Worldline SA (WLN) Earnings Call Transcript & Summary

Good morning. Good morning, everyone. I'm Gilles Grapinet. I am very, very happy to be at this rendezvous with you all. I'm very grateful that many of you could actually be with us in person this morning. And I welcome, of course, online many, many other attendees of this Worldline Capital Market Day 2021. And before opening the event, I would like first to welcome and thank our new Chairman of the Board of Directors, Bernard Bourigeaud, who is with us this morning. And Bernard has been having long ago this intuition and vision that something big could be done in European payments. And actually, I'm very, very happy by the turn of event of business life, we can pursue this journey together. And I cannot hide, today, you have here with me and Marc-Henri most of the key people that are actually making Worldline what it is and that what it will be and while delivering the Worldline magic over all these years. I hope that you will really enjoy interacting with them, listening to them, and you will feel probably the passion of sharing our vision for this company. And I cannot hide that we are very, very happy and eager to share with you all what is this new Worldline all about, what are the strengths, competitive differentiators and where we want to bring it in the coming 3 years and even beyond. And let me start maybe by saying that we are more ambitious than ever for this great company. Now that the worst part of the pandemic is clearly behind us and hopefully, will stay so, we can actually unleash and reveal the true power of the company we've been shaping over years. And we strongly believe, and for good reasons, that we are ideally positioned in this hyper-favorable European market environment. And we've been shaping this company, and we will push you doing so to take advantage of these massive trends that are transforming the European payment ecosystem. And we want to drive you beyond the financial of the next 3 years and some immediate action plans that we are going to deliver on our wider vision. Our payment company today in the 21st century at that moment in time can actually really be transformed to be a premium global Paytech born in Europe but progressively expanding everywhere else. And in particular, we want to share with you our vision and our strategy to take advantage of the unique platform we are building at the very heart of Europe in terms of ability to capitalize and even monetize further the unique access we have created today to circa 15% of the European merchants everywhere. But first thing first, and let me maybe start by sharing with you a bit of our track record over the recent years. And maybe I will start by that to help you understanding where we are, where we come from and what we've been doing to shape the company. In June 2014, some of you in this room were already listening to us during the IPO time. And we listed Worldline by then 7 years ago with 2 very clear commitments: one was to accelerate the growth of this company, and the second one was precisely to be an active participant into the consolidation momentum that we were seeing coming in the European payment landscape. Actually, if we look back through a very powerful combination of both organic transformation and M&A, we've been multiplying the revenues of Worldline by 3x, of course, ex TSS. We've been doubling the organic growth of the company in terms of rates from low single digit to high single digit. We've been improving the OMDA of the company by more than 700 basis points, despite the dilutive impact of each and every acquisition we did during this period of time. And we've been actually multiplying by 4 in absolute term the OMDA generated by Worldline. I think it is not unfair to state that we've been strongly delivering on these IPO commitments, creating a Pan-European leader with an unmatched scale and reach and really covering the full payment value chain. I think with strong processing capabilities associated with a strong merchant acquiring and acceptance firepower, which is a model that by then was seen as a bit of a point of discussion should we have both legs in one company. And clearly, this is the leading and winning model these days since everyone else has adopted it, both in the U.S. and in Europe, as you can see, with all the leading companies. During this journey, we've been enjoying, and many thanks to you, and I mean, not only the ones in this room, but all the ones listening to us, I think invested at a point in time in Worldline. We've been enjoying a very strong support from the financial community. You've been really with us when we presented to you some big capital increases like the one we did with SIX Payment Services or with Ingenico to allow this company to be transformed and become what it is today. And thanks to this support, we've been also able to deliver a very good return for the shareholders. Someone that would like me who would have invested in -- his whole money in this company in 2014 has been enjoying so far a 23% annual return, which I think is a very solid return for investors. But whatever good may have been this trajectory from a pure financial standpoint, it is much less impressive than when you look at it from a pure business standpoint. This is where I want to drive you on the next slide. On the next slide, what you can see is that we've been doing 2 transformation in 1 in this journey. We've been transforming for the group profile, the weight of the different activities, and we've been absolutely drastically been improving the weakest point of this profile some years back. I'll come back on that in a minute. First, we did transform very strongly the group profile. Merchant Services, which was less than 1/3 of the top line at EUR 400 million 7 years back is now a EUR 2-plus billion turnover business, representing 2/3 of the top line of this company. And this is the fastest-growing business entity of the group, weighting 2/3 of the group profile. Second is, of course, Financial Services. Financial Services has seen its own size multiplied by more than 2 during this period of time, and it is the most profitable business of the group. This is in terms of transformation of the group profile, which is strongly associated with a real step change of our key business units trends. We knew when we started this journey that we had to meet 3 objectives for Merchant Services: one was to de-expose the company from an excessive concentration in the Benelux; second was to drastically improve our online and e-commerce exposure; third was really to ramp up the portfolio of merchants as fast as we could to create this unique platform in the middle of Europe. I think we've been, so far, pretty solidly ticking all these boxes. Benelux is just one country amongst many, and we have created absolutely many, many leading position in Germany and Austria, I will come back on that, in Switzerland. We are #1 in so many countries or a very strong challenger everywhere else. We have been multiplying the e-com business by circa 6x since we listed the company. And today, with EUR 800 million, this is 1/3 of Merchant Services. And it is also having strong, strong importance within the FS business through PSD2 and the e-com-related activities of the processing entity. And last, of course, the portfolio of merchant has been grown by 15x, 15, 1-5, over this period of time, creating the most important merchant book today, accessible in Europe in one platform. Of course, some goes to a very large extent for the financial processing business. FS has been ramping up not only in terms of revenues, but as now the most impressive industrial KPI of the entire Pan-European landscape. Whatever metric you may look at, card under management, non-card payment process, digital banking services, Financial Services of Worldline is head and shoulders above any other competitors. And this is the part of the business where scale definitely matters the most by a big distance. In a nutshell, we've been really moving what was a regional challenger to a genuine to the Pan-European leader of today. And these are only the figures of 2020. It happens that we closed Ingenico November 1, 2020, and we've been pretty active and actually, highly successful in 2021 in terms of additional M&A that are not computed in these figures that I shared with you. And if you look at what we've been signing and that we are in the process of closing that will contribute to the plan for 2022 onwards, it is actually a very significant addition to our business. This slide reminds you the 4 acquisitions that have been signed since the closing of Ingenico: the acquisition of the merchant-acquiring books from Handelsbanken in Sweden; the one from BNL, the subsidiary of BNPP in Italy; and of course, ANZ in Australia; and the recent closing of Cardlink, the largest acceptance and network payment provider in Greece. If you combine these 4 acquisitions and to look at what it means, this is an additional 375,000 merchants that will join the book somewhere between the end of 2021 and early 2022. It is representing EUR 120 million of additional OMDA, including circa EUR 50 million of run rate synergies. And this is plus-15% of Merchant Services revenues [ and MSD ]. I think we've been probably winning 3 out of the 4 best portfolio available for acquisition last year, which is telling you that not only we were able to run the strategic review of the terminals to actually start the integration of Ingenico but keep a very active focus on M&A last year, which is not a new feat. And all these acquisitions have been done at a blended multiple, including synergies, which is circa 15x, not overpaying anything. And last element, if you want to compare it in our -- I recognize the story of Worldline goes fast, but for the ones who have been following the story, these metrics that are on this slide are more or less equivalent to what SIX Payment Services brought to Worldline end of '18 when we closed the transaction. It is that big. These 4 bolt-on acquisitions are that big. So talking about it, by the way, and talking about the geographic footprint and reach of Worldline, it's very important that you capture what we are today. Today, the rich and diversity of presence of Worldline in Europe is generally unique at this stage of the European consolidation. To our knowledge, no other payment company can claim to have so many leading positions and/or significant challenger position or business presence in so many countries than what we do. We are today #1 in merchant acquiring or processing services jointly or separately in Germany, Switzerland, Austria, Belgium, Luxembourg, France, of course, in FS and for the acceptance business. And we have now very solid challenger position in the Nordic countries and also expanding in the southern part of Europe with our recent acquisition in Greece and in Italy. Let me pause one second here. We are building a network, a platform that is spanning to connect everyone in the payment ecosystem to everyone else and in particular, to provide a unique access to 15%, more than 1 million individual merchants all across Europe. Nobody else has built such a piece of infrastructure in payment in Europe because Europe was so fragmented. All these merchant books were scattered in hundred thousands of pieces below domestic banks most of the time. We're actually taking that and putting that on one single platform. That is genuinely unique, and you will see what we will do with that. So I want really to pause here on this chart, so you understand that beyond the nice risk type of mapping, what is below is a very powerful vision to create a platform play. Worldline being at the center of the European ecosystem, allowing connectivity from anyone that has something to push in the payment ecosystem to this unique platform that we are creating and through us to access the retailers. Marc-Henri and the team here will come back on that vision later on, but more than the vision, it is in motion. We start to execute, and we have very, very many examples of the way it start to pay back. By the way, as I am on a chart about Europe, I thought appropriate to help you also to grab the specificities of the European payment market because sometimes it is easy to look at payment as being a global thing. Payment is anything yet but a global market. Payment is fundamentally a regional play. And when I say region, I mean U.S., North America, Europe, Latin America, all these are having different players, different leaders, different structure, different regulation, different payment methods and different cultural components sometimes. It is important to understand that, yes, there is a trend to globalization, but it is a long way to go. Europe is still special. And it is, if you want, my take on it, one of the very best places to be in payments and for good reasons. And rather than a long speech, I've been shaking with my hands and my team a bit of a comparison. So as you can really understand it better by comparing it to the very well-known North American market. Why is it so good to be in Europe? Because if you look at it in comparison to the North American market, I want to pinpoint here the main positive differences of the European payment ecosystem for a payment company like us. First, our European market is still, when it comes to retail payment, pretty much cash-driven. Before the pandemic, more than 2/3 of the retail payment transaction in numbers were still done in cash or in checks in average in Europe. It means that the cashless trend, which is strongly boosted by the COVID, here in Europe is still a very powerful structural growth leader. Through contactless, through e-com developments, through the first equipment sometime of some merchants in many countries, like in the southern part of Europe, things are actually getting much more traction than in the U.S. by themselves, just the natural growth of the volumes. Number two is that it is a market -- and just on the first point, by the way, I mentioned our leadership position sooner. It happens that the key leadership countries -- the key leading countries of Worldline are not only the wealthiest economies in Europe, Germany, Switzerland, Austria, Benelux, but like Germany, Austria and Switzerland, these are also the countries where cash is still king, where you can actually have still millions of people that, for cultural reasons, were loving paying with bank notes. And this is fading away very fast. We have leading position in the key countries where cash was still having the lion's share in retail payment, and this is transforming at the speed of light. Second reality of the European market is that it is still relatively fragmented in terms of players. Despite the first wave of consolidation, we estimate that there are between 50%, 60%, depending on the type of activities you look at, of the activities that are still with local banks. Let's keep 60% or 50% in mind, but still, half of the business is done locally by domestic banks still pushing acquiring services to merchants. And we estimate that roughly it is more or less the same in terms of in-source processing activities. So versus the U.S. market, which is much more consolidated for a good decade already, there is much more to be displaced through M&A, JV's, partnership, name it, to take place in Europe. And third, it is a continent that is still more complex to navigate than the U.S. market. The U.S. market in terms of payment brands and scheme is pretty homogeneous these days. It's not the case in Europe. In Europe, you still have numerous local domestic schemes and also cultural behaviors that are making it a country-by-country play. The value of Worldline is to have been built bottom-up. We have been buying domestic positions that we are progressively globalizing and industrializing. This is making a very big difference because this fragmentation of the payment brands and payment scheme in Europe is also explaining why it is a continent which is much harder to penetrate for the new entrants. And if you haven't been wondering why some of the names that became very big very quickly in the U.S. are basically nowhere in Europe, it is because of this complexity to access the domestic payment market of Europe where you have to connect to so many different payment schemes and brands and adapt yourself to different behaviors of the merchants. In a nutshell, our playground today, contrary to the U.S., is much less mature as higher structural organic growth ahead, higher structural M&A opportunities ahead; is having a naturally protected barrier against fast disruption; and last, is definitely a continent in which you can play an aggressive market share gain play against: one, cash; number two, the legacy domestic bank players. This is really a few comments, high level, and let me now get down to a more granular level to talk about the main trends that are reshaping the industry because, of course, it is not a standstill continent. Many things are also taking place in Europe, and we have been having creating Worldline to take advantage of these massive trends. And we have very clear plans on the way we want even to go further by leveraging these trends. Actually, 3 of them: one, the increased complexity and constant enrichment of the payment ecosystem in Europe; number two, the differentiating value of being a technology player in Europe these days; third, the constant increasing need of the merchants for having one-stop shop contract with players like us that can serve them in omnicommerce, both for online and off-line, in as many countries as feasible. On the first point, long story short, there is a common belief sometime. Complexity is good for us. The more payment brands, the more payment solution, the more payment means we can have in a given ecosystem, the richer is our value proposition for the merchant, because this trend is creating a very high level of complexity to be managed by the merchants at their point of sale. A few years back, only 3 or 4 payment means were enough to run your business in Europe. Today, the typical merchant we support will need to operate between 20 to 30 different payment methods, if they want to be able to accept any payment from any customers. And this is constantly growing. Think just about the names you've been yourself witnessing popping up in your daily life, Google Pay, Apple Pay, Alipay, WeChat Pay, name them, prepaid, restaurant vouchers dematerialized and so on. This is the reality. Complexity is growing. And guess what, it is exactly why we build this company. It is to be the single point orchestrating all these different payment methods and allowing your merchants to forget about the complexity, to just be in a position to say to their customers, you can pay with anything. It goes through Worldline. Done. We manage everything. Single-reporting delivery of the cash, exception handling, guaranteed compliance with the regulation, next innovation, next deployment, we will take care of it for you. And you will see that with the team in Merchant Services, big time. That's number one. We bring more value to the merchant because the world is more complex. But number two, it is there that the platform play start to be interesting. This is the good old time where you were having one domestic scheme and Visa and Mastercard, and that was it. Today, all these dozens of payment brands are competing to get access to the merchant, to be exposed to the payers. They compete to access the merchant. Who is providing access to the merchants in the real time? A company like us. And so it is twice good. It is good because we give more value to the merchant, but it is good because we also provide value to the payment brands and schemes. And if you ever wonder why Worldline was invited to join API, it is because when you want to launch a payment brand in Europe, guess to what door you want to knock? To the guy that is able to bring you quickly to 15% of the merchant and the growing number that we've come in the coming years. That's number one, for sure. And we have plans. We want to pursue actually leveraging this position. Marc-Henri will come back on it. We want to sign new partnerships, new referral agreements, new distribution agreements with all these fintech payment brands, payment schemes that want to be deployed and be integrated fast into the merchant ecosystem. Number two is technology. Same story here. Given what I say is sooner -- oops, sorry, let's stay on the first one first. Technology is super important. Long ago, technology was not the point. Even banks could run a payment business because you are having only a limited number of payment schemes to operate and the technology, the form factors was pretty stable. It was off-line payment with a domestic scheme, a couple of international lookouts, done. You were outsourcing the processing to a company like us, and the distribution in the domestic market was the name of that game. You were not differentiating with the technology at all. Today, given what I said, but the super-fast development of all the different form factors, omnicommerce, online, in-app payments, terminals, terminal becoming smarter, technology at scale has become a super important differentiator. And this is where that a company like Worldline is not by chance becoming what it has become. We are having a very deep tech DNA. We are adding 7,000 people daily working on payment tech. Nobody else in Europe can have such a firepower. Architects, engineers, developers, cyber experts, data scientists, integrated managers, project managers, all these guys are making the difference with the rest of the legacy ecosystem. We just go faster with more power, and we can integrate much more. This is there also that you will see that we have plans to accelerate our investment in technology, to accelerate our R&D road map, to go into a much more open innovation, to connect us with much more third parties, and it is an integral part that Christophe Duquenne and Marc-Henri will touch upon. Third big trend is actually the international reach. As Europe became a single market, it is also progressively thanks to the harmonization of the SEPA becoming also a single market for payment operators, if you have the capabilities, the physical presence and the technology to deliver it. And all the very well-known international brands, Tier 1 and Tier 2 international brands from ITA to LVMH to [ Relay ] to Subway to McDonald, these days have all been launching Pan-European RFPs to put under one roof their online, off-line payment means for as many countries they can do. We have been shaping this business to go after these standards. And this is having a structural consequence of the market, which is very simple. Keep in mind that more than 50% of the acquiring business is still done by domestic bank in one only country. All these banks cannot even qualify to answer for these RFPs. They are doomed to lose the corresponding volumes each time one of its RFPs is actually signed with the players like us. And the number of guys that can actually deliver a Pan-European value proposition in 15 countries for online and off-line payment with all the payment means I've mentioned are less than a full. And each time we win, we or someone else, we just displace all the volumes in all the countries that were historically with the local acquiring banks. It is that simple. We gain market share every month, and the success of the commercial activity of MS in that particular segment, as you will see, is just impressive. Of course, we will pursue trying to expand in the coming years our geographic presence because you need to have geographic presence in many countries to be able to support these brands. It is all the story behind our play of bolt-on acquisitions to pursue ramping up. But also, signing new acquiring partnerships in certain countries are gaining ourselves some new acquiring license in certain geographies to constantly enrich our ability to follow this international merchant needs. Now it is time for me to share with you the main pillars of our 2024 vision in Worldline with all these elements that you will, of course, find into the main levers through which we will accelerate growth, boost profitability, pursue, of course, actively the consolidation and start really to leverage by more innovation by orchestrating and monetizing this pretty unique platform that we are creating at the very heart of the European payment ecosystem. So first strategic priority is definitely to harvest what we've been building over all these years and really to make a step change into our organic growth potential. First engine will be the natural acceleration of the cashless trend. Don't come back on it. Post-COVID, everyone can see every day in your life that we are just paying more with electronic payments than before, and the guys you see around you are just tapping their card in contactless, going more often to e-commerce. It is just the reality of what we experienced, and that is, by the way, standing behind our current performance. That is the engine number one. Engine number two will be the acceleration and transformation of our e-com and online exposure to a much higher growth through the work we do on our own platform. But also to the fact that in the coming 3 years, we anticipate a strong return of international travel that will fill our e-com exposure, which was quite actually exposed to travel. And that is in 2021 actually suffering from the lack of real international travel still due to the COVID, but this should recover progressively upon the next 3 years and also support a strong acceleration of our e-com. Third, of course, as you will see today with the entire MS executive team, we have built very powerful vertical accelerators and special accelerators to leverage the Merchant Services enormous platform that has been created over years. And this will be a very strong accelerator of the MS business itself, which is remind -- I remember, 2/3 of the top line of the group. This is number one. Number two is boost profitability. The profitability of Worldline, as mentioned, has been progressing by 700 basis points. We have a huge ambition to pursue progressing it by a further 400 basis points in the coming 3 years. We'll come back on that in a minute. And we have 3 levers here. As you will see through Eric presentation, the operating leverage of the company will significantly scale up in the coming 3 years, thanks to the pursuit of the work we will do on the synergy delivery and the constant efficiency improvement. And I think that Eric and Lisa will be very precise about what we do here. Number three is, of course, this ability to innovate more, orchestrate and monetize our extended connectivity. I don't want to be long here, Marc-Henri and Christophe and Vincent will come back many times on it. We want to create literally new revenue streams by monetizing this privilege access we have created to the entire European payment ecosystem. Whether you have something to push to merchants or banks, you can go to Worldline. It makes your life easier. It makes your business faster. And ultimately, there is a value for that, that we want definitely to capture. Last, of course, is consolidation. I have a full slide on it. Keep in mind, as you have understood that consolidation in the game of Worldline will stay important in the coming 3 years. We become already something big. We can make it even bigger and better by pursue our M&A strategy in different directions that I will precise in a minute. And last, of course, because it is a signature of this company since we did it with Marc-Henri, clearly, we will do all these actions to support growth acceleration, profitability improvement, being an active consolidator and starts really to orchestrate and innovate and monetize the assets we are gathering together with a constant focus on CSR. Regarding growth acceleration and profitability improvement, we will deliver 9% to 11% CAGR growth over the period 2022 to 2024. We will improve our OMDA margin by more than 400 basis points, and we will generate an OMDA conversion to free cash flow of circa 50%. If you do the math, you will see that this will drive Worldline to be, by the end of 2024, a company of circa EUR 5 billion-plus with EUR 1.5 billion of OMDA and half of it being free cash flow. This would, in 3 years' time, do much more than replacing the TSS business and definitely positioning this company in a very, very privileged position in terms of size, industrial power and access to the European ecosystem in this period of time. That was the organic plan and the organic guidance. Now if you look at what we will do in M&A for the sake of -- sorry, this was the organic guidance. Pause one second on it, so you can take note. 9% to 11% revenue CAGR, above 400 basis point improvement over the period trending towards 30% OMDA margin and circa 50% OMDA to free cash flow conversion. Moving to M&A. As I said, the European market in particular, but not only the European market, offers a lot of consolidation opportunities, in particular, given what we saw in 2021. And the numerous deals we signed are just a proof point that banks are actively this engaging. They recognize need for more technology, the complexity of the ecosystem, the need for international reach. I just cannot cope with that. So they sell, and they partner. And our M&A focus will precisely be around 3 priorities: first, land and expand, opening up new geographies as we did in 2021, going after small- to medium-sized acquisition because it is the only way to create the patchwork of countries you need and then to convert them into your platform. And we will, of course, reuse our very proven friendly bank partnership approach and the fact that we have also created a dedicated second M&A team in the company called MS for Financial Institution, Merchant Services for Financial Institution partnerships, that I think, Nik Santschi, the Head of Payone, will present later today. Second category of targets will be acquisition of targeted technologies or products because we believe now that we can distribute much more efficiently on a more streamlined and integrated platform. And third categories of target will be, of course, more transformative acquisition. Let's say, medium- to large-sized targets, whether it is with a very large remaining European bank or with some pure players as we did through the Ingenico or the SIX Payment Services or equens transaction in the past. So you can expect from us a very continued focus on M&A., taking advantage of the very strong and recognized know-how of this company, very much bank-friendly positioning in the ecosystem and our unique ability to also strike flexibly and with agility, made-to-measure transactions to accommodate the specific situation that you face very often in Europe, which is definitely a continent where one size never fits all. And last, we will stay highly focused, as I mentioned, on ensuring that Worldline, which is today a recognized leader in CSR, will stay so. We all know that we have a duty to the world, a duty to the environment, a duty to all the stakeholders. You cannot play such a long-term industrial game, if you do not act responsibly in everything we do. We have a program called Trust 2025, which is following the previous program, so this is a huge success TRUST 2020. We are ranked by all the independent agencies and evaluation bodies that you can know in this CSR segment, which are positioning us at the very top. It is a constant progress of everyone. That's good news for the world. And of course, there's a constant pressure to pursue getting better yourself. We will do so. You have a few samples of the KPIs we constantly measure. And keep in mind that this is strongly ingrained in the company culture. Our compensation scheme as executive is actually directly connected as much as with business KPIs than also to CSR KPIs. And to be vesting in particular the long-term incentive plans for free shares or stock option in Worldline, we need to deliver on this as we need to deliver on the business. I thank you for your attention so far. We'll be happy to come back for the concluding remarks before taking your Q&A. And it is my utmost pleasure to give the floor to Marc-Henri who has been with me in this journey since the very first day. Marc-Henri, the floor is yours.

