Okay, I suggest lots of people have come already. The other one will join in when we start. I believe we can start right now. Thanks a lot for attending this presentation about the 2025 earnings that we just released. Thank you for attending the presentation. As you know, we had published our full year sales on January. It was a negative growth of 0.8% reported, 1.1% like-for-like. You remember the gap was the consolidation of In Practice Systems by the end of 2024. That explained this difference between both.
The interesting thing today is the Adjusted Operating Income, which resulted in EUR 49.4 million, a growth of 25%, up to EUR 9.9 million. It means that it's also an adjusted operating margin of 7.6% compared to 6% last year. We will get through more during the presentation, especially on the P&L. The main reason for that is the good cost control, especially on the payroll costs, during this year. Maybe just a word to remind you what is the Adjusted Operating Income.
As we had mentioned, for the first half results, there's a new general accounting plan that started on January 1, 2025, setting new accounting standards, with a limited number of specific transaction in the non-recurring operating income and expenses line. We have created these adjusted EBITDA indicators to be able to compare with the 2024 recurring indicators. It means that the specific items affecting operating income that you see on the right of the screen is actually the former non-recurring expenses. You can see they are about EUR 19.2 million this year compared to 23.7 last year.
In this you have EUR 7.4 million, which are related to the restructuring plan at the French pharmacy operation that happened during the year. On the rest, you have some R&D impairments in the pharmacy operation also in France and U.K. For the rest, we have some various fees. The number of employees is slightly decreasing this year by 2.6%. The operating cash flow, as you can see, is surging. Plus EUR 50 million means also almost a 50% growth this year, which results in the decrease of the net financial debt by 25% to a level of EUR 138.4 million.
As you know, for a company, R&D is critical and very important indicator. This year, we have capitalized a bit less of R&D. You can see that it's going down about EUR 7 million. One of the main reason is the deconsolidation of InPractice Systems in the U.K. On the other hand, we have the D&A of R&D, which is growing slightly this year by almost 5%, EUR 2.2 million. This is due also to a change in amortization duration policy, which is a bit shortened to be more in line with the market reality.
As such, it's an adverse effect on the adjusted operating income of EUR 9.7 million. Which means how good the performance was to be able to generate EUR 49.4 million on the whole year. Regarding the payroll costs, as I mentioned, we have a bit less headcount this year, about 2.6%. The payroll also is going down 1.1%. This is partly due to the decrease in cost due to the consolidation of InPractice Systems by the end of 2024. The share of offshore and onshore employees is quite stable. Let's go to the P&L and get down to the P&L.
I mentioned the revenue this year down 0.8% reported. This is due to the deconsolidation of InPractice Systems. You can see that all the various costs at the top of the P&L are improving, are going down. Especially you can see that the purchases are going down by 5.5%, meaning that it's sale of equipment going slightly down this year, especially at the pharma operation in France. Most important, you can see that the external expenses are going down 5.6% or EUR 8 million this year.
It's the policy we had already talked about on the internalization of contractors, especially on the Allianz contract, for which we had contractors in Mauritius, which are now internalized in our employees in Morocco. However, this does not result in an increase in payroll costs, as we just saw earlier. We've been able to manage those costs throughout the company, and they are down 1.1%. This results in an increase of the Adjusted EBITDA by 9% or EUR 11 million to EUR 134.6 million this year, with an Adjusted EBITDA margin of 20.7%.
On the D&A side, we saw that we had an increase in R&D&A, but we have a slight decrease in tangible assets amortization this year, so it results in a quite stable D&A line this year. All in, this means it's adjusted operating income resulting in EUR 49.4 million this year, a growth of 25%, or EUR 9.9 million over the year. As I mentioned earlier, the adjusted EBIT margin is 7.6% this year compared to 6% last year. On the specific items affecting operating income, which is comparable to the non-recurring expenses we had last year.
As I mentioned, a part of it is the restructuring plan at the French pharmacy operation software that we had this summer for about EUR 7.4 million, sorry. Also, we had some R&D depreciation in pharmacy operation in pharmacy software for pharmacists in France and U.K. For the rest, we have some various fees, and one which I will elaborate later on, one for setting up the IP Box tax regime that I will develop on when talking about the total tax.
