[Foreign language] Good morning to you all. Thank you for attending this general meeting. I formally declare the meeting open, and we've given, as we do every year, the possibility to ask questions in writing prior to this meeting, which, of course, we will answer. I propose to appoint as scrutineer the two shareholders present representing the greatest number of votes, and who are accepting this function, Société Christian Dior, represented by Antoine Arnault, and Financière Agache, represented by Frédéric Arnault. I also propose that we designate as meeting secretary, Mr. Jérôme Sibille. Together they will comprise the bureau of this meeting.
The agenda, you are familiar with it. We are here to approve the financial statements of 2025, and to answer the questions that you have sent in to us or that you will be asking us after the session. Prior to that, we're going to explain, comment, and run through both the results of 2025, which are quite acceptable. We've achieved over EUR 80 billion in revenue, profit from recurring operations of almost EUR 18 billion, and free cash flow, which is a key metric, of over EUR 11 billion.
Before handing over to Madame Cabanis, I'd like to commend the teams of the group here present who've allowed us to achieve this performance in an environment in 2025 challenging both for geopolitical reasons and challenging on the monetary front because the euro has risen constantly against a certain number of currencies. Let's now run through the 2025 figures in detail.
[Foreign language]
Good morning, ladies and gentlemen, dear shareholders, thank you for turning out in such large numbers. I will give you the numbers for 2025, but also the start of 2026. Let's start with sales. In 2025, you will see that organically, sales were slightly down 1% compared to 2024 on an organic, on an equal scope basis. The foreign exchange had a 3-point negative effect, and that reflects the strength of the euro compared to the other currencies in which we build our business in 2025. This was because of the US dollar and the Chinese RMB. You can see that this situation got worse in 2026, but the scope effect is negligible. All in all, this means that sales were down 5% and the published number stood at EUR 81 billion.
You have the geographic distribution of sales. It changed slightly, but it made no difference on the geographic balance of the group because the three main markets, Europe, U.S., and Asia, each accounted for 26% of sales. Japan was slightly down to 8% of sales, and other markets were up 1 percentage point to 14% of sales. If you move on to the developments on a quarterly basis, from one region to the other. Let's start with Europe and the U.S. Both markets were stable, slightly down in Europe, but the quarterly momentums turned around because there was higher growth at the beginning of the year in Europe because this was a strong dollar. This favored the tourist trade, whereas when the dollar went down again, sales went back to the U.S. and there was less of it in Europe.
Japan was down 12%. There's no surprises there because, you may remember, the previous year there had been a 28% growth. This is because of the comparison basis, but there was an improvement in H2 because, well, there was less of a comparison effect, even though the basis was still high. Then Asia was down 4%, but growth resumed in H2, with an improvement and acceleration of local demand. Now, if you move on to the various business lines, as you know, the main business is Fashion & Leather Goods, and that accounts for about half our sales. You have Selective Retailing account for 23% of sales, and that's mostly driven by Sephora. Watches & Jewelry, 13% of sales, Perfumes & Cosmetics, 10%, and then Wines & Spirits account for 7% of sales.
Now, this is the organic change in sales for the various business lines in 2025. If you look at the table, you will find that you have an organic decline, a 5% decline for Wines & Spirits and Fashion & Leather Goods. Perfumes & Cosmetics are stable. An organic growth for Watches & Jewelry and Selective Retailing, respectively, +3% and +4%, again, with Sephora's remarkable performance in 2025. You should also note, and this is what you have on the right-hand side of the table, H2 saw an acceleration of these trends for most business lines, mostly Fashion & Leather Goods, Watches & Jewelry, and Selective Retailing. That made it possible for organic growth to resume at +1%.
Now, let's look at the actual profits. Now you have the change in profits from recurring operations down 9% in published data. This degradation is mostly to do with the currency effect accounting for upwards of EUR 1 billion. Without that, profit from recurring operations would only be down 4%. If you look at the profits per business line, taking them in the order of the table, you start with Wines & Spirits, with the largest decline. Well, you both had a negative currency effect, but also a negative effect of mix and sales, and then the first effects of the trade tensions with the U.S. and China.
Fashion & Leather Goods, also slightly down, mostly with the currency effect and lower sales, but still, the profit margin, 35%, is quite high and higher than the group's historical average. Watches & Jewelry were stable, even though we invested quite a bit, mostly with the transformation of Tiffany, and that is bearing fruit. You will be able to see this for Q1 already. Perfumes & Cosmetics enjoyed an 8% growth in its profit, and that was driven because of a selective approach to retailing, but also working on the business model's overall efficiency.
Of course, you should note the significant improvement in Selective Retailing profits up 28%, mostly, of course, thanks to Sephora's performance, which continues its profitable growth, but also return to profits of DFS, mostly because we streamlined a number of territories, but also we worked hard on cost cutting. If you take a look at how you arrive at the actual profit at group level, I already mentioned sales, so let's start with gross margin. That is down 6% over the year, and that reflects, of course, the inflation of goods sold and then currency effects. Operating expenses were down compared to 2024, so that includes marketing and selling and general and administrative.
Selling were down 4%, admin down 5%, and so that means we were able to apply significant discipline on the cost allocation. On admin, we had some non-recurring costs, in particular, of course, the Olympic Games. On that basis, we saw that the profit was down 9%. It stands at almost EUR 18 billion. Operating margin stands at 22%, so that's slightly down, but still higher than the group historical average. You have other operating income and expenses. That by definition is non-recurring.
In 2025, that was mostly the closing of a number of territories for DFS, and there were a number of restructuring costs. This is mostly an accounting expense. It doesn't have a cash effect. The financial result is negative, EUR -400 million, but it is still an improvement compared to 2024. The tax bill stood at EUR 5.5 billion. Now, the corporate income tax rate was up to 32.8%, up four points compared to 2024 because of the supposedly exceptional additional tax. It's not so exceptional because it will be applied again in 2026.
All in all, net profit, group share stood at EUR 10.9 billion, down 13% compared to 2024. If you look now at the balance sheet, the currency effects were significant on most items on the balance sheet, but that applied both to assets and liabilities, and so as there was no acquisitions, the structure of the balance sheet is very much the same as the previous year. A few words about operating free cash flow standing at EUR 11.3 billion, significantly up 8%, even though profits were down, first because we were selective in capital expenditure, but also, we worked hard on converting profit into cash, and we worked hard on working capital requirements and t hat's at all levels in the group, we were able to achieve that.
