Vusion S.A. ($VU)

Ladies and gentlemen, dear Vusion shareholders, good morning. Welcome to our Annual General Meeting report. To report to you today are Thierry Lemaitre, Deputy CEO; and Morgane Le Puil, Group General Counsel. Also present are our statutory auditors from KPMG and Deloitte as well as our Judicial Officer, Madam [indiscernible] Venetia and partners who will oversee the proper conduct of this meeting and the [ regular voting ] process. I'd also like to acknowledge the Board members present today, including our 3 committee chairs, Mr. Peter Brabeck-Letmathe, Chair of the Strategy and CSR committee who also serves as Vice Chairman and Lead Independent Director, Mr. Emmanuel Blot, Chair of the Nomination Compensation Committee; and Madam Helene Ploix, Chair of the Audit Committee. Before proceeding further, I should like to extend my warmest thanks to Madam Helene Ploix, whose term as Director will expire at the close of this Annual General Meeting. On behalf of the Board of Directors of executive management and all Vusion employees. I'd like to thank you, dear Helene, for your commitment, dedication and invaluable contribution to the work of the Board and the committees on which you have served. I'd particularly like to recognize the expertise, rigor and high standards with which you chair the Audit Committee. We wish you every success in your future endeavors, which I know will be very active and exciting. Thank you. I'd now like to explain the practical arrangements for today upon entry in the room, you were given voting devices which will allow to cast your votes on the resolution at the end of the meeting, further instructions use these devices will be provided before voting session accordant with applicable regulations and inform you this meeting is being webcast live and a recording will be available on our website. I declare the meeting open. So we will now proceed with constituting the bureau in accordance with regulations. I shall chair the meeting and I will now call up as scrutineers the two shareholders present, either in their own name or proxies, the largest number of voting rights who have agreed to serve as scrutineers. Mr. [ Antoine Belle ] representing BPIfrance; here present, Mr. [ Sebastian Rebel ], representing [indiscernible]. My thanks to both of you. I propose the bureau appoints Madame Le Puil to act as meeting secretary and the Bureau is therefore duly constituted. This general meeting has been convened in accordance with all the applicable legal requirements. A notice of meeting [ booklet ] was sent to all registered shareholders. A number of documents are also available to shareholders the principal ones being listed on the screen. I also inform you that the company has not received any requests from shareholders for the inclusion of additional items or draft resolutions on the agenda. So the quorum, I remind you that this general meeting is being held on first call. The quorum requires 20% for resolutions within the ordinary meeting, 25% for resolutions within the extraordinary general meeting according to the attendant sheet at the opening of our meeting, shareholders present, represented or having voted by correspondents hold 12,514,039 votes, that's 75.24% of the voting shares. The legal quorum required is therefore being reached, both for the ordinary and extraordinary parts of the meeting. This will be confirmed prior to the vote on the resolutions when the final quorum is announced by Morgane Le Puil. Accordingly, I declare the meeting to being duly convened and be validly deliberate. I suggest that we do not read through the agenda since you've had the opportunity to review it in the notice of meeting and it's currently displayed on screen. Morgane Le Puil will present the resolution in greater detail during the call of this meeting. And we will now present the group's business activity and results for 2025 to do so. I'll be joined by our two deputy CEOs, Philippe Bottine, who is Deputy CEO in charge of the Americas region, the group's products and solutions and industrial operations; and Thierry Lemaitre, Deputy CEO, who I introduced earlier in charge of finance and corporate functions as well as several other members of our Executive Committee, Marianne Noel, Pascale Dubreuil, Pierre Demoures, Sebastien Fourcy, Jerome Hamrit. So let me begin with a brief reminder of who we are as a group. Our mission, as you know, is the digitization of physical commerce. We're the global leader in the field, particularly #1 player in both Europe and the United States views and represents EUR 1.5 billion revenue, 1,200 employees, including a 1/3 dedicating to R&D working across 9 large worldwide number of major retail chains including many in the world's top 100 retails across retail sectors, grocery, DIY, beauty, furniture, sporting goods, pharmacy, et cetera, and installed base of EUR 650 million smart labels, approximately half of the global installed base. We have a broad product range, smart labels, smart rails to AI-powered Vusion cameras, data analytics, retail media solutions. These products support our mission of digitizing stores and transforming them into more efficient, automated, digital, data-driven, connected and omnichannel environments. These hardware and software product lines support 4 major families of solutions, operational efficiency, local e-commerce data analytics and retail, media and consumer services. More than ever, we're convinced that stores will be at the heart of tomorrow's omnichannel commerce, physical stores once again becoming a strategic priority. And our vision is that of a connected real-time digital store fully equipped to leverage the explosive growth of artificial intelligence, which is set to transform every industry, as you know, in the retail sector, in particular. Let's now turn to what was a quite extraordinary year in 2025. We added EUR 0.5 billion in revenue in a single year, representing 50% growth, such an acceleration in growth, never appeared even in our most ambitious business plans. And this occurred despite the year marked by tariffs adversely affected the price competitiveness of products sold in the United States. 2025 was first and foremost a year of tremendous acceleration of EdgeSense's deployment at Walmart. Major innovation in the digitalization of grocery store shelves, Philippe will say more about this in a moment. For Vusion, this innovation marks after a number of decades that transition from the smart shelf -- smart label to the smart shelf, the acceleration of the road now to initially expected to take 5 to 7 years reflects the strength of the solution and Walmart's intensive user technology contributed the outstanding results. It has reported in recent months that you will have noticed, 2025 a year to pave the future growth, EUR 1.7 billion in order intake, an historic record for the group. As always, innovation remains central, particularly the launch and acceleration of numerous AI-related initiatives as AI is becoming a core component of everything. We do AI embedded in our solutions, notably at the heart of Captana and many other solutions and AI in our organization with the program of AI for Vusion that we'll discuss today with about a dozen programs aimed at integrating AI in all our processes and internal functions, 2025 last year, a year of profitable growth operating income doubling, operating cash flow almost doubling and a strong increase in net income. I should now like to ask Pierre Demoures to present the group's main commercial achievements before a quick focus with Philippe Bottine and Sebastien Fourcy.

Good morning, everyone. I would now like to present Vusion's overall growth momentum. As you will see, our growth is not just strong. It's also increasingly international, driven by broad customer base, the rapid expansion of value-added services and the accelerating adoption of our cloud platform. Let's take a step back. we can first appreciate the exceptional trajectory of our revenue growth over time. Over the past 10 years, revenue has increased from EUR 111 million in 2015 to EUR 1.527 billion in 2025. And this represents a compound annual growth rate of 30% over the decade. This shows Vusion's ability to transform what was once a niche market into a large-scale global market. And this performance also demonstrates that our growth is not a one-off phenomenon. It's been built progressively over time with a marked acceleration since 2021 and this growth has also come with a clear strengthening of our global leadership position. As shown in the chart, Vusion stands apart from the competition. The gap with competitors has continued to widen over time, particularly since 2023. And this leadership position is supported by a substantial and highly international customer base. Today, Vusion equips 75,000 stores across 62 countries with 650 million smart labels deployed, including 350 million connected to the cloud. We also maintain an NPS of 68, well above the average levels seen in the B2B high-tech industry. We're really proud of that. The diversity of our customer base is another major strength. Our customers include leading retailers across the Americas, the Asia Pacific region and the EMEA region, such as Walmart, Carrefour, E.Leclerc, Lidl, Sephora, Coop, MediaMarketing [indiscernible] and many others. In 2025, growth remained extremely robust. Revenue increased by 51%, and with a clear acceleration between H1 and H2, EUR 649 million in the first half followed by EUR 877 million in the second half. This momentum was particularly driven by the Americas region, which delivered significant acceleration. Therefore, growth is being fueled both by deeper penetration of existing markets and by geographic expansion with particularly strong contributions coming from outside the EMEA region. This momentum is also reflected in our order intake, which remained extremely high. In 2025, order intake reached EUR 1.7 billion, representing 5% growth compared with 2024. It's particularly encouraging to note the return of strong order intake growth in Europe. Another very important development concerns are VAS or value-added services. So these revenues doubled in 2025, reaching EUR 211 million representing 14% of total revenue. And this growth was driven both by nonrecurring revenues and recurring revenues, which reached EUR 83 million, up 45% and nonrecurring revenues reached EUR 128 million, up 66%. This is a highly positive signal. Our growth is not just based on equipment volumes. It is increasingly supported by service revenues that are more recurring in nature and have the potential to generate greater value over time. Finally, the adoption of our cloud platform further confirms the transformation of our business model. In 2025, 375 million IoT devices were connected to the Vusion platform compared with 152 million in 2024 representing growth of 147%. This acceleration is being driven by two key factors. First, new large-scale deployments and second, the migration of our existing installed base to the cloud. And this is a key development because the cloud strengthens long-term customer relationships over time, facilitates the deployment of new services and supports the continued expansion of recurring revenues. To summarize, Vusion combines 3 major strengths in its market, strong revenue growth, reinforced global leadership and a gradual transition towards a more recurring business model driven by services and the cloud. Now I'm going to hand over to Sebastien Fourcy, who will focus on EMEA.