Just before you can see that the operating income has come to EUR 30.2 million compared with EUR 15.8 million last year, a growth of 92%, almost doubling this year. You can see that just below the financial result is decreasing on this year by 16%. What happens here is that we have even though we have the full year impact of the new debt platform in 2025, remember that last year, we had EUR 8 million current account provision for In Practice Systems in 2024. It means that the interest paid are a bit higher this year, but are offset with this comparison in 2024 with this account provision for In Practice Systems.
The line just below the total tax line, you can see that we are decreasing on this total tax, out of which you have a EUR 3.7 million of tax income reimbursement resulting from the IP Box tax rule. As we had mentioned, the group opted to implement this new IP Box tax rules starting in 2024. Under those rules, as you may remember, income from selling licenses for softwares developed in-house are taxed at a reduced tax rate of 10%. But Cegedim, at Cegedim, we also asked to claim the reduced rate on the revenue from the period in 2021-2023.
We got the approval of that request, which will resulted in a reimbursement of EUR 11.1 million this year. It is split in three point seven million euros of tax income recorded here in the net income. The other part is seven point four million reduction in tax assets receivable on the balance sheet. It has improved this total tax this year. All in, it results in a net consolidated net income of EUR 8.3 million this year, 9.4 group share, compared to a loss last year of EUR 15.1 million and EUR 14.7 million euros group share. A very good improvement on this net income.
Let's dive into the free cash flow statement. As we have really improved this net income, you can say that our operating cash flow from operating activity has increased a lot, from EUR 101.8 million to EUR 152.2 million. You can see on the line at the top the capital loss I was mentioning before for EUR 8 million at InPractice Systems. Also, on the tax paid, you can see a very dramatic increase. On the 2025 side, you have this EUR 11.1 million reimbursement resulting from the setup of the IP Box tax regime and the reimbursement from the previous years.
Remember also that on 2024, we had on our tax litigation a payment of EUR 11 million to the French tax authorities, which means like if you restate both, we basically have something quite comparable. On the acquisition of intangible assets, we had mentioned earlier that we had less capitalized R&D, as you can see here. On the acquisition of tangible assets, we had last year in 2024 lots of spending for marketing in pharmacy operations, Cegedim Media, and we have less spending this year. You can see a decrease in tangible assets. On the scope change, of course, last year we had the integration of Visiodent, which we don't have this year.
All this explains this cash flow. You can see down there the loan. Last year, we set up the new platform and the others in the net cash flow generated by investment operation. Especially on the others thing, you have the financial cost and also in the EUR 23.2 million that you can see here, you have the financial costs which are reintegrated at this part of the cash flow. Also, EUR 6 million in debt reimbursement that is mentioned in the platform. All in, the change in cash is EUR 43 million, and this explains the decrease in net debt, which is at December thirty-first, sorry, at EUR 138 million.
You can see in the balance sheet the improvement in cash from EUR 49 million to EUR 92 million. Slightly less debt and also the equity improving thanks to the positive net profit that we have this year compared to the negative one last year. On the financing, you can see our loans here. The fact that we had reimbursed EUR 6 million and now we have EUR 134 million on the bank loan. Also, it's worth noting that we are compliant with our covenant. Our net debt to EBITDA covenant is 2.5 times, and we are less than 1.5.
Now I suggest we deep dive into the split between our business units. You know, we used to present the group through various divisions, and it appeared that it's more common sense and more related to the way we manage things to present it through the business units. The five business units, the health and provident insurance, the business services unit, the healthcare professionals business unit, the Data & Marketing and Cloud & Support that you already had through the division. You can see here a quick description of each.
I'm gonna turn to the first one, the health and provident insurance, which is almost 26% of the sales of the group, with an adjusted operating income this year of EUR 14.6 million and a margin of 8.7%. You can see that here they have three main activities, software, third-party payer, BPO, that you know about. You can see the growth of 3% during this year, stemmed from the software and the third-party payer activity. On the software side, it was mainly due to the project management implementation of project that we had the year before. On the third-party payer, it's the fraud and long-term illness detection services that help out for growth.
On the BPO side, it was a more moderate growth even though the Outil Flow service was well-oriented. The adjusted operating income for the health and provident insurance just decreased slightly by EUR 0.9 million this year. This is mainly due to the BPO operation, to which we saw that the number of people covered by our clients, the insurance health insurance clients, went a bit down this year and weighed on the profitability. Overall, it's still a positive adjusted operating income of EUR 14.6 million and a margin of 8.7% this year.
