Viridien Société anonyme ($VIRI)

Ladies and gentlemen, dear shareholders. We're very happy to welcome you here today for our shareholders' meeting, our Annual General Meeting. As a preliminary, in line with our regulations, we'd like to inform you that our general meeting is being webcast and will also be available, of course, after the meeting. So please switch off your mobile phones. And if you haven't already done so, you might like to pick up the translation headset from the host [indiscernible] room because there will be a contribution made in English. I'd like to now conduct the formalities, the legal formalities to set up the committee of our meeting. In line with Article 225, Item 101 of our French Commercial Code, it's being proposed to the 2 shareholders representing the majority of the votes here to kindly become scrutineers. And we have with us today DNCA Finance, who hold 3.6% of the registered capital represented by Mr. Boris Radondy. Also AXA Investment Managers Paris holding 0.68% of the registered capital represented by Ms. [indiscernible]. Thank you to both of you. These 2 shareholders present today holding the largest number of votes have, on a prior basis accepted the host of scrutineers and we would like to thank them for doing so. Mr. Eduardo Coutinho on my left, who is the Chief Legal Officer of the group and member of our ELT, our executive leadership team is also the Secretary of the meeting. We've had the pleasure to welcome the members of our Board of Directors, Mr. Philippe Salle, who is Vice Chair and Lead Independent Director. In the room, we have Ms. Anne-France Laclide-Drouin, Ms. Colette Lewiner, Mr. Michael Daly, Ms. Amelie Negrier-Oyarzabal and Mr. Mario Ruscev. Mr. Olivier Jouve unfortunately couldn't join us here today, but he is attending the meeting thanks to the Internet and on to the webcast. We also have members of our executive leadership team, Mr. Henning Berg, Director of Operations, Chief Operations Officer, who is the candidate to be host of Board member and future CEO with Ms. Emma Muller, who is in charge of Human Resources; Mr. Emmanuel Odin, who is in charge of Sustainability; and Mr. Jerome Serve, who is the CFO. We'd like to also thank our statutory auditors, Deloitte & Associes, represented by Mr. [indiscernible]; and BDO Paris represented, by Mr. Eric Picard, who will present their work on behalf of the joint auditors later on at this meeting. As the committee has been set up, now I'd like to formally open our session. I'd like to inform you that -- we have looked at the attendance sheet and the number of shareholders present represented or voted by correspondence represent in the current state of our count a total of 7,216,212 voting rights. That is 52.79% of shares with voting rights. We'll give you the definitive figure when we vote on -- before we vote on the resolutions. The quorum of 25% required for a combined general meeting is therefore achieved. In preparing this combined general meeting and in line with legal requirements, prior notice of meeting was published in BALO official Gazette on the 17th of April 2026. The combined general meeting was convened through a notice published in the BALO and in [indiscernible] on the 13th of May 2026. Therefore, we are duly convened. On our desk here, we have all of the documents for the meeting that are required by law. These documents were published on our website and were made available to the shareholders at the head office of the company within the legally required deadlines. I'd like to also inform you that we did not receive any written questions or any request to incorporate any other draft resolutions apart from the ones that have been published or items on the agenda. So the first part of the meeting will be the presentation of the business activities and the financial results for 2025, and then we'll give you some insight into the first quarter results for 2026 and the prospects for the group for the coming year. Then our statutory auditors will make their report. We will then do an update on governance with the presentation of the composition of our Board of Directors and its committees. And finally, we'll present the main items of the compensation policies for the corporate officers for 2026. every year, we'll also give you the floor yourselves, of course, during the Q&A session before we have the poll on the resolutions. So I'd like to now review our operational and financial performance in 2025. Then I look at Q1 of 2026 and the prospects going forward, the outlook for the company. Viridien is now a company that's a high-tech company in the area of geoscience. We're a leader in our 3 core businesses, that is geoscience, earth data and sensing and monitoring. Our solutions that we offer to our clients are mission-critical to meet the complex challenges connected with natural resources, also connected with the energy transition and their infrastructure. And we managed to leverage on our expertise so as to gradually develop in adjacent markets. The markets I see on the screen here, low carbon HPC, high-performance computing and structural health monitoring. We are a class leader in terms of ESG in our sector. We have high ambitions. We cover all the aspects of ES&G, and we're acknowledged by rating agencies in those regards. Here are some items of interest, especially carbon emissions. We've committed by 2050 to be carbon neutral. In the meantime, we set ourselves interim objectives. And in 2025, we already reduced by 83% our CO2 emissions in Scope 1 and Scope 2 compared to 2019, which was the baseline. The other metrics you see here are the number of female members in National Post and 26.8% was the figure in 2025, as you can see. When it comes to employees, we have 3,136 people in our organization. The bulk of our headcount in geoscience and sensing and monitoring. And geographically speaking, we have a big footprint in France and in the U.K., too. And then in North America, we have quite a lot of staff, and we have a 70-30 breakdown concerning the female members of our staff. Then let's review the operations next. Here's a summary of the performance for 2025 -- fiscal '25. It was a final step along the way in our transition towards our 3 core businesses that are quite differentiated and the asset-light model -- business model that we committed to in 2018 that has now finally been set up in 2025 with the full exiting from the commitments connected to the vessels. Also, it was an important step along the way in our financial transformation because we refinanced successfully our bond debt, and we pushed back the maturity date to 2030. We also generated a positive cash flow of $107 million. The objective was $100 million. So we overshoot our revenue figure up by 4% over the period -- over the period of the year, supported by our geoscience activities that put in a sound performance, also depended by a business model that's quite differentiated. And then when it comes to our data -- earth data library, we did very well. And in terms of sensing and monitoring, well, they were slightly down. When it comes to profitability, the EBITDA exceeded $550 million worth, and the net income progressed by 40% in 1 year. I already talked about the $170 million of cash. And that reflects, in particular, this transition towards an asset-light model and our new model of Randi, enabling us to project ourselves into a future where we will generate a recurring positive cash flow. In line with our commitment, all of this cash generated was devoted to driving down our debt deleveraging, and you have more detailed information on the next slide coming up and the refinancing that we did in March helped us to drive down our gross debt by $230 million on a like-for-like basis, ForEx-wise in 2025. So I'll now review quickly each of our core business group. We start off with Geoscience, fine growth in 2025, the third year running where we post growth. This business is driven by our differentiation, in particular, in our 3 core businesses, the U.S. Gulf, Brazil and Norway. And we're developing also, by the way, in other geographies, especially in the Middle East. This is a long-haul piece of work, of course, to develop there, but we achieved fine results last year, especially a positive momentum in Abu Dhabi and in Saudi Arabia. Here we see productivity gains measured by the total production per employee, which is continuing to go up year in, year out. And that's connected with the growing use of our computing capabilities and also the fact that our algorithms are being developed very well, too. You'll see these results being reflected in improved profitability too, of course. Then here, we sum up the reasons why this business model for Geoscience is quite differentiated. It's subsurface imaging and the activity in the seismic and geophysical value chain that of the most. We have highly competent people. We're innovating the whole time, and we've got technological resources that are quite substantial, especially when it comes to computing capabilities. So that is a big entry barrier for others. And our model is underpinned by these 2 pillars. We have the expertise and the people dimension. We are loyalizing the best experts around the world working for us, and we have a culture of excellence and a service-focused culture. The kind of profile that we recruit their PhDs very often and particularly in physics. And by nature, their people are really focused on resolving problems and problem solving. And they work with our clients hand-in-hand so to try to continuously bring technologies forward. The second main pillar of our model is our expertise in algorithms and in high-performance computing, HPC. At the end of 2025, we had 700 petaflops of computing capacity that's being increased every year. So our model is to increase our capacity the whole time continuously. And we decided in 2025 to widen our infrastructure in the U.S. so as to continue to grow that computing capacity. Then finally, it's important to recall too, you see this on the right-hand graph that we are part of development and production a lot, and we're not just exposed to exploration as was the case at the start of the company. So we're pretty balanced in the value chain in exploration and production, and we work for all the different clients. So that gives us a market share that is greater than 50% globally in that sector of geoscience. If we move on now to the Earth Data part of the business. I didn't comment on the revenues of Geoscience $40 million. I think it was from memory of the speaker. Here, we see the revenue figure was up by 6%, $406 million, and that growth was driven by demand for our data library, especially in our key basins, that's the U.S. Gulf, Brazil and Norway. And there's another effect that is the consolidation of the clients on the market. And when there's consolidation going on in the industry, there are data transfer costs from one client to another and with several of those consolidation transactions last year, and that generated revenues for us. At the end of 2025, the net book value of our data library was $414 million. And you'll see the breakdown of that book value here in the key basins as the breakdown into the key basins here on this slide. This is a young data library, by the way. So here, we wanted to present the general strategy that we adopted in the last few years, so to continue developing this business. There are 3 main strands. Firstly, we have the data library I mentioned. And we're continuing to refresh it and extract more value from it from the data that we have already by investing 10% to 15% of our annual CapEx spend, $200 million to bring in added value, thanks to the most recent technologies in geoscience here. We have clients interested in reimaging processes last year. We did it for Norwegian client, NBG