THERMADOR GROUPE (THEP) April 2026 Annual General Meeting Transcript

Good evening, everybody. As you know, we don't start meetings late in Thermidor, so this is the case tonight. So welcome to our general meeting. Welcome for the first time to YM Lyon. It's great to be here. Big advantage of this amphitheatre is that people have to come at the bottom here, so you'll be seen when you come in late. I hope it doesn't happen too much. So just to remind you that this meeting is physical so 200 people here today and also digital at the same time for a number of years now we've had broadcast live so that our shareholders can follow and at the end of this all everybody will be able to ask questions it's also nice to welcome some students who are involved in a program called the next challenge organized by the company next to aid which is a small company which promotes training and information around the finance sector and these students are involved in a Thermador competition so they're welcome though we welcome them here today to join us I can see one up there there's some others so if you see any very young faces under 25 years of age it's them so thank you for joining us and thank you for your interest in the group and you'll be able to ask questions at the end as well so in terms of the appointment of the meeting officers I'll be chairing the meeting. Patricia, Deputy CEO and Secretary of this meeting. You've already seen her, I'm sure. It's a great pleasure for us today to have two representatives from our main shareholders. Jacob Massouri, who will speak certainly later on. and he's representing Norman Renford as you know is our biggest shareholders with 9% of shareholder and Ryan O'Gianney representing Credit Mutuelle Equity who are also here thank you for your being here they represent 6.9% of our capital it's the third biggest because as we'll see later Fidelity has gone ahead of them with the accumulation of all their funds you know this is an ordinary and extraordinary general meeting so we have to get past the quorum of 25% but we're already past that and discover the figures with you well those aren't final figures but we know it'll be above 75% Patricia will give us the final figure later on please have a seat oh no a former a former employee of the group who's late how on earth did that happen so we have the quorum the meeting can deliberate so I announced this annual general meeting open as you know we always start these general meetings talking about staff and I wanted to insist this year on something that we follow which not many companies do which is annual average length of service and this year it's gone up a bit so when we talk to the young people over that they they look at us with wide open eyes but we're at 9.75 years which is up on last year which has probably got something to do with the arrival of Kilinox and C2AI, two companies which joined us in 2035, and they have a very loyal set of employees. So I'd like to thank all our employees, of course, for their loyalty, their expertise and their dedication to the group. And we will continue to follow this indicator, even if we're the only people who do it, with the idea of getting above 10 years for that average, which is not easy of course because there's more and more of us please have a seat so as you can see on this graph the number of people has increased substantially even if we taken out the two companies and so if we remove those two new companies the difference is actually plus two new positions so that reflects the stability in our turnover and that's been the case for a couple of years the consequence of this is and is the increase in salaries we've been increasing salaries for three years now to give you an idea on average you'll find out on page 194 of the annual report we've had an increase of 3.2 percent so stability in terms of head count increase in salaries so some of our investors have identified that that ratio wage bill over turnover which of course has increased which is above 13 percent which is unusual for us so we're gonna have to work together to try and get back to a more reasonable level. In 2023, for example, we were at 11% for that ratio. So very quickly, milestones. Construction then first. So you know that this is the main activity of Thermador Group, even though industry is growing. It was another difficult year in construction, both in terms of energy renovation and new building. The good news in energy renovation is as follows. I'm not going to talk too much about MaPrimeRenov because there's been ups and downs and lots of instability with this funding scheme but in spite of this unreliable source of funding we've been able to increase through heat pumps in particular and has been stable for them to go and that's especially important for the group and a good indicator is ICSL's results and they supply manufacturers of boilers and heat pumps and we think that this market is in for a good future in terms of new housing 2025 and 2024 were bad years but 2025 was slightly better so some figures 275 000 building starts in 2025 compared to 228 000 in 2024 these are historically low figures for france so the idea of the authorities is to increase that number to 400 000 so you can see that's a big difference building permits increased 15 up so that would suggest that there's a better market ahead in 2026. the water cycle so we've had differing fortunes in this market with some companies negative figures and others positive figures so I took we'll talk about Jetli and Odria in the field of watering they continue to suffer from very wet springs so when we've got a lot of rain the watering market suffers so we've had between stability a slight decrease in activity for those activities DPI had another bad year the difficult year we attribute this to instability in the sales team and there were changes in the team and that explains some of that loss uh 15 over the year in terms of turnover so i'll i'll talk about that in terms of projects because we've taken a number of measures at dpi to put things right alexandra is not yet here not here okay in terms of water cycle good news on the swimming pool market because of ailo our subsidiary who which has increased its turnover in spite of a difficult market both in terms of innovation in terms of products and volumes. And Sverreco has been able to get back market share in the water cycle market because they're selling valves to companies like Lasso.

Is Olivier here?

He's there. The cocktail, if you have any questions at the cocktail or during the question sessions, you can ask him any questions you may have about the water cycle industry now so once again this year it was the most resistant in the group it represents 29% of the group's business and this will increase with the arrival of those two new subsidiaries cleanox and situai it's developing in France and internationally so that shows how important the industry activity is important for the group. As you'll see in the chart I show you later that this activity concerns nine subsidiaries from the Thermador group. Moving on to retail so another difficult year with customers please do come in those who welcomed all our guests here today are welcome so we were told last year that we should have mixed reception at the the entry to the to the meeting so we've done that this time you've got both ladies and gentlemen so come back to retail another difficult year because customers grouping together four major players which cover 90% of market share, Alio with Leroy Marlin, Kingfisher with Costa Roma, the Musketeer, Mr Bricolage and some of them are in purchasing groups so that reduces further the number of customers and therefore that increases their buying power and that's not easy to navigate for our team so we We had price pressure for Audria, pretty brutal changes in terms of pricing, and so we're looking now at what we can do in the future in the retail market, and we'll talk about What I see in this market is that these actors are more and more interested in professional products. so in France you'll you'll see proofies coming in France coming to France which is a part of the Kingfisher group and they're getting pro-channel business but we also see major increase in online sales so our customers know how to do that we also know that of course but I think it's important that we should be able to accompany our customers on these marketplaces online or even via our own websites so internationally so I'm gonna hand over to Lionel who's gonna talk about this activity sector and you can take a microphone if you like thank you Guillaume welcome everybody you'll see a slide soon which you'll see that we represent 17.2% of the turnover of the group, which is up on last year, because it was 16.3%. So that is with the arrival of Kilinox on 30th of September 25, which allowed us to increase our business internationally, because Kilinox still sell in Spain and in Portugal, products for the industry sector, the agro foods, pharmacy and chemical etc. So also good performance from Saifco and FG Enox who seem to have won market share in Europe over the year. So that's the positive side in terms of turnover internationally. More difficult for Sodeco on these markets in the markets of Belgium, Holland and Germany. Difficulty finding major projects because there weren't any. So they were able to consolidate some positions in a complicated industrial context. So difficulties also on the Spanish market for Audrey Rousseau, who suffered in its bathroom taps market because of the power of white brands on those markets. So that's the state of the market, more or less, internationally for the group. As well as that 16, 17.2%, there's over 2% achieved in the region and departments overseas departments as part of the export zone so for our for those subsidiaries we also rely on external growth so the first was Sodeco in 2017 last year we acquired Klinux and we will continue to to make acquisitions in two major markets industrial valves and water cycles so to do this we've decided to structure our approach more to be more proactive and so we've launched the recruitment of a strategy and acquisitions manager in Europe so we're in the process of recruiting somebody we're looking for somebody who will be able to make this approach systematic and who will identify targets, approach them, approach the owners of those companies and convince them to join us. So we're starting that this year and I think we'll be seeing the first results in 2027.