Ladies and gentlemen, dear shareholders, for several years, one idea dominated the retail industry. The future belongs entirely to digital channels of physical stores would gradually lose relevance. That idea turned out to be wrong. Today, the world's leading retailers are investing heavily in their stores once again. Why? Because they've realized that the stores become the point of convergence between data, AI, customer experience, productivity and omnichannel commerce. In other words, the store is no longer simply a place where transactions occur. It's become a strategic asset. This conviction is not theoretical. It's already reflected the decision taken by retail executives according to Bain, 75% of retail executives expect their stores to undergo major transformation over the next two years. It's a remarkable figure. It means that storm modernization is no longer a tech issue. It's become a strategic priority. In other words, the market is moving precisely towards the challenges Vusion has been addressing for many years. The question is not whether this transformation will happen is who will help retailers navigate are going to illustrate this through the EMEA results for 2025. Let me begin with what we have built. Today, we operate through offices and subsidiaries across the EMEA region. We recently strengthened our presence in the U.K. as well in the Middle East and more recently, in Turkey. More than 40,000 stores are now equipped with our solutions. Our [ key asset ] cloud adoption has increased fivefold over the past 4 years. But beyond these numbers, what truly matters is the nature of the asset we built. A strong local presence, a unique store based and close day-by-day relations with Europe's leading retailers. In summary, we've built a robust regional platform capable of support in the next growth phase. But a platform only creates value if it continues to expand in 2025. We continue to grow with new customers, whilst significantly expanding our presence across new retail segments, convenience, beauty pharmacy, DIY home improvement and specialized retail, each deployment confirms a single reality. The challenges that we saw [indiscernible] and beyond our historical market, product available productivity, customer experience, store monetization. These challenges are universal. Our growth is no longer driven by a single sector, but by the transformation of physical commerce as a whole and that significantly expands our addressable market. Strongest proof doesn't come from us, but from our customers, specifically, one of the world's leading retailers, Carrefour. Carrefour not just simply another country, it's probably the strongest validation of our strategic vision after Walmart in the U.S., another global retailer has chosen Vusion to support the transformation of its store network. This decision is not based on a single technology based on our ability to address productivity, AI, operational execution and customer experience simultaneously. It's exactly the vision we've been pursuing for many years. What makes this partnership exceptional is not just its scale, but its depth also over 13,000 hypermarkets and supermarkets will be deployed across France, multiple solutions rolled out simultaneously. Exclusive partnership across Europe participation and strategic innovation initiatives through the creation of joint innovation center elements reflect a fundamental shift. Vusion is no longer viewed as a tech provider, but as a strategic transformation partner, and that's precisely the positioning we set out to build. [Presentation]

So this testimonial fully illustrates what we're seeing across Europe, retailers no longer simply looking for product suppliers. They're looking for partners capable of supporting the transformation journey. That's precisely where the next phase of our development begins. For more than 20 years, we built a strong regional presence. We've earned the trust of long-term customer partners. We expanded our addressable market, demonstrated the relevance of our model with industries, leading retailers. Today, we're increasing the value created in every connected store. Vusion Cloud Captana, our analytics, loyalty and Retail Media Solutions and every new service increases value delivered to our customers. New service improves quality of our revenue mix, every new service strengthens our differentiation. Our ambition is no longer simply to equip more stores, but to continuously increase the value created within every connected conclusion. In 2025, we demonstrated in Europe Vusion now benefits from 3 complementary growth engines. The expansion of our customer base, the expansion of our addressable market and the increase in value created within every connected store. The market, the industry's leaders players have validated this vision. Our results demonstrate our ability to execute it, we consider value creation potentially EMEA is ahead of us. Thank you. Over to Philippe Bottine, Deputy CEO for the Americas.

Good morning, everyone. I'm delighted to be with you. I came all this way from the U.S. to attend this AGM here in Paris. Today, I have the pleasure of reviewing two different aspects. First, to the Americas. And then I will share with you some of the market trends that have fueled our innovation road map. Let me start with the Americas. We have 180 employees. We account for about 95% of Vusion's head count across the world. And our head count keeps growing. Americas has 5 different offices. We have our HQ in Dallas, Texas. We just opened up an innovation center where we welcome our key customers and partners in the U.S. In 2025, we also saw a strong increase in our installed base. You may remember last year's AGM, we announced 14,000 stores. This year, 21,000 stores, which means a 50% growth on last year. And we're seeing this growth not just in the U.S. where we have a strong installed base. But in other countries in the Americas, both North America, Central America and Latin America. Another key aspect, if we look at our growth prospects, in our Vusion 2027 plan, the revenue forecast came to EUR 1 billion. But we are fully confident in our ability to deliver on that goal. We can't talk about 2025 unless we talk about key customers such as Walmart. Large-scale deployment has begun. Beginning 2025. At the end of the year, we had equipped half the installed base. And despite pressures from the Trump administration in terms of tariffs, Walmart did ask us to accelerate our deployment so that we could complete it in 2026. This is a strong show of the value added we provide, the return on investment that our solution represents and also the strength of our partnerships. This deployment is extremely ambitious, has been from the beginning in terms of speed of execution and also scale of deployment. Customer satisfaction is as high as we expected. Clearly, our customer wants us to accelerate our deployment so we can be done by the end of 2026. This deployment is based on the EdgeSense platform, which we jointly developed in partnership with Walmart. EdgeSense is the cornerstone of Vusion's current transformation in terms of products and [ solutions ]. We are switching from smart labels to smart shelves. So what does that mean? Smart shelves. Well, we're integrating into our shelves a number of technologies. Of course, we have the price tag, but we also use computer vision features, artificial intelligence and Bluetooth technology as well. And this means we get to transform Vusion's platform into a unique solution. And we get to address multiple problems. I talked about price tags, but also order picking, management of product availability in-store guidance, et cetera. So Vusion's offering means multiple solutions, and this helps leverage ROI for our customers. Now switching from technology to economic performance, the best way to talk about the economic impact of Vusion Solutions is to look at the economic performance of our customers. And let's focus specifically on omnichannel performance for Walmart. These figures have been made public. They're available. Walmart has announced 99% compliance for planograms. They've announced a 5% productivity improvement in terms of employee productivity. The number of orders fulfilled directly from stores has increased by 50%. E-commerce's growth by 5% -- 25%, which is huge for Walmart. And at the moment, they preparing 35% of the orders in less than 3 hours and delivery comes straight from the stores. This multifaceted economic performance, obviously, we're not just the contributor, but we are a strong contributor to this amazing economic performance. And we're very proud of that. This partnership with Walmart is excellent. Now if we look at our other business with other customers outside Walmart, there's another important aspect in the Americas that we need to address. A couple of years ago, we made an announcement that 100% of our customers there had switched to cloud technology. This is an important milestone in terms of adopting new solutions. If we look at all of the new pilot projects with U.S. retailers, they're based on EdgeSense technology, on Bluetooth technology and systematically, they come with mass retail solutions. And this shows the strength of our model and significant customer buy-in. When it comes to all of these solutions, that we develop and provide. I'd like to take this opportunity to show you a quick video from a well-known customer. We continue to innovate, working alongside us, this started with smart labels, and then they continue to develop their installed base with computer vision and AI solutions. So roll video. [Presentation]

An amazing demonstration of innovation, operational excellence and customer satisfaction. We love to work with such customers, customers who deeply overhaul their business model using technology. And this is the perfect segue to discuss major market trends today, which generate growth for Vusion. The first main growth driver is e-commerce solutions. E-commerce currently accounts for 21% of global trade and rising. Stores are now back at the core of retail strategies. It's important to have efficient solutions. Second major trend, Agentic AI. We know that today already 65% of consumers use AI-assisted experience while shopping. Those are astronomical figures and AI needs reliable data and real-time data in order to operate properly. And that's exactly what Vusion provides. It delivers highly accurate real-time operational data to fuel AI systems. Third major trend, retail media. This is a huge market, [ 165 billion ] retail media market. And yet retailers currently capture only a fraction of this value despite the enormous traffic that still flows through physical stores. Productivity. Let's not forget about that. We always need to improve productivity in store availability, fresh goods, I could talk about this until the cows come home. But the fresh market example perfectly illustrates these challenges. Availability of products is key fresh products as well are key, and that's one of our top market segments. Thank you so much for watching. Now I have the pleasure of handing over to Jerome Hamrit, who will introduce our exciting Vusion intelligence program.

Good morning, everyone. Delighted to have the opportunity to share a few examples of the recent advances made by Vusion intelligence. Let's start by reminding our core mission, helping retailers move from the connected store to the intelligent smart store, 4 types of users. The first is managing not just the stock outs, but here are the 200 out-of-stock products generating highest revenue losses and treating them. Activation. I'm going to engage with a customer at the exact moment they are making a purchasing decision. This could involve presenting relevant promotions when they approach a particular aisle. Thirdly, optimization [ identify that based ] on current sales, patent [ specific ] stores, store-level shelf facings to be increased. Monetization, creating new revenue streams for retailers through collaborative platforms with real-time visibility and to store operations. There's one critical prerequisite. We need to deeply understand our customers' businesses and operational challenges so that you can embrace our tools and truly make their stores more intelligent. I'm going to use this to -- with 3 examples how we can become a management tool for store teams and in this ecosystem and this value change to connect these people. We need to understand their business. And the third simpler point is we mustn't push rigid analysis but adapt to users rather than forcing users to adopt analytics on the store management, I'll show you a short video how Captana is used in management routines at Monoprix. [Presentation]

Well, I think that's a very good testimonial and we've heard the insights from store associates, department management, store directors, operations leader in their daily environment with highly visual 3D tools with dashboards that have become in their routines a briefing at 8 or 11 p.m., we'll fully integrated the management process. That's how we can leverage our tools. The second example, no visual here's, it's retail media, how the operational [indiscernible]. Of course, we have screens in the stores, but we have to connect a full ecosystem. We have to connect marketing, IT operations, both design, creative agencies, installation partners support teams and understand all their operational needs. And this year, after an in-depth for understanding the business needs and software development, we've put out retail to connect real-time all these players to make the store, the new digital media serving brand communication. It's crucially important. As you know, it was -- Sebastian mentioned this, it was core to the first commercial success in 2025, we signed contracts, several countries in Europe for this. The final point is to adapt analysis to the user, the merchandising execution. We talk merchandising. There are 7 different and retailers do customized plans per store, and they want to check that every product is located exactly where it should be with a number of facings. Others do broaden macro merchandising. They want to check things that are far more diverse. So since we've understood their business, we put tools that allows them to check key criteria. Here, you can see one [indiscernible] a SKU on the product, the brand category segment, product and you can say -- well, you can come and check if the product present number, maximum phasing, share of shelf, correct, vertical or horizontal [indiscernible] whether specific products or brands are positioned next to one another. Brand blocks and merchandising. Well, once these rules are defined, our customers can verify every other day whether those criteria are met. So very flexibly, they can come and consume the data that our AI IoT makes available on the basis of their specific needs. I'm going to stop there with those few illustrations. We wanted to show you how we clearly understand our customers' business is to make the store smart. Over to Pascale Dubreuil, Chief Sustainability Officer.