South, but also in Cote d'Ivoire, reimaging for clients that requires minimum expenditure on our side. And then another focus is to bolster our presence in the key basins. We have a big footprint, and we're investing further in the legacy data, the existing data as between and 80%. Last year, it was about 80% of our total figure. So we have La OBN in the U.S. Gulf. We have Ocera North, OBN in Norway, OBN,'s ocean bed nodes on the ocean bed. These are more advanced technologies that clients are looking for these days. So to better understand what's going on in the subsurface and invest in a more focused, efficient way. And the last trend is to position ourselves as of now in the upcoming emerging key basins. We've got to identify them and invest in a modest way so as to adopt ourselves. Adopt the position, we do it through the reimaging, maybe of data -- public data or making moderate investments in partnerships. And here, we listed some investments last year in Malaysia and in the equatorial margin as it's called in Brazil. And next, we'll move on perhaps to Sensing and Monitoring, which was down 5%, that's the revenues at least in 2025. And what you see is it's nuance. We have onshore that's more or less stable, thanks to a very broad installed base. So onshore, fairly stable, fairly flat and Mine going down. As we've seen in latter years, the revenue figure has been going down, and that continued in 2025. Next, if you look at our strategy when it comes to sensing and monitoring, when it comes to exploration and production, our core business representing 80% of the revenue figure for SMO last year. Well, it's really driven by our installed base with a market share of about 50% globally. And thanks to that, installed base, we have this recurring business. We're trying to develop services around these products that we sell. And that represented 15% roughly of the 80% that I mentioned of the core business revenues. And we're continuing to invest about $30 million per year in R&D as well so as to target future developments to bring in new technologies and innovations to market the whole time. Last year, we rolled out what we call AXL, which is onshore node technology. So for our customers that are service companies, it gives them operational gains of about 30%. So it's very worthwhile for them. And we started in 2026 to do our first sales of the Axl technology. So we also want to step into new markets in our 3 business areas. That's the business, of course -- I mean, this particular business at the is the one with the most new business. And with 20%, that's structural health monitoring that posted good growth that will continue growing in 2026 going forward. And the third strength in our strategy, it's to bring down the breakeven point. And we embarked in 2024 on the plan for 2 years -- a 2-year plan to bring down the breakeven point. So to bring down our fixed cost by about USD 30 million and to free up USD 60 million of working capital requirements. So thanks to all the actions that we've been taking, we brought down the breakeven point so as to be capable of remaining in the positive and generate cash in respect of revenues that will be the lows we have seen in the last 10 years. So let's have a look at the financial statements and figures. Remember, sales -- next slide, please. So EUR 1.17 billion in terms of sales, up 4% with 2 different types of trends for data, digital and energy transition, geoscience and data up 8%. And this is driven by our technological differentiation and sensing and monitoring down by 5%. Next slide, please. If you look at profitability impact, profitability has increased significantly EUR 551 million in terms of EBITDA, a 21% increase versus last year, and the margin is standing at 47%. So if you look at our 3 core businesses, the EBITDA margins are different. Data, digital and energy transition posted a high EBITDA margin. Remember, when we talked about growth for DDE and this segment contributed quite a lot on the EBITDA margin. But beyond that, it was generated by the increase of the sales by 4% and the productivity gains that we touched upon earlier for Geoscience. And Why? Because we've been using our computing capabilities to automate our algorithms. And the third dimension, we haven't paid any penalties connected with the vessels and ships. For those who have been following our company for quite a long time, we paid high fees in 2023 and 2024. And in 2025, we didn't have to incur these costs, bear witness the results of the EBITDA. And there's another dimension that is less conspicuous for the shareholders. We've continued to work on the overheads of our company, and we lowered down these central costs from EUR 38 million to EUR 28 million, and we've managed to handle our costs. And the currency exchange rate was defer, not favorable. And in fact, the dollar depreciated and the euro increased, but in dollars terms, we've managed to reduce the corporate costs. We are a French company. So I need to show you the IFRS figures on the understanding that we consider that the figures of the business activities on which we communicate, these are the figures that better mirror our business activities. The difference between the IFRS figures and the methods have been used for the business activities including it is data. So there are lots of projects that we acknowledged when the projects move ahead. This does reflect the cash flow figures, the billing figures and the savings made with these products. But with IFRS, you cannot acknowledge these projects when the projects end. So there are some distortions last year. We had lots of ongoing projects, projects that were not finished and these projects will be completed. This year, there was a negative impact on IFRS. But despite this situation, the net income has increased by 40% in order to reach $71 million. The global cost of debt is stable. And if you look at the other financial expenses, they do reflect nonrecurring costs connected with the refunding of our debt, especially bonuses that we had to pay and you had to consider the currency effect that was not favorable, having an impact on this business line for the cash flow now. So better margins, better results, cash generation has increased, and this is the main financial indicator that we've used for the results and $107 million in terms of cash flow generation, overshooting our objectives to the tune of $100 million. In 2024, we generated $56 million. The 2 main factors that are instrumental in this increase is EBITDA, but we've made some lower investments regarding data earth library, EUR 250 million loss this year and $200 million this year. And these positive elements were offset by a negative variation of the working capital requirements and other items and the impact of debt refinancing. So what you see here on this table, you can see the profile of the company, the profile of the company, whereby we can improve cash generation in a significant fashion and in a sustainable way. So to end my presentation, let's talk about the debt. Over the past few years, we've managed the balance sheet very stringently. We want to reduce the funding cost, and we want to beef up the risk profile of the group. So on a like-for-like basis, over the past 2 years, we've managed to reduce the debt, EUR 230 million it is $849 million. So in 2025, we embarked upon 2 major actions, debt refunding or refinancing in March with a maturity date that has been postponed to 2030. And we used part of the available cash to dwindle the debt amount that we've refinanced. And second, we've continued our path. We had to redeem our debt. We had to deleverage in line with the commitments that we made. We used the cash that was generated during the year. So we can reduce the financial expenses. So this is a very virtuous circle. And now we have more cash so as to leverage. One of the key indicators and visible indicators of this improvement is the leverage ratio from 1.6x to -- from 2.6 to 1.6x, and we want to improve that ratio. Regarding the Q1 results, when we presented the 2025 results, we said that the start of the year wouldn't start very well, but still the case. If you look at the situation, the customers, I mean, made their budget in 2025 that anticipated a drop in the oil price then hence, a drop in their revenues for part of 2025. And the start of the year was quite cautious for them, but there were some tensions in the Middle East that emerged and the energy markets are more volatile and the customers are more cautious and especially in terms of decision-making. In the first quarter, we generated sales worth $214 million and the profitability is in line with the sales and earnings. And what is important is that we've managed to get a positive cash flow to the tune of $26 million as against minus $20 million last year. And we used $41 million of our cash in order to deleverage for the first quarter. Let's have a look at the outlook. What the future has in store for us. So the war in the Middle East has reinforced our beliefs. Security issues are pivotal. Energy supplies is also key. And you need to take into account the diversity of our portfolio. You have lots of customers, customers turning to Africa, turning to Asia. And it's important to have a positive -- structurally positive market and the price of a barrel is above $90 as against $60 late last year. So in the midterm, this structural rise in oil and gas prices, together with our diversification policy for supplies, and there's also a need to reinforce reserves in order to meet the needs of demand for gas and all this will bolster the investments in our sector, especially for the offshore part. And we are extremely exposed to that. And for the region, this situation is extremely positive and favorable because we will be in a position to support underpin data, data, subsurfacing data, technological data, we'll be able to better understand the subsurface, the offshore basins are complex. These are the quarters of business activities are quite expensive. So if you can get as much information as possible for the -- of the situation, this is pivotal for our customers. All our customers, exploration companies, production companies are getting prepared to invest in exploration in frontier exploration, something that we've seen in the financial publications over the past few months. So frontier exploration is key, but it's a matter of optimizing the production of the existing fields and access to high-caliber imaging is absolutely critical for these projects to be successful. So if you look at the first quarter, it's been sluggish, but this does reflect the expenses of our customers. And in the second part of the year, we'll be able to catch up. In the first quarter, we confirmed our target for cash generation worth $100 million, and the seasonality is historic and comparable to that we observed last year. To end my presentation, we are very confident about Viridien's position as part of the industry, and we have a key role to play, a long-term player in order to support the customers. So much for the results of the operational figures. So shareholding, there's a piece of good news. So there are lots of good news regarding the shareholding base. individual investors represent 70%. Individual investors have continued to represent a significant proportion to the tune of 30%. But this figure is down by 10 percentage points year-on-year for the institutional investors, 70% with 16% of funds based in North America, a lot of diversity, 26% in the United Kingdom and 16% in France. We have leading French and international asset management firms. We have acquired stakes in the company, including Janus Henderson Schroders, AXAM, [indiscernible]. The consignment and deposit office now invite the auditors to present their work and reports for the financial year 2025.

