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Had never operated Dassault fighters just before. This new order once again demonstrates the interest that the concerned about their sovereignty. Sebastien Le Comme, French Minister of the Armed Forces and Veterans announced the development launch of the unmanned combat area vehicle that will complement the future [indiscernible] The F-five standard is a real relation for Air Forces. Although it would be based on same aircraft, the Rafale, it is a change which is at least as radical as the transition from Mirage 20 to the first of all this revolution reflects this rapid growth of connectivity to carry out all the operational missions of the Freightchers and Space Force. The Rafael in itself five cylinder will interact with other sensors and remote effectors on the ground in flight [indiscernible] UAV will be complementary to the rifle and suited to collaborative combat. It will incorporate still technologies, autonomous control, we man in the loop internal payload capacity, and more it will be highly versatile and designed to evolve in the line in the line with future threats. This ambition and exciting program confirms that Suave Viacom's leader combat aviation in Europe. This announcement was made at a ceremony celebrating the sixtieth anniversary of the French Air Forces at the Saint D'Jie Airbase in the presence of Eric Trappier, and General Jerome Belangerte of France Air and Space Force.

On the same day, Sebastien Le Coronneau and Eric Trappier inaugurated a mirage four installed at the foot of the Charles De Gaulle Memorial in Colombet Du Singles. A patronage agreement was also signed by Eric Trappier and Herve Guimard, President of the Charles de Gaulle Foundation. Since 1964, Dassault aircraft have contributed to nuclear deterrence in line with generals at their old wishes. We have equipped the French Strategic Air Forces with the Mirage four, the Mirage 2,000 under Rafael.

In mid October, a Rafael Marine test campaign took place on the Charles de Gaulle aircraft carrier. This campaign was aimed to validate the deck landing assistant features developed as part of the F4 standard. Organized in early November in the North Of Paris. In addition to the Rafale Marine, the company showed case its expertise in maritime surveillance. [indiscernible] provided by Dassault Aviation in purchasing a silver slip case decorated with a liberation cross containing the list of companions of the liberation. This case was purchased during the public sale of Doug Goll, a succession in Paris with the support of the society Friends of the Museum of the Order of the Liberation Das Augusto is a patron of the Order of Liberation. The Dassault Group is also one of the patrons which enabled the French Ministry of Culture to acquire writings by General Dolores to the benefit of national collections. Falcon 2,000 LXS Albatro successfully complete [indiscernible] It's a key milestone of the APSIMAR program, which aims at renewing the new French Navy's fleet of maritime surveillance and intervention craft. The seven aircraft ordered by the French Ministry of the Armed Forces will be delivered from 2022 to 2026.

They should be followed by five additional aircraft in the option of Ptranche. Equipped with cutting edge equipment and systems, the Albatross will be a valuable asset for French Navy in a broad spectrum of missions, including search and rescue, fisheries enforcement and the fight against pollution and trafficking.

On January 30, a 30 Tompier received the Strategist of the Year award from French Prime Minister Francois Barreault. Created in 1989, this award recognizes a business leader economic leaders. That's why Jeshon participated in the Aero India show from February ten to 02/14/2025, two onefive scale models were presented on the stand, the Raffles Sea Engineered Force as well as the Rafale Marine.

We were also present at the IDEXX exhibition in February in Abu Dhabi in The United Arab Emirates. A few days earlier, Eric Rappier had unveiled in East Of The in the presence of the French Minister of the Armed Forces and the U. A. A. Minister of State and Defense Affairs. These aircraft will be used by the Dassault Aviation Flight Centre the development of the UAA standard. Deliveries of Rafale aircraft to the UAA are scheduled for the end of twenty twenty six. First Rafale produced in accordance with the contract schedule demonstrates that commitment to meet its customers' expectations.