Hello, everyone. Allow me to present the progress made by the group in the area of sustainability in a context marked by increasing expectations from both investors and customers. Beyond compliance with regulatory requirements, our sustainability approach is an amazing tool for the group. It helps us identify medium- and long-term financial risks that may rise once the material issues have been identified. So what about those material risks? They are identified through the double materiality assessment required under the CSRD as you can see on the screen. So what is at stake? We're trying to analyze 14 different categories, material issues. We identify impacts on society, culture, et cetera. We identify impacts, risks and opportunities. Now risks include financial risks, obviously. So once the risks have been identified, in 2025, we tried to focus on a number of those risks. Those are key major risks. So let's read this slide from left to right. I'm not going to spend too much time on governance. This is something that received a strong focus, and you will find this in the CSRD report in the annual report. And also in a few minutes, we'll talk about service security. Likewise, I won't spend too much time on social and societal issues. We have a talk on HR about that. However, I would like to focus on the middle part of this screen. Amazing work has been done by our industrial purchasing department, and they have a much better insights into our supply chain. When it comes to societal issues, yes, human rights, safety at work, fair pay, et cetera, traceability, et cetera, but also better insights into the maturity level of our suppliers. Are they using renewables in their production methods? Are they able to give us the carbon footprint of their components, et cetera. So this is key work which will feed into our decarbonization strategy. This work led to an excellent score from the CDP as part of their supplier engagement assessment. So this is how we were rewarded. Lastly, on the left-hand side, a key aspect in order to understand the medium and long-term risk for our group, what we call the transition plan, that's something that we need to structure. It is comprised of two different segments. First, an adaptation and a transition plan. Adaptation, what does that mean? We need to perform a risk assessment in the face of climate change. We carried out a deep analysis of all our value chains in all data service, our Vusion locations, our customer or supplier locations to ensure business continuity. Now transition risks are more medium, long term in nature. And we need to ask ourselves questions regarding the volumes as part of a low carbon transition. I'm referring to silica, lithium and other critical IRFs that are key to the environmental transition. And also, there are potential risks, carbon taxes in Europe, for example. So what would be the financial risks for the group? And how could we anticipate such risks over the medium and long term. One of the best possible answers is not the only answer, but one of the best answers would be to decarbonize our business. So decarbonization means decarbonizing our solutions because they account for 90% of our carbon footprint. The solutions that we market account for 90% of our carbon footprint. For a number of years now, every year, we make a commit to the SBTI, the science-based initiative, they have a reliable methodology that helps us showcase the efforts that we're making in terms of reducing our footprint since 2022. That's our benchmark here. That's the baseline for comparison year-on-year. As you can see, carbon intensity is going down -- has been going down since 2022. In 2025, we made an additional effort. We decided to [ sign post ] the way we still have to go until 2030. That's the horizon we set for ourselves. Now our objective remains clear, turn sustainability performance into a driver for business continuity and also differentiation. That's how we stand apart from the competition. And also, it's a tool we use to build trust with all of our stakeholders, including our customers. Thank you very much. handing over now to Marianne Noel, Head of HR.

Good morning, everyone. Over the past 14 years, working alongside Thierry at Vusion together with the other members of the Executive Committee, I believe we can be extremely proud of our ability to preserve, integrate and develop our human capital, including the talent brought through acquisitions. And to achieve this, we've built a shared culture and management culture that combines diversity, alignment and performance. And we believe that employee engagement is the primary driver of sustainable performance. And our people strategy is built around 5 priorities. We accelerate skills development and career growth, both in France and internationally. Every year, we expand employee share ownership to [ land ] performance and foster entrepreneurship. We also invest in world-class working conditions both at the office and working remotely. We promote diversity as a source of performance and innovation. And lastly, we use strong constructive social dialogue to build the company together. Vusion employs more than 1,200 people across 19 countries. We've got 59 nationalities represented in our workforce. So cultural diversity is deeply embedded into our DNA. our multigenerational workforce is another major strength. Gen Z now represents 21% of our headcount. As a result, our diversity program is primarily focused on increasing female representation at every level of the organization particularly in industries where women remain underrepresented, such as tech and retail. In the past 5 years, our strategy has been based on 3 pillars: attracting more women, accelerating their development and career progression and supporting parenthood and work-life balance. And this approach is delivering tangible results throughout the organization. Women now represent 34% of our total workforce and 30% of our management population. Yes, we still have some where to go, but our program is clearly producing results. Now we have a proactive and effective approach. Our performance share program remains at the heart of our employee engagement strategy. 67% of our employees are shareholders at Vusion. And this is a key pillar of our HR strategy because we get [ line ] performance, encourage entrepreneurial thinking and support long-term talent retention. Lastly, employee satisfaction remains very strong. Overall, we measure it anonymously. Every 6 months using the same methodology we applied to customer satisfaction. Our employee NPS currently stands at plus 32 on a scale ranging from minus 100 to plus 100. As a technology company, R&D in yellow here remains our core strength. It represents 32% of our workforce. Regional commercial and operational teams account for 41% of total headcount. And we work in close proximity to customers across Europe, the Americas and Asia. Our head count in the Americas is growing rapidly. Obviously, this increases labor costs. At the same time, corporate functions continue to expand in order to support the group's growth trajectory. As I said before, we have a performance share program, which is at the heart of our motivation and retention strategy. How do we track the best talents knowing that we're competing against some of the world's leading technology companies? Well, we need to provide attractive and sustainable compensation packages. And we also need to foster a unique entrepreneurial culture. Every year, ambitious performance criteria ensure alignment between individual interests and collective corporate performance. This strengthens our culture of performance while encouraging long-term value creation. Our voluntary turnover rate is only 5.3%. We're seeing remarkable stability within our leadership teams. This shows that our program continues to demonstrate its effectiveness as a key pillar of our people strategy. Thank you very much for listening. Now I'd like to hand over to Jean-Baptiste Frossard, Head of Information Systems, and he'll give you an update on cybersecurity and AI.

Good morning to you all, as you know, cyber risk is a critical issue for all companies. This is why cybersecurity has become a central priority for Vusion not only because it protects our systems and data, but also because it directly contributes to the trust placed in us by our customers, partners and shareholders. In 2025, we continue to strengthen our cybersecurity program around 3 complementary priorities. The first priority concerns our people. We know that security is not solely a matter of technology. It also depends on the awareness and behavior of every employee. That's why we reinforced our training, awareness, e-learning and simulation programs, particularly through regular fishing campaigns to further embed a shared cyber security culture across the organization. Second priority, focused on strengthening our security posture. We deployed new tools and technologies to better prevent, detect and respond to threats in an environment where cyber attacks are becoming more frequent, faster and increasingly sophisticated. Finally, we continue to enhance our cyber governance includes alignment with recognized standards such as ISO 27001 and SOC 2 regular oversight of our security control test and programs involving our suppliers and partners because security is only as strong as the ecosystem in which we operate. I don't remind you that beginning of 2026, we successfully renewed our ISO certification for our labeling solutions and IT operations. Looking ahead to 2026, we intend to build on this momentum. 3 key priorities: extending ISO 27001 certification of our latest solutions, extend AI to strengthen our cyber defense at the same time, manage new cyber risks linked to the growing use of AI. Our objection remains clear, make cyber a long-term investment supporting resilience, compliance and customer trust. On the artificial intelligence front, we launched the AI for Vusion program mentioned by Thierry. The goal is to move beyond experimentation towards broader but above all controlled deployment. It's not just a matter of adding new tools to the organization to make AI a practical driver efficiency and performance for our teams, our business functions and above all, our customers to achieve this. We structured the program around 3 pillars. First pillar is broad adoption by all AI systems must become accessible, well understood and effectively used. This requires supporting employees, providing training and helping them develop the right habits so that AI can be used productively securely and responsibly. Second pillar, business-specific AI agents. We're moving beyond general purpose assistance. The goal is to target specific processes where AI can streamline workflows reduce operational friction and improve efficiency. It's a powerful way to create additional value for customers by improved speed and quality of responses. Third, telegovernance, the rollout of AI must be properly governed, compliance, security, sovereignty, environmental impact and risk management must all be embedded in our approach from the outset. In summary, our ambition is to accelerate AI adoption without losing control of it, a challenged combined adoption, performance responsibility, making a genuine driver of sustainable transformation. Thank you. Back to Thierry Lemaitre.

