Thank you, Florent. Hello, everyone.

Thank you for joining the call. It's a pleasure to be here with you for this important moment, not only to present, as mentioned by Florent, our 2025 full-year results, but also to share our '26 outlook and medium-term financial ambitions.

First, I would like to start with our strong momentum since July 2025. 1 month after my nomination, I could release our new leadership team.

With this team, we already took several important decisions to simplify, streamline our organization. Fabrice Cambolive as Chief Growth Officer enhance complementarity between Renault and Dacia, and this start to deliver results.

Our CTO, Philippe Brunet, set one unified engineering organization and the team was capable to reorganize this within 4 months. We release our Ampere 2.0 project in order to extend the mindset of Ampere to all our Renault Group operation.

I decided to stop Mobilize Beyond Automotive, focusing more on customer experience for our EV customers. On India side, we appointed a CEO in charge of the full-fledged operation in India in order to prepare our next mid-term plan in India.

Last but not least, we reshuffle our light commercial vehicle operation in order to put this important operation back on track. On partnership side, we also grant important milestone with the closing of our agreement with Geely in Brazil.

Today, Renault do Brasil, or I should say Renault-Geely do Brasil, is selling Geely cars. The localization of the Geely platform, both for Geely and Renault products, is on good track.

We also, as you well known, release our partnership with Ford in Europe. Let's move now to our financial results.

We got the job done. July guidance has been delivered with operating margin 6.3%, which means €3.6 billion, free cash flow €1.5 billion, and record-high automotive net cash position at €7.4 billion.

All our brands delivered strong performance in 2025. We recorded 2.3 million units overall in total, with third consecutive years of growth for Renault Group.

Renault brand, first, also third consecutive year of growth, plus 10% growth in passenger cars, second brand in Europe for PC and LCV, first French brand worldwide. Dacia also delivered good results with plus 3.1% growth.

We have more than 10 million vehicles sold with Dacia brand since 2004. Dacia is second brand in retail passenger cars in Europe, and Sandero is the best model sold in passenger cars in Europe.

Also Alpine, because with Alpine, we have triple-digit growth, first time ever we overachieve 10,000 sales in a year for Alpine. A290 now is gaining a good momentum, and we just launched A390 in the European market.

Our so-called two-leg strategy is working well. We continue to push on EV and software, plus 72% sales growth for Renault brand EVs in Europe, plus 77% for the group in Europe.

The mix of full EV for Renault brand is 20%, 14% for Renault Group. We have also very good results on hybrid.

Our hybrid E-Tech full hybrid is second best in Europe. We grew plus 35% sales growth in hybrid in Europe, and the mix of hybrid for the Renault brand is 38%, but also overall 30% mix of full hybrid for Renault Group in Europe.

All of this is due to the successful launches of our new product. I start with Europe and I start, of course, by Renault 5 with over 100,000 units sold in 2025, leader in EV B-segment in Europe.

Symbioz, successful launch as well with 89,000 units sold since the launch. It's Renault's best-selling full hybrid model, and it is C-segment growth for Renault brand in Europe.

On Dacia side, Bigster was a big hit in terms of launching last year. We already sold 67.6 thousand sales.

It is the best-selling C-SUV to retail customers in Europe in H2 2025. Outside Europe, our push outside Europe started.

As we launched Grand Koleos in South Korea, about 44,000 units sold in 2025. It is the top 3 D-SUV HEV in South Korea.

Kardian is also a success with about 50,000 sales sold in 2025, both in South America, but also very successful launch in Morocco. The Duster, over 27,000 sales sold outside Europe in new markets like Colombia, Australia, and Saudi Arabia.

All of this is based on a strong fundamentals supporting the performance. We keep healthy inventories, 539,000 total inventories.

As we have high utilization rates over 85% for our manufacturing footprint. We have solid order intake fueling order book, plus 3%.

We continue to focus on value over volume, plus 17% point above market average on retail channel mix for our brands. All of this leading to increase of the residual value from 5 to 12 points above peers in Europe.

We have also on cost side a very strong performance with over €400 COGS reduction per vehicle in average worldwide in 2025. Duncan, please detail the results.

Thank you, François. Good morning, everyone, and thanks for joining the call with us this morning.

Without ado, let's go straight into the zoom on the financial results, starting with group revenue. Renault Group enjoyed a 3% revenue growth at €57.9 billion in 2025.

As you've just seen, the result has been achieved while staying true to our value over volume credo. At constant exchange rates, revenue was up 4.5%.

Automotive revenue stood at €51.4 billion, up 1.8%. The Mobilize Services contribution amounted to €91 million, up €22 million versus last year.

Last, but not least, Mobilize Financial Services revenue increased 13.2% to €6.4 billion, mainly driven by higher interest rates of the portfolio and the increase in average performing assets. Drilling into automotive revenue, it included in the first bucket negative 1.6 points of exchange rate, mainly related to the devaluation of the Turkish lira and Argentinian peso.

At constant exchange rates, revenues increased 3.4%. The volume effect was positive at 0.7 points, driven by an increase in registrations, which was partly offset by a lower restocking within the dealership network in 2025 compared to 2024.

As mentioned by François, group registrations rose by 3.2% this year, totaling 2.3 million units, marking the third consecutive year of growth driven by three distinct brands. Each brand surpassed market performance, aided by the deployment of the International Game Plan and the expansion of our electrified lineup.

The 3.2% increase in registrations was partially offset by a lower restocking within the network in 2025 compared to 2024, as you can see on the graph, as stock rose 5,000 units in the year compared to 62,000 in the previous period. As of December 31st, total inventories of new vehicles stood at a healthy level to operate and represented 539,000 units, of which 442,000 at independent dealers and 97,000 at group level.

This level of inventories is supported by a 3% growth of the order intake, resulting in an order book of 1.5 months of forward sales at year-end 2025. Order trend continued to be positive also at the beginning of the year with a double-digit increase over the year in both PC and LCV.

The sales to partners, which was the next bucket effect, was slightly negative, mainly due to the positive R&D billing one-off in the first half of 2024 and the deconsolidation of Horse powertrain revenues from the end of May. These were partly offset by gains from partner programs, particularly Nissan Micra and several models from Mitsubishi.

Additionally, our Indian activities, RNAIPL, inclusion in the consolidation perimeter has happened since 1st of August, which contributed positively. Let's review price, product mix, and geographical mix effects.

The price effect was slightly negative at 0.2 points, mainly due to the ongoing commercial pressure, especially in Europe. Price increases helped partially offset negative currency impacts.

The group continues to prioritize residual values as part of its value over volume strategy, as mentioned earlier. Product mix had a positive effect of plus 3.2 points, driven by the recent launches, notably Dacia Bigster, Renault Symbioz, Renault 5, the A290 from Alpine, the Renault 4, and the Renault Koleos.