Thank you.

Thank you Leonin. So presentation was changed in the URD page 28 more graphic representation of the group with a holding which supports the group of our finance, IT, sustainable development and supply chain. We have two specialized companies. Thank you for welcoming all our guests tonight and we'll give you the time, leave you the time to get settled, but thank you for your work. So a real estate company and a communications company called Opelin which does the communication for all the subsidiaries and organizes events like So those are the support activities, and then we have divided our activities into four major activities. Water cycle, retail, builds, construction and industry. So in the water cycle, three companies. In retail, also three companies. construction five companies and in industry six companies which specialize in those markets and then there are others three which have crossover activities between different sectors so that illustrates the organization of the group around these major activities and we had we appointed and a manager if you like for each of those groups and there are four therefore four managers plus the transversal role of Seifco we're not going to cut these companies up this is not their intention but as soon as we can do so, we will bring you figures which correspond to the precise and audited figures for those companies. I think that will answer one of the questions that will be asked later on. Fortunately, Patricia will be here to answer. So MAGE milestones, a stabilised price effect which is practically zero, so minus 1.4. So we predicted zero at the end of the year and actually ended up at minus 1.4. Dissociation of mandates, why are we speaking about that? So separating the mandates and we started thinking about that in the autumn of 2025 and we'll come back to that later but the idea is to separate the mandates of chairman and the and of the ceo the reduction in absenteeism remains a major challenge for us we won't go into too much detail but we're doing okay but we're still way off our objective In the environment area, we've been trying to modelise our carbon trajectory and particularly our transition time to reduce our impact in the future. So it's something that we've done, it's a very big job, but will allow us in time to take the right decisions. So in terms of turnover, in terms of the whole retail activity like last year was down. It represents 60.2% of our activity and the pro channel is more or less stable. Well that's good news for the profitability of the group because it is the most profitable section. We find we finished the year practically stable in terms of turnover but to constant scope a drop of 2.9% in terms of turnover. We'll have a look now our distribution channel so that's a pretty complicated diagram. I won't be commenting on today because it would take us too long but I would just like to invite you to have a look at it in the URD and we're going to be focusing on a new company in Thermador Group which arrived last year and that's C2AI it's here it sells equipment to industry and Gilles is going to come up and answer some questions and first of all we're going to have a look at a video which presents C2AI in industry performance leaves no place for approximation we need to serve our customers and have done for more than 35 years making fluid regulation your our expertise C2AI is an agile PM SME of 45 people offering services and products to measure regulate and pilot and control most fluids. Innovation and differentiation are at the heart of our challenge. Every day, our teams manufacture, develop and distribute standard and stock product, as well as custom solutions to meet the most demanding challenges in industry. Our mission is to ensure reliability, traceability, safety and performance. Our activities are structured around three complementary areas. we design products and instrumentation solutions to each sector of activity whether for agro foods pharmaceuticals air conditioning or energy our products are designed to meet the specific constraints of each industrial environment since 2018 we've developed our temperature probe manufacturing operations in order in 2025 we were proud to present our new site designed to support the growth in our businesses beyond standard models C2A designs and manufacturers custom temperature pros which are perfectly adapted to technical strengths of each application environment environment temperature range mechanical integration or operating conditions thanks to our manufacturing expertise and the flexibility of our workshop we support our customers in defining and implementing specific solutions from needs analysis through to production in order to guarantee reliability, precision and durability. Fluid control, this is the very agent of our business in distributing standard valves. By understanding the needs and challenges of our industrial refrigeration clients, we developed our own range of valves. Here we calibrate, certify and trace every instrument with absolute rigour in areas such as cold chain or other controlled environments but our service doesn't stop there our teams also operate directly on site in our client societies for calibration and commissioning this close field presence allows us to understand real industry challenges and continuously adapt our solutions our two sites located at the very heart of the industrial hubs of Auvergne-en-Alpes and Nouvelle-Équitaine are complementary and strategic they bring together our production and assembly workshops as well as our warehouses with over 2 million euros of stock ensuring availability and responsiveness innovation is the heart of our approach for our products solutions and services in 2025 ca 2a joins the thermidor group this evolution is based on shared values and a common industrial vision it represents a new momentum to strengthen our solidity and ambition here our proximity and agility enables to develop tailored solutions that are both efficient and scalable in order to effectively meet our customers needs and we all share the desire to do good work environment metrology measurement and fluids helping our professional customers so Xavier Isaac who's in charge of C2A who's been working hard to integrate the company into Thermador Group. Gilles, founder of C2AI, what synergies are you seeing already with the group? So first of all I'd like to thank Opaline for that video which is done in record time. It's really interesting for you so thank you for the work you did for us. synergies okay there are lots in place so mainly in terms of industry because our main sector a lot with sectorial because we already worked on major projects which will be going to our catalogue and has already had an impact in our markets and we've seen growth in those activities but we also work with the introduction of our new catalogue with Sector Aero, Distribulabo, FG Enox, Thermador, Jetli. So we're working with a lot of the subsidiaries not just in industry and so as you've seen this is a major challenge for us and we've already worked with Distribulabo with Connectix, with Thermacom, so there have been lots of synergies and there's lots more to do because we've got a service activity in the company as well. We're on a working group on connected fluids and we're involved in those meetings. So it's important to say that C2A, Aura and Sector Oil had a number of points in common which have allowed us to optimize purchasing and for storage too yes for store stock and what's more appropriate for sectorials markets are stocked with them and those which are better for us are stocked with us so how have you been integrated in thermidor land I like this name thermidor Nice image. Historically, C2AI has had to move, so we built a site in Dordogne. That's very important for us in the manufacturing sector. TELI is renovating this building for us, so thank you to them too. and in August we should be able to move into a new building with great energy performance, more car parking, more space etc. So that's great. Most of the employees are looking forward to moving to Saint-Quentin. So it's a building that's just opposite sectorial so it's perfect. Yeah it's a nice coincidence. Yeah it's a real good opportunity for us. So thank you Gilles for coming and thanks for all of the C2AI personnel and I've seen your enthusiasm and the enthusiasm of your employees and we look forward to you being involved in all our events and it's great for us in the future because we'll be very much closer to you geographically. So you can ask your questions to Gilles during the drinks afterwards. So as you'll see, Xi can give you a lot of detail. He likes to give detail. So, the challenges. I always insist on two pages in the UOD, which is page 10-11, where we outline the big challenges for us over the next five years. so human resources is a priority challenge first disability and our desire to better accompany people in that situation in term of the group over the last two or three years we've done lots of training with the management teams but also with the staff so that we can better welcome disabled people into our companies so we've