Thank you, Chair. Dear shareholders, on behalf of the statutory auditors, Deloitte & Associates and BDO Paris, I will report to you on the performance of our duties for the 2025 financial year. We've issued a report to assist you in forming your judgment when voting on the resolutions. So 3 reports relating to the ordinary general meeting. These reports cover the financial statements and related party agreements and one report relating to the extraordinary general meeting. This report is required by law in connection with the proposed delegation of authority of powers to your Board of Directors to carry out operations. Finally, BDO Paris issued an additional report on the certification of sustainability information, but it is not subject to approval by the general meeting. We are not going to look at them in detail, but let's have a look at the key points and conclusions. As part of the Ordinary General Meeting, I will present the report on the annual and consolidated financial statements as well as the special report on related party agreements. The financial statements were approved by your Board of Directors on February 26, 2026. For this meeting, we issued reports on the audit of the group's consolidated financial statements and the parent company's annual financial statements as of December 31, Pages 315 to 318 and 354 and 357 of the universal registration document. Our work is designed to provide reasonable assurance that the financial statements presented to you are regular and fair in accordance with French accounting rules and principles and that they give a true and fair view of the company's results, financial position and assets. Our reports on the consolidated and financial statements also highlight the key audit matters, the areas we consider to be the most significant in the audit of the region's financial statements. For the consolidated financial statements, the key audit matters related to the valuation of goodwill and data studies. For the statutory financial statements, the key audit matter concerns the valuation of equity investments and related receivables recorded on the company's balance sheet. All of the work and conclusions were regularly discussed with the group's Audit Committee and its Board of Directors. In conclusion, having obtained the necessary evidence to fulfill our engagements, we issued an unqualified opinion on both the parent company's annual financial statements and the group's consolidated financial statements. You will note that a technical emphasis was included in our report on the annual financial statement regarding a charge in accounting method resulting from the application of ANC regulation. Still within the ordinary general meeting, we issued a report on related party agreements. This report states that we were not informed of any agreements subject to approval by the general meeting nor of any previously approved agreements that continued during the period as part of the Extraordinary General meeting with respect to the resolutions relating to the company's share capital presented in the extraordinary section of the meeting, we issued a report, which is available on the company's website. And this report covers the proposed authorization to grant existing or newly issued free shares. Our procedures notably included reviewing the content of the Board of Directors' report on these transactions, assessing the proposed arrangements in light of the applicable legal provisions. We have no comments to make on either the terms of the transactions or the information provided in the Board of Directors' report. Ladies and gentlemen, Madam Chair, thank you for your attention.

Thank you, auditors, I mean, for your presentation. So Philippe Salle will present you with the latest developments regarding the governance of the company.