This trend will continue to support results in 2026. Geographical mix was negative at minus 0.5 points, attributed to increased sales outside of Europe.

The international mix rose to 30.4% in 2025, up from 28.6% in 2024. Finally, the other impact resulted in a 0.3-point increase, primarily due to the performance of parts and accessories and distribution activities.

Let's turn now to analyze the operating margin. This year, we posted an operating profit at €3.63 billion, representing 6.3% of revenue.

The automotive segment operating margin stood at €2.18 billion or 4.2% of auto revenue. Mobilize Financial Services operating profit reached €1.47 billion.

Looking at the evolution of the group operating margin, the first point, currencies had a negative impact of €282 million, mainly due to the Argentinian peso. The Turkish lira positive impact on production costs was offset by the increase of the group sales in Turkey.

Volume effects contributed a positive €186 million, thanks to the increase of our invoicing and increased sales to partners in H2. Price, mix, and enrichment and cost factors together had a negative impact of €341 million, it's the sum of the 733 and the 391, reflecting strong commercial pressure, especially in Europe, a higher EV mix, higher international sales, and fewer high-margin LCV sales.

Efficient cost management helped partially offset these impacts. When it comes to costs, we achieved our target of reducing the cost of goods sold by €400 per vehicle in 2025, mainly due to our strong purchasing performance and the initial benefits we're seeing from the powertrain synergies delivered by Horse.

That said, even with these positive results on COGS, our overall costs were affected by higher warranty expenses in the second half of the year, largely due to a recall campaign on powertrain. Also, despite a strong performance, industrial and logistics costs were impacted by higher amortization related to recent launches.

R&D posted a negative impact of €87 million, primarily due to an unfavorable comparison base with nonrecurring R&D billings to partners in the first half of the previous year. SG&A improved by €59 million, thanks to strict control of expenses, and others effect was negative by €59 million.

Mobilize Financial Services posted a record operating profit. I'll just comment that in a minute.

The last bucket highlights the impact of Horse deconsolidation. It represented a negative impact of €279 million in 2025 compared to 2024, explaining a significant part of our operating margin decrease.

From now on, there'll be no more impact of Horse deconsolidation on the bridge. Competitiveness from Horse will be tracked in the cost bucket.

As I said, Mobilize Financial Services generated a record result, recording 22.3 billion of new financing, up 3.3%, thanks to growth in both registrations and in the average financed amount. Average performing assets hit €59.3 billion, up €3.3 billion versus 2024, driven mainly by strong commercial activity on the customer financing business over the last years following the end of the electronic component shortage.

Net banking income as a percentage of average performing assets improved by 19 basis points, highlighting a robust margin policy. Cost of risk at 0.36% remained in line with our historical levels.

Operating costs in absolute value improved by 4 basis points as a percentage of average performing assets and remained stable in absolute value, excluding positive one-offs in 2024. Overall, Mobilize Financial Services posted a record operating profit of €1,468 million, up €173 million year-on-year.

Moving to key items from our group P&L below the operating margin line, other operating income and expenses were negative at €11.5 billion, mainly included the noncash loss linked to the change of the accounting treatment of Renault Group's stake in Nissan for €9.3 billion that was recorded in the first half of the year. It also included impairments for €0.9 billion, restructuring costs for €0.4 billion.

These restructuring costs notably embedded an early retirement scheme. Other items included here the FCA penalty provision at MFS.

Indeed, we took this year an additional provision of €222 million to address potential risks related to the UK motor commission matter. Other items are also included with the EU CAFE LCV provision for a total of around €100 million at the end of 2025.

Moving down to net financial income and expenses, this amounted to €208 million compared to €517 million in 2024. Hyperinflation in Argentina had a lower negative impact in '25 compared to the previous year.

The contribution of associated companies amounted to negative €2.2 billion compared to negative €521 million in 2024, included Nissan's contribution for negative €2.3 billion in the first half, while the contribution of Horse Powertrain amounted to a positive €245 million this year. I remind you Nissan no longer impacts the net results since the change of accounting method end of June.

Current and deferred taxes represented a charge of €522 million, including €24 million related to the French exceptional surtax. All in all, and excluding Nissan's impacts, net income group share reached €715 million.

Let's now move to free cash flow generation. Starting from the top line, the cash flow reached €4.7 billion in 2025 compared to €5.2 billion last year.

The year-on-year decrease was meaningfully lower than the decrease we experienced on our operating profit, highlighting the resilience of our performance. Worth highlighting as well is that 2025 cash flow included €300 million dividend from MFS versus a €600 million dividend in 2024.

The 300 was €150 million of dividend for the year 2024 paid in the first half of '25 and €150 million anticipated for the year 2025 paid in H2 2025. Tangible and intangible investments cash outflow, including asset sales, amounted to €2.8 billion, rather stable compared to 2024.

Including the part of R&D expenses accounted for in the P&L and excluding the impact of asset disposals, the total amount of group's net capex and R&D stood at €4 billion, relating to 6.9% of revenue compared to 7.2% of revenue in 2024. The change in working capital requirement was a headwind of €190 million.

This underscores the group's willingness to have a healthy and sustainable working capital requirement management. In this context, the group aims to unwind in '25 and '26 the significantly positive €844 million change in working capital recorded in 2024.

Finally, restructuring charges had a €300 million cash impact. All in all, Renault Group generated €1.5 billion of automotive free cash flow in 2025, demonstrating a resilient profile.

The automotive net cash financial position stood at €7.4 billion on December 31st, 2025, compared to €7.1 billion a year before. This evolution was mainly driven by the strong free cash flow generated, dividends paid to shareholders for €697 million, and the impact of foreign exchange, IFRS 16, and others, which resulted a negative €392 million, partly due to the employee share plan.

Liquidity reserves stood at a comfortable level of €17.7 billion. I'll end this presentation of our '25 results with the dividend that we will submit for the approval of the General Assembly on April 30th, 2026.

The proposed dividend for the financial year 2025 is €2.20 per share. This dividend, I think, is a clear signal of confidence in the future of our company and confirms our intention to remain attractive in terms of return.

I now hand back over to François for the '26 and mid-term financial outlook.

Thank you, Duncan. Before we look at the mid-term perspective, let me start with 2026 full-year financial outlook.

As you can see, we aim to deliver again strong and resilient results in complex environment with operating margin circa 5.5% and free cash flow circa €1 billion. Our key assumption is same pace in terms of global market, stable Europe, South Korea growth, India, South America, and also high level of market in Türkiye and Morocco.

As you can see, we have a slight decrease in operating margin ratio. This is due to expansion of our business, especially in India, South America, South Korea, strong increase in terms of sales to partner, and of course, also keeping a strong momentum in terms of battery EV in Europe.

