Yes, thank you. Good evening, everyone.

This conference call will be hosted by Jean-Christophe Thiery, Chairman and CEO of Louis Hachette Group, Grégoire Castaing, Deputy CEO of Louis Hachette Group and Deputy CEO in charge of finance for Lagardère, and joining us for this presentation, we have Pauline Noël, our Group Secretary General, Mr. Dag Rasmussen, Chairman and CEO of Lagardère Travel Retail, Frédéric Chevalier, CEO of Lagardère Travel Retail.

All these participants will share their insights and key highlights. This presentation will be followed by a Q&A session.

I now leave the floor to Jean-Christophe Thiery.

Thank you, Emmanuel. Good evening, everyone.

I am delighted to present the results of Louis Hachette Group. Driven by the strength and complementarity of all our businesses, our international footprint, and the commitment of our teams, we delivered a revenue of €9.6 billion and a record adjusted EBIT of €551 million.

This strong momentum also allowed us to continue reducing our debt at a rapid pace. Grégoire will tell you more about the figures in a moment.

Lagardère Publishing delivered strong performances in 2025, both in France and in English-speaking markets. A few highlights include, in the United States, Hachette Book Group became the number three publisher in the market.

Along with a strong release schedule, our efforts to enhance the value of our catalog paid off, with the successful re-release of Twilight, for example. In Europe, the new Asterix adventure was a tremendous success across several markets.

In 2026, we will celebrate the 200th anniversary of Hachette, the world's third-largest publisher. The bicentennial is an opportunity to reaffirm our mission: making reading and culture accessible to as many people as possible.

To mark the occasion, we will host a free literary festival in Paris next month. Lagardère Travel Retail also had a very strong year in 2025, driven by profitable growth as air traffic normalized.

A key milestone was the seamless takeover of one of the largest travel retail contracts in history at Schiphol Amsterdam Airport. Within Lagardère Live, 2025 saw the best audience performance in six years for Europe 1, now reaching 2.9 million daily listeners, and record attendance at our Arkéa Arena in Bordeaux.

Finally, for Prisma Media, 2026 will be a year focused on strengthening our core activities in a rapidly evolving market. In summary, one year after the creation of our new company, we have demonstrated the solidity of our strategy as a diversified leader in publishing, travel retail, and media.

We are confident in our future and our development prospects. Thank you very much, all.

I will now hand over to Grégoire.

Thank you, Jean-Christophe, and good evening, everyone. I'm also very pleased to share with you these strong results delivered by Louis Hachette Group this year, the first full year as a listed company.

Let me start with the key figures on the slide four. As you can see, Louis Hachette Group's revenues reached €9.6 billion, compared to €9.2 billion last year.

This confirms the continuation of a solid growth trend in a rather challenging economic environment, with an increase of 4% on a reported basis and 3% on a like-for-like basis. Our operating performance was equally robust.

Adjusted EBIT rose 8% to more than €550 million. This reflects the quality of our businesses and the disciplined execution of our operational strategy.

Cash flow generation was also very strong. That this was our priority for this year.

I will come back to this point later, but you can already see its positive impact on the balance sheet. In '25, we significantly reduced our net debt by €236 million, and this brings the net debt just below €1.6 billion, with a leverage ratio now under two times, a level that the group has not reached in a long time.

Let us now take a closer look at the performance of our different businesses, starting with the slide seven with the Lagardère Publishing activity, which delivered another year of very solid results. Despite a market environment that has generally been trending downward this year, Lagardère Publishing continues to deliver solid growth supported by its diversified portfolio of activities and geographies.

Revenues was up 3% like-for-like basis this year and crossed the €3 billion threshold. The division delivered solid growth across all markets.

As you can see, more specifically, in France, revenue was up 2% in a market down by 1.5%. The Illustrated segment benefited from continued demand for coloring books as well as from the strong performance of the new Asterix album, Asterix in Lusitania, which sold over 2 million copies as of today.