got 30 more than 30 people in that situation in the group and so next year we're hoping to create a new indicator so to be able to follow that to monitor it absenteeism is another point that comes back it's now at 5.29% but there's still a way to go because for the 23 of our 21 subsidiaries 13 have absenteeism under 4% so I think we should be able to achieve that for the whole of the group and we're working on it to improve to get that figure down and I remind you that as if when absenteeism goes up productivity goes down and of course those who are present who have to do the work of those who are absent so sustainable development insisting on innovation and initiatives of the subsidiaries of course we do lots of simulation reporting and so forth but of course work has to be done in order to reduce our sustainable development to develop our sustainability so in terms of repairs and supply of spare parts we've done a lot of work in the past so we'll continue to provide these services and attempt to increase those services that we provide to our customers in those areas we tested something which hasn't had any impact on to and over the moment which is second-hand sales and we will be looking more closely at that in the future look putting second-hand products onto the market which are functional so thank you to those of you who are involved in that. We also want to automise extra financial reporting. It's a lot of work for our employees, lots of data of course which we have to be able to bring up to the holding in record time. We have to process all of that into a URD document very quickly so we've decided to we've chosen a supplier to automatize that which not only makes it more automatic makes it more reliable so amongst our medium term challenges we're looking at the internal price of carbon so why are we looking at that it's because we think that might allow us to determine our investments in terms of the carbon impact of our product, the footprint of our projects. So business, we remain convinced that we need to be more active with our customers, both in B2B2C, talking to the final consumer, but also in the professional channel, B2B, because we want to be prescribers of our brands and services. international development is also a major challenge of course and lots of work will be done in 2026 it's already started on the subsidiaries who are either facing difficulties or who have lost some money last year or being integrated into the group so DPI thermochrome which slightly in the red XLA also and also operational work to accompany C2AI and Kilinox in their integration to the into our group and finally work on e-commerce for this part of this business section we've we've made a lot of projects progress in this area via web sales and we intend to continue that progression digital Digital transformation remains a challenge for the 30 years ahead, certainly, with the objective of providing tools for our teams to promote e-commerce, but also the idea of gaining productivity via computer tools. 18 people now at the holding, working on those topics for the subsidiaries, who are never satisfied because they've always got a new idea before we finish the previous project, but the idea is to better satisfy their needs. A lot of work has been done currently in the holding and in the subsidiaries on AI and all the implications thereof for the group. And of course there will be more and more in the future. And we're also working on cybersecurity to avoid that. we did have an incident last year which affected us so in terms of logistics so we've always got the idea of protecting our people because it's a hard physically it's a hard job and we want to accompany our teams including people who are 50 years and over which work in these difficult jobs work also also on automation and a project which has already begun we talked about it last year for Sverreka so part of the warehouse has been automated so the first so we are working on the extension of their building to include an automated warehouse and this is going to be a big project over the next two years and we hope that that will bring better operational efficiency to Sverreco in France and internationally because of course Ferreco is the number one supplier of Saifco who sells their products in Europe and a little bit in Africa and a little bit in the Middle East too and finally geopolitics so we try to distribute risks of course where two-thirds our supplies come from Europe and one third of that comes from Italy. A lot of the know-how of the group is based on Italian know-how historically. 33% comes from China and Taiwan and when you look at the geopolitical problems we face today you can see the risks but I would like to emphasize that we don't have any supplies coming from the US and it's true that the sometimes danger comes from unexpected sources shall we say I would like to speak about our Chinese suppliers who are innovative and really listen to our needs when they're open to being challenged by our suppliers from other countries and we're working on on them and we are seeing our Chinese suppliers being very cooperative and innovative and helping with us. If you'd like to talk about China, I saw Qing earlier on, she's over there, you can't miss her, but please don't hesitate to ask her questions about our supply, our Chinese suppliers and of course she can answer you in Chinese if you'd like. In terms of the group strategy we're not changing our ambition is to double in terms of turnover every 10 years so that goes for turnover and profitability the objective is to make sure our company remains independent and will last over time so it's just not increasing it's not just about increasing turnover just for turnover sake but to increase profitability as well as you can see the last two years we've lost a bit of ground compared to the 2019 strategy but it all is not lost as you've seen and British will comment on that later we still have a little bit of cash stashed away and that will allow us to make acquisitions if we see opportunities. So levers of growth, organic growth of course, that's gaining market share, increasing prices potentially which could come soon, international business of course, creation of subsidiaries, there's no short term in the project in the short term but that could be a lever of growth, external growth of course all that respecting our sustainable development objectives our sustainability objectives so on this topic once again this year we overachieved in terms of our priority objectives you know that amongst the 200 indicators in the URD 19 have been chosen because we believe they're priority for the group and for those 19 indicators we're ahead of the game even though some indicators have showed I've shown some weakness in the past year we are still above the hundred percent mark and we know that the regulations are going to change we're gonna have to adapt well that's a good thing because it didn't rules before didn't really reflect the realities of the group. 686,000 euros is what we spent in time on sustainability which is down from last year because of course there was less work to do on the CSRD which of course in the first year demanded more investment. Absenteeism level is down competitor last year, from 5.8% to 5.3%. So still 33% of women on the executive committee and the extended committee. So each time we make acquisitions of course, the companies are more often not managed by men, so it remains a challenge in the fast in the future sorry so this modelization of our transition plan is called ACT step by step you can have a look at that on the web and it's validated by the French Environment Agency ADEM and finally a drop in 7.7% in our emissions not to do with any miraculous operations but mostly fall in turnover on our plastics piping businesses so we're gonna we're gonna look a bit more closely at governance so as you know today I have three mandates board member chairman and CEO these mandates and tonight so it was the opportunity for us, for the board members in the summer, in the autumn to decide whether we're going to propose keeping those mandates of chamber chairman and CEO under the same. So we found a candidate to replace one of those mandates, Olivier Divan de Clerger, who you know, he's been with us for a number of years, also director of a listed company and I'll ask Olivier to come up and say a few words so that you can get to know him a bit better. Thank you Guillaume for your introduction. Ten years that I've been board member, independent board member for Thermador Group. Some people know me through the company LESC which I founded 30 years ago but I'm here for to talk about Thermador Group and the subject of changing governance. This governance change is part of a development over time which was which has been spoken about tonight. And when the board talked about this subject, we looked at different candidates and my candidature was chosen. So I'm very proud, very happy to be able to allow this change to be made and participate in this transition in terms of governance. so with my knowledge of Thermador I will be able to help the group focus on operational