Thank you, Sophie. Hello, everyone. Good morning to all of you. I would like to mention again here a major decision made by the Board of Directors, which is fully in line with the group's principles and of good governance, namely the return of a decoupled governance structure. Indeed, following the end of Sophie Zurquiyah's term of office, during which she held the dual roles of Chair and Chief Executive Officer, the Board of Directors decided to reinstate a separation of roles commensurate with its commitments last year. Accordingly, Sophie Zurquiyah will step down today from a role as Chairman and Chief Executive Officer and will hence serve solely as Chairman of the Board of Directors, subject to the renewal of the term of office as a Director by this general meeting. Henning Berg, who is here, whose appointment as a director is also being put to the vote at today's meeting, will be appointed Chief Executive Officer by the Board of Directors, which will meet in the wake of this meeting. As for me, I will continue to serve as Lead Director and Vice Chair of the Board in order to ensure a balance of power. The Board of Directors comprises 8 directors. During the 2025 financial year, the Board met on 9 occasions with an attendance rate of 100%. One meeting was devoted entirely to the group strategy with a particular focus on new business ventures. Page 34, please. In addition to reviewing the accounts and risks associated with the region's activities of the Board during the first -- the past financial year continued its debt reduction policy, proceeding with the early refinancing of its bonds and the issue attracted keen interest from national and international investors. The Board also approved the sale of part of [indiscernible] business, which forms part of SMO's restructuring action plan initiated in 2024. And finally, following the recommendation of the Nomination, Remuneration and Governance Committee, the Board appointed a new Chief Executive Officer whilst ensuring continuity in governance. Furthermore, we would like to remind you that in accordance with [indiscernible], the Board held 1 executive session last December, i.e., with both the Chairman and Chief Executive Officer present. This session enabled the Board to discuss, in particular, the governance structure and the performance and objectives of the Chairman and Chief Executive Officer of the Radion. With regard to its composition of the Board of Directors fulfilled its commitments in terms of diversity during the 2025 financial year. It comprises 50% women, 87.5% independent directors, well above the 50% threshold recommended by the [indiscernible] code and our Board also comprises members of 3 nationalities, French, American and British. The average age of directors is approximately 64. Furthermore, Board members possess a wide range of expertise in areas of fundamental significance to the group, namely energy, innovation, digitalization, technology, IT and strategy. The Board has established 4 committees reporting directly to it. The Audit and Risk Management Committee chaired by Mrs. Anne-France Laclide-Drouin. This committee met 6 times in 2025 with an attendance rate of 100%. And we have the Remuneration Appointment and Governance Committee under Colette Lewiner, who chairs it. This committee met 7 times last year with an attendance rate of 96%. Then we have the Sustainability Committee that I chair myself. This committee met 3 times in 2025 with an attendance rate of 83%. And finally, we have a new committee, which is called the New Business and M&A Committee chaired by Mr. Michael Daly. This committee met 3 times in 2025 with an attendance rate of 100%. And finally, as I said, there's also a joint session held between the Sustainability Committee and the Audit and Risk Management Committee. That meeting was held in February of 2020 concerning sustainability reporting. That's everything to do with CSRD. I'd like at this stage to review with you the candidates proposed for renewal, reelection or appointment to the Board. We have the Board at the recommendation of the Remuneration Appointment and Governance Committee, which proposes to renew the term of office of Ms. Sophie Zurquiyah for a period of 4 years. That is until the end of the general meeting in 2030 that will be approving the accounts of the previous year. Ms. Sophie Zurquiyah has been a Board member of the company since 2018. As you know, she was CEO since 2018 and was Chairman and CEO since the 30th of April 2025 up to this meeting here today. She is 59 years of age. She is of French and American nationality. She has 8,592 Viridian shares. Our attendance rate at the meetings of the Board is 100%. Apart from her post in Viridien, Ms. Zurquiyah is also a Board member of TechnipFMC, a listed U.S. company. Ms. Sophie , if she is renewed in office by this meeting, will be appointed Chairperson of the Board of Directors. The Board of Directors has the recommendation also of the Remuneration Appointment and Governance Committee proposes the appointment of Mr. Henning Berg as a Board member of Viridian also for a period of 4 years. That is until the end of the general meeting in 2030 that will be act to approve the count of the previous financial year. Mr. Henning Berg is 54 years of age. He's of Norwegian nationality. He is COO since the 3rd of March 2026 and was appointed CEO of Vurecia by the Board, which will be held today following this meeting. Mr. Henning Berg has long-standing experience of 25 years or more in the oil and gas sector. All his career was within Schlumberger, SLB, where he occupied several management posts within different operating units. With the pleasure of welcoming Mr. Henning Berg is here with us. He's here in the front row. And I'd like to ask him to come and to introduce himself to you. Henning, if you would like to take the floor and give us an introduction of yourself. And Henning will, of course, speak in English.

Is better than Norwegian probably...

So ladies and gentlemen, dear shareholders and dear directors, my name is Henning Berg. I spent the last 27 years in the energy industry, having a variety of leadership positions within SLB across the globe. It's both a privilege and an honor to address you today and to ask for your support as I stand for election to the Board of Directors and to prepare to assume the role of Chief Executive Officer of Viridian. I joined the group 3 months ago to ensure we had a smooth transition and to gain a deep understanding of our business, our people and our markets. During this period, I have had the opportunity to meet many employees, customers, partners and investors as well. These discussions only strengthen my conviction that Viridian possesses exceptional strengths, world-class talents, recognized technology expertise, strong customer relationships and a unique position in the markets we serve. As I prepare to take on the new responsibilities, I would first like to acknowledge the remarkable work accomplished by my predecessor, Sophie, and by all the teams in the group. Their commitment, expertise and dedication has built a strong foundation of which we'll continue to develop the company. My priorities is straightforward: to build on these strengths, further reinforce our leadership position, continue executing our technology differentiated and asset-light strategy with discipline and create sustainable value for our shareholders. Maintaining a strong balance sheet and continuing our deleveraging efforts will remain a priority. While every leadership transition naturally brings fresh perspectives, Continuity also matters. The strategic direction of the company remains clear and unchanged. I firmly believe the long-term performance is built on innovation, quality of products and services, operational excellence and financial discipline. These principles are deeply embedded within Meridian and will continue to guide our actions. Finally, I attach great importance to maintaining an open and transparent dialogue with all stakeholders and especially with our shareholders. Trust is earned through consistency, clarity and execution, and I'm fully committed to preserve and strengthen that trust. I'm delighted to see you here today and look forward to meeting many of you in the months ahead. I'm excited to take on this responsibility and grateful for the trust that you are placing in me and as we embark on the next chapter of Viridien's development. Thank you for your confidence.

Thank you very much. Eduardo, who's our Chief Legal Officer in the group, who will present the main items concerning the compensation, the remuneration of our corporate officers.