In General Literature, sales were driven by strong new releases, including Dan Brown's The Secret of Secrets at Lattès; the third part of Pierre Lemaitre's saga, Un avenir radieux, at Calmann-Lévy; the Adélaïde de Clermont-Tonnerre's novel, winner of the Renaudot prize, published by Grasset; and President Sarkozy's Journal d'un prisonnier at Fayard. The Education segment also benefited from the reform of the sixth-grade curriculum, as well as the primary-level titles.

Regarding the US, we are seeing revenue up 3% in a market that was actually done by close to 0.5%. The business benefited from a very strong slate of new releases.

Among the top sellers in '25, we had Callie Hart, Quicksilver, Brimstone; Gone Before Goodbye by Reese Witherspoon and Harlan Coben; as well as the anniversary reissues of Twilight. In the UK, growth reached a solid 3% in a slightly declining market, supported by the strong performance of several fiction titles, including Onyx Storm by Rebecca Yarros, The Hallmarked Man by Robert Galbraith, and Circle of Days by Ken Follett, as well as the continued momentum from Freida McFadden, The Housemaid series.

The business also benefited from the new distribution partnership with Bloomsbury initiated in '24. In Spanish-speaking countries, Spain and Mexico, revenue was down 6%, mainly due to the curriculum reform in Spain that has started in '22 and that end at the end of '24.

Revenue in Partworks was up 6%, a remarkable performance given the trend of this market. This was driven in particular by the successful launches of Warhammer Combat Patrol and Disney Novels.

Finally, Board Games continue to support our other revenue segment and our diversification, with a strong 10% growth on a like-for-like basis, supported by the carryover sales of Skyjo, with 2 million units sold in '25, along with the successful launch of the new game Flip 7. Now let's have a look to the operating margin of the Publishing branch on slide eight.

EBITA reached €308 million, compared to €289 million in '24, maintaining publishing's operating margin at a very high level. The high level of margin was driven by the top-line growth, of course, and by the favorable sales mix and improvements for the SG&A costs.

EBITA also includes the contribution from equity-accounted companies, which came to €6 million in '25, compared to €1 million in '24. These favorable effects were partially offset by restructuring costs of €14 million, mainly in the US and in Mexico.

Next slide on cash flow. Our strong operating performance translates into steady cash generation.

What we show here is the CFFO, the cash generated from the operations including CapEx before interest and taxes. CFFO came in at a very high level of €361 million, compared to €330 million at the end of '24, a solid increase of 9%, considering that '24 was already a record year for the cash generation at publishing level.

This year, this amount included €44 million related to the proceeds from the sale of the real estate asset in Paris, Rue d'Assas, and the sale of a domain name, mood.com, in the US. Let's now move on to Travel Retail on the slide 11.

'25 marks another record-breaking year for Lagardère Travel Retail. First, revenue reached €6.1 billion.

On a like-for-like basis, revenue increased by 4.4%, driven by a significant number of openings and concession wins across Europe, Africa, and the Pacific region. In France, revenue grew 3%, supported by higher air traffic, new concession, and strong commercial initiatives in duty-free businesses.

In the EMEA, excluding France, revenue was up 7%, with solid growth in the UK, Spain, Poland, Italy, and Albania, driven by traffic growth and network expansions. Africa posted strong momentum as well, up 25%, thanks to recent openings in Benin, Cameroon, or Rwanda.

In the Americas, revenue was up 3%. In North America, activity was supported by network expansion and strong commercial performance in Travel Essentials and Dining, despite stable air traffic.

South America delivered a strong growth of 20 28%, driven by the rebound in tourism and the opening of the new Lima Airport in Peru. Last but not least, in Asia-Pacific, revenue declined by 12%, mainly due to North America, which turnaround, by the way, is well on track.

This turnaround impacted the group revenue by close to 2% of growth, so long story short, excluding North Asia, Travel Retail revenue grew by 6.5% on a like-for-like basis. Let's now turn to profitability on the next slide.

We are also pleased to share this record EBITA of €312 million in '25, up 17% year-on-year. As a result, our operating margin reached 5.1% of revenues, compared to 4.6% in '24.