issues so that's part of the objective here thank you to all of you I'm available of course enjoying the drinks session afterwards and we'll be happy to answer your questions then so I'll hand back to Guillaume as Olivier He said there are a few advantages to this separation of mandates. That means the operation will be able to work more on operational issues as the main advantage. And also the accumulation of mandates can in certain cases lead to a certain abuse of power. When you are responsible for monitoring and managing, there can be problems. I don't think I've particularly done that, but if we have to look to the future, the company will continue to grow and we have to prepare for the management of a bigger company. Another advantage is the proxy advisors who are 100% American and they systematically vote against the resolutions when we talk about renewing managers, directors who have the two mandates. So we've had them voting negatively over the recent years. These Anglo-Saxon voters want this change, and so we've brought that change. There's a bit more complexity, of course. an additional cost, that costs about €80,000 a year, which should be acceptable for the group. So, thank you, Olivier, for being candidate. I'd like to say that we're going to vote for his candidature. and of the 11 he had 10 votes in favor and one abstention so clear majority we also looked a bit further ahead saying thinking that Olivia will start this non-executive mandate for a period of four years and I will do as much as I can to look after the major subjects of the group as CEO and during that time we also we will look for the person who will take over the management of the group, externally or externally, but also the future chairman or chairwoman of the board for 2032 so after this period Olivier will have lost his independence logically it will have to leave the board I am I will certainly if I'm still alive candidate to take the place of non-executive chairman to accompany the general management which will be in place for for two years in 2032 I will leave a third group in terms of my operational functions and monitoring functions but of course I would remain a shareholder so if you have any questions please feel free later on. Patricia, she's going to tell us about the participation rate and before going on to talk about our figures. So we were looking to so 78 over 78% with 200 voters. 78.96% so that's the quorum and it's not something I did alone. This year was accompanied by a full team of Arlette and Matisse from Opeline and we tried to encourage people as much as we could to vote. We're going to remain on the subject of figures but more about the performance Thermador group. So one last shout of arriving. So the performance we can describe as robust this year, stability in terms of turnover and stability in terms of profit. We consider that given the economic geopolitical and market conditions we're fairly satisfied with these results so turnover stable and a good level of profit two subsidiaries Kinex and C2AI who brought turnover as well and some profit as well together we can be happy about the achievements of or everybody in the group with its difficulties with its successes in their respective market but that's that's of course all part of being part of this group that works together and we can say that everybody has worked very hard and we thank you them all for for their their work great solidarity within the group which we must maintain so this was turnover and profit so now we're going to look at operating profit compared to capital employed that's 11.8% return on capital in capital employed 16.4% that's the operational and financial management of our of our finances so Getting back to the idea of profit, what allowed us to have this level of profit, it's commercial margins which were maintained. That's a real challenge for our teams in terms of purchasing and sales. changes amongst our customers meant that it was which allowed us to maintain this profit margin the dollar effect this year helped us but we also we have obviously had to manage that and then Then there are also costs, transport costs, that's part of our commercial margin and those were elements that contributed to maintaining our commercial margin. Then in terms of cost structures and costs, 75% of fixed costs approximately, we have teams, big teams which are competent of course and therefore we have know-how and that costs. and those are fixed costs which are obviously high in our warehouses, resources for logistics and so forth are also fixed costs which remain a high proportion of our costs. Also I'd like to talk about personal costs in relation to turnover which is high of course and which increased compared to last year we chose to maintain our staffing levels and work on the rumination of our teams because we need their skills and their know-how so those are major challenges for you and we decided to work on our talents and maintaining them okay working on moving on to financial structure it's we have a strong financial structure as our results have shown we've got stock which is obviously a big part of our success and so we obviously need large amounts of stock in terms of numbers of days we've gone down from 213 days to 203 days of stock so that's thanks to the purchasing team and logistics organization which has to be tipped up to allow us to to achieve those results and stocks we maintain them at those levels in order to ensure a quality of services we have working capital requirement which is a proportion of turnover we are of course in the distribution business so it requires those levels of WCR and also so with stock that we've been able to keep at a high level and manage our working capital requirement we've been able to generate a lot of cash this year 97 million euros this year we've never ever received that level before so it's a really good job by our teams both operationally and in the financial teams in terms of debt of course bank debt is primarily to finance our operations that's in line with our external growth strategy so this was a choice so So the question was, why don't we use our equity to purchase the new companies, Keynox and C2AI. It was a choice that we made strategically, and we decided to go with bank loans to finance those. And we'll see in the future whether we use cash in the future for acquisitions. after allocation of results and equity like leaves us at a high level and that allows us to stay dependent and work on the challenges that we have ahead of us in terms of investments so Guillaume talked about digitalization AI optimization of logistics and so forth so we continue to invest. Our real estate investments are made from our own funds and the cash we've generated allows us to carry out works like for example acquisition of buildings, the one that's for C2AI, we also projects in Adas in particular. And we have to think about the value of the real estate of the company. It's 14 million euros, so that's on the balance sheet and that's financially part of the solidity of the group. And TELI will continue to look after all of those activities and to ensure that the buildings continue to be in good condition and that works are done as they are required. In 2026 we're announcing 12.3 million euros investment that's a maximum amount and the projects so we've got the logistics in Spheraco automation that will be over 26 27 and then there's a second project which is the construction of the new building for this label in Alsace and this is a major project was to get an environmental performance certificate and that will allow us to capitalize on this type of competence in the future and once again it creates a value of course and then we're going to continue we talked about digitalization in our investments as a lot of investments linked to digitalization were warehouses but not own not only warehouses but but there's also electronic invoicing. We're gonna be working on those subjects. Lots of productivity gains to be achieved in that section. And also in AI, it's also important for us that it respects the competence of our team. So we need to go quickly, but respecting the know-how of our staff and making sure they continue to work efficiently. So we've named ambassadors in each subsidiary to be able to work together for better operational efficiency in terms of AI. So Guillaume, I think Guillaume's now going to talk to you about shareholding. So I'm going to pass you over, hand over to the next part. So excellent news with the level of participation together over 68%. That's fantastic. We're very attached to that in Thermador Group. Thank you to everybody who's organized the event. I think that's also a record. Maybe one day we'll get over 80%. That would be absolutely fabulous. So, good news. There are more of you. A lot of young people who are interested in our shares directly. cryptocurrency, OKTF, some of them, and then others of purchase shares directly and that's a fairly new phenomenon in France and we hope that we'll be a part of that even though we're not maybe super well-known or super tech but there's hope for us. You see that balance of of this