Thank you, Gilles, and good morning to you all. Indeed, building a premium global Paytech company with Gilles, with Eric, Christophe, Vincent, Michael and all our team, it has been so much work for so many years. And we are extremely excited today because we feel that through all this work, we are ideally positioned to make it happen and to take the full benefit of it, and that's what I'm going to talk about now. Start by positioning, indeed, this journey into the current payment ecosystem. This is an environment which is moving, and the various components of the value chain that you see represented here face very different trends accelerated by the COVID and obviously, more importantly and more fundamentally, by the digital transformation of our society. Starting with consumer, they expect a digital, seamless and now more and more contactless experience. And of course, they force merchant to accept payments in whatever channel, but also what payment method brands the consumer may have chosen. And indeed, the area of payment brands and associated fintechs, value-added services is an area of huge investment. We are talking here about tens of billions, maybe hundreds of billions over the recent years that have been poured into this domain. And as a consequence, you have a lot of newcomers that are competing with more installed players to find their access to the merchants, and this is a lot of energy, which is deployed there. Acceptors, of course, in return, into allow this payment means, and you have also a lot of newcomers in this domain. But we tend to focus these newcomers on some specific merchant segments, while acquires themselves under a trend of consolidation for scale and reach like we did. And issuers on their side are looking for a solution to manage all this complexity as 3,000 banks only for Europe and they are all -- each one of them now overwhelmed by the complexity of the payment ecosystem and not able to cope with it simply internally. And finally, schemes and settlement systems at the core of the value chain, still dominated by the big international card schemes but facing more and more emerging alternatives like instant payments, API or cryptocurrencies and that are often at the core of your new payment breeds. Clearly, our strategy is to position ourselves as a center of this complexity, bringing the school of platforms, the scale, the reach for all merchants, banks to be in a position to offer the right service to the consumer. And being the ideal, the single entry point to all these payment means brands that are competing to get this access. And I'm going to continue explaining a bit this further. So indeed, what stands behind our vision of a premium global Paytech company? What stand beyond this role of orchestrator? With the right mix of local and global payment brands, which is in the DNA, which is deep in the story of Worldline, and Vincent will come back to that, we managed to send over 1 million merchants. This makes us extremely attractive to any new payment means, which, in return, enrich our value proposition to the merchant. It's a virtuous circle. So more payment means you have the more attractive you are to the merchants. The more merchants you get, the more attractive to the payment means. And it is a dual-sided market, and we intend to monetize from both sides of this market. What makes sense for merchants is obviously relevant as well for the banks. I said, they are too small to handle this growing complexity and specialization of the payment market. So I think not only the biggest European scale in processing, we shared with that many times with you, we have also now accumulated a lot of transversal outsourcing deals with banks, which reinforced our ability to cover the full value chain of payments. And now we can handle all the complexity for the financial institutions through the payment world. Of course, we are able to do that because we worked on our payment platform. That has the needed scope, the needed scale, both for online and in-store, which is a particular IT of Worldline in this dimension, and Gilles already mentioned it. And we now need to converge further on this solution the globality of our transactions, of our accounts and to develop even always every day the openness and the scalability of this platform. So platform is at the core of our open innovation strategy. I will come back to that in a dedicated slide. And if we can develop it and sell it so well in this very competitive market, it's because we have worked on concentrating a talent pool that we selected in each one of our accumulated acquisition over the past years. And we also benefit from the synergies of these acquisitions, the 3 people to develop further new features. So in this road to the next level, our integration capabilities, they did grow a lot over the period. I will come back to that as well. And they help us to secure, not only an accumulated ongoing integration but to be in a position to add an additional one. And as Gilles, I think, made it very clear to you, we have no intention to slow down in our integration journey. But let me zoom one minute on Merchant Services. On Merchant Services, it's very simple. We are connecting today more or less 15% of European merchant to a very complex environment in terms of payment method and value-added services. And what is very important, we do it with very local payment solution and also with global one in a cross-border way, so we can really handle the specificities of local Europe and its globality. We do it in-store. We do it online. In each and every domain, we have outstanding volumes and capability, and we do it more and more omnichannel, combining both. As we shared with the MS team, there is no big tender in the merchant domain today that is not both online and in-store. And we offer to our customer, of course, the benefit and the scale of the consolidated platform. Last, but maybe not least, probably the most important element. We have organized a go-to-market to optimize sales. Tools and solution by segments, small merchants, each big verticals, digital native players, all this has been optimized. And Roger is going to come back to it. As a logical consequence, this strength is positioned very well as the alternative for the banks to their internal systems. Gilles mentioned these 3 out of 4 score towards the recent year. I think we are extremely attractive in this moment when it comes to forming a partnership. And banks are looking more and more not only at monetizing their merchant book, but more importantly, having the best partner to serve well their customer and make sure that when it comes to payment needs, they work with the best and their customer are never disappointed. And banks, we have a very local customer, and we need to handle this state. For our Merchant Services activity having many merchants on all channels and geographies, it really allows us to monetize the access to payment brands and overall value-added services and, in return, increase our attractiveness to win new merchants. And this position -- really, this orchestration strategy is absolutely central to our strategy, and our intention is absolutely to develop and continue working on it through scale, reach, openness and scope. But Vincent and his team are going to be more explicit on that. As I said, what work for merchants works as well for banks. In Financial Services, we have built the biggest Pan-European digital payment factory. Same thing based on the Worldline modular platforms. And for banks as for merchant, the name of the game is handling the diversity of the payment means. We face customers that have very high demands. We face the burden of compliance. There is someone who is able to handle this at scale, at pace in terms of innovation and integrate always more solutions for them. So we get -- we help them get rid of the OpEx and CapEx linked to their historical activity to their internal substrate solution. And clearly, you need to have in mind that the virtual circle is playing here as well. The more outsourcing deals we have, the more reach, the more coverage of their needs we are accumulating through new deals, the more attractive we are to them. I think I don't need to be much longer on banks. So Alessandro and Michael are going to come back to it and will give you a bit more details on this momentum. Now platform and technology. Clearly, we have built our one modular platform inside Worldline. We did it by selecting the best asset of each and every acquisition we did of what we had also historically in Worldline, and we combine them. They are live. And we are working on converging our clients and our customers our transactions on this platform. Christophe will come back to it. He will show you layer by layer, domain by domain, each of the choices we made. But what's very important to have in mind, it's there, it's live, and we are able to price and to offer as per this target model. Obviously, it is relying on a very strong technology road map in terms of cloud technology adoptions and building the right interfaces, the so-called APIs. It needs a lot of discipline, but it is the way we can reach the scalability and the openness that is needed to work in this very complex ecosystem of payments. And we have the ambition to work with the vast complexity of the full ecosystem. Christophe will come back to it, and he will make it very clear to you. Maybe now a word, indeed, I was talking about this complex and open ecosystem about our logic of open innovation. That's a very important choice we made in Worldline, and we need to make it clear to you. It's clearly a two-folded approach. First, we concentrate our efforts internally on our core payment services, working in particular with Worldline Labs into 3 main streams: interface and experience, trust and security, production and efficiency. And then this work is used with the business units to develop the best solution and to integrate innovation and be in a position to aggregate all these alternative payment method, cryptocurrencies, buy now pay later, ISVs in terms of distribution channel or open payment solution, open banking-related partners. We need to be able to connect to all of this but work and develop the best solution as the core. Maybe let me give an example to make it a bit more concrete. We have developed a concept of universal QR code that a merchant can display on his payment device. And it is very simple and secure for him, but it opens the door to many partner and connected payment methods that use the same QR code to trigger the payment experience. It is seamless. It is simple. It is highly secured. And it is because we master well the core of our technology and the value chains that we are in a position to create this openness to the full industry. Our logic of open innovation implies to relentless research for new partnerships, of course, the fundamental research with universities, okay. But more importantly, with all the fintechs ecosystems. We work through hackatons. We work through a business team, relentlessly searching the market, observing evolution and aggregating with partners. And that is something we are doing again and again. This allow us to leverage the innovation of the full payment world. You see the names on this slide. These are only a few examples of the hundreds we are working with. As I said, there are billions -- hundreds of billions that are invested in this ecosystem. And we believe the only smart way to bring the full innovation to our customers is really to concentrate our own internal efforts to the core and then to leverage and connect to all the peripheric players, and that's what we are doing for the benefit of our banks and merchant partner. Now all what we have built on, these entry points, this reach these platforms, it is a result of our various acquisitions. But also and primarily of the way we did this acquisition, we integrated this acquisition with a very determined and focused method. And that's what we call our playbook. It's scalable, it's repeatable, and it's really a very strong know-how for Worldline. It's fueled by a strong and knowledgeable integration team, led by Lisa Coleman, that you will see on stage in a minute. We maintain the knowledge. We enhance the methodology deal after deal, and she has grown a talent pool, integrating key people from the acquired business into this organization and continue to regularly enrich the group expertise. So we have a way marked path regarding consolidation, integration processes. It allow precise implementation and tracking of the synergies until their complete execution, so over the years of the plan. And we always organize it with a very clear accountability of business manager already in the pre-integration phase before the closing, but as well until the very end of the synergy plan for the delivery of the synergies and, most of the time, for their overachievement. We have applied with success this integration playbook to all the acquisition we did. And as mentioned by Gilles earlier, usually it ends up with overachievement. Now if we talk more widely about our people. Our recent acquisition, this approach, as I said, it permitted us to strengthen and deepen the talent pool, the management team by selecting the top talent. We have also continuous work through the synergies of freeing up experts and position. And given the momentum of the market, the ambition of the investment, we are reusing them to redevelop future projects, future solutions. And I think I talked a lot about platform's market position. But I think it's meaningful I conclude my part as well with people as they did the difference in the past. They will continue to do the difference in the future. And we believe, given the tension on the market right now, the war for digital and payment talent, having accumulated this expert pool is a strong differentiator that is going to make a very big difference in our journey. Now let me give the floor over to Eric, our Chief Financial Officer, to give a bit more financial color to our story. Eric?

Thank you, Marc-Henri, and good morning to all of you. Before going through our detailed midterm plan, I will start by introducing to you the basis of our 2022-2024 strategic plan. As mentioned during our third quarter revenue call yesterday and considering the outcome of a TSS strategic review, we have now to account the business line in asset held for sale with impact on P&L as of January 1, 2021. The change of code relates to -- related to the descoping, and the new basis for 2021 guidance is shown on this slide for revenue and OMDA at group level. This will now represent revenue of EUR 3.4 billion and an OMDA of EUR 800 million for year 2020 continued operation, excluding TSS. On that basis, we built our full year 2021 guidance on continued operation, in line with our full year guidance issued in February 2021. As you can read, the group guidance for 2021 on continued operation corresponds to: at least 6% organic growth in revenue; above 200 basis point improvement in OMDA, margin to be compared to the 23.1% in full year 2020; an OMDA conversion rate into free cash flow of circa 42%, stable versus 2020. Now let's dive into our '22-'24 midterm plan. To start with, I would like to present to you the key midterm drivers of our '24 ambitions. We actually have 4 major categories of driver that guided the construction of our strategic plan. Paramount to this plan, we aim at accelerating our growth globally. But what does it mean precisely? It means delivering on 3 major pillars that I will detail later on. In a nutshell, first, an accelerated growth of our Merchant Services activities at double-digit rates; second, a solid and stable Financial Services growth around mid single-digit rates; third, a strong mid- to high single-digit rate for MTS. In parallel, we will focus on improving steadily our profitability. The basis of this margin improvement is threefolded: first, our embedded operating leverage coming from the accelerated growth rates; second, the execution and delivery of our synergy plan; and third, the benefit of our technology rationalization providing efficiencies. Moving to the free cash flow. It is an important piece of our strategic plan as it will allow Worldline to pursue the payment market consolidation while still investing in the growth of our activities. Obviously, here, the main driver is the OMD accretion, both fueled by our organic acceleration as well as our synergies and efficiency plans. But as important is the tight financial discipline and cash management, but of course, without tempering our CapEx deployment, which is a key enabler of Worldline future growth. Finally, regarding the group capital allocation, we will be very focused on deleveraging trajectory, fueled by a steady expected free cash flow generation. We will continue to prioritize the delivery of our one modular platform. This is the clear market differentiator. Last, and obviously, we'll pursue our consolidation journey as Gilles described to you a few minutes ago. I will dive now on the main building blocks on revenue, OMDA, free cash flow and deleveraging, resulting from the implementation of these key drivers into our midterm financial trajectory. Starting with our main revenue building blocks. As a first component, to provide you a more comprehensive view of our growth contributor, we have integrated in scope the positive impact of the already signed acquisitions on a full year basis, which means ANZ, Cardlink, BNP Axepta Italy and Handelsbanken. On that basis, we expect to deliver a 9% to 11% CAGR in revenue over the period. It represents a massive step up versus our previous pre-COVID organic range between 6% and 8%. In terms of growth contributor, you can see that our Merchant Services activities are the main driver; and Financial Services and MTS are both contributing in the same order of magnitude to the overall group revenue expansion. Starting with MS. We expect the business line to organically grow double-digit rate over the period. This trajectory is strongly supported by the steady business growth feeding the performance. On the SMB market, we expect to grow our merchant base to close to 200,000 new merchants while opening new geographies. Global sales and vertical will benefit from the growth of our Tier 1 customer base as well as from new merchant gains, thanks to our unique pan-European omnichannel offers. Digital commerce will grow faster than the division average, benefiting from e-commerce development and investment in new geographies, allowing us to accelerate our market share gains for additional merchants. Regarding FS, we expect the business line to organically grow mid-single digit over a period. This solid growth is supported by our ability to, first, leverage the volume with our existing clients, while focusing as well on fertilization and renewals; and second, deliver our growth accelerator, focusing on growing markets and product range expansion. Regarding our acceleration in growing market, we expect to capture multiple Tier 2, Tier 3 processing outsourcing deals and some Tier 1 banks outsourcing deals in account payments. On top, we will be opportunistic on increasing appetite of banks for ATM outsourcing, leveraging our proven capabilities. Regarding our product trend, we expect to launch several products leveraging our move to cloud opportunity. FS team will come back on that front later in the presentation. Last, MTS, we expect the business line to organically grow mid- to high single-digit rate over the period. MTS has now a clear focus on its 2 main activities, which are, ticketing, mobility and trusted digitization. Those offering provide significant growth opportunities for the coming years. On top, MTS will continue to develop synergies with Merchant Services and Financial Services, being the digital product provider for the group, leveraging expertise in digital and payment integration and fostering innovation. Here, you have now in a nutshell, the main driver that will drive the group above EUR 5 billion revenue by 2024 with an accelerated growth profile. Be assured that the leadership team and all Worldline talents are focused and dedicated to the execution of this plan, and we are already in full motion to deliver it. Moving to the next slide, illustrating now this accelerated growth -- how this accelerated growth converts into OMDA expansion and the margin building blocks of margin improvements. As for the revenue and with the same approach, you have, first, the positive impact of the integration and scope of the already signed acquisition on a full year basis. Globally, we expect over the period '22-'24 an OMDA CAGR of 15%, leading to a global OMDA margin improvement over 400 basis points over the period. This improvement in profitability translate as followed by business line: Merchant Services, as the main contributor, with more than 500 basis point improvement thanks to the operating leverage derived from the accelerated growth and the delivery of the synergies; Financial Services and MTS offering a good contribution, falling in line with their respective growth profile. FS profitability remaining high, above 30%, when MTS profitability moving up by several percentage points over the period. A broadly stable evolution of our corporate cost will complete this picture in a growing environment, reflecting the benefit of efficiency and synergy plan. Now as importantly, is also the origin of our OMDA improvement that you can see on the right. Based on our growth trajectory and confirmed synergies, we will derive circa 75% of our margin deployment through operating leverage, of which 90% is coming from pure growth and 10% coming from revenue synergies that will accelerate the operating leverage. It represents a full benefit of a past acquisition integration while leveraging the new organization, product offering and unique positioning we have created. In parallel to the operating leverage, we will derive 25% of our margin deployment through the execution of our cost synergy road map resulting from the most recent acquisitions. All in all, when you look at the group OMDA trajectory, what we are targeting is a circa 50% increase between '21 and '24, reaching circa EUR 1.5 billion OMDA by 2024. Now let's deep dive in our efficiency and synergy plan with Lisa, which are a key transversal component of our -- on top of our operating leverage.