Travel Retail achieved this strong performance supported by the top-line growth in Americas and EMEA, and also with the China restructuring benefits, and of course, a strict discipline regarding the costs. EBITA in '25 also includes €23 million in restructuring charges and €18 million in asset impairments, mainly in Asia and Iceland, related to closure operation in order to preserve profitability going forward.

Going to the cash flow generation on the next slide, the CFFO of our Travel Retail business stood at €224 million, again record level. In this amount, we had an unfavorable impact on working capital from the numerous new duty-free concession openings in Amsterdam, Auckland, and Cambodia this year and from an increase in inventories in France linked to the opening of a new warehouse.

It's also worth noting that CapEx were slightly lower in '25, €35 million lower this year compared to last year. This is not because we intended to slow down our investments, quite the opposite actually.

It's rather linked to the very high level reached in '24 and derives from the project phasing for the new concessions. Let's now move on to Lagardère Live on slide 15.

As this branch brings together our radio channels, news magazine, and licensees, like the news and artist production business. In '25, Lagardère Live generated €219 million in revenue.

Excluding the impact of Paris Match disposal in November '24, revenues continued to grow, up 1% year-on-year. The News and Radio segment delivered a slight increase, 0.3%, compared to last year.

The continued expansion of Europe 1's audience helped offset softer trends in music radio and regarding the advertising market. The Press business also performed well, supported by the launch of Le JDNews, and by strong contribution from ELLE International licensing, and by the ongoing momentum of our diversification strategy.

Our Live Entertainment activities had a particularly strong year, posting 6% growth, driven by successful concert tour organized by L-Productions and a record year at the Arkéa Arena in Bordeaux. Going to slide 16, Lagardère Live, as you can see, strongly halved its operating losses in '25, delivering a €37 million year-on-year improvement, supported, of course, by significant cost-saving measures.

The year '25 was still impacted by around €10 million in restructuring costs. These costs relate to reduction of staffing costs, as well as efforts to streamline the real estate portfolio inherited from a time when Lagardère Media perimeter was significantly larger than it is today.

As you can see, we remain fully committed to continuously reducing operating costs within this news division. Excluding these restructuring charges, EBITA would, therefore, be closer to a loss of around €10 million.

We are not yet breakeven, but as you can see, we are getting closer. The cash flow also improved sharply, with cash burn reduced threshold.

CFFO came in at -€11 million, compared to -€43 million the previous year. Before wrapping up our review of the group performance, let me share a few comments on Prisma Media.

For the full year '25, Prisma Media delivered revenue of €266 million, down 9% on a reported basis. This reflects both the ongoing contraction of the print press market, the consumption patterns, and the shift in digital advertising market.

To respond and adapt to this challenging market conditions, we launched two restructuring plans, one in June and another one in December '25, covering around 300 employees, more than 1/3 of the total workforce. The aim of this is to, of course, safeguard profitability.

Prisma is still profitable. I will come back to this later, in '25, beside the restructuring costs.

Different changes in governance were also put in place, and the new leadership team initiated several other strategic actions. First, we strengthened our People magazine portfolio with the acquisition of Ici Paris and France Dimanche in December '25, two magazine which are profitable today and less impacted by the market changes that I just mentioned.

Second, we decided to refocus on our core businesses and flagship brands with the planned divestment of our luxury magazines. Third, at the same time, Vivendi is expected to take 14% minority stake with a cash consideration.

These last two transactions are currently under review by the staff representative bodies and are expected to be finalized by the end of this semester. Let's now move to the next slide with a focus on Prisma Media profitability.

As you can see, Prisma's EBITA stood at -€43 million in '25, a decrease mainly reflecting the decline in the top line and the impact of the restructuring cost of €49 million. Let me point out again that excluding these restructuring costs, EBITA remained positive at €6 million for '25.

Of course, our aim is definitely to keep Prisma EBITA in this positive territory. Now that we covered the performance for each division, let me walk you through the financials at group level, starting with revenues on slide 21.

The total group revenue reached again €9.6 billion in '25. As you can see, reported revenue growth was 4%, as I already mentioned, representing €400 almost €400 million additional revenue in absolute terms.

