LAGARDERE SA (MMB) May 2026 Annual General Meeting Transcript

Good morning, everyone, and welcome to this Casino de Paris. We know that this is somewhere that is actually part of our portfolio with Mr. Jean-Marie, who is somewhere here as well. We have three areas. You would actually be able to see that this is such a beautiful place, the Folie Berger Casino de Paris. We also have an event space in Brazil as well. I'm going to be giving the floor to Pauline straight away who will be opening up the SMB and then I will be speaking to you afterwards so we can talk about how 2025 will look into the rearview mirror and then we will also have a surprise in the middle. Thank you very much, Arnaud. Ladies and gentlemen, we are here at the Casino de Paris for the meeting. This is here with Mr. Arnaud Lagardère, the interpreter. And this, we have got the different screenings. And of course, the two screenings are the two shareholders present holding the highest number of votes. This is Louis Hachette Group, which is represented by Mr Jean-Cressot Thierry, Chairman and Chief Executive Officer, and Vivendi, as you're represented by Mr Francois Ganavaggio, who is the Director of Securities and Corporate Law. I will be in accordance with the appointment of the Chairman and the scrutinies I selected as Secretary to this meeting. The provisional attendance figures were finalised a few minutes ago, and I will share them with you before we go to voting, and these are going to be definitive here. We've got 1,700 shareholders and we're coming at 132,367 which means that we've got 92.7%. You can see that quorum is exceeded because we need to have at least 20% so we've got 1,782 here. All of the documents that will be sent to you have been done so within the statutory time limit. Some of these documents are being tabled today at the meeting. I will just quickly go through them. We're looking at the Articles of Association of the Company, the notice of meeting published on the 25th of February 2026, the notice of meeting published on the 17th of April 2026 in the same bulletin. Now we've got the letter of invitation that was sent to the statutory auditors and the auditors responsible for certifying information the report prepared as well as the information required under articles of the commercial code we've also got the information relating to Grant Thornton the firm appointed for appointment as statutory for auditors notice of meeting and the 2025 universal registration document the meeting is divided to deliberate on the agenda set out on which will be there we go on page 26 of the notice of meeting which you may view on your rating tablet and it will also we'll be looking at 11 points resolutions one and two which are the approval of the 2025 annual and consolidated financial statements resolution three the appropriation of the company's profits in the payment of a dividend resolution for the appointment of grant thulton as statutory auditor for a term of six financial years. Resolution 5, the non-renewal and non-replacement of Corvis Mazar as statutory auditor responsible for certifying sustainability information. Resolution 6-9, the approval of remuneration packages awarded to corporate officers for the 2025 financial year and the remuneration policies for 2026. We will have got Resolution 10, the renewal of the share buyback Programme for 18 months and Resolution 11, the powers required for formalities. So following these opening formalities, Arnaud Legerder will outline the group situation, performance and strategy. We've also got the financial statements for the 2022 25 financial year which were presented by Mr Grégoire Casting. You will then hear a presentation on the group's commitments to sustainable development by Ms Céline Soubrane, the group's CSR Director. And then there will be a presentation on governance and the activities of the Board of Directors and its committees, which will be given by Ms. Valé-Othafou and Ms. Véronique Mohadi, who are chairwomen of the two committees that I mentioned, so CSR and audits. And finally, you will hear a summary of the various reports issued by the statutory auditors responsible for certifying the financial statements and sustainable information. We will then move on to the question and answer session, for which we have allocated approximately 30 minutes before concluding with the votes of the 11 resolutions submitted for your approval. Thank you for your thing, and I would like to give the feedback to Arnaud. The interpreter apologises. She cannot hear the speaker. Well, so here we go. I'm here with two new faces. I'll start with the first one, Melanie Ossipa, who was appointed last year by you during the board meeting, CSI board as the chair of the CSI committee. We've also got Fahony Mohani, who is amongst loyals. She'll be putting going on with Sahil, who is our CFO. And he's in charge of everything, really. He is someone who is wonderful, and he will probably, I imagine that you think about the great Philippe and Dominique of our past. And we have got the Khen, the best of the best. Thank you very much. And we've got Pauline Awel, who doesn't need to be introduced now. and we then have Maxime Seda who you know is the vice chair of the Legada group and he's come with the Canal team and that's about three quarters of the room and we've got Anna Marcheseau who is in charge of the Canal studio. You will actually have a presentation given later on which will be very interesting and also very important for our chef. We've got Jean-Claude Sartier who has an impressive CV. He is He's president of everyone, chair of everyone, and also chair of himself. Thank you very much for your time. We also have a few shareholders of Louis-Hertroup. We've seen this afternoon about Constance, 25 years of us together. And we've got a new face as well. It's Frédéric Chapadier, who has taken over from DAG. We actually had a leave. We have a leaving due, because Zag is leaving us, and we would like to thank him for everything. That is brought to you. Right, she touched on this later. Before talking about the presentation, I also want to just talk about a lot of members of the board. Most of them are here in front of me. I assume representatives of the... He is unfortunately brought, so he is not here. He apologizes for this. I would like to thank him for all of the support that he gives us. on a daily basis, and also the synergies that allow us to, with Abbas, we've also got our shareholder, and our reference shareholder, we should say, it's very advantageous, and we've got Tim Borussia, he's with us, he's just 40 years old, which is wonderful, and And this is also wonderful for the group, in the long run. We've also got the – we know that Cyril has worked a lot – this is an activity that wasn't very well with Vivendi, this was not the case, and you should be very happy with this.

I'm going to close the parenthesis, and he says no, of course. There's no ambiguity. You're going to be sure, dear customers, to tell you that there's a huge difference between the noise you can hear from our competitors, whether it's in the business or our competitors in the media, between this noise general and the reality of things and the daily reality of the management that you have in front of you. And we've got...

They're completely absorbed and completely concentrated, 100% on performance and financial. And why? Because our main raw material is 34,000 people. And we are working on performance. We look at the different cash that we have. And we also have wonderful people working with us to boost the performance. I want this to be as clear as possible. I also want to enjoy the husband in a second that I have regretted this marriage with Vincent Bolloré. I want this to be very clear. We're completely in line with the Bolloré family. We are doing wonderfully well. You will see this. We see this year in, year out, records. And I think that it is actually the solidarity that we have with the La Guerre, with the Bolloroy family, that is important. And obviously, they're going to have to learn to live with it. Pauline, I think that you have a film that you wanted to show us. I think it's about six or seven minutes max. And this is going to be looking at the different events that have happened recently over the past few months, That's taken into consideration by Jean-Christophe Thierry. And we are looking at the Hachette. We are celebrating the 200 years of Louis Hachette. Let's have a look at the film and then we'll be back. ...and embrace the world through knowledge.

Its founder, Louis Hachette, acted on this guiding conviction. Soon, he published an alphabet primer. In 1833, France began establishing schools in every town. A million textbooks were needed. Louis Hachette seized a nation's thirst for education, becoming its leading school publisher. Twenty years later, he imagined railway station libraries across France. On trains, his books became travel companions. For these new readers, he launched collections that would span generations. The Guy-Johan, the Bibliothèque Rose, with stories by the Comtesse de Ségur and Illustrated Magazines. A new century dawned, but the spirit endured. Hachette kept innovating. Delivering books became a central mission. In 1897, the house created its own messaging, and it grew, acquiring Hetzel, publisher of Jules Verne, founding the Bibliothèque Werte, launching the Guide Bleu. It hasn't forgotten its roots. Children's books with Barbar in the 1930s, school books with the Blade Collection in 1948. 1953, a new revolution in bookshops, the livre de poche. Lightweight, affordable, Hachette made reading accessible to all. Since then, over a billion copies have been sold. Over the following decades, prestigious literary houses joined Hachette, a constellation of voices, a diversity of perspectives, authors who turned ideas into emotions, knowledge into sharing, life into imagination. Moripa, the distribution center inaugurated in 1978, supports this growth by circulating hundreds of thousands of books every day. In 1980, a new chapter began with Jean-Luc Lagardère, then, driven by Arnaud Lagardère, Hachette crossed borders, Spain, Great Britain, the United States. This international growth continues to expand and strengthen, establishing the group as a global leader. habits evolved and content transformed in 1995 Hachette collections created worlds to build and collect today it is the world's number one in collectibles the digital age offered a new opportunity to reach and open up reading to an even wider audience the group diversified into other leisure markets It applied its publishing expertise to board games. In 2024, alongside the Bollaret Group, the Louis Hachette Group was created, giving new momentum to Hachette while remaining true to its heritage. Creativity, excellence, freedom, values inherited from Louis Hachette to imagine the future of publishing. 8,000 employees in nearly 70 countries bring this ambition to life daily. With over 200 brands and 15,000 new titles each year, Hachette Leave is present in every field of publishing to educate, enrich, and entertain. The first publisher and distributor of books in France and the third publisher in the world, Hachette Leave builds enduring strength. For 200 years, Hachette has nurtured the love of reading, the joy of creation, and the power of thought. 200 years. And the story goes on.

