Good morning, everyone. My name is Franck Gervais, the CEO of our group. Welcome to our H1 2025 and 2026 half-year results. There's three of us today. I'm here with Diane Jaylac, our CFO, as well as Georges Sampeur, Chairman of the Board. This is a two-part presentation, as you can see on the screen. As you will soon be able to see on the screen. Here you go. Sorry about that. All right. Part one, our financial presentation. As you can see, our business is resilient. Tourism revenue is up 6% over H1. Total revenue comes to EUR 820 million. Adjusted EBITDA is up on last year, so up by EUR 12.5 million. We are seeing a net loss that has been reduced relative to last year. We know that H1 is usually a time of loss for the year, but the loss has been reduced.
We also have a sound financial structure. We have a positive net cash position of EUR 21.3 million. Diane will present part one of our talk, and then we will look at what lies behind the financials. There are four key highlights. First of all, customer satisfaction continues to rise across the board for all of our brands. Second aspect, which is key to reinvention, our strategic plan. Our development efforts are continuing to fare well. Our inventory continues to rise for all of our brands. GenAI is being deployed at scale. Pillar number 5, brands are gaining strategic autonomy. In part 2, we will show you the underlying assets and factors that lie behind our success. Lastly, Georges will conclude our presentation, and will share with you our prospects. Let us start with the financials. Diane, over to you. Thank you.
Thank you, Franck. Tourism revenue is up by 6% on the previous half-year, and this is true across the board for all of our brands. Tourism revenue comes to EUR 806 million, pretty much, over the half-year. As you can see at the bottom, these are the main key performance indicators for the half-year. RevPAR comes to EUR 99.6, up 3.6%. The average price per night is almost EUR 150, an increase of 1.7%. The number of nights sold is up 4.4%. Lastly, the occupancy rate comes to 69%, up by 1.2 point relative to the previous half-year. Let's zoom in on the room revenue. It comes to EUR 620 million, up 6.2% on the last half-year. Regarding Center Parcs, we're talking EUR 378 million in room revenue, up 6%, mostly driven by volumes and a price effect to the tune of 1.5%.
In terms of our different geographies, France is up by 8.8%, mostly driven by the Villages Nature Paris extension. Regarding the BNG sector, we are up 4.1%. Pierre et Vacances. This business comes to EUR 144 million, a business that's up 7.5%, driven by a price effect on the one hand, but volumes as well. We're seeing a remarkable performance regarding mountain resorts. That business is up 9.5% on the previous last year. Adagio revenue comes to EUR 98.1 million, up 5.8%, mostly driven by volumes. I'd also like to remind you our recent openings in London and Stuttgart. We opened up Serviced Apartments in the summer of 2025. Regarding other tourism revenue, that's up 5.4% and comes to EUR 186 million. Maeva & Co is up 6.6%, and onsite revenue is up 5.6%.
Lastly, other economic revenue comes to EUR 11 million over the period and mostly driven by residual Senioriales business. Let's now take a closer look at our adjusted EBITDA for the half-year. As Franck just said, on a like-for-like basis, this is up EUR 12.5 million on the previous period. I would like to remind you that considering the seasonal nature of our business, and that accounts for 40% of our business over the half-year. Costs are fixed throughout the period, therefore, there's a mechanical and structurally negative impact on the first half of the year. Adjusted EBITDA for the half-year comes to -EUR 41.6 million. As we said before, this is up 12.5% on a like-for-like scope basis.
If we now zoom in on the EBITDA bridge, compared with the adjusted EBITDA of H1 last year, the difference is driven by negative impacts, including increases in VAT rates both in the Netherlands and Belgium. This means a loss over the half year of EUR 3.2 million. We're also seeing the following impact. Rental savings for Villages Nature have decreased, -EUR 3.6 million. We're seeing a one-off, non-recurring impact on EBITDA of the previous period, a provision reversal to the tune of EUR 12 million, and in return, the previous period was affected by the shutdowns of [Non-English content ], as well as Capella, which weighed EUR 5 million. We're seeing a positive business effect over the period of EUR 12.5 million.