graph is perfect almost perfect in terms of the balance between institutional investors and private investors and 10% held by employees and directors of the group. What I'd like to point out here is the increase in the The proportion of capital held by our employees, 6.9%, we are hoping to take that up to 8.5% by 2030. It seems like a real challenge, even though the FCPE mutual fund seems to work quite well and is massively contributed by the, invested in by the employees. So the biggest shareholder is Norman Renthropp, a private investor, and then you've got the founders and the family of the founders who are very present, and then of course employees. Thank you to the founders who are with us today. I think Geneviève is here. Patricia, is that right? Yes, I can see you. Thank you for being here with us. Marc de Ceres, too. Thank you for being with us, Marc. It's always a pleasure to have you. So, institutional investors, some changes this year. As I said to you before, Fidelity likes our level of English because they've increased to 7.82% through several funds. Crédule Mutuelle Equity is still there. Lazare is still present at the same level to last year. And then Amundi, which is an institutional, a well-known French institutional investor, went above the 2% mark. That was the subject of a press release we put out. 21% for foreign investors plus the 9% of Norman rent drop, so that's 30% is foreign investors. So why didn't say early on, which is important. In terms of private shareholders, 25% of the capital is held by a shareholders pact that you'll find in the URD it's a short-term pact because it ends at the end of this year 2026 quick look at the share price so you can see over recent years have been pretty chaotic in terms of the share price as the of course the March gets have been we've never decreased the dividend so we continue to do that and we are now this year proposing a slight increase on last year to maintain that promise from my point of view what's more interesting is to look at the return on the dividend reinvested over a long period short over short term doesn't mean doesn't mean very much but over the long term we compare that with the CAC 40 so we're still slightly above the performance of the CAC 40 in spite of the recent fall because of the war in the Middle East. A few words about outlooks for 2026, even though it's very difficult to be able to predict what's gonna happen, new housing. We've got some good news from the public authorities because they are intending to do more. I'm sure we won't be able to build 400,000 units in France at least the intention is there but if we see an increase in interest rates that will of course slow the market down and it's not impossible of course so this chart you know very well which shows the new how new builds started as well as new construction permits that get handed out by the state so we seem to be in a positive cycle which is although slightly chaotic chaotic and slow there of course it's going in the right direction but of course then there is always the problem of the war in the Middle East. Energy renovation, next the public authorities have no more money as you know, so they're transferring these funds from Maprim Renov which is from taxes to CEE which are energy savings certificates which are provided by energy suppliers and it works very well except when energy prices go up. Okay so the risk is more or less almost a political problem because the public authorities may put the brakes on on that particular market because of the increase in energy prices so some indicators from our historic customers wholesalers in heating and electricity you see the most recent figures are negative so a very long period but these monthly figures and we had a sort of a lighthouse moment in December but then it's gone down back down into the negative again and this of course mostly affects our construction subsidiaries so we follow the PMI index on the right side shows the manufacturing industry indicator for Europe and on the left for France and as we remain on 50 and France is a slight decline in terms of that line of 50 because that's the that's the guide we see that industrialists are increasing the payment periods they're reducing their reordering processes and we see we know therefore that if this war continues then this will have a very negative effect in Europe it's a fragmented market but so we will do what we can to to gain market share but it remains a difficult situation with the integration of our new subsidiaries. They will be bringing us 50 million turnover in 2026 approximately. That's Keely Knox and C2AI. So retail still in the red. These are monthly figures again. No revolution. French people will continue to save and the current chaotic situation in the world will not change that so our subsidiaries are innovating of course having being able to just differentiate from digital brands and also be able to supply different retail channels in an attempt to rebalance the their their books and the power relationship with the those supplies we talked about earlier now moving on to the water cycles our water stocks are full and if we have some nice if we have some nice weather from now on of course that will help Svaka and Odria for their watering activities so we're also we're not just depending on the weather but we're working on new and new projects of course okay a word about DPI which is been having is having difficulties in terms of minus 30 million euros of turnover link partly to the the departure of Gregory Orpi who's not with us today he's working on the operational problems of DPI he will leave the company at the end of uh the end of 2027. so of course we've put together a succession plan for the governance of dpi and so we we've looked for and found within the group uh the future manager of that uh and that's alexandra statula who's administrative director at audria has been with the group a few years so she's taking up the challenge Now moving to the south and she'll be taking over DPI and she will be there full time from September. She's already working on it of course but she will take over at the end of 2077 from Gregory Orpi. We've also named a commercial sales manager to re-inject some life into DPI. it's a difficult market has to be said there are direct consequences from the Middle East war I learned that most of polyethylene comes from the Middle East so we're facing increases in major increases in price 15 20 30 percent in some cases and I don't know that's gonna stop there if the war continues and even shortages maybe of these materials here again we're facing real problems for pipe works but also Jet Li's polyethylene tanks Jet Li's tanks are made in France there's a bit in stock but these are medium and long-term challenges international okay we've already talked about that quite a bit and this year I won't be making any forecasts in terms of prices for this year at the end of last year I said the increase would be between one and two percent it could be more than that we're imagining substantial inflation okay I won't be guessing any numbers with you today and we'll be making calculations and I'll communicate on that in the future. It's always interesting to look back. We thought we would be going into positive cycles at the end of last year. Slightly disappointing this last quarter, the last quarter of 2025. Slightly positive for the third quarter, but we know now that there's going to be impacts from the Middle East war which doesn't seem to be stopping anytime soon. Isabelle Lost, she's our auditor and responsible for our sustainability statement and will be giving us some information about the results of her work or her audit work. Hello everybody, oh yes, so this year we worked on checking your sustainability statement to determine the specificity of our report is in three parts we will be able to conclude on double materiality environmental societal and governance and also taxonomy I don't remember last year we talked about the group because the durability statement is very complicated and you had to work from the DPF and we made no reserves and there was just an observation about double materiality because if you worked right through the value chain we were expecting a slightly more precise conclusion so those are the conclusions last year this year is once again with no reserves so well done to your teams but no observations also and that's a real performance so that means so the materiality uh doubt was lifted there was a focus particularly on a greenhouse gas effect we obviously have to refer to a standard and your uh your result was of very good quality we've always already already said that but we noticed there was a the problem in relation to the standard because you didn't take into account growth so the group explained the the reason for this but we we couldn't say it was compliant because it was had to be set against the ESRS standard but this really a best practice because the effort has been obviously made the work has been done, subsidiary by subsidiary, and given the complexity of the work the idea was to to work on volumes. I'm lucky enough to work for a