So I will just quickly, I actually forgot two people, my dear Arnaud. I'm so sorry, Arnaud. And also, who is next to you? We've got Fatima Fikri as well, who is representing the Qatar. Qatar, who actually is going to be celebrating its 20th year within the group. So 20 years of loyalty, 20 years of support with us. And I would like to thank Fatima as well as Qatar. Thank you, Fatima. You have been essential to our board since then. I think that the presentation is probably going to be behind us. So let's start with the key figures. And notably, what I was saying before is our real key factor here, our success factor, either the people who are working with us and the people who make us day in day out the group that we are you can see the splits on the screen so the essential is within travel retail we have 67 in la gala travel retail and then we have 21 in la gala publishing we also have a very women heavy uh population where there's slightly different slits if you look at the different groups because obviously we have and this is very positive but we have roles a little bit more feminine than others especially publishing and you can see here that we have a huge majority 64% or 74% which means that we actually are very we have more women than men if we look at the geographical split here you can see how this is working across we've got the 33 000 people working across the globe we have uh where they're in in europe and then in the americas and then in we've got france as well we've only got 17 of our workers in france that's about 17 000 6 000 and then we've got a couple of them in asia in oceania and in africa as well that just gives you an idea of the split of where all of our employees are obviously we are a french group and we enjoy the fact that we're French cream but you can see their activities and our employees are actually split across the globe and most of them are abroad if i continue now just for the turnover turnover we've got most of it coming in from travel retail you can see that we don't have huge margins and this is why recurring ebit is relatively similar even though this is changing and the rest is on publishing and we've also got a little bit here well it's not actually that little it's like other life that I will be going into details with later if we look at the split once again the geographical split for the revenue you can see it in reality the biggest country is probably France with the United States and now it's United States that's above France we also have Europe 43% and this is Europe not including France we have a small part in Asia as well, 5% and less in America, which means that we can say that there is opportunity for growth in these regions. We're also very cautious as well. We know that these countries aren't that easy to manage from France, which means that we're very cautious for these different geographical zones, especially in the morning. But you can see most of our group is actually in the United States or in Europe, generally speaking here. I spoke earlier about the record results that we have we can see them on this side from we've got covid here which is the dip and you can see that when now historically we're doing better in terms of the results for the group when we can this is a factor that is wonderful and this is the um for the 32 000 who work for us If we look branch by branch, this information is available on the websites as well. You can have a look at this. I'm not going to comment on it in details. But I just want to show you here, we're actually above the $3 billion for publishing. And then after this, we had an exceptional year for COVID, or after COVID, rather. We saw a wonderful bounce back. We're able to cover good grounding now that we have got a recurring event that is above the $300,000. and we hope that we'll be able to increase this year in year out if we look at travel retail as well. Once again, we've come above another bar with 6 billion and look at this bounce back. This is incredible. It's unfortunate that Dag is not here. I know that Dag likes these figures and will like these figures from where he is, but we're very complicated for us in 2020 and five years ago, even 10 years ago, we could see that travel retail hopefully will get to the same levels soon. You can see, and this is what I'm going to show you now, we've got publishing that is on the slide. We had publishing that was flat, even though each year, as we mentioned, it's something that's not easy to do. And then we also have travel retail, travel retail that started here from the COVID year, which was very low. And then historically, this is for the first time, and this is the case, we have a travel retail that has got better than, is better than publishing. So for a shareholder, the shareholder that you are, we do have a split that is very, very different from one to the other. You have a very resilient business line, a very stable business line, a very sustainable business line, and you have another one that is also growing as we speak. This is more a motor of growth than resilience. So maybe this could change slightly and the two combine very well. and this is the strategy that we've had over the course of tens of years saying that if we want to have if we want activities that can compensate which will offset one another it's the case here and we want everything together to work well and this serenity and also stably our third we've got here the medias that come together that as you know we've got the air licenses We've got the Theatre and Talents, as you can see, that you know of as well. And I can see that Benjamin Boulanger, we've also got the Barrières Singh, which is wonderful. It's a wonderful event space in the Bois de Boulogne, which is highly profitable for us and also for the Marie de Paris. We've got different concessions as well that will come in 2028 with a gold standard that was launched. All of this together is a little bit complicated, but you've known this for the longest time, especially with the deficit that we had. This is no longer the case. Europe is still losing money, but it's not hemorrhaging money thanks to the audiences that we have. And you can also see that little by little, we are going to hit the zero, that flat point. And I hope that in 2026, we're going to hopefully hit that plateau So it is not a contributor, a negative contributor, significantly as it has been in the past for all of the group. So if I continue now looking at the positioning and the strategy, just very briefly, for each business review, we'll go through them one after the other. You can see that for publishing here, we are in third spots on the global footing, which is actually quite exceptional for a group that was meant to be a French group. I mentioned this at the beginning. We were just a French group, about 10 years or so. We also have been looking at, we were a little bit crazy when nobody believed in us, lost in publishing, just like nobody believed in music, saying actually maybe it's the moment to invest and we can invest in other countries, for example, the United Kingdom and the United States. We took that wager, we won the wager, obviously it was a little bit lucky, but we also received a lot of talent with exceptional teams, not only in France, but also in the United States and in the UK. And this is what allowed us to move from being the top French group, which obviously put it very flattering, to the third global player. And as you can see here, we are the third in the UK and then the third in Spain. We are mostly general literature. We will describe this to you later. For example, we're looking at board games, we have the audio books, we've got lots of, we're dabbling in lots of things. We've got, we've got really our raw material here. Our raw material is the book and we're looking at using that as a starting point to then do lots of different other things for our authors. For our revenue, this is mostly coming from France, but you can see the United States and Canada, especially the United States, are increasing slightly. And well done to the American teams who are... And if we continue, I'm not going to cite everything, but we have 15 new, which means 15,000, rather, new titles coming out every year. we want to be able to create new authors new publishers new ideas new collections for example why not coloring books and that's just one idea amongst others the idea is to really think about what is new for us what can go on for us this obviously for 2025 it's every two years this was the Asterix year which was a high success we've got about two million in France about five million across the globe for Asterix. It's not nothing. This is a wonderful machine that Isabel Maniakia has been able to implement. We've got 81 different literature prizes, and we've also got leaflets, we've got booklets, we've got board games. And thanks to Isabel's team, we were lucky to have exceptional success as Flip7, which is something that I would actually recommend to you, which is very very fun we have acquisitions as well we have a 999 games as well that was it we're looking at board games and they were acquired and we're going to continue with our endeavor so now we've got these strategic axes which you know we want to obviously look after our authors our publishing houses creativity different types uh people talking about coloring books board games whatever they may be we're looking at synergies and so on and so forth we also have wonderful we've got artificial intelligence i'm not going to talk about this too much because i that'd be too much for me and i just want to tell you that artificial intelligence something that we do use a lot but in domains that are not linked to creativity we don't want to kill off our authors we want to protect them we want to continue to work with them we're going to continue with this strategy and we're also looking for different other drivers of growth which are important for us. You saw that books are resilient but we are missing a little bit of growth even though we have a couple of percentage points here and we would like to make the most of this and have more growth and we also have well it's actually Maxime who did this. Maxime has found a lot of different elements that I would like him to describe to you now to show you that we do have a huge challenge in front of us and a huge opportunity for us to use all of this raw material that I mentioned that is in front of us and use them in a different domain which is the one that Maxime is going to talk us through. You have the floor. Good morning everyone my dear shareholders thank you very much for giving me the opportunity to take the floor.