Just a few words before going on to the questions. Q and A session. First, the environment, the context. As you know, the world is not very stable at this moment. There's still a war in Ukraine, although There might be a cease fire quickly or not. The good news is that inflation has gone down And what is worrying and it's good news for our economy though Although there is a lot of political instability in France, the government has avoided all the sensors and we have a budget, which is a good thing, But in spite of all this, instability is still there in France and will continue until the next presidential elections. But the most important point and the most concerning disrupts this feeling of stability is the arrival of the new Trump administration. Is questioning a certain number of economic points with the customs taxes that worrying a lot of economic players And redetermination of the alliance between The United States and France, a definition of our relations with the El Nacier. So you saw it in the film, the first Rafael For The UAE was presented in Istrov, With An Important Delegation From The UAE we wanted to celebrate this date for the flight test.

The UAE have ordered 80 Rafales that will be delivered from 2026 onwards. The highlights were 24 There is this success of Rafael, which is an ongoing success, 30 RAFAEL has been ordered, the 12 for Serbia. And those for Indonesia. In addition, the ones they had already ordered. So on the whole, they'll have 42. The ramping up of how far is supply chain. This is being done. We have delivered 21 Rafael Considering our guidance, which was twenty twenty, And some unlike what some people have said. So it was difficult, but we are keeping our commitments. And a delivery of 31 Falcons at the same time with a little more difficulties in the supply chain and the arrival of the Falcon 6x So the 31 is slightly under our forecast of 35. The net sales was above 6,000,000,000 yen It landed at 6,200,000,000.0 yen and record backlog, the one last year was also record. Above 42,000,000,000 Difficulties in the supply chain, a lot of subcontract supplies. And it's also disrupting our production lines. It is a whole sequence of difficulties So we have to support them. We are supporting them. It's not just desk it's also Airbus and the whole sector that is going through difficulties So we have the GFS that is controlling everything that is trying to track the sub contractors who have difficulties.

We have the Aerofund That has been renewed and that can help In case they need additional equity. And we at Dassault, we have help that we provide to our subcontractors. We send our staff to help our subcontractors carry out their work. Or we redesign so as to find new suppliers To make up for those who have difficulties. And we try as early as possible to detect those that could have difficulties. It can still last. It isn't over. It can go on in 2025. We hope that things will improve in '26, but we'll still have to fight on in the sector in 2026. And this is true for civilian aircraft and military aircraft. A few words about our program. In France, in 2024, two thirty four Rafael were orders in France. To this number, we have to remove the 24 Rafael that were ordered, which are pre owned aircraft ordered by Griessent Croatia. And we'll talk about the exports afterwards. In 2024, we delivered 14 Dassault So we still need to deliver 56 within the framework of the current orders. We are continue the development of the F4 standards you saw that the first Emirates, Rafael follows this F4 standard.

And the French Minister of the Armed Forces, and this was well described in the film, showed their determination to launch the future Rafale FI For 02/1930. And we will use our unmanned combat air vehicles based on the neuron This was done in cooperation with six countries: Rafael export two seventy three orders, plus the 24 pre owned aircraft that have gone from the French stock to the exports stock, so that is 300 Rafale aircraft for exports with 18 Rafale in our orders in 2024 for Indonesia. If we go up to 42. And Serbia has ordered 12. And Serbia and Indonesia are two new countries. For Dassault, two new customers for Dassault. So we have eight export countries that have ordered, Rafael's. That is nine including France. We are prospecting at this moment I am trying to answer your questions in advance. The RAV for the Indian Navy should be signed soon. And there are other discussions around the world. We have delivered seven export Rafale in 2024 and that comes up to 21, if we add it to the 14 French aircraft. It's been a long time we haven't delivered so many French aircraft same order of magnitude for next year.

