Good morning everybody. It's the 4th of December 2025.

Delighted to be here to present the FY 2025 annual results, Pierre & Vacances-Center Parcs. Georges Sampeur, who is the Chairman of the Board, is with us, and Philippe Hermann, who's the CFO of the group.

Hi, both. Without further delay, we want to share some key figures with you, and we will have the presentation.

We'll answer your questions subsequently as always. Let's just focus on the key outcomes of FY 2025.

There are four of them, and this is the continuation of our Reinvention strategy plan. Financial situation continues to improve.

Revenue close to €2 billion, +4% for tourism; operational margin, adjusted EBITDA, €181 million, up as compared to last year, up as compared to the guidance we shared with you; net income, €41 million, it's positive for the second consecutive year. Regarding operational cash flow generation, €74 million, that's up from the €68 million last year; and net cash position, which is €45 million, that is improved as compared to last year, and this means that we've got sound financial foundations for the group.

Financial results are good. The second point relates to customers: enriched customer experience.

We have more and more customers, and their satisfaction is up. This year, customer satisfaction increased by 6 points on average, 20 points compared to 3 years ago.

That's the outcome of good quality service and investments: €300 million spent over 3 years, €100 million CAPEX last year, and very much focused on premiumization of the offering, renovation, refurbishment, and improvement of customer experience. The fourth key feature to note is accelerated development.

As we'll be seeing in the past years, we streamlined the portfolio for each of the brands, especially Pierre & Vacances, but this year, we have gone back to strong development: close to 1,500 accommodation units opened for the whole of all of our sites, +3.2% of inventory increase, and if we include maeva, +5.2%. This is a core part of our model.

That's the fourth point, our 2030 ambition, which we've already shared with you. We want 11% EBITDA margin and strong growth.

We're on the right track, and for 2026, things are looking positive because our autumn, winter, and spring tourist bookings are significantly up as compared to the previous year. There you have the figures, and now we're going to look at financial performance, and this will be Philippe.

Over to you, Philippe.

Thank you, Franck. Good morning to you all.

Before beginning this presentation, we'd just like to inform you that the figures we're commenting are based on our operational reporting. You can see on the left-hand chart, total revenue came in at €1,486 million, up 1.7% over last year, and this revenue: tourism revenue on the one hand, and other revenue from other activities.

If we focus on tourism revenue, €1,875 million, up 3.8% over last year. This tourism revenue includes, on the one hand, accommodation revenue up 3.3%, and the other tourism revenue up 5.3%.

If we now focus on the accommodation revenue detailed on the right, €1.439 billion, up 3.3%, increase driven by the growth of the average daily rate, +2.4%, addressing our ability to continue to grow upscale. Detail of the revenue business line by business line: Center Parcs, +3.1%; France grew 6%, growth made possible by, on the one hand, the performance of recently renovated parks, Bois Francs, +16%, and growth made possible through extensions, Villages Nature, we opened 193 premium and VIP cottages between April and May, and 17 new treehouses at Landes de Gascogne; BNG up 1.6%.

Center Parcs growth was also driven by average daily rate, +4.1%, illustrating our ability to go upscale. As to Pierre & Vacances, accommodation revenue up 3.6%, driven by Spain, +13%.

Spain benefited both from a price effect with price increases, +4.5%, and a volume with price increases of 8.6%. Pierre & Vacances France up slightly, +3%, whereas its stock is down 1.8%, and the rest of the RevPAR of Pierre & Vacances, the best metric for measuring the business line performance at constant scope, is up 2.8%.

Adagio sees its accommodation revenue grow by over 3.9%, growth driven by the Paris region, +4.5%, bearing in mind that last year Adagio suffered notably in the Paris region during the pre-Olympic period. Final point to mention regarding the accommodation revenue at Adagio, Adagio focused its strategy on volume growth, +3.9%.

Strategy paid off because a slight rate cut, the Adagio RevPAR is up over 4.5%. If we return to the detail of tourism revenue we just discussed, accommodation +3.3%, what you see is that other tourism activity delivered growth up 5.3%, maeva putting in remarkable growth of +11.1% thanks to the increase of its camping stock over 40% and continued international expansion.