I just wanted to share something it was very important this is the potential that is underexploited and this is how we adapt different literary works for the screen and i want to talk about this now so this is what we'll do this morning with the figures so the media market and grégoire caston will talk about it later on but it weighs for 150 million years in 2026 it's three times the weight of book publishing so up quite a significant percentage mainly thanks to investors from stakeholders such as canal post and bigger stakeholders disney invests 20 billion on a yearly basis in contents netflix that was just for 2025 but 15 billion invested by netflix and they actually said that in um 2026 2026 they would invest 2 billion more. So that means 17 billion. So all these stakeholders that are growing, such as Canal, are investing more and more in media content, allowing for this growth on the market that I said. So this is what I said at the beginning. We have a very big media content market. Secondly, like I said, this is a growing market, but films that are adapted from books account for less than 10 percent of produced films and between 30 and 40 percent, depending on the of the Global Book Office. This is in the top 100 of the main films that do best in the world. For 2025, 40% of these movies are based off novels when they only account for 10% of global films produced. So we can clearly tell that movies that are from books are a lot more popular than the ones that are now. From a critical standpoint, beyond the critically acclaimed movies i can also say that films adapted from movies are doing better than others if you look at the 98 ceremonies at the of the oscars um out of 10 movies nominated five were from adapted from films from books rather um including the winner one battle the other after the other the caesar ceremony same thing in france 40 of the nominated movies came from books, including The Winner L'Attachement. Now, shows, TV shows and series, basically, I took only examples from Netflix. I could have taken other examples, but if you look at the history of Netflix and the seasons that are the most watched, six out of ten come from literary works. And these are some of the examples. We can clearly see that this is a major market and clearly this is a green market. But on top of that, it also shows that films from books do better than others. And for Achete, we have a 3 billion euro publishing market in France. And what are the revenues coming from adaptations? They're really low, minor, less than 10 million euros these first few years. This is a random year, this is a traditional year, but this is quite common. But we can clearly see that the publishing sector is not tapping into this potential. And like I said, I told you about this last year, we're not worse than others, we're not doing better than others, than the other competitors, around 1% of our revenue comes from the media content, except for Asterix, because it's a different phenomenon. It's a different kind of beast, including in the global market. But beyond Asterix, really, Achete has not really made the most of its potential in this, which is why we need to continue to work on this. Now, why do the publishing world and publishing players including us did not tap into this potential why did not why are we not making the most of it well there are different reasons some of the reasons we'll look at some of the reasons why as to why the the publishing world has not really tapped into the potential well because you have the negotiations for the adaptation and that looks like options basically that you acquire players stakeholders such as canal or the different studios that i've mentioned earlier they acquire options on a book for a few thousands if not dozens of thousands of euros so it's quite minor and then they block the rights for 18 to 13 36 months and then the question is how many of these options convert into shows or films and the rate is really low between one and two percent so that means that options are taken for a low amount of money for a long period of time but the conversion rate is very low and when these books are finally adapted into shows or into movies we've gone through all these steps and then comes the time for distribution we need to look at the rate the ratio of the revenue that is captured by the publisher and this is also very low so we understand why and this is not only a shit like i said And all the different players on the market are struggling to capture their potential. The only clear example, and Ashet is doing better in that category, is the increase in book sales. And this is why it's so regrettable that we have so little conversion, such a low conversion rate. Because as soon as we have an adaptation, then the book sales also rise. Let me give you the example of the housemaid. It was already a best-seller before it was adapted into a movie. And we see that in the three months that followed the release of the movie, it went up 50%. Bridgerton is a series of books published by Aschette and Queen's Gambit as well. It's on Netflix. It's among the top six. You see the figures, the multiplier is huge. So this is Hachette, and this is really good, but we need to have more of these examples, more of these successful adaptations. So how can we work on this? Well, it's going to be very easy. We want Hachette and Studio Canal to work hand-in-hand with a joint venture. And of course, the potential for both of these entities is huge, as Arnaud said. The 15,000 books that will be included to the Ashton catalogue and 100,000 books that may be adapted by Canal+. We know the example of Asterix, about 500 million euros in revenue over the past 15 years. And I told you about the Housemaid earlier by Asshet. It made more than 400 million euros in theatres at global scale. Magic Flower Tree, it was released a month ago. It's an edit-blaten book. More than 25 million dollars generated in theatres in the UK. It's a huge success. It was not released in the US yet. It hasn't been released in the US yet. It will be released in the summer. So we can clearly see that Achet, this is an Achet book. Achet is able to demonstrate its capacity to have major successes in theatres. Now, Canal Plus, I'm not going to spend too much time on this. We have great assets. Over 42 million subscribers in more than 70 countries. And what we have, and what is going to be very useful to Achet, is Studio Canal. Studio Gennel is one of the main players in Europe and in Africa for production and distribution of shows and films with 23 production companies across the world. These companies can help Achet turn these books into successful movies and successful shows. Anna Martin and her team has a lot of knowledge and know-how. They're able to develop franchises. Now, we were talking about Asterix, but the best example of Canal is Paddington. Paddington is now owned by Canal+. Studio Canal has developed three movies, one in 2014, the other one in 2017, and the last one is Paddington in Peru in 2024. So over $700 million globally in theatres. But beyond that, there's shows. And then there's going to be a musical soon, merchandising. so if you're able to go to London and if you're able to buy tickets because it's completely sold out for the next 12 months the musical is going to be amazing and Arnaud de Puy-Fontaine has made a very good decision when he decided to acquire the rights to Paddington over 1.5 million euros billion euros thanks to the different products related to Paddington so well done, that was a great great decision So we have a lot of knowledge, a lot of know-how when it comes to developing franchises, when it comes to merchandising, films, shows, etc. So that's why we need to join forces. And we want to create a dedicated team, a standalone company, a team that will be completely dedicated to the development of books and films. So they need to first identify the high-potential books. They'll be working hand-in-hand with Ashet's teams. and they will then develop scripts for films and shows in order to accelerate and remove the roadblocks that I've mentioned earlier with a much more favorable contractual framework so that Achet can capture this. We are at the General Assembly of Achet and I won't talk about it at Canal because this is really for you. This is for the Lagardère group. This is for Achet. The ambition is really to give Le Legat d'Agrouis Benachet the capacity to capture a lot more value on this really big market. It will be called On Screen. That is the name of the company. You have the logo. This is the first time we're actually showing this logo. And like I said, the goal is to remove the roadblocks with a more favorable contractual framework when it comes to acquiring options. a better conversion rate of books into shows and TV shows and films, because, again, we'll have a team dedicated to that. And when it comes to production, we have this long-term vision. Arnaud said it. We want to progressively grow Achet's expertise to look at audiovisual production. And finally, we want to share the revenues better so that Acheta will be associated to the development of these audio-video contents. They need to be able to capture more of the revenue. So a potential outcome will be a better capture of value coming from these adaptations. Second, acceleration of sales of books and merchandising and derived products. And our authors will attract more publishers And we will also be able to attract more authors because they will know that when they publish with us, they'll have more chances of having their work adapted. And in the nuggets of Ashet, Anna and the studio team believe that there's a lot of potential with this book. It's a book entitled The Search, and it was the number one sales at Amazon, Kindle, across many countries when it was released. and we will adapt it very, very soon. So we're going to start developing this script with the joint venture team. Thank you, Arno. So you can be reassured with Maxime and Anna. You can be guaranteed that it will be done very seriously by one of the best and the most incredible studios in the world. As you know, Maxime, this is always faster, always stronger, always further. It's not easy to follow, but that's what we want to do. And that is the entry point into a different universe, protected by Maxim's team, obviously. But when I go, I look back in the Revue of Mayer 10 to 15 years ago, do you remember the Twilight series that the movies were a major hit? When Stephanie Mayer presented to us the first script that had been refused by four or five American publishers, they said it was a bit weird, a bit complicated. We had a publisher. It was a female publisher who accepted it because she saw the potential in it. And it sometimes happens. We've missed opportunities in the past as well. But had we been able to present such a project, maybe Twilight would have been produced by Studio Canal. And with Ashit, with this on-screen company, we could say the same thing of the housemaid. McFadden initially was not a huge author. She became one. She became a best-selling author. And had we been able to present this at the beginning, maybe we could have been not only the publisher of the book, but at the same time, make the most of it with on screen and also capture the revenues coming from streaming and theater revenues. So we've learned the lesson. And thanks to Maxime and his team, we will be well equipped. We'll be able to offer great opportunities to well-known others and not so well-known others, this kind of experience. And this will be a win-win for everyone. Now, this was great. We looked at this. This was fun. Now, let's take a look at Travel Retail. Travel Retail is something that we didn't have at Travel Retail for some time. And remember last year, I told you that the teams of Travel Retail had an idea. and sometimes there are synergies that are quite odd. I serve on the board of ADS and Airbus, so of course I see a lot of airline companies and airport owners, and the only thing that