Thank you, Eric. Good morning, everybody. I'm really pleased this morning to provide you with an update on 2 areas, which we use to boost profitability. So the first thing I'm going to do when I move the slide forward, because I've just remembered, is to talk to you about the smart program. So the smart program builds on the previous programs that Eric has probably explained to you about, which is TEAM. And it's really a program that's delivered in partnership with our business units, and it's focused on continually and challenging and improving what we do at an efficiency level and a productivity level. It's not just about taking cost out, it's also about a real mindset for how do we go faster, how do we improve our services for our employees, and how do we improve our services for our customers. TEAM, as a program, delivered somewhere around EUR 50 million a year. That's our minimum ambition for smart. Actually, what we expect and what we've built into our plans is with the extended scope of Worldline, then our minimum objective is to deliver around EUR 200 million over the next 3 years, and that will be around 50% of the Worldline operating leverage. So how do we do that? Well, we build it on a number of key levers, and a number of them are on the slide for you. I'll just take you through 3. Some of them are industrialized, and some of them actually respond to the dynamics that we see, both in the environment and within the market. So we are continually refreshing, considering what we can do more and really taking more of an agile approach to change. Even with the industrialized levers, we're continually saying, what can we do more of? And what can we do differently? So the first one is contract and product profitability. So that's an industrialized review of our contracts and our products, really asking ourselves, not only what we can do, but how do we work with our suppliers better. What can we deliver to our customers in a different way? Actually, how do we think about the things that we might find in one area of the business and translate that transversely across other areas as well? That has actually delivered somewhere around EUR 90 million over the last 3 years, and I really expect that to continue to do the same. It's now embedded and industrialized within our organization, and we're continually looking about how we can improve that. Another one is the cross-shore and resource optimization. So how do we make sure that we have the right workforce, at the right place, at the right time, at the right cost points? Even despite the COVID environment, we've now got nearly 3,000 -- or just over 3,000 actually, colleagues working in near and offshore locations, either directly through ourselves, employed directly into Worldline or working through our partners. In 2020, we were able to build our own services by 27%. We continue to expect to deliver that by at least 20% more. And that's critical because that's going to deliver and continue to help us deliver on the tech projects that we have as well. We have some amazing people out there. Not only have we done that for tech, but we also use that for our operating systems as well, our back office services. We use that for our support functions. Continuous improvement is at the heart of what we do. And we have a team of lean practitioners, who are always working with the business to see how we can go faster on our processes, but bringing in automation at the heart of what we do as well. So how do we take people from doing general tasks to really add in additional value? How do we free up people and make sure that they're always looking for what can they do? In addition, how do we go further? How do we go faster. But there are new levers as well. Christophe will talk to you more about the move to cloud project. But that is already embedded within our organization. We already see benefits from how we manage our cloud environments at FinOps level. And we expect with the move-to-cloud program, that we will see more changes as the operating model comes in, both in terms of data center rationalization and actually how we manage those environments. And not forgetting, we're all talking about the next way of working. In Worldline, we absolutely see a hybrid organization. We have already put that into play, particularly with some of our new real estate projects that we're dealing with. We see the combination of flexible working and also the need and the benefits that you get from people working together, the knowledge share, the community, the cooperation. We still see that as a heart of how we deliver. And we'll continue to use that as one of the key leaders as we move forward. And particularly relevant because as we integrate new organizations, we can optimize the space and not necessarily take on estate that we may have had to do previously. So the next thing I wanted to update you on is where are we with those key integrations? What does that look like? So the first thing I'm pleased to say to you is we are on track. We're in the final year of the SPS integration. We have delivered and will deliver the commitment of EUR 110 million and actually, looking at the data, would go further. And that's despite the impacts that we actually had from COVID. We've been able to offset some of those challenges, particularly around the dynamic currency conversion areas, which means had we not had those implications, then we would have gone even further. But the good news is we're still where we need to be. A little bit of work to be done in 2022, but all of those projects are on track. And as Marc-Henri said, we absolutely track every synergy down to the last second of delivery to make sure that we really do, do that as part of our methodology. On Ingenico, we are fully mobilized. The EUR 230 million synergies that we committed, excluding TSS, have been confirmed. And this is really down to that post-merger or pre-merger integration playbook that we talked about. We were absolutely ready for day 1. We had the target operating model defined. We knew who was going to be in each roles. We had a real mixed team of ex-Ingenico and ex-Worldline coming together, knowing what they were responsible for and able to hit the ground running to make those day 1 synergies. So we're ahead of where we expected to be for year 1, but we're fully confirming our expectations for the 3-year plan as well. And a lot of that has been about freeing up resources. So it's really making sure that the organizational optimization, the resource free ups to go and work on other projects have been done, and they've been done early. The teams have been mobilized as well, fully mobilized to deliver on the one platform strategies on MS. Those building blocks are already there. But actually, what we're also doing is building some interfaces in. And the one culture program, which is critical for how we bring organizations together, is also fully mobilized within the organization. We've got action plans agreed. And they don't just sit within the business units. That's also at the support function area as well. So that's really about how do we bring people together. Because fundamentally, the way that we deliver these programs is through our people. We're seeing a progressive ramp up on the revenue synergies. We've already started to see some of those cross-selling wins in the first period coming through. And we are taking -- seeing solid pipelines actually for the integrations as well coming through. I'm sure Roger will touch more on pipeline later. And already customer services, which we've done some measuring activity for, are taking calls. So we've already been able to move services across. So to conclude, the synergy plans are on track. Smart program is already operational. It's been delivering for a year. We used it heavily during COVID as well to make sure that we could react quickly. It's all about rapid transformation. We have the building blocks in place to not only boost the productivity that we've talked about here. But when you couple that with the one platform strategy, with the geographical alignment and the strong PMI methodology, and also incredible people who work incredibly hard, that really supports our ambition to double the previous rates of synergies for the next acquisitions as they come through. Eric, over to you.

Thank you, Lisa. To pursue on our value creation driver, let's now dive on the illustration of our free cash flow potential trajectory. So we are aiming at delivering a steady free cash flow conversion to bring circa 50% coming from 42% in 21. Let's see the different blocks of this illustrative cash flow evolution. First and foremost, you find the net increase of OMDA that I already commented a few minutes ago. To fuel our 9% to 11% growth, we will continue to invest significant amount to our CapEx road map in the range of 5% to 7% of group revenue, with the main part feeding MS and our one platform program. Our integration costs will fade away along the plan, while other items will be mainly impacted by taxes increase related to OMDA expansion. Through this trajectory, we should be able to double the free cash flow somewhere in the region of EUR 800 million by 2024. As a result of our accelerated financial trajectory, we also aim at strongly deleverage the company. Our organic plan should allow us to roughly divide our net debt by 2 and reach a leverage ratio below 1x, as you can see on the illustration slide. For this illustration, no dividend has been considered over the period. The main component is obviously our cumulative free cash flow generation over the period at circa EUR 2 billion. With this cash generation, we will be able to absorb easily the cash out expected for the recently announced acquisition for an amount of roughly EUR 800 million. It highlights you the group capability to finance in cash multiple acquisitions and to pursue its consolidation journey going forward with firepower pre-TSS disposal up to a couple of billion euros in cash while remaining investment grade. Of course, selling TSS will potentially bring significant additional proceeds. This operation would push the group in a significant net cash position, reinforcing further our financing capabilities for consolidation. By the way, to illustrate potential M&A and excluding potential more transformational transactions, if we replicate what we have executed over the period '17 and '20, we would add around EUR 400 million OMDA. It is something largely executable from a financial standpoint, thanks to our strong free cash flow generation, our steady deleveraging profile and with an equity component and that, before any disposal of TSS. Such M&A contribution, coupled with our organic performance trajectory could represent circa EUR 2 billion OMDA for the group or a doubling compared to 2021. It is a massive opportunity, creating upside for all stakeholders that support our ambition. So to conclude this financial presentation, our major goal for '21-'24 are the following: first, accelerate our organic growth fueled by our unrivaled position in the payment ecosystem; second, maximize our OMDA margin improvement through operational leverage, synergy delivery, but also technology and value-added offers; third, deliver a steady free cash flow generation; and last, as a result, strongly deleveraged our group, readying ourself for further acquisitions. We are all fully focused on the execution of our strategic plan, which is with the ambition to create premium value for all stakeholders. Now before digging into the 3 business line presentation and our technology transformation road map, I would like to invite you for a 15-minute coffee break. For those of you who are on the phone and our webcast, we'll restart this presentation in 15 minutes. Thanks to all of you for your attention. [Break]

Good morning to all of you. It's a pleasure to be here to talk a bit more in the details of the Merchant Service business. I'm happy today to do this presentation with a number of important colleagues for me. So I will be followed after my introduction by Thomas Heldner, who is the Chief Product Officer of Merchant Services, talking about products, of course; then Roger Niederer, who is the Chief Market Officer. He will take you through our go-to-market strategy and the way we handle the different channels and the different type of merchants that we are having in our portfolio today. And Nik Santschi, finally, the CEO of PAYONE, the most important joint venture that we have between Worldline and Spark asset, the German saving banks. And which is a very good example of how we can, thanks to bank partnership, reinforce our position and take a leadership position in a number of markets. And I think Gilles and Marc-Henri have been very explicit about some of the very recent other deals that we did in this environment, and we see that as a very important part of our journey. So let me start first with resetting a number of ideas about the Merchant Service business. As Gilles was saying at the start of this journey, we have been really boosting this Merchant Service business over the last 5 years. I think we almost multiplied by 5 the business of Merchant Services, EUR 2.5 billion of revenues today. Largest in Europe, but not only in Europe. I mean when we talk about ANZ, as an example, in Australia, we are going out of Europe at an accelerated pace. We are very active out of Europe as an acceptor of transactions. And I will come in a few minutes on the difference between what we call acceptance and acquiring to make sure that you all understand the different meanings. But really, we have a journey in Europe. We continue this growth in Europe, but we are also putting a lot of sticks in the ground in other geographies to make sure that we can tap into new markets where the growth is important at this stage. But also that we can offer channels to markets for our merchants, because we have more and more merchants with the Web that are trying to sell in other geographies. As an example, Russians buying Chinese products on Alibaba. This is a corridor, and we are one of the largest corridors, as an example, between Russia and China. So if you look at the numbers, 1 million merchants, that's a very significant number. And with the latest deals that we closed that are not included, we will continue to grow this merchant base. EUR 400 billion of payment flows to merchants. So as an acquirer, I remember you, an acquirer is the one that really pays the merchant. It authorize the transactions. And at the end of the day, it pays the flows of transactions to the merchants. It takes accountability for that money. It is more than EUR 1 billion that every day we pay on account of merchants. It is a significant amount of money, and it's not the end. Because with all these acquisitions that we are going to add, the 4 ones that Gilles was mentioning before, we will exceed this EUR 400 billion. 6,500 contributors, people in product, in operations, in sales, in compliance that are on a day-to-day basis, making sure that those merchants are served properly. And more than 50 countries where we today have activities. So as I said before, we are not just a bunch of European guys sitting in Europe. We have a lot of people out of Europe that are dealing with our merchants in multiple geographies on almost every continent. 11 billion acceptance transactions. Acceptance means that we take a transaction at the point of transaction -- can be a website, can be a mobile phone, can be a payment terminal, and we bring these transactions to a financial acquirer. So in the EUR 11 billion, of course, a number are coming to Worldline, and you can see that number after. But EUR 11 billion coming from POS, EUR 3 billion coming from e-commerce. If you look at the ratio today of e-commerce sales and global sales, it is around 15% to 20% depending on geographies. We are, Worldline today, at 23% of e-com transactions versus the total number of transactions. So we are almost at the level that the market is planning for 2024. So those people who think that we are not in e-commerce should stop thinking that because we are definitely very large in e-commerce and having a reach which is higher than what it is at market level. 6 billion transactions acquired by us. So those are the ones where we take the EUR 400 billion of payment flows. If you look at the statistics, 6 billion over 14 billion, 11 billion plus 3 billion, these are the ones we accept. So we basically have a share of 6 billion and 14 billion transactions that we accept, a huge potential to increase our share of acquiring. Because, of course, we can go to these merchants, we know these merchants, we serve these merchants, and we can explain the benefit of taking Worldline as an acquirer. In the case today, they use another acquirer. And of course, we have acquirers that are helping us to serve the needs of customers. If we go to Russia, of course, we have a local acquirer that helps us to take the benefit of their position in the Russian markets. But of course, we are trying to increase our own share of the transactions and a lot to do in that direction. I think Marc-Henri presented this slide. I just like to rephrase it in our words. We see an explosion of schemes. Payment schemes, we were used to a Visa, Mastercard, Carte Bleue, Cartes Bancaires, Bancontact, BANCOMAT. I mean these were local brands that were created by mostly banks in multiple countries. What we see today is an explosion of new brands. I think if you look at some of the brands like Klarna, Apple Pay, Alipay, it was not existing 10 years ago. And we see an explosion. It was also mentioned by Gilles before. And as a merchant, you don't want to miss a sale. I mean today, the business is the business. You need to take as much as you can. So if you have a Chinese tourist traveling to Germany, you want, of course, to take all the Chinese payment methods in Germany. But you also want to support all the fintechs. If Klarna is coming with a fantastic buy now, pay later products, sure, we want to support that. But we also want to support banks who says Klarna is maybe tapping into my own consumer credit business, so I want to create on the mobile phone buy now pay later for my own customers. Of course, we will support that. And I will give you some examples of how we plan to support this explosion of payment schemes and facilitate access to our 1 million merchants for all new payment products that will come to the market. The second one is, of course, there is still a cashless society in sight. When is it going to happen? We don't know, but we still have a lot of cash transactions that we can take as electronic transactions. So of course, we look at all opportunities. And COVID was a fantastic opportunity to reduce the number of cash transactions. It's a little bit rebounding now that COVID starts to disappear. But I think contactless, as an example, would have never reached the level that we have today without COVID. I mean whatever campaigns you can do to motivate consumers to pay contactless, COVID was the best campaign for all of us. New sales channels -- and I'm sure that Roger will come back on that. We have our own salespeople, but we also have a lot of partners that are reselling our products. Think about the petrol station. In a petrol stations, you have more and more automated fuel systems. They have embedded payment systems on board. Of course, we want to integrate into the systems, and we have great partners that are taking our products, embedding into their own products and selling as a full solutions to the market and vice versa. We sometimes do the opposite. We take their product, and we sell those through our channels. And the banks, I think I mentioned before, the partner banks, this is a fantastic channel. It takes existing -- and I'm sure that Nik will come back on those banks that are partnering with us since a long time, but we see an explosion of that. Unique market position. Sometimes when you look at the merchant portfolios, you have to think about the difference between the very small ones, the ones that have never used the electronic payment systems and that wants today to support also the payment by card or by mobile phones. We are a bit in the micro merchant business, but we are not really focusing on micro merchants, let's be honest. So you will see people attacking this part of the market, which is made of very cheap solutions, very little number of transactions, but it's an important one. If you organize something with a school, you are like a payment method for one day, of course, the micro merchants market will exist and continue to exist. You have the very global e-com merchants, the ones that wants to be served all over the world. And you can think about the Microsoft and Apple of this world, or Amazon. These are very, very complex customers, very much demanding everything in all countries. We are not there yet. We continue to tap into these markets. We have Spotify, we have Airbnb. We are serving some of these people in a number of markets. But we are not global e-com providers, and maybe we will continue to look for that. But we are in the middle. And the middle is the mass of merchants, very small merchants, small merchants, medium merchants, very large retailers. And Roger will come back on the way we go-to-market with these different type of customers. But the middle point is where Wordline is. And you will see that in innovation, we are, of course, working on pay on phones so that we can tap into the micro merchants. And you will see that we are also on digital commerce, continuing to strengthen our offering to be very also competitive in some segments in the global e-com world. And travel and hospitality is an example -- is a place where we have a very strong position. We operate more than 15,000 hotels in the world. Nobody sees that, but I'm sure that some of you who are traveling, you will see some of the Worldline infrastructure. The visible one is the terminal, the invisible one is, of course, the e-com because you don't see our names when you reserve a room on an Accor hotel, but we are behind all this business also. So it's a very important vertical for all of us. What is important, as I said before, is the number of payment methods, is the number of partners and the number of countries. And we are very happy to continue to grow that business. On go to market -- and Roger will be much more vocal than me. We have a client-centric organization. Because if you look at the lower end of the market, you need Packs. It's like telcos. You need the terminal, you need a website, a payment page, you need every transactions to be priced more as a package than individual transactions. So in the go-to-market, we pack the service into a number of solutions, and we just go as much as we can through all channels. In large and corporate, there is unique development in most of the case, unique integration on demand developments because some of them have their own payment solutions. So of course, the way you go is much more consultative, key account managers, people that have really the deep knowledge of these markets. And this is where we start to verticalize to make sure that when we talk to a petrol customer, we know what we talk about. And when we talk to a hotel, we also know what we talk about. And what we said is free. I mean if the customer just wants acceptance, we will deliver acceptance. If he likes our acquiring offering and acceptance, we will bundle. And more and more, we see a need for collecting funds. We need -- we see need for reconciliation of funds. You would be surprised to see that many customers have a hard time, when they receive the money, to reconcile that the money they receive on a day-to-day basis from people like us, they have a hard time to reconcile with their different systems where they have sold something. So we are also trying to help them on that point of view. And value-added services, you can see some examples of value-added services in the demo room. But that's really the place where we can create more value for our customers. And I like to stress that we are a Paytech. Behind payer of payments, of course, we do more than payment, but the core of the core is payment. And tech, it means technology, and we do develop a lot of technologies. It's maybe not so much visible because sometimes it's something that is not sitting in front of the merchant, so you don't see it. The visible part, as you can see, the YUMI terminal, which you can find outside. It looks like a mini tablet, facing the consumer, not facing the merchant. It's not a cash register. It's a consumer-facing device to do more before payment and more after payment. Why? Because our customers, they have a hard time to understand how many times did you come to the shop this week? How much money are you spending? What is your mobile phone number? What is your email? Can I send the confirmation? How do you do omnichannel developments when you are unable to present new things to a consumer during a transaction, before the transaction, after the transactions? And if you look at the demo -- and I really invite you to look at the demo, this is a new world. This is something which is offering more value to our merchants than what they traditionally can do with a stupid payment terminal. Excuse me, for the word stupid because it's a lot of technology. But for years, it was read card, enter PIN approved. Those ones are not doing that. You see -- you can receive a coupon, you can select something, you can flash a QR code. I mean bringing more intelligence is bringing more value to our merchants and more value for us. So we are definitely moving into a direction where we integrate additional services on demand for some specific markets, and we see huge potential. The generic QR code was presented by Marc-Henri before. It's the idea that you have more and more payment methods on mobile. We are convinced, in Merchant Services, that the plastic card will disappear. Your plastic card that you have in your pocket will be replaced by your phone. The difference is your phone is very smart. Your plastic card is very stupid. So with the smartphone, of course, if you -- you can use to tap or to take a picture of a QR code, you can have a much different experience than what you have before. Think about it, I flash a QR code with my bank app. And my bank app says, "Ah, Vincent, you have some good credit in the bank. So you want to make a transaction for EUR 1,000. As a bank, I will offer you immediately to pay in 3 months instead of paying immediately online." You can offer to the banks -- and this is where the ecosystem with Worldline is fantastic. We can go to all our banks and start to sell them solutions that today, they cannot develop against the Klarnas of this world. Of course, we'll love Klarna. Klarna will continue to exist. But if we can help our banks, if we can help our retailers to develop added value with mobile phones, scanning a QR code and making sure that behind that, the payment flows comes or the added value can be delivered, this is where we want to create, again, value for merchants. The next one is local. Visa, Mastercard, American Express, everybody can process this. Bancontact, BANCOMAT, Cartes Bancaires, some specific schemes in Japan and so on, it is much harder. But this is what the consumers are demanding in this market. So you need more and more to offer local payment needs even to global merchants. If Alibaba is using Worldline for transactions in Russia, it is because we are able to offer the Mir payment schemes to Alibaba. Is it something that we can scale in many different markets? Yes, definitely. We do it today in Latin America. We start to do it in Asia. We do it in Africa and mostly in some countries today, but we see really opportunities to continue to scale what we call a corridor. Meaning the capacity to offer local payment, means in Africa, you pay with a mobile. You don't pay with a plastic card. There are no plastic cards. There are little bank accounts, so you need to offer all these solutions. And this is where we think, we, as Wordline, we have something specific to offer. And the last is are the new ideas. Tap on phone, the fact that your mobile phone can play as a payment terminal for micro merchants, this is fantastic. But not only for merchants. Recently, we had a big railway organization who came and said, we want to give to all our people on board of trains, mobile phone that just can take card payments. So Wordline, please solve it for us because we think that the time of carrying multiple equipments is over. Our guys have just a mobile phone, so help us. And the same for planes and the same for other categories. So we have to invest in those worlds. So if you look at the number of opportunities that we have to continue to scale, they are huge. I mean there is the market growth, of course. There is the scale of the platform. We have platforms today that are really reaching the billions of transactions. So you can assume that the marginal cost per transaction starts to be very, very low on these platforms. And this is why we want to continue the consolidation of the platforms to having a set of platforms that we can use in all the countries in the world. The geo expansion, we definitely want to roll out, as I said before, in new markets. And we just signed for a license in Singapore. We got our license in Japan. So we continue to enter new territories. Product expansion, as I said before, account to account. A2A means account to account. This is a fantastic example of new transactions that have little to no scheme fees, no interchange fees. So you can price it bilaterally the way you want. You can go and make a deal with a number of banks to have those account-to-account transactions. Real time, by the way, instant payment is also coming to the market. DCC, dynamic currency conversion, if a Chinese is coming to Europe, we can make money on FX conversion. We have our own conversion engine. We don't need to go to a party that is specialized in DCC. So whenever we have an FX conversion, the full value is for us and for the merchants, and not for a third party. So these are all developments that we do in our own development centers, with our own people. And we really want to continue this journey of growing multiple sites. Now I think I'm on your presentation, but I don't know why. But let me just -- I don't know where is my slide. But okay, let me just say the following on the way we want to see the growth in the coming years. We see, of course, the structural growth of the market. We'll continue to tap into these different markets where payment is moving at different speeds. We know that in the mature market, 5%, 6% growth would, of course, be the norm. But we know also that in other markets, you will have double digit, triple digit in some cases, because the payment is still at the low scale. Geo expansion; the product expansion; the client and sales partnerships; and finally, the partner growth with the banks, and Nik is coming back on that. The fact that we continue to open more channels with these partners and enter into new geographies thanks to that. And so I will now pass the floor to Thomas, who will take you through the product strategy.