Then you have on-site revenue, that's over €350 million, that's up 4.7%, boosted both by the leisure activity, +10.7%, F&B up 4.4%, and the on-site revenue at +4.7% is higher than accommodation revenue, illustrates our ability to offer an ever-enriched offer to our customers and to also grow our margins. Final quick word on other revenue items, down from €107 million to €71 million, and this decrease illustrates our divestment from real estate business.

Revenue, €1.946 billion; tourism revenue, €1.875 billion, +3.8%, shown here in the P&L. This time, 2025 is on the left, 2024 on the right.

Tourism revenues, we said +3.8% in percentage, it's +€68 million in absolute terms. EBITDA grows from €174 million, 9.6%, to €181 million or 9.7%.

To understand these EBITDA numbers, we could mention that EBITDA last year included a German COVID subsidy, one-off by definition, linked to years prior to 2024; also an energy subsidy, French energy subsidy of €4 million, also linked to earlier years before 2024. In other words, removing the two one-offs, EBITDA last year would have been €159 million.

This year, the EBITDA was negatively affected by closures of the Chaumont and the Avoriaz Pierre & Vacances property for about €15 million. If we decontaminate those two items, EBITDA would have been €186 million.

To see that decontaminated of the one-offs, the EBITDA would have increased by €159 million last year to €186 million. That's a growth of €27 million related to tourism revenue up €68 million, a conversion rate of 40% revenue to EBITDA, which is quite commendable.

Final point on here: you have the bridge that illustrates the bridge of last year's EBITDA, €174 million, to this year's €181 million EBITDA. In the middle, 21, that's the cost savings that we generated this year, quite substantial, bringing the total cost savings to €67 million since 2022.

We'll return to that in due course. If we now focus on the lower part of the P&L, you see that financial charges net go from €16 million to €15.3 million.

If we focus on the financial expenses linked to debt, they're down €5.3 million, of €19.2 million to around €13.5 million approximately. This decrease was made possible by, on the one hand, the fact that we reimbursed the reinstated debt restructuring of €330 million and the government loan €25 million.

In other words, we reimbursed debt that was drawn throughout the year for €328 million with an RCF line that we only draw when we have cash requirements. We draw on average of €85 million for the year.

Furthermore, our average cost of debt went from 6.5% to 5.7%, so that reduced our financial charges linked to the debt. Other operating expense, €26 million.

These are expenses linked to the management incentive plan, long-term incentive plan, with bonus share grants, and also restructuring and transformation cost for €12 million. Lastly, impairment of receivables because of our exit from activities in China, €28 million.

Corporate tax, that's an expense booked notably in Germany and the Netherlands. Final point to mention, our net income came in this year at €41 million.

It's the second consecutive year where we delivered positive net income, two years in succession over the past 13 years. Turning now briefly to the balance sheet.

What you see on this is our net debt is negative to the tune of €45 million. We have a very strong balance sheet.

We deleveraged by €11 million, and our gross cash comes in at €98 million. We haven't drawn our RCF line at the end of September 2025, which means that if we add to our gross cash our undrawn credit lines, we have liquidity of €307 million, which confirms once again the solidity of our balance sheet.

Final point: we this year generated €74 million of operational cash, and that's an EBITDA-to-cash conversion rate of 41% as against 39% last year. I'll now hand the floor back to Franck.

Thank you, Philippe, for those financial results. Now we're going to look together at the key achievements of the year, and we're going to be looking ahead.

These contributions can be put under five headings or five pillars, as you see on the right of the slide. These are the three pillars of our Reinvention strategy up to 2030.

Our aim is to become the European leader for local tourism, 200 and 300 kilometer range from people's homes, that is responsible tourism. We want to continue to develop our leadership in this sector, in this market position.

Five key pillars: be the local tourism leader which has a positive impact; investing in product experience to boost top line and NPS; push inventory development focusing on asset-light, this is a new approach in the Reinvention plan, it wasn't in it in the past because it was a restructuring and streamlining plan initially, but we've switched now to push development; fourth, continue to reduce costs; and the fifth, like the third one, it's new, and that is to further growth and to empower brands, the business lines in the group. Now, if we look at the first pillar, act as the leader of a positive-impact local tourism, we've got four columns to show what has been achieved in 2025.