they were talking about was transform their airports into malls. It was 10 to 15 years ago. No one was talking about it at the time, and now it's the case. There are malls. We benefit from it. We're not the only ones, but you can see that we're the number one operator in the world. I'd like to mention that Greg Paradis is with us today. He is our partner in the U.S., partner and shareholder in the U.S. We got married, if you will, in 2015. And this has allowed us to really skyrocket. The U.S. are extremely beneficial to us right now, especially in a world that is somewhat complicated. And the U.S. always helps when things are troubled. They travel a lot, including domestically, nationally speaking. So if we need to acquire, if we need to make investments and develop an area, I think that it should be done in the U.S. But, of course, we will continue to invest elsewhere, wherever we see opportunities. Now, let's take a look at the three businesses you see here. Duty Free was one of our first businesses, and we were the first company to diversify across the three businesses. We're not the only ones anymore because our competitors have followed suit with travel essentials and restaurants. And this gives us a balance and global power, allowing us to reach the figures that you've seen earlier. You can clearly see that it's pretty much the same breakdown. It's interesting to see that. I almost like publishing. We're very strong in Europe, outside of France, and we're really strong in the U.S., and we continue to develop in these two areas and in these geographies. This is the right choice when we see the results. We've continued to invest a lot. As you know, Grégoire has in mind an obsession, which I share with him. It's in this obsession that comes from the Bollery Group more than the Lagardère Group. But this is good news, which is that we focus on cash, especially in travel times such as this one, as the one that we're experiencing. We've had a year where we were really vigilant. We worked on deleveraging. We will continue to do that. We'll continue to be really vigilant, however, we continue to invest. Right, Frédéric? We have a lot of capex in travel retail. We acquire companies. We bid during call to tender. So, of course, we're looking at cash, but we want to find the right balance. And that's exactly what you can see for Travel Retail. We've done quite a lot. There are investments that are quick wins and others that are more sluggish, but in the long run, it works well. Here are some examples of major developments. I'm not going to detail all of them because you have them. But what I want you to keep in mind is the record rise-up level. So I want to thank and congratulate Doug, Craig, Frederick, and the whole team. It's outstanding. So we'll continue this development strategy. We'll remain cautious as to what's happening in the Middle East. Of course, there's an impact to that. It's not significant, but we remain vigilant because we know that this crisis could go beyond what we see. You realize that kerosene price might go up, therefore less tourism, therefore less traffic in airports, etc. That's why we're vigilant. But it's also during times like this that we can make a difference. We can develop, invest when others might not be as well as we are. So it's always about the balance, about making the right choices. We remain, however, a group that is obsessed with growing, with development. So AI, obviously, it's the buzzword. We hear about it. It's going to become important for travel retail, amongst others, and Frédéric will be more than happy to answer your questions if you have any. We've been doing a lot in AI. We don't talk about it. We just act. We experiment, and, of course, we're monitoring this rigorously live. We have four groups, so news, entertainment, such as this venue, and radios. As you know, this is a separate module, it's a limited partnership, so it's a side, and parents racing, all of these groups, so radio and newspapers and magazines, just so it's really clear, the first year we wanted to work with an audiovisual group was in 2011, so it did not come from our reference shareholder, whom we're really happy to be with. by the way. But it was at the time, it was Jean-Pierre Elgabache who gave us the idea. He knew that this was going to become an ecosystem, and that radios in a world that is declining could not survive if they were a standalone entity. So we created an ecosystem between GDD Europe 2 RMC. And you're friends with CNews, Maxime. And you see in the audience, it's worked really well. It saved our lives. Everyone with the JDD, the Journal du Dimanche, everyone thought that it was going to disappear, but it's actually doing better than ever and better than its competitors, by the way. So the ecosystem is working really, really well. We will continue to work on this. Live entertainment, same. Of course, it was a complicated period over COVID. Honestly, we did not know where this was going to lead us. And it's always the same. Everyone was saying the world's not going to be the same ever again, but it's actually better than it was. For Trapper BTL, we've caught up even more than that. And for venues, concerts, artist management, Jérôme would probably detail this much better than I would, but it's a major success. it's doing really well high growth and live entertainment is more live than ever it's just very vivid and this is incredible, we're really happy we're ready to make acquisitions, we'll stay in France, we'll see in the future but there may be other venues that we would be interested in and add more theatres to the one that we have so well done Jérôme, I know that COVID was not an easy time and after COVID. It was not easy either, so well done. The radio channels, like I said, were doing well. The audience, the latest audience released was not as good as the ones released at the end of the year last year, but we're not concerned. Things are going well, especially for advertisement. Constance will probably say a little bit about it later on if you have a question on this, but Lagardère Paris Racing, there will be a car for tenders soon. We're considering exporting the model abroad. under the format of a license. Of course, we're not going to buy land and buildings, but Benjamin has an idea of maybe having a turnkey format, the experience that we have of the men and women of the Paris Racing that would help. So we have a few projects in Europe, but we will say a little bit more about it later on. Investments in sports as well. Cédric, I know you're one of them. Paddle is a very popular sport these days, and Benjamin is considering offering more space to paddle in the club because from an economic standpoint, it's very profitable. So well done, Benjamin, and one ton to your teams. This is what it looks like in terms of the strategy. We are extremely optimistic for the coming years because it's a very French ecosystem that is not as hit by the crisis in the Middle East and also because we have incredible teams. And the experience that we've been able to develop across these medias and media outlets is incredible. So yes, of course, we're cautious. This is the conclusion. We remain rigorous. We need to remain robust. We need to keep the result that we have because we need to get more cash to generate more cash. So, of course, we're looking at this with a lot of caution. However, and this leads me to the most positive side of things, we remain extremely cautious when it comes to cash, but that means that we have more financial means and we have more investment capacity. So we're ready to take opportunities. And the crisis that we're currently experiencing could also lead to opportunities and we'll need to seize them across our different businesses. And I don't want to rest on our laurels. I don't want us to rest on our laurels. But it looks as if our strategy is the right one. It was good. It was the right one during times of growth, but also during troubled times and times of crisis, the Middle East crisis and also COVID. But what we want is to continue to deliver for you, for our shareholders, with the dividends that come with it. I want to thank the 33,000 people working for the group, the men and women that make up the results. We want to thank them, and I just want to congratulate everyone, and thank you. Thank you, Arnaud. Dear shareholders, dear board members, I am delighted to be with you today and to add to the financial elements that Arnaud has presented to you. Let's first take a look at the 2025 consolidated results of the grape. We will then talk about the dividend proposal that were submitted to you today. And then we will end with the revenue that was shared with you. So, after an outstanding year, 2024, as you know, 2025 was also a very good year. Once again, the revenue has reached 9.4 billion euros, up 5% and 4% on a like-for-like basis. Operating results is up 8% and reaches 641 million euros. Net cancellated results at 256 million euros, up 27%, and net share group result is up 35%. Net debt is improving, and this is, like I said, 1.6 billion euros, net debt down 255 million euros, and this allows the group to have a 1.96 times debt ratio. It's been improving in the past two years. As mentioned by Arnaud a second ago, if we look at the revenue, You can see that the breakdown here, we have a robust model because these activities are very complementary, 6 billion euros for travel retail, 200 million euros for La Galère Live. Every entity is contributing to the growth, allowing, again, to show the robustness of our businesses and activity portfolio. If we look at the operating result and the breakdown, the operating margin, €641 million, up €50 million compared to last year. Across all our activities, we see an improvement. So you see that they all contributed. Lagarde Live has been able to continue to reduce its losses and is back to the balance situation. And now Lagardeur Publishing has generated a 312 million euros rise up and Lagardeur Travel Betel 334 million euros in 2025. These performances show us that our operating results are very robust and very complementary. If we look at the P&L, the net financial expenses have gone down from 138 to 124 million. That is also due to the reduced interest rates on the rental debt. They've gone up. That is due to the development dynamic of the renewal of existing contracts, leases, and increase in number of points of sales. And this is why we have more expenditures here. Taxes are down from 127 to 111. That's also due to the disposal of Paris Match in 2024. And minority interests are going up from 34% to 53%. That is thanks to Delegate d'artraveur retail activity, because the share allocated to the minority shareholders, therefore, increases as well, thanks to our great results. So, net result group share is also, as you can see, now operating CFFOs. So, operating cash flow generation is up as well, 573 million euros when it was 504 million euros in 2024 for the group, as you can see on the left-hand side. But on the right-hand side, you see that our two branches have 291 million euros before taxes and 172 million for Lagardeur Travel Retail. These good performances have helped lowering the debt. You see here the debt level. It's gone significantly down. This is probably the most outstanding result. You know that this was our biggest objective for 2025, so we're really happy that we've been able to reach this level. This drop in our debt shows the strict financial discipline and the fact that we've been extremely rigorous in our debt structure and in deleveraging. This improves our financial flexibility and helps us support the development of our activities and guarantee that we will be able to seize the opportunities that we'll be presented with. And that means that the net debt ratio on EBITDA has been declining over the past two years. As you can see, we've gone from a three times to a 1.96 times ratio. This is a major progress, and this demonstrates the robustness of our model and of our financial management.