This year, again, organic growth remained the main driver, contributing €310 million across all our businesses. The main scope effects came from the start of the duty-free operation at Amsterdam Schiphol Airport in May '25, as well as the acquisition of Sterling Publishing at the end of '24 and 999 Games at the beginning of '25, offsetting the sale of Paris Match in November '24.

Regarding Amsterdam duty-free, the tender we won in December '24 led to the acquisition of a 70% stake in a new joint venture with Amsterdam Airport retaining the remaining 30%. To be clear, this new concession has been accounted for as an acquisition and therefore is not included in our like-for-like growth.

On the negative side, foreign exchange had an adverse impact this year, quite a strong impact, with the US dollar being the main currency affecting our revenue, reflecting our strong presence in the US both for Travel Retail and Publishing. Despite this adverse impacts, as you can see, the growth is still very strong.

Let's move on to EBITA on the next slide, slide 22. As shown on this slide, we had a solid and steady improvement in '24 and '25.

EBITA rose from €490 million in '23 to €551 million in '25, representing a 60 more than €60 million increase. We are particularly pleased to see that this high level of EBITA continues to be almost evenly supported by our two core activities, with again €312 million contributed by Travel Retail and €308 million by Publishing.

Overall, this reflects a strong and balanced performance across the group's key businesses. Let's have a look now at the rest of the P&L below EBITA.

After deducting amortization of intangible assets related to M&A and the positive adjustment linked to the IFRS 16, profit before interest and tax reached €429 million, representing a 7% increase year-on-year. Below this line, the financed costs improved by €21 million in '25, driven by a reduction of the gross debt and a lower average cost of debt.

Interest expense on lease liability increased by 8%, reflecting new, renewed, and amended lease contracts, particularly in the United States, Auckland, Warsaw, or Prague. Income tax decreased to €73 million, compared to €93 million in '24, mainly due to exceptional items recorded last year.

As a result, net profit rose to €112 million, an improvement of €50 million, supported by lower finance costs and reduced tax burden. The level of minority interest is explained by the increase of Lagardère earnings, of which, as Louis Hachette captures only 66%, also impacted by the decrease of the loss in Asia that are shared with minorities, and the fact that Prisma's losses, significant this year due to restructuring, are fully borne by Louis Hachette Group.

Despite that, as you can see, net results group share significantly increased from €13 million to €22 million. On the next slide, you can see the improvement again in terms of cash flow generation.

Our CFFO increased from €357 million in '23 to €558 million in '25, a sharp uplift of €155 million in two years. This reflects, again, the solid operational momentum across the group.

This section on cash flow naturally leads us to the balance sheet, and more specifically to the evolution of our net debt on the slide 25. On this slide, you can see our usual net debt bridge over the last 12 months.

Beyond the CFFO that I mentioned, our outflows include €100 million of tax paid and €96 million in financial interests, all together our CFAIT, that is the cash flow after tax and interest, amounted to €363 million. On the M&A front, the group remained active, but reasonable this year, in line with our strategy, with the acquisition, as I already mentioned, of 999 Games, Sterling, Union Square Publishing, Le Routard in France by Lagardère Publishing, the first installment payment for the acquisition of the 70% stake in the joint venture operating the Schiphol Travel Retail concession that I already mentioned, and also the acquisition of Ici Paris and France Dimanche for Prisma.

In the opposite direction, we received also around €40 million from the repayment of a vendor loan granted to SPORTFIVE following the disposal of Lagardère Sports in 2020. In May, we also paid a €0.06 dividend per share, representing a total of €59 million.

We also distributed €85 million to minority shareholders, including €32 million to minority shareholders of Lagardère itself and €53 million to minorities at publishing and travel retail level. All in all, these movements bring net debt just below €1.6 billion at the end of this year.

At this point, I would like to make a brief remark for those monitoring net debt at Lagardère level. Just like Louis Hachette Group, Lagardère's net debt also improved, ending this year at exactly €1.6 billion, which represents a €255 million reduction year-on-year.

As a result, Lagardère's net debt ratio fell also below two times, 1.96 times to be accurate, at the end of '25, compared to 2.4 times a year earlier. We are currently on track and even a little bit in advance with our deleveraging strategy, but of course, we remain fully focused on continuing this effort.