Societal impact: we have continued to train, to motivate, and engage our staff. You can see this with NPS, Net Promoter Score of the teams, that's not here, which is 32, similar to customer NPS, that's a very good score, up 19 points compared to last year.

The second thing here, we have trained 100% of our managers in inclusive management. We have 53% of women in managerial positions.

We have a foundation, as which is there to support families who are disadvantaged, and we work with about a dozen associations, and many families have been able to benefit from stays in our parks. These were families that wouldn't have been able to do this without this contribution from our foundation.

Then second pillar, commitment to decarbonization, better energy mix. Scopes 1 and 2, we've reduced our energy consumption by about 9%, using geothermal energy, biomass, we're going to continue to push this in the plan.

Then protecting rare resources: snow in the winter, water on the coastlines. We have reduced our water consumption by 5%.

Wherever we develop, we have a plan which helps us to verify the vulnerability of the site as regards climate risks. We're looking ahead to 2040, 2050 to make sure that the site location is sustainable, is not exposed to climate risks.

We're doing quite a lot of experimenting with pilot sites to see how we can protect water resources and reduce water consumption by limiting leaks, for instance. Then the fourth column is biodiversity on the land of our sites.

Our aim is to have net artificialization for new Center Parcs projects, and nature and biodiversity are key for us. All of our parks and all of the Pierre & Vacances sites with kids' clubs have a nature activity, leisure activity for families, it's free.

We also have 41% of parks that have ecological performance plan, it'll be 100% very soon. That's the first point.

The second point is clients, customers. We'd like to offer quality accommodation.

We've invested €100 million in CAPEX over the year, 75% of which are aimed directly at improving customer satisfaction: premiumization on the one hand, refurbishment, €31 million, and improving technology, the facilities available, the furnishings in the cottages, and then that's the first package; and then €36 million, 33% of investment, is maintenance CAPEX. It's all well and good to refurbish, to premiumize, but then you have to ensure maintenance.

For Center Parcs, we want to set aside 9% of revenue in CAPEX and OPEX for maintenance. It's essential, and that's what we've done this year.

The clients acknowledge this. You can see on the right that client satisfaction, NPS, Net Promoter Score, the difference between promoters and detractors of the brand, is up 6 points, we're up to 22 for Center Parcs, we're up to 48 for Pierre & Vacances, up 8 points for maeva, 22, and up 1 point for Adagio to 52.

These are very good client satisfaction tolls. Our Google, which is 4 for Center Parcs and 4.4 for Pierre & Vacances as compared to 3.9 and 4.3 respectively last year.

We're getting better reviews and up 20 points compared to 3 years ago. If we illustrate this action investment in terms of key action per brand: for Center Parcs, our goal is really to prioritize customer satisfaction with a focus on NPS and provide higher service standards.

This is what our teams are delivering, the 8,000 people working for Center Parcs renovating, upgrading the products. These are the cottages, the central facilities, and of course everything outdoors, the landscaping, which is the fundamental part of the holiday experience for our clients.

Also we are insourcing a number of services, leisure activities on-site that used to be outsourced in Belgium, Netherlands, and Germany. All of this has been insourced now with an improvement in revenue, but also customer satisfaction because we've got more flexibility and we can ensure the right leisure activities at the right time.

Strong service culture on the left, you can see that we've set aside €4 million as a budget for this to train our teams on the five headings that you've seen. The graph at the left at the bottom shows the development of employee satisfaction, up from 16 in 2023, 23 in 2024, and 36 this year.

This mirrors customer satisfaction improvement as well. Another sign of improvement of the product and the experience of Center Parcs: Philippe showed you the accommodation revenue figures, but if you look at non-room revenue, that's food and beverage, leisure activities and the like, has grown more strongly than the accommodation revenue, and that's good.