The next business unit is our Business Services unit, which is 28% of total sales of the group, with an adjusted operating income of EUR 26 million this year, resulting in an adjusted operating margin of 14.3% this year. In this business unit, you have three main things. You have the software, which are HR softwares. We have e-business, in which you have the dematerialization, especially on the invoicing and procurement, but also on the healthcare flow and the BPO. The growth of almost 7% this year came from software with the successful strategy in customer diversification that we had already talked about during our previous meetings.
On the e-business side, especially the invoicing and procurement segment, as we have talked before, you know, the reform for electronic invoicing is coming up in France in September 2026, and it's a very powerful catalyst for this segment. The BPO had a moderate growth this year due to its compliance offering, which was still well-oriented. On the Adjusted Operating Income, you can see that it's a growth this year, almost a 12% growth in Adjusted Operating Income, with EUR 26 million this year compared to EUR 23.2 million last year, an adjusted EBIT margin of 14.3%.
This is mainly due to our very good cost control, especially on HR, on the HR segment, which we are able to more than offset the rise in costs at the invoicing and procurement segment. As we need to prepare for the reform, we had a bit more cost this year. All in, it's very impressive performance from business services this year. The next business unit is the healthcare professionals, which is about 20% of the sales this year. It has a negative operating income of EUR 9.3 million. You can see on the left-hand side a gap between the reported growth and the like-for-like growth.
This is where InPractice Systems used to be, which explains why this growth was a bit less powerful. In here, you have the Cegedim Santé group, which posted a 2.6% decrease like-for-like in growth. As we had seen during the year, it was mainly due to this renegotiation of a service contract that we had that weighed in on the growth. If we had not had this renegotiation, we would have seen a growth here at the Cegedim Santé group. You can see that its adjusted operating income came from a positive EUR 0.3 to a negative EUR 0.3.
Actually, the EBITDA, the Adjusted EBITDA at the Cegedim Santé group is growing. The difference with the Adjusted Operating Income is resulting from a change in policy in R&D amortization at Visiodent, which weighed on its Adjusted Operating Income. Still the performance is doing good. On the doctors outside France that you can see just at the center, you can see a big difference between the reported growth and the like-for-like growth. Actually, it's where really InPractice Systems was lying.
It's worth noting also that the momentum in European countries is good, especially in Spain, where we had all the projects for the National Council of Sports, and also the start of the project in the Balearic Islands by the end of the year. You can see on the right-hand side that it resulted in a positive Adjusted Operating Income compared to a loss of EUR 6.3 million last year. You can see here the impact of deconsolidating InPractice Systems, but also, I want to insist on this, the operations in the countries in Spain and also Romania is doing pretty good.
Last segment of this business unit is the pharmacists in France and U.K., especially with a decrease in sales by 22% this year. It's mainly due from the restructuring of the French pharmacy sector, which is weighing on revenue and profitability. It's worth noting, however, that sales momentum in the pharmacies in U.K. is doing better, but they are completely offset by this reorganization of the French operation for the pharmacy software. All in, I don't remember if I mentioned, it's a loss in operating income of EUR 9.3 million, with still an improvement, especially due to the deconsolidation of InPractice Systems for this business unit.
The next one is the Data & Marketing business unit. It's almost 20% of the total sales of the group. It generated an adjusted operating income of EUR 17.2 million, a margin of 13.5%. You have two components that you know here. You have the data, which had overall the revenue was a moderate growth. Data was stable on growth. Marketing had experienced almost a 3% growth, beating its forecast of a stable growth this year, of a stable revenue. Because in 2024, we had the Olympic Games, which had a boost in sales for this.
Marketing was able to generate some more sales this year, so very strong performance. The Adjusted Operating Income of the business unit is growing by 4% this year, 4.3%. Profitability is solid in Data. In marketing, you can see that the cost control and the efficient production system was able to also contribute to this growth in Adjusted Operating Income, which arrived at EUR 17.2 million and a margin of 13.5% this year. Last but not least, our Cloud & Support business unit, which is 6% of total sales of the group. It's worth noting that here you only have the revenues made outside the group.
A large chunk of its activity is directed towards the group. Still, this year it's been able to generate a positive Adjusted Operating Income of EUR 0.9 million compared to a loss of EUR 1.8 million last year. This is due to a very good cost structure optimization that we have over time. Also on the revenue, it's worth noting that it was able to achieve a growth of 2.6%, even though it had lost a major outsourcing contract that we had mentioned in our previous meetings. Here you have our next meeting in April 23rd. We'll release our first quarter revenue.