Thank you very much, Vincent. So warm welcome from my side as well. And I will give you a little bit of an overview on what we are doing in products in the next 5 to 10 minutes. And all the information you have received, be it one platform, be it upselling and cross-selling, be it e-commerce, you will see them in the next slides. And you will recognize on what we are doing from a product perspective will support this approach, being APIs and so on. We have identified, according to the trends in the market, the market needs, the technology changes but especially the positioning of Worldline, 4 focus areas or growth accelerators, where we have a dedicated strategy in place. And I speak about Android. Android is a game changer in technology because it will completely change the interaction between the merchant and the consumer. And Vincent, I promise we will change these stupid terminals to Android terminals in the next years. We believe that in the next 3 years, roughly 50% of all the touch points in store will be on Android, be it on a terminal, be it on a mobile. The second one is verticals. We receive a huge demand from the merchants to more verticalize and reflect their needs in the different verticals. Roger is targeting already today 15 different verticals. But we need to even be more specific, and we will do that with partners. You will see it in a second. The third one is omnichannel. Omnichannel is about the combination of all the sales channels with all the payment needs and offer a seamless payment process to the consumers. And the last one, which is geo expansion and corridors, this is about a combination of our local strengths. As Gilles mentioned, we are the strongest in providing local features and local products, combining them with global partners, global PSPs, global acquirers. All that will serve the 4 go-to-market from Roger. I don't go in detail there. Roger will do it in a second. Let me dive now first into the Android part. Providing an Android terminal is not enough. What you need to really add value from a merchant perspective is you need to have a management system in place, which is able to orchestrate all these apps. These apps, they will be enabled and disabled by us or even by the merchant. But how do we get these apps in place? We will not do it by ourselves. We have open APIs. And we will create a community of developers who are able to develop on behalf of Worldline or on their behalf and provide these apps to the merchants. So this will bring us into a position to even change the business models on the merchant side. Today, we have a lot of one-off sales without recurring revenues. The business model here can go into a direction that we create recurring revenue streams even for the merchants because we can do a revenue share. The merchant will provide the touch point to the consumer. And this will add value for the consumer and the merchant as well. The second one is verticalization. As I said, there is a huge demand from the different merchant segments to be more specific in their needs. So we have basically different options alone but together with partners on how we fulfill that needs. The first option is we have, for example, a Hospitality Suite. This is our offering, including in-store payment, online payment integrated into the property management system of the hospitality client. The second one is we believe there is maybe a partner, and he has a dedicated service, who will help to fulfill this need. So we combine those strengths and we sell it to the merchants. The third one is we have partners. They sell on our behalf. Let's take a petrol station and an integrator. He can sell a pump. He can sell a vending machine with a Worldline terminal. He can even sell them dedicated petrol features. But we take care about the acquiring. We take care about the fleet card processing because this is definitely not core competencies of the partner. And the last one is we let them resell what we have in the portfolio. Number three, omnichannel. Omnichannel is about the expectation of consumers for seamless payments. And we heard about one platform. We have basically 3 elements to serve that or to support that. The one in the middle is a very, very important one, which is the Service Hub. The service hub consists of differentiated shared services we can scale not only in the e-commerce business but as well in all the other products. This is an API-based offering towards partners but as well towards our internal products. And then we go into the market with 2 offerings. The one is an offering for more smaller merchants; midsize merchants, which is a plug-and-play solution, plug and play with a very easy digitized onboarding and we speak about being online in hours, not in days or weeks in the future. This is a key element of success for e-commerce in the small business. On the right side, as we all know, bigger merchants, they expect a little bit different integrations. So this is highly integrated with dedicated and customized features fully embedded into the ERP system of the merchant. And last but not least, geo expansion and corridors. Global merchants, they face a huge complexity when it comes of managing all the local payment needs and payment methods. And on the other side, they need to be cost cautious. They can process a local card maybe as a Visa brand, which ends up in much more cost. So what we do is we orchestrate our global features and products and combine them with third-party acquirers, PSPs and banks. A very good example is what we do in Australia with ANZ. ANZ, they have local features in Australia. We take our one platform in e-commerce, the one platform we're acquiring as well as the in-store solution we offer here in Europe. And we simply add what they need in Australia, a local debit card, a local payment interface. And we can scale based on what we do already in Europe. But together with ANZ, we have the market reach and we can serve the customer needs. So now let's see what Roger will do with what I will provide to him. And I hand over to the go-to markets.

Thanks, Thomas. I'm happy to share with all of you this morning, let me say, the tone or the voice from the market to Worldline. And it's quite exciting since we joined forces as a new Worldline, means Ingenico and Worldline together. And just to give you more insights about the go-to-market organization, so-called the CMO, which consists of sales, presales and marketing activities. First of all, it's a figure you don't see on the slide, but we have a huge sales power on the ground. We have, including Payone and ANZ, more than 2,000 sales FTEs all over the world. Mainly in Europe, but we have people in the APAC regions, in Australia, as said before, in India and the U.S. So that's a huge sales power, which we have already on the ground and which is there: first, to retain the customer base especially in markets where we have a leading position; secondly, to cross-sell and upsell, and I will comment on that later on; and third, to win, of course, new customers. That's the reason why we have taken decision last year to go for a fully dedicated customer-centric organization, [ splitted ] in the retail business because we have to protect in some countries like Switzerland, already mentioned by Gilles and the Benelux, our market share because we could win also more market share there. Even we have a big market share in some of these markets. Then we have identified other regions. But it's the local flavor who makes the difference between us and really global players because that's of essence for us to keep this local flavor in our hands. Then we have a global verticalized team. I will comment on that later on. Then fully, let me say, digital native organization because we realized as well, we have to have people speaking in other language than the one who are selling terminals. A fully dedicated team who is approaching the huge international global e-commerce player, like, for example, Alibaba and others. And then we have financial institution. ANZ is a very good example, and Nick will comment on that later on with Payone, where we are targeting to enter new markets with the financial institution being, selling just the white label solution to them, going to an M&A acquisition or even entering the joint venture. That's the idea of financial institution. And as you've seen before, we did it all quite successful, 4 signed deals in the last 6 months. It's incredible. If we share the identification code with [ RB ] with you, just look to the number, 550,000 merchants already onboarded. I'm so proud of that number. And we want to constantly grow this number by 10% every year. And we will do it because we have the power in our hands. And what I like, especially in regional business but in a combination with GSV, everything is based on one global application and platform. And we just -- as Thomas mentioned before, we just add just -- I know it's something to do on product side development side. But we just have to add the local specific needs like local debit cards, meal voucher with every deals. But that's actually the reason why we've obviously been selected by so many customers because we take care about these local specifics. But for me, important is we can monetize 550,000 -- the installed base of merchants, but more than 1 million terminals everywhere. So that's incredible. Of course, when we look now to the strategy for regional business, we want to protect our market shares in regions like Switzerland, Austria, Germany with Payone and the Benelux regions. But we see more opportunities also in accelerating grow markets like Western Europe. In the [ sea ], we already have a footprint, for example, in Czech Republic, KB. But we can do even more there when we have the capabilities in the combined product portfolio for Ingenico and Worldline. In the Nordics, the Nordics, we have a quite big customer portfolio from former Bambora Ingenico, but they only targeted mass markets. What we're currently doing, we are just taking our Worldline products and going to Sweden with our global platform. We have to add for Sweden, the acceptance of Swish. But then we can immediately sell these products to the local Tier 1 and Tier 2 customers. That's one of, let me say, the acceleration of regional businesses. And then, of course, we want to extend the product range. Thomas mentioned before on the REIT. Still, I would say, from this 1 million, more than 95% of the terminal are of the installed base or, let me say, old-fashioned terminals. Let us imagine if we can, in the next couple of years, just replace all these terminals and we can monetize on that not only because renting a terminal, selling a terminal. No, because we have probably a marketplace on it. We can add some apps, which are owned by Worldline, which are also in the benefit, as mentioned before by Thomas, of the merchant. And we can monetize it immediately. So that's how we want to do it on regional businesses. Second one is GSV, global sales and verticals, fully verticalized. Also here, as mentioned before, cross-selling, upselling opportunities. Look to the numbers here, 8.6 billion acceptance transactions and only in brackets, 1.1 billion transactions where we as Worldline are the acquirer behind, Wow, that's a huge cross-selling opportunity, upselling opportunities. We want to go to a range of at least 30% to 40% in the next couple of years. But we can do even more because more and more customers are asking for everything out of one hand. And that's what we can do. And that's where we want to go further on it in our journey in global sales and verticals. And we also want to be seen as a trusted adviser. Gilles mentioned in this session before, it's a highly fragmented market in Europe. And you can imagine many, many big merchants, they do not have the capacity to look every week what is going on in the payment environment. They are not specialists on that. They have other main priorities they're taking care of. Some of them have, but most of them, they don't have a special, let me say, head of payments in that company. And I want to be seen as Worldline is the trusted adviser for them. They just can rely on us. They say we take care. We come with our acceptable solution, with the acquiring solution. If we have to add a new means of payment, we will just simply do it for you. Don't care. We are there for you to support. And how we have verticalized now the organization. And by the way, in these vertical relations, not only payment experts are working for. Of course, that's of importance, to have payment experts in our organization. But sometimes, it's even more important to hire people coming from this industry. So we have a former Head of Revenue work for Hilton group as an example. Someone worked for bp. They know exactly which are the drivers for these verticals. That helps to make our solution and products better for them because we have to support our customers. We have to be there for you. They want to make business. And if we can support them, also, we can do business, of course. And I just want to name one name, Subway. Why have Subway selected us to be the pan-European acquired for them? Because, yes, we have a global solution. We can set up Subway and all the hierarchy which is needed on one system, one application. But we take care about the local needs. Subway -- no chance to onboard Subway if you are not linked with your gateway, for example, to [indiscernible] in Germany. Forget it because many of the consumers want to pay with these local debit schemes. And these local debit schemes are still there or accepting meal vouchers and any other regional means of payments or whatever it is. We take care. And that was the reason why Subway said that's nice. We can scale on the global application. We can take the benefit together with the Worldline. And we are aware because they have so many regional colleagues, they know what is going on in the different markets. And that's of essence for us to convince these customers. And especially on petrol, mentioned it as well and also luxury fashion is an end-to-end solution. And why did we do this verticalization? You know a petrol company has totally different demands than a luxury and fashion store, of course. That's the reason why we have fully verticalized our global sales and vertical organization. And the last one I take is digital commerce, our really global organization. It's all about, let me say, leveraging and approaching the big, big e-commerce, digital native companies, like I mentioned before, our customer is Alipay. So we built this Russian corridor for Alipay. So they have now a chance to sell their products in Russia to Russian customers. But of course, we have other, let me say, customers onboard already. Also here, EUR 40 billion of volumes. We mentioned here full service in gateway. Some of this volume is only gateway. Now we want to add acquiring on top of it as well. How are we doing that? As an example, we are currently in the process to get a license in Singapore. But now coming back to the overall organization, if we get the license in Singapore, that's not only in the benefit of digital commerce. It will be also in the benefit of GSV because we always already have many customers asking, "Hey, could you, dear Worldline, be our provider, our preferred payment provider in any regions than only Europe?" Yes, of course. That's the reason why we are doing that. So we can also scale on that side, not only on product and development but also on license topics. And that's also mentioned by Vincent before, this local payment method. We have to be aware. Yes, in Europe, beside the local debit brands, you can exist and survive with the acceptance of Mastercard, Visa, Amex and Diners is nice. But if you go to the APAC region, just forget it. There are so many local -- especially now in the current time with -- so many new wallets are popping up on mobile schemes. You have to be aware, and you have to accept many of these local payment methods. And we have to be aware as well. That's more cost efficient also for our merchants. It's not that cost efficient always to route the transactions to Mastercard or Visa. So we are working on accepting many, many of these new, let me say, means of payments. We already have onboarded or linked to more than 150 of these payment methods, and we want to do more. And with that, I want to hand over to Nick for the introduction of FI and Payone.