Other aspects of our P&L regarding H1, if we look at our financial expenses, they come to EUR -7.1 million over the half year, up on the previous period. This is mostly driven by a lower drawdown of the revolving credit facility. The drawdown came up to a maximum of EUR 90 million for the half year, whereas it had reached a peak last year, EUR 150 million. Other operating expenses come to EUR -17.4 million. This includes an EUR 8.8 million booking of the new Center Parcs France loyalty program, retroactive of the past three years. We also need to bearing in mind our review of strategic options, as well as the cost of bonus shares. There's also a positive impact when it comes to income tax. This arrives mostly from the recognition of deferred tax income in Germany and the Netherlands.
As Franck said before, our net impact is negative, but has risen slightly, EUR 101.4 million, and this reflects the seasonal nature of our business. Now, our financials are sound. We have a sound financial structure over the half year with a positive net cash flow position, EUR 21 billion, as Franck rightly said, for the first time in the group's history, considering the pace of our indebtedness and also the residual level of financial debt. I'd like to remind you that we refinanced our debt in July 2024 when we set up the new revolving credit facility to the tune of EUR 205 million. This RCF has not been drawn down over the first half year. This shows a very robust cash flow position. We have respected our covenants. We still have ample headroom.
Thank you very much, Diane.
As you can see, our financials are sound despite the headwinds in the Netherlands and Belgium. Those could not be foreseen. We could not foresee the increase in VAT rates. In terms of EBITDA and net profit, we're seeing very positive things. Let's look at the positive highlights from the past half year, and let's look at the five pillars of Beyond ReInvention. ReInvention being our plan that takes us beyond 2026. We need to bear in mind the conflict in the Middle East and the impact of economic and geopolitical turbulence on our business. This is an example. Let's take France as an example, this example also reflects what's happening in Germany and Belgium and other countries. French households are under pressure, they have to make trade-offs and maybe go on vacation less often than previous years.
In return, customers tend to travel less far afield, and they don't stay there as long. Instead of going off to some remote country for two, three weeks, they maybe spend less time somewhere closer to home in a place that's safe. This helps us. This is good for business. Pierre et Vacances, Adagio, Maeva, and Center Parcs, all of our brands provide exactly that, the natural environment, the local destinations that French households are keen on at the moment. French households are our main customers. They have to make trade-offs between their purchasing power on the one hand, and also looking for an offering of local tourist destinations. All of that is positively impacting our different brands because they're all perfectly positioned. That's the impact on our business.
Let's now take a closer look at our key achievements for all five pillars of Reinvention or strategic plan. These are the main highlights. We want to lead the local tourism agenda. We want to be a positive impact, local, sustainable tourism operator. Also, we seek to boost customer satisfaction, have more customers that are all very satisfied. We also want to boost our inventory. We want to continue our cost control measures, exercise excellent discipline on that front. Lastly, switch from a top-down approach to a group that relies on all four brands and tries to empower all four brands as much as possible.
Let's start with pillar one, which is that of the positive impact of our activity. First of all, the environmental aspect shown on this picture, one of the renovation of our Capella renovation, 143 apartments at Avoriaz. 4-star renovation over two years. Phase 2 will begin right now with a swimming pool that will enhance the value proposition of the residents. A fully renovated resident ready for next winter that will consume 50% less energy and CO2 footprint. Great classification shown here on the right. Excellent in terms of low carbon and for the customer, it's now one of the finest products in Avoriaz. Interior renovation of all apartments that will be ready for next winter. It's the perfect example of this renovation the mountain.
Looking at the societal aspect of pillar one, the foundation for vulnerable families, it's probably the best example. You see there are 1,400 people devote time for this foundation. It has 2 levels, two types of programs. The Step Up Programs supporting a dozen associations for all brands, all countries of the group. We help these associations offering stays for families and time and also money here, about a dozen partner associations. We want to have a partnership for two, three years. A new program launched this year, Boost, where the partner associations are a little less ready. We're really supporting them to make them more mature locally. We have a foundation that's becoming increasingly visible with this twofold program. We've got very visible aspects. A podcast, the [Non-English content] Familles. I urge you to listen it.
The last one was on Papillon, on rape and incest and how to recover after such an event. We measure our impact. That's what we seek to do. You see this on the numbers bottom right. We remember the impact of our support. You see that 84% of families that benefited from a respite in one of our brands can return to normal life, where 84% report at least one specific post-stay plan. That is CSR first focus area. Second is the customer. Improving the product and the customer experience. You see this here for each of our four brands. You have the NPS numbers, the net promoter score that you know for each of our brands over the last sliding 12 months. These scores are both very good and they're all up for each of our brands.