We have our shareholder general meeting on June twelfth, and you have the other things in the H1 revenue in July and earnings in September. This was the presentation we wanted to have with you, and I suggest that we switch to Q&As. You know how we do usually. Please raise your hand if you have a question, and we'll be happy to answer it. Amadou, I can see you here. Yes, Amadou, the floor is yours.
Thank you, Damien, and congrats to the fine numbers and to the tax settlement, to the successful tax settlement. I'd like to have three, if you'd be so kind.
Mm-hmm.
One on operations, one on finance, and one on capital allocation. Let me start with the capital allocation one. Now that you've got a little bit more cash to work with, I'd like to know your focus on where your priorities in cash are. I think in one of our last calls, you stated that deleveraging would be one of those focuses. On operations, my second one, I'd like to go high level here. What are the current challenges you see and which demand management focus? Let me give you some examples. Like we do see a lot of movement in AI and new ways of working, like with Claude or with Copilot or what else.
What impact does that have on your operating businesses and on the way you are working? Right.
Okay.
My last one, considering the specific items resulting in the adjusted EBIT. Can you go a little bit deeper into those and explain a little bit more what constitutes those? What are they exactly and maybe a little bit more color. That would be all. Thank you.
Okay, Amadou. Maybe I can start with the last one on the specific items in what we have here, what we have there. You know, we have this restructuring plan on the pharmacy operation this year, to which we have a provision of EUR 6 million and some related cost for EUR 1.4 million. It's EUR 7.4 million. Also, on our operation in pharmacies, software for pharmacies in France and in U.K., we had some R&D depreciation for about EUR 6.4 million too, split at EUR 4.6 million for France and the rest for U.K.
It's to be more in line with the market and what the products can deliver. We had this impairments. On the rest of the specific items, you have especially some fees. When we set up the IP Box regime, so the new tax rule, we had to be compliant with that, so we had some fees. These are really the main items. I don't know if it's clear for you. Right?
Yeah. Wonderful. Very helpful.
Okay. Maybe the first question was on cash. As we have mentioned before, yes, we are focusing on deleveraging the company. You can see that its net debt has decreased thanks to that by 25%, that we respect our covenant and financial discipline is very important to us. I don't know if you want to add something, Pierre. I think it's thorough.
Today, no decision has been taken about a fast repayment of the bank debts. It is possible to do that. If we do that, it will be in July, because July is.
The anniversary where we set up the platform.
Yes, the anniversary. We are able to repay the 8 tranche. Nothing has been decided because we may keep some cash if there is some opportunities, some acquisitions of companies. Nothing has been decided about the cash or about how we will use this extra cash.
Maybe then.
Thank you. Yes.
A follow-up, if you would allow that one. Pierre, you talked about the acquisition of companies. I'd like to know your framework, considering that, right? Because I'm thinking of external acquisitions. I do think that you weigh that against repurchases of your own shares, which currently trade on a reasonably depressed level.
Yeah. For the next shareholder meeting, we will ask for authorization from the shareholders to be able to make some reduction of capital by using shares the company has acquired. It's a possibility, but nothing has been decided until now. What has been decided is no dividend, and then the extra cash can be used for some acquisitions. We are not having big opportunities today, but it may happen. Or a repayment of some debts or capital reductions to have less shares on the market. Nothing has been decided until now.
Your last question, Amadou, was regarding the current challenges, and you mentioned AI, which of course is a major topic for us, a major issue. We have various ways to address it, especially for the development of AI to help our developers improve our productivity internally and integrate AI into our offering for our clients. We are working with that. Our developers are getting equipped with AI. We developed some products, especially in the Maiia Médecin. We had mentioned that, for which you have AI assistance also.
Also in our BPO operation, we are developing AI to support our teams because, you know, it's a very HR intensive. It's where we can see an improvement coming from AI. It's also a centralized capacity to be able to develop through the group the various solutions. We had mentioned that we have an AI committee to which Pierre Marucchi and Laurent Labrune, which are attending the presentation here, are a member of which we have a very important number of projects coming up.
The idea is to help us improve our efficiency, help our clients improve their productivity also, and be able to propose some solutions and integrate solutions in our products.
Thank you.
Amira, I think you want to ask some questions.
Yes. Can you hear me?
Yes.