Thank you very much. Welcome, everyone, as well from my side. I'm very happy to deep dive now in the fantastic world of value creation with banks and financial institutions. Gilles mentioned initially, 50% to 60% of European market is in acquiring done by local banks and even more in APAC and other regions. It's all a fantastic potential. I think what we see here on the left side, we built a fabulous model offering. It starts with a pretty simple, let's say, white label partnership. It goes then to acquire processing, where our colleagues from FS will present right after us. It goes a step ahead in the commercial partnership. And then maybe the biggest and maybe most challenging, but as well biggest value-bearing one is JVs and strong alliances. I think there, you could see maybe where the value proposition we contribute to such collaboration will increase the value for the bank, so in this order. Today, we have several bank partnerships already. Some of them long term already. Some as heard most recently since -- or as of next year. And maybe coming on the point, look at those brands. Some of them as Payone created out of a bank business and now with a new own brand or they're still bearing the name of the bank. And I think this is super important because this local access of the bank is a key differentiator for us as well because we bring everything else. Now what is the challenge those banks have? Just to repeat, I mean we heard it already. I think it is coping with always new investments, compliance, technology, et cetera, managing those fintechs in those markets, geographical reach and so forth. So you have the full list here. But what I think -- and at least to my experience, one of the most important element is how to monetize the existing corporate customer merchant base at the bank, how to create more stickiness and how to really monetize that portfolio. Normally, merchant acquiring in the bank is somehow a bit underserved because the focus is in other businesses. But you have those merchants. You can do something with them. And specifically, what I experienced with Sparkassen, they are very much passionate about that, and they do a lot. And so at the end of the day, if you do all that for the bank, you increase the value of your asset as a bank massively. I can tell you afterwards in what dimension we did that with savings banks. Of course, on the other side, everything you heard from Thomas, from Vincent, from Roger, you could bring to the bank. So you could have that at hand. And then combine this local expertise with that what we bring, combined with the integration and migration approach, which is quite systematic and helpful for a bank because, I mean, we heard it before from Lisa, from Marc-Henri. And then of course, as well, how we treat those partners. Of course, in a more or less simple white label partnership, it's a standard thing. In a JV, you need really to find the best of both to create value and then, of course, find as well a tailored solution for a governance as well, which really gives confidence to the bank on the long term that Worldline is your partner to run that business on a strategic level on a long-term basis. We proved that in several cases. And so I think what we create here is bringing the best of the bank, the local know-how, local [ hero-ness ] with the best of global payments. Together, what we bring here as a pay tech together, this is the best for the merchant. And at the end of the day, this is our goal. Now Payone. Well, we're talking about the next 3 years. But in fact, of course, this journey lasts now since 2, 3 years already. We started 2019. And since then, I mean I could say savings banks had exactly what I listed as need, but then they defined goals. And one goal was #1 in Germany; lever this merchant relation or corporate account merchant relationship; value for the local bank, increase it so bring revenues to them; and lastly, of course, create dividends for the savings banks and create cash. We made that happen. And since 2019 until now -- until today, sorry, we were, I think, increasing, changing this company already a lot. When I started there, we did a growth of 4% to 5%. Before COVID, we were at 17%. And the savings banks channel was even stronger. So it's really sensible in short time already. Now what we do in the next 3 years, you see some numbers and ambition. I don't want to repeat everything we heard from my colleagues. It is a big business. It's already a scale business. Germany is a top 5 economy. We have 5 billion transactions in 3 years' time; today, 3.5, something like that. So we want to increase our merchant base. But even more, I want to embrace this 500,000 point of interaction, then bring things like YUMI to those merchants. Not only for payment, I can dream of many other services like, let's say, the payroll for small businesses, marketing services, any other contracts, merchant financing from the bank and then -- this platform is unique. And we have it in our hands together now with the savings banks and, of course, together with Worldline. So that's a fantastic business. Now our ambition, obviously, let's say, just coming maybe or relating to Eric's plan. We want to grow our base 10% a year, but we want to grow top line about 30% a year to some EUR 750 million plus. We do synergies all over because we are an incumbent business coming out together to Worldline, going into one platform, keeping always the same number of people, paytech experts we have, will generate some EUR 35 million run rate a year after integration as synergies. So combined, some 60% increase of [ NDA ] after 3 years. That's a fantastic business for the bank who was underserving before. And it's good for us as well. So in essence, let's say, I think we heard as well the cash-to-card shift. In our case, we see, for instance, in fast-moving consumer goods, 20% more card usage, new people paying by card. If this flows now to all other sectors, after COVID, this will be tremendous. We have today a market position of already 40%. 8 of the top 10 retailers in Germany are our clients. So we are running a business with a very big bunch of small merchants and, of course, as well the key accounts. So our portfolio is 50-50. Distribution network, we heard it. We are strongly digitalizing as well sales and marketing, but we make use of the 350 Sparkassen. We make use of more than 200 -- no, sorry, 400 partners already other banks, but as well ISVs and so forth, everything you heard. So this is powerful. We have today, of course, a very strong customer relationship because many of those customers are along with us. This allows us as well, not only selling payment and related, but all these value-added services. I strongly believe that we will make in 10 years' time much more money out of other services than only payment. The last -- or the second last point. This local point, I think, is super important. We heard it from Roger, but in fact, we have the whole bunch of flowers of Worldline. And we have our local products, which we really need. In Germany, Giro card -- Giropay, [ all these ] -- and a lot of alternative payment means. But what we have as well is the bank product. We strongly collaborate with Sparkassen to bring all together. And we sell it into a dedicated brand, for instance, to the Sparkassen merchants. We run the Payone brand for a big part of the business. But we run as well a Sparkassen brand for them. We make it feel home. And last point, of course, scale, state-of-the-art technology and synergies, which the Sparkassen at the time couldn't afford and couldn't create. So this is what we see is the absolute win-win. And in essence, it's an absolute strong increase of the value of this asset. And it's not 2x or 3x. It's much more. It is, for the Sparkassen, being sure that innovation growth is there and cash comes. For Worldline, it's access to a huge market, access to local knowledge and access to a strategic partner, one of the most relevant banking groups in Europe. And lastly, for the clients, it's just the best service and best product they could get. Thank you. So I would hand over to Vincent to round up.

Yes. Thank you, Nick. And let me just finish because I think we are running a little bit late. No, this was the previous one. Now it's closed. Okay. Just to finish. Hopefully, you understood that merchant service has a very broad portfolio of payment solutions and that we are addressing all type of retailers. And as I said before, the very low end of the market, the very global part of the market, we are not there. This is not our core focus. Of course, we are working, of course, to jump up and down in the different new segments. We have a very large European coverage. And we want to continue to grow our geographies much more out of Europe than in Europe in the coming years. And we see a lot of opportunities with banks and without banks to continue the journey. This client-centric organization today, I could not take our Chief Operating Officer on the podium. But you can be sure that behind the product and the go-to-market team, there is a huge piece of operations because we have so many customers and so many calls in so many languages and so many platforms to make sure they run days and nights that this is also a very big part of merchant service together with other colleagues from Worldline, of course. And the last is we see a lot of growth accelerators. We are investing heavily, as you have seen in the go-to-market but also in the product, tapping more from the existing customers, invading new markets at the [ light of ] speed. I think you can be sure that we will continue on our growth track in the coming years. We have many more ideas to open. As Nick was saying, and I will just use the words from a very important global fashion retailer who said to me recently, "Vincent, you are not global. You are glocal. And this is what we like from you because you have these global capabilities. But you have also this local touch that those kind of retailers absolutely need for running their business." And I feel very honored to have such a great management team around me to go for this growth journey, and I thank you for your attention. [Presentation]

Good morning, ladies and gentlemen. Happy to be here with you. And together with my colleague, Alessandro Baroni, the Deputy Head of Financial Service, we want to share with you the role of Financial Services in Worldline, what our overarching continuing goal in the context of the 3-year horizon will be and how we want to achieve this via developing and using especially digital accelerators to embed in our end-to-end unique value proposition. This ID card from financial service gives you already a good overview what financial service is about. We can summarize financial service in Worldline is the backbone, the machine room, the engine of all Worldline businesses. Processing all payment transactions on our future-proof and scalable applications, platforms for our internal clients, most prominently here in the room, our colleagues from Merchant Services. But of course, also for our external clients. One example you saw in the movie with Payment Services Austria. It's banks, it's banking communities and it is nonbank financial service providers. The numbers shown here on this ID card qualify us as the #1 payment processor in Europe in terms of both number of transactions and the financial equivalent in euro process. Our overarching goal, our aspiration is to continue building the leading digital payments factory in Europe and beyond as also in our business -- and we heard it already in the meetings and in the presentations this morning. Also, our business through continuous consolidation, continuous harmonization of technical standards becomes more and more a global business. With our one Worldline modular platform, where we cover all existing physical but also digital payment means, where we use domestic and cross-border clearing and settlement rails like tips from the ECB, like Target2, like SWIFT, as to mention some examples. We will base achieving our goal on a future-proof, future-oriented landscape, where we will, of course, also integrate further on new upcoming payment methods like mentioned here, digital currencies. This setup ensures our clients, first, a time-to-market innovative solution offering, benefits from large-scale processing, managing, and this becomes more and more important especially for the financial industry, the burden coming from regulatory compliance and value-added service and fintech integration. And last but not least, it was already also mentioned by Marc-Henri, the OpEx and CapEx optimization going along with that. Growing our market share, growing our number of clients, growing our number of transactions and bringing them in our digital payments factory will be done organically and inorganically. The market of clients we are focusing on are the Tier 1, Tier 2, Tier 3 banks. Also, Eric already mentioned, our ambition is also to wider spread on the Tier 2, Tier 3 banks. Where on the Tier 1 banks, I think we have very prominent examples, which we also have communicated, Commerzbank and UniCredit, to mention 2 of them here. Second, financial institution communities. Like in the Netherlands and Austria, we provide to the community or to the whole country payment and value-added services. And more and more also in the development of what we have heard also in the market, how the business is developing. We also become more and more acquainted to new financial service providers like fintechs. One example, Ebury, a U.K. fintech, to which we provide PSD2 compliance. It's the nonbank acquirers, again, most prominently here in the room, our colleagues from Merchant Services; and nonbank issuers actually as well, insurances. And here, for instance, one of our clients out of the Netherlands, the Nationale-Nederlanden, as an example, for the insurance industry. In Financial Services, we actually see 3 major trends driving and accelerating the digital transformation in our industry. This is why we as financial service continue and further strengthen our successful route, consolidating and industrializing our platforms and, at the same time, moving on, bringing our products to API first and cloud ready. The 3 major trends are shown here on the slide. And they are, of course, influenced or also driven by this development shown here underneath. Let me comment on these trends briefly. Today, the banks -- not only today, I think already since quite some time. Banks are really striving for reducing their costs, especially IT costs, making fixed costs to variable costs. And this is, of course, caused -- and the problem is caused more and more to continued regulatory changes, technological modernization, end-to-end also in legacy and in the back office and the diversity of payment methods, which we see what also Marc-Henri in his presentation also mentioned. Because of the battle in the market on payments, we see really a diversification of payment methods coming up. And we expect to continue this in the next coming years. And it's here about the orchestration of these different payment methods, which is a challenge and where we help, where we support and where we offer our services to our clients. 2, 3 years ago, the European Central Bank, together with the commission has pushed the market into instant payment, real-time payment. Today, 2, 3 years later, we know this has not stopped in Europe. It's now a global trend. It's a global reality, which means that financial service processing will go to in a complete full real-time world. The only question is when this will be reached. But this is the clear route. And you see the developments also in other regions here of the world. And here, of course, we support with our infrastructure, with the investments we do in this business, banks, banking communities and other clients in the processing of their payments transaction because the requirements to the IT for a real-time payment is a complete different story than for batch. And with the payments processing in an instant, it goes along also complete different requirements, how you handle risk and compliance. And this is, of course, an additional, we call it value-added service, which we also, in this context, offer. Open banking was a very slow start, decent start. A lot of discussions, a lot of conferences about open banking where, at the beginning, banks have done the minimum what was required, meaning PSD compliance, what -- where we offer, where we also have our services. Now in the meantime, we really see an uptake that it now really finally takes the next step, integrating new financial services also in this building ecosystems, also landing insurance comes together. Also here, we can offer -- we offer the infrastructure, bring this ecosystem also together and provide also the benefits out of that. Taking these 3 trends proactively and making maximum use out of the resulting growth opportunities of these trends is what our clients with our support will be best able to do. Why is that so? It's about the combination of the characteristics of Worldline, of Financial Services, which is shown here. In payments, size is an essential element for value creation. It is a super scalable business with a lot of economies of scale. Being one of the largest players means that we can create more value for our customers, create better offers and save a lot of resources in terms of elimination of redundant investments on the side of our clients. Customers actually benefit from our muscles, from our brains of the people who are daily working to deliver the best possible payment experience. Being global, and we -- the colleague from Merchant Service also mentioned it, is essentially in this business also in financial service processing because it offers us to channel a lot of value to our local clients, reduce costs, better pricing, more attractive offers. And this is into a business of payments. And Gilles also mentioned it in his opening speech, where payment is still a local business, where we have the diversity of how we pay, how we are used to pay, how we behave, which payment methods and means we use. And this is, of course, our unique selling point in Worldline. We are global and we are very strong in local. This means this combination, understanding our clients in their local markets and bring the expertise from the global market, this is what -- one of the unique selling points of Worldline and Financial Services in particular here is about. Here, I wanted to end my part and hand over to Alessandro. Thank you for your attention.

Thank you, Michael. Good morning, everyone, also from my side. Let me start from what is the present ground for our plan. Clearly, the plan is grounded into the wide range of offerings that we have built over time and that we continue to modernize to serve our clients according to higher standards. And this remains our prerogative to continue delivering value to them in the end. In account payments, our suite of processing capabilities support the handling of nearly -- or I should say, all account-to-account payments products that are part of the wider transaction banking ecosystem. These are deployed to our customers based on the full range of operating models, from licensing to SaaS to business process outsourcing, and benefit from one unique thing, which is a scale of 17 billion transactions that secures the highest degree of competitiveness of our services, pushing the frontier of our marginal cost to incomparably low levels, going back to the point of scale that also Gilles was reminding us this morning. Well, in this domain, our intent is -- remains very clear. It's to confirm our ability to lift and transform complex banking back ends, streamline their payments processing and operations as we did for the landmark deals that have been reminded by Michael and that were achievements applicable to our previous 3 years' plan and for which we believe to continue yielding a significant competitive advantage in the market. In issuing and acquiring processing, we cover clients' demand end-to-end for sure, from core processing to [ delay ] services as well as end customer support via our international network of contact centers. Here, what is relevant is the combination of, number one, flexibility supported by multi-geography, multi-tenant setup of our platforms. Digital enhancements, here, for example, I would mention the introduction of instant digital issuing we had in some markets with remarkable commercial results were activated. And number three, scale. Again, 126 million cards, almost 10 billion issuing transactions and 11 billion acquiring transaction position us continuously as a reference player in you. In Digital Services, we want to say, we like to say we mean it. We help our customers with secure digital customer engagement solutions. It's a broad definition. It means a lot to us here. Our solutions gained significant traction in the market with also unparalleled growth rates and bringing additional scale to a significant level to our franchise. I'm mentioning here only as a prominent example the fact that we have reached over 1 billion ACI 3D Secure transactions per year by now on the back, yes, of the pandemic that has boosted adoption of e-commerce. But also thanks to a coverage of Europe that doesn't have easy comparison compared to what we do. Also, our solution here position us in the race to digitization of payment services as well as project us in -- with high ambition, I would say, in the next stage of maturity when it comes to open banking, coming back to Michael's point, which is a very, very central topic for us in the plan. Also, and this is more a transversal element and a competence element that is associated with the digital services organization that is a self-standing organizational unit, they act to consolidate a consistent end-to-end digital approach across the entire FS. And this is very important. As an example of this, just to mention another KPI, is the fact that we have reached more than 2 billion API calls which is, I think, also a remarkable result of the effort of our people in this area. Now having this in mind and looking at product strengths on our side as well as the evolution of the market demand and the drivers that have been, in various occasions already mentioned during the morning, we see our 3 years planned growth sustained by a dual engine, we like to say. On one side, we will strive to shape the future trusted payments world. It's a bold statement, but it's also about making bold statements today. And this chapter combines 3 levers that we will certainly activate. On one side, digital first, digital-first services. Here, we plan to take the benefits of increased demand for fully digitalized payment services, promoting, widening and bringing, for example, instant issuing at scale without it being at scale for now as well as unlocking new market segments and proposition, not only by ourselves but also via an augmented cooperations with partners and fintechs and a proliferation that we will drive of end-customer use cases. Next to this, the planned holistic adoption of APIs, which is an important transformational topic and even more of a cloud transformation that Christophe will introduce later, will sustain the increasingly demanded software licensing and Software-as-a-Service proposition, as compared to the traditional or more typical third-party processing options that we were normally exposed to. In Open Banking, we will boost the supported use cases and further expand our banking reach and ecosystem to provide financial institutions clearly with a wider access to the benefit of open platforms. And thirdly, but not least, we will sustain and actively market the convergence to account-based instant payments as a payment method for commerce as well as the diffusion of Request to Pay as a mainstream method. On the other side, second element of this dual engine, we will continue to leverage our ability to consolidate financial institutions' payment domains and build on previous proven commercial successes by adding additional Tier 1- and Tier 2-converted opportunities to our pond in the space of back-office processing, it being account to account or it being issuing portfolios as well as in the blooming segment of ATM outsourcing. That is experiencing a new wave of attention in EU, reason being rather obvious, but cash being decreasing cost-to-serve, it increases enormously, determining a compelling need for individual banks or communities to possibly mutualize and streamline their ATM networks. This, of course, calls for make-or-buy decisions that selectively have been proven to be resolved on the buy side. So these are the 5 levers. So product strengths and levers typically combined into the articulated plan we have for the next 3 years, which has 3 building blocks. To start return to regular or even augmented organic volumes growth pattern, fertilization on top of that. All of this applied to a largely renewed set of long-term agreements, which gives a solid projected backlog for our business as well as predictability of our top line across all product segments. And this is in direction of confirming the resilience of our business in Financial Services. Second building block, acceleration in growth markets will derive from converting opportunities connected to the previously mentioned 5 levers. Here, it's worthwhile mentioning as a very available add-on to our plan. That may act also as an acceleration factor, the European Payments Initiative, to which Gilles has reminded that this morning, we have been supported since the beginning. Business-wise, for FS, it transversely affects our product areas, and it has a significance for us both in terms of ambition to support the EPI itself in setting up their venture and in their launching phase as well as in terms of support, we will definitely devote to financial institutions in Europe to handle the implications of the introduction of the new scheme, both on the issuing side as well as on the acceptance side. And also EPI is an initiative fostering the adoption of account-based instant payments on a definitive basis that is one of the qualified levers in our product planning. Finally, product extension, the extension of our product range and the channeling of new ranges of digitalized offering in the space of account payments, for example, with Request to Pay; overall digitization of payments and Open Banking; and maybe with a more uncertain horizon, Central Bank digital currencies, all combined with the adoption of cloud and transformation to cloud and a revamped approach to partnerships, complete the grid of our plan for the next 3 years. So to recap the 4 headlines that are relevant, the 4 headlines that are the key takeaways for our plan. The foundation for the plan is around leverage the FS pan-European payment factory. We are the machinery room, will continue to be the machinery room of Worldline proudly. Consolidate and transform incumbent's payments environment, that is a confirmation of our mission on the client side, also when it comes to proving a strong attitude in executing outsourcing deals. Shape the future trusted payments world with meaningful innovation. This is the transformational part of our products that is so important for us to steer growth and then deliver growth through a mix of traditional and emerging opportunities. And with this, I would like to thank you for your attention and handing over to Marc-Henri again. [Presentation]