Because it means that our clients, when they come to our parks, have leisure activities, they hire bicycles, and that indicates a form of satisfaction. Our biggest renovation investment this year was the Center Parcs Hauts de Bruyères, which is close to the Loire chateaux in France.

€65 million in total were invested in this park this year: 50% by owners, 50% by the group. That is worth noting because that wasn't in the case in the past.

50% from the group. 720 cottages were renovated, with a whole new typology and with a focus on premium and VIP, and we've modernized what we call the Action Factory, which is the indoor park for children.

Before the renovation, after the renovation, we've got an increase of 40% of revenue post-reopening. If you stand back and look at the evolution of cottage mix Center Parcs between 2019 and 2025, you can see that the mix has changed completely.

We used to have 50% of standard cottages. We want to keep some of those, of course, but now we've got 39% of the standard cottages.

The premium and VIP cottages have increased respectively by 7 points and 5 points. There's been a shift from standard cottages towards premium and VIP cottages.

Just some illustrations of the improved customer satisfaction. Then Pierre & Vacances, again we want to secure top-line growth and NPS.

What we can see that there's been a lot of investment to improve customer experience, and this means on each of the sites that we have to remove all of the pain points for customers. One in particular was Wi-Fi, that's been considerably upgraded.

We've pushed on-site activities, particularly food and beverage offering in Spain. Half of the stock in Spain is hotels, and we're going to be promoting food and beverage also in France.

Then everything that be digitalized, online check-in, on-site systems, upgrading, all of that is digitalized so that our teams on-site can spend their time directly in more useful activities with customers. You can see an increase in food and beverage revenue, an increase in NPS, +4.4%, +9 points for kids' clubs, +9 points for local information, and eNPS for employees, you can see that's up 5 points, and a 97% satisfaction rating for customers who replied to surveys from the call center.

Strong customer experience that is due to strong investment in Pierre & Vacances. 17 residences have been renovated, as you can see, 11 in France, 520 units; 6 in Spain, 580 units; 17 in all and 1,100 apartments.

€10 million CAPEX, €5 million, in other words half, that has been put up by the group Pierre & Vacances and the other half by the owners. That's very significant for us because it's something new, and it's a win-win strategy for the group and for the owners.

Currently we have a 55% renovated inventory for Pierre & Vacances, and we're going to be pushing this even further up to 2030. One example to be inaugurated next week is our legacy residence, Avoriaz Capella, which has 143 apartments.

€20 million investments have been put in, 100% by the group. This is an exception, it's still owned 100% by the group.

€20 million investment, as I said, to renovate the 143 apartments in two stages: first stage this year opening Friday, and the second phase next year. Renovation of the apartments which have been completely transformed and will transform customer experience.

We have had indoor insulation so that we can reduce energy use by 50%. Adagio now, the same thing to illustrate the improvement of client and product experience.

Premiumization plan has been rolled out. €7 million CAPEX were invested in 2025.

This was seven aparthotels been renovated, 50-50 the group and the owners, €3 million from the group and €4 million from the landlords. We've launched a very good family offering to meet families' expectations.

If second studio apartment is at 50% off, and this means that families can have one studio for the parents and then have another one next door, and we offer free breakfast for children under 16. This has led to a significant increase in the number of families in the customer mix, +50% as compared to last year.

Once again, that's a concrete result. Finally maeva, a lot has been done to grow inventory, particularly our exclusive inventory.

50% of the income from maeva is exclusive inventory. Client-focused action to increase the number of European customers, +42%, +17% revenue for loyal customers, and +8 points in NPS.

Maeva has won the tender to design the National Agency of Holiday Checks, people will be buying holidays on the ANCV, and maeva's the key partner there. Also we've got a new concept, the acquisition of Parcel tiny houses, and these are provided by landlords.

We give them a set of standards. This is a whole new kind of tourism.

It's authentic, and our clients really appreciate it. We want to develop about 100 of them, we've got 40 at the moment.

Then investment in technology: this is key for us. Why is that?

Because it generates business. Just one figure: 70% of Center Parcs revenue is direct web revenue generated, and 85% for the whole of Center Parcs, 65% for Pierre & Vacances.