For Center Parcs, that's an increase of four points this year to obtain an NPS of 22.4. Pierre et Vacances, 50% NPS, up 4%. Adagio, 53.2, slightly up with excellent numbers. Maeva & co, 26% NPS, up 6%. This customer satisfaction for us is the best source of business, repeat business. It's proof positive that customers satisfied will return. That's what we like because 50% of our customers are repeaters who return every three years in one of our parks, residents for stay. An example of this growing customer satisfaction for the Center Parcs product. This is Villages Nature that is shown on screen. It had a challenging start. Villages Nature 10 years ago, all that's a thing of the past. Why? Because the product, the customer experience was revamped.
Villages Nature is 2.0 that we're putting in place by 2029, is already sharply improved as compared to what it was two years ago. Two numbers to illustrate. Villages Nature is now making money and the NPS of Villages Nature is now positive, around 5%. The challenging beginnings are behind us, and we've extended about 200 cottages last summer. That's a true success for our customer. We're going to start there because we're embarked on a four-year plan on Villages Nature that covers all aspects. A lake promenade, totally rethink for terraces, for the restaurants, to renovate each viewpoint for the lakeside promenade with play areas that are lively throughout the year. That's going to be done between this year and next. It's underway. The Wild Water Rapids, characteristic of our Center Parcs. Villages Nature didn't have one. It'll have one as of 2020.
It'll be the longest of all our Wild Water Rapids in France. Third innovation is a further extension, 127 exclusive cottage and 38 tree houses. That's what we do best at Center Parcs. That's planned for summer 2029 with a wellness and food and beverage space. A MICE space devoted to seminars, 2,000 sq m, thoughtful big conventions that can host between 400 and 800 people. That was something that was lacking. We're very close to Disney, near Paris. We'll attract all the seminars for large Parisian corporates. The local same time are going to begin the renovation of the cottages created 10 years ago, a program between 2027 and 2029, light renovation of cottage. We're going to rethink our activities, existing restaurants. As you can see, Villages Nature is going to be totally renovated. We'll have a Villages Nature 2.0.
Other example of Center Parcs, the loyalty program launched in December. Friends, it's purely digital. It rewards repeat stays by our customers, ensuring that their experience is improved, and that was the purpose of the program. It's not to accumulate, get points and to spend those points. You are a loyal customer at Center Parcs, so your next stay will be different. Thanks to your loyalty, it'll be enhanced. Three levels, the welcome, the entry level, those who are just starting, and then we have Adventurous Spirit for frequent travelers in a particular country, and then the Horizon Seeker program for those who go to Center Parcs in several countries. We have several levels.
If I take, say, the Adventurous Spirit program, we'll offer free activities for level 1 or EUR 800 in reduction to be redeemed by families or friends of people who are big consumers. We can offer other advantages such as early check-ins. It's a radically improved program. The loyalty program, over three years, is going to generate EUR 20 million in new business. The repeat stage goes from 25 to reduce that down to three months, reduce the time between stays. That we boost up five points the satisfaction rate. Early results are very encouraging five months on, be it conversion rate to join the program. Today, we have already two million members enrolled and EUR 300 million revenue generated by those members. A program that is valid across our five Center Parcs markets. Other example of customer satisfaction, product digital experience to innovate in Gen AI.
We have a very broad, extensive program that targets our employees to satisfy our customers and to change our business processes, and the IT capability is being reinvented with Gen AI. A few example, our employees in the group, we've decided to make sure that Gen AI tools are as rolled out. As for We have 600 pioneer employees, over 500 staff have been trained in these new solutions, and over 1,100 AI agents developed by 35 pioneer clubs. We have something that's very much alive and used by group employees. What's the customer experience? It's key the customers be able to identify tangible improvements thank to Gen AI before, during, after the stay.
The best example is at Pierre et Vacances-Center Parcs, right after the customer arrives. The fact that we have digital concierge available 24/7, making sure that everything is going as it should on arrival in the cottage, the apartment. If there's a problem, there's a signal and immediate intervention. It means satisfaction's close to 100%, and customer queries are processed 100%. That's perfect. It's a very good example of what we want to extend. Third point in our business process is we want AI assistants help our employees save time. The perfect example of that is at our customer service center. You see that on average per agent, we have 50-60 calls that are processed. The idea is that we should have 200 claims processed with a response worked by Gen AI, 90% of the response.