Thank you, Philippe. Thank you. Good morning, everybody. I'd like to, first of all, review together the items making up the remuneration of the corporate officers, starting off by the items paid to the Chairman of the Board in 2025. Mr. Philippe Salle was Chairman of the Board from the 1st of January to the 30th of April 2025. His remuneration was therefore paid to him on a pro rata basis. In respect of his ex post remuneration that is in respect of fiscal 2025, the amounts paid or allocated are in line with the policy approved by the shareholders' meeting in 2025 and were paid out on a pro rata basis that is EUR 56,68 fixed components and EUR 23,333 variable compensation. Concerning the other items of its compensation, the Chairman of the Board is eligible for the general protection and health scheme, and he has a company car but did not avail of that. Let's move on now to the exposed remuneration of the CEO for 2025. Ms. Sophie Zurquiyah was CEO from the 1st of January to the 30th of April 2025 for remuneration was therefore paid on a proactive basis as a consequence of that and is in line with the policy approved by the shareholders in 2025. Ms. Zurquiyah, therefore, received on a proactive basis, fixed remuneration for a period when she was CEO of EUR 226,800. The Board of Directors on the recommendation by the Remuneration and Appointment and Governance Committee evaluated the amount on a pro rata basis of the variable annual remuneration as being EUR 293,954 for 2025 on the basis of general achievement rate of objectives of 129.62%. Finally, it will decide that concerning the long-term incentive, long-term remuneration that is currently being vested, Ms. Zurquiyah would avail of vesting on a pro rata basis for the plans in 2024 and 2025. Let's now move on to the ex-plus remuneration of the Chairman and CEO for 2025. Ms. Zurquiyah has been Chairman and CEO from April 30, 2025 onwards. Her remuneration was therefore paid out on a pro rata basis as a consequence of that. Concerning the components of remuneration paid or allocated to the Chairman and CEO in respect of 2025, these are in line with the policy approved by the shareholders in 2025. The Board of Directors after the recommendation -- on the recommendation, sorry, of the Remuneration Appointment and Governance Committee, apart from the payment of a fixed remuneration on a pro rata basis of EUR 503,600 has evaluated the pro rata basis of the amount of annual variable compensation at EUR 652,736 for 2025 on the basis of a total achievement rate of objectives of 129.6%. So in addition, Ms. Sophie Zurquiyah was allocated 10,000 shares in 2025, and the definitive vesting will be done on a pro rata basis, subject to performance conditions. The vesting period of these components of remuneration is 3 years. Concerning the remuneration policy of the Chairman and CEO for 2026, this will be applicable to Ms. Sophie Zurquiyah for the period between the 1st of January to the 3rd of June 2026. This provides for the maintaining of an annual fixed compensation of EUR 755,400 paid out on a pro rata basis. Concerning the annual variable portion, the principles remain unchanged. The target is 100% of fixed remuneration with 2/3 of financial objectives and 1/3 of nonfinancial objectives. For the financial objectives, the criteria are as follows: the net cash flow of the group, the free EBITDA and the external revenues of the activities of the group. The nonfinancial objectives are focused on the following 3 points: the strategic plans of the group and for the new businesses, the management of the commercial and operational performance of the group and of the human resources in Viridian and also the social, environmental and governance responsibility of the group. And finally, in respect of 2026, another criterion has been introduced so as to vote a successful transition between Ms. Zurquiyah, current Chairman and CEO; and Mr. Henning Berg, the future CEO. The compensation policy of the Chairman and CEO provides for vesting on a pro rata basis of the long-term remuneration plans for 2024 and 2025 and does not provide for any long-term remuneration for fiscal 2026. The remuneration policy for the Chairman and CEO comprises other benefits such as a company car a general protection and health scheme, also supplementary pension scheme, an international medical insurance policy, senior manager unemployment guarantee and severance pay and noncompete commitment. Concerning the [indiscernible] remuneration policy of the Chairman of the Board for 2026, this will be applicable to Ms. Sophie Zurquiyah for the period between the 3rd of June and the 31st of December 2026. This policy provides now for only fixed remuneration for the Chairman of the Board, which is in the amount of EUR 350,000 per year, which will be calculated on a pro rata basis. The proposal to increase the remuneration of the Chairman unchanged since 2018 -- unchanged, sorry, since 2018, is underpinned on service on comparable remunerations and also takes account of the previous functions as Chairman and CEO, which were fulfilled by Ms. Sophie Zurquiyah. This adjustment reflects also the widening of responsibilities connected with the transition process for the CEO because Ms. Sophie Zurquiyah will have to fulfill a reinforced role in an advisory capacity and a support capacity for the transition for our new CEO, who will, for the first time, become the CEO of a listed company. Finally, plans that Ms. Sophie Zurquiyah will retain her current benefits as Chairman and CEO, especially international medical insurance policy and the company. Concerning the remuneration policy of the CEO for the fiscal year 2026, this will be applicable to Mr. Henning Berg for the period between the 3rd of June and 31st of December 2026. It provides for an annual fixed compensation of EUR 650,000 paid out on a pro rata basis. Concerning the annual variable portion, the principles remain unchanged. That is the target is 100% of the remuneration, the fixed remuneration with 2/3 of financial objectives and 1/3 of nonfinancial objectives. For the financial objectives, there are 3 criteria: The net cash flow of the group, the free EBITDA and the external revenues of the group's business activities. The nonfinancial objectives are based on the following points: strategic plans of the group and for the new businesses, the management of the commercial and operational performance of the group and of the human resources of the group, the social, environmental and governance responsibility of the group. And finally, in respect of 2026, another new criteria has been added in so as to guarantee a successful transition between Ms. Zurquiyah, current CEO; and Mr. Henning Berg, the future CEO. Concerning the long-term variable remuneration, this remains conditional on certain basic elements concerning the growth of the stock price of Viridian compared with the relative trend of an index composed of a group of peers, then the revenues of the new activities that we call beyond the core, the average net debt over EBITDA and the ESG performance of the company. The vesting period and the depreciation period for the performance conditions for this long-term remuneration will be 3 years. The remuneration policy of the CEO also comprises other benefits, including a company car, a general scheme for protection and health, also supplemental pension, an international medical insurance policy senior manager unemployment guarantee, severance indemnity clause and a noncompete commitment and the CEO will also receive an allocation for housing of a total amount of EUR 70,000 paid out on a proactive basis concerning the remuneration policy applicable to the Board members in 2026. The total annual package is maintained at EUR 550,000 unchanged since 2020. The rules for the breakdown of the remuneration of the Board members, there will be a fixed portion representing 1/3 and a variable portion, which will be preponderant representing 2/3 identical to 2025. However, this policy provides for a revision of the remuneration fixed and variable with an increase plus or minus 10% indicated in pink on the screen. That's an increase of roughly 10% as you see on the screen. And I give the floor back to Ms. Zurquiyah now.

Thank you, Eduardo, for this presentation. I think at this point, we'll open the debate. We'll have a Q&A session. Before giving the floor to our shareholders, I'd like to recall that in line with the regulations in force, our meeting is being webcast. The recording will then be available as a replay on our website. Also, when you take the floor, you may not give your name, you do not have to. You will not be filmed. We will only hear your voice and record your voice. So we will now open the Q&A session.

Good morning, Madam Chair. Good morning, everybody. I asked for a paper document when I came into the meeting and they couldn't give me one, and I can't work on a tablet like that. I take notes, I do percentages and I do mental arithmetic and I write down some of my sums so as to be able to advise my clients what to buy into their portfolio. So I missed the paper that I like to work on at the meeting during the meeting. I'd like to have paper documents available so we can do our job properly, please. Secondly, I see you presented your figures as per your business figures as opposed to IFRS -- the IFRS standards and which would be more conservative. When the IFRS figures get better, I assume that your business figures won't be presented any more than the IFRS figures. Anyway, my question concerns the income, the results -- financial results. Having a quick look at this tablet, it seems to me that your results stem from a drop in the amortization, representing EUR 90 million or so. Otherwise, the income, the result for 2025, the earnings would be less than what we had in 2024. Could you give us some details on that, please?