You need to have really good IT with a good conversion rate, good availability rate, and it's got to be agile so that we can work with franchises. Four new residences in Switzerland with Swisspeak of Pierre & Vacances, or to have contract management for the first time in Denmark and to have a site there, and this is a new experience with Danish clients.

Paying in three installments without extra costs, Salesforce agility, you can see here, to deploy our new tools, new innovations. On the right, we're developing sales, but we want to reduce IT costs.

Since 2022, we have done this to the tune of €8.5 million between 2021-2025. We've saved a lot, and the run cost for IT is 1.8% of the group's turnover, about 30%.

We're actually below the 2% which was the benchmark that we were targeting for IT.

IT with GenAI, put briefly. We have quite an extensive plan rolled out within the group so that the pioneers, the Pioneer Club, the 200 most advanced users in terms of coding, are in a community that's very active.

We're extending the use of GenAI to all employees with email address and/or a computer. That's fundamental: developing use cases both for customer visibility on the website, it's a reservation chatbot, but also with digital virtual assistants tested on WhatsApp and meeting 80% of the needs of a customer when he arrives, whereas previously we fielded 40% of those requests.

It's a digital concierge service backed up by a human being, of course, when that is required. We're very agile, developing a lot of personalized video content thanks to GenAI, our customer service center, another major user of GenAI.

That's for pillar number two, customer focus. Pillar three, that's fundamental for us in our plan, is development.

The stock attrition phase at Pierre & Vacances in particular is behind us after a stabilization the last year. We're seeing an increase in the stock over 1,500 units opened.

That's gross increase of inventory. If I remove stock attrition, I see a stock increase of 800, growing to 48,540 units under asset-light, either franchise or contract management, which is precisely what we want to do during the plan.

60% of the plan will be asset-light and 40% with leases. That goes for our three brands, Center Parcs, Pierre & Vacances, Adagio will illustrate.

It also applies for maeva distribution, and its inventory has grown 6%, 114 proposals to 121 residences, campings, and peer-to-peer rentals, such that today maeva has over 100 physical contact points: 65 maeva campings and 40 maeva rental offices that welcome customers and give them their keys before they head for their apartments. For Center Parcs, new estate.

Last year, you'll recall we had Terhills in Belgium, Landes de Gascogne. We have a new estate, 440 cottages, Denmark, opening June 20th this year, 70% of premium, VIP cottages.

We're right in the positioning the group wants to have: management contract for a private owner in Denmark, a large conglomerate, combination of two Danish conglomerates. We operate on a contract management basis and we receive fees.

You see the photographs, bottom right, and the pontoon on the Baltic Sea in the setting sun. It's a great park, over 80% occupancy in the initial weeks.

That's the new park open, with extensions on existing parks in France, Villages Nature, from 860 to over 1,000, 1,061 cottages, an extension of some 200 cottages, all premium and VIP cottages, which is key, of course, reinforcing its premium and VIP positioning in the Villages Nature inventory that only has 34% comfort and 66% premium VIP cottages. 80% occupancy rate, average daily rate of €300.

We see this upscaling effect kicking in, and we showed you some fine extensions even if we have fewer cottages. 30 cottages, Eifel, 100% premium VIP.

Eifel was refurbished, renovated previously, very successful. We extended it the following year, 30 cottages premium.

Landes de Gascogne, opened in 2020, we've opened 17 new cottages, they're actually treehouses, 100% premium VIP, reserved with at least 6 months in advance notice by the customer. Another example for Pierre & Vacances this time, showing that the Pierre & Vacances brand is really back in expansion mode: eight new sites opening, that's about 700 units over the past two years; 13 new sites opened in the Mediterranean coast of Spain, and also Andorra and Italy, over 1,100 units essentially 4-star, that's what we like.

We look at the development pipe, we have 700 units, six sites opened for '26. What's planned in the Reinvention plan is to sign and open about 1,000 apartments per year has been delivered this year.

As we open new addresses, we have this year a far higher rate of conservation of existing stock that's expiring with our owners: 94% of leases expiring in FY 2025 were renewed. Two years ago, that was 65%.