To continue on this topic, let's move on the next slide. As in '25, the Lagardère Group successfully issued a €500 million five-year bond.

The transaction was more than three times oversubscribed by the market, demonstrating investors' confidence in the group's solid performance. Lagardère also raised €300 million through a private placement structured in euro, with a mix of maturity up to five years and fixed and floating rates.

After these two refinancing operations for €800 million, our net debt, as you can see, is now well diversified and well balanced between bank loans, private holders, and bonds. The maturities are also well spread until 2030, as you can see on this slide, and the weighted average maturity is 2.9 years.

Let's now move to the conclusion, and to sum up the key message for '26. First, I would tend to say that we will continue to consolidate our leading position by staying fully focused on the solid execution of our strategy across all the businesses.

This includes a promising release schedule for Lagardère Publishing. Lagardère Travel Retail will also capitalize on major openings completed in '25 and growing air traffic, which will support growth momentum going forward.

Our aim is still to deliver growth, to increase margin, with a strict cost discipline. Second, we also want to continue to deleverage the group, but we will invest to fuel the future growth, and we will remain attentive to bolt-on acquisition opportunities when they could make strategic sense.

Third, regarding the dividend, fiscal year '25, we will propose an ordinary dividend of €0.06 per share to be submitted to the AGM in May. The ex-dividend date would be May 7, with payment starting on May 11.

So '26 priorities reflect again a balanced approach, reinforcing our strategic position, continuing to reduce debt, and maintaining disciplined and predictable shareholder return, supported by strong operational momentum in both Publishing and Travel Retail. Thanks a lot for your attention, and we are now available to answer the questions that you may have.

Yes, good evening. Thank you for taking my questions.

First question could we have a comment on the outlook for full-year '26 for both book publishing and travel retail, especially at the margin levels? Do you consider, especially for travel retail, that there is still room for margin improvement following the restructuring in China?

Also, a brief comment on the operating trends for the two businesses since the beginning of the year. Second question, on Prisma, do you expect further restructuring costs in 2026?

Do you expect that Prisma could post positive EBIT, excluding restructuring, in 2026 following the staff reduction? Last question is on the debt structure.

You deleveraged the company in 2025. Is it a priority for you to continue to reduce leverage in '26, and could you give us an indication of the kind of leverage that you could target at end 2026?

Thanks.

Thank you, Eric. I think I will hand over the answers to first Jean-Christophe.

For Hachette. As Grégoire explained, we had a very strong year in 2025 for Hachette.

For '26, we expect stable revenue, despite forex potential headwinds with a weak US dollar. Concerning France, we will not benefit from an Asterix release in an even year, and we will face a risk of erosion in coloring books sales after outstanding sales in 2025.

On the other hand, we have a very promising publishing program, including new novels by Pierre Lemaitre and Guillaume Musso, for Guillaume Musso including a new novel, Le Crime du paradis, and the trade paperback release of his previous title. We will have, too, the second year of middle school reform with math, French, LV1, LV2.

In the UK and in the US, activity should remain relatively high after a record year in 2025, driven by a strong publishing program, among which a new title by Callie Hart in the US and in the UK, or Liza Minnelli's memoir in both countries. We will have Heartstopper number six by Alice Oseman in the UK, a release by John Grisham in the UK, a new novel by Abby Jimenez in the US.

In the US, the results should also benefit from the full impact of the synergies realized by Union Square acquired at the end of 2024. Concerning the EBITA, we hope to be able to deliver EBITA roughly in line with 2025 and to maintain a high level of margin ratio.

Good evening, Éric. Regarding Lagardère Travel Retail, we believe the year 2026, we hope the year 2026 will be materially in the continuity of the last quarter of last year.

What we see is continuous slight increase on the traffic side, and we hope and we believe it will it will remain like that for the next 10 months. We will continue to benefit of a positive effect in comparison to last year of the Amsterdam integration that Grégoire highlighted started in May 1st last year.