Thank you for your comments that we will take on board. Also regarding the results. I talked about the increase in the performance that is indeed connected, of course, with an increase in our revenues, more productivity as well, and we have boosted our margins in general, and we've had cost reductions. So our CFO is with us. He can add further comments if needed.

Well, the net income, as you've seen, is presented as per IFRS requirements. So our income as per IFRS, especially from the data library, is less substantial than what we had in 2024. The library is depreciated over -- amortized over 4 years or depreciated over 4 years. So with the lesser income, the amortization is lesser, too. That is hopefully an explanation. But I mean, we have an obligation to present things in a certain way. And the IFRS results are presented every quarter and every year. So there's no issue on that. It's just less interesting to really take the pulse of Viridien's business volume, business activity. If you do mental analysis, you'll see we're really closer to reality, but we present both. We do present both.

I'd like to, first of all, thank you, madam, for the work you've put in and congratulate you and congratulate Mr. Henning Berg. And also, I would wish Mr. Henning Berg the best going forward. Now you continue along the same lines, as you said. I have a question on sensing and monitoring, SMO. It's hard for me to understand with the current geostrategic context we have in this world, how -- you haven't mentioned it much -- and how -- could you tell us more about how you're doing in that respect?

Well, the market is the market is a niche market, a restricted market that's gone down over the last 2 years. And you recall that in sensing and monitoring, we're selling to service companies, ones who acquire seismic data, the activity we exited from the vessels and the onshore activities. And we provide services to them. And those service providers provide services to the end users who are the exploration and production companies. So we're in the second line, so to speak, compared to the end user, the end client. And when the markets are complicated or to try to project themselves into a positive long-term dynamic. Well, those companies in the middle stop buying in CapEx. We sell equipment. That's CapEx for them, though. And at times like this, they don't do that so much. So the context is the acquisition that is fairly depressed and the service companies don't buy much equipment these days. If you look at the different subsets, Marine, the streamers of the ships are 12 years old and these streamers haven't been renewed for quite a long mind. Remember, in 2014, there was a bullish trend. And this is a trend that we haven't experienced. And in fact, they have to deal with the sluggish revenues and the margins that are not too high, cash generation is poor. So in the end, we will start to fast track the sales of CapEx when the companies will cost a future-oriented eye, taking into account their momentum. So regarding the marine part, we made the most with equipment with sensors, sensors being sold to the Chinese companies for Middle East operations, but we are facing some headwinds regarding that topic. And -- once everybody is equipped, you are dealing with a kind of recurring market. And for earth business activities, the installed base is very broad. So that's why we managed to bolster our operations at a time when the market is not really buoyant in terms of acquisitions. So we think that the situation will improve. We are in a positive cycle that these companies will have to cast the future-oriented eye regarding their long-term strategy. We've expanded many efforts in terms of diversification in this business. We took over 2 companies over the past few years.

Hello, I'm here. Okay. So different questions, I mean, to put to you. So we have secured a foothold in China. What do we do in China? We -- 2 subsidiaries, one fully owned, one 50% owned. China has a reputation for adopting a hard stance with the foreign companies, we've been profitable. So there are fewer shares than in the past because the shares have been pooled. I wish we could have voted for a symbolic nominal dividend, EUR 0.01 of dividend. It's less than EUR 80,000 in terms of cash being consumed or used. Regarding the economic situation, when do you think the -- when all companies will buy contracts again? I have in mind the 2 French companies, the 2 old companies, Total and Nimprom. So Total said we've reduced our costs drastically, but we can open the flood gates says Total, we have more margins as its were. At Moral and Prom, they have a different stance. We would like to buy some assets. We are focusing on Venezuela because there are some contracts over there. But it's a little bit expensive. So we want to invest now. This is their position. So I have a questions as well.

Of course, thank you for the three questions. As regards to China, indeed, we have 2 entities, fully owned Viridien company. we are working on geoscience-related activities. And we also sell equipment -- sensing and monitoring equipment. And the other entity, 51%. This is a joint venture within sensing and monitoring business activity. And the objective is to make equipment in China. We make a subset of equipment in China for the international market. And we are very happy with our business activities in China. It's a joint venture that was established more than 20 years ago. And in addition to that, this joint venture works well, but the Chinese market is different to the other markets. Why? Because we are dealing with some customers who are eager to acquire technologies that are less interested in services. So video science and services business activities are quite modest. We sell our software, our imaging software. Once again, there's a rationale -- acquisition of technologies, we are selling software so that they can use them and we sell a lot of equipment to the tune of 20% or 30% of the revenues of sensing of monitoring with China. But if you look at this equipment, they are made in China or in other international countries, especially in Middle Eastern countries, so much for China. Now allow me to talk about shares and dividends. We have a clear stance. -- in order to deliver some value to the shareholders is to curtail our debt to deleverage. So if you take into account the fixed corporate value, when you reduce debt, it will be converted into an equity. So at the end of the day, you will make some money when we redeem our debt. As regards dividends, we will look at the situation when the leverage level is deemed to be acceptable in line with the risk profiles of the companies. So we will be dealing with that at a later stage. Regarding the customers, you talked about Moralemprom, you talked about Moralemprom and TotalEnergies. I started to talk about Moralemprom. We don't work with them because of our assets. They are focusing on assets, and they are geared towards Africa, and we would like to work with them, but they are not in our targets. And therefore, TotalEnergies, we've been working with them globally, they said that they are more open-minded to the increase in CapEx. So the addressable market, this is the CapEx of production and exploration and production companies. This is what they said, but things do not move a lot. So capital discipline is pivotal and the budgets have increased by a few percentage points a year. And when we put the question to them, following the cash generation that is the result of the rising oil barrels. So they told us that they will be very disciplined regarding capital allocation. In 2016, and up to the COVID years, some of them faced existential threats -- so they don't want to be in this situation again. So capital discipline is key to them. We'll see what the future has in store. But in 2026, we don't expect any increase in expenses. Another question that I would like to put to you. So the Brent crude oil $100 a barrel. What's going to happen if the barrel is $50 a barrel. What will be the impact on your revenues and sales if this situation does materialize, especially in the light of the conflict in the Middle East? As there are different scenarios. scenario, the barrel of oil might be down once the situation has been stabilized, but we need to be ready. Just a reminder regarding the asset-light strategy, there was an objective to be flexible in order to cater for the major market variations, something that we experienced in 2015 and in 2016 as well. So there was a kind of correlation. With COVID, the situation was tough, but our customers decorrelated their spending from the price of a barrel. So the breakeven point was very low, $30 million, $40 million, above $50 million. Our customers feel comfortable. What does it mean? -- that they are comfortable, they are able to invest to invest in their operations. They can have a correct CapEx level to maintain production and they are in a position to give value back to the shareholders, dividends or share buyback programs. If you look at the budget of customers, the barrel of oil was about $50 or $60. So if it were to be the case in the future, there might be some decreases, but these won't be substantial decreases. In order to get some substantial decreases, the barrel should be $40 or $50. Once again, there's a piece of good news. The market is more stable. And we are not as correlated as we were in the past to the all barrel price.