We have less than 6% attrition in our renewals. Great example: first leading country for Pierre & Vacances in addition to France, Spain, and Andorra: Switzerland with a franchise contract, four residences, 338 apartments in the Valais with Swisspeak Resorts.

Great photographs. Franchise exclusivity contract Swisspeak opening in summer '26.

Pierre & Vacances will bring its customer base, all the Dutch, Belgium, and German customers will head for the Swisspeak resort sites. Lastly for Adagio, a few examples: in France on the left and Europe on the right.

In France, signing of a strategic partnership with Sergic, that's nine properties under management in France, over 1,100 rooms signed contract management. That's an 8% increase in the brand's portfolio with those contracts, and the 1,100 rooms will open between now and next April.

We'll see that reflected in the RevPAR of Q1. For eight of these nine addresses in the form of an Adagio Access brand, also in three locations, a combination with Accor brands, Mercure and ibis Styles, all operated by the Adagio teams.

Two new addresses in Europe: London City East, ninth facility in the UK and fourth property in London, that's an aparthotel of 132 studios and apartments; and Stuttgart NeckarPark, 13th site in Germany. Adagio: France number one, Germany number two, UK three.

In third place, Adagio growing strongly this year. That's for the third focus area, expansion, development before moving to the fourth.

Philippe.

Thank you. On this slide, you can see cost reductions that were referred to earlier on when we presented the P&L, and you can see the cost reductions achieved in 2025.

This is a key pillar, of course, of our strategy and one of the levers of value creation. Initially at the Capital Markets Day, we said that there would be a reduction at the end of 2026 which would be 65, and we're already here a year before.

€21 million cost savings last year, 18 the year before. Cost reductions for us is not just a hollow slogan, it's an actual thought-through process.

There are 300 initiatives across all business lines and group central functions. You can see the results, they're here.

How did we save on costs? Marketing and promotional advertising, we optimized expenditure to the tune of €6 million.

Procurement: we reconsidered commissions paid by some on-site suppliers, rebates with some suppliers were renegotiated for the park and village residence sites. We have optimized spending, particularly food and beverage spending.

We've done this thanks to energy consumption reduction, and IT we've already mentioned this, cost reduction involving licenses. You remember that at the last Capital Markets Day, that's May 2024, we reviewed our cost reduction savings upwards.

We said €80 million at the end of '26 and €90 million at the end of 2028, but we will outperform those objectives considerably as you can see. Finally, the fifth pillar of our Reinvention strategy is to empower our brands, four business lines in particular, which are mature and which have clear overview of their equity story and their ambitions between now and 2030.

Center Parcs clearly, the priority, our ambition is to continue premiumization and renovation and maintenance to ensure quality and to offer more and more leisure offering for the clients who want that, and to develop either through extensions or the opening of new sites, the footprint of Center Parcs in Europe. One question that arises is CP UK and comparing with that.

If you compare CP UK with Center Parcs, their EBITDA is about 45%, whereas Center Parcs Europe is 40%, there's not major difference in terms of EBITDA. What they do is have high occupancy, 87%, and that's exactly what we want to reproduce with perhaps a slightly lower occupancy rate, but we want to manage to do that for our collection parks, which we want to push and segment more for Center Parcs Europe.

Pierre & Vacances, we have gone back to operational growth and the situation is now sound. We want to continue renovations to go up to 77% of the park being renovated, and accelerate inventory growth with 5,000 new units: 50% by growth from France and Spain, and 50% in new countries, Portugal and Switzerland in particular, in continuing working on the brand portfolio.

Adagio: we saw some examples for 2025. We want to boost renovation, about €10 million a year to improve the offering.

Maeva, which is retail business, the key stake there is to develop scale up, to expand internationally, to have more and more inventory, campsites, hotels, and direct rents. We can do this through M&A and by densifying core markets, and we want to enhance our customer loyalty.

These are four business lines that are really mature, that lead us to a 2030 business plan. See the figures on the right of the chart: €270 million EBITDA for 2030, and the margin is 11% on tourism revenue.