Now let's have a look at our consolidated statement. You can see that things are very robust, very well structured. you can see that everything is about 6.3 billion euros so it's very stable and we've also got the editorial catalog as well which is the base of our future performance and we've got great diversified um assets this shows us the stability we can see that it's 2.6 for our current assets and we've also got progression of the cash flow that's moved up to 6.32 million in 2025 and this is directly linked to the high generation of cash that you can see. For equity and liabilities you can see the figures on the screen and this is what was sent in 2025. There is a slight variation that has been seen And this is moderated, reflecting the level of risk that we have got a handover. We've also got financial debt. This is also because we have developed the travel retail activity. In total, you can see that we are above €9.7 billion. So let's now move on to the distribution of dividends that have been put forward for this year. The board says that we should have an ordinary dividend of 67, which is if this will be approved from the 6th of May. And we're also looking at the 8th of May. We've also got 4%, and this is based on the end of the stock markets. And prior to concluding for the activities of the first month of 2026 and the revenue for the first quarter, I will quickly go on to this now. So for the first quarter revenue for 2026 and the first quarter of 2026, we posted solid growth with revenue of over 2 billion, which is up 4%. And this is from all of our business segments and the group's international diversification. The publishing business remains robust, with growth of 1.4%, and this is supported by the success of recent publications in France and the United States and strong performances of magazines and board games. La Guerre d'un Travel Retail continues on a path of sustained growth at nearly 5%. This is better than last year. Europe and the Americas confirmed their strong performance whilst Asia-Pacific grew thanks to recovery of the Auckland concession. And finally, La Guerre d'Alive continued its positive momentum with revenue, despite the fact that it's a very complicated market, with revenue up by nearly 6% driven in particular by the strong performance of La Guerre d'Alive productions and the growth within audiences for our radio stations, Europe 1 and Europe 2. This growth, once again, was principally organic thanks to our activities. And this is a high satisfaction. As you can see, this organic growth represents $74 million in revenue. Additional, compared to last year, our most frequent acquisitions generated $47 million over the period. However, we were unfortunately penalized by lots of groups by 600 million due to exchange rate effects with the US dollar, the pound sterling, the United Arab Emirates theorem all moved unfavorably against the euro this year. And finally, I will conclude this presentation with a global breakdown of our revenue at the end of March. This is a slide that Arnold showed you earlier for the data. As you know, your group has a balanced portfolio of activities and a diversified geographical presence. These two factors during this period, and in addition to the strong performance described earlier, are significant assets for the future. It is important to note that the released accounts for less than 3% of our revenue, so the group's direct exposure to current events in the region therefore remains limited. nevertheless we remain very attentive to any potential indirect repercussions whether these be possible disruptions to air traffic rising energy costs or more general inflationary pressures ladies and gentlemen shareholders thank you very much for listening to me thank you very much and i would now like to invite our next speaker up to the screen so that we can look at the different CSR strategies that have been put into place for 2025. Good morning, everyone. So yes, at 2025, we continued with our strategies as a responsible entity, and I will be talking through this with you. To begin with, I just wanted to say, to underline that the finality of our business strategy has led to huge creation of societal values but this doesn't mean that we have stopped developing the best practices in the way that we speak and the way that we operate all of this because we're really concerned about our performance and system so our first engagement is that that links to fostering a culture of talent we want to ensure that we're fostering this culture of talent and it's something that is important for us across the board. We want to ensure that there is gender equality in the workplace at all levels, particularly with the top executive team. We are delighted to announce that for the top executive team, we have 47% of which that are female. And this is a figure that is very high. We also want to ensure that we are nurturing a new generation of managers through our international mentoring program. this internal rather mentoring program since 2018 when this program was launched we've had 130 future leaders in the early stages of their careers who've been supported in this way obviously we want to foster a character of talent but this also means paying close attention to the fulfillment of and well-being of every individual through regular engagement surveys at the moment we're looking at more than three courses of our workforce and this will allow them to voice their views and take action to improve their working conditions within their teams. And finally, because we're talking about human capital regarding this crucial aspect, we are looking at continuing investment in skills and innovation, which is essential in context of change and competition across our business side. By 2025, our Koreans will have received an average of nearly 12 hours of training per FTE worldwide. So that's our first commitment. Our second commitment is more societal. We want to look at fostering a culture of openness. How do we do this by facilitating access to education and culture for as many people as possible, especially those who are far from this. In 2025, we're looking at 100% of the catalog, the publishing titles that are available in accessible digital formats. And our publishing division once again has been a pioneer because we are anticipating the European Union requirement coming into force in 2026. The audio book is also expanding. We have 29,000 titles available by 2025, an increase of over 3,000 titles in a single year. And also we are here at the Casino de Paris. I would like to highlight the pioneering role of Legadaire live entertainment in matters of accessibility, having been a trailblazer in making live performances accessible to people with autism spectrum disorders if we still talk about talk about opening and our openness we want to diversify our formats in 2025 together publishing had a huge campaign in the united kingdom and the united states which was called raising readers which um was championed by influential figures such as hugely popular actress and producer at reese witherspoon whom you can see in this photo all of our different medias want outlets wanted to look at literature reading we were looking at different columns uh daily columns on literature and we with nicole kiaho for example we had different authors as well novel authors that came in and that they were invited in on a regular basis to do so and then we have Legada Travel Retail as well, who are not sitting on their laurels. We have the Relay brand, which is organizing a growing number of events, centers on books, comics, and magazines from all walks of life. And we also have a third commitment now. This is to decarbonize our CO2 emissions. So we know that this is important for all of our activities across the value chain. Lagarde has set a target to reduce its CO2 emissions by 30% by 2030. And we are on the right track. In 2025, we had the transition to alternative energy sources that was accelerated. As you can see on the photo here, these are solar panels for a publishing site in Spain. It's the Anaya publishing site. In addition to energy and carbon, I think that this is linked to the good management of environment and financial assets. We want to best use our resources that are required for activities. This is the case of paper, which is the main material that we use. We want to ensure that 99% of our paper that is sourced from recertified or recycle sources. In addition to this, we've got all of our products that are unsold that are re-injected in the secular economy. We've got Lagiada Publishing that works a lot on conception and design, especially when it comes to reducing plastic, whether in relation to its products or within its supply chain. And Lagiada Travel Retail is continuing its waste reduction program. And this is new with a particular focus on food waste. We had 125,000 meals that were saved thanks to a partnership with Too Good To Go, which enables the redistribution of unsolved foods. So there we have it for our commitment. And we've got all of our different partners, our commercial partners. I already spoke last year about training. We want to look at anti-corruption training that was with all of our different employees. We're looking at 91% here of people who have been working over two years. We're obviously very attentive. We're trying to have a hand over our risks, especially when we look at subcontractors. And these are done with different organisations. And just to conclude, I would like to talk about local procurement. We know that local procurement is very important for the travel retail. We're trying to ensure that we are relevant and we want to be very authentic and genuine when it comes to working with our customers in the different points of sales. We're looking at 25% of our products that are local and depending on the areas, for example, in the United Kingdom or even in Italy, we have nearly 75% of our products that are locally sourced. And to conclude, I would like to pay tribute to the teams for having fostered this culture of commitment day in, day out. We're talking about CSR, operations, finance, the sales force as well. Thank you for everything that you do, bringing to life the culture of commitment to serving our customers, our clients and all of our stakeholders. Thank you very much for listening. Thank you very much, Selina. So now let's move on to Ms. Thank you very much. I'm delighted to be here for my first general meeting, and I want to talk about the makeup of my board, and I also want to talk about the different works that we have undergone with regards to the financial year 2025. Let's start off with the makeup of the board. During the last general meeting on the 29th of April 2025, two decisions were taken. The first was to appoint for a term of four years two new independent directors, so Michel and myself, and to replace Ms. Laura Carrière and Ms. Virginie Barnier. The second was to renew the terms of the six directors whose mandates were due to expire. This was Ms. Valerie Barnier, Ms. Ferdinand Fikri, and Ms. Véronique Waradier, as well as Ms. Yannick Bolloré, Mr. Arnaud Dupincentaine, and Mr. Nicolas Sarkozy for terms ranging from two to four years of appropriate. Following the general meeting, the group committee, which meant in June, Renewed the terms of office for four years of the two Executive Directors, Ms. Marie-Flavion and Ms. Fersker-Juan, the board that you can see displayed behind