Thank you, Jean-Baptiste. Good morning. I'll now present our financial results for 2025. As in previous years, you'll be used to this, I'll present our key financial metrics, both on IFRS and on an adjusted basis to neutralize certain IFRS treatments related to our contract with our largest customers in the U.S. The details the adjustments provided on the next slide. Before that, I'd like to highlight the excellent performance in 2025, as you can see, all lines are up substantially, the case for revenue up by more than 50%, both under IFRS on an adjusted basis, reaching EUR 1.527 billion adjusted gross profit, up 60% growing faster than revenue, reaching nearly 31% of revenue. That's an improvement of 1.6 points over the previous year, OpEx increased by 43% less than revenue, representing 12.7% of revenue reduction 0.7 percentage points last year. No surprise, a strong increase in adjusted EBITDA up 73%, EUR 277 million. That's an adjusted EBIT margin of 18.2%, up 2.3 percentage points year-on-year. Depreciation amortization also increased significantly, primarily due to additional production lines in which we've vested for the group to assemble products sold to Walmart and fully funded by Walmart. These production lines, the 3 lines that we installed recently began by generating depreciating charges in 2025 in addition of first line already depreciated since 2024. Adjusted EBIT more than doubled to reach EUR 164 million. That's EUR 10.7 million of revenue, up 2.9% over last year. Overall adjusted net income reached EUR 157 million or 6.5% of revenue, nearly triple the level achieved in 2024. On the next slide, we present the main adjustments of IFRS and adjusted accounts. Firstly, these adjustments have no impact on cash and identic to the restatement that we had in the financial 2024. We had two adjustments that impact revenue to net income. The first adjustment relates to the amortization of fair value of the warrants granted to Walmart under certain condition. This adjustment generally proportionate to revenue generated with Walmart had a negative impact on IFRS revenue in '23, '24, '25 and we'll continue to have a negative impact in 2026. Second, adjustment is that of the IFRS recognition of weighted average selling price over the entire duration had a negative impact in IFRS '23, '24, began reversing in Q3 of '25 full, generated a mild positive effect under IFRS, even greater financial result impacted by two adjustments similar to those last year. First concerns the revaluation of the fair value of Walmart warrants given the average Vusion share price over the second half '25 versus second half of '24 despite the lower number of warrants outstanding, the fair value increased by EUR 7.3 million and it's the EUR 7.3 million that lead to a similar amount of financial expense. In 2025, final technical point, IAS 21 accounting treatment for [ intra group ] flows between the parent U.S. subsidiary having a positive impact of EUR 48.7 million IFRS together with associated tax, deferred tax generated negative impact, EUR 14.5 million [ of '25 ] net income, but has no impact on cash flow. Let's now examine our financial performance in greater detail, starting with revenue. 2025, as I said, record an increase of 51% of adjusted revenue primarily driven by the Americas and APAC due to the volatility in the euro-U.S. exchange rate during the year, revenues in U.S. dollars were negatively impact when translated into euros and a strong presence of revenue at constant exchange rates between '24 and '25, it would have been at EUR 1.58 billion. That's an additional EUR 54 million compared to reported figures. VAS revenues grew twice as fast as the group, 100% increase thanks to nonrecurring VusionOX revenues as well as recurring revenue, which reached an annual recurring revenue run rate EUR 105 million by Q4. Next slide, EBITDA. You see adjusted EBITDA margin improved by 2.3%, primarily due to higher gross margins and a favorable product mix as well to a later extent reduction in OpEx as percentage revenue, while foreign exchange [indiscernible] had a significant impact on revenue, their effect on profitability remained relatively limited financial income amounted to EUR 87.5 million in 2025 compared with negative EUR 50 million in '24 before IFRS adjustment, adjusted financial income totaled EUR 46.1 million, which included negative EUR 11.2 million of cash impacting items, EUR 11.2 million ForEx losses because of high euro-dollar volatility financial income generated from treasury investments reached EUR 17 million compared with EUR 4.7 million in 2024. Interest expenses decreased from EUR 12 million down to EUR 8 million, reflecting lower interest and reduced group financial debt. Next slide. CapEx totaled EUR 137 million compared with EUR 158 million in previous year. This amounts EUR 77.5 million invested in Walmart. Financed production lines, the final production line reach full capacity during Q3 '25. The 3 others already entered operations during the second half of '24 and Q1 '25, we now operate 4 production lines at full capacity, cash funded CapEx financed directly by the group totaled EUR 60 million in '25 as against EUR 40 million in '24, represent around 4% of adjusted revenue. Turning now to cash flow and liquidity at the end of '25, the group reported positive net cash of EUR 439 million compared to EUR 393 million. That's an increase of EUR 46 million. As mentioned earlier, operating free cash flow defined as adjusted EBITDA, less group funded CapEx improved significantly in both 2024 and is expected to continue increasing in 2025 it increased by EUR 96 million, representing an increase of 83% with '24. Free cash flow affected by several factors: increase in free cash flow, but consumption of customer advance previously received from Walmart, whose negative impact will increase 2026 investments in prefinance production lines in '23, '24 and income tax payments totaling EUR 53 million compared with [ EUR 4.4 million -- EUR 4.7 million ] in '24 and [ '24 ], we still had loss carryforwards to partially offset taxable income, limited amount remained available in '24. We utilized it in '24, but no such tax loss carryforwards remain available at the end of 2025. In addition, the group executed share buyback programs, completed certain M&A, received EUR 73 million from Walmart's exercise of its warrants. Finally, foreign exchange movements negatively impacted the value of our USD cash position by EUR 45.6 million. To conclude this financial review, the Board decided to propose this AGM, the payment of a dividend of EUR 0.90 per share in '26. If approved, this would be the third consecutive annual increase for [ 2026 ]. This concludes the presentation of financials. Back to Thierry Gadou to address the group's outlook.

Thank you, Thierry. Many thanks to all of the members of the Executive Board who presented the various segments. We remain firmly on track in 2026 to deliver profitable growth. Adjusted revenue growth for the full year is expected to be between 15% and 20% at constant exchange rates and tariffs. Revenue should be relatively evenly distributed between the first and second half of the year. And both the EMEA region and the Americas and APAC region are expected to deliver growth over the full year. Total revenue for value-added services is expected to increase by approximately 40%, representing a growth rate roughly twice that of the group as a whole. And this performance will be driven by strong momentum across both recurring and nonrecurring VAS revenues. And the group also targets further profitability improvement with adjusted EBITDA margin expected to increase by more than 100 basis points. Finally, as Thierry just said, we expect to continue increasing our operating free cash flow supported by the strong Q1 performance recently reported and the rapid growth of our value-added services business, a promising commercial pipeline in both Europe and the Americas and also our continued leadership in innovation, we are confident in our ability to achieve these 2026 objectives and to deliver on our medium-term growth ambitions. In particular, we remain fully committed to achieving the objectives set out 4 years ago in our Vusion '27 strategic plan. We presented it in November 2022. Now I'm going to hand over to Helene Ploix, Head of the Audit Committee. And then to our statutory auditors.

Thank you. Good morning, everyone. I would like to start by thanking Thierry Gadou for his very kind words. I'm sorry, I'm having a moment. I've been so fortunate to be able to support this group for so many years and also being there to support this amazing transformation and being able to work in such a positive working atmosphere. We all determined to move forward together. So many thanks to everyone for their contributions. My warmest thanks to Thierry Gadou, of course, and also the other members of the Executive Committee. Also, I would like to thank the whole finance team. Thank you for your transparency. Thank you for being so responsive. Thank you for being so open minded. Thanks to the spirit to full transparency, we've been able to do our part as members of the Audit Committee throughout the period during which I was fortunate to serve on this committee and also share it. Many thanks also to the statutory auditors. It's been a pleasure working with you all. The Audit Committee, obviously reviewed the financial statements. We did it in a number of sessions, we pay close attention to the URD. We held regular sessions throughout the year with the internal controlling team. Obviously, we reviewed the statutory auditors' report on the financial statements, we also discussed the audit plan. We reviewed all of the matters of significance indicated as part of the audit and paid close attention to work with the statutory auditors throughout the year. We are extremely satisfied with the way things unfolded. Without further ado, I'd like to hand over to the statutory auditors.