This will help us. Counterpart of that, we continue the restructuring of China that should continue on the same speed, at the same speed along the year, and most of the restructuring should be done by the by the end of by the end of '26, by the end of this year.

This is in a context of very challenging macroeconomic environment, and in particular, FX environment. The the the the evolution of the dollar and the dollar-pegged currencies is something we take we look at very, very carefully.

For the time being, we're in the range of let's say, mid mid-single-digit sale evolution. Regarding margin, EBITA, we expect in absolute value should grow relatively substantially, and in terms of percentage, we believe there is still a little bit of room for slight improvement in in in the in the rate, a marginal one, result of slowing reduction of the losses in China, as highlighted in in the question, but also all the efficiency efforts were going throughout throughout the world, were delivering throughout the world to to improve the overall profitability.

Maybe I can take the question regarding the live branch and Prisma for the Q4 and Q1 trend. Regarding the Q4, supported by the Europe 1 strong audience performance, Lagardère News advertising revenues held up well in a challenging advertising environment, as declining only by 6%.

For Prisma, the decline in digital advertising revenue for this last quarter is broadly in line with the market trends close to 10% in Q4. Regarding the beginning of this year, for January, quite soon to say, but January trends are correct at this stage for radio, still driven by the Europe 1 audience.

However, the trend for Prisma is unfortunately aligned with what we saw in Q4 '25. Then you had a question regarding the restructuring at Prisma.

I can also take this question. As I already mentioned, our target is to keep Prisma EBITA in the positive territory.

It's the case apart the restructuring costs in '25. This is clearly a challenge for '26, but this is our target.

The restructuring initiated at the end of '25 will, of course, generate savings as early as '26 on personnel costs, as well as in support and marketing functions, for a global amount estimated at this stage between €15 and €20 million, full-year effect, but let's be cautious with that numbers because hard to be very accurate for '26 impact since again, it's still under the review of the staff's representative, and we are not completely sure about the timing. These two restructuring plans are already very large, as I mentioned it, more than 1/3 of the workforce.

At this stage, we don't contemplate other strong restructuring costs for 20 '26, but we could have other costs in a lower magnitude, but again, today, we are focusing on the last restructuring launched in December. This is for Prisma.

Then you had a question about, Éric, the debt and the potential target regarding the leverage. As since '24, we have been executing a very disciplined deleveraging strategy.

You saw the results. Our leverage ratio improved very strongly from three times at the end of '23 to less than two times at year-end '25.

Again, in '26, deleveraging will remain a key strategic priority for the group. We'll continue to apply the same disciplined financial approach, with a strong focus on EBITDA, working cap control, prioritize investment that support future growth, and in the same time, we also want to continue our policy of investment of disciplined bolt-on M&A and a reasonable level of dividends.

Long story short, too soon to give you a precise target for '26, but again, we want to consider the cash generation as a key priority for the group for the next year.

Thank you very much.

Yes, good evening. A few questions on my side.

The first one is on China restructuring for Lagardère Travel Retail. Where are you exactly from the starting point?

Is it 1/3, 2/3, half of the efforts? When do you plan to be breakeven for this business, if you plan to be breakeven?

That's my first question. My second one is on the Vivendi deal regarding Prisma.

If I have understood well, you are selling some title to Vivendi. Does that mean a cash-in for you?

Then, Vivendi is buying a stake in Prisma. If you could detail a bit the cash impact and what's the valuation of Prisma that has been used?

Last question, on free cash flow, the CapEx are down this year. Should we consider this level based on the revenues as the new normal?

Also, second question, based on the €90 million of restructuring in '25, what has been included in the free cash flow for '25, especially for the Prisma? Thank you.

I'll take the Chinese one. First, maybe one point to highlight or to remember to all of you.

The situation in China is a very atypical situation because what we operate in China is mostly fashion, predominantly, 90% of this business is fashion in domestic airport. It's a very somehow atypical market in which we operate.

Despite all the efforts we did in the recent past, we do not see a clear turnaround of market trends. We are in the process of restructuring.

Depending on the way you measure it, I would say if you count in terms of number of store closing, we are more than halfway. If you count in terms of reduction of the losses, it's higher than the number of store shrink or decline.