The net debt position was down again in 2025 for the third year running. It stood at about EUR 7 billion, and the debt ratio was down as well. It stands at about 10% of equity. This is very much in line with where it stood in 2020, the year before we acquired Tiffany. Finally, and that will conclude the comments for 2025, we will be offering a dividend of EUR 13 per share. This is stable compared to the previous year. We very much try and align the profit level to that of dividend in years of growth. If there is no growth, we keep it stable. There was an interim dividend of EUR 5.5 back in December, and so the balance of EUR 7.5 will be paid out in April.
Now then, a few words about Q1 2026. Over the first three months of the year, you saw that LVMH enjoyed an organic growth upwards of 1%, and the trends improved in most business lines. Revenue stood at EUR 19 billion. Now, that's down 6%, mostly because of the currency effect, a 7 percentage point effect. Well, that accounts for 6% of our sales. Now, we have a limited exposure to the Middle East, that is about 6% of our sales. Nonetheless, it has a significant effect in the region, even though the year started off well. Without that, organic growth would have been +2%. Elsewhere, Q1 had solid growth in China and Asia outside Japan as well as the U.S. If you look at the various business lines, Fashion & Leather Goods were down 2%, but we have a positive effect in local customers.
The tourist trade was negatively impacted by currency effect. This is still a significant part of our business. There's growth in the U.S. and China, mostly in Asia. It's down in the Middle East after a good beginning. The three other lines of business, Selective Retailing up 4% thanks to Sephora. Watches & Jewelry up 47% with the new stores. Perfumes & Cosmetics are also good growth, especially with Guerlain and Parfums Christian Dior. Wines & Spirits were up 5% in Q1. These are the numbers for the year. Thank you for your attention.
Now we're going to look at a clip with questions put by some shareholders.
[Non-English content]
Ladies and gentlemen, dear shareholders, I'd like to begin, if I may, by saying a few words about the year that just ended and for which we are gathered here today. I won't return to the figures, but I would say nevertheless that these figures demonstrate the group's resilience in the face of a challenging environment, and it's due to the talent of our teams. Once again, I should like to acknowledge them and to say that each of our most important divisions are today headed in an exemplary manner.
That's an important point, starting with the most important, Fashion & Leather Goods, Vuitton, with our friend Pietro Beccari, who's been with us for over 20 years now and continues to lead with considerable talent, this business that increased his responsibilities with the whole Fashion & Leather Goods division, and for the future, no doubt, we shall see, and then Wines & Spirits with Jean-Jacques Guiony, who's been with us for a while now, perhaps. Even longer than Pietro, who took over in a quite exceptional manner, I have to say, a division that is facing a more challenging market, notably in certain places with some tax, tariff problems, etc .
In spite of all that, a demand that remained strong for champagne and for wines also, for rosé wines. A bit more challenging for cognac last year, and we sense a recovery in the first quarter of this year. That should trend well, and we'll return to that in due course. Among our most important division, we have the Dior brand with Delphine, who is leading the arrival of Jonathan Anderson in this iconic house. It's really got off to a great start, such that we're having a difficulty in delivering the products, so strong is the demand. We'll see how it evolves. It's going to lead a show in Los Angeles at LACMA for the Croisière season. We've already seen some excerpts of that. It's going to be very interesting and exciting.
Next, the Watches & Jewelry division, which is currently directly headed by my number two, Stéphane Bianchi, and that is delivering an interesting performance in 2025 with notable progress of both Tiffany and Bulgari, and continues in this year to deliver quite good growth rates. I'll return to that later. Lastly, Cosmetics, that is now headed by Véronique Courtois, who's also been working with me for quite a long time. I won't give the number of years, and we've been able to draw on her experience for Dior, that she's been heading up for quite a while now, the most iconic brand of perfumes and luxury beauty and selective beauty as compared to mass market brands. I'll return to that later.
Lastly, the Selective Retailing business, so Sephora, Guillaume, that is going from strength to strength and is present in barely half the countries in the world. The world is your oyster, and it's already the leading brand retailing perfumes in the world. This year, we had several significant events. I won't go back over the detail of the figures, but store openings of iconic houses throughout the world. You probably all saw the new Maison of Louis Vuitton opened in Shanghai, the Louis Vuitton ship, a vessel, and is essentially a museum of Louis Vuitton's expertise, opened in downtown Shanghai, where we received some 100,000 visitors a week. It's truly remarkable. I've been there several times.
I was congratulated by the Secretary General of the Communist Party for doing that. That would never have happened in France if we decided to build a vessel ship on the Place de la Concorde. I'll let you imagine the result. The trade unions here, always supportive, would have criticized that initiative. There, we did it in less than a year. It really does show the dynamism of countries where we're established as compared to the heaviness of our old Europe that really is taking a while to turn around and to modernize itself, bogged down as it is in ghastly bureaucracy. That's another matter.
For Dior, we've opened several iconic houses in New York, in Los Angeles, and more recently in Beijing, that are very iconic with quite extraordinary design and also explains the success of our group, notably Dior in the United States. The universal expo in Osaka, where the French building that we extensively sponsored with our brands, was the most widely visited after Japan, of course, because the Japanese, as is natural, they go and visit the Japanese building, but it was a considerable success, so w e also hosted a wonderful show in Osaka, which I visited with Pietro, one of the most widely visited in Osaka after the Expo.
Among the other highlights of 2025 was the signing, thanks to our proximity and that of Stéphane with Formula One, of a 10-year contract with Formula One racing. The group, with all its brands, has now teamed up with this sporting event, which is one of the most widely followed in the world that's recurring, because there's a Grand Prix just about every month, and is becoming an event that the young are increasingly following, and for our brands is a recurring and tremendous opportunity. TAG Heuer chronometer, Louis Vuitton is very much involved, so that's very important for us.
Amongst the interesting events, I should add, during the year, as Cécile Cabanis mentioned, the fact that in 2025, the second half of the year saw a return to growth of our business. That's continuing. At least it was continuing through the first quarter of 2026. I'll come to that in a moment. During this period, we have 2025 innovations that are continuing, very significant of our various houses. I won't go back on them in detail, but just to say that among our Perfumes & Cosmetics, Dior Sauvage is the world's leading fragrance, the success of Miss Dior and J'adore going from strength to strength, and Dior continues to sell one lipstick every two seconds in the world. You can see that is going to fuel our production facility at Saint-Jean-de-Braye, and that's continuing. Its lipsticks, they're the most qualitative that are to be found.