me, and whose members present today, be they in person or remotely, thus remains composed of 11 members, two of whom are employee directors. Their terms of office will now expire on a staggered basis, some in 2027, others in 2028, and others finally in 2029. This structure ensures the board's continuity over time in line with best government's practices and avoids large waves of simultaneous renewal. One figure is worth highlighting, and that is 55.5%, whether in terms of the proportion of women or the level of independence. This is well above the legal requirements and the recommendations of the AFIP-MEDEF code. Finally, our board has diverse profiles and a high degree of complementary expertise in management, finance, communication, CSR, which makes it a board that is structured to cover all the strategic and operational challenges of your group. I will now move on to the composition of the board to the two committees. Your group's board is supported by two standing committees. We have the audit committee, which is chaired by Vihani Khwadi, who will present its work to you shortly and we also have the nomination remuneration and CSR committee which I chair over 2025 the 2025 financial year in accordance with the changes approved at the previous annual general meeting the composition of these two committees were reviewed thus Ms Valerie Barnier so Ms Michelle Reza and I have joined the nomination remuneration and CSR committee, which now has seven members with an independence rate of 83.3% and a female representation rate of 66.6%. Similarly, Ms. Michel Heiser, Mr. Arnaud de Peufontaine and I have joined the audit committee, which now compresses six members with an independence rate of 66.6% and a female representation rate of 83.3%. Once again, both our committees each have female representation independence rates significantly higher than the legal requirements and the recommendations of the FFMNF code. So now let's move on to the main work of the Board of Directors of your company during the 2025 financial year. So during the 2025 year, the Board met on six occasions with attendance rate of 98.7%. So 98.7% reached the speaker. In addition to the so-called recurring tasks such as reviewing the annual and half yearly accounts, approving the budget, setting the remuneration packages for executive directors and monitoring the CSR strategy. The board also worked on other strategic matters as follows. To begin with we have two financing operations totaling 800 million euros so namely a 500 million bond issue and a 300 million and Shulshine loan, both of which have been heavily oversubscribed. I would like to take this opportunity to commend the work and the mobilisation of Grégoire Castagne and his teams in the success of these two transactions, a success which clearly illustrates the market's confidence in the strategy of your group. See, I will not come back on the different challenges that we're facing within Asha's distribution division, which were outlined to you by Arnaud Legarder. and therefore we will not revisit this. We also reviewed the audits, as though selecting the new statutory auditor, which is the subject of resolution submitted for your approval today, and which Vianic Mahalia will discuss with you. And finally, we have the external evaluation of the functioning of the Board of Directors and its committees, as we have an independent committee now in place, but I'll come back to this afterwards when we talk about the works. So, let's now move on to the Works of the Relations, Remuneration and CSR Committee. The committee met on five occasions with an exemplary attendance rate of 100%. It continued its so-called recurring work across three key areas, CSR, Remuneration and Governance. Regarding CSR, throughout the financial year, the committee reviewed the group's strategic decisions, action plans as well as the results by business dimension and approved in a joint session with the audit committee the company's first sustainability report for the 2024 financial year. For remuneration now the committee monitored the proper implementation of the policies approved by the last general meeting and recommended adjustments to the board in line with best government practices. The committee also monitored the delivery of the action plans through and regarding governance. The committee reviewed the composition of the board and the committees and in particular the independence of its members and we have finally the so-called specific tasks. We have the supervision of the process for the annual assessment of the functioning of the board and its committees and this is something that we worked on during the financial year 2025 the evaluation process was presented to the directors they highlighted several very positive observations which i'd like to share with you the evolution is based on three areas we've got the composition of the board the functioning of the board and the chairman of the board as well for the composition of the board it appears that the board is of a high overall standard, highly experienced, and possesses a rare combination of expertise. These are financial, managerial, sector-specific, and CSR. This is a renewed yet cohesive board. On the functioning of the board now, it appears that the mode of operation has evolved significantly since the external valuation of 2022, and that it works effectively with a high level of energy and commitment in a climate of mutual respect trust and freedom of speech on the chairman of the board this is the best till last now so we talk about the chair once again on what i gather as described as a leader whose leadership is unanimously recognized by all directors unanimously which is actually very rare and significant everyone praises his strategic vision his unfeltering commitment to the group and his perfect command of the matters he brings before the board the board is therefore aligned with this role namely to support the performance of your group and the creation of long-term value whilst maintaining a constructive challenge to senior management so ladies and gentlemen now i would like to add that it is also not rare for certain leaders to refuse to be evaluated, which was not the case of Arnaud Lagarde. He accepted and he opened his doors to the different evaluators. So I would like to commend that as well. Ladies and gentlemen, to conclude now, it is on these positive observations that I will hand the floor over to Veronique Morali, who reports on the work of the Audit Committee. Thank you very much. Thank you very much. Good morning, everyone. So our audit committee came together six times with an attendance rate of 100%, which we're very happy about. And I would like to thank the financial teams as well, which we work with. We talk about all of the recurring subjects within the audit committee. So the production of accounts, the closings, the mapping of different risks, different audit issues as well. And I would also like to just very quickly underline the three points that are important to me. I imagine that two will be recurring for upcoming years and that will be part of the audit committee and its work. More so, the first is the following, as was mentioned by Anulagadha. We will be looking at everything, looking to IT. For IT, this is something that is important, especially for a multi-geographical group. And we are looking at lots of different aspects. We've got cost aspects as well. Why? Because each entity wants to have different systems in place and this will be the case for everyone. We also want to take up protection, data protection and the different reporting systems. Therefore, even if a lot of these subjects have been dealt with and we are covering good ground on, as Grégoire mentioned earlier, we need to be cross-cutting. I want to ensure that we are centralising our approach and centralising all of our subjects, which will allow us to understand what's happening in the different geographies for management of stock and so and so forth. We also want to implement a harmonization of all of our systems and I would like to underline this. And we are going to consider, continue with this in a permanent fashion. This is also we want to identify the different threats, cyber threats that will come to us and we want to ensure that we are on the ball with this. We also have other subjects linked to vulnerability and we have data protection for personal data that is important as well. All of this will form the foundation of our IT system. We have a second subject that is going to be recurring, and this will be looking at collecting production and follow-up data that is linked to sustainability. And this in the CSRG, we know that this is something that is part of our KPIs. There are lots of different aspects within the group that are followed rather than monitored with a lot of enthusiasm and constraints. So this is not the case of the group and as I mentioned there are lots of geographical entities or sectoral entities that should be implemented as well. Why? Because this is important for sustainability, and when we talk about sustainability, it's the trajectory. We can look at this in a very positive fashion with the different auditing teams, with the CSR and remuneration team as well. and we have been able to, we also put together the sustainability reports in March and this is a subject that we are going to be continuing working on. Why? Because there are KPIs that are important and will have an impact in the future. The third subject and this is more occasional and this is looking at resolutions four and five that were mentioned earlier. This is the renewal of our or our statutory auditors and we have been working with Fortis Mazel and we have lots of very formal and informal exchanges as well with the group and I would like to thank the Fortis Mazel Hub for everything that they've done over the course of the past few years they have really respected all of our different deadlines they have ticked all of the boxes all of the t's have been crossed and all of the i's dotted therefore we would like to thank them for all of their work that they have done we would we've also appointed grant thornton grant thornton will now be replacing fortis nazar and they will become the other statutory order as well with Deloitte and Associés for a financial term of six years and this for the whole group because they have been working with us since 2024. So they have actually been the co-statutory auditor for the Rehachet Group with Resolution 5. This is the non-replacement of FOSIS Mazar as its role as statutory auditors for solidifying sustainability information. The audit committee and I hope that this is something that you'll be able to follow. The simplification of governance and cost of sustainable auditors, we're only going to be returning to a single auditor for Durwata and this is something that was deemed appropriate for sustainability. Thank you very much for listening. And now I'd like to give the floor to you, Aya Ndukay from Durwata and she will be presenting the different reports that have been put forward by our statutory auditors and the information linked to sustainability you'll be able to find this information in the Euroniversal document. Deloitte, over to you. Thank you very much, ladies and gentlemen, the auditors. I'm delighted to be able to speak on behalf of the statutory auditors, Deloitte and Fortis Khalfsa. This is a report that we have written for the last financial.