I remind you that in 2026, we have consolidation of RNAIPL, our plant in India. In this outlook, we embedded to keep a very strong cost reduction activities, as well as a negative change in working capital.

We also expect €350 million dividend from Mobilize Financial Services. In 2026, we will keep intensive product offensive both in Europe and outside Europe.

Let me start with Europe. On passenger cars, we will have the full impact of our new Renault Clio, and the start is super strong.

The new Twingo E-Tech electric will be launched in H1. For Dacia, we'll have a new A-segment EV, a new C-segment ICE and full hybrid version.

On LCV side, we'll launch this year our new Trafic Van E-Tech at the end of the year, but in parallel, we'll have the full benefit of the full set of version of Master now available. We will have also the benefit of the Alpine A390 in Europe.

Outside Europe, we will push strongly our growth, notably with the Renault Boreal in South America and in Türkiye, the launch of the Renault Duster in India, Renault Filante just released also in South Korea, and I would like also to mention the launch of our new pickup in South America in H2 2026. This is for 2026 overall financial outlook.

Next March 10th, we will release our new strategic roadmap for Renault Group. This will be based on four convictions.

The first one is that we have and we will continue to give top priority to our product, to deliver a second successful lineup in a row in Europe and to be a contender in high-potential markets outside Europe like India and South America. We will also release a strong ambition in terms of customer experience.

We will release detailed technology roadmaps for all key technologies, especially regarding EV and software. Third, we will deliver top operational excellence because in this tough competitive market with a lot of uncertainties, we need for each function to target the best-in-class performance.

Last, but not least, our conviction is clear: we will not win alone. We will build sustainable, trusted, transparent relationship with our key stakeholders, of course, our employees, but also our suppliers, our dealers, and our partners.

Our next mid-term plan as Renault Group is a standalone mid-term plan and we'll use our partnership to boost our competitiveness and strengthen our position, especially in key international markets. In terms of mid-term financial outlook, with this strategy, with this mid-term plan, we are happy to share with you today our mid-term financial outlook, which is about robustness, regular, and resilient financial results.

In a very challenging environment, we'll create value with consistency, predictability, discipline, and realistic approach. As you can see, we aim to deliver regular 5% to 7% operating margin, as well as over €1.5 billion per year on average free cash flow.

We will do this, and I will now detail a bit more those items, in terms of operating margin, as you can see, our industry is very cyclical. Over the past 20 years, our average COP was 3.9%.

What we disclose today is that we aim in the next year to deliver between 5% to 7% with steady mid-single-digit revenue growth over the mid-term supported both by the automotive business and MFS. This will be also delivered through a steady improvement in variable costs, as well as a fixed cost discipline with a strong focus on productivity.

If we move now to cost reduction, we will deliver every year €400 cost reduction in average per vehicle. We will continue to improve our efficiency in terms of development of new products.

We will deliver in the coming years up to minus 40% reduction in new projects entry ticket, means R&D capex and supplier entry ticket. Our SG&A expenses will remain stable over the mid-term.

With all of this, we will keep a cautious breakeven point and will keep stable our cash fixed cost base over the mid-term. Let me move now to free cash flow.

With all of this and enhanced performance, revenues, focus on costs will enhance our profitability. As a consequence, we will improve and deliver strong free cash flow.

R&D capex and supplier entry ticket below 8% of group revenues. MFS dividends will come back to historical high level, circa €500 million a year on average.

Also, I would like to mention then in the next years, we will start to have high level of dividends from Horse Powertrain to start from 2027 onwards. In terms of capital allocation, we will have a very strict discipline and balanced capital allocation.

Of course, the top priority will be to invest into our products, as I mentioned, with R&D capex and supplier entry ticket below 8%. In terms of financial investment, we'll have very high ROCE request.

We will, with all of this, preserve a strong balance sheet to maintain strong liquidity reserve to protect our investment grade profile. We will also return value to our stakeholders, to our employees with profit share mechanism, but today, I also confirm our long-term objective to have 10% of our share capital owned by employees.

Of course, to shareholders, we'll have a progressive increase in dividends per value in absolute value. It is what I will present now in the next page regarding dividends.

For this as well, you see that over the past 20 years, we had €1.65 per share dividends, but circa €0.4 per share if we exclude Nissan dividends pass-through. Now we aim to deliver €2.2 per share this year, next year, explained by Duncan, but also progressive increase in dividend per share in absolute value.

As you can see, and this is my conclusion, in cyclical industry, now Renault, after 5 years of Renaulution, clearly a success story, we are capable and we will deliver a success system. It means in terms of financial outlook, steady, robust, resilient financial performance.

Thank you.

Good morning. Thank you, Florent.

I hope you can hear me. First question, I'd like to talk about your recent momentum.

November, December, January in Europe have seen clearly a sharp deceleration of your commercial dynamic. Can you talk about this, explain if there's something unusual or if it's partly driven by the sharp increase in Chinese automakers' share or your geographic mix or the momentum in LCVs?

That the first question. Second, could you say a few words, if you can already or postpone that to March 10, about capital allocation, talk about the Nissan stake, whether you still plan to reduce that over time, what you plan to do with Flexis, or whether there are eventually some other investments that might require some capital, or whether we could hope to see eventually higher capital returns in the future given the strong net cash position you've reported?

Finally, a question on the Financial Services operation that reported very strong results again in '25. Could you explain why the dividend is not rising faster in '26?

I think we thought it would be a bit more, as I've seen you raised the equity of the business in '25. Could you detail the evolution of the cost of risk and remind us what was your residual value exposure at the end of 2025 directly carried by the Financial Services operations?

Thank you very much.

Thank you, Thomas. A lot of questions, I will try to organize this.

In terms of commercial performance in Europe, we delivered good performance in 2025 and we continue to do so next year. Maybe Fabrice, you can give the overall overview of your strategy in Europe in 2026?

Yes. I don't know.

We will check with you what you mean with deceleration in November, December. Our results in Europe are not only robust, but I would say consistent in the time.

Our growth is based on a growth on PC retail market in Europe in 2025, and it was the case for Renault and for Dacia, 3 years in a row. I would say this year in 2026, we will benefit from many positive factors.

A good recovery on LCV. That we had this phase-in, phase-out of Master with the launch of the new Master.

Now we have the full diversity, and this will already help us to increase our volumes on the LCV side, which is a very good point. The second point is that we will consolidate our strong position on the A and B-segment with the renewal of Clio on one side, but the arrival also and the extension of our market coverage on the A-segment with the new Twingo and a new electrified, segment A electrified model for Dacia.

Next point, we have a stable position on the C-segment, and we will add on this segment a new car from Dacia side. Of course, we'll count on our two-leg strategy between hybrid and EV to fulfill the consumer needs market by market.