We have an R&D facility at Saint-Jean-de-Braye that is producing extraordinary products, which explains their success, as is the case with many of our products. A brief word, Antoine is going to come to that in a moment, of the group's economic and social footprint in France and in the world. Today, we have over 200,000 people in the world at the end of 2023. 40,000 direct jobs, and every direct job, I think, generates four indirect jobs in our suppliers in France. That's a lot of people. The preservation and the transmission, the passing on of our skills in more than 280 design professions by way of experience.
Over 3,800 apprentices trained by LVMH's Métiers d'Excellence program since 2014, since its launch. We need to obviously train the young to sustain our skill. Antoine will tell you more about the nonprofits, the active employment initiatives, and we have 117 production and craftsmanship plants in France, even if French producers and ourselves are not necessarily encouraged to continue to manufacture and produce in France, notably the number of tax measures. I won't go back over that. Everyone knows that, but nobody does anything to change that situation, and we have paid EUR 5.5 billion in corporate tax in 2025, of around half of which in France.
I could continue through the year 2025, but what I'm sure interests you most is the outlook. Well, for the outlook, there are two things. There's the short-term and the midterm. We can talk a bit about the short-term prospects. What fascinates and what motivates me and what amuses me is, how will the group look? What will be the advantages of the group in five years? In short-term, you'll have noted that the world is now in a pretty serious crisis in the Middle East. There was an impact as of March on our figures and reduced by half the growth expected for the first quarter.
It all depends on how this crisis will unfold, what the outcome, either it'll be a world catastrophe with a very serious and very negative economic impact, in which case, who can say how 2026 will unfold, or it will be resolved more rapidly in some shape or form that we all hope for, even if it doesn't seem to be easy, in which case, business will recover and resume their normal course. Be that as it may, it remains unpredictable if the second assumption were to appear. I expect to see a return to growth in our various activities in the second half of the year. In the opposite case, we'll have to face a crisis, already happened to us, and there's every likelihood that we'll continue to gain market share as we did in 2025.
What I would say is what counts the most is, where will we be in five years' time? What will the group look like in five years' time? I believe that we have tremendous assets to remain far and away the leader in the manufacture of quality products with the iconic brand, Louis Vuitton, Dior, with our iconic brands of Perfumes & Cosmetics, with our jewelry brands, for example, Tiffany. Tiffany, I think that we must set ourselves as a goal in five years to be the leading jewelry brand in the world. We're not far from that. We're not there yet, but I think we can achieve that over the next five years, and you will not contradict me on that. That's the goal.
That's the objective, and we've taken a path with extraordinary qualitative products in terms of that we brought out the design of Jean Schlumberger, who worked as a designer at Tiffany for years at the beginning of the last century. All that is yielding results that are gradually becoming very impressive. In addition to that, we're renewing, renovating the stores. You may have visited some, aside from the most iconic on Fifth Avenue. We've reopened flagship stores in Milan, right next to Vuitton, Montenapoleone . A great store, very successful. Another iconic store in Ginza, Tokyo, Japan. All the effort undertaken is expected to generate results. The most important thing is to focus on the quality of the product, on the quality, I should say, of the craftsmanship. At Vuitton, we have two iconic products that are high-end products.
On the one hand, Capucines, a bag that was launched some 10 years ago with the very predecessor of Michael Burke, who headed up Vuitton for 10 years. It was Yves Carcelle, and with him, we launched this product, and a more recent one that was launched since Pietro is heading the company with a creation from Pharrell Williams called Le Pont Neuf. The very fine product. I don't know if we have a photograph to show you. But this product in an outstanding leather, totally handmade. We have thousands on the waiting list, and we produce it at the pace that we can with craftsmen who each manufacturing a product, each craftsman does so, but it takes time, and it's a considerable success, which will continue in terms of product quality at Vuitton.
With watchmaking, we're fortunate to have the Fabrique du Temps, which is one of the most iconic watchmaking parts. I'm wearing this morning, a watch manufactured by that workshop that's truly extraordinary, on which was one of my heroes, Einstein, and if you press a little button in there's an incredible mechanism. Einstein pulls his tongue out. I'm going to show that to the directors at the board meeting after this. I'm going to like to just give the floor for five minutes or three minutes to the person who's now heading up this business, who's delivered this type of product. My son, Arnault, would like to speak, but not for too long, though, please.
Super. Yes, you're right to say that I shouldn't talk for too long because if given a free rein, I could go on for literally hours on end. Of course, this career plan was outstanding. It's a great adventure. It wasn't just Watches & Jewelry. It was all of LVMH. We decided to transform Louis Vuitton's know-how with two great watchmakers, Michel Navas and Enrico Barbasini, who created the La Fabrique du Temps. We've been working in different trades. I was checking on my phone, but we have about 30 different trades working at the Fabrique, and that includes engraving. You have all sorts of specialty trades involved in the making of specialty watches. La Fabrique du Temps is a bit different from other workshops, and one of the rules is you have one watchmaker making a watch from A to Z. That means we cannot increase production exponentially.
The watch that you're wearing, this is a very special watch, but any watch made at La Fabrique du Temps, we can tell a collector or customer, we can tell them when the piece was built, how long it took to make it, what the weather was like that day, where the watchmaker stood in the workshop. This watch is one of these. There were more than 600 hours of work in the mounting, in all the fine mechanism that allows Einstein to stick his tongue out. In any case, if you get a chance to visit La Fabrique du Temps, the doors are wide open.
Well, now, another example of what motivates the group to continue to strive for the highest quality was the acquisition, some 10 years ago, of Loro Piana, whose results are quite excellent. We don't give them directly, but I can tell you that the growth that we don't want to increase, as it happens, is better than all the high-end brands in this sector. What's interesting is that this acquisition, we did it with a family that has remained, in part, in the share capital, and they're very pleased to have done so, for that matter, because the value's increased considerably, multiplied the figures quite strongly. They're still with us, and they're really excellent connoisseurs of raw materials. Frédéric, who now heads up Loro Piana, in three or four minutes, will tell us what contributes to the success of the company.
Well, good morning, everyone, and I'm delighted to be able to tell you a few things about Loro Piana, a truly fantastic house, and I'm delighted to be there, running. I have been there for about a year. Extreme quality is the key to that company's success. It's about 100 years old. You're looking at exceptional fibers and textiles, and it was one of the very few companies that integrates a whole chain from cashmere in Mongolia and silk in Peru and o f course, we've been investing in this unique knowhow.