As I said earlier, most of the restructuring should be achieved by the end of this year. We're still in the red this year, but next year, we can consider we are in the range of zero, zero of everything, including bottom line.

Thank you, Frédéric. Coming back to the Vivendi deal regarding Prisma, again, this is under the review of all the bodies.

In a nutshell, in December '25, Prisma finalized, as the acquisition of the magazine Ici Paris and France Dimanche, and then we launched the two restructuring. The transaction will again enable Prisma to refocus on its core businesses in a more challenging economic environment.

The impacts are not very strong regarding the business of Prisma, since the luxury branch represents close to €20 million in terms of revenue and is close to breakeven in '25. Regarding the cash consideration and the cash impact, the consideration is regarding the sale of the luxury division around €10 million in cash.

Regarding the other part of the transaction, since concurrently with the transaction regarding the luxury branch, Vivendi would acquire a minority stake of around 14% in Prisma group's share capital, the transaction would contribute to €30 around €30 million in cash for LHG coming from Vivendi. This is for Prisma Vivendi deal.

You also had a question regarding the CapEx for '26 and is the '25 level normal, the new normal. Actually hard to say.

Again, the CapEx in '25 were a little bit lower than expected. I will tend to say that the target is between '24 and '25.

I think it's better to consider the level of CapEx compared to the turnover, and particularly regarding Travel Retail, I think that we should have a level between, let's say, 3.5% and 4% of the total revenue. I think this is roughly, in the long term, what we should target.

Then you had a question about the cash impact. What was exactly the question?

The impact for the restructuring regarding Prisma. During the year '25, we had roughly €7 million already cash out for the restructuring plan launched for Prisma, mainly the one launched at the beginning of the year.

The main part of the restructuring costs in terms of cash will impact year '26, and maybe a little bit year '27, depending, again, on the timing linked to the review which is under process.

Thank you very much.

Yes, good evening. Thank you for taking my questions.

The first one is, can you give us some colors on Q1 trends by division? That's number one.

Number two, is there any assets in the Live division that you consider noncore? I know in terms of the passing is profitable, but maybe you could get a good price and delever some more.

All the venues, anything in there that potentially could be a noncore? Then last question is, could you give us some indication on cash flow, either cash flow conversion from EBITDA or, yeah, some indication, whatever you can say on cash flow generation in 2026?

Merci.

We start again, I think, a little bit summarize what's the trend for Publishing with Jean-Christophe.

Thank you, Emmanuel. The Q1 of '26 should be roughly in line with 2025, despite the unfavorable comparison base effect with the first quarter of 2025, which had benefited from the huge success of Onyx Storm in the UK.

We will have a solid publishing program for the first quarter of 2026. Additionally, we will publish Judge & Stone in the US in March, which is a collaboration between James Patterson and the actress Viola Davis.

The activity for the first quarter in France will be driven by the success of Pierre Lemaitre, Les Belles Promesses, which is the fourth title in the series he began in 2022. We will have the return of Guillaume Musso, who will publish a new novel, Le Crime du paradis, I mentioned earlier, at the beginning of March, along with the simultaneous release of Quelqu'un d'autre in trade paperback.

I guess this is my turn. For Lagardère Travel Retail, the month of January was somehow in the continuity of the last quarter of last year, that we find a pretty good result, especially in the context of very adverse weather conditions in Northern Europe.

I have in mind Brussels and Amsterdam Airport in particular, that were badly impacted by the snow wave, and also in North America, it was an extreme weather event that affected traffic and therefore our sales. Having said that, despite this very adverse effect, we maintain a good momentum in the continuity of last quarter, mid-single-digit sales growth.

We continue to be supported by the Amsterdam effect, because as I said earlier, until end of April, this will be helping our growth. This is despite in January painful FX effect, and that's why I said earlier, for the full year, something we are going to monitor.

All in all, we're on track with what we were expecting, mid-single-digit in Jan. Having said, be careful extrapolating, January is the slowest, smallest month of the year.

We believe the first quarter should be equal or slightly better than the month of January.