On top on that, as you saw also last year, we have an increase of our international volumes, double-digit increase last year, which should continue through the number of model launches you saw and presented before by François. It means for me, no alert from the commercial side, a good position in terms of CO2 in Europe, which allow us to play between volumes, pricing, profitability, and CO2, and this always structured, value-oriented commercial policy.

I think we are working far above a pure pricing power. We are working in value.

What does it mean? A good channel mix, good residual value, good capacity to increase our model mix.

It means on this side, we are working on a very safe dynamic.

Thank you, Fabrice. Regarding Nissan, I think the priority for Nissan is the success of the Re-Nissan plan.

I share very often with Ivan, and I'm confident Ivan and Nissan team are capable to deliver this plan. I think they just release encouraging results few days ago.

My personal opinion is that once Nissan will be somehow stabilized, we will see more opportunities than today between Renault and Nissan because both groups, we have to concentrate on priority in terms of resources. It means that each time one partner can help each other to share resources, and our geographical footprint is very complementary, I personally think that you will see in coming years even more opportunities between Renault and Nissan that what we are successfully doing today, especially in Europe and in India.

For Nissan shares, as everything is open, and we'll consider any decision with a unique interest of our shareholders. Regarding Flexis, I'm happy to share that with our partners, Volvo Group, Renault Trucks, CMA CGM, we are about to reshuffle the business model, which is unfortunately needed because the pace of electrification for light commercial vehicle is much below what we expected.

The product is good. The product is really good.

The product is now almost fully invested. It means, Thomas, that our SDV now is invested and everything will be launched, Trafic E-Tech, included SDV, this year.

This will be a strong asset already invested for the next mid-term plan. Regarding the two last questions, MFS and dividends, maybe Duncan?

Thank you. Hi, Thomas.

We did do a Tier 1 equity or Tier 1 raise last year, but the capital situation at MFS is really strengthened and it was building for the future. Cost of risk, you asked, I think I called it out in the slides, 0.36 were pretty much in line with historical levels, things under control.

In terms of total exposure for residual values, compared to an average performing assets of close to 60 billion, we have a €4.9 billion exposure to residual values. Around 700 million of that is EV alone.

In terms of dividend, yes, probably wasn't well known, but we received 150 million in the first half, which we published in June. We got a pre-dividend of 150 million in the second half.

The outlook is therefore 350 million for 2026, and obviously as we move on through the mid-term, back up to 500 million per year.

Good morning. Thank you, Florent.

Good morning, François, Duncan, and team. A few questions, please.

Duncan, can you help us a bit with the expectations for 2026 on the bucket of raw materials, purchasing, warranty, and industrial costs? If you could comment there also on the cost savings that we're expecting from Horse to be booked in 2026.

That will be question one. There's probably three questions there, but question one, that will be the first one.

Then two, François, can you comment on, and happy to leave it also for the CMD, but you're mentioning some very big numbers like 40% reduction in entry tickets. Does this mean that some of the vehicles that you're planning to develop going forward will be coming from Shanghai?

Is there an additional opportunity to work with Chinese suppliers or with Shanghai R&D development center to continue to develop some vehicles from that region, which could allow you to reduce further the entry ticket by that proportion, which is very large? Then also happy to leave it for the CMD, but I was wondering if you could just comment briefly on your market share assumptions in Europe for '26 and '27 in the light of the competition that we have.

Obviously, Chinese OEMs entering the European market. Thank you.

Morning, Jose. Thanks for the questions.

I'll start in terms of the 2026 outlook bucket by bucket. For FX, the impact on the operating margin will be more negative in '26 than '25.

We're still seeing Argentinian peso, Turkish lira, it's the same kind of exposure that we have this year, but it'll be a stronger impact. Obviously, as you call out, and maybe François or Fabrice will come on to the market share questions afterwards, but not just the market share in Europe, but growth in volumes, obviously in line with our mid-single-digit sales growth assumption both from internal plus also partner businesses.

We do continue to see commercial pressure remain strong, and so therefore weighing negatively on the price mix elements for the activity. Enrichment will be a big part of that due to the regulatory costs.

We had Euro 6e-bis, which is impacting powertrains, which came into force on Jan '26, is impacting a lot of our B-segment, B-plus will be negative. In terms of dilutive, we have growth in EV, we have growth in international, but that's been well called out.

As you say, we do have a strong dynamic on the cost reduction. That remains very key in terms of priority.

That will be positive, variable costs. The fact that we're doing €400 per vehicle will impact us very positively, and also we won't have the warranty recall provision that we had in the second half of the year.

As fixed costs will be managed stable, the only thing that's coming through is slightly higher amortization related to recent launches. Fixed costs in cash are stable.

I think MFS will be able to produce as well, if not slightly better than this year in terms of outlook. That's bucket by bucket.

You asked for the three of the main ones, but that's the full walk down in terms of outlook.

Okay. Jose, regarding your two next questions.

Yes, we think we are capable up to minus 40% entry ticket reduction for the new model project development compared with previous generation. Yes, this is especially because we could assess in detail the way Chinese ecosystem is doing thanks to our ACDC development center in Shanghai.

I remind you that our proof of concept was Twingo. As a matter of fact, we are launching Twingo within 21 months, showing that we are capable to do.

In the next mid-term plan, our challenge is to put this as a standard and to demonstrate that Renault is European OEM capable in Technocentre with our supplier to develop within 2 years our new model as a standard, and this is a strong part of the next mid-term plan. This is indeed for this main reason that we are capable to release such a performance for entry ticket.

Regarding market share in Europe, as we do not disclose market share. What I can repeat is that together with Fabrice, Katrin, Philippe, Krief, we will continue to give priority to value versus volume.

Thanks to this, we deliver steady growth, we improve the value for customer, we improve the residual value, we improve the loyalty of our customer. You mentioned Chinese competition.

If I take the example of Spain, which is probably where the Chinese growth is the strongest one, you can see that our brands, both brands, are growing and gaining market share. It's why I do not underestimate the strong Chinese push because I know very well the strength of Chinese industry, but I think that with our strategy, with our recipe, which is about clear brand positioning, strong product, value versus volume, we will be capable to sustain growth in Europe in the next years.

Very helpful. Thank you very much.

Yes, bonjour, good morning. I hope you can hear me.

That's great. My first question is just quick one.

When you talk about mid-term guidance, could you specify you talk about which year, is it now a 2028 guidance? Then the second one is again, I want to come back on the 2026 guidance.

I missed, Duncan, your comments on raw materials, what is baked now into the guidance and maybe you can split that up, what's the impact also then from the rising chip prices? Then I want to follow up also on the question that was raised by Thomas on the late development.

We have seen in January that the Chinese OEMs, they increased their sales in Europe by something like 100%, there seems to be a renewed push by Chinese OEMs into Europe. At the same time, I think Stellantis also said that they want to do more volume over value, they also put the prices down.