There are four, and they were made available to you both for today's event, and I will summarise them for you today. Okay, let's start with the report on our annual accounts. This is the first resolution they were prepared as per the French accounting standard. And we would like to highlight the fact that this is the first application of the number 22-06 new regulation. and we considered that the participation shares were key to the audit and therefore at the end of our audit we have no reserves for the group's accounts. So that was for the non-consolated accounts and the consolated accounts were prepared according to the IFRS standard. There are two key elements to the audit. First is the assessment of acquisition gaps given the significance of this expenditure and key calculation scenarios. The second one is the estimates of returns taken into account into the La Gardère publishing revenue given how significant the amount is for the returns in the balance sheet. and the estimates that are taken into account for the different scenarios for calculation. The conclusion is that we don't have any findings or reserves. As for the fourth resolution of this General Assembly, we have made a report on regulated conventions. There were no regulated conventions authorized or agreed upon during the previous year. There was only one that had been approved previously, the one which is an assistance convention between Lagarde Management and Lagarde on Resources and Amendments and the Memorandum of Understanding. There's also the report on certification for information related to sustainability. All of this is aligned with the requirements. The report is split into three parts. The first one is compliance to ESRS standards, which are the new standards for sustainability. The second one is compliance with regards to sustainability information based on the L233 code. And finally, the disclosure requirements regarding taxonomy. And in our report, we highlight the fact that there's one specific element regarding estimation of greenhouse gases for Scope 3, especially for la gardère travel retail. So, this is the only conclusion and finding that we have. Thank you very much, Disha Heldes. Thank you for your attention. Thank you, Ariane. Let's move to the Q&A session. We have about 20 minutes. We have a briefing mic. Thank you. I have two questions. My name is Claude Arros. The first one is about the troubles coming up in the almost straight. The second one is about the 200th anniversary of Ashton Publishing. Airlines are struggling with rising kerosene prices and supply issues To maintain their profitability, they have to increase the price of buying tickets or to even cancel some flights. This situation is not very buoyant for Legada de Trabavita, given the fact that we are present in over 200 airports. Even if the crisis in the Middle East was to end, air traffic would probably still be disrupted for many months to come. That's my question. While waiting for this conflict to be solved, have you considered measures where you would backtrack or even transfer airport stores towards the 700 network, 700 stores in train stations, metro stations? Also, in 1926, Louis Hachet created the publishing house, which still bears its name to this day. He was a marketing genius, and he was extremely innovative. And this is why his publishing house is such a successful one. He was the first to think about having points of sales in railway stations in France. These points of sales then become the relay stores that still exist to this day. Today, La Gardère Publishing, Asher Publishing being the main brand of it, has become the third publishing group in the world with a revenue of over 3 billion euros. Therefore, for its 200th anniversary, How come you haven't planned an incredible celebration with all your individual shareholders and institutional shareholders, but also your clients, your suppliers? And at the end of the celebration, you would have a banquet that would look like an Asterix banquet. Because it's not every day that you turn 200 years old. Your questions are incredible And thank you for your loyalty Because I often bump into you I think Frédéric Could take the first Few questions And then Jean-Christophe Thierry For the festivities That's what he loves We can maybe Kill a few rivals if you will About the Almost straight It's true that the current situation is putting pressure on air traffic. There are levers of uncertainties related to how long the conflict will last in the region and therefore the impact that it will have on airlines. Locally, there's a huge impact, but in the rest of the world, it's hard to assess the impact. Yes, it's true that there are a few companies that are cancelling some of their flights, rather, but it's more because they're rationalising some of their not-so-profitable nines. But right now, after two months into the conflict, we're still not really seeing a huge, significant impact on airline traffic. As for your questions about transferring stores for logistics issues, it's a little bit difficult, as you know. We are in terminals and traffic via the street is blocked. Therefore, it would be difficult to do that. But if we had the opportunity to deploy more stores in stations, we would do it, regardless of the conflict, as you know. Stations, transit stations and metro stations are points of sales that we cherish. We try to develop as much as possible our stores and our restaurants whenever we can, make business in transportation infrastructures, then we do it, regardless of the conflict. About the festivities and the celebration, yes, 200 years, 200 anniversary, it's huge. and I'd like to mention one thing Hachette Publishing was lucky to have over time first Louis Hachette who was, you're right, a visionary he was a publisher but he also invented you're right, points of sales in train stations and then there was other benefactors, Jean-Luc Lagardère who bought in December 1981 the company He dusted it off a little bit because he was struggling and decided to develop the brand abroad. And then now Vincent Boulory and his family, including you, Cyril, which is why we now have a long-term vision with a French family. So we're really keeping Hachette's DNA for the best of the company. So, as you said, to celebrate it, we either organize it or we ask Michel Siboni to organize it at his place. You know, I'm joking, of course. But I think Jean-Christophe, who was the one who initiated the celebration, he did an incredible job with his team. So, I think he'd be in a better position to talk about it. Thank you, Arnaud, and thank you, sir, for your comment. And it's true that the Hachette Group has had an incredible journey, 200 years. It was a small bookstore in the Latin area of Paris. At the time, there were very few bookstores, not like today. But in 200 years, we've become the third global publishing group. And Le Garder was speaking about three benefactors. I'd like to add a fourth one himself. Because 20 years ago, someone had to gamble. It was a bet. Betting on publishing was not easy. A lot of people were saying that there was no future in this sector. And it was an incredible group already. It was bought out by Jean-Luc Lagarde at the time. And from a national group, he turned it into a global group because he's the one who helped the group made investments in Spain, in the UK, in the US, and elsewhere. And everyone will agree with the fact that, of course, everyone thinks now that it's obvious. But at the time, it was not obvious. It was a very bold decision that he made. Therefore, he is part of the success. And you're a bit unfair with us, because I think we've already celebrated. From the 12th to the 15th of March, we've brought together the employees, the readers. Thousands of people came during four days at Palais Brunard in areas where about six Siobha brands were there, third party publishers, and it was an incredible celebration. There were a lot of intense moments, and I have to admit that we did not have the banquet. We did not. So we might have to think about something at the end of the year. We did not feast, and we could have organized a feast. You're right. And congratulations for the incredible synergies between Canal Plus and Ashet. Finally, a convergence that is going to be successful. I have three questions. First about the balance sheet and more specifically the decline in equity. Why is everything up? Everything is great, but the only line that is not looking good is equity, page 219. Second question, the disappearance of schoolbooks in many high schools because of the new digital portal. What measures were taken by the group to defend your interests? In a bubble, if you're not in favor of this measure, what have you done? Because I know that it's a bit of a controversy, but the share price, it's true that the figures are better. However, it was still down 6% in five years and down 18% in 10 years. What do you have to say about this on equity? You're right. As I said earlier, equities are down this year. That's mainly related to the distribution of dividends. which we did reduce, by the way, compared to what was distributed two years ago. As you may have seen, the net result has gone up this year. Therefore, we have good hopes that for the future, the equities will go up in the coming years. Jean-Christophe for Schoolbooks, as you probably will anticipate, we agree with you. But teenagers spend more than five hours a day on screens. they spend about 15 minutes reading books so of course thinking that we're going to replace school textbooks by digital screens to learn is not obvious i'd also like to say that the countries that were pioneers in this movement and i'm thinking of scandinavian countries are actually backtracking on this. So luckily, for the most part in our countries, where students are still studying with books, textbooks, but you're right that there are very alarming initiatives. And I think I'm thinking of the Ile-de-France Regional Council that's decided to stop using school textbooks and to only ask teachers and students to use digital textbooks. So what do we do against it? Well, first is a union called the National Publishing Union that is fully mobilized on all of this and is working with the Ministry of Education. So we are working on this as well as first publishing group in France, number one publishing group. So we want to convince regional entities, regional stakeholders to not make the same decision as the Ile-de-France region. And if the Ile-de-France region could backtrack, that would be wonderful. Thank you, Jean-Christophe, for the share price. Because, of course, we all feel bad. This remains an opportunity because I don't know exactly what the share price is right now. But I have to admit that I made a very peculiar choice. I sold my Lagardère chaires to buy chaires closer to the Baudouret family. probably also because there's a floating stock that is low but if you do when you do your road shows for NSG and Lagardère I guess you get the same comment what do you what do you answer people we agree with you we we spend a lot of time explaining the performance of the company and our strategy to convince investors so just hold on tight and I know it's not easy just hold on tight, it's worth it. Yes, are there questions? To the left. Number six then. Monsieur Sier, what is the strategy against Trump and Putin when their actions are actually detrimental to us, as we can see where the publishing figures. And some are saying that there are Christian values, but they're not blaming the Russian government for killing many of its citizens. Besides, the Lagardère group is more and more towards a political party that I won't name. Should the Lagardère group not stop focusing on this and rather go back to its core business and not mingle with politics? Well, we've known each other for a long time, Christopher. The performance shows that we are aligned with our society and that shows that we're on the right track. Secondly, our goal, our strategy and management, the management team, and even our main shareholder, is not planning on having ideological or political agendas. Even if I hear and then see and then read it here and there, especially that's what our competitors are saying, that's their only response to us. So be assured that this is not our goal. We don't have a political or ideological agenda. I think that the performance that we'll have in the coming years, our editorial strategy will show us that GDD, Europe 1, and CNews work hand in hand. And if it wasn't for the changes that we made, we'd still be at very low levels. Constance would probably agree with me. And if you want to add something, go ahead. but the changes that we made really, really went in the right direction because if we look at the results, they're very fruitful. You're probably not reading or listening to the news where you should. Go ahead and listen to Europe 1, go ahead and listen to RMC, go ahead and read JDD. To us, freedom of expression is essential. That's number one, but also the performance of the company. And, Christophe, you can only agree with me that in terms of the performance of the company, the strategy was the right one. Constance, for the