Ladies and gentlemen, shareholders, on behalf of the statutory auditors, Deloitte and KPMG. I'm pleased to present the reports that we prepared for your attention. With respect to FY ended December 31, 2025. These reports were made available by the company and included in the URD for 2025. I would like to briefly summarize the main conclusion regards the reports on the parent company and consolidated financial statements subject to first and second resolutions will certify the financial statements for the year ended December 31, 2025, regular and [ fair respect ] of the accounting standards, give a true and fair view of the company's group's results, financial position at the end of FY '25. Our reports include a specifical section describing the key audit matters, which in our professional judgment with greater significance during the audit due to their complexity or level of judgment required in their assessment. Our reports also described the audit procedures, identify key points. The valuation of goodwill for consolidated financials. Two key [ odd ] matters were identified accounting treatment of Walmart and valuation of goodwill. Our report on parent company statements includes an emphasis of the matter relating first-time application of ANC Regulation 2206, which modified the presentation of financial statements, and therefore, a change in accounting methods. Both reports, we confirm we performed a specific regulations required by law, including those relating to that of the Board on corporate governance as well as commitments, compensation and benefits granted to corporate offices. All of our work and detailed conclusions were presented to and discussed with the group's Audit Committee. With respect to the fourth resolution of this general meeting, we've issued a report on related party agreement. The first section of this [ role ] covers agreements authorized and entered into during the financial year. Two new agreements are disclosed. The first concerns the termination of the cross license agreement entered into with [ UnDigital ] technology that was effective on December 10, '24, the new agreement governing research and R&D activities relating to products and components. Under this agreement, the company recognized an expense of $2.8 million during FY 2025. Second agreement relates to a supply and industrial subcontracting contract signed with [ BOE VT ] Hong Kong in December 22, which did not generate any expense for the company in 2025. Our report also refers to several agreements previously approved by shareholders and whose execution continued during 2025. These include the supply and industrial subcontracting agreement and its amendments entered into with [ Chongqing, BOE ] Smart Electronic System [indiscernible] which the company recorded total purchases of $244 million of purchases during the year. Several agreements entered into with [indiscernible] electronics, con, Beijing, BOE [ optronic ] technology co-relating to product development arrangements that include exclusivity provisions with no impact on '25 financial supplied agreement with [ UnDigital ] technology Beijing relating to the sourcing of components and selection of subcontractors for finished products, which generated an expense of $0.6 million of components purchases in '25. And lastly, a cross license. Finally, the affiliation of your Chairman, Chief to the [ GCG ] unemployment insurance scheme representing [ and expect ] of EUR 23,000. Under the extraordinary meeting, we've issued several reports or report on the proposed share capital reduction relating to Resolution 16, a report of the delegations of authority relating to [ share issues ] relating to resolutions 18 through 22, a report on capital increase for employees in the savings plan relating to 23, authorization for free shares, Resolution 24 and a report on the proposed amendments of terms and conditions of warrant issued in favor of Walmart, Resolution 25. These reports describe the procedures performed and don't contain any observations. Lastly, we also issued a report not associated where the resolution submitted to this general meeting. This concerns the report on sustainability and taxonomy disclosures, our limited assurance engagement covered compliance with ESRS, European sustainability reporting standards and applicable European [ regulator ]. Based on the procedures we performed, we did not identify any material statements, omissions or inconsistence. Ladies and gentlemen, thank you for your attention.

Thank you. I'm now going to give the floor to Morgane Le Puil for the presentation of the resolution submitted for voting.

Thank you, Thierry. Ladies and gentlemen, dear shareholders, hello. A total of 27 resolutions is submitted for your approval at this AGM. Resolutions 1 and 2 have to do with the approval of the financial statements. You've received a detailed presentation from our Deputy CEO, Thierry Lemaitre, so I will not revisit them. Resolution 3 has to do with allocation of earnings and dividend. As we said before, this year, we proposed a dividend of EUR 0.09 per share compared with EUR 0.6 per share last year. The dividend will be paid on June 12, 2026. As shown on this slide, the remaining earnings after dividend payout will be carried forward. And the legal reserve will be maintained at a required level of 10% of share capital. The following resolutions. Resolution 4, approval of two related party agreements entered into in 2025 and approved or rather authorized by the Board of Directors, our statutory auditors just refer to them. These agreements are also described in greater detail in Section 3.6 of the URD. Now resolutions 5 to 10 have to do with the board composition. You are first asked to ratify the appointment by co-optation of Ms. Lyne Castonguay, who joined the Board in February 2026 and as an independent director replacing Ms. Johnson, you are also being asked to renew her term for a 3-year period. Ms. Castonguay is with us today. I'm going to ask her to come to the [ rostrum ] so she can introduce yourself to our shareholders.

Ladies and gentlemen, dear shareholders. Good morning. I'm delighted. I'm honored to join you today. I would like to extend my warmest thanks to the Board of Directors as well as the management team. Thank you for trusting me. I was born and raised in Canada and then I moved to the U.S. with my spouse and my two children. That was over 20 years ago. And today, I have dual citizenship as a Canadian and American citizen. Throughout my career, I served various leadership positions for many international corporates such as GE, Home Depot, [indiscernible] and Starbucks. I occupied leadership positions in operations, merchandising, innovation, supply chains, customer experience, and also business model transformation. Over the years, I've worked with teams and partners across the world [Audio Gap] How quickly retail evolves, retailers are faced with increasingly complex challenges today. it's important to improve store productivity, optimize inventory, resolve out of stocks, reduce waste, [ entry ] planogram execution, while at the same time improving customer experience using physical and online distribution channels. In the meantime, artificial intelligence, customer loyalty, data analytics and online sales are all having a deep impact on how retailers operate and make decisions both online and offline retail are no longer separate. We're seeing quick convergence between the two and retailers are looking for solutions that will help them manage this new reality. It is precisely what I've found attractive about Vusion. Of course, this company is recognized for its leadership in electronic labels. But what I felt particularly impressive is Vusion's ability to respond to some of the biggest challenges retailers are currently faced with. How do you better manage product availability and inventory improve team productivity in stores, how do you help consumers find what they're looking for quickly? How do you ensure better operational execution. And also, how do you use data and artificial intelligence, so as to make the best possible decisions in real time. These are challenges I've been faced with throughout my career. And I continue to see those challenges emerge in my responsibilities as a director, I do believe that Vusion has a unique combination of technology, data, artificial intelligence and retail expertise. And this combination helps it support retailers as they operate their own transformation. It is this vision. It is the quality of Vusion's team and its leadership qualities that -- it is because of all this that I decided to join the Board. And I'm really enthusiastic. I'm looking forward to using my international experience in mass retail, in innovation, in transformation and governance. I'm looking forward to using my skills to help them growth -- help Vusion continue to grow, assuming you ratify my cooption. Thank you in advance for your trust and look forward to working with my fellow board members as well as the management team over the upcoming years. Thank you so much.

Thank you, Ms. Castonguay. In addition, shareholders are asked to renew the mandates of Peter Brabeck-Letmathe and Mr. Moison, resolutions 9and 10. This approach also helps maintain a healthy balance between recently appointed and more experienced Board members. As a reminder, Mr. Brabeck has served on the board since 2022 and Mr. Moison since 2020. You're also being asked to renew the term of Mr. Gadou as a Board member as well as Ms. Cenhui He, Resolution 8. Mrs. He has been a director, a member of Vusion's Board of Directors since 2020 and also serves on the Board of [ BOE Smart Retail ], a significant shareholder of the group. If you approve these resolutions, the Board would consist of, as you can see on this slide, 70% independent directors compared with 50% in 2024 and 64% at the end of 2025. I will now hand over to Emmanuel Blot, Chairman of the Nomination and Compensation Committee who will present the resolutions relating to executive compensation.

Ladies gentlemen, shareholders, good morning. Coming back to again, Resolution 11, 14 that concerns compensation. Firstly, the compensation in respect to 2025 of executive officers and then '25 CEO, Mr. Gadou and then 2026 with compensation policy of the Board and the compensation policy of the Chairman and CEO. Slide on screen details the compensation awarded to the Board members in respect of 2025, as you can see. And as a reminder, the company does not compensate non-independent directors. Regarding compensation of Chairman and CEO, you have the details of the compensation for 2025, an amount of variable compensation of [ EUR 383,040 ] based on quantitative qualitative performance criteria and the granting of 7,978 performance shares. Resolution 13 concerns, as I said, the director's compensation policy, no change versus last year. This time, compensation policy for the Chairman and CEO, 2026, is stability over last year. No major changes. You have, of course, the various components summarized on the slide but also detailed in the notice of meeting. Concerning variable compensation shown here is the split 70% between quantitative criteria, 30% qualitative criteria, qualitative criteria representing particular areas of focus that the Board and the management team will focus on regarding the distribution, its stability comparatively versus last year. And as regards long-term compensation for the Chairman and CEO, we consider stability is a good thing, and we confirmed if you approve that the criteria, thus described. So that's for the resolutions 11 to 14 and back to Morgane.

Thank you, Chair. The final resolution within the ordinary General Meeting concerns authorization, usually granted to the Board of Directors to repurchase company shares. So this is Resolution 15. Now moving on to the extraordinary resolutions. Resolution 16 complements the previous share buyback authorization. It authorizes the Board of Directors to reduce the share capital through the cancellation of treasury shares held by the company. Then we have a whole block of resolutions. Resolution 17 to 23, which have to do with financial delegations. These delegations provide the company with the flexibility it needs to raise capital efficiently in support of its strategy without having to convene a new shareholders' meeting. The maximum amounts are displayed on the screen. The maximum amounts vary depending on the type of capital increase and whether shareholders' preemption rights are maintained, what we call DPS in French. So as usual, when preferential subscription rights are maintained and the maximum issuance amount is higher than when these rates are waived so the maximum issuance amount is approximately EUR 16 million, representing around 50% of the capital. When subscription rights are waived, but a mandatory priority period is provided. The ceiling is reduced to EUR 6.7 million, representing about 20% of share capital. So that's resolution 19. With that preferential subscription rights and without a mandatory priority period, the ceiling is limited to 10% of share capital. So I'm referring to resolutions 20 to 22, and these limits are not cumulative, they remain subject to the overall ceiling, which is 10% of the share capital. Now Resolution 24 regarding performance share authorization. The authorization is kept at 4.5% of share capital for a period of 38 months. For reference, the previous authorization granted by the AGM on the same front cover the same percentage and duration and was utilized by the company at approximately 2% of share capital. Resolution 25. It introduces additional flexibility regarding the exercise of Walmart's warrants. What we call BSA in French. Currently, Walmart may only receive newly issued shares when exercising its warrants, resulting in shareholder dilution. If approved, this resolution would allow the company to deliver treasury shares instead thereby reducing potential dilution. Lastly, Resolution 26. It proposes an amendment to the company's bylaws. The goal would be to provide greater flexibility regarding the duration of directors' mandates. So the standard term remains 3 years but shorter terms could be used when necessary to maintain appropriate staggering of board appointments. At present, the company has no immediate need to implement this flexibility as board terms are already appropriately staggered as you can see on the screen. Chair. This concludes the presentation of the resolutions submitted for shareholder approval.