Last year, we're talking about the highlights of 2025. We started two new fabrics, Royal Lightness, which is a combination of fine wool and silk, and the Ice Wish, which is a type of cotton, very light, but extremely soft as well. Do have a look and feel for this fabric in our stores. We have been very much investing in this unique knowhow. Many thanks and enjoy the day.
Another activity are Wines & Spirits. People often ask me, "Wines & Spirits, what's the situation? People are consuming less alcohol. What's the future?" In fact, the future is promising. First and foremost, they are outstanding, unique brands amongst the finest wines in the world. We have the best cognac far and away because we're far and away market leader, and this market continues to expand differently. To illustrate that, I'm going to ask Alexandre, who's number two behind Mr. Guiony, this business, and who's crisscrossing the world to review our activities, to talk to us about Africa.
[Non-Englis content] Well, thank you, and good morning, everyone. When Jean-Jacques Guiony, who runs Moët Hennessy, and myself arrived a year ago, there was talk of restructuring, and I thought we should look to the future and the long term. As you were saying, Africa is a most attractive continent for Moët Hennessy. Together with Jean-Jacques, we went to South Africa, and we saw Hennessy's remarkable dominance. It's the third-largest market for Hennessy after the U.S. and China.
We sell the equivalent of two glasses of cognac per inhabitant of drinking age per year, which is a very high average, and that continent is growing fast. Other countries in Africa where we have a leading position, Nigeria, 220 million inhabitants. In 30 years' time, it will be the third-largest country, or most populated country in the world. Again, for Moët Hennessy, this is a big market, not just because of the demographics, but also because this is a young population, and such products as Moët Hennessy champagne, Hennessy cognac, Veuve Clicquot champagne, and there are many brands. This is an access to the market of luxury goods with the pride that goes with it.
Of course, they can have access to other products that haven't made much inroads as yet on the African continent, but this is a good illustration of our long-term approach, the example of Hennessy , we have a 90% market share, but it took us 20 years to build that with a local retailer that enabled us to be spread not just in Johannesburg and Cape Town, but all small towns in South Africa. You have small stores selling a few bottles, and then you have the largest restaurants and nightclubs. In Africa, how many people are you talking about? We're looking at 1.5 billion people today, and by 2050 there will be 2.5 billion. An additional 1 billion people. Wow, that's pretty impressive. A very young continent.
[Non English content] The future of our group is also based on the young people of championing creativity. This year we've received Michael Rider, Céline, Jack, Alessandro Michele, Sarah Burton at Givenchy, and Maria Grazia at Fendi, and all have generated considerable success, but none as strong as Jonathan Anderson. That's what Delphine's going to talk to us about creativity.
Well, good morning, everyone. My name is Delphine Arnault. I joined the group in 2001. I worked at Christian Dior with Sidney Toledano. As of 2013, I became number two at Vuitton, working with Michael Burke, who is right here in the audience. Since 2023, I've been in charge of... Well, I've been the CEO of Christian Dior Couture, which is a daunting role, but there's something of a revolution going on there with the arrival of Jonathan Anderson. He is a highly talented creator, something of a genius. We know him well because he worked for 11 years at Loewe. Jonathan is, since Christian Dior himself, is the first one to work on both the women's collections, men's collections, and Haute couture , and his fashion shows are very successful, not just in the media, but with the customers themselves.
He's been with us about a year now, and his first creations arrived in the stores in January, on the 2nd of January, a great commercial success. We have indeed many items that are already out of stock and that we're trying to keep up. We're working on operational excellence, supply chain excellence, but also retailing excellence, as my father just said. Last year, we opened three houses of Dior. These are shops that can be as wide as Avenue Montaigne, and they're decorated by Peter Marino. There are three stores, one on Rodeo Drive in the U.S. You have to remember that the United States is a very significant market for Christian Dior. One in New York City, but then we also have a house of Dior in Beijing at Sanlitun. This year we will be opening houses of Dior in Milan and Osaka, Japan.
Now, in line with this, I've always been very keen on the creation and creators, and 30 years ago we started a new prize, the LVMH Prize for Young Creators, and that is something I created with Jean-Paul Claverie. That prize is an award that enables some talents to emerge. Jacquemus, Thebe Magugu, Grace Wales Bonner or Marine Serre, they were laureates of that prize. We have Nicolas Ghesquière, Jonathan Anderson, Maria Grazia Chiuri, Marc Jacobs, Phoebe Philo, and many others were members of the jury. Well, thank you very much.
Well, there you have a summary of why I'm extremely confident the five-year outlook regarding the development of our group. That's why when the share price drops a bit, as is the case for a while, I buy more shares and then I wait another five years, not by remaining inactive, but you just have to be patient in business. You always need to be patient. If you get too excited, it doesn't lead to anything. I'm just saying that. Thank you for your attention. What's up next? Questions? Oh, Maud, sorry. Maud's going to talk to us about HR, outstanding head of human resources, followed, I believe, by Antoine, who's going to talk to us about all the societal side of our group. Thank you.
Dear directors, shareholders, and colleagues, last year from this very spot, I shared my conviction, namely that women and men in our group are those that will ensure the sustainability of our performance and the continuation of our ambitions. This is the whole meaning of our People at Heart approach. We put our own people at the heart of leadership, excellence, and long-term performance. We made two collective commitments. One was to roll out our career development policy, Career Compass, to as many as 211,000 employees and continue our efforts to promote equity. I'm delighted to show you the fruition of these efforts.
In 2025, our 31,000 managers were trained and empowered to ensure that talent support should be constant and intentional. We decided that skills and career paths should be at the very heart of managerial duties. This year we have been rolling out, as I said, Career Compass to all workers so that everyone should have some visibility on his or her outlooks, their performance, and should be an active player in their own career paths. You have five pillars for this approach, knowing the group, knowledge of oneself, creating a network within LVMH, measuring performance and impact, and promoting internal mobility.
Now, we have some results. I'll give you one example regarding mobility. This year, as many as 2/3 of managerial positions were filled internally, compared to only half two years ago. Our second commitment was to do with gender balance. When I joined the group back 20 years ago, women accounted for less than 20% of key positions. They were 48% at end 2024. Today we've reached, and indeed we did better since that, we have more than 50% of women in key positions.
Now, these numbers are indicators of the use and effectiveness of our action. They reveal our ability to lift obstacles, whether visible or not, which could impede somebody's career development regardless of age, gender, or background. Human resources always look at the long term. We have to prepare succession plans. You have to support mobility, and that requires constancy. The indicators I've just shared with you shows that we have an ongoing momentum. That momentum is also driven by training, which is a key driver of performance. In 2025, 82% of our employees were given additional training, and we have a clear ambition.