Hi, again. We have a pretty heavy agenda as you could see this morning. So in the interest of time, I will briefly take it on me to present the Mobility & Transactional Services business line, in a couple of slides. And starting by reminding you that this is a business line like the others of high volumes of transactions, high regulation, security and extending and including payment transaction and know-how, especially to specific markets like the transportation industry and the public sector, as you can see with the logo on this slide. High volume of transaction, what I mean by that, you can see high volumes in general, million of connected end points, billions of transactions of various types delivered by 3,500 Worldliners for customers on all continents. This business line combines some specific assets in the field of e-Ticketing & Mobility and assisted digitization with a very strong pool of digital talents that are able to work on specific projects and combinations, making it an enabler for Merchant Services and Financial Services for our payment business lines. So it complements our payment platforms, drive additional payments transaction in some vertical, in particular, obviously, public sector and transportation. As the rest of the group, they have a strong focus on growing their key products and on innovation. I said in the previous page that Mobility & Transactional Services is a vertical enabler for Merchant Services and Financial Services. And I would like now to make it a bit more concrete. So we do it, how we do it by leveraging expertise in digital and payment integration. We've elaborated solution. I can give -- we have a few examples of this slide, but I can give an example of a Pay & Drive solution where MeTS is bringing the car plate recognition, matching it with a payment account. Triggering the payment transaction is, of course, a very different use case from the traditional one, and it combines [ there now ] and the Merchant Services now in this specific case. So we support also Merchant Services and Financial Services in their customer interactions. The Worldline contact solution is sold directly to banks, but they also operate it both for FS and for MS to render their customer services in a way that allow secure transaction and integration, for example, through authenticated calls, phone calls. They work on product combination with payment capabilities. Typical example is Bill Pay & Match for bill payments, ending this matching of bills and various payments, fragmenting payments, keeping the track record of the bill sale and being the big invoicers to integrate that into their overall environment. Scan & Pay is another example of seamless end user experience, improving solution for big retailers, helping solution to scan their product and get a direct interaction with the payment features. And they also provide product add-ons that we can integrate in bigger payment deals like we did with a digital ID solution for the Australian banks. And you see -- you have seen a bit before the testimony of the PSA customer. All these interactions, integration reinforce transaction flows both ways for the growth and the differentiation of our various businesses. Beyond this transactional role of enablers, Mobility & Transactional Services has 2 main businesses, having the key products. In e-Ticketing and Mobility, we were already experiencing 16 billion tickets processing per year. And we intend, of course, to continue leveraging the post-COVID recovery of the transportation sector and pushing volumes back again and usage of contactless solution beyond the physical ticket, which is [ lesser turf ]. And so of course, it's imperative to our business model. We also expand our market footprint to more international than today as most of our solution have a potential to go beyond their current market footprint. In terms of products, we observe, of course, a rising demand for sustainable mobility as cities are looking for open and flexible solutions to push for a CO2 and to help the acceptance of the usage of CO2 to public transportation. And we intend to leverage these trends with our Open Payment and Mobility as a Service solution. You remember, our Open Payment is the ability to connect an account-based ticketing solution with physical cards and using the physical card or the mobile payment solution as tap-in, tap-out experience to enter and exit a network of transportation and trigger to transform the transaction with also possibility of controls, but also possibility of interconnecting from train transportation to possibly car-sharing or car-renting. So it's expanding in terms of value chain potential, and it's a very promising market. Now -- I'm sorry, I'm checking because we don't have the screen feedback anymore. Yes. Our business of MeTS is a trusted digitization for regulated sector. It's a business combining digital identity, digital signature, associated traceability tools around proof beyond firming of existing niches that we have today and growing our very dynamic traceability solution. We will look at developing the new trust services adjacent to payments for example, on the back of the eIDAS initiative of the European Commission. And you see a lot of examples and you see also the very big volumes that we are already experiencing in this domain today. Overall, the domain in payments and beyond payments of electronic identity, traceability of other proof like digital signature are extremely strong, and we clearly intend to benefiting from this momentum. Now I will conclude with a short list of core messages for this business line and how we will sustain its mid- to high single-digit growth and the improvement of its profitability. So it benefits on this business and from the strong momentum I just described of its stream and focuses e-ticketing with transportation, trusted digitization with the need of digital identity and of course, its ability to enable payment transaction with FS and MS. Through its investment on its key products and connections to payment platform, it will bring innovation and further innovation in this IRB-regulated domains. And all this is very deep in our DNA. And besides, we are convinced that we can expand most of our solution to a more international footprint, leveraging further geographical reach of Worldline that has increased a lot over the last years. And finally, we will improve the business line profitability by continuing to focus on key and scalable products and optimize the use of cloud technology, which are at the core of the group technology road map, but that Christophe will speak much better than me about it. So I will now give him the floor for our technology section. Christophe, floor is yours.

Good morning. So I'm going indeed to share with you how we've built our platform, how we transform it. And I will give you also a couple of insights how we manage innovation and technology. So first, our platform. So as already mentioned by Marc-Henri, we have defined our target selecting the best assets we have in our portfolio of solutions. So the obvious benefit from this consolidation on one modular-targeted platform is the efficiency. So it's basically bringing a lot of benefits in terms of rationalizations and direct savings. The second pillar of our tech strategy is the transformation by the adoption of cloud technologies. So we transform our products, adopting these cloud technologies, and I will give you more details in a minute or two. But if there is one thing to remember from this transformation is that it is a strong enabler for accelerating our time-to-market. This is essential. It's also a condition, an underlying enabler for providing APIs access to our products, which is also a very key element in our product development, as explained by Alessandro and by Thomas earlier today. So this cloud transformation is definitely a very strong lever to help and to support our team, our business unit team to manage the growth ambition we've displayed today. So let's share now a bit more about our payment platforms. So as I said, our target platforms, we have selected our best assets in the different domains. So you see how it is modular, how it is also end-to-end covering the value chain. So if I just comment on a couple of those boxes. So in the 4 domains you see listed on the left. So in acceptance, of course, we are leveraging our powerful platform like Axis in POS, like Worldline online payments. In Merchant management, we are leveraging market solutions like Salesforce and SAP, but they are customized to run it. In the acquiring processing, we are using our alternative payment methods hub and our Worldline Pay Front-Office assets and a very powerful asset we got also from the SPS integration, that's iPass for the acquiring back office. In the issuing, we are using our issuing back office Worldline Pay. And this is complemented by our strong product we have in digital services for issuers and to authenticate, give access to account, as explained by Michael, and our rails to manage large volumes of account-to-account payments. So all these solutions are under our control. They are up and running. They are in production. They are processing millions of transactions every day. By 2024, we will have, at minimum, 80% of our volumes running on those platforms. Let's now look a bit more in details in what we mean by adopting the cloud technologies and why this is generating numerous benefits. You see in the middle of this slide, some keywords. Micro-services. Micro-services is a technology that accelerates the launch of new features in our products, that is maintenance. APIs, already mentioned a number of times, it's opening our product to their ecosystem. Containers. Containers, they bring standardization for the production teams, and they bring simplification for the developers. Automation. Automation is just a matter to save time and money, but also to increase the reliability of our services. And last but not least, orchestration. It increased our responsiveness in production when we have to react to peaks of transactions. So these are just illustrating the very large set of benefits we get from this transformation. Thanks to this adoption, thanks to this transformation of our key assets in all the areas we've covered this morning, we are able to deploy on the most appropriate way on our infrastructures. So first of all, and you see that at the bottom left of the slide, we deploy on our own private cloud. So we've built our own private cloud, and we deploy on it in different availability zones we have all over the globe. But we can also deploy on client private cloud if they request it, and this is what Alessandro illustrated a moment ago on the -- this need for certain products. And we use public clouds. So when we have, for example, high fluctuating workloads or when we want to leverage specific features of those clouds. So today, we are already using Amazon Web Services, Microsoft Azure and Google Cloud Platform. So we've set up a program called Move to Cloud, so that is leveraging this ambition across the company. And this program is very pragmatic. It's been designed in a very pragmatic and operational way. So of course, our most recent solution are cloud native at day 1. But we got the others for different stages of maturity to capture progressively all those benefits. Our private cloud infrastructure is already running millions of transaction every day. And we've, by the way, integrated pretty good starts coming from the Ingenico portfolio in this private cloud solution. And API, so as I said already, we provide with this transformation, the foundation for increasing the APIzation of our product. This enables better integration with the ecosystem, especially with our fintech partners, but also it's very important to ease the integration with the information system of our large customers. So let's now have a look at the way we manage innovation in technology, how we practice that. So what you see here is our technology radar. So we use it to guide our innovation initiatives and to monitor our position on the map. So it's refreshed twice a year. It's based on internal and external sources of information and opinion. And each technology is positioned on the radar in 3 domains that are relevant to our business. So you see them, customer experience, so interfaces; trust and security, of course; and production, so all what relates to efficiency and processing. The majority of the technology is represented on this disc. So at the center of the disc, we have the most recent technologies. And at the edge of the disc, we have the most prospective one. So the white spots relate to the techno we are already using day-to-day on a daily basis in our production. And the green spots corresponds to prospective technology we are testing and piloting with our labs. So you see we are pretty active in many areas. I've picked up a couple of examples just to illustrate how it works. So you see on the top left, trusted artificial intelligence. So artificial intelligence, of course, it's not new, but it's always every day evolving techno. And what we are currently busy with in this domain is with the introduction of what we call transformers, so transformers are very useful to get to the next stage in terms of machine learning. So far, machine learning. So to train a machine learning engine, you were just feeding it with a lot of data. With transformers, it's done in a much smarter way, and it used contextualized data and the results -- the refined -- the models that are resulting from this training are much more relevant, much more refined and much more interpretable. So this is very important to make artificial intelligence trusted. We use this technology in our product like contacting MTS, like trusted interaction in FS. And we use it also for our own needs in customer services management, for example, to manage the growing flow of e-mail interaction. So this technology is very powerful to manage native language processing and so to sort out and manage this e-mail in a more -- much more efficient manner. On the right side, you see another topic, distributed ledger. I'm not speaking here of bitcoins or stablecoins or any digital currency, I'm speaking of the underlying technology. This is a very powerful technology, facing some challenges of development, of scalability, of sustainability. But we believe that it will go the same way as Internet developed 20 years ago. They are very smart solutions today. Private blockchain, blockchain or blockchain, meta networks that will make this technology more sustainable in the future. When it starts to become very interesting is that we -- if you combine distributed ledger technology with another trend that is on-demand computation, so pure computation on demand, you see that this can completely change the way we manage credential today. And this can pave the way to self-sovereign identity. And self-sovereign identity using these technologies will enable consumers to build authentication proof that will be much more respectful of their privacy. And this is a key trend we are currently monitoring in our radar and with our labs. So what's the value growth by our tech strategy? I'm presenting here a couple of KPIs that are directly resulting from our experience, directly resulting from what we know we've already seen, thanks to the transformation. So first, faster time-to-market. So we've observed that we could initiate new features, introduce new products with a much faster time-to-market, up to 40%. The total cost of ownership of our solution through this transformation, through the adoption of cloud technologies is improved by 25%. And so this is feeding the plans Lisa presented earlier today. A few more numbers to conclude my presentation. So we invest more than EUR 300 million on a yearly basis in our product road map, in our transformation programs and in our infrastructure. Thanks to this, we are able to launch in the region of 20 products, new products or major features, major releases every year. We've built a network of experts, and here I'm speaking of the highly specialized IT experts across the company that is working as a community across the whole organization. And this community is strong of 400 members today. But of course, while it's behind the scene, what Gilles already explained this morning is the techies staff, the techies colleagues. So more than 7,000 of them that are sharing the same passion for innovation, for IT, for operational excellence. And thanks to these guys, thanks to this very powerful team, we are a Paytech leader. Thanks for your attention. And I'm handing over to Gilles for the conclusion of this session.

Well, indeed. And I hope that you have been receiving a lot of information, maybe also some high opening facts and features of this new Worldline. And I would like not to be too long so we can get straight into Q&A. Nonetheless, I could not miss this opportunity really to share with you, as I've been doing for the last 7, 8 years for the ones that have been following my journey in Worldline as a CEO of this company and this great journey. My very sincere belief about what we've been creating, what we are targeting, what we're going to deliver. I think don't come back on it. We have a great and strong track record in terms of gathering together, really some pretty unique asset in the European payment landscape that we start now to export, as it has been shared with you in some other region. This is really -- I mean, with these assets so far, what you could witness following our story is how we could extract synergies and primarily cost synergies out of it. What you have not touched really, and I hope that we could be convincing today, is the real magic that is coming with the business value of all these positions, assets, great people and very clear strategies. We have been extracting the cost synergies. You have not yet measured the power of this growth engine. This starts actually now after the merger with Ingenico, and all the huge transformation that we've been doing over the years in fixed payment services and Equens to prepare this vehicle to actually harvest all the benefits of what has been grouped under one roof. I think I could be clear, beyond the asset, we have a very clear strategic vision. And it goes beyond just doing a good payment acquiring or payment processing business. It is about leveraging something that is generally, I believe, extremely rare, if not unique, a platform in the middle of this fragmented European payment landscape that is connecting everyone to everyone like a big hyperconnectivity platform. And that we intend, as Marc-Henri said and our colleagues, to actually leverage, orchestrate and monetize. Because there is such a flurry of stakeholders from startup to fintech and to big GAFA as payment brands that are dreaming of cracking their entry into this market, that if you look at the facts and the reality, we are the highway that allow to actually accelerate the go-to-market while bringing a maximum value to banks and merchants at the same time. This central play that we have and our vision has always been there, but we lacked at the time the scale, we lacked the connectivity. We lacked the unified platform to really unleash its power. It is now that it is becoming real. So you saw from my team and my dear colleagues here that have been embarked with me in this journey, putting their most important asset after all, our life span, our years of patience and hard work and creativity into this journey. You could see all the many, many, many different operational plans that we have shaped that we started to execute that have already brought fruits. How many we have all across the company to actually deliver that vision, deliver the growth, deliver the plans. And just I'll stop one second here. For the one having followed our story, we started with 3% to 5% guidance for organic growth. Then we moved it to 5% to 7%. Then we moved it to 6% to 8%. And today, we tell you, it will go to 9% to 11% CAGR growth, the best performance ever for this company. And it comes for a reason. It comes from the accumulation of these high-quality assets, the way we are actually orchestrating them and that we are going to unleash their power into the European market and beyond. So this is a pretty consistent trajectory. Nothing happens by chance. There is no dreams. You know us, we've been never missing ever what we say. Last, we will keep an unchanged focus on the remaining consolidation momentum in Europe because as a matter of fact, we're even better placed than before. I think Vincent and his team were super clear about our attractiveness for banks these days. And more than my speech, facts are speaking. We've been winning most of the deals coming to European market from bank divesting assets. And there is something you should take into consideration in your thinking. 5, 7 years ago when we started the journey, guess what, we would have been competing with Ingenico, with Equens, with fixed payment services and with many others. Where are they today to get these assets? They are worldwide. The reality of the M&A competition is that there are not that many names that banks can actually call when they want to sell an asset or they want to do a tender for anything. We are actually creating a phenomenal scarcity of the guys that can take the next assets and bring them into an even much better value proposition given the scale and given what we are actually delivering to the market, to the merchants and to the banks. So in the end, Investor Day, I always somehow an exciting moment and the challenging moment when you want to close. What I want to share with you is that there is a fees factor beyond the fact that we have been gathering great assets, we have a strong vision that we actually start to execute that we have actually ahead of us a phenomenal growth that is coming for a good reason and that we have also great M&A opportunities. And that fundamentally, we have also an exceptional team. You saw today some of my colleagues that have been working with Marc-Henri and myself over the years that are actually engaged more than 100% in this journey. And beyond them, you cannot feel and touch the patient, the company culture, the pride of what we've been building. The company is not only about the figures, it's not only about the assets, it's not only about the projects. This is also the minds, the heart and the belief that the human organization has in itself. And I can tell you our rank by far, #1 in the European payment industry and probably even well beyond in terms of patient for what we have to deliver. And this team -- and this management team, in particular, that I was so proud to expose to you today, is a team that has an impeccable track record of doing what they say, of delivering what they promise and on delivering on their vision, and this will not change. So my last message is we started this really 7 years ago. And some of you were kind enough to trust us and to embark into the small Worldline boat by then. We have been transforming this company immensely, as you could see. This is for me after Ingenico like the second departure of this new Worldline boat. I have only one recommendation, don't miss this second departure. It is the real departure of the Worldline journey after having been that successful in consolidation in its landscape. We made a very clear statement yesterday evening that the scope of the business for the years to come is super clear, TSS will be exited. From that clean table, the profitable growth that we are going to deliver will increase drastically as per our guidance. And last, M&A will go on. If you've been liking so far the Worldline journey, I can only tell you, stay on board, get in. It is just a phenomenal journey ahead, and we will deliver one of the very best Paytech company in the world in the years to come. And that will be my personal pride to have contributed to that with all these ladies and gentlemen, which is maybe my only weak point today. I have not enough ladies in my executive team, but we are working on it. So the guidance is there. We are fully committed to deliver it. And please do not hesitate to ask any question you want about the way we pursue growing this premium global Paytech company at the very heart of the European payment ecosystem. Many thanks for your attention so far. Q&A is open. I invite Eric and Marc-Henri to stay to come with me on stage. And my colleague here, in case of me, will also take your questions.