Thank you, Morgane and without further ado, we're going to open the Q&A session. You have the floor.

First question. I'm an individual shareholder for -- since you concluded your contract with the warrants with the Walmart, I was fortunate enough to hear you several times on the business radio. And I say that you advertise on FM radio network, which is very relevant, but they forget certain times of the day that the SBF 120 comprises 120 stock with [indiscernible] in the last stocks. And when we disseminate 115 or 113 stocks. Well, we tend to forget the last one. I think we need to remind that the SBF 120 comprises 120 stocks as the name. That's what -- that's duly noted that you don't always have time to listen to the network during the day. Now I also listened [indiscernible] bank, your intervention, perhaps not the most recent one, but the one before that. And I put myself in the shoes of the prospects. And in what you said, you said, well, the Q4 increased revenue by 50% and another point you say outlook for next year increased revenue to grow by 20%. The prospects did their math and said we're going from plus 50% to plus 20%. That means minus 30%, and the share price plummeted. They forgot that after that, you said that the profits were going to grow. Well, the explanation I've known you for some 3 years now. I've understood it, as I explained then, I think the key point is that you have two activities. You have an activity initially of placing labels at cost price of a label is quite high. So for stores, when you got thousands, obviously, initial revenue is quite considerable, but you have competitors who simply make do with those labels and don't go any further. And then, of course, in that activity, you have to have very small profits and then you have all your tech expertise to make a major contribution to store management. And that's a totally different activity. And I think that's what didn't fully come through or come out and that message. In all businesses, the big problem that we have is that when we're addressing professionals while we're readily understood. And in that message, I think it was more destined to store professionals than prospects -- and I go to some 20 listed companies and one I have occasion to talk about you, and that's quite often. Well, they just note the idea of this -- of your declining revenue. So there you have it. I just wanted to give you some advice to improve things in the -- of communicating in the future.

Well, thank you for that. It must always repeat -- it's the #1 rule in messaging repetition to be understood. People don't just listen to Vusion, especially when BFM radio forget us at the list of the SBF 120. I'll make sure with Loic, our Head of Communications that they're made aware of that. And of course, we have to make sure they look at the figures because our revenue isn't declining, it's been increasing by 30% per annum for some 15 years. I mean, it posted extraordinary growth. Last, we continue to grow this year by 15%, 20% a year and we're confident regarding the midterm growth outlook. So Vusion is a growth company. It may happen that the growth rate isn't always the same, but overall, it's a growth company that's set to continue to grow. But thanks for that advice. And [ whenever -- never ] be overly helped and assisted in terms of communication. Thank you. I'm [indiscernible] I'm too bold, sometimes that I tend to err on the side of caution, I try to find the right balance.

Good morning, ladies and gentlemen. I have a couple of observations plus one question. Firstly, I believe it is Societe Generale that manages relations with shareholders. In my experience, Societe Generale causes trouble. I often get the documents after the AGM. I never have these problems when Investor Relations or organized by a different bank. It might be a good idea to maybe use a different provider so that we're not kept waiting out the door for 15 minutes. Now IFRS standards and adjusted standards. Why make your lives complicated? If it makes no difference, why not stick to IFRS? Why the readjustments to the figures and why there explaining the switch from one to the other? People will get used to IFRS. Why you're making your lives harder and shareholders' lives as well. Second question, Walmart is a major contributor to revenue and your profit. I understand that the contract ends in 2027, what will happen then? I know that Walmart has made significant investments. What will happen in 2027, Will they go it alone or have they invested so much time and experience into using your tools that they're going to stick around? Also, Walmart will get shares. But what will the share price be? Also, you talked about the contract with Carrefour over a 3-year term. What will happen in 3 years' time? Will Carrefour continue without you once they have acquired that experience and taking possession of the equipment? So what is the level of continuity for these contracts, which drive major business at first, but what about next steps?

Thank you [indiscernible] for your questions. Regarding IFRS standards, Thierry can take this one.

For starters, I agree with you. Yes, IFRS standards and adjustments have an impact on the Walmart contract, and it does make things complicated. And the reason why we chose adjusted and IFRS standards is because the number of shareholders wanted us to. Unless we do that, unless we make the adjustments to the financial statements, we're seeing much lower growth in revenue. And then we have to explain that part of -- the reason behind this lower growth has to do with the restatements pertaining to the Walmart contract, and that is why we made that decision to present the adjusted financial statement, so as to preempt that question, which has cropped up before when we met with investors. So that was the goal behind the adjustments. So as to preempt potential questions from investors because these questions have cropped up before. Regarding your second question, rather part two of your [ manifolded ] question. We need to start with a reminder. When you're dealing with a key customer, and that's the way things have always happened. We're dealing with long-term customer relationships and you're building customer loyalty. Generally, those are customers that we grow our business with. Their share business is increasing. We've been able to expose to them our wide gamut of solutions. So this has never happened before. Having starting a contract. And at the end of the contract, the customer disappears and goes off on its own into the sunset, No, that doesn't work. That's not reflected in our business. Our business is positive on decades-long customer relationships and our customers account for significant revenue because -- and this stands us apart from the competition, we have a whole portfolio of solutions that our customers have come to trust. Now allow me to offer one direction. Walmart has not invested into the tools. We own the tools. This simply prefinanced the tools. So these are proprietary tools that we make available to Walmart. Also, Walmart is a company with whom we will wrap up just part of the project. There are many other solutions, and we've tried to give a few examples today, solutions that we're working with, that we're working on with Walmart. And Walmart is a major retailer at a global level. They have a presence in many different countries, including Mexico. We're rolling out solutions in Mexico and many other countries as well. And also, there's is something you need to realize about Walmart. Considering its scale and growth, every 3 years, because of their growth, this is the equivalent of us increasing our revenue by 1/3. And they're doing that every 3 years, they add to the growth they add to their revenue, the equivalent of our revenue. So we need to bear in mind their vast geographic presence. Their size, the growth rate. So I think this is a big customer, and they're here to stay. Again, this is Phase 1. This is the first milestone in our whole scope of solutions, and I think the future holds much more in store, both for Walmart for all of our other customers. We cover a lot of processes that retailers use. This means our customers are home to a lot of growth drivers. I'm talking about our revenue. I can't see. Let me know if there are other questions.

Good morning, Chairman. To all, I'm an individual shareholder, my peer at the back of the room. Thank you for your AI presentation. I've got a comment on the presentation of the AI section. Distinguishes AI perception, AI generative, AI and genetic and physical AI. My question focuses on a agentic AI. Could you give us some tangible examples of AI-powered?

Well, perhaps I'll ask Jean-Baptiste if he's with us to discuss.

It's a very good question because the term that's increasingly used does AI covers different realities. Yes, excellent questions. thanks. So around agentic AI. What we're beginning to look at is identify the use cases, several types of AI agentic, perhaps agentic that I'd call personal everything that can assist team members in their daily work from enterprise AI typically agents that can serve to provide benefits for all the teams. We're focusing on the various high levels. The one that most interest is AI enterprise genic enterprise, identify use cases that we've done to give performance and efficiency drivers typically examples in finance for accounts payable, examples for [ AADV ] automated orders, someone sends us a mail, how we can use an agent that can process that order also logistics, receptions of orders or order processing, the -- we're addressing that with agentic AI you're raising a point about the various types of AI. We have a agentic AI, we're not stopping there. We have algorithmic AI, predictive AI we use in certain cases. Thank you. And then, of course, there's our role serving the use of AI by our customers because AI without data is not much use. And so having stores with a lot of real-time data signals and data that was clearly illustrated today, well, we're driving the large language model used by our clients to develop agents that automate processes and can process incidents anomalies a lot faster AI. I mean, we're not specifically there, but AI is going to be at the heart of business operations and solutions, and it's also our case.

Hello, Philippe [indiscernible], I'm an individual shareholder. Your performance in North America and in Europe is outstanding. Have you taken an interest in Asia, New Zealand and such countries?

The answer is yes. Obviously, we are taking a look at those regions. Clearly, our current affinities are based on the way that we've analyzed the market based on our market analysis over the next 5 years between now and 2030. Much of our market growth will be found mostly in EMEA in Europe and in the Americas. So this is why we're focusing our investments in those two regions. But it's been shown before, our 10-year vision does encompass all regions of the world, including Asia, India and China, of course, not forgetting Southeast Asia. We have a subsidiary in Australia, and we cover New Zealand from that office. We have an affiliated in Singapore as well. Pierre [indiscernible] talked about that this morning. He just got off the plane. He came all this way to present the figures to you. So yes, all of those regions are on our radar. But we will strengthen our focus on those regions in the upcoming years. We will continue to focus on Europe, but also the Middle East, North America, et cetera.

Good morning, Thierry. I'm a loyal shareholder for [ 18 ] years, a total of 20 years, a personal note for Helene Ploix. We don't often meet people such as yourself in the community of business leaders. I'd like to thank you. We're going to miss you. And as a director, the worst time in the 2023 crisis you acquired shares. That's a very courageous [ sign ] that shareholders very much appreciate. Thank you, Helene. It was in 2023, yes. I'm younger and my memory sometimes fails me. So a question, Thierry, on the Captana model, the remains really one of the pillars of future development over and above hardware. The -- can the Chair of the company say a word about development models that will link Vusion to its customers. This is just one possible model depending on the clients, the customers and the continents? Or will it be adapted depending on the retailer?