Well, training is how we prepare for the future, and we are demanding also when looking at new trends that are redefining our trades, especially, of course, artificial intelligence. The advent of artificial intelligence prompted us to make a clear choice. We have to seize the opportunity, but respect what we are. We are an ethical and a resolutely human company. Our program, AI for All, is the direct translation of that. What we propose to do is to make artificial intelligence understandable and accessible to all. This adds to the deep identity of our houses. The work of a leather maker, the CEO's ability to mobilize his or her teams, listening to a commercial consultant, or the patience of a wine cellar master, all these skills have got to be developed over the long term and t his is why we developed our programs, Métiers d'Excellence, Trades of Excellence, since 2014.
We've been supporting upwards of 3,800 apprentices in 43 trades, and 73% actually joined the business or continued their studies. This alliance between the power of technology and the wealth of human skills that have strengthened our competitive advantage and our ability to create values for our customers, for our houses, and for decades to come. Preparing the future beyond our knowhow also means attracting tomorrow's talents, and with INSIDE LVMH, which is a training platform open to all, more than 200,000 people were certified around the world.
New Class started this year with upwards of 42,000 students enrolled. Inside is our spirit of conquest applied to talents, but it is also our way, a concrete way of providing and rolling out our group around the world and t hat rollout, it can also be reflected in our societal footprint. Let's look at this more specifically in France. In France, we have upwards of 40,000 employees, the wage bill adding up to more than EUR 4.5 billion. We have 539 stores and 117 production and craftsmanship sites all over the country in as many as 66 departments. This territorial anchor goes beyond, of course, the borders, because 75% of sales from our French houses are exported.
According to Asterès, each direct job at LVMH generates more than four indirect jobs in the national economy. We're talking about 160,000 indirect jobs, supported by 13,500 tier one suppliers. Of course, we are committed to this, and when our workers and employees experience geopolitical, climate, or personal crisis, we are there to support them with the LVMH Heart Fund. We've helped as many as 11,000 people since 2021 on five continents with psychological, social, or financial support. Of course, we had an exceptional effort with the situation in the Middle East. Of course, this goes beyond the walls of LVMH. We have LIVE, the Institute for Vocational Training. We have seven active campuses. The latest one was opened in Bordeaux in March of this year with 700 long-term unemployed who were taken on board, and out of these, more than 80% returned to work.
Now, of course, these achievements is the result of our social roadmap that started in 2020. The objectives for 2025 were all met, and now we're looking at the next step, which is Ambition 2030. Ladies and gentlemen, dear shareholders, I told you about our commitment that we kept concrete results and a solid momentum, but I would like to make two commitments for the year to come. The first commitment is to continue our People at Heart policy, and we'll train indeed all of our employees through Career Compass, and we'll start a new edition of our survey, the pulse survey, to all workers around the world, 80 countries, five generations, about 20 languages.
The second commitment is to accelerate our support to workers in the transformation brought about by artificial intelligence. We're building a group that will secure our talents and make them sustainable over the long run. We are a group that will pass on and cultivate excellence because the desirability of our houses, it will be built over decades and not quarters. We want to create value and pride for our workers, for our employees, for our territories, for society at large. This group has been advancing the spirit of conquest, but that was always the soul of LVMH. Thank you for your attention.
Antoine, take it away.
Good morning, everyone. I'm delighted to see you once again. Dear shareholders, I'm delighted to show you our results, environmental results in 2025, and look at our activity in 2025 at group level and in all 75 houses. We base ourselves on stage one of our LIFE 360 strategy for 2021, 2023 to roll out our programs on such key items as circular economy, traceability, biodiversity, climate, and mobilizing stakeholders. Our commitment now is to reach qualifying objective that we set for 2026 and 2030. We will continue this action doggedly, not listening to local fashions that could put in brackets the environmental approach.
On the contrary, we believe that the climate disruptions have effects on biodiversity and water, and this is not on hold, and we can keep our ambition in terms of sustainability for all our operations because things are accelerating, and so are we. 360 will be a robust strategy based on risk management, value creation. We're managing the risk of impact of the loss of biodiversity on our supply chains, but also we're creating opportunities and create new services to our customers based, in particular, on the circular economy. It is this intrinsic nexus between environmental performance and value creation that evidenced the first edition of the LIFE 360 Awards last year.
Our houses were asked to present new initiatives in terms of circularity, traceability, climate, and biodiversity. There was a strong mobilization since as many as 187 sustainability solutions were proposed, all testifying to great creative innovation. Out of these, 13 got special attention. You see them on the screen. You have ambitious strategy for plastic-free packaging, new services for repair, regenerative husbandry, and this highlights the maturity of our environmental approach and the wealth of corporations within the group, such as One Route, the joint logistics approach driven by Louis Vuitton, Dior, and Rimowa jointly in the U.S. to deliver their products to boutiques.
Over the year, 360 became an ecosystem for the benefit of houses, integrating sustainability in the daily practice, facilitating cross-cutting approach within various departments of the group, purchasing operations of finance, taking advantage of collaboration with the various stakeholders, but creating new tools and technologies to gain in terms of accuracy and robustness and t his professional approach to sustainability has led to better profits in 2025. On the circular economy, our houses accelerated their eco design to reduce the environmental footprint of products and packaging with the new aesthetics.
For instance, Guerlain provided its iconic item, Orchidée Impériale, with a charger which is made up of 90% certified cellulose. 10 million products have such circularity products. You have the RE-CRAFTED by RIMOWA , which facilitates the repair of suitcases, their reconditioning, or their total repair. This responsible sourcing for raw materials is the fundamental principle guiding our products. The rate of certification for strategic systems progress in 2025 will be continuing the rollout of the digital passport, which answered the call from the French government to try an eco score for fashion goods. Le Bon Marché was a case in point for 25 items.
We protect natural resources as well. We are reducing our use of water, acting to protect biodiversity, soil quality around the world. In 2025, we rehabilitated 4.3 million hectares of wildlife, and with institutional partnerships, in particular with UNESCO. We renewed the partnership in 2025 by broadening our scope of action with programs of regenerative agriculture. We've been supporting our own supply chains in husbandry, agriculture, and wine growing. Regenerative is effective. Look at these two pictures, two days ago, on the same day at the same place. You were in the south of France in vineyards producing rosé wine in 2025 during the heavy rainfall.