number of groups and so well done on that because it's real best practice. The third conclusion concerns taxonomy. It's a particular case for you because indeed Thermador is a trading company and the trading part is not applicable for taxonomy so had you been a manufacturer you would have been uh you would have had to report on that part so you went for a voluntary taxonomy declaration that's best practice in relation to what we've seen we've got a certain bank groups that have done that exercise and i think the the conclusion is uh verification no our audit produced no reserve so congratulations thank you thank you for your work so then now move on to finance and we're going to work and we're going to invite up here Jean-Marie Lejoux and Serge Guillaume from Deloitte and Royer so good evening all we're going to present our conclusions on the audit work financial, in our case, from the accounts and consolidated accounts from the groups and we will report our findings on the regulated conventions. We would like first to say that our work was carried out throughout the financial year under good conditions according to a schedule which was a pre-established and they were subject to a detailed report to the audit committee on the 24th of February 2025 and then a report to the board on the 27th February so we'd like to thank the management and the management team from the holding and the subsidiaries for their accompaniment and their help with our work so if we were we start with the annual accounts so the annual accounts our report is on page 220 of the URD it will be subject to the first resolution which will be voted a little later so we certify that the annual accounts in respect of the regulations are sincere and complete, reflect the work of the financial year ended and represent the financial condition of the company and we approve those without reserve. So we have a technical observation to make relating to the first application of the accounting rules 2206 that's included for Thermador group. No significant impact as a result of that. The key point of the audit that was worked in more detail concerns the valorisation of shares. That's 179 million euros for the subsidiaries. So we spent a lot of time on that aspect. and finally we would specify that we have no observation to make on all the documents that were sent to us and especially in particular the management report and the report of the board for the governance of the company so we'll move on to the consolidated accounts good evening all second report which we issued was on the Consolidated Accounts which we issued on the 2nd of March 2026 and you can consult that on page 279 of the URD the second resolution of the OGM concerns the approval of the Consolidated Accounts therefore we certify that these accounts are sincere and reflect the operations of the financial year ended and all of the activities financial activities in the consolidation of the company so it's a we make no reserve and no observation. We've added a report on the substantial risks which we believe exist for 2025. Those are the elements of the audit which identify potential hotspots. As for the previous year, we mentioned the depreciation, the stress tests for unlimited pay periods in terms of goodwill which were had a value of 90 million euros we also declare that we've respected our independence rules in terms of the European regulations and the ethical statutes of our profession also in our report we talked about the specific verifications and we have no observations to make about the group's management reports in terms of the presentation of the reports and the electronic reporting and we conclude that the presentation is included in that reporting is completely co-compliant in every from every significant point of view so no observation to made and congratulations to the financial management of the group and final report that we issued for 2025 is our special report for regulated conventions 2nd of March 2026 and it appears appears on page 222 and 223 of the URD. You will be asked to approve the 17th resolution which concerns these conventions and in our report we state that there's no convention to be authorised this year for 2025 and also this report talks about two conventions which will continue which were previously approved by your OGM. First a lease of business as an ongoing concern and storage premises with Jetfleet, Cervereco and Thermador SOS for 3,103,000 for the rents and 3,827,000 for lease on turnover and 1,000 for the other. And then there's a retirement convention, There's a charge of 4,000 euros for that, and no amount was paid. There's the result for the last report that we completed. Thank you very much. Thank you. Thank you for the work. Thank you for your presentation, which is very concise. Even though it's a little technical, the important thing for you is to see these independent auditors who guarantee that everything is done correctly financially, in the financial and extra financial spheres. So thank you to them. If everybody has understood what taxonomy is, I wouldn't be surprised, but don't hesitate to ask questions during the drinks. If you need any more details on that, we have some experts in the room. It's not an English word, by the way. Best practice, you understood that, yeah? that's best practice of course in English so now gonna move on to the questions and I imagine that our first shareholder through his representative would like to speak as is usually the case hey good evening thank you for giving me the microphone my name is Jacob Sam sorry and I'm representing Norman Renntrop, the biggest individual shareholder of the group, who says hello from Vont on the Rhine. I'm replacing him. I'm representing Dolson Hans, who normally represents Norman Renntrop. He's been investing in Thermador for 17 years, first through a long-term investment And then since last year, personally, directly as a shareholder. We invest in the long-term, in global companies that we support according to three criteria. Quality of the company, first of all, the integrity of the management, and reasonable price for the share. Over the past 17 years, Thermador has met these three criteria, mostly through the exemplary work of the management and by the commitment and perseverance and determination of the team. So, first of all, I would like to congratulate all the employees of the group for their work over the year 2025. It's your culture, corporate culture, based on trust and transparency and the excellence of the economic model that you use that gives us confidence in the group. We're happy to be part of this performance community, as we say in English. We would like to also the management team for the quality of their communications and for the way the group is steered. In this respect, we would like to thank Guillaume Robin, Patricia Mavigné in particular, and Xavier Isaac, as well as all the managers of these subsidiaries for their work over the year. In this context, we say welcome to Olivier de Clermont de Clerger as a new chairman of the board. We congratulate him and wish him more success in his new job. We would also like to emphasize the performance of certain substitutes of the group who have succeeded in growing their turnover in spite of a difficult market context. So, in particular, ILO, led by Jérôme Chabaudy. Alto Metering, led by Thierry Dupont. Acceler, led by Lionel Gray. Isocell, led by Fabien Baucher. Distrilabo, led by Anne-Sophie Butey. PBtube, Sectoriel, Xavier Isaac, Sferaco with Christophe Archier, and Saifco, led by Lionel Monorau. So those subsidiaries show the example to all of you, all of all the other subsidiaries. Now I would encourage you to learn from each other, to remain vigilant, to continue your efforts in terms of innovation and digitalization, and to continue to develop internationally. We would also welcome the new subsidiary CTOAI, led by Monsieur Marchand and Thelando with Kili Knox, and we wish them all the best in their integration into the group. 