What underpins that? You can see the top line in blue: the portfolio RevPAR, CAGR of +3.5% a year; average price increase of 2.9%, that's reasonable and in line with what's been done in the past; and for the duration of the plan, 1.7% of increase, 3.5 a year, that's existing portfolio; and then growth of portfolio of 2.7% per year.

Between 2025 and 2030, 6,500, and that gives us the Reinvention strategy target. We're aiming for 2026 at €185 million in EBITDA.

Let's have a look at this with some images and summed up in a video. Thank you for that lovely video.

To sum up on behalf of the Board, I would like to acknowledge the achievements that have been made by everybody over the past year to get the company back on track. I'm not going to go back over all of the figures that you've already seen, and you see here on the slide, but we've got a very robust foundation now.

We've worked on cost reduction, and at the same time, we've worked on development, enhancing customer satisfaction and empowering the various brands so that they can really express their own value creation with an entrepreneurial spirit. I'd also like to highlight that our workforce really feel very attached to the company and identify with the company.

All of this is positive. As you can see for next year, everything is looking rather positive on the local tourist market that is resilient in a very difficult geopolitical situation.

We've already got 70% of turnover for the first semester in terms of reservations for next year. We've come to the end of a cycle, is a cycle where we were trying to rebuild the foundations, and with the shareholders, we've decided to have a strategic review which was announced in June.

A strategic review, I emphasize we're not saying sell-off process, we want to continue to support the company in the future, but we're looking at all the various options. Since the strategic review was launched, there have been signs of interest from operators who would like to accompany the group in the future, and so we're very optimistic about the outcome of this process.

As Franck has said, we have strong ambition for the future with an EBITDA of €260 million and confidence in the work that has been done, very solid basis, and we're very confident about the future. Thank you, and I think we can move on to Q&A now.

Thank you, Georges. We'll now take some questions that we'll read out to you and we'll answer those.

First question. Hello, Paul Manygo: "Hello.

Congratulate for the good results. Adagio: €7 million CAPEX, €3 million P&V, €4 million owners.

That's €4 million of Pierre & Vacances-Accor contributing €3 million, 50-50?" Philippe?

Every time these investments are committed by the JV with the hotels that we own. On Adagio's 75 leases, 50 that Pierre & Vacances propco, but there the investment 100% for Pierre; 25 that are leased JV, in which case the investment 50-50.

When we're talking about the amount for PV, it's the sum of the two: 100% of two and at 50%. What about a delisting?

Rumors about a possible market delisting. That's part of the strategic review underway, one of the options.

Question from Ella Zarouk: "Hello. First question, update on the savings program.

What's to be expected over the next three fiscal years savings?" Philippe?

Our ambition for the period '26 through '30 is about €40 million at run rate, that's an additional €10 million per year. Capacity the group to continue its average sale prices, you've seen that the pricing power, we saw that in the business plan there were 2.9% growth, that's both to track inflation, just under half of that, and then improving the inventory, premiumization, also our distribution tools and management revenues, of CRM in particular.

Truly the sum of those items that deliver the pricing power. We have €180 average price for Center Parcs Europe in 20-, whereas CP UK at around €300, we still have some upside.

Average spend per day, total average daily spend per customer at Center Parcs, €80; at Pierre & Vacances unit, the price about €120, €130 for four people. We see value for money.

We still have some upside. Very good customer experience on the up, we still have good pricing power.

Even if we upscale, we remain very affordable, we want to stay affordable. Third, details on the major development focus areas identified by the group as part of its strategic review.

To answer that, we can maybe both of us speak to that. Firstly, on the organic business, by how much can we increase the average daily rate, occupancy rate with the numbers you saw.

Then there's the second brick: how we can expand extending and opening new openings of residences or inventory. Third brick is M&A, and it's those three bricks that we're considering for each of the brands.

Of course, depending on the investment capacity of our shareholders to move to regions where hitherto we were not present in spite of solicitations because the priority was to focus on turnaround, it opens up new horizons as yet untapped. Next question from Emmanuel Parot.

I'd like to read those since you're going to speak. Yes.

Emmanuel: "EBITDA margin boosted by the impairment reversals of major projects, €12 million. What's that all about?"

