Jacques Richier

All right. Good morning, dear shareholders, ladies and gentlemen, in my capacity as Chairman of the Supervisory Board, I'd like to welcome you here to this 2026 AGM of Unibail-Rodamco-Westfield. This is the first time we're holding it at our own headquarters. [Operator Instructions]

All right. So I have with me Mr. Vincent Rouget, who is Chairman of the Executive Board and the Mr. Zeitoun, who is Council of our company. I'd like to welcome the other members of the Supervisory Board, the other members of the Management Board and members of the Executive Committee. And they are in the room, and they will be there as well to take questions if you have any questions for them.

I would like to welcome Vincent Rouget, who has been the Chairman of the Management Board since the beginning of the year, and I would like to attribute to his predecessor [ Jean-Marie Tritant ], who revived the group's growth in particularly challenging environment. And together with the Supervisory Board, I'd like to congratulate the company on the strong operational performance last year, in all its businesses, and this goes to show the robustness, the resilience of its business lines and its portfolio at large.

And this reflects the first combined positive effects of the group's transformation and its road map for 2025, 2028, entitled platform for growth that was presented back in May of last year and the ecosystem of the group's performance and it's the strengthening of its balance sheet because we increase the valuation of