2025 was a very difficult year. market conditions were difficult and with a lot of economic uncertainty and of course unfortunately profitability went down and that's why we cannot approve an increase in the dividend and then and therefore we'll vote against the third resolution together we hope that 2026 will see an improvement in turnover and an increase in profitability, and next year we will be able to approve an increase in the dividend. We know that we are participating in a long-distance race, and tenacity and perseverance will pay in the end. To wind up, I'd like to thank the auditors for the quality of their work, which is essentially to maintain shareholders trust so thank you all for your attention so she when I say that dividend doesn't make the shelter necessary richer and so that's proof he says they don't want a dividend they're looking forward to a long-term return on our investment so I appreciate your words today given that Patricia and myself and Xavier when we talked to Norman Eintrop the exchange is very cordial but very direct and very frank and we get real questions about real issues with them are there any other questions for today so we can take questions remotely also hello everybody i would like to ask a question to mr alain balladon we see you every year at the ogm where it wasn't able to build here to be here today. So you asked me to ask the question on his behalf. Thermador has particularly grown through an external active and controlled external growth policy. So you have more than 20 subsidiaries a day, which makes the accounts difficult to read sometimes. The distribution of turnover is represented in the urd around our five major markets without questioning the autonomy of the different subsidiaries and we're very attached to that would it be possible to imagine continuing this more by including the operational result of operational profits of those five groups of companies so yeah I can see our auditor smiling because that's one of the questions he asked us wouldn't it possible to they said to us couldn't you make grouped information and present for example turnover for that segment and profitability for that segment but we have to make sure that those figures match up to the subsidiary so producers teams will have to work on this very pertinent question question from the shareholder but for the financial analysts who follow our share they like to be able to work drill down to the subsidiary to the company itself and to be able to analyze the work of that group so those who've got time and the ability to analyze things in that way I'm sure we'll be able to publish results to that level of detail in the future Patricia would like to give us an idea as to how long that will take no well we'll be cautious about that I think when we're working on figures it's very important to return a perfect copy so it's not something I can do on my own we will be committing to that all together so it's be with the directors of the subsidiaries and we'll have to I'll be able to how we'll be able to group those financial data into not only subsidiary units but also to groups of companies in those polls of activity that we talked about early on and we need to know from you how you see your result so you've worked on those issues quite a lot in the future and we'll have to work on that more in more detail in order to be able to get those kind of figures so 2027 should we say no question hello I don't pull I represent on a capital gear on potentials for you and the question is can you give us a quick review of your exposure to oil and all the results from oil. We don't know what's going to happen tonight of course overnight but my theory is that even if this immediate problems would be resolved the problem will remain with us forever. So talked about dpi and their products but what about transport we know that when the results were published we know that you had agreements on transport costs but in this changing context is this still the case yeah in terms of oil the direct impact uh is all polyethylene and plastic so as we said last year but i'll say again now plastic materials in terms of in terms of weight that's it's it's what is the heaviest for thermodores purchases so of course the price increases will have an impact and we'll pass them on if we can but what's the real problem will be is if we had shortages in the short medium and long term and of course i can't give you an an honest answer to that the turnover dpi you know that's uh laid out is enough and of course is highly exposed to those problems, DPI is the same, CERFACO to a lesser extent but I can see frankly also Jet Li's stocks are substantial, French stocks of polyethylene are should we say substantial but if it goes if this goes on for a year well of course that's going to create a problem that's for oil so in terms of transport you've heard speak here she's done work with internally to negotiate the price of containers for one third of our supplies so that protects us to some extent from price fluctuations upstream, and that's work that was done by that team after the COVID period. In terms of transport prices to our customers, we have contracts too, and we have to accompany the transporters who are our partners, who will, of course, impose price increases on us because of prices rising for fuel and so forth. but that's all detailed in the information we sent out to our customers. Does that answer your question? I have a question for you. I think you were one of the companies that voted against resolution number 12. I'm pulling your leg a little bit, but it's a resolution which involves asking the shareholders if they agree with the idea of a remuneration policy export it's one of the mechanical resolutions legal resolutions that we do every year and some we saw people vote against that last year so we wonder why that is maybe it wasn't you so we'll wait for you an answer from from we'll wait for an answer from you it's okay you voted four okay uh thank you for patricia for that information i thought i'd seen it in the list but i must have got it wrong any questions Any remote questions Arlette? Yes, a question concerning the impact for Kilinox in terms of the fraud affecting that company. So that cost us 400,000 euros because of this fraud to Kilinox. it's it appears in our urd it's we're quite transparent about it in terms of the measures we've taken well simple measures in terms of cyber security we don't communicate too much because more you communicate the more you're targeted but here it's important to say that the the director of kilinox fell into a trap which is really fairly basic sort of trap and and no IT could have protected him against that kind of trap. So the measure we've taken for the future acquisitions, clearly, is to have cybersecurity training for anybody who has signature for any company we purchase in the future. The mistake we made was that we thought that the manager of Kinox had the same knowledge of this sort of thing about the other um days of the group and other managers from the group faced with this attempt uh rather laughed about it than than falling into the trap so so we continue to work on these subjects but we wanted to be completely transparent about what had happened so patricia said that from time to time we might be able to get back a small amount a small part of that 400 000 euros but i prefer to say that it's lost completely and if we get any back that'll just be a bonus any other questions so we tried to contain we tried to limit the time uh the time and we were criticized last year for running over to two two and a half hours so we're going to try and keep within the two hours so if you've got no more questions we're going to move straight on to the resolutions I forgot to mention the presence of the the presence of Guy Vincent's family so I'd like to mention that because two of his grandchildren and his daughter are here to represent the Vincent family thank you for being with us today and you know that it's a great pleasure for us to see you here so we're going to move on to the resolutions please take your hold of your box so the red button is no and the green button is yes so we'll just do a little test to make sure it's working correctly 78 point something percent is a new record well done to patricia and the team for this exceptional result, attendance result. Ladies and gentlemen, this is just an explanation of the use of the box, the voting box that all the people have in their hands. Just explain how the the box works so every time the chairman says the vote is open and there'll be there's a countdown on the screen to tell people how long they've got to vote and then that's when the people vote and it will be closed and the vote will be closed people are asked to turn off their phones during the voting process so not to interfere so arlette any other questions yeah no question what's your main risk I invited the shareholder to read chapter 4 I say the social risk is the biggest employees of the group but if everybody leaves where there's no company so I would say it's the biggest risk that's why we look after social indicators because for us it's the management teams and of course all the employees of the group are crucial and if the management teams are not apt then that's a risk which is of course not the case today in the URD there's a chapter number four where we have fairly thorough way classified all our risks and you'll find all the major risks of thermal group there this year we did have a check from the EMF, an inspection from the Financial Markets Authority which investigates in a random manner, listed companies. The person who checked it said to me, Why do you still put the risk of a pandemic being a risk for the company? I said, because it could happen again. And we're able to explain how we risked the previous pandemic and how we would handle it in the future. The person insisted that we remove it. And so we had to do it. and so you'll see that pandemic risk is no longer included okay resolution number one approval the annual accounts for the financial year ended december the 31st 2025 the vote is open the vote is closed. So adopted 99.99%.

Resolution 2.

Consolidated accounts for the financial year ended December 31st, 2025.

The vote is open.