At the same time, we see that Dacia was very weak in January, which I think you say was due to logistical issues. My impression is that the overall competitive environment worsened again in January, therefore my question is to what extent is already baked into your guidance, you talk about around 5.5% margin guidance for '26, should we work now with a range of kind of 5.3% to 5.7%, and since the market got worse, we should rather go then for something like 5.3% for '26?

The last one is brief one on dividends. You say dividends increase in absolute terms.

My takeaway from that is it's not that important what the earnings going to do, if it's now 5.3% or 5.7% margin doesn't matter that much. It's more really that you want to increase the dividend step by step and we do not have a kind of payout ratio that we need to keep in mind.

Thank you.

Hey, Horst. Thanks for the questions.

Good morning. Mid-term is for the years to come.

We're not talking about something for 2035, it's shorter than that. With the volatility of our industry, we want to give you the corridor that we're working in for the years to come.

In terms of the second question on raw materials, yes, we had a tailwind of raw materials in 2025. That'll be the opposite and probably more like double the amount opposite, we've got that on our radar and built into the guidance.

In terms of chips, I guess you're talking about memory, like all sourcing topics, we're covering this and we have working groups making sure that we're fully on top of it. We are seeing pressure across the sector in that area, but no disturbance at this point in time to call out.

In terms of the guidance range, 5.5 circa 5.5, yeah, mathematically that's between 5.3 and 5.7. We're announcing today the guidance for 2026, Horst, I don't think I'd say I've got anything particular to say whether it's the lower or the upper end of that.

It's circa 5.5. The last point in terms of dividend stable, yes, we had in the past talked about payout and we want to move away from that sort of cyclicality, and we want to be able to produce a steady and robust results.

The idea is to delink the percentage payout for free cash flow. We're proposing a €2.20 dividend and a policy which should progressively grow over time.

I think there was a third question in the middle of those five, which was on Chinese competition, Stellantis.

No, I will not add much. You should not pinpoint 1 month.

I think we have to see the trend. I repeat, last year, several competitors push a lot in terms of price.

This is short term. This is short-term strategy.

It is not our strategy. Despite this, we showed in 2025 that thanks to clear brand positioning, strong product lineup, and value versus volume, we can do better.

We will not be short term in 2026 and following years. It is because of this that steadily we are growing our performance.

I remind you that residual value is key in the European market because we sell most of the car with financing, leasing products, for which the residual value is absolutely key. It's why our sustainable value versus volume policy for our brands, our focus on retail for our brands, those are the good solution to have a steady growth in Europe.

This is what we will continue to do. We know what Chinese competition is, and we are ready to fight and to grow in Europe.

Your impression is not that it got worse lately, right?

No. Horst, I think I made the comment to you guys asking the question in Jan.

In Jan, we had some specifics indeed as you referred to regarding logistics, notably for the Dacia brand, but this will be caught up during Feb and March. This is something that is not depicting a trend or whatever.

As mentioned by Fabrice as well, the order trend is good in Jan and the order book has reinforced. It was at 1.7 months at the end of Jan, again, on this the perspectives that we have are good.

That's great. Thank you.

Good morning. I hope you can hear me.

Great. Thank you very much.

I've got two questions, please. The first one is on the investment ratio.

The 6.9 is very, very low. You want to keep it below 8%.

Average industry, probably 10. I guess the market will have an issue with the sustainability of that investment ratio.

It would be helpful if you could maybe comment on what kind of benchmarking you've made. I know you've break new grounds working with the Chinese on development, but also maybe to make that ratio look more sustainable, how much of that is the fact that you're probably more disintegrated vertically than most of your peers, having deconsolidated Horse?

In the context of that sub-8% investment ratio, how much do you think is an edge from your vertical disintegration? Is my first question.

My second question maybe for you, François, is more on we hear noise about EU local content rules coming through, hopefully next week. What we heard is 70% ex-battery seems to be like music to your ears, I think, in terms of what you were kind of looking at.

I'm just wondering if you can kind of tell us your latest thoughts on would that be kind of a positive for you, what's happening on the LCV CO2 rules to make them workable, and then any thoughts on what does the EU have in mind when they allow the price undertaking offers for the Chinese OEMs? Thank you.

Regarding the first question, indeed, what we target is best performance for entry ticket and supplier entry ticket. We know how to do.

This does not mean that we reduce the pace and the ambition in terms of new products, but also in terms of technology roadmap. You will see during our Strategy Day March 10th, and our CTO will explain this in detail, that we set very detail tech roadmap to catch up Chinese trend on all what is important in terms of future of automotive.

It is true as well that, and we will show this also March 10th, that we will streamline our platform. We set in our engineering organization a cross-carline organization in order to streamline diversity and develop top-notch level of module and technology, very much standardize, and then the three brands can use it.

This is also a strong lever in order to be better than competitors. Yes, we aim to be better than competitors in terms of R&D capex ratio, but not reducing the pace of investment.

Regarding EU, I have been very talkative. It's true last year in order to raise the urgency to do some changes.

I think EU and governments now understand the urgency, but so far we have no concrete project. I nevertheless remain confident that we will get the necessary realism and flexibility as far as CAFE 2035, technology neutrality, and also tsunami of regulation are concerned.

Regarding Chinese competition, you know Renault opinion. We do not think that to close boundaries is good.

It's not good for Europe. It's not good for China.

What we recommend, and I will repeat this now, is to apply in Europe what China successfully applied 20 years ago. Means that Chinese OEM are welcome in Europe, but they should partner with us, they should produce, develop, use our suppliers, invest in Europe, and we can call it local content, but for me, this is the most important.

Now I will wait the decision, but what I can share with you is, again, as Renault today, we have the agility to move quicker than our competitor in order to adjust ourselves to what EU will decide soon or later.

Yes. Hi.

Thanks for taking my questions. Three questions on my side.

First, on the order book, order was 1.5 at the end of last year. I think you said 1.7 at the end of January, it's definitely improving a bit.

There's probably some seasonality here as well, but what's your take on how it should develop throughout 2026? That's the first question.

Second question, a follow-up, Duncan, I think you said earlier or maybe it was François, that LCV sales should improve in 2026, meaning should grow. Is that versus I would say H1, which was very tough last year, or overall we should expect absolute LCV sales to increase in 2026 versus 2025?

Maybe third question and follow-up from Horst on shareholder returns and free cash flow. You're guiding for free cash flow above €1.5 billion per year.

Dividend is, even if it's increased, it's probably a payout which is something like €1 billion max, I would say, there's still some available free cash flow and your financial situation has been highlighted has already significantly improved and is very strong. Could you help us navigate into that, meaning that what should we expect as a target for net cash position and how should we see shareholder returns in the context of free cash flow?

Is it possible that all free cash flow should be returned to shareholders at some point or there's other ideas in mind? Thank you.