Got a question regarding the computing power. It has increased by 32% in petaflops from 520 to 690 in the annual report. What is your take on that? What is your target for the future? And what -- is it a power that you are using for you? Or do you release it? And if it belongs to you, do you outsource that to other people? And what about quantum technology? Will it change something for you? And if you had an endless petaflop capabilities, would it change something for your customers in terms of speed when it comes to finding some fills?

Thanks a lot for this question. If you look at our strategy, we have a kind of unique strategy in our business, in our industry or in the industrial world, we have a perfect command of our environment and high-performance computing strategy. We have a strategy. Every year, we want to increase the computing power. You have memories, the disks and all the rest of it. But if you look at our rationale, we don't buy a huge computer every 5 years or every 3 years as it is the case for other industries. So if you look at our trajectory, continuous improvement, we haven't set an accurate goal because with the computing power, there's a cost associated with it. We need to find a balance between the additional cost and our ability to get good margins and to beef up our margins. So we need to strike a balance, adding computing power and to be able to advance solutions and to innovate with computing power. But what is important here is to monetize all that with our customers and clients. And to answer the third question, if we had a limited computing power, that's not possible or physical because the cost will be quite high and profitability levels would have to pay the price. So we need to find the right balance between the right computing power so that we can provide some differentiated solutions. Our customers are ready to pay for them at a higher price than the technologies of our competitors in terms of subcontracting. So the computing power belongs to us. It is used by Viridian. So the bulk of it is being assigned for our own imaging needs and a small part being used for the small business of HPC and the HPC segment should increase, and it is being used across other sectors technologies or the science of materials, but we are quite small if you take into account the internal needs. Alfred, individual shareholder. Historically, your main customers were the old companies. So I have figured out that you've tried out to branch out diversification strategy is key to you. What is the percentage of your sales, not taking into account all companies, then what was the trend of the past few years? Thank you for your question. BTC beyond all our new businesses. I mean this is what we called. We have the new businesses. For these new businesses, some of them are still within the oil sector, but there are new markets with new customers, and they accounted for 10% of our revenues last year. And this year, the figure should increase with a better percentage of revenues for low-carbon business activities. It's a matter of extracting iron ores, BHP, Anglo American, RM in France, I mean, these are the main companies. Regarding HPC, I mentioned biotechnologies and science of materials. As regards infrastructure monitoring, we are in the infrastructure business. We can work for SNCF in France. The French railway industry, the equivalent of SNCF in Saudi Arabia. We performed some stability studies on tracks, rail tracks. We are working on the construction of tunnels in New York. We are monitoring work in New York. We are monitoring the drilling process of those tunnels. So we have a diversified range of activities.

So I'm been able to find the other questions that I wanted to put to you. Regarding the memory boards, we know that prices skyrocketed at the start of the year. So I think that this has a din effect on orders of equipment. What about the financial impact? Is it significant in the 2026 accounts? So will there be a financial impact? Next question, regarding the Middle East, do you have to repatriate people? And what about the operations? Are there minimal operations? Some years ago, we sold some businesses there, so we are less exposed than in the past. As regards artificial intelligence, maybe you can shed light on different things. There are lots of issues here. So AI agents are they being used on our platforms in terms of safety and security, you have young people aged 13 or 14, they can hack the agency in charge of ID cards in France.

Thanks a lot for your question. We will take your 3 questions...

From a technical viewpoint, on the tablet that we've got, we've got the convening brochure, but we don't have the search bar for the words. Is it possible to have the paper presentation? And is it possible to get the written questions?

Oh, there was a written question, by the way. But a point duly taken. So the increase in the GPU prices demand is quite brisk for scalers. So our model with our business model, -- we are protected from that because every year, we place some orders in the end, prices haven't increased. We were not submitted to the tariffs that were implemented in the United States. So as I said, we are following our trajectory because we don't place huge orders in one batch. These are recurring orders, and we increased our computing capabilities in a recurring fashion. We have MD. We have a diversified strategy. There was a question about quantum. I haven't answered, I mean, this question about quantum technology. So we look at quantum technologies. We think that quantum technologies will be used for the subsets of our algorithms. But today, the GPU makes it possible to meet the needs of the physical algorithms that we need to address today. Regarding the Middle Minister, if you monitor the situation, the situation is back to normalcy, but there's a slight difference. There is no tourist, but local businesses have picked up. kids get back to school, life is almost normal. We've got some geoscience sites in Abu Dhabi, Oman, Saudi Arabia. People worked from home, and there was no interruption of work and they are back to the offices. Regarding the impact on the Middle East, offshore seismic operations were discontinued. And acquisition companies discontinued their activities, and we were selling some equipment to these. So the sale of this equipment to these companies will be postponed. Regarding AI, we are looking at AI, how we can use AI in an optimal fashion. You have lots of objects with AI, lots of tools and solutions associated with AI. We want to segregate the use of these tools regarding the use cases, the profile of users. We've implemented some agents for some business activities. When it comes to using the HPC, we are currently looking at integrating more AI as part of the support functions in order to bolster efficiency. And no doubt, these tools will be used for the cyber hackers, and we are bracing ourselves for that potential threat, and we are getting prepared for it. A very last question, maybe.

Firstly, well done for this remarkable work that you've been doing, changing the business model of the company. Ms. Chairman, I'd like to talk about the financial objectives and ask a question. On Slide 25, we summed up some figures, $100 million of net cash flow was mentioned. And on Page 23 of the universal registration document, you connect directly this objective with the payment of overdues. Now PME overdues, there's $46.7 million that have been mentioned in that regard, present of the objective. That's a receivable that was mentioned, and I think it goes back to the end of December 2024. This is a receivable that's more than 180 days old and is impeded for political reasons apparently. My question today is, have you seen the start of any resolution of this issue or given the local political situation, might it postpone the resolution of this particular issue until later on? Will it be resolved in 2026?

Well, I'll give you an answer, and I'll let Jerome add anything he'd like to add. In the first quarter, we received certain settlements. We didn't communicate on the question -- on the fig in question, but receivables were unlocked in Q1 of this year, and we do hope that we'll recover them in full during the course of the year. We said we stopped working for PEMEX last year, given this receivable that was starting to build up and accruing a lot of value. So I mean, the receivables were becoming bigger. So the payments have started in the first quarter of this year. Does my colleague, does Jerome want to add anything? Well, we know we won't give you any figure on that because it's not necessarily the most important part of our results.