The vote is closed. Adopted at 99.9%. Resolution 3. Allocation of the profit for the financial year and fixing the dividend. The vote is open, the vote is closed, adopted 88.29% for the reasons you know now. Resolution number 4, appointment of Mr Jean-Philippe Paul as board member replacing Mr Philippe Oh, he's looking, giving me murderous taggers. So thank you, Peter, but also Frank, for their work on the board of directors over the two Thank you for your work, for your active participation. And I would like Jean-Philippe to have a few words with you so that you know who you're voting for or not. Jean-Philippe. Hello. I'll be quick because it's very hot and we're all very thirsty. I'm 55 years old. I'm from a sales background. So I've done trading throughout my career. So FACOM, first of all, I'm sure you know the tooling company for the DIY people amongst you and I joined the group in 2006 I was recruited by Hervé Le Guillaume who's here today and who I say hi to the historic leader of the group I worked 17 years in Sferaco were different in different jobs in the sales work as a traveling salesman and sales manager and ended up the director of sales alongside Christophe Arquier and then I was given responsibility for running FG Inox when Philippe Bernadet retired and so I'm very ambitious for FG ENOX we hope to be part of the short list because I think we're we were we're in the list of those who weren't mentioned today so I hope next year to be part of that list mentioned by the shareholders okay I hear your your challenge it's not an easy one Jean-Philippe well done he's someone who's worked in construction and in industry so he has a very broad view thank you very much for your presentation so the vote is open for the appointment of Jean-Philippe Paul as board member replacing Peter Vartel The vote is closed. Adopted, 98.32%. Thank you, Marion, who was with us on the board for four years, has really committed, who was really involved, and she even had time to have a child during that time. so that required massive organization and she wanted to hand over to somebody else to allow them to live this experience so Claire who was elected by fellows and her candidature was accepted so she's here today and she's gonna say few words to introduce herself so you know who she is and who you're voting for so hello everybody i'm gonna be as quick as so i'm 37 years old i will be in a few years time i joined the group five years ago as a marketing manager and then marketing officer and then marketing manager And so I asked to, I presented my candidature to represent the employees on the board and I was accepted. So thank you Lance for accepting us from the committee and by the board afterwards. And so if you are in agreement tonight, I will succeed Marion who's been in that position for the last four years. so thank you to all of you and I understand the opportunity that Thermador group is giving to the employees of the group to be represented and so I'm very proud to be able to commit different in a different way in the group so that's nice to see young people like that coming through dynamic you'll have plenty of work to do Claire don't worry the vote is open so on a resolution number five approved 99.99% Bertrand would you like to say something no no you know better of course so he proposed to continue his work on the board of directors that was validated so he's now standing for a new mandate a renewed mandate of four years the vote is open the vote is closed 99.5% approval you know that I just passed the 60 year mark and i think i'll be operational for the next four years so i i am putting myself forward as a new mandate as board member for four years the vote is open the vote is closed resolution said adopted 99.58 percent thank you sincerely for your trust So we're getting to a large number of resolutions on remuneration. So first, 2025, to say whether you agree with what was given, two resolutions on the policy, and then we'll talk about 2026. So in terms of my remuneration, 2025, the vote is open. The vote is closed. Adopted 98.04%. Resolution number 9. Exactly the same thing but for Patricia Mavigny. The vote is open. The vote is closed. Adopted 98.07%. the same thing for the deputy CEO this was divided into two one for half Xavier Isaac and half Leon Monroe so the vote is open that's why we speak about the role and not the people because there are two people holding that position the vote is closed adopted 97.59% the illumination policy now so resolutions 11 and 12 proposed by almost all listed companies and it's required by the commercial code article 20 22 dash 8 so the vote is open the vote is closed adopted 99.71 percent resolution 12 we saw a few negative votes arrive by correspondence we don't know why so the vote is open for resolution of 12 the vote is closed adopted 91.88% resolution to have a chairman in the group we have to approve his remuneration policy as explained on page 20 page 45 on the urd it's a budgetary amount of 100 000 euros and you are asked to vote on that remuneration vote is open the vote is closed adopted 99.67 percent that's a message that says that you are in agreement with the separation of mandates same exercise 2026 remuneration proposed for the directors of the holding. So for me the vote is open. So vote is closed, resolution adopted 99.68%. Same for Patricia Marigny, the vote is open, vote is closed, Adopted 98.07%. Same exercise for Xavier Izeck, who introduced you last year as Deputy CEO. The vote is open. The vote is closed. Adopted 97.56%. So, the Regulated Conventions, detailed by the auditors earlier on, the vote is open, the vote is closed, adopted 99.99%. Your authorization to intervene on the market to purchase our shares through this resolution. The vote is open, the vote is closed. Adopted 99.94%. We also ask your authorization to increase capital if necessary. This is valid for 26 months. Not a resolution we have ever used, but it's always good to have your authorization. The vote is open. The vote is closed. adopted 99.5% new resolution 20 this is about adapting our articles association in terms of the appointment of shareholders representing employees employee shareholders of course this is because the regulations have changed and the company is getting bigger so we have to align with both the legal side and also the size of the company in order to be able to continue to have two representatives of employees yielders 10 years that we've we've had employees on the board and we're very happy with it but of course we think that two out of the 11 places is a good ratio on the board so we prefer to stay with two and we want to guard against it going up to for example to three so resolution number 20 the vote is open so adopted so this is a legal resolution if we modify the articles association we have to introduce this resolution which would potentially allow a third employee to join the board which seems disproportionate in terms of the group but we would invite you to vote against this resolution the vote is open the vote is closed so resolution is rejected 77.34% against and finally the powers for legal formalities the vote is open the vote is closed adopted 99.71% Before moving on to a little something to drink, we're going to hand over to Claire, who's going to give us a summary of the votes of the employees, because you know that every year before the AG, we have a vote from the employees who own shares in the FCPE, so they give their point of view on the resolution. it allows us to give it gives us an idea of what employees are thinking so Claire first of all to talk about the FCPE campaign which went from 26th of February to the 23rd of March it's proposed each year to to the employees to promote indirect shareholding for employees and thanks to this mechanism which is really advantageous for all employees you're able to get a top up from the company which can be up to 300 percent for investments of up to 700 euros and so an employee who's invested 1 500 this year will get a top up of 2 800 euros which is up 50 euros from last year 88% participation in this in this campaign and especially from the new subsidiaries so this is traditionally followed by the presentation of the resolutions to the employees before the OGM and then holders of those who invested in the FCPE are then invited to to pre-vote and unfortunately only 54% of them voted and some of the conclusions that we draw we can see that there is a broad acceptance of the resolutions with a few slightly the mixed results for for example the payment of dividends where 78.5% voted for also all the resolutions concerning remuneration of the managers which got between 78 and 85% favourable votes and the resolution on voting against a third representative of employee shareholders on the board of directors and an additional employee representative and I think that we've got some work to do Bertrand and myself in terms of communication to explain these thresholds are and also to better explain what our role is as representatives of your employees so i think we can say that there's been a good progression in terms of uh investment in the fcpe and an increase in the global uh shareholding of employees so that's a positive result thank you thank you claire for your summary thank you for all of you for your patience and your attention during this vote. We'll be having a drink downstairs so I think we'll be leaving bottom left. So I might thank also the organizing team said by Adrian and his team of young people who are really positive in terms of their attitude and they always find solutions and it was perfect as usual a few technical issues but no problems thanks to all of you and see you for a drink downstairs thank you goodbye