On the left-hand side, Château Galoupet. It's the LVMH. This vineyard is protected with soils made permeable, thanks to regenerative agriculture. On the right-hand side, you have another vineyard next to Galoupet with traditional wine growing. The soil is waterproof. It's not in a position to retain water, and this adaptation to climate disruption took us less than three years.
On climate, stringent new carbon trajectory validated by SBTi in 2025. Our results in terms of carbon emissions on all our scopes provided us with an award, and I would like to congratulate our teams, Hélène Valade, in particular. We got the triple A rating from the Carbon Disclosure Project, CDP. It's a great way of rewarding ambition and our transparent strategy. Renewable energies in our energy mix stands at about 75%, and you have many sites at Bulgari, Louis Vuitton, Christian Dior, producing their own energy. Mobilizing, of course, our shareholders is quintessential to achieve our objectives, and we train them at the LIFE Academy. More specifically, we promote the acquisition of know-hows, and especially for new luxury.
We have a new culture of our trades that we share with our suppliers, and together we work on our vision of luxury, the alliance between desirability and sustainability, looking after nature because, of course, the very exceptional nature of our products is due to mother nature itself, and our strength is to combine this link with nature and our traditional and fundamental connection to know-how. Of course, nature, culture, and gestures are things that are deep-rooted in time and are shared with all. I'm proud to announce that on 16, 17, and 18 October next, we'll have the sixth edition of the special days, the Journées Particulières. This is a chance for the public to go do a deep dive into our houses and discover the fine work of our craftsmen, and have a look at the next edition of these Journées Particulières.
[Non-English content]
Well, I hope many of you will attend the special days this year. Over now to our statutory auditors.
[Foreign language]
Thank you, Chairman. Ladies and gentlemen, shareholders, good morning. I'm pleased to present on behalf of Deloitte & Associés the reports we've drawn up for your attention in respect of 2025. There are eight reports on the annual financial statements, consolidated financial statements, related party agreements, five special reports relating to transactions on the share capital made available to you before this meeting. I propose to summarize them. The annual financial statements, subject of Resolution 1 drawn up under French GAAP and we considered that the assessment of assets and equity investments are key items. Technical observation regarding modernization financial statements, and these were approved unreservedly.
The consolidated financial statements, we considered the following three key audit matters: valuation of fixed assets, of inventories, work in progress, provisions for contingencies, losses, uncertain tax position. In our opinion, these give a true and fair view, and we certified them with that observation. Fourth resolution now. We issued a report on regulated party agreements. No new regulated party agreement was notified to us and agreements and commitments authorized in prior years remained in force, are also presented in our report.
Lastly, in respect of the extraordinary part of your AGM, we issued five reports concerning authorizations that might affect the future, your share capital. Authorization to decrease the share capital, increase the share capital, grant stock subscription or stock options, issuing new shares. Our reports comprise no comments or observations on these operations that are consistent with the Code of Commerce. Ladies and gentlemen, Chairman, thank you for your attention.
[Foreign language] Thank you. I'm now going to give the floor to Stéphane Bianchi to present the answers to the written questions sent in to us prior to this meeting.
[Foreign language] Thank you, Chairman. Ladies, gentlemen, shareholders, good morning. As with every year, we've received a great many questions forwarded as part of the scheme planned under the Code of Commerce, as well as answers provided were placed on our website before the opening of the AGM. Among the other questions we received, there are three broad topics that emerged and I'll now address with you. A great many of you asked us about the impact of artificial intelligence on LVMH and developments linked to AI.
AI, its adoption and the acceleration of its rollout are of course part of our strategic challenges, but also our operational reality. For a great many years now, the houses of LVMH have built their technical foundation and implemented these new tools with a very simple and clear guideline to be at the service of the values of creativity, innovation, excellence, spirit and enterprise and positive impact of our group worldwide. We announced at the end of 2025 a major transformation plan, AI4All, in order to accelerate further the take-up of these new solutions within our teams.
Maud referred to that a moment ago, and this plan rests on three pillars. First of all, strengthened governance at group level and with our houses, with the framing of our practices, both technologically, legally, ethically and in supporting discussions on this matter that are evolving constantly. For that, we're fully leveraging our partnership with Stanford University in California. Second pillar is a focus on strategic projects. We're prioritizing the fields of commerce, marketing and operations, always at the service of the customer experience. Many tangible applications are rolled out in the group in order to personalize and fluidify the relations we have.
A figure to illustrate: 80% of our sales advisors use AI in their customer loyalty enabler. We've also informed our houses on operational issues less visible to our customers, meaning that we can constantly better meet their expectations. In jewelry, for example, for certain special commissions and orders increasing in number, we've been able to reduce the cost estimate time from two months to less than a day thanks to AI. However, our customers will always have to wait several months for our craftsmen to deliver their unique project. Ditto for leather goods. We've reduced fivefold the time it takes to estimate the cost of manufacturing a bag from a prototype.
Pillar three, training. The importance of training and the acculturation of our team so as to onboard all our people in this transformation plan. 15,000 of our people have already been trained on data and AI. We also use and continue to use AI, serving our operational excellence. But of course, the human being remains at the heart of our creativity and know-how, and you'll see that notably once again, as Antoine said, during the special days organized this year. Second question pertains to the partnership between LVMH and Formula One, showcasing Louis Vuitton, TAG Heuer, and Moët Hennessy. We're very pleased with this partnership that is just entering its second year, but seems to us to have been in place for a great many years, given the path already traveled.
We benefited from extraordinary visibility in 2025, notably across our three Grand Prix. Melbourne, that launched the season with Louis Vuitton, Monaco, TAG Heuer, and Spa with Moët & Chandon. Each of our houses found once again their place on the circuits, on the podium, and the incredible ecosystem of Formula One. There again, the group's values are showcased to millions of fans worldwide, creativity first and foremost, with new rituals for those of you who watch Formula One. There was the cool down room of Moët & Chandon that pleased Lewis Hamilton no end when he won in Shanghai. The experience, a unique experience, is offered to fans on social media, but above all to the guests of each Grand Prix who live a unique experience allowing our houses to invite their major clients these money-can't-buy occasions that are quite remarkable.
Demand is strong, and it's difficult for the various houses to select happy, fortunate guests. That meets the expectations for this partnership. I'd like to thank our teams and those of F1 for their outstanding cooperation and their constant ability to innovate together. This year, we're going to surprise you once again, I hope, with new activations that will be unveiled during the 22 Grand Prix and more specifically at Monaco and Spa, where Louis Vuitton and Moët & Chandon will be prominent, and the first in Madrid in September with TAG Heuer. Last, you asked questions about our continuing efforts in terms of vigilance and overseeing our supply chain, notably in Italy with events that occurred these past few months.