The remaining 10% will be processed by the agent that will personalize it, adopt the tone. That's truly what we want to do. All that's visible in our revamped processes. Of course, IT will be the prime beneficiary, working to industrialize processes. We have developments already underway, agentic developments for Center Parcs in its web roadmap. We're going to deliver that a lot faster, make customer experience, be it web-based or app-based, increasingly seamless with better conversion rates. We'll have spent about EUR 1 million on Gen AI this year. When we ask our precursor agents, "How much time do you save thanks to Gen AI?" Their answer is two and a half hours a week today. We can already size some cost benefits and then leverage at scale.
We want that time to be devoted to the customer management contact with time that is more usefully spent by all our employees. That's pillar two, that of product and process. Pillar three is development. First example, Pierre et Vacances to grow its inventory. You see that the decrease in the inventory of Pierre et Vacances is behind us. First time, the Pierre et Vacances inventory in France will be growing. That's with a lower attrition rate on the existing inventory. 800 first half keys signed, nine sites across four countries, half franchise, half leased. See examples on the left with the partnerships that we already told you about. Swisspeak Resorts, tier 1, we've already opened. We operate four premium sites in the valley with the partner. We'll see the summer and next winter that will showcase the full development. A new site signed in Corsica.
On the right, Spain pipeline continuing to grow and to be developed. First signing as of June 3rd in Portugal means this year we're opening up two new countries for Pierre et Vacances, Switzerland in April, Portugal in the Algarve, and continuing into the Canary Islands, Spain. That's proof of European extensions for Pierre et Vacances expansion for Adagio. Back to France, here, strategic partnership with Sergic. 900 keys, nine sites all to be opened in the next month. Partnership signed last November. Our Sergic partner is the lease taker. We're on management contract asset light with that partnership. 8% growth in one fell swoop of the Adagio inventory. You have Lille, Amiens, Bordeaux, Grenoble, Aix-en-Provence, and we're doing that in partnership with Accor because three sites in combo, one that can be a Mercure or an Ibis Styles with an Adagio site.
This combo is operated by the Adagio teams. On the right, you have the Villeneuve d'Ascq Adagio that opened March 17th. Expansion development for Maeva. Maeva, you know Maeva, a distribution platform that is entering the physical world with two examples cited here. First of all, that of agri-tourism with Parcel Tiny House. That's a player that we acquired from BPI. That was in October 2025. A startup founded in 2020, offers farmers to have tiny houses on their farms. Gives them the necessary know-how to welcome, host customers, and these are respite stays for families who want to chill in the countryside, away from the buzz of urban life, a stay with their families. Over 40 tiny houses, 30 partner farms that receive 30%. There are over 15,000 travelers who opted for this formula since 2020.
On the right, camping Maeva, that acquired last December, the franchise Camping Paradis and Ushuaïa Villages, which these are brands with very strong. Strong 80% note to ride, Camping Paradis making Maeva the number one player in the franchise of camping with over 150 franchise campsites to date.
Much for examples of how we increase our inventory. We have not talked about cost much, but our cost structure is very much under control. This is something that we say every year. Pillar number five, we want to empower our brands as much as we can and give them all of the resources that they need so that they can work as closely as possible with our customers and their employees so we can execute our strategy. On October 1st, we decided to decentralize the group. We have a pyramid structure, and the top of the pyramid is becoming lighter and lighter, and our business lines are becoming stronger and stronger.
We have four different functions that we transferred from the corporate level down to the business line. Development and asset management on the one hand, then procurement, then major projects, and lastly, real estate and business and legal. We're talking 150 employees who've been transferred to the business lines. This means we've lightened up the corporate structure. We set the tone regarding strategy, financing, shared expertise, and also all of the central functions such as auditing, risk management, insurance, anything that has to do with business, sales, cash generation, revenue generation, and profitability, that's fully in the hands of our business lines. As a result, our business lines are increasingly empowered. Much for this example of what we're trying to do to reduce our structure's top heaviness, so to speak. Each business line checks its business model, its operational strategy.