Support, we have new Rafael countries. So we have greater support for exports, but we have to strengthen our support to France. France has deployed aircraft because of the conflict with Ukraine to secure neighboring countries that are in Europe and that are part of NATO. So we have to support the French forces and deploy new teams in the countries using Rafale. And this increasing support will be per because Rafael will reach The UAE Indonesia and Serbia beyond the country Future Combat Air System Here in SACU, we are pursuing the development of the NGF It's a demonstrator. The Phase 1b is underway. This is the definition phase. And the next step will be to see how we can contractualize the Phase II of the NGF with our authorities. The mission aircraft you've seen in the film the Arconge aircraft with the Falcon ATAX, a third aircraft has been ordered in addition of the two other FSMAR is the first flight. There was the first flight completed in Marineac and the rest is carried out in East. And these surveillance aircraft are expected by our armed forces in the coming years. For exports, we have delivered the third and fourth Falcon 2,000 These are green aircraft that will be equipped locally in South Korea by the Korean authorities and the Korean industrialists by electronic war equipment.

The focal context 26 orders, slightly better than last year, The deliveries, 31, slightly under what we were expecting, slightly above what we had last year. So we still have difficulties delivering and there's the arrival of this new aircraft, the 6x that was certified at the end of the summer of twenty twenty three. It was commissioned in the beginning of twenty twenty four. This is the beginning of the life of this new Falcon 6x. And it is being ramped up in terms of manufacturing. And we're continuing the development of the Falcon 6x. For the 10x, we had the demonstrator that flew for more than one thousand hours for demonstrations And it's not just flight we had passengers on board so that they might get the feel of the focal success. And we have a very good And orders are arriving and are strengthening our orders. The number of orders. The 10X, you see a picture of the 10X in Merionac It's being mounted. It's the first aircraft. This is the one that will carry out the flight test. We have reviewed our schedule at the beginning of twenty twenty four, and we are online now with the schedule for the first deliveries at the end of twenty twenty seven.

I will not say more today I think we will talk about this again in 2025.

Have support from our customers, 2,200 flying around the world. The main difficulty is related to the supply chain. We need to have [indiscernible] help from suppliers who are going through difficulties and the support team have to help them. Right now, there aren't many major issues Here you have a picture of the jet and we carry out the repairs on time. Decarbonization it is ongoing. I'm not going to go back to what I said the previous years. I just had to make a comment I feel that the more we are virtuous, the less we are recognized. I'm wondering if we should not be so virtuous to be recognized. So I'm leaving you [indiscernible] in our aircraft. We're using sustainable aviation fuel in our aircraft. But there is still a lot of aviation bashing when our French Aeronautical industry in general not just does so, is one of the flagships, but they are still bashing on the French aviation. They are adding standards. They're adding things in spite of all the work carried out. And the European Commission is also doing more. And this term taxonomy, I would like to get rid of it from my vocabulary.

And I wish we had never had this word. There was the taxonomy that was pointing at us because we were manufacturing French European weapons. And I think that today, these people will question what they've done and not just put us they will realize that we have to manufacture weapons in Europe if we want to defend Europe and not just buy. And same for business jets, American business jet, in Europe is not penalized by this taxonomy And that's so, Aviacion, is penalized by the European taxonomy. I think this is scandalous. So we have made a request to the European court We are using SAF. We are manufacturing using aircraft that can use SAF. We should be recognized by the tax [indiscernible] these are political issues driven by some and this goes against European sovereignty. Carbon footprint, we are trying to bring it down. I'm criticizing the taxonomy, the CSRD some of the standards that are imposed upon us, but we're working on the environment. We're trying to make our plants, our greener and be able to emit less CO2. So we are committed And I think we should not blame the industry Hiring, we have hired a lot of people in 2024 to 400 new hireings.