Somebody speaking without a microphone says the interpreted. So we cannot translate because we can't hear, unfortunately, personally speaking without a microphone. Last year, we received some of the back dated receivables from PEMEX and that enabled us to wipe out the debt that we contracted for the construction of a data center in the U.K. and the cash flow ended up at EUR 107 million. But cash-wise, it was more than EUR 136 million. So we used about EUR 30 million for that to pay back that debt. And this year, it's more or less the same phenomenon because Sophie mentioned an expansion of our data center in the U.S. And there's quite a lot of CapEx to be committed there this year. And we're going to utilize the incoming monies from PEMEX to pay for that CapEx. And we'll keep our guidance, therefore, with the target of EUR 100 million for the year. It's more or less the same proportion, Sophie.

We could add, as I said earlier, that we likely, I don't know what will be the PMX overdues at the end of the year, but there will be some that will be reimbursed and others that will be reconstituted, so to speak, as we start working with them again. So I think we've done the rounds of the questions. There were indeed very pertinent questions, and I'll give the floor now to Eduardo.

Thank you, Sophie. Ladies and gentlemen, dear shareholders, before we move on to vote on the resolutions, we're going to screen a short film that will explain how your tablet voting box operates so as to enable you to cast your vote. Here is the film. [Presentation]

To that point, please hand back the tablet voting boxes as you leave the room. I'd like to correct the figure that was given at the start of the meeting, 7,216,212 was the total number of shares and voting rights in the company. In fact, the present and represented shareholders or ones who voted by correspondence is 3,812,561,561 voting rights. That's 52.89% of the total number of voting rights in Viridien. I just wanted to correct that. That's a quorum and the quorum of 25% required for a combined general meeting is therefore achieved. And as is the case, we can then vote upon our resolutions. The full text of the resolutions were presented in the convening brochure published on the website of the company. So I will just read the titles of the resolutions before we open the poll each time. Firstly, let's vote on the resolutions within the remit of the ordinary meeting. These resolutions will be adopted on the basis of a straight majority of the votes of shareholders present and represented. So in respect of the ordinary general meeting, we will now screen the title of the first resolution, the approval of the statutory financial statements for financial year ended December 31, 2025. The poll is now open. [Voting]

The poll is now closed. This motion is approved. Second resolution, the allocation of earnings for the financial year ended December 31, 2025. Please vote now. [Voting]

The poll is now closed. This resolution is approved. Third resolution, the approval of the consolidated financial statements for the financial year ended December 31, 2025. The poll is now open. [Voting]

The poll is now closed. Motion is carried. Fourth resolution, the renewal of the term of Ms. Sophie Zurquiyah as Director. The poll is now open. [Voting]

The poll is now closed. This motion is carried. Fifth resolution, the appointment of Mr. Henning Berg as Director. The poll is open. [Voting]

The poll is closed. This resolution is approved. Sixth resolution, the statutory auditor special report on related party agreements, acknowledgment of the absence of any new agreement. The poll is now open on resolution #6. [Voting]

The poll is closed. This resolution is carried. Seventh resolution, the approval of the information mentioned on Part 1 of Article L22109 of the French Commercial Code. Please vote now. [Voting]

The poll is now closed. This resolution is approved. The eighth resolution, approval of the fixed variable and exceptional components constituting the global remuneration and benefits of any kind during the past financial year or granted in respect of the same financial year to Mr. Philippe Salle, Chairman of the Board of Directors until April 30, 2025. The poll is now open. [Voting]

The poll is closed. This motion is carried. Resolution #9, approval of the fixed variable and exceptional components constituting the global remuneration and benefits of any kind paid for the past financial year or granted in respect of the same financial year to Ms. Sophie Zurquiyah, Chief Executive Officer until April 30, 2025. The poll is now open. [Voting]

The poll is closed. This resolution is approved. 10th resolution, approval of the fixed variable and exceptional components constituting the global remuneration and benefits of any kind paid for the past financial year or granted in respect of the same financial year to Ms. Sophie Zurquiyah, Chair and Chief Executive Officer from April 30, 2025. The poll is now open. [Voting]

This resolution is approved. 11th resolution, approval of the remuneration policy of the directors. The poll is open. [Voting]

The poll is now closed, and this resolution stands approved. Resolution #12, the remuneration policy of the Chair and Chief Executive Officer. The poll is now open. [Voting]

The poll is closed. This resolution is carried. 13th resolution, approval of the remuneration policy of the Chair of the Board of Directors. The poll is open. [Voting]

Resolution is carried. Thank you. 14th resolution, approval of the remuneration policy of the Chief Executive Officer. The poll is now open. [Voting]

The poll is now closed. This resolution is approved. 15th resolution, delegation of authority to the Board of Directors to buy back the company's shares in accordance with Article L221062 French Commercial Code. The poll is open. [Voting]

The poll is closed. This motion is carried. Now we shall vote on the resolutions that are within the remit of the Extraordinary General Meeting. I'd like to recall that the quorum of 1/4 of the voting rights has been achieved. So we will have 2/3 majority this time of the votes held by the shareholders present and represented. So Resolution #16, the authorization given to the Board of Directors to grant performance shares to certain employees and executive corporate officers of the company and/or of companies related to it. The poll is now open. [Voting]

The poll is closed. This resolution is carried. 17th resolution, the overall ceiling for the authorization of issue on the 16th resolution of this general meeting and in the 17th resolution of the general meeting held on April 30, 2025. The poll is open. [Voting]

The poll is closed. This resolution is carried. And the very last resolution, the 18th resolution, powers for formalities. The poll is open. Please vote now. [Voting]

The poll is closed and this motion is carried. This brings us to the end of the resolution. We'll now give the floor back to Ms. Zurquiyah to conclude.

Thank you.

But I think before that Philippe has something to add.

I just wanted to steal the floor for a minute in a few seconds. Just on behalf of the Board of Directors, I just wanted to heartily thank Sophie for the 8 years of management duties that she's put in to help to turn around this company. It was not in great shape in 2018 when she came in, when we both came in. And she's put us back on the rails and very promising indeed. Thank you. A big thank you, Sophie, from the Board for the remarkable work done the last 8 years. And I would wish you all the best to Henning in taking over.

Thank you. Thank you to the Board. It's teamwork, of course because Philippe was at my side for nearly all of the years and many of the Board members here present too decided with me, shouldered with me, and we had to resolve certain issues over the years, but we're very happy with the current status of the company and the progress made. So thank you for attending here today. Thank you for approving all of our resolutions. Through your votes, you have given us a lot of support, valuable support for the management team, the executive leadership team in implementing the group's transformation strategy. The outcome of the votes, the presentation and the video recording of the general meeting will be available on the website of the company. And to conclude, I'd like to express my gratitude to the Board of Directors, which entrusted me with the corporate management job of the group over the last 8 years. I'd like to say how proud I am of the long way we've come. What we've done is the fruit of sound leadership, but also thanks to the challenge and the commitment, the exceptional commitment of our teams all around the world. I'm happy to pass over to Henning now -- to pass the job over to Henning. I'm quite confident that he will succeed and he's very enthusiastic, and I'm convinced that his experience and his knowledge of this business will be valuable assets going forward. I'm happy to have him in this transition and glad to be able to fume my commitment within Viridien as Chairperson of the Board. Thank you, and we will now adjourn our meeting. Thank you.