To make sure I understand the question. When you say model, you're talking business model. Well, [indiscernible] you're referring to the business model over and above the sale of pure hardware, what comes after that? Because we readily understand the savings efficiencies on stocking and refills will be considerable. Now there isn't one -- just one model. There isn't just one single market or one type of client. What's -- very important to understand, Captana, generally speaking, and the AI vision will be one of the growth drivers for us, not just an engine in itself, but an enabler for developing many other offerings that are -- solutions that are emerging around this engine because you've seen this in at least 2, if not, 3 videos illustrated all very recent less than 3 months, you see how the fact that you have an eye in every shelf there will be key to optimize through AI to process these millions of signals will be the heart of optimizing something that's the most central in commerce, which is the supply chain. And so AI cameras in the stores, in the shelves is absolutely key. It's key for the merchant for his partners managing his supply chain and it's key for the brands, the major brands or suppliers. And consequently, to answer your question, there will be several types of models. There will be models with retailers who opt to invest in the infrastructure and pay the service that delivers the value that is the software, the AI to transform images into structured data, et cetera. So that's a model. There'll be models with customers, and that's going to happen very soon is saying. I'm not going to invest. I want to buy the output that -- when I have stock out, if I'm consistent and compliant. That's what I'm going to buy. I don't want to invest in the hardware, I want to acquire the data. Others I'll just take those who'll say, and it's the heart of our partnership with [ Nielsen ]. I don't want to invest. I don't want to have the benefit. But as it benefits my suppliers hugely. They're going to pay for that solution because they're spending a huge amount of money to acquire far more partial, less frequent, more granular data in they're spending a lot of money by -- to do that by sending people in the stores to observe their shelves. So I'm going to help them save a lot of money, they'll finance the infrastructure, and that's another model. And that's one of the solutions that's at the heart of our partnership at [ Nielsen ], which is progressively being rolled out. There are many models. What's certain is a key component, one of our major clients says to computer vision, it's the next big development in this sector. We're really -- they're cutting -- it shall be several models, but they'll all be good models.

I'm an individual shareholder. I have a couple of questions. First of all, how well do you get along with your Chinese partner, BOE technology once they've sold part of the shares and what is their equity in Vusion Group? On the business front [ asset ]. How long is that -- how long would that -- those exclusive rights last regarding Walmart? And what can we expect in terms of revenue growth in that sector before others take over and take the lead? I have more questions. In terms of R&D, you just talked about Nielsen. Last year, you presented a very ambitious program called [ memory ] developed with Nielsen. So there's an R&D component. How soon do you believe sales can begin? The marketing phase, how soon do you think it can begin also? I noticed the IAS 21 line, EUR 48.7 million versus just a few dozen million euros in negative territory last year. Can you tell us more about that?

Now our relations with BOE are very good. And these relations are twofold. BOE is a subcontractor, an assembly subcontractor. We have 3 or 4 such contractors. We have a highly geographically diverse supply chain. We operate on every continent including in China, Vietnam and Mexico. So we have several partners. BOE is one of those partners, and we have an exit relationship with them. And also, they are a shareholder, and they own 24% of Vusion Group. And that is why they have a seat on the board. So we have long term and excellent relations with them. BOE is a long-term shareholder, as I said. Yes, their share of our capital has diminished, but we wanted it that way. In order to succeed in the U.S., we needed to alter the balance considering the current geopolitical tensions. We needed to tweak the balance. The breakdown of our share capital. It would have been very difficult to succeed in the U.S. if we had a majority, a Chinese majority shareholder. But this has zero impact on the relationship with BOE. So like I said, this is a twofold relationship, but we do have a Chinese wall between the two. BOE is the biggest digital screen provider in the world, and their #1 customer is Apple. So much for BOE. In terms of management, I really couldn't tell you. I mean I'm sure they buy shoes every day. Now [indiscernible] holding company that brings together both management and a lot of employees, a little less than 11% for [indiscernible]. And then we may have individual holdings such in mind, but these figures have been made public. You can find them in the media annual report. I don't know the details, so feel free to check the annual report. So about 15%, I would say, between management and employees because we have to factor in the employee share ownership program, so about 15%. That's the share of capital. Regarding Nielsen and memory. Now these two subject matters go hand-in-hand. So my answer is twofold. On the one hand, we do have R&D projects and marketing of such projects has already begun. For example, the Vusion line application that was presented last year. It keeps on evolving. There's a strong focus on developing this new platform. So like I said, marketing of such platform has already begun. And this is a major contributor to the quick growth in our value-added services alongside the Captana system and cloud technology. And in terms of memory, memory is one of the entities within the scope presented by Jerome Hamrit. So this includes memory and Captana. So Vusion intelligence, for those of you who are wondering, actually brings together all of those retail media, computer vision and data analytics aspects. Now in terms of IAS 21. We need to get back to the fundamentals of a contract with Walmart. Under this contract, Walmart [indiscernible] to prefinance the production lines in which we invest. So the cash is received by our American entity, which has a report with Walmart, but the investment is made by the head office in France, and they borrow dollars from their affiliate. In the U.S., obviously, this generates a currency impact. And IAS 21 actually recognized the potential of ForEx loss at HQ level because there's volatility between the euro and the dollar. And we need to continue investing into the production lines, and this means that the head office has borrowed even more dollars from its U.S. affiliates. So there is a cash impact, which is reflected in the P&L. Now regarding your question about Walmart, there's no exclusive contract with Walmart.

Yes. Good morning. A few years back, Amazon acquired physical store chain, think it was Whole Food. How is Amazon looking at your solution? Have they contacted you? And all retailers, be it Carrefour, Walmart, et cetera. sell on the web. So are you involved in the interface -- for online sales, you're managing the SKUs [indiscernible] inventory, it's perishable inventory that's key. So are you involved? I mean, could we imagine virtual stores on site? Do you have a role to play in that? Or are there solutions [indiscernible] just in the physical stores?

Well, let's start with your first question. Amazon interested in our solutions. Well, Whole Foods was acquired by Amazon a few years back. And for the time being, they have not initiated any particular modernization that would use our solutions, but we have a great many stores under the Amazon brand, Amazon Fresh. I'll let Philippe speak to that because he's in charge of the Americas. Here, we have several banners.

Yes, you can [indiscernible] we've got several banners with Amazon Go, Amazon Fresh, Amazon 4 stars, Amazon Books and Vusion was been a long-term Amazon partner. Not in the Whole Foods chain. They're still a quite analog digital model as it happens, but we're still on paper. And turning to your second question. So you'll have understood that 1 of our 4 pillars of solutions is e-commerce, that is the web to answer your question, but our specialty, as you have seen, orders that are made online on your mobile or your computer delivered by the corner shop. That's the thing. That's going to be the future of commerce, and that's the growth driver of Walmart in the U.S. You've seen a figure that's striking Walmart orders prepares 2 million orders a day in their stores. And over 35%, 36% Q1 had delivered in under 3 hours, and they want to put 95% of Americans within 3 hours of their store or even 30 minutes from their store in their next program. So the commerce growth driver is e-commerce. But make no mistake about commerce, all of you here, you're going to increasingly order online, but it'd be increasingly delivered by the corner store that we have a central role -- can't be done without the digital transformation of stores. We have a central role in e-commerce as it happens.

I have a question. Shrinkage. Is there anything you can do to reduce theft-induced to shrinkage?

Jerome looks like he wants to answer this one. Go ahead. Why don't you stand and answer?

Well, retailers classify this in different ways. Do you mean theft specifically? Well, we have computer vision systems. And as we deploy them, they do not look at systems or behavior, but they do look at product and execution. So theft is not something that we tackle via computer vision. Not retailers look at the quality of inventory data. Now there is such a thing as product breakage and product wastage because of products that are exceeding their sell by date. The reliability of inventory data in stores can actually help us.

Good morning. Individual shareholder. Just 3 quick ones on my question, picking up on what the gentleman said. I'd like to thank Madam Helene Ploix for this moment of emotion. This humanity is always well committed financial or general meeting. Second comment, I came on my bike, I almost died twice and run over 3 pedestrians. I prefer an AGM in downtown Paris next time, if that's at all possible. Third point last year, I ran the risk of not reading my question. I saw afterwards that I got my millions and billions mixed up on the face of it, it's not that important, but my wife watched the recording and made front of me. I'm not going to take that risk. Fourth comment, which prompts my question. We saw some very good figures today. There's one that's not so good is the share price last year. It was almost twice what it is today. And for a while, at one point, it was almost divided by 3. So this brings me to my question in spite a generous valuation last year, there was a growth driver clearly expressed, announce and sketched out the U.S. market described as underequipped and of course, considerable in the country of high consumption. Walmart, as you said, was the irresistible role model. Since there are no contracts been announced, the number and size of pilot remains very unfortunately, there's even going to be a reorg in your commercial structure in the U.S. Yes, I did my research work on that. So my question is simple. Do you still maintain your extraordinary ambitions on the U.S. market? And if yes, how much longer do we have to wait before at last receiving reassuring news about that market?

Well, thank you, first of all, for your first comment. I'm sure that we'll try and take note of that point on the -- on cycling safety for next year. Share price, I won't discuss it. What I said last year, I believe I would confirm what I said. The potential of the U.S. market is immense and it's certainly not the acceleration of the rollout and deployment of Walmart that will contradict that last year, the growth was driven by U.S. market. Even if Walmart is a model to be followed, nevertheless, the size of the U.S. retailers is such that plans are complex. They take a while on the Walmart results with our technology are recent. I remain, and indeed, with Philippe, we remain absolutely convinced that the market is set to grow hugely installed digitization, and we see that is at the heart of the U.S. retailers' priorities. And you'll see that I can tell you is that our commercial pipeline is at its highest, notably in the U.S., extremely high and as Philippe said earlier, when we set out our ambition, we set ourselves an ambition back in 2022, almost 4 years ago to deliver between [ EUR 0.9 billion and EUR 2 billion ] in 2027, and Philippe confirmed that ambition earlier. So yes, we must really look at the facts, the market, Walmart is bigger than the others, but will drive the market forward. And the figures would tend to support our forecast. The U.S. is driving the group's growth and we'll continue to do so. I think I've covered your question.