Thank you, Michael. Fabrice will start with the two first questions and then Duncan.

Yes. Florent said that order book increased at the end of January by 0.2 months, which is reflecting what we said before, it means a good dynamic in terms of orders.

We are monitoring that carefully and frankly speaking, the trajectory until now is good. We don't see any reason why we shouldn't confirm that in the next months due to the success of our today lineup and the next launches, which will increase our market coverage.

We are entering once again in A-segment, in C-segment with Dacia. It means we should increase naturally our market coverage and our orders due to this news in terms of product.

Of course, with putting, as François said, value first. We want to increase on the right channels at the right residual value at the right pace, and we will monitor that carefully.

Regarding LCV, the comeback is already demonstrated in the numbers. You see since the beginning of the year, I think that if you check the LCV sales in January, they are increasing.

The level of orders is also increasing. It means yes, we should have a global increase on LCV volumes this year in Europe.

Michael, hi there. Good morning.

On the capital allocation, yes, free cash flow guidance is for over 1.5 billion on average per year. Currently, we pay a little bit less than €700 million when we look at a dividend per share of €2.20.

In terms of capital allocation, I repeat again what François said, first priority is product and investments in the company. Yes, mathematically, if you take 1.5 minus the dividend, there's more left over.

We will continue to strengthen the balance sheet, but we will also make investments in product and extended businesses. If we were to change the scope of Flexis, for example, that would be an impact on utilization of cash because we believe in the product and we have some excellent opportunities in those types of areas.

Product, and then steady growth over time. We want to move away from the cyclicality of the sector and prove to you that we have a robust financial outlook in this corridor of 5% to 7% group operating margin and a very significant improvement compared to historical trends both on margin and on cash.

Thank you.

Hi. Good morning, everyone, and hope I'm audible.

Yes.

Thank you. My first question is again I want to come back to the Dacia commercial performance in Europe.

Second half of last year versus first half, it's still gone down in terms of absolute volumes despite having the Bigster ramp-up. Also within the last few months of the year year, it was down month-over-month.

Is there any specific reason for that? Just to give us more comfort from a '26 point of view, if you can break up the sort of the mid-single-digit into Renault, Dacia, and LCVs in terms of the volume growth.

The second one on cost versus price, mix, enrichment, the historically the objective has always been to make to keep this sort of neutral or positive. Unlikely that it happens for '26.

If you can share what the negative magnitude could be ballpark, but also when could this bucket then again go back to neutral in terms of your medium-term planning? Thank you.

Okay. For the first question regarding Dacia track record, I will ask Katrin to answer, please.

Thank you. We are very satisfied with '25.

We had a solid increase and volume increase. We are a brand which is not chasing volume, but value.

We did that also last year. We had the entrance in the C-segment as François said, and it was very successful.

We managed to be the number one on the C-segment SUV for retail customers in the second half. We had a record sales also when it comes to our electric car, the Spring.

We are very confident also to move into that or to continue that trajectory also in '26. At the end of last year, we had a change of model years and also engines.

We might had a slight slowdown, which is more due to logistics and changes in production than we see it in orders. We are very confident also that we started the year well off and that we will continue to do so.

Yes. Hi, Pushkar.

On the mix, price, enrichment, and cost, we had said in the past that those buckets should be able to compensate each other in previous periods as well due to electronic component crisis and the ability for the industry to have more demand than supply was possible. That was positive in the previous periods.

Certainly as we came through this year and we saw in the second half and we'd called out, the sum of the two can no longer compensate at this point in time. We've not taken an assumption in '26 that they can compensate either.

I'd like to remind you, as we are growing, obviously Katrin just talked about the changeovers of engines at Dacia, we have additional headwinds in those sectors. Euro 6e-bis is calling us to put additional equipment and cost into the car that, frankly, the customer is not willing to pay for.

This is a negative overall. In terms of growth, we had 10% growth internationally for the group in 2025.

As Pushkar, the margins outside Europe aren't necessarily the same as inside Europe, so that growth is slightly dilutive. We called out in the guidance that EV is shifting very positively for the group as well.

14% mix for the group in 2025, and obviously that's going to continue to grow. Partner business, even if I was to come back and link to one of the questions earlier from Philippe Houchois, we're seeing growth in revenues where we have no fixed cost from these partners coming in, so that also impacts our ratio of capex to group revenues.

Your question was, do we have an assumption in '26 that the two are positive? No.

I think it was I don't know if it was Horst or Jose earlier that asked about raw materials, but that's a headwind as well in 2026. The second part of your question was, at what point can it come back in time?

Obviously, our international expansion, the idea is as we grow that we also improve profitability. Pushkar, we'll be delighted to see you on March 10th to look at our Strategy Day and see what we have in terms of excellence in terms of efficiency and performance across functions, the products that we'll be bringing out, the technology that we'll be bringing out, and how we plan to improve profitability internationally over time, prove EV over time as well.

I won't call out a specific year in which we would say that that would be fully balanced, but that's I guess the low point for us in 2026.

Okay. Just if I can ask one follow-up or a housekeeping rather question.

In terms of 2026, are you looking at more provisions related to the LCV on the CO2 side?

On the LCV CO2, the European CAFE for LCV, it was just over €100 million provision in '25 in the other operating income and expenses line. All things being equal, that same mix with no change in regulations further than today, that would be a further headwind in '26, yes.

Okay. Thank you.

Yes. Thank you.

Thank you for taking my questions. Most of them have been already answered, but two quick ones.

The first one, if you can give us an update on the synergies on powertrains with the Horse. The second one, if you have any further comment on the recently announced partnership with the Ford in European market and if we can expect any potential expansion of the partnership going forward.

Thank you.

Yes, thank you. Regarding Horse Powertrain, I'm very, very confident with this project.

In 2026, this will deliver more cost reduction that what was planned already and much more to come. I start to see also a lot of synergies created inside the company, which will go on top of the cost reduction roadmap for the European cluster, let's say.

Yes, indeed, Horse Powertrain is a strong lever to sustain our cost performance in the mid-term. On top of this, Horse Powertrain will be also contributor in terms of dividends in the next mid-term, indeed, a strong lever for our next years to come.

Regarding Ford, progress are progressing very very smoothly. I have nothing new to disclose today, but I can confirm that the first projects, namely two Ford cars based on and technologies, production in France, are proceeding smoothly and operationally very smoothly between the two teams.

Perfect. Thank you.

Yes. Good morning.

Thank you. I have two questions as well.

Could you talk about your BEV mix in vans in 2025 and what was it and what is the average you require over '25 to '27 in order to be compliant? Can you quantify the potential fine if your BEV share stayed at the 2025 level?

My second question is about international. Clearly, you already indicated that the growth you expect in international is dilutive to your margin, that's obviously included in your guidance.