Laurent?

It's Laurent from Kepler Chevreux. I have 3 questions to start the Q&A. You focused on in MS first, you focused on the vertical offering. Could you share with us a breakdown of sales for this unit by vertical? I'm trying to guess how much revenue are you missing because of the COVID crisis linked to direct leisure transaction and also indirect...

Good question to start indeed because we start with the comparison base in 2021, which is missing a big chunk of the normal turnover that this company would get, given that we have a huge exposure to the travel industry at large. It goes beyond airline and transportation. It is also anything associated to the displacements and the travel of the individuals from hotel to restaurants, to leisure, clubs and so on. But maybe Eric, again, give some color because we have a very clear competition in mind.

Yes, yes, yes. So travel represents something like 10% of MS revenue. It can be even a bit beyond when you integrate some of the collateral as Gilles described. And therefore, you can expect at group level, probably still a few percentage points missing due to the lack of travel. We know that the regional travel has picked up already in the summer like it was last year. But the international travel has not yet picked up, and we know that this is also the most affected part. So we have ahead of us in the course of this 3-year plan, travel, coming back of international tourists as one of the positive drivers of the performance.

Of both growth and profitability. And we currently estimate that we are below 50% of what would have been the normal pre-COVID rate. So you can do your math, you will see that it is even at group level, a pretty material contribution to the acceleration, I believe.

And maybe because we are talking about adjacencies of travel, you may remember that we indicated in the past and it's still true that we are the first European acquirer for the Chinese brand, UnionPay, Alipay and WeChat Pay. And as you can imagine, this part of the business is not back yet. And as we mentioned, international travel, it's in particular, intercontinental travel. That is the primarily missing part today.

Overall, is it a fair assumption to assume that maybe you're missing like 5%, 6%, 7% of revenue in that unit because of the competitive situation today?

But of the MS business, we are probably in this order of magnitude for MS, which is half of Worldline now as of today, a bit more, [ now 2/3 post ] the change of scope.

A bit on the high side, I would say, but that's not an inconsistent estimate here.

Okay. And I have 2 follow-ups. One is on Financial Services. As you said, most of your portfolio banks are Tier 1, Tier 2 banks that are being somewhat disrupted by new entrants. So how fast do you believe you can adapt the portfolio? Because I guess you're probably suffering a little bit when you compare to the overall growth in transaction because of your mix. And the last one is on the M&A pipeline. So you alluded to potentially as well large deals. I guess it's probably the size of fixed payment services. Could you just share with us how many opportunities you have when just looking at the large deals?

Yes. I mean you can get the time. Just talking about M&A, maybe and it will let time maybe to Marc-Henri to try to capture properly your second question because we are not suffering in Financial Services, to be frank. So I don't want to -- we let any perception of defensive. I mean you saw with Michael and Alessandro that we have actually huge plans to pursue growing this business and capture new outsourcing opportunities. But let me stay on M&A one sec. M&A is a permanent task in Worldline. It's not something we do on an opportunistic basis, waiting for a banker to call us and to tell, there is a tender that should come or there is a bank that is sinking. Gregory, who is with us here, the Head of our M&A team and jointly sometime with the M&A team in MS, are actually constantly scrutinizing all the situations. That's our duty, by the way. It is the mandate given to me by the Board. I need to stay constantly the leading consolidator of this industry from Europe. So we are constantly evaluating all the situation. I'm not going to give names, Laurent, but there are plenty you can guess. We are looking at each and every one, constantly trying to assess if there is a window; if it is the right time, how could we approach. And of course, for the time being, nobody could deny that during last year, everyone has been pretty busy with the COVID, with the discussion of the COVID since 1.5 years. But fundamentally, now that we get extremely well engaged as Lisa shown on the Ingenico integration, we are extremely mobile. As we consider in 2021, we did not fear to actually strike already [ 4 new deals ] that are going to join the platform. And we feel that we're in full motion. We have no issue of waiting again 1 or 2 years of integration of Ingenico to believe that we can strike a deal. Anything of any magnitude could be actually today digested by Worldline. The only question for now for us is to believe that there is enough value creation on the table in a given situation, looking at the valuation, looking at the synergy potential and looking at the business rationale to do it. So we are constantly, constantly scrutinizing everything from small to very big. Be sure, be sure.

On Financial Services, indeed, we don't think we are suffering with our mid-digit number. You may have in mind indeed the momentum, the number we see on MS. But I think we already explained to you that in the financial sector domain and with the Tier 1, Tier 2 bank, as you know well, we don't price by volume of euro processed. It's not the market practice. You have a part which is based on a number of transactions, a part which is based on number of account managed and it doesn't evolve mechanically at the same pace. It's really clearly the underlying market is more on the low single digits. So we still consider in this domain that we are overperforming the market, thanks to more online exposure, digital services that we're adding on top of that. But you're right, that what we are trying to do is to evolve from a situation where we are exposed primarily to the biggest bank, and we have a network of account manager or sellers that have this DNA, vis-á-vis, this relationship and have been successful in the past. But we need now to extend further. It goes through enriching the sales force. So we are working on that with Michael, working more with partners. It's also the work we do on the platform. I think what Christophe and Michael, Alessandro explained to you, is adding interfaces to make it more easier to connect your platforms. We have deep integration allowed to open to other fintech or smaller banks. So it's a work on the platform. It's a work on the sales force. It's a different momentum and it will be an underlying trend sustaining our development. When -- if I come back one minute on the biggest bank, it's clear that when we do projections, we have a very difficult situation trying to forecast the very big deals.

Commerzbank-UniCredit type of deal.

And so we have to be cautious here. We cannot build a guidance piling up bets. So we did something which is more relying on, I would say, usual trends, and then we'll see.

And big deals would come on top, super big macro, mammoth deal like Commerzbank or UniCredit would come up top of this guidance.

Yes, Antonin Baudry from HSBC. My first one is I'm coming back on M&A. You spoke to potentially make acquisitions outside Europe and in adjacent. So is it possible to have more information on -- if you have geographies that you particularly target, for example, who could be interested to straighten in Middle East and Africa, for example, or in adjacent segments, it would be possible for you to straighten in business-to-business payments, for example, more detail on that?

Yes, Antonin, with pleasure. So Africa and Middle East are not a current priority for us. What is driving our M&A strategy remains primarily the possibility to extract synergies whether these are top line synergies or cost base-related synergies. So you could see that, Vincent, I think, was it Versant that explained how we actually leverage and Roger, by the way, the Australian acquisition that we did in Australia. Because in Australia, basically, we take the Worldline 1 platform over there. We plug in there. We just put the local payment method that are actually brought with the corresponding acquiring license by NZ, and that is really as powerful as a European deal in that particular context. Of course, looking at the wider Middle East and African region, it is a totally different story. The level of maturity of card-based payment is very, very different, the specific cities. And so we don't believe it is top priority right away for the company to fix just for the growth of the top line without looking at how we could really make a high level of synergies with what we have today. Of course, should be a case-by-case analysis, but as it is not a top priority of the company today, we do not put a lot of energy to try to assess if there would be things that we do not see from outside without doing a cartel work. I hope it's clear on this. Adjacencies are more reflecting on products and technologies that could accelerate and expand our own offer I have a very good example in mind, which is what we bought with SIX Payment Services, as a matter of fact, payment services was having a proprietary dynamic currency conversion, solution and engine, while we were buying the service from the outside. So typically for me, that was a great thing that we assessed doing with Vincent and the team when we are looking at SIX Payment Services. We saw this product as something that we could leverage all across the Worldline universe by then. So for us, finding products, is that I A call adjacencies, product that sometimes are quite specialized, but what we can really leverage and push to the merchants because you have this platform now that we want absolutely to monetize at the very last dropped value. We can get either from third parties or directly by ourselves when we have the relevant product to really put that scale. So if you think that what could be the adjacencies coming, I will give you a very big adjacencies in payment that is still highly fragmented, and we have some bricks. It is business-to-business payment, B2B payment and not just big adjacency where we have, as we saw with Michael and Alessandro, already very strong asset in account-based payments in instant payments, in the ability to manage a huge batch of credit transfers or direct debits, and we have huge corporate organizations. And what we don't have today are the front end, except bill pay and match that we started to create internally to actually allow consumers to pay recurring deals to large corporates or between corporates themselves to exchange business loans. So it is a key adjacency for us that the M&A team is actually scrutinizing very deeply.

I have a second question about guidance. How do you see the completion of this guidance? Do you see a linear growth around the plan? Or will it be an acceleration from the low end of the range to the high end of the range? How do you see that?

So it will depend a bit on the COVID recovery situation. If indeed, travel recovers in '22, then it will be an accelerated reach of the middle or the upper part of the guidance. If this is more progressive, which is currently our assumption, most likely, it will be more linear. So that's one thing. The second is also the materialization of the top line synergies, which will also accelerate during the course of this plan. So that's why I think if you build it rather linear, I think it's quite a fair assumption.

Hello, this is Stephane Houri from ODDO BHF. So I have a question about your plan, which relies a lot on the growth of Merchant Services business. And this division has been delivering probably a lower growth than expected by many people in the market, notably in Q3. And when people look at what the other players do in the market and everybody is looking at what Adyen is doing. And I know they are not on the same market and et cetera, et cetera. But they can't help comparing so -- and have the feeling that you lose market share. So how can you give confidence that, in fact, you're not losing market share? In another way, when you are facing people of Adyen in tenders, why do you win? And sometimes, why do you lose?

Thank you. You want to take the first question?

I will take the first one. I think in terms of of growth in MS, you need to remember that 2/3 of our business to make it simple is in store and 1/3 is in online. So online, we compete with Adyen, and we'll come back to how we do it on this part. On the rest, we are by far, we're better than at the end in term of number of customers. But also, I think in terms of offer, we can offer to our customer. And on this one, I can tell you that we are growing extremely fast. Now it's true, but in-store growth is lower than online. That's a fact, and that will continue for probably still a few years. So you should not expect from us the growth rate of a pure online player. But I think that's something we shared with you for years already, and I know you and our investors understood this part. On this specific in-store part, I want to insist, we are really top of the pack. And we are heading towards a double-digit growth as well. So it's not just online but will pull our growth in MS, but also in store through the synergies that Versant has explained for the new geographies we are opening. This is a strong growth engine for Wordline that should not be missed and underestimated beside the online.

I will let Marc-Henri and Vincent give you some colors on the way we compete with Adyen and some other guys. But don't mean -- it cannot be a tree hiding in a [ forest ] here. We are in the middle of Europe, the first and biggest in-store acquirer. The performance delivered by Vincent, Roger and [indiscernible] is stellar. We talk here about growing what is 70% of Merchant Services at double-digit. I mean it is anything that the business that is fading away. It is where that we are gaining market shares every day, every week. You see the plan of Nick, just talking about Nick, Nick, where is he? Nick is there. Germany only, Germany only, he has a plan to win how many merchants in the coming 3 years? You mentioned that on your slide.

36,000.

36,000 new merchants. These are just net market share gains. And it is the same story as you saw with Roger in many others. It is 190,000 if I'm correct, all together at Merchant Services level. it is a huge market share gain. This led to any understanding that we would lose market share. This is the contrary. This is like a winning machine, really, for in-store. And for online, we're going to update that from Latin to the circa '20 as it was said by the MS division. And by the way, not only we win against Adyen, but we have also win backs against Adyen.

Yes. Maybe I can elaborate and Vincent don't hesitate to complete. I think it would be good to show again the big triangle slide that Vincent had in his presentation.

Can you guys? I will do it myself. Yes. Maybe.

Never a bit of [Indiscernible] service company.

But meanwhile, when do we win against Adyen and having also win backs? We win against Adyen when we have a customer having a big activity also in the physical world distributed in various European geographies. And typically, they want to have a specific integration with their tools. They want to have a specific relationship with some local acquirers that they are historically, they want to maintain or they want a specific local payment brands that we are providing. And that's the global comments that Vincent was saying the retailer, he was talking about -- it was a win back from Adyen, was particularly a win back from Adyen. And in this case, we are in a position to offer something, which is really standing and stronger. And of course, it is a place where the physical dimension is very important of the business. Physical dimension is not growing 30% today. So it's a fact. On the other hand, it happens, we lose against Adyen. And in particular, at the very, very top of this triangle, when it is a client that is fully global, fully online and wants to have a global coverage. And here, we recognize we are not as worldwide and as global as Adyen can offer in the pure online space. And today, they are in front of us, and we are not having at all the same level of growth. But it is a limited part, and they will not [ fall ]. But maintaining the same level of growth when you enter into the physical world, where you have different challenges will be a different story. And our experience, and then so maybe you can add about me further on all this, is in when it has a strong dimension of physical business, and we are talking about the European core, this middle market, we all doing very well. Maybe you can be connected. I think sure, we can do it, will take a mic on.

It works. No. I think we said it before, but I take the example of this fashion retailer in Europe, one of the largest in the world. They want the local touch. They want the local language. They want the local payment methods. And they think we have a rich offering on that point of view than Adyen. So when they can survive with Visa, MasterCard, take action. Action is a super example. Day 1 action, which is this low-cost food retailer from the Netherlands. They went to France, it was working with Visa, Mastercard quite well until the guys said, "Well, the cost of Visa is much higher than [ cartes bancaires ] ? So can you please offer on the terminal, cartes bancaires? And of course, this is a new development. And if you have to do that for all the countries of Europe, for all the special payment methods that exist in all the markets. Think about the mobile -- the new mobile schemes. Payconiq in the Benelux, Twint in Switzerland, Vipps in Sweden, the ones in Poland. I mean, it is a lot of work to make sure that on an everyday basis, you support for your local merchants but also the international ones that have local shops, to make the offering attractive for the customer. And of course, at the start, you can always start with Visa-Mastercard. I mean, you can go to any shop and say I offer you Visa, Mastercard sum up. Take the example of sum ups. Sum ups is on television every day. What do you see Visa, Mastercard. Until somebody will realize that you pay 1.75% for your transactions. And that maybe if you go to cartes bancaires, you will pay much less than 1.75%. It will depend on how many transactions these people do. So if they do 1 per week, they don't care. If they start to do 10 per day or 20 per day, they will have a problem. So it's a competitive landscape. We all have different products and solutions, but I think that we are born local, and we try to be very, very efficient on a local base. And honestly, attacking the 1 million merchants we have, it will take a lot of years. And in the meantime, we can continue to grow. And in the meantime, they can continue to grow. But -- and the last example I would like to take is they started in the United States. And how they did that with eBay, which was not a real commercial transactions, let's call it like that. So they are very strong in the U.S. We are not in the U.S. So honestly, we don't feel that competition. I'm sure that my colleagues feel probably a better competition because in the U.S., in the meantime, the domestic schemes disappeared like [indiscernible] was saying before. So when those schemes will disappear, I think in the meantime, a lot are appearing. As I said before, on the generic QR code. Today, we have 6 payment methods. Even PayPal is coming on mobile solutions. And so again, tomorrow, you may have 20 solutions on mobile phones. It will be a pain, not to accept, but to pay the merchants because at the end of the day, he wants money. He doesn't want just a transaction that works. And very last, we are not a bank, and they are a bank. And I don't think we will be a bank soon.

No. That's not plan.

We are different animal. So -- and just before we switch to another question, Stefan, because you came back. I mean, that's not the point we were here or projecting over the next 3 years, but you were pinpointing back on the Q3. I think it's important that we just clarify an obvious misunderstanding. There is no miss in the Q3. Absolutely, so please.

No. Q3 just was impacted. I think we commented at length through the comps from last year with Q3, which was much stronger than Q4. You just need to remember the situation in which we were last year, in particular, in the core countries for Worldline, namely Germany, but also Switzerland, Belgium, it was full lockdown, full lockdown. Meaning that in-store, which is again 60% plus of our merchant services was just not operating. This Q4, thanks God, we'll be able to operate normally. And therefore, the Q4 and the sequence, Q3, Q4, we built in our guidance. But starting back the way in February was a Q3 aligned with what we deliver. And a much stronger Q4 due to this in-store business. The strong in-store business we have in MS, but could not operate last year and that will be operating normally this year. So there is -- of course, this significant catch-up that will happen mechanically. And that's why you felt so confident on our Q4 is because of this mechanical effect in our in-store business, which is indeed quite robust, quite sticky and on which we have a good visibility because we know the behavior of our customer there. Josh?

Josh Levin from Autonomous. Two questions. The first is a follow-up. So when you talk about competitors such as Adyen or Square, whoever, and you talk about Worldline supports many local payment methods in Europe. Are you suggesting that those competitors don't support as many local payment methods or that they do, but you somehow do it better? And if you do it better, how do you measure that? Is it outrate? Is it price? Is it something else? And then the second question is, if you haven't sold TSS by now, how do investors get comfortable that it will be sold in the next few months?

I will take the second one, I guess, but maybe I don't know [Indiscernible] Versant.

I can say a word. On the first one, Versant can compete. Definitely, we observed that indeed, we provide more local payment maintenance in store as a point of sales. So that's what we observe when we compete on RFPs, as a feedback we get from our customers. That's the knowledge we have about. And I must say, Square in our current geography is not something we see as a big game changer. Adyen is a pure online sector. We saw it, and we talked about it that we are there. We see that we are very present in your mind. I must say, they are not very present in competitive landscape because of the triangle we showed that where we focus on energy most of our customers, it's not that much a discussion about Adyen, and it's never a discussion about Square. So that maybe what I would say, I don't know if you have a few additional message on.

Can you reconnect [indiscernible], please?

Yes. Well, what you need to know is that when you have a domestic schemes, in many cases, it means a much different software on the terminal, a certification on the terminal that is unique to that market. Take the example of France, the cartes bancaires standard is the one that is published by cartes bancaires. You have to go for CB certifications, 5.5%. And when they change something, you have to go for 5.6%. And it means that the software in your terminal needs to be uploaded to the next release all the time. This software, 5.5%. If I take it to Germany, my German colleague will say I can do nothing with the software. I need the Z [indiscernible] software, which is the [indiscernible] card of Germany, which is, again, another standard certified in Germany, uniquely for Germany. So if you want to do the job like we do, you really have to go off in every market, build the local software in the terminal, connect your systems to the local schemes, which means a lot of work, again. I count on my FS colleagues to do that. They have the experience, but you need the scale because if you make one transaction on an investment of EUR 1 million, of course, you have a price per transaction that will not be optimum. And this is the value of being born local. This is the value of attaching to Worldline local people. Take the example of Greece. In Greece, now we have 200,000 terminals that are fully capable of doing transactions with any acquirer in Greece. So I can send the transactions to Eurobank, to Alpha Bank, to any bank, but I can send those transactions to me tomorrow. Yesterday, I could not do. I mean, if you don't have access to this stupid box with the software that is the right one, you don't get any transactions. So if you don't have that, you have to build this network. And honestly, building a 200,000 terminals network in Greece, it takes 10 years. So the one that wants to do it will take time.