Let me share with you news about Maeva. We rebranded Maeva. It's now called Maeva & Co, because we're expanding the value proposition to include distribution. There's a website, an app. The whole distribution activity spans the whole of Europe around maeva.com and Vacansoleil, the two brands. That's the first priority. Second priority: franchisees. We're talking campsites. We're working with 150 franchisee campsites. Camping Paradis, Ushuaïa Villages and the Maeva brands are working under that model. The third value proposal includes agritourism. I talked about the tiny houses already. This is the Parcel Tiny House brand that we're working with. Lastly, real estate. We work with over 40 different real estate agencies to specialize in C2C rentals, consumer-to-consumer rentals, and inventory management on behalf of the owner. We have clarified what Maeva & Co.
is doing, and within those four blocks, the brands that represent all of these business, so that Maeva can be increasingly empowered and whatever they do is more and more clear. It's important to provide visibility to our customers, our partners, and our financiers, of course. That's the evidence of how we're executing Beyond ReInvention over the half year. We've talked about the financials already. Now I'm going to hand over to our Chairman of the Board, Georges, for the discussion.
Now, we're not going to belabor the point. You've seen our performance for H1. That performance is remarkable considering the economic circumstances which have deteriorated. This proves the resilience of our business model and the resilience of each of our brands. Beyond ReInvention, that's our plan, and it's delivering results. Our customer satisfaction is up, development is accelerating, and also our brands are increasingly empowered.
Maeva, Adagio, and Pierre et Vacances used to live in the shade of Center Parcs, so to speak. Not anymore. Each brand is the best brand in their category. Our strategy is bearing fruit already. Forecast for the rest of the year. Our forecasts are positive despite the deteriorating economic environment. We're falling back on our local tourism, our forecasts are bearing out when it comes to adjusted EBITDA, EUR 185 million. Rather, adjusted EBITDA is up by EUR 12.5 million on a like-for-like basis. We have a strategic vision, this could impact changes in our share ownership structure. We'll be able to tell you more of the next few weeks. That's it. Q&A.
Thank you very much, Georges. As usual, we'll take your questions and read them out loud so that everybody will hear. Ella Zarrouk.
Question number one. I'll let Diane answer both questions. Let me read this out to you. What is the estimated amount of the impact of the VAT increase in the Netherlands and Belgium over the year? As a quick reminder, VAT in the Netherlands increased from 9% to 21% for room revenue, and in Belgium was up from 6% to 12%. We didn't have to do anything. This means that a customer would see a 12% increase in prices in the Netherlands and 6% in Belgium, we could not foresee that a year ago. Diane, why don't you answer the question?
Thank you very much, Franck.
The estimated impact on a full year because of those VAT increases, considering cutoff aspects and transitional measures that are already being implemented in the Netherlands on a full year basis, the net impact is EUR 70 million, including EUR 14 million for the Netherlands and EUR 3 million for Belgium. The guidance of EUR 185 million does factor that in, and therefore, we confirm it. Question number two, what's the extent of the cost savings in H1 and what's the total savings expected for the full year? Usually, on a full year basis, as we already shared before, we're expecting EUR 10 million on a full year basis this year for the entire business plan. Bearing in mind that at the end of September 2025, we're still at EUR 77 million.
Thank you very much, Diane.
Question number 3, what are the prospects and what's the horizon for the planned disposal of the EUR 48.7 million in real estate programs in the Lot-et-Garonne and in Avoriaz, and are you planning to repeat this type of investment? The prospects for this disposal. Yeah, these are the only two assets currently owned, 330 cottages in the Center Parcs in Landes in the Bay of Biscay and Pierre et Vacances in Avoriaz. This type of investment, are you planning to do more of that? We're not. Because like I said, we discontinued the property development business. Now we tend to grow through external partnerships. Either we take leases or we have an asset-light model. The group is not planning to continue investing into those assets as we used to do in the past. That's the main change introduced by Beyond Reinvention.
In terms of prospects and in terms of horizon. In terms of a business plan, we're planning a disposal at the end of 2027. We're planning to repay the related real estate debts, as I said during the presentation of the financials. The house is not on fire. There's no emergency. We're looking at the end of fiscal 2027. Like I said, there's no emergency. We have a sound financial structure, so we're in no hurry to sell. We'll make sure we sell those assets at a good price. Thank you very much for this presentation. I have several question. What about the bookings trend in April and May? Are you seeing a change in that trend since the beginning of the war in the Middle East?
Let me start with this question. The trend is good when it comes to bookings, clearly.