partnership that we have with CNEWS, of course, partnership with Canelfis, with the CISAR ceremony and other opportunities that the group has allowed us to get. As you said, the morning show is very robust. We have this freedom of expression across all our shows, all our programs. So this is a new breath. And Europe 1 is a free radio channel. So that's what we want. And yes, you know it better than anyone else in terms of diversity. Honestly, Hachette is extremely diverse. We have the whole spectrum of ideologies. And I don't see why we should not do that. It's extremely profitable. It's been profitable for a long time. And Fayyar has done incredibly well in 2025. As for the proximity that you've implicitly mentioned with our main shareholder, I could take a note, but Vincent Bluere has never asked me to do anything, to take any action. No point has he ever asked me that. Other questions. Number three, individual shareholder. i have a question the net debt ratio went from 3 to 1.9 so below two what is your objective for the future are you planning on buying companies in the travel retail world as for the share price page 305 if we look at the capital as in there's an asterisk or a footnote that says that you still own floating shares it'd be good to tell us and to mention Mr. Legarder that you still have or that you don't have any floating shares and you're planning on buying companies Qatar owns 11%. It hasn't moved in years. So you still want to have the opportunity to have cash for these shares. So basically, there's a shareholder that is not moving, that is not doing much, and that is dormant, and you have a 6% floating share rate. So it's difficult to make the share price go up when you're not moving the situation. Well, Qatar, 20 years being loyal to us. I don't know many shareholders that support companies in which they've invested for as long as they have. So this is their policy. They do what they want, what they can. And what they do is just fine by us, no matter what they do. So I won't say more about this. But about the fact that I'm a shareholder myself, I am a shareholder. But personally, as you know, I had two packs. One that was owned by companies and another set of shares that was a personal one. And for tax reasons, to be perfectly honest, I kept, how many do I have, put in 0.4% of Lagardère shares that I own personally and not through a company. The other question is for Grégoire. Yes, there were two questions on the net debt ratio and the objectives regarding this and Lagardère travel retail strategy. So for the net debt ratio, we went from three to under two. We don't communicate on a target for this ratio, or not publicly, at least. But for the coming years, what I could say is that we want to maintain our cash generation efforts. We're fully mobilized. The current context tells us that we need to be cautious. We've gone back to a debt level that gives us more leeway than what we had in the past. And this is a perfect segue into your second question with regards to acquisitions on travel retail. We keep our oceans open. As you may remember, we've made a few acquisitions over the past few years. We did not stop our M&A activities. We remain extremely pragmatic, very opportunistic. And we made the acquisition 70% of the Amsterdam Joint Venture, which was a form of cult attender, But it was treated as a scope variation because we bought out a company to be able to be in the bid. And that will make Amsterdam one of the biggest efforts of the group in the coming years. So we keep our options open. But we want to remain extremely strict with regards to our financial policy. As Greg was saying, you were talking about acquisitions. So either we buy companies, which is what's happened in Germany, like in Germany a few years ago, or we bid for call to tenders, which we do very often. But that's not what we call an acquisition. But it's still growth. Other question? Six. Individual share. Hold it just like the previous speakers. I'd like to say a few things and then I have three questions. the last one should be a funny one you're graciously promising the world but given the exceptional context with straight sees the world and conflicts the world is changing with AI with gas issues the CEO's salary is going up when women don't get the opportunities that you get because there is very little representativeness in the managers and not at the board by the way. We should maintain our honor and I'd like to mention one thing the dividends our profits have gone up and I know that also I say that we should limit dividends, but when profits are going up, you should at least increase the dividends by at least one cent. Second topic, what we have on the tabs to vote. You only have the English and French versions of the documents, but I think that the universal registration document, as well as the presentations that you are giving, as well as answers to written questions would be a good idea to also have on the tabs. And by the way, we are no longer receiving the brochure at home anymore. It's a shame. So maybe you should simply reduce the number of pages, but it would be good to have this document in paper copy. Also, we've had a few written discussions, and I've asked AI, among the documents that you see, what is the part that is generated by AI and the share that has been generated by human brain. What's funny is that when I tested several AIs, some said that part was AI generated and another part that was human generated and vice versa. So it was actually quite contradictory. Well, thank you very much. As for the dividends, we do as we can. We do our best. Everyone is helping deleverage the group. So, of course, we could distribute more dividends, but again, it's about taking a balance. You have to vote on this, by the way. This is a proposal that was made to you, and we believe it's balanced with regards to cash generation, acquisition policy. You can criticize it, and I understand that. I take note of it. As for the brochures and the documents, well, brochures and documents, I can confirm that they're all made by human brains and hands. So this is a lot of work. The European regulations make this work more complex every year. So our teams are working on these documents for a month and it was not AI made at all. As for the fact that we no longer send these documents in physical copy, it's true there are some copies available in the room, but it was a decree that says that if the documents are available online and that they were sent to the shareholders, we no longer have to send them by the mail. and this helps us also reduce costs as well as environmental resources. We've talked about the cost of paper and of course we'd rather use paper to publish books rather than these brochures. But of course there are a few copies, paper copies in the room so if you want to have a copy of the brochure and of the universe or registration document don't hesitate to fetch one. In your poem, at the beginning of what you said, I heard a reference to the fact that there are not many women, not enough women in management positions. As you know, at the board, 45.5% are members of women, and also women account for 47% in executive positions. So it's way beyond the average that we have at our peers. So there's no glass window at La Gare des Races. We have 63% of women and still in executive positions, high level of women. And as you may have seen, the average ratio of pay gap is only 14%. It's slightly below the average rate of CSRD reports because it's usually 15%. In most countries, it's actually more beneficial to women. And if we look at the granular detail of the company, we have 75% of non-executive positions, and here the pay gap is only 5%. So, of course, we're targeting zero, and the HR department is working hard to reduce the gender pay gap. But 5% is still almost insignificant, or at least that's how the regulation deems it. As for management positions, there are fewer positions, and again, not always unfavorable to women. One last question, and then we'll move to the vote. We'll proceed to a vote. The gentleman, Auriz Gato, individual shareholder, going back to this poem. I think I had a reference to Nikolai Sarkozy, who's a board member. I had a question about this. When he was incarcerated, was he able to attend all of the meetings? And if not, how can you justify the fact that you maintain him in his position? As for the future, as you know, there will be, he has appealed his judgment and there will be a decision made in, a ruling made in October. What will you do? do you commit to end his term in the board of directors? By the way, the ACOR group has made this decision a few months ago, and the AFEP-MEDEF code insists on the necessity to set an example with company shareholders. So are you planning on making a decision with this?

Thank you very much for your question. When we talk about being exemplary, obviously we can talk about the fact that Nicolas Sarkozy continues to bring something very important to the group I'm just talking about the number of authors I think it's about 270 authors I'd say a thousand or rather I don't know what his schedule is I don't know what he was doing when he was in prison I don't think it was a very happy time for him but he was the one that wrote his book and no one else contrary to what people were saying but it's actually the group that is making the most of this the 300 000 copies of his book i think that that is actually quite exceptional and as we're talking about here he's never he he at no moment was it forbidden for him to be a member of a board and this was important and i'm not just talking about especially for travel retail and this is also we can find other people to do this absolutely but he is a friend of the group there's someone who has always been on our side and I don't know why he should be penalized a second time because there is no reason for us to do so therefore we are not doing this against what people are saying we're doing this for the group and I will continue to work like this there are lots of us here and we owe him a lot and when i say us as a group but us as well i hope i've answered your question yes and he didn't he didn't miss a single meeting no he didn't miss a single meeting nicola you're not here but thank you very much thank you thank you very much and now let's move on to the votes i don't think that there are any other questions let's move on to the Sorry, just before the vote, I can say that there is one written question that was sent to the company, and the question and answer is available on the site, and they will stay here. Before the vote, I'm just going to give you the figures. The quorum has changed slightly with regards to what I said earlier. It's now 1,876 shareholders who are participating. This means that we have, this is above the 20% that we need. We have the different figures that you can see on the screen for the number of votes. Before going to the votes we will have a short film just to explain how the boxes, how the voting system will work. s'affiche automatiquement sur votre tablette, même si celle-ci est en veille.

Pour voter, rien de plus simple. Appuyez sur le bouton correspondant à votre choix Pour, Abstention ou Contre. Appuyez sur OK pour valider votre choix avant la clôture du vote. Une fois votre vote validé, vous ne pouvez plus le modifier.

Merci de bien vouloir restituer votre tablette The first resolution is the resolution and the approval of the 2025 annual and consolidated financial statements. Voting is open. Voting is closed. Resolution adopted 99.99%. Second resolution on the screen, approval of the consolidated financial statements, voting is open, closing is closed, resolution adopted 99.99%. Third resolution is the allocation of net income and distribution of a dividend, closing is open, closing is closed, resolution adopted 99.99%. Fourth resolution is the appointment of Grant Thornton as statutory auditor for a term of six fiscal years. Rating is open. Rating is closed. Resolution adopted 99.99%. That's grave. Fifth resolution is the non-renewal and non-replacement of Favis Mazar as statutory auditor responsible for certifying sustainability information. Rating is open. Rating is closed. Adopted 99.99%. Sixth resolution, approval of the compensation packages for corporate offices for fiscal year 2025. The voting is open. Voting is closed. Resolution adopted 99.98%. Seventh resolution is the approval of elements for remuneration for the XI 2025 to Mr. Arnuala Yadda. Voting is open. Voting is closed. Approved at 99.61%. Eighth resolution is the approval of the remuneration policy for the CEO for 2026. Voting is open. Voting is closed. Approved 99.62%. We've got the 9th resolution now, which is the approval of the remuneration policy for the members of the board. Voting is open. Voting is closed. Approved for 99.97%. 10th resolution is the renewal of the share buyback program for 18 months. Voting is open. Voting is closed. adopted at 99.99% 11th and last resolution here's the powers for the formalities voting is open voting is closed resolution adopted 99.99% and this is a gentleman concludes our resolutions we'll see you guys next year and good luck to all thank you very much