To what extent is international required to reach European levels of profitability for you to be at the up end of your guidance range over in the medium term? Maybe give some idea of what the lag is at the moment.

Also, can you comment on some of your BEVs, the Renault 5 volume potential in 2026, especially with the availability of LFP in terms of what you can do with positioning on price-wise on that vehicle? Thank you very much.

Regarding the first question, if I understood well, it's a battery EV van situation. Unfortunately, the trend in Europe is much lower what EU expected.

It is why we have the problem with CAFE. I consider Renault Group is better than the average of the competitors, slightly better.

Regarding

The theoretical penalty if no mix was to change, it's a very theoretical question, based on the mix we had in 2025, the provision for the fine is €105 million relating to our 2025 volumes. It was heavier in the first half and lower in the second half because our mix actually improved in the second half in terms of the CAFE LCV.

If all things being equal and we do the same volume over the 3 years, you can multiply that trend by three. Obviously, we have a product portfolio plus Flexis, the full availability of Master, which you called out earlier in terms of EV as well.

Once again, it depends. We have the product offer.

It's how the demand follows.

Yes. Regarding the last question, you spoke about LFP on R5.

I would like to highlight that, as planned, we are capable to introduce within less than 18 months a second battery technology in our existing cars, LFP, included cell-to-pack, no more modules. This is, I think, the proof that Renault is capable to catch up the speed, the innovation of our Chinese OEM competitors.

The way we'll use this opportunity of double battery, I let it to Fabrice.

No, we saw that because your question was also the volumes of R5 and the commercial results. Last year, we sold almost 90,000 R5 all over the world.

We are not pushing the car. It means the car is very good on retail market.

By the way, in the top 3 on BEV retail in Europe. We expect this year another growth due to the potential of the car, our order bank, which is good, and also the increase of the EV mix market in Europe.

It means no change until now for R5 and additional levers to grow in the coming months.

Stephen, just to give you some order of magnitude in terms of cost performance, we intend, as mentioned by both Duncan and François, to continue to reduce our variable COGS, notably in 2026. Through the implementation of LFP and cell-to-pack on the existing cars, that's enables to reduce the battery cost by about 20%.

This is the type of improvement, technological improvement, that will support the cost, hence the competitiveness of our vehicles on the market against European players, but also against Chinese competitors.

Thank you. On international?

On the international, hi, Stephen, again. I did confirm that it was dilutive as we said, compared to the average profitability of the group.

I won't go into calling out the percentage lag, nor at what point it catches up to Europe. Certainly, you can assume that it contributes positively to moving us upward in the corridor from 5% to 7%.

That's all I'll say.

Thank you.

Yes. Hello, good morning, everybody.

Can you hear me?

Speak up a little bit, Christian, that'd be great.

Okay. Is it better now?

Go for it.

Great. Thank you.

Most of my questions have been asked, but maybe two more for me. Regarding your 2026 outlook, could you add some qualitative commentary regarding European pricing, what you're assuming within the '26 outlook, and also the contributions perhaps from Turkey and also from Brazil to that number?

Then my second question is just on free cash flow. It's going from 1.5 billion to a guide of 1 billion next year.

Could you just give us the bridge for that? Thank you.

Thanks, Christian. We got those clear.

I'll maybe answer the one first on the free cash flow walk. You have obviously in terms of the cash flow generation, you'll be able to make your estimations from our mid-single growth plus the operating margin guidance.

There's not a huge move there. Capex and R&D, we will have a slight increase, but the main one I'd like to call out is the working capital assumption.

It was €190 million negative in 2025, coming off the €844 positive impact in 2024. We've built into our assumption for 2026 that we will further unwind working capital, and so you can consider that amount will be somewhere between the 2025 number and the total gap we had to catch up to 2024.

That was on the free cash flow. On the Turkey

For Türkiye, you are lucky because I was with Fabrice in Türkiye early this week, I can give you up-to-date information. I'm very confident, very confident.

What I share with the team in Türkiye, I don't think we had such a lineup for Türkiye for very, very long time. Clio 6, the new Clio is super good, and we met with Fabrice dealers, salesmen.

The Boreal, I tested the Boreal, it will be a great, great car for Türkiye. Also for Dacia, the C-segment car we'll launch in Europe and produce in Türkiye will be a fantastic car for Dacia in Türkiye.

I'm very confident about Türkiye, not only as you understood for 2026, very, very confident. I think that what we put in 2026 in our mid-term plan, this is really a baseline.

We decided with the team locally to set extra miles, extra targets, I'm very confident. For Brazil, Fabrice, you were in Brazil few days or weeks ago, maybe you can share the situation and your views?

No, Brazil is benefiting for the first effects of our joint venture

with common sharing of our industrial assets and our lineup now, which is on two legs with Renault on one end, Geely on the other end. What we can see is that the models which have been launched from both brands are doing their job, Kardian and Boreal for Brazil, for Renault, and we expect to catch the growth of the market in an environment where the rate exchange remain until now at a good level for us.

That's very helpful. On European pricing?

Okay. European pricing, you saw the evolution in the last years.

You see also the different announcements which are made by our competitors. I would say that if you look at our pricing policy in the last years, frankly speaking, we've been always very stable, no erratic movements, but a consistency in our pricing strategy focused once again on reduction of distribution cost because this is very important for us, narrowing tariff price with transaction price to give even more transparency, and for that, Dacia is a benchmark.

It means for us, what we aim is a stability on that to avoid any erratic movements in terms of residual value, old stock, and so on. We are sticking to that, that's the priority.

Of course, our way to respond or to answer to the pressure of the context is the product once again. Don't forget that the product we are launching now, if I take the example of Twingo less than €20,000, is at the same time value and a good answer to the need of affordability in the market.

It means our answer is pricing stable, we stick to our strategy, we give transparency, we are not erratic, we preserve our residual value, but we cover even better the market with the complementarity of both brands and the entry on the A-segment, which is coming very soon with the launch of Twingo and then the launch of the Dacia

EV. Okay.

Just to reiterate and make sure I understood this correctly, given your refreshed product range, your '26 assumptions assume a sort of stable environment regarding your pricing given the value proposition your products have, but the guide also assumes positive contributions from Turkey and Brazil? That's how I understood you.

Christian, we gave yeah, positive dynamic in Turkey and Brazil. In terms of pricing, I think you asked specifically about the pricing environment in Europe, and Fabrice gave a comprehensive answer to the approach, the stability, the longer-term view, the focus on value.

Just that in your model, I know that when you look at the price bucket, you look at the price, mix, and enrichment together. Don't forget that we've factored in a negative factor for the total because once again, regulations mean that we have to put content into vehicles that we can't necessarily price off.

Yes, that's clear. Thank you very much.

Plus

outside Europe, also keep in mind that we will still have a strong negative forex impact on international sales, on revenue, and this will not be entirely offset by price increases. This is a key for you to put into your model.