We have a number of inventories, and every year, we revalue the inventory value. This year, we wrote back provisions linked to declining interest rates.

Second question from Emmanuel: "Explanation on the CP EBITDA reduction." Let's look at slide 5 in the P&L really to explain the numbers.

Oh, it's the next one. I'll try and explain the numbers better.

When we look facially, we see EBITDA Center Parcs that declines from 147 to 124. What we've already mentioned will detail further is: last year, we benefited from a German COVID subsidy of €11 million.

Secondly, what we also mentioned was that last year we benefited from energy subsidies to the tune of €4 million, of €4 million, €2.5 million that concerns Center Parcs. That means that if you remove the one-offs, the CP would have been 133 for EBITDA last year.

This year, what we mentioned is that EBITDA was negatively impacted by closures for works, €5 million was the cost of that; €4 million linked to the Chaumont park; and in addition, you see there was a footnote here, in Center Parcs, there's still an activity in run-off, real estate business in the tourist line, a sale of cottages, and so these cottage sales generated losses, €1.6 million. We sold very few cottages.

We had the full structure. Last year, the loss was €5 million, it was non-significant.

Restated from those one-offs, the EBITDA would have been 100 comparing 133 last year, 130 this year. CP's EBITDA is pretty stable, and CP revenue was boosted by openings.

These openings didn't generate their full effect last year, they'll generate their full effect next year, this year because we've already begun FY '26. "Now, financial expenses seem high given the financial structure.

What's to be expected in '26?" Normally in '26, we'll have a slight decrease because we're generating cash, and this year, we drew the RCF to the tune of €85 million on average full year.

Maybe I'll take the very last question before giving the floor back to Franck: "Impact of the VAT hike in the Netherlands on EBITDA for 2026?" What needs to be said here is that VAT is increasing in Netherlands on accommodation activities by 9 from 9% to 21%.

We're not just selling accommodation. We sell accommodation on the one hand, as we said earlier, on-site, we also sell leisure activities, food and beverage, and products in our stores.

We're going to be able to invoice our services on the basis of a weighted average VAT rate, weighted the accommodation portion for which the rates increase to 21%, but also weighted by leisure, sporting activities, and there the VAT rate remains unchanged. That's the first point.

Secondly, we'll also pass on or at least increase our prices in the Netherlands because all the Dutch tourism players are concerned by that increase. Today in our assumptions, we estimate the impact of Dutch VAT increase in 2026 about €8 million.

Then we have another question: "Significant growth S1 bookings. Does this mean high single digits?"

As Georges said, we have already sold 70% of our target for the first semester, so that's up to the end of March, and this is true of all of our brands. We've got good growth across all brands.

Can't give you the detailed figures, but it's well above the 5% growth rate. You saw +4% last year, over 5%.

If we zoom in on mountain, on winter holidays, Pierre & Vacances, Christmas we're at more than 80% occupancy rate; New Year, 90% occupancy rate; for skiing holidays and for the winter period, more than 70%. That's a mix of occupancy rate, 4 points up as compared to the winter season last year, and revenue +4% as well.

Volume plus price for the winter season, which is doing well, and business lines across the board are doing well. Then we have a question for Georges, I think: "Hi.

What is the time horizon set for the strategic review?" How shall I put it?

We are looking at the various signs of interest that have been expressed. We don't have a definitive timetable, but we should be able to take a decision at the beginning of 2026 calendar year.

Universal registration document publication is planned for the 19th of December, just before Christmas. Then we have another question: "Can we expect a dividend?"

It's a shareholder decision to be voted in the general meeting. What we can say as of today is that management and the board—can I say this?

Yes—are not in favor of the payout of a dividend because fundamentally we are convinced that we can create more value for the shareholders if we invest money to continue premiumization and boosting customer satisfaction and our maintenance and improving our digital processes. The banking regulations currently have constraints about payout of dividends, which cannot be higher than 50% of the net revenue annual income.

This means that we would pay less than 5 centimes per share if we applied that regulation, the answer would be no. I'm just checking on the screen, no further questions for the time being?

No. Thank you very much for your attention, and I wish you all a very pleasant day.

Thank you very much.