We expect May to be extremely good. April, May, June, that's our Q3. Our results are expected to be much better than the same period last year. Why? Because local tourism is a fallback solution. It meets all of the needs of our customers. You don't have to spend too much time gassing up your car. You're sure that the booking you want to make is available, and you know you get to go back whenever you want. We meet all of our customers' needs, and it's affordable, and it's accessible. The average rate per night is EUR 180, excluding tax. It's highly affordable. This really drives our sales, and this has been true since the beginning of the war in the Middle East. Basically, the war in the Middle East is having an overall positive impact on all our businesses.
We're growing even more strongly than in previous years. Let me share with you a figure, 20% of Center Parcs bookings are done two weeks prior to the actual stay, and 20% of that in just a few days before the actual stay. This means that overall, we have a very positive outlook. We expect the summer to be really, really good because we meet the needs of all our customers, whether in France or Belgium, the Netherlands or Spain. We expect our customers to stay in their countries or maybe travel nearby.
What about the recent data leaks? Could you explain, talk to us about the risks and consequences?
Yes. The data was hacked. We're sorry about that. Yes, we pressed charges against unknown persons. It is Maeva, an affiliate of the group. An affiliate of Maeva, La France du Nord au Sud.
That's the entity that was hacked. The hackers used one of our partner's access and breached through one of the firewalls. This is how they got in, and the hacker got access to data. Like I said, this data contains no actual customer address or bank details, simply booking data. What did we do? Obviously, we patched the problem immediately. We strengthened the resilience and robustness program. We've been doing that for the past 10 days. We will continue to do that for Maeva and all of our brands and sites. We pressed charges, like I said, and we reached out to all our customers, including our customers who still had bookings for which they hadn't fully paid the total amount. We asked them to make the necessary arrangements to make sure their monies would be safe.
We did receive 50 or so calls from customers, but no more than 50 calls because we took real care. Obviously, cybersecurity is a growing challenge. There are three or four peers in the tourism sector that were hacked the exact same week. This is true outside the tourism business as well. We need to strengthen cybersecurity, clearly. Third question, the conversion rate, 27%. The conversion rate for growth in tourism activity into EBITDA of 27%. Why not higher?
It's not higher, because we have savings effect that haven't all borne fruit in the first half and essentially phased in H2, notably for Center Parcs. Okay, this is something that we'll return to at the end of the year. According to your forecast, net cash plus EUR 45 million should grow full year in 2026, wasn't the case in H1. Net cash, will it be up at the end of 2026, knowing that it wasn't the case in H1? Answer, yes. Net cash will be indeed up full year end of September. We are cash net positive and net income positive for the third consecutive year, up over last year. What are the levers identified to achieve EBITDA of EUR 185 million in 2026? No improvement in H1. I believe we've answered that one. Do you want to come in on that?
Clearly, a sales momentum that will continue through H1. Cost containment will kick in fully in H2, so we're confirming that the EBITDA of EUR 185 will indeed be reached at year-end. We're confident on that. Do you want to add?
No, that's absolutely the case. Follow-up on the share capital development. Still confident to announce something by the end of H1 2026. Nothing further to add. Over the coming weeks, says Georges. We'll get back to you on the outcome of the strategic review in the coming weeks. Those are for Emmanuel's questions. Rodolphe, second question from him. Why such a low M&A activity that's so weak and short-term? No attractive target, especially notably outside Europe. Very good question. In reinvention, what we did was put the group to rights on a solid basis.
That was the first thing to do, improve profitability, improve the group's balance sheet, and then conduct all this effort of strategic options review. Center Parcs, Pierre et Vacances, Maeva, Adagio, what's their equity story? What's their profitability target and valuation uplift five, six years down the road? What are the buckets that create value for each of them? Is it going to be through organic growth, through development, or can it be via M&A?
It's everything we've approved in our governance on the board. We had many sessions devoted to that. There are clearly targets identified. M&A will be a key point in our strat plan Beyond ReInvention. There's a time for everything. We've begun to do that for Maeva. There are things we're looking at, but we needed to take the time to firm things up to make it more robust, the group that works behind us.
We have a group that now our cash situation that can do that with targets identified for each of our brands and all that's part of the strategic options review. We'll get back to you on that in the coming weeks.
One last question, says bravo. Not really a question. I'm happy to take that one. I see no further questions at this point in time. No further questions. I think we've answered all your points. A very big thank you, and as Georges was saying, we'll get back to you in a few weeks' time. See you again very soon. Thank you.