Good morning. Thank you for squeezing me in, François, Duncan, and team.

Perhaps I can, if you allow me, just ask a little bit higher level about your mid-term guidance, right? At the floor, 5%, obviously implying downside to your 5.5%, around 5.5% for 2026.

If we could just talk a little bit high level if there's anything specific that you're expecting that would make things perhaps a bit worse before it gets better in terms of phasing, you're looking at a sort of back-end loaded improvement, or is it really that you're looking for progress in terms of profitability, but in the context of the volatile environment, you just have to give yourself that range of margin of safety? That's the first question, if you could just talk us through your thinking there a little bit again.

Second question to come back to Horse, François, appreciate your very constructive wording around Horse. Can I just ask if that €2 billion net savings figure over 5 years that your predecessors had shared previously, is that still a relevant number and how does that reflect into the obviously now cost bucket rather than a specific Horse reporting line itself?

Also on the dividend you're referencing from Horse, could you share an order of magnitude and to what extent that is reflecting into the average of the 1.5 billion mid-term free cash flow guidance? Then finally, third question on this defense project, the drone project from the French government, is this more of a one-off in your mind, or is that something that you would allow the market to get a little bit excited about, that there's potential for you to expand into this area, proactively look for more projects in this defense direction?

How do you want us to think about this? Thank you very much.

Hey, Henning. Thanks.

Thanks for the questions, and good we managed to get you in, especially to finish on some high-level questions. Yes, I think we should employ you.

I think the way you worded the answer to the question on mid-term guidance was perfect. I don't see anything that we're looking to say when we say circa 5.5 in '26 and the range 5 to 7.

It is that we're targeting to steadily grow up in that range. We're not looking at a hockey stick plan, but as you say, we just don't want to lock ourselves in for a couple of basis points difference.

Just wanted to be nice and prudent in that corridor. On Horse, I know you and I've just talked about this in the past, in terms of the dynamic is the same as called out in the initial plan, very strong.

You need to look at Horse both sides of the business as well, both in terms of European and the Chinese side, which gives us the internal benchmark to challenge on that. We've got back to the point where now costs Renault Group less to buy engines and powertrain units from Horse than it was in the past.

We're seeing that dynamic and that's part of the €400 per unit variable cost reduction coming through. We've already seen some of that, and that's key for us going forward.

Remind you of the €245 million positive impact on equity-associated earnings for our 45% holding in Horse. From that, I'll let you estimate your dividend assumptions, but we're not talking €10 million a year, it's obviously a good upside for us, but not as of '26, that could start from 2027 onwards.

Maybe, François, I think the defense?

Regarding defense, no change. We do not intend to become a major player or part of the defense industry in Europe.

At the same time, we accepted to the request of French Minister of Defense to help to cope with all the disruption they are facing. We will do this with defense industry players in partnership and we bring our specific value in terms of technologies, adaptability, both product, process development, and of course, scale.

We got a big first contract together with Thales and the project is ongoing. There is several other opportunities.

For me, it's an opportunity and not core for our next mid-term plan. Of course, just for sake of clarity, we do not reduce the necessary allocation of capital to our core business due to defense.

This is a opportunity.

That's very clear. Thank you.

Yeah. Morning, all.

Thanks for squeezing the questions in. Just two or three to finish quickly.

On the mid-term guidance of 5% to 7%, obviously that's group. Normally, that would mean a 3% to 5% auto margin.

Is that still the right equation going forward? I just wonder given the finance company seems particularly strong momentum and given the work you've done on residual values over the last few years, what kind of expectations do you have for that finance business and the mix of that profit, I guess, between auto and finco going forward?

Then on that 5% to 7% guide, I guess that's a standalone, almost organic business plan that you have today. Presumably, the Ford BEV agreement is in there, but just to confirm nothing on the LCV side yet as that's not set in stone just yet.

I was just thinking another part of the AIA are expecting next week is possibly a requirement for foreign players of certain countries to invest via JVs in Europe. Obviously, you do that with Horse on the engine side.

Would you consider a assembly JV with a Chinese partner just on that? Then finally, Duncan, on the working capital, thanks for the clarity on '26.

Very clear on that. You seem to be suggesting you wanted to kind of neutralize the volatility in the free cash flow.

That's something that Stellantis has been trying to do over the past by neutralizing that working capital position down. You've still got a few billion negative working capital overall, though.

Over the next sort of 5 years, is that going to be a constant drain on the cash flow? Obviously, you're putting that into your 1.5 billion guide.

Is it after a constant drain of working capital as you try and reduce that volatility? Thank you.

Hey, Stuart. Good morning.

Mid-term guidance 5 to 7 corridor I agree with you in terms of the estimation of the auto alone, 3 to 5, because of the MFS profitability. We do see growth.

You're seeing a stellar performance of MFS today, and we will look to expand the coverage of different types of offers internally in-house through organic growth with MFS as well. That's also you can read the underlying performance as well as we're saying 350 million of dividends in 2026 expected, rising to the normalized 500 million going forward.

Good news on that. Yes, the plan is organic plan, and includes the Ford two-vehicle opportunity that François discussed earlier, but nothing else on top of that.

It's an organic plan and anything, I think the comment you said, François, was boosts. Other opportunities may boost that going forward.

I'll maybe finish on the working capital to let you comment on Europe assembly JV Chinese. Just on the working capital, yep, we will unwind in '26 and we have assumed a slight negative in the years going forward as well, even if naturally in the auto sector with the structure of our working capital, growth would actually generate cash from working capital.

It's not something that we want to focus on. We want to have a more robust profile and avoid the volatility.

We've built in a negative each year going forward within the over €1.5 billion free cash flow generation per year.

Regarding the last question, if I understood well, your question was about Horse Powertrain doing some JVs locally with Chinese OEM in Europe or some third-party sales, is it correct or?

Not quite.

It's more that Geely,

if I'm getting to the point, doesn't have any local assembly capacity of its own in Europe. Obviously, the AIA might make that increase its motivation to have that.

Obviously, you're one of their key partners

and

obviously, you have an engine joint venture. If they wanted to do something in assembly or any Chinese partner

Yeah. Sorry, I did not get your question.

We have no such project for the time being. In Europe, we develop and we'll continue to develop our own technologies in order to prove that European OEM is capable to develop, to produce at the same performance as the best Chinese OEMs in terms of costs, innovation, speed.

This is the ambition for the next mid-term plan. Our ecosystem is open to partners.

We receive a lot of requests and we can not say yes to all requests, but for the time being, we have no such project with Chinese OEM.

Good. Thank you, Stuart.

Thank you, all, for your attendance to this call. We remind you to get to the team to register for March 10 Strategy Day, which is fast approaching.

Have a good day and speak soon. Thank you.

Thank you. Bye-bye.