I think that I already answered regarding the Prisma and live trend for the beginning of this year. Coming back to the question that you had, Julien, regarding the assets that you named noncore assets for the live branch, as these assets are definitely not for sale.

It's not our plan. We clearly love these assets.

It's a very strong portfolio of brands. They are all profitable, apart the news activities.

As I mentioned it, we targeting to be close to zero for these news branch. This is clearly the priority for us.

I prefer, sincerely, to focus on generation cash through operational improvement, instead of planning any sale for good asset of the groups. Regarding the cash flow conversion for '26, of course, we will try to increase again the cash flow generation for '26, for the next year.

I think of course, the main driver will be the profit and the EBITA generated next year and the increase of the EBITA. Just keep in mind that for '25, as I mentioned it, we have a few exceptional items that positively impacted the CFFO.

The first one is the sale again of our real estate asset, Rue d'Assas, and the sale of the mood.com domain name. Both represent together close to €40 million.

We also have, as I mentioned it, the credit loan for reimbursement for sports for Lagardère Sports from SPORTFIVE for also €40 million. All in all, we had close to €80 million exceptional impact this year.

It was not so easy to deliver this exceptional items to again sell particularly the Rue d'Assas at this level. This is done, and I'm not sure that we will have so big exceptional items in '26.

The main driver, again, for the cash generation should be the operating result for '26.

Eh bien, merci.

Yes, good evening. I had three questions.

The first one was on minority interest. I think in the release, you mentioned that the improvement is coming from the lower level of losses in Asia, it seems to be essentially due to lower losses in Asia.

Is that the right way to look at it? If that is the case, 20 €20 million, €19 million increase suggests a very, very strong improvement of the net contribution of Travel Retail Asia.

Is that a fair assumption? The second question is just a confirmation.

I had in mind that the share of operating profit generated in dollar was about 40%. Just wanted to have an update on that order of magnitude.

Finally, on Live, I think, Grégoire, you just said that you were targeting for news to be at zero. Is that an assumption we can take for all of 2026, for the whole of the division Live plus news?

Thank you.

Regarding the minority interest, I just mentioned that this has a positive impact regarding the minority interest at the group level, since we share the loss with minorities. Since the loss are lower this year, we have let's say, lower negative impact for the minority shareholders in the results.

As it's always quite difficult to explain in details all the impact for the earning group per share, particularly if you are at the Louis Hachette level. If you have detailed question about this, do not hesitate outside this call, have a discussion with the IR.

They have all the sheets and the figures that help you to go from the net results from Lagardère to the net result from LHG, with the clear split between the group level and the minority level. Then you also have a question regarding the result coming from the US and with the assumption of 40%.

I think it's quite a good assumption for this year. Again, the US is clearly today our first market.

Beside your question, the question is, could we be also impacted by any FX change? Of course, we could.

We already mentioned it. Keep in mind also that we have a part of our debt which is in dollar.

If we could have a negative impact regarding the FX for the revenue and the operating results, we could also have a positive impact balancing this for the net debt. Then you mentioned the target regarding Live.

As I mentioned it, we are close to breakeven, not yet there. I think it's feasible to be breakeven in '26.

It's, of course, depends a lot on the market and the advertising market, I again prefer to be cautious. I already mentioned this target one year ago, and we clearly want to achieve this level.

I hope this is feasible in '26, but if it's not the case, this will be for '27. We want to reduce the cost and the loss at this level.

We are completely focused on this target.

LHG level, it was at Lagardère level where you've got that €19 million increase, you have 23% share of minorities. If you do the math, that's a massive improvement of the net profit of Asia.

I do know that last year you had reorganization, but

Exactly. Clear.

If you just have a look to the net result at Lagardère level, you have a very significant improvement regarding the net result group share at Lagardère level. Then we have just to walk you through the net results from Lagardère to Louis Hachette.

Again, this is something that we can do outside this call, no problem to give you all the details.

You

are right, the net result at Lagardère level improved a lot in '25.

Thank you.

Thank you. Thank you all, and we conclude this conference call, and we hope to hear from you for the Q1 2026 in April.

Thank you.

Thank you very much.

Thank you.