The long story short is what we do better is we have better scale because we grew this company bottom up by buying historical domestic position with the corresponding volumes. So we are just more competitive on price also because the newcomer can come, as Vincent said, put EUR 2 million on the table to activate its connectivity to the local scheme. And then when you look at the P&L, the first transaction is costing EUR 2 million the first day. So it is there that we are address. It is the bottom-up construct of Worldline. It's why we are telling you this is an asset that cannot be matched, cannot just be recreated like that. It is why also I mentioned that the European market is by structure protected against any fast disruption. It's exactly what I was alluding to. Nobody will have the local domestic volumes, except the one that capture them, us in the big part of Europe, next in Italy, for example.

TSS.

TSS. We do what we say. This company has been a signature for the last 7 years that I've been trusting to be the CEO. So the Board took a decision. We will execute this decision. You know that we've been clear. We've been alluding to a current discussion taking place and we give priority to this discussion, and I believe it is a very serious discussion. And we prepare ourselves in case like in M&A, it may happen. The signing is not done. That is part of life with me. We are all gone people. We have experience here. And in that case, we have prepared the plans that would be executed as soon as possible during the course of next year that is already ready.

And maybe just to add a word to what Gilles has said on TSS, we don't comment competitors. But what happened during the night is an industry large event. So for the one who maybe missed it, Federal investigation took place at the offices of [ PACS ] in the U.S., and I think the back shares dropped like 50%. So -- and PACS is the big competitor today on the hardware market in the U.S., is the one gaining market shares. It's a bit soon to understand the intensity of the consequence. But clearly, and for a significant time as from now, trust from U.S. buyers, at least in PAC products is not there anymore. So there will be some changes. And from that point of view, I don't think it has any negative impact on the intrinsic value of our TSS business.

Excuse me, I cannot see you, but the floor is yours. Can you switch on the mic of Hannes Leitner, please?

Hannes Leitner from UBS. I got three questions. The one is maybe just on the terminal business. You mentioned in 1 slide around that you will be significant -- or you expect to be significantly net cash post the transaction. You had a couple of building blocks on that slide. So maybe you can dig into what is those expectations. Then the second question is around your margin -- your revenue growth acceleration. You discussed already, Travel is at depressed levels being 50% pre-COVID, that would probably be 2%, that would grow probably, as you said, 6%, 7% within Merchant Services. That might mean 100, 200 basis points per year. Maybe you can talk about the volume growth you expect and then typically price erosion, which is typically scale, sliding scale. And then the new contract wins you mentioned in Germany, ambitious targets. So maybe we get a better feeling about the revenue building blocks. And then the last thing is on margins. You have talked about revenue acceleration. But actually, your margin extraction coming from there is rather more in line with the last 5 years. Can you talk there about it where the margin doesn't come through on that side?

Okay. Quite a number of questions. So starting with the first one. What you see on this illustration is without any proceed of TSS. So it means it's quite straightforward. This is the organic trajectory. So you see that to make it a net cash positive post-TSS disposal, we would need EUR 1.3 billion. And I said we should be significantly net cash positive. I will not comment much more what it means. I will not give you the exact number because the transaction is not closed. We don't even know, by the way, this is this one or another one, but we are progressing well. And we'll let you know in due time how much it is, but you can expect it to provide some significant additional firepower for us once it is done. What's really critical on this one is the significant deleveraging and the fact that even with TSS on board for 1 year, it will not impact our M&A capability. That's the key message you need to take away. On the second one, the revenue building blocks, you're right to say that travel recovery will provide a positive upside. It will be once. Because when you -- when there was additional traveler will be back the next year, it will provide incremental growth but not catch-up anymore. So this catch-up for travel, this 50% missing is factored in our trajectory for MS. It will benefit to both online and in-store business because we have travel agencies in-store. We have digital agencies as well, airlines, which are now a lot online as well. Online are part also of our key contributor to online business. So all this will add up and will support the acceleration of MS business over the course of the period. On FS, we made it simple. As said by Marc-Henri, we put in the plan what is statistically reasonable. Meaning that the very large deals that are, by nature, a bit like M&A, uncertain are not factored in. And we have excluded any very large deal, huge deals like what we were signing in the last few years, like UniCredit, like Commerzbank, but be assured that Michael and his team is working on both. And we have a pipe that fully will materialize also in the course of this plan that should enable us to also accelerate a bit further the growth rate for FS. So that's very promising. I think we are well on track in this division as well to post this mid-single-digit growth rate we expect and hopefully being in the upper part of this mid-single digit rather than on the lower part. So growth rate is, of course, fueling the margin going back to your last question, but quite an important contribution as you have realized it. This is also what is uptake in our business with growth fueling the operating leverage and improving the profitability. You said that we were in the same order of magnitude but last year in terms of improvement. It just applied on a much larger base. Meaning that the impact of synergies on the previous plan was much higher than on the new ones. And therefore, the operating leverage now represents a much more significant part. You saw it. It's up to 75% of what we expect in term of OMDA improvement in this plan, which shows the new status and the additional growth engine we have built over time, and we plan to deliver in the next 3 years. And last, I would say we have factored also to be fully comprehensive on this topic on the margin side, a bit of the synergies coming from the sale of TSS because now we have announced we'll be doing it. So we need also to take the consequence of it. They are absorbing part of our corporate central cost. Those parts will have to be absorbed by the rest of the activities and streamlined over time. This is also factored in this plan.

And which we have factored in technically as soon as 2022, the dissynergies coming from the central cost absorption that TSS was doing.

Derric Marcon from Societe General. I've got 3 quick ones. The first one is on Q4, sorry for the question, but should we expect the comps to play favorably for financial services as it will play for merchant services? Because I think yesterday, you said little acceleration was expected for Financial Services in Q4. But if I remember well in Q4 2020, the performance of Financial Services was down significantly compared to Q3. My second question is about the -- so the unique platform that you have. You said 80% of the volume should go through this platform in 2024, if I remember well. What's the number for this year or at the end of the year? It would be interesting to compare. And my third question is about the assumption that you have taken regarding price erosion or reinvestment of the savings in more aggressiveness in prices to gain share. How do this assumption in the current plan compared to the previous 3-year plan that you set?

So I will take the first one on FS. Actually, we had a good recovery on FS as we commented with quarter-after-quarter improvement in this division to reach the normative level also at 5%. So I think for Q4 to make things simple, you should -- and that's the way we have built our guidance, you should consider probably this level. If we are lucky, we may get a bit of tailwinds. You never know because this is also an activity with a little bit of revenue is also impacted by project if we have a bit less project. It may also change. We will have, in particular, the Christmas period, which is not favorable usually to project and changes on banks. So take it pluses or minuses, I think the right order of magnitude, the right way to look at it is probably to consider that most of the significant step-up to Q4 is probably related to MS much more than FS. You take the second question on the volume migration.

On the second question, I will answer your question. But before that, I need to explain a bit what are the relevant dimension of this convergence to the target platform. I think for our efficiency and for our agility on the market, the most important thing is to have the platform available and life because that's what allow you to price and to offer to customers. Because you know that if you want to be aggressive or if you want to factor a long-term case, it's a marginal cost of this platform or this target platform that is used for competing with your competition. So that's an element of sustaining our competitiveness sustaining our market momentum. The important thing is to have it available. Then the amount of transaction customers that has migrated to the platform is what is driving the cost synergies. Because when you switch transaction from another platform to the target platform, you are in a possibility in capacity to stop and decommission the previous one or to lower its costs. And that is behind the synergy ambitions that we have shown to you. So there is a way to go. And this way to go will bring us the associated savings. So now I have explained a bit what's beyond this journey of moving to the target platforms. I don't have an exact calculation, but we are a bit below the 50% in terms of conversion to these platforms. You have in mind that we have just merged Ingenico and Worldline and bringing together 2 very significant pieces of similar magnitude. We had acquired 6 payment services not for a long time ago. We are using target elements of Ingenico for the acceptance. We are using target elements of SIX for the acquiring back office. So there is a momentum. It's moving as per plan. We are satisfied with it. But bear in mind, we are below the 50% threshold, somewhere between 1/3 and 50%. But the journey will help us to save the cost. That's what is embedded in our synergy. But for the agility to proceed and to be competitive on the market, it's not something we are waiting for, which is a very important element and to understand our positioning on the market.

And on the third question, I think, Eric, you can maybe [indiscernible]...

Yes, on the pressure on market. So we have factored in our plan the fact that we constantly work against this pressure, which is not new, in particular, in financial services. Upon renewal times, your system particularly need to grant significant discounts to banks and then you rebuild the profitability over time. As this is a multiyear contract, 5 to 10 years usually. So we are in this cycle, always building up some productivity that will compensate the pressure we got on the market side. But the purpose of the TIM program yesterday, the smart program today is actually about the levers that are implemented to deliver it. And this is the way we naturally offset the pressure on price from the market. This pressure is not new, I think, and it's already quite intense, I should say. We are not fighting against the small competitor. You named a few of them that are quite good, but we know how to cope with it.

[Indiscernible], I think you had a question, [indiscernible]? Can someone bring a mic? Sorry, sorry, sorry.

Can you hear me?

Yes. Yes. You can go.

Grégoire from Alpha Value. I have 2 questions actually. And the first one is on your OMDA margin. How really should we understand that? And to give more perspective to that question, you've shown that you are basically servicing all types of merchants from the smallest one to the biggest ones. In the meantime, I think most of these, I think, are represented in your Merchant Services business unit, which has the lowest margin so far. But today, you said that you are building a platform, unifying all these merchants. And I take your words, you're saying that take is part of your DNA. So I was wondering this 30% OMDA margin, is it reflecting Worldline completely leveraging on its platform? Or is there much more to come? So that's the first question. And then the second one, if I can follow up quickly about the European payments initiative. I think there has been little words on that. And I assume that the European payments initiative was something sort of elementary for you to -- I mean, that would make your life easier to develop your business. But we haven't heard so much today. Was that a wrong assumption? Or can you talk about this?

We'll come back on it. It's a pretty good question. By the way, even if it is a bit premature because we still need to know if it goes live. On the first question, just maybe stepping back one second. I mean, we have tons of slides on the back on the past record of Worldline that we've been scrapping for the presentation. The one you could have seen was how we took a company that was in the 18% OMDA rate and that we brought it where it is today in the 25%, 26% region, with indeed FS being above 30% OMDA margin. And at this moment in time, MS being in the range of 25%. I always said by scaling a European business progressively to a size that would compare more and more to the U.S. competitors that we are facing. The one that started the consolidation journey in the U.S. 15 years before we could because we were not having a common currency, not having the possibility to actually extract synergies. We should progressively bridge the gap to the 30%. It is exactly what I'm telling you today in my new Worldline journey. We brought through the [Indiscernible] transaction, the SIX Payment Services transaction, some large outsourcing deals, we brought fast from the low 20 to above 30. It is 1,000-basis point OMDA improvement that we did during the last 7 years for FS, thanks to scale effect. MS was always a lower profitability business because it has a part of variable cost. You understand you have 2,000 people selling MS things all across the world. So it is a bit less industrial. You need some feet on the ground, but the story of MS this time is to bring it also to a 30% OMDA margin, even above actually when you look at the detail figures. So it is exactly the vision I had 7 years ago to say there is no curse in Europe. If you scale, you're going to enter into the 30s first. And then indeed, you're right. It's not the end of the journey because in the years to come, thanks to the platform we are building, we will have new revenue flows. The one coming from the fees we will get from all the third parties that want to get connected to our network and get distributed. Sometimes, we have buy rates on which we put the premium. Sometimes, we have fees that are given to us to have the marketing of this solution. We have different business models to monetize the connectivity, and this will progressively ramp up on top. You heard from the merchant services teams, how they started actually to do it. So clearly, my story is not ending in 2024. I want to build a premium global Paytech company that will stand the comparison with the best-in-class in the world, except that we will do it from Europe first, where we have a unique position that nobody can displace easily. And this is going to happen. I don't know if you want to add anything.

No, no, I think you said it all. Indeed, 30% is the first step. This is based on all the actions that we have described to you, including indeed the convergence to this one platform, which is critical and core to our strategy, both on a commercial standpoint, but also on a financial standpoint. So that's the first step of the story. And then as Gilles said, with more growth, with more volume, organic or inorganic, it really doesn't matter. Actually, we will continue to move further.

And there is something pretty important that Lisa shared with you, but it was in the middle of the many interesting things beside, is that now the way we assess the new acquisitions is that given that we have this big platform all things in place. Basically, everything we can buy except the local schemes that we could find in a country and the connectivity to the local payment space, all the rest would be highly redundant. We believe that we can extract much more synergies from any new acquisition that would be the more of the same type of category type of activities, acquiring or processing than we could do before. And of course, from that standpoint, value creation that will come from M&A due to the industrial to the industrialization and scale of the business will be even more value accretive in the years to come. And that is something that also we have been really fine-tuning over the years.

And just on EPI?

Sorry, yes. Well, EPI for us, we see it as a great additional opportunity. You could see it in the FS business because this could create a significant growth business with all the participating banks, of course, that would need to adapt their systems to issue and then accept transaction from the EPI scheme. But it is also an interesting play for us because, indeed, it would help us to eliminate some complexities and go to the next level of standardization and harmonization in certain countries. But just to manage expectations here, there are 2 things which are super important. First, EPI today is by far not gathering the entire European countries. At best, we talk about at this moment in time, France, Belgium, Germany and maybe a fourth country that would be actively participating. All the rest of Europe would stay, at least it seems, relatively outside of this play for at least a few years. And then when you look at the plan to deploy at scale EPI, it will take a good 6 to 7 years before it starts really to be tangibly visible in volumes, even in the participating countries. So like everything in payment, nothing happens fast in payment. It is one of the most complex industry that you have that is connected everywhere, changing the connectivity, upgrading all the terminals, creating the new interfaces for millions of merchant and adapting hundreds of banks for dozens of millions of customers will take time anyway. So EPI is a great strategic play. We love it. We support it. We are strongly engaged. Now if it goes through, it will be a good decade of collective effort to make it really highly visible in the volumes. But good short-term business.

Exactly. Good short-term business opportunities still in between, yes?

Yes. So it's why we are strongly, Alexandre.

Yes, this is Alexandre Faure with Exane BNP Pariba. Just a couple of questions left. Perhaps one for you, Marc, to start with. You mentioned earlier that virtually all tenders from larger merchants at the moment are multi-country, is multichannel. How far along do you think we are in this transition in market demand from larger merchants? And what's pricing like? Just trying to gauge how much of an opportunity ahead do we still have? So that's my first question. Second is on adjacencies, Gilles, you gave the example of DCC, you touched on B2B. What else could we think of? I believe, some of your competitors did well going into business applications, into financial services for SMEs? At some point, Bambora did a bit of that sort of merchant cash advances. I don't know if these are offers you want to build on and perhaps invest in through M&A or not.

I will answer the second one, Marc. Yes. And by the way, this will be the last question because we're already running out of schedule. Marc, of course, road shows will come anyway.

On your questions, it depends a bit on the merchant side. I would say that on the big -- let's not take the huge retailer, food retailer that are still a bit, a little different situation. But on the big retailers, the momentum has started, but a lot of them are still relying on habits and renewing some contracts. So I think the real dimension of the change. I would say maybe we have seen 20% of them really moving for these important tenders so a lot of it is still to come and to catch. That is what we perceive. I think it was -- and on pricing, when -- what we see on pricing is that for retailers that come with a slightly higher complexity and the international reach, what matters is not that much a very low price, but indeed the ability to make their lives simple and to aggregate. I think it doesn't come with strong repricing on the wave that's really impacted in the past the price down in some acquiring markets where when a very big retailer started to do dynamic switching of their volumes to various acquirers. This is largely behind us as in the main countries. It has driven some price down in -- by the way, in [ green ] markets where we were not really acquired like France or to some extent, in the U.K. But this is largely done. What's still to what's coming right now is not coming with a significant evolution on price and on [indiscernible] rate. So we don't see we don't see a massive impact on that. On the merchant lending part, maybe just on Gilles will complete. But we are already doing it, at least in -- we were a different part of Worldline. Ingenico was doing it. Wireline was doing it. So we were having this line of activity in at least 3 different countries. We are globalizing the solution because we think it's a very relevant offer but we do not intend to verticalize it like onboarding, credit risk, direct basic banking credit risk on our balance sheet, is not the ambition of Wordline in terms of business positioning. It's not the way we talk to banks. But distributing these kind of products, we see there is a huge appetite. It's underserved by the banking market and no ambiguity there. It's a very good solution and...

And it is a typical play of playing the orchestration and monetization because, of course, we take a partner that is going to put its balance sheet to make the credit to the merchant. We capture the payment flows at the time as they take place to reimburse the partner, we take our fees is a great example of monetization of the 1 million merchants. We gotten hopefully 2 million in the years to come. And in terms of adjacencies, indeed, you're right. Part of the scrutiny done by us is also some time on specific business software segment that are very closely connected potentially to payments. You heard from Roger or from you, Thomas, I think, sooner that we have actually some pieces of offer in certain verticals like hospitality, for example. So clearly, when we would see synergies and adjacencies, we could really look at that as being an integrated offer that would be like a big bundle for a specific market segment where we could capture more of the value chain. This is not the #1 priority, but it is part of the things we are actually exploring definitely. So guys, many thanks. It's really time to close. I'll just remind you for the one that we are so grateful that so many of you did make the effort to come in person. We wanted this event to be a physical event. So really, I'm very grateful including for the one not coming from France, and I did actually cross the channel for that first is good for the business to have a bit of international travel. And it makes good transaction somewhere for someone in the payment industry. We have also some demos with some of our great experts that are standing here for showing you some of the most interesting innovation of Worldline in action. Please if you have some time to spare, do not hesitate. You will have also a real touch and keep my last message with you. The company we are building is generally unique. For me, I look at 2022 as a new birth for the Worldline journey. We have just exceptional assets. We are going to unleash the power of this company. And let's look at the forest of trees that we have ahead of us and just don't get obsessed by the small, very little topics that sometimes have been keeping the community busy weather around the terminals, or some [indiscernible] of a marine topic. That's not the bulk of this story. Stay on board, if you'll always. I will not ever make sure -- I will always make sure that nobody has been ever regretting to be part of the Worldline journey. Many thanks.