This is creating more business because you have to train these new commerce. And since we already have a lot of work, There is good attention among the teams that they have to get used to the Dassault D and A These are large groups of newly hired people, you saw that there was a slide on safety. We are in aviation, and we have to be very careful about safety. You've seen it in other examples around the world. And this is a major topic for us. For 2025, we are reassessing We do not know what's going to happen regarding taxes. That are going to be imposed on us by The United States that some of our clients are in The United States. And the business aviation, which is in The United States, well, we're wondering what's going to happen about that So we're going to reassess our hiring capacity for 2025. The impacts, as I was saying, well, it's good. We have a government We have a temporary stability Little bit of instability, but we finally have a budget But this budget is taxing corporations. Because we have policy bringing down this tax by 25% now is gone up again by 6%.

And Turet note of that. We have put it down in bold letters on our papers, but we will see at the end of the year what's going to happen because of the evolution of the French debt. The value added tax that was supposed to arrive this year that would have given us a tax break. This has been put off by three years. And the social taxes for you know, what the Social Security is paying will be paid by the corporations. There's a drop in the expenses breaks. There was the Galois report that was explaining that France's competitiveness was mainly linked to its know how and to its industry. And so therefore, we have to reduce the social expenses that is between 2.53.5% of the minimum wage. And there was break in these expenses and now there's a drop. And an increase in the taxes that the companies will have to pay.

Now we're carrying on with the modernization of our industrial [indiscernible] Surgi is operational. We're substituting Argente. We have commissioned the And all the transfers have been completed with protections starting. Marineac, we're still building new facilities to host the first Falcon 10X when the production will start and also [indiscernible] [indiscernible] structures and fuselage of Falcon that we're doing in Marineac. We also finalized the expansion of the production buildings in Martinez, and we are modernizing Saint Louis It's a bit more difficult because it's an urban area. We've started with the company restaurant which was something that had been demanded by our employees for many years, and we will gradually modernize the Saint Tro facilities making India So there is a ramping up of this program in full harmony and compliance with what we decided in 2016 that is being able one day to have the Falcon 2,000 Assembleer, we already have some sections being assembled. We also have the transfer of the T12 Now if we achieve this in the forthcoming years for the Falcon two it will also pave the way for the Rafael because this is what has been asked for the future. [indiscernible] So we'll have to be able to perform the final assembly locally.

It's not only in the framework of the joint venture in with Dror. We also work with other companies such as DYNAMATIC We have also the T5 transfer for the Falcon six IV with Mahindra. And Tata, with whom we have ongoing discussions be successful. So order intake plus 32%, €10,900,000,000 Net sales are slightly above €6,000,000,000 That's plus 30% versus 2023 and the backlog which is now standing at €43,200,000,000 Two comments When you consider the backlog, that is the middle column, And what we're actually selling in terms of sales, it's one third France, one third Falcons and one third exports. So that's the picture for 2024. And when you consider the [indiscernible] will be spread out over various years, and ensure a very good work load for the forthcoming years. We are still funding on our own equity the R and D. The fact that we had the 10x and the 6x Falcons means that our costs are going down and we're still working on R and D for the 10x. So there is still a bigger effort in terms of self funded EUR €437,000,000 versus four eighty three Thales, we are a shareholder of Thales, and we've been a shareholders in 02/2009 on an on par equity sharing between the French state and us, [indiscernible] or equity.

And Thales is now growing and developing bringing many solutions in many areas with an EBIT, which has been going up also. You've heard about their Dassault last year. 9% for the net sales. So we are also enjoying part of this, and this is feeding our company. So €6,200,000,000 €6.23 exactly $5.19 operating income, so an 8.3% operating margin, that's plus 1% versus 2023. Financial income is almost the same as in 2023. TELUS and other equity affiliates, 05/15 [indiscernible] Have slightly increased in 2024. So the net income is standing at €1,000,000,000 That's unprecedented. With a net income margin of 17% with a self financed R and D percentage of 7% and earnings per share of 13.5% That's a significant increase compared with 2023. Now our cash is also higher with a free cash flow at plus €1,600,000,000 meaning that our available cash is standing at €8,400,000,000 as opposed to €7,300,000,000 in 2023. There was share buyback program canceling them. It helps to reinforce the position of the