We addressed this point at the last shareholders meeting, and it's a good thing that this matter is addressed once again, because the matter is fundamental for our group, and I say that unambiguously. It is mobilizing our ExCo, our teams, and our partners because we have the highest quality commitment with them. For several years now, we've put in place prevention of social, environmental, and ethical risks in our supply chains. The proceedings initiated by the courts of Milan in 2024, 2025, which I won't return to because the two houses concerned saw the measures lifted in an anticipated way aimed at strengthening the operational implementation of these schemes, notably with our indirect suppliers. Following these events, the group immediately put in place a short- and medium-term action plan.
Firstly, an immediate reinforcing of oversight schemes with unprecedented audits. In 2025, several thousand audit checks were conducted, a significant portion of which on our indirect suppliers, so as to prevent any breach and then heightened surveillance of the full supply chain. These resources were allocated by the group to the houses, the holding company, with a strengthened team of internal auditors. We reinforced our duty of c are with the setting up of a vigilance committee placed under my direct supervision, whose members come directly from Executive Committee.
This committee sets out our strategic policy in terms of ethics, human rights, and environment, and ensures the consistency and efficiency of existing policy of strengthening risk assessment and rolling out prevention measures across the groups and houses supply chain. It's based on a team made up of the major departments in line with these and coordinated by the ethical and compliance head of LVMH. Lastly, with the teams and industrial and crafts division set up in September 2025, operational follow-up close to strategic partners was put in place with systematic, regular on-site visits, traceability control, assessing production capabilities, and reinforced training plan. Ladies, gentlemen, shareholder, thank you for your kind attention.
[Foreign language]. All right then. We can move on to questions from the floor. If there's anybody in the room with a question, please introduce yourselves before asking your questions.
[Foreign language] Good morning. My name is Charles Luquet. I've been a shareholder for many years, and we've experienced a number of crises since 1998, and I'm still around. I really do admire, Mr. Arnault, your unique talents as an entrepreneur. All of France should be proud of you. Well, it's a good start. I have a few questions. LVMH and the Chinese market, how are you handling the new threats? You have the boom of quiet luxury shame, the anti-corruption and anti-bribery policies of the government, the rising power of secondhand platforms, and of course, the negative attitude towards luxury groups. How do you resist this?
The big question is, Bernard Arnault and his five children, trying to protect the best interest of the groups, how do you propose to manage the ambitions of your five talents that are on the highest step of the podium? Finally, Bernard Arnault, on the ground, you've been paying regular visits to shops and boutiques. Can you share with us your checklist of what one should do and one should not do to please your expert eye? Finally, many thanks in advance for your questions. Bonus question, if I may, how is Einstein a mentor for you?
Well, let me take the last question first. Einstein was a genius and probably the greatest genius of all time, because that's what I feel. Also, I love this quote, "Imagination is more important than knowledge." Now, on China. China is, of course, a very important market. It is becoming, in a way, more professional, and the customers are more and more knowledgeable about our products. They are more and more demanding, and this is excellent for LVMH. Because a few years back, it was easy to go to China, put up a brand on a product, and you could sell it no matter what. This is no longer the case.
Now you have to come up with quality. You have to have a culture. You have to be at the right place with the right people, and this is very important work. It's our second-largest market after the U.S., and so I'm very confident and not too concerned about future developments of that market, where the outlook remains very promising indeed. Our children, you've seen them. Do they look very ambitious? I do not know. It's for you to tell me. The outlook, and since I would like to say this once and for all.
Last year, I was renewed by the shareholders for another 10 years, so we'll take this up 10 years from now. Then visits to shops, and this applies for all our people. It is important to be there on the ground because this is where we can see how things really work and how people really respond to our business. I see this every day, and every time, I learn something new. I meet the people in charge of running the stores, and this is my chance to assess their work discreetly. Then I can also see how customers respond. Many come to talk to me. Sometimes I myself will sell products because there are so many people that you need more salespeople.
Sometimes I look after visual merchandising. I've been told I was pretty good at this. Some people want to hire me to do this. I'm afraid I haven't got quite enough time for that, but it's most exciting. So it's essential to be there not just in stores but also in workshops. I recently went to visit the logistics platform, Petro, and believe you me, this is unique. It was all started by Michael when he was running Louis Vuitton. This is something quite fabulous, and we are years ahead of the competition. Likewise for Parfums Dior with Véronique. Many thanks.
Is there another question? Maybe number one. "Hello, ladies and gentlemen. I come from here from Toulouse. Would it be possible to have shareholders meeting in our town, instead of Paris for local customers?" Well, I suppose next year we could organize the AGM. I don't know if everybody would be happy with that, but I have no objections. I raised the very possibility with the legal department, and they thought there's one nice place in Lille called [inaudible] . That's where I started my shareholders meeting back when I took over Dior, Boussac, and there were quite a few people already, but I don't know if everybody wants to go to Lille. Anyway, we could put that to the vote. Every once in a while, why not? Yes, further questions?
Alexandre Ricard has been a long-time shareholder. Again, congratulations on our past performance. You are certainly keeping up the performance, and we'll talk about succession in 10 years' time. On Wines & Spirits, could you give us a comment on acquisitions M&A activity? You have one of your smaller colleague of the CAC40 who may comment on that. Well, I'll ask Jean-Jacques Guiony, who knows about shareholders' operations and M&As, and he runs Moët Hennessy now.
Well, thank you for this question. It's a bit sensitive. You're referring to operations that do not concern us. There are Brown-Forman and Sazerac. This bears witness to the fact that the Wines & Spirits business is experiencing changes, especially for entry-level players. Even though they cover the entire range, their entry level is quite low, and there is tough competition, and that usually means that people try and come together. There's consolidation to generate synergies, generate savings, and remain competitive. We're not in that entry-level business. Our own range is super premium plus, so the starting price is upwards of EUR 30 or $30. We're not in that part of the business, and we don't have this concern about cutthroat competition and the obsession with cost. Thank God for that, because we have a very successful business model, and we don't need to get involved in such operations.
I see microphone number six. "Good morning, Mr. Arnault. It's a huge honor to take part in this second AGM and talking with you. It's a very emotional moment. I came this morning from Colmar just to see you. I'm 25 years of age. I hold a few shares, and I'm looking at 20 years down the road or more. My big question is about the future of the group and the desirability of the houses, the acceleration of our group towards a more experiential approach. Can you comment about the hospitality business, and events that would take us away from just physical products?