Just I was just doubting your ability to grow in the U.S. So growth drivers and to grow in general.

It's possible. Well, what's sure is that we'll announce it. We'll be announcing contracts in the U.S. for sure. So the option to say that we're not going to announce contracts in the U.S., well, it doesn't exist in my mind. So it will happen now. The share price weight to bounce back that's not sure. Today the argument that drove the short sellers that push the share -- is the acceleration of Walmart, creating a loss because the contract is accelerating. Technically, that's true. But the facts will prove right. Well on that argument, which is misinformed about the company and the market, the market reality is penetration of solutions at 20%, and Walmart represents about 7% of that potential market, and everyone's anticipating an increase of the penetration rate from 20% to 50% in a few years' time because it's plain, the penetration, adoption takeup is accelerating. And it's not a contract, even if it's a very significant, representing 7% of the market is going to exhaust potential of a market where there's still 80% to be equipped. It's a question of proportion. So I think that fairly soon the facts will overcome the arguments of the short sellers.

You haven't really answered the question I asked earlier. And when I don't get an answer to my question, that fuels my concerns. Here's my question. At what price Walmart will be able to buy the shares? And what is the share of the total share capital? So we can appreciate how much dilution this will cause.

Now the share price has already been approved at an AGM. EUR 112. That much is clear. Now we talked about the warrants that they could potentially exercise if Walmart spends EUR 3 billion in its business with Vusion, they could get 10% of the capital. At this stage, the equivalent of the 10% is about 7 million shares. And to date, the potential of the [indiscernible] exercise considering what they've already put in, it's about 2/3 of that amount bearing in mind that they've already exercised 650,000 warrants, which they sold last year and the dilutive impact will be reduced as a result of the resolutions that will be presented today. The goal of these resolutions is to help provide these shares using treasury shares. One last question maybe before we move on to the vote on the resolutions.

Hello, Chair. There's something I'd like to understand. What's the name of the company? In the notice of meeting, Thierry Gadou signs the address by the Chairman of the -- the Chairman, the CEO, but did you change the corporate name? Is it Vusion S.A.? I have not seen a resolution to that effect. What's the name of the company? Is it Vusion Group?

I think you'll find it in the annual report. The company name is Vusion.

There has been a change or maybe this is simply the trademark?

No. The brand is Vusion and the name of the company is Vusion Group. Just a slight difference between the brand, which is simpler to pronounce than the company named Vusion Group. I hope that answers your question. We're a little pressed for time. One last question.

Chairman, good morning retail shareholder today. We're in an environment where inflation is on the rise, is that a strength for Vusion or is it a headwind? We'll maybe see that for people, greater need to adjust prices. And the second question on the prefinancing of Walmart, when there are shareholders, usually, there are resolutions that are planned for financing if the Board decide then banks that can finance if need be for loan financing. And so the Walmart warrants, I mean, those schemes are they going -- we're going to see more of them? Or is it just exceptional and will end?

So on inflation. Yes, it's a tailwind. Historically, inflation has always been a factor accelerating the adoption of electronic labels because it increases the frequency of price changes and it becomes very difficult to do manually in stores. So we see that inflation has always been promising on prefinancing. Well, there are two things on prefinancing. There's one fact that it's unique, which is that so as to develop the volume of electronic labels that Walmart wanted to establish in its store, we needed to have a production capability, and that production capacity was fully funded by Walmart that's finance that's supported by Walmart that's not set to be replicated, which is essentially driven by the need to produce a very large number of labels in a short space of time. Another factor linked to Walmart, which down payments on orders. Every time we sell hardwood, the commercial policies aimed at asking in the form of a down payment from the client. The case of Walmart since it's a very big order it generates down payments that are very significant. And so Walmart doesn't differ that is to have these down payments every time hardware is ordered.

Thank you. Thierry, let's move on. A vote on the resolutions. We have 27 resolutions that we need to vote upon. Feel free to come and talk to you over lunch, if you have additional questions. Handing over now to Morgane Le Puil.

Thank you, Chair. The final quorum has now been established. Shareholders present represented or voting by correspondence hold 12,535,853 shares, representing 75.37% of voting rights. We may, therefore, proceed with a vote on the resolutions. Before doing so, we'll show you a short film to explain how to use the electronic voting devices that were distributed to you upon arrival. Dear shareholders, the voting device trusted to you is strictly personal. The number of votes that you hold or represent has been uploaded to the device and displayed on the screen. The only buttons you need to use are these press green to vote in favor of resolution, press yellow to abstain and press red to vote against the resolution. You get to vote on each resolution as soon as they've been summarized. And you will hear, please vote. On the screen, you will see a rectangle that will show you how much time you have left. Once time run out, you will hear times up. This means you can no longer vote. The results will be displayed on the screen, a couple of seconds after the voting ends. During the vote, please turn off your cell phones. And please return the voting devices as you exit this room. Resolution 1. Approval of the parent company financial statements for fiscal 2025. Please vote. [Voting]

Time's up. Resolution carried. Resolution 2, approval of the consolidated financial statements for fiscal 2025. Please vote. [Voting]

Time's up. Resolution carried. Resolution 3, allocation of profit for fiscal 2025 and determination of the dividend. Please vote. [Voting]

Time's up. Resolution carried. Resolution 4, approval of two related party agreements. Please vote. [Voting]

Time's up. Resolution carried. Resolution 5, ratification of the co-option of Lyne Castonguay as a director. Please vote. [Voting]

Time's up. Resolution carried. Resolution 6, renewal of Lyne Castonguay's term of office as director. Please vote. [Voting]

Time's up. Resolution carried. Resolution 7, renewal of Thierry Gadou's term of office as a Director, please vote. [Voting]

Time's up. Resolution carried. Resolution 8, renewal of Mr. Cenhui He's term of office as Director. Please vote. [Voting]

Time's up. Resolution carried. Resolution 9, renewal of Mr. Peter Brabeck-Letmathe's term of office as director. Please vote. [Voting]

Time's up. Resolution carried. Resolution 10, renewal of Franck Moison's term of office as Director. Please vote. [Voting]

Time's up. Resolution carried. Resolution 11, approval of the information relating to corporate officers' compensation. Please vote. [Voting]

Time's up. Resolution carried. Resolution 12, approval of fixed variable exceptional components of the total compensation granted to the CEO. Please vote. [Voting]

Time's up. Resolution carried. Resolution 13, approval of the directors' remuneration policy for 2026. Please vote. [Voting]

Time's up. Resolution carried. Resolution 14, approval of the Chairman and CEO's remuneration policy for 2026. Please vote. [Voting]

No more voting. Resolution approved. #15, authorization granted to the Board to trade in the company's shares. Vote now. [Voting]

No more voting. Resolution approved. Resolution 16, authorization to reduce the share capital by canceling treasury shares. Vote open. [Voting]

Vote over. Resolution approved. Resolution 17, delegation to the Board to increase the share capital through capitalization of reserves, retained earnings or share premium. Please vote. [Voting]

No more voting. This Resolution is passed. Resolution 18, delegation of authority of the Board to increase the share capital with maintenance of share preferential subscription rights. Please vote. [Voting]

No more voting. Resolution adopted. 19, delegation to the Board to increase the share capital without [ PSRs public ] after with the mandatory period of offering. Please vote. [Voting]

No more voting. Resolution passed. Resolution 20, delegation to the Board to increase the share capital without PSRs with a priority period that is optional. Please vote. [Voting]

Vote over. Resolution passed. Resolution 21, delegation to the Board to increase the share capital without PSRs through private placement. Please vote. [Voting]

No more voting. Resolution approved. Resolution 22, delegation of authority to the Board to increase the share capital, giving access to equity securities to contributions in kind. Please vote. [Voting]

No more Voting. Resolutions approved. Resolution 23, delegation to the Board to increase the share capital with waiver of PSRs through participants of the savings plan. Please vote. [Voting]

No more voting. Resolution is rejected. 24, Authorization to grant free existing or newly issued shares. Please vote. [Voting]

No more voting. Resolutions adopted. Resolution 25, amendment of the terms of the warrants issued to Walmart to allow their exercise through the subscription in the event of an exercise of those. Please vote. [Voting]

No more voting. Resolution is approved. Resolution 26, concerns the environments of articles concerning director's terms of office. Please vote. [Voting]

No more voting. Resolution is passed. And last, resolution 27, powers for formalities. Please vote. [Voting]

No more voting. Resolution is approved. Thank you.

Thank you, Morgane. Thank you all for participating in our Annual General Meeting. Let me remind you the 3 main messages, 2025, an extraordinary year, driven by innovation, industry-leading outstanding operational execution, strong financial [ discipline ]. Second, we continue our journey of profitable growth in 2026. And the period ahead very attractive medium-term prospects for our group. Physical stores returning to the center of omnichannel retail transformation and Vusion is at the forefront of that transformation and apologies because I made a huge blunder here. No -- the coffee -- sorry, see you for those interested. I'd invite you to join us in two weeks' time at VivaTech, Europe's leading tech event taking place here in Paris from June 17 to 20. It's an outstanding VivaTech this year. It's 10 years of VivaTech so there will be great animation around technology and very -- will be at a very central stand presenting all our innovations that you've heard about today. And I look forward to welcoming you and there'll be refreshments. Thank you all for your attention. [Foreign Language] Paris Expo. Thank you.