning now to the Extraordinary General Meeting. 16th resolution, renewal of the authorization to reduce the share capital through cancellation of shares held in treasury within a limit of 10% of the share capital and to reduce the capital said authorizations for 26 months. Please vote. [Voting]

No more voting. Resolution is passed.

17th resolution, delegation of authority to the Board for 26 months to carry out share capital increases reserved for employees of the company executive officers within a limit of 1.5% of the share capital at discount doesn't exceed 5%. Voting open. [Voting]

No more voting. Resolution is adopted.

18th resolution, delegation of authority or Board for 18 months to carry out capital increases reserved for a category of beneficiaries to offer the employees of certain foreign subsidiaries within a limit of 1.5% of the share capital, 1.5% being common to the 17th, 18th resolution. Please vote. [Voting]

Vote over. Resolution is adopted.

And 19th resolution, your Board asks you to approve amendments to the Articles of Association so as to delete certain obsolete provisions and update the wording thereof. Please vote now. [Voting]

No more voting. Resolution is adopted.

Lastly 20th resolution, power to carry out legal formalities after this meeting. Voting open. [Voting]

Voting over. Resolution is adopted. Ladies and gentlemen, that brings to an end the agenda of our AGM. Thank you for your patience. As you leave, you will receive in exchange for your tablet a support gift. These bags from former safety jackets worn by our workers on work site as well as recycled nautical canvas manufactured by an inclusive company, [ LiloCawa ] based in the Loire Valley. This effort represented over 2 months of work for seamstress that required 65 square meters of recycled materials, saved 250,000 liters of water. Thank you for your attendance. Thank you for your attention and for your questions. It's your trust that honors us, but above all, stimulate. See next year. Thank you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]