On capital operations and share buybacks, the share price came down after the war in the Middle East. In view of the cash flow generated by the group, that would be an entry point for your group to engage in share buybacks that would enable you to acquire these shares at the best time. Then an additional question, could we have a selfie with you at the end of the AGM? Thank you.
Well, thank you for the question. About the picture, you may have one, but not everyone, otherwise we'll never be out of here. In the hospitality business, we already have the Cheval Blanc brand was created from scratch. We're starting with a hotel in the French Alps 15 years ago, and that brand developed. Then we have another brand, used to be called the Orient- Express called Belmond, and we acquired them, and they have outstanding features at Cipriani in Venice, Copacabana in Rio, and such like.
There, well, it's a humble start, but there we are diversifying our businesses. Indeed, while this may seem intangible, we are right in touch with our customers. Our customers, those, for instance, who purchase our Wines & Spirits will be there. Indeed, in these various hotels we have a shop so we can sell these goods. There's Dior spas in Berlin, and such like. We are developing that as sort of a sideline, but in a gradual way. Well, I won't tell you exactly where, but with Michael Burke, who's been running our group in the U.S. and he's been working with us for some time, and I think he's the longest standing member of the group working with me for all these years.
Now we're looking at a very exciting plan, something to do in Florida, opening a Cheval Blanc hotel in Florida. If this happens, we can give you details at the next AGM. It will take probably several years to build that. Still, this is something quite exceptional with a remarkable architect. What I'm trying to say here, what I would like to do is exceptional things. We don't want to acquire Novotel. We do have plans, but they have to be targeted, and they have to remain within our own environment, and we have to provide the best of the best in hospitality. We have the Copacabana that we are renovating, the Rio part of it has been completed. It's one of the finest hotels in the world, and it will be even better with that.
Now, share buybacks, we have been engaging in that. We've done this. By the way, well done for buying shares. This is the best time. I've been doing this myself at my own scale. Anyway, within the group, we've been buying shares. Last year, EUR 1.6 billion worth of shares. We canceled some of them, and then the others were left for the employee share program. Then we have a plan to buy back one billion worth, and a part of that will be canceled as well. Even though we have a clear plan, all these buyback programs are public.
We'll take a question from the room, the hall next door, before moving to the cocktail reception. Understand there's a bottle as a gift. That's for after.
[Foreign language]. Yes. Good morning, Chairman. I have a question on this point. India seems to present quite good potential growth. How is LVMH positioned in terms of that opportunity, and is that a strategy planned for the long term?
I'm going to ask Stéphane to answer your question. It's true that it's the most populous country at the present time, and it is quite striking. There is a problem today, the customs duties that are extremely high for our products as we don't plan to manufacture on-site. It's not easy.
Thank you, Chairman. We do already have stores, but you said it all. I don't really have much to add, but it's precisely my answer. Indeed, we have a few stores. Bulgari, that's quite well established in India. Now, the Indian market, we're also addressing it abroad because there are a great many Indians who buy our products abroad in all our houses. Why? Because in India, when you want to import products there, the taxes are such that it's extremely difficult. Mr. Arnault indeed has answered your question.
There's one question we haven't heard that I'm going to ask because I think it interests many participants, and what are you going to do with La Samaritaine department store? Mr. Patrice Wagner, here present, who's tremendous, developed Le Bon Marché in extraordinary ways, just taken it over. He said, well, it's going to become one of the finest, successful department stores on the right bank. Of course, there were articles saying that we're not going to keep the Samaritaine store, but don't take any notice of that. In most cases, they're talking through their hat.
Of course we're going to keep La Samaritaine. That's an extraordinary asset, a wonderful building, and we're going to make it work, because up till now it was a bit weakish, shall we say? With Patrice Wagner, I'm sure, and his team, of course, we're going to achieve something great. Vote, please. I'm told that we have to vote on the resolutions. I think there are fewer resolutions than last year. Let's turn to the resolutions.
[Foreign language] First resolution, approval of the financial statements. Please vote now. Very good. That's a strong majority in favor. Next resolution to approve the consolidated financial statements for FY 2025. Resolution 3, allocation of net profit for the FY and determination of dividend. Please vote. Resolution 4, statutory auditor's special report on related party agreements. Please vote. Fifth resolution, renewal of Delphine Arnault's term of office as director. Please vote. Well done, Delphine. Congratulations. Resolution 6, renewal of Wei Sun Christianson's term of office as director. Please vote now. Congratulations, Wei. Resolution 7, renewal of Marie-Josée Kravis's term of office as director. Please vote.
Well done, Marie-Josée. Resolution 8, renewal of Laurent Mignon's term of office as director. Please vote. Congratulations, Laurent. 9th resolution, renewal of Natacha Valla's term of office as director. Please vote now. Congratulations, Natacha. Now, appointment of Ariane Gorin as director, and propose before vote to show you an introductory film.
[Foreign language]
[Foreign language] . All right, please vote now. Bravo, Ariane. Well done, Ariane. 11, renewal of the position as a Lead Observer, Diego Della Valle. Bravo Diego. [Foreign language] Well done. Renewal of Lord Powell of Bayswater . Please vote now. Bravo Charles. Well done, Charles. Resolution 13, approval of the compensation of executive officers. Please vote now. [Foreign language] Number 14, compensation of the CEO for 2025. [Foreign language] Number 15, compensation of members of the Board. Please vote now.
[Foreign language] compensation policy for the Chief Executive Officer. Please vote now. [Foreign language] Number 17, authorization to the board to acquire shares of the company. [Foreign language] Number 18, authorization given to the board to cancel shares. Please vote now. Number 19, authorization to be granted to the board to award bonus shares without preferential subscription rights for shareholders or shares in issues for the benefit of employees or senior executives. Please vote now. [Foreign language]
Number 20, authorization to the Board of Directors to award share subscription options without preferential subscription rights to employees or Senior Executive Officers of the company or related entities. [Foreign language] . Number 21, delegation of authority to be granted to the board to issue shares and/or securities giving access to the company's share capital without preferential subscription rights for shareholders reserved for members of the company or group savings plans. Ingt-deuxième et dernière résolution.
22, delegation of authority to be granted to the Board of Directors to carry out capital increases without preferential subscription rights for shareholders reserved for categories of beneficiaries comprising eligible employees and executive officers of foreign subsidiaries. Please vote now. [Foreign language] Well, thank you ladies and gentlemen. Now, you're invited to refreshments. There are no refreshments. Apologies, no refreshments. You just leave.