Yes. Thank you for the presentation. I have actually three question. The first one, I saw that you have restructured or modified a little bit your business units. Could you explain the strategic motivations behind this new segmentation?
Mm-hmm.
Second one is if you can provide some details on the data breach and its impact on the figures. For 2026, you expect an organic growth exceeding 2%.
Mm-hmm.
Would you specify just the breakdown of this growth by division and the underlying drivers?
Okay, maybe I'll start with the business units. At some point in time before, we used to present the group through its typology of clients, and then it was, we had some discussion with some investor thinking that it was not precise enough for them. After that, we decided to introduce the group through divisions, so the software and services flow, things like this, which Data & Marketing, BPO, which was very interesting in terms of typology of activities.
However, they were split from various business units and actually, we thought it was more in line with the way we operate day-to-day, which is through these business units, of which we have one head each time, one or two heads, depending on them. It means that it's more compliant, I would say, with the way we really operate and how we do things.
It's more consistent, and it's also easier for us to make you understand and explain the company, showing this global strategy through its health and provident insurance services or for its business services, as we have usually a global view, for instance, at the health and provident insurance. We have the software, but we also have the solution through BPO for our clients. In the BPO, we have the Outil Flow segment also, which is another solution. When we come up to a client, we can offer them a broad range of services.
Sometimes it means that a part of the sales of the revenue from one sub-activity can go up to the other one, so it's easier to understand the global dynamic. It's also the same for business services. In HR, we have the software, but we can also propose the BPO services. It means that sometimes we have a difference there, but the global thing is managed really on a global scale. Also for the healthcare professionals, it's more consistent to have a presentation with the doctors in France, outside France, and the pharmacies because they have the same typology of clients.
Their trends are closer, and they have a global head in France, a head international, so it's easier to have this view on that matter. That's why we decided, talking with some investors also, that it was more consistent to have this presentation through business units. You can see I put a slide on the appendix with the split before that we had through division for you, and it will be also in the URD. You have the two splits so that you can find the previous figures.
On the data breach, maybe Laurent, you want to talk about MLM?
Yeah, sure. Good evening. I've managed personally this major incident, so I can give you some additional elements. First of all, we've taken all the regulatory steps, so including a notification to the CNIL, assisting also the doctors to notify the CNIL as they are the data controller, and only the doctor is able to link with the patient to inform them about this data leak. First of all, it was an application vulnerability which was immediately fixed last October. From an impact perspective, we have not seen any specific churn of our customer base up as of today.
Of course, during that first week, there was some commercial uncertainty with some meetings postponed, but now we are just back to normal commercial operations. We don't know in the long term, of course, what will be the impact. We have no idea of what it will cost us in terms of reputation. What I can say is that since we assisted the doctors to go through all the regulatory steps, doing the notification to the CNIL on their behalf with their authorization, they were mostly grateful of this assistance, of course, and somehow I would say feeling in the same boat with us.
Of course, we don't know about the ones that decided not to go through our support and assistance. This is what I can say. I've seen some questions as well on the questions regarding the potential liabilities. We have no idea. As of today, if we would be under some specific, how do you say, sanction fines. We have done what we were supposed to do from a regulatory perspective, informing CNIL and going through the complaint to the public prosecutors. We informed our customer on time, giving them all the elements to understand what happened and which data were leaked, especially the administrative data.
I have to clarify probably most of the data that were leaked are administrative data, so name, first name, date of birth, some addresses, very few emails, and I would say for half some phone numbers. The specific administrative comment, which really made the buzz, we can say that 165,000 comments, fields were containing some sensitive information, which is. This specific field is built to liaise between the doctor and his administrative team to give some specific comments on how to manage the administrative aspect of the patient.
Like specific comments on please make sure you give an appointment as soon as you have a request or those kind of things. Unfortunately, some of those doctors have used this field to fill in some sensitive information. That's what I can say. Of course, if you have other questions, happy to elaborate.
Thank you, Laurent.
I think your last question, and maybe I will hand the floor to Pierre, is regarding our target of exceeding 2% organic growth during the year. Maybe Pierre, I will let you elaborate with this one.
We have had during the year 2025, two specific events in the Healthcare Professionals business unit. One was the renegotiation from one of our competitor about the contract of where we are sending to them data coming from our doctors so that they can make surveys and things like that. Due to the fact that the anonymization of those data is now more complex, it makes some data not so efficient, not so precise than before. The clients are thinking that those data are less efficient. There has been a renegotiation on this contract. The other specific events is the fact that the software for pharmacists in France has decreased strongly due to our reorganization plan.
When we had the loss of revenue on those two events, this is more than 2% of our revenue. Of course, those two events, they are not going to be repeated in 2026 because the renegotiation of the data contract of the former data contract is done. We see from the beginning of the year that on the pharmacists in France, we are on a bad position, and we think that we are going to gain market share again until the end of the year. As long as the other business units have no reason to have bad performance compared to 2026, we feel that the minimum of 2% growth is really achievable. That's the reason why we give this target.
Of course, we need to be careful because what's happening now in the Persian, in the Middle East.
Middle East
Middle East. We have no activities there. We have no problem in the fact that we are using a lot of electricity for our data centers because we have renegotiate our prices before, fortunately, and so we have fixed rates until 2030. There is no direct impact on our business due to this war, but there might be indirect effect in the sense that some of our clients may be reluctant to start new big project very quickly. We are not able to make some computation on this, and that is the reason why we have fixed this 2% minimum growth for the year 2026.
Okay.
Thank you.
I saw a question regarding the share price performance, which went over 35%. It's worth noting that this data breach has weighed on our share price. I think as Laurent mentioned, we have no downturns, not a specific impact for the moment. I think some investor may have been worried at the time, especially as the French media had made some bit confusion in the way they spoke about the incident. But I think it weighed on our share price. Also, it's worth remembering that share price from software sector had some downturns in the U.S. and also in Europe in February regarding AI expectations.
Some reports explaining that AI will lead to some unemployment and stuff like this. I think the sector also has a bad performance at the time. Last but not least, as Pierre mentioned, there's this war in Iran which weighs on the also a bit on the markets. Yeah, the price went down a bit up since yesterday. I think we hope that the good results we released tonight will help the share coming back. There was a question also on AI on whether we saw some reduction on the back of AI efficiency in OpEx and CapEx. Not yet.
I think we've seen a lot of companies are saying that thanks to AI, they were able to reduce the headcounts. It's not my job to comment on them, but I think some had already too much headcounts, and there's a bit of AI greenwashing regarding this. No, for the moment, we don't see a reduction regarding OpEx and CapEx thanks to AI. It's too early. To answer another question, yes, we integrate AI in our products already, especially in Maiia Médecin that I had mentioned before, and for which we have a conversation assistant.
Also, we are able to link it with a new solution called Claude Bernard IA, which is, you know, our Claude Bernard database, which helps the doctor. Now it's embedded in Maiia Médecin. Yes, AI is real for us in our products. We still have some more to do, but yeah, it's a reality. It's not just talking about it. The last question that I can see here was whether the adjusted EBIT margin of 7.6% could improve in 2026.
Yes, from what Pierre just mentioned before, and what we had mentioned earlier on our outlook, we see a growth of sales, but also a growth in adjusted EBIT and also on EBIT. You can see that this year we had a growth of 25% in Adjusted Operating Income and 92% growth in operating income. Of course, the difference between both is the non-recurring or what we used to call non-recurring items. We can hope that the operating income will still grow also on the years to come, and especially in 2026.
If there are more questions, please raise your hand or write in the chat. How do you assess the risk from AI native entrants across your core markets? This is a question that I can see here. Well, I think this sparked the debate across the sector in February with a lot of theses things that yeah, AI native are our competitors. That's right. However, we are in a very regulated market. We have the experience also of what we need to propose to our clients, I would say especially on the healthcare professional.
Of course we are. I would say we have an eye on that. We also believe that regarding our sector of activity we are well-positioned to benefit from AI. We understand that there may be some competition, but our experience and knowledge of our core markets are a key in differentiating with this potential entrance on our core markets. Are there some more questions that I may not have seen? Well, I believe that we don't have any more question from my understanding. I don't see any hand raised or any questions on the chat. The last one was whether we could expect a share buyback proposal.
I think Pierre answered about the capital allocation. I don't have more to say regarding this. Thank you for attending the presentation. Thank you very much for your questions. Hope we've been clear in our answers. We'll see some of you tomorrow at our meeting in Boulogne-Billancourt, in person, tomorrow morning. Thank you, everyone, and we'll talk to you the next time. It'll be in April for the current revenue 2026. Thank you very much.
Thank you.
Thank you.
Thank you.
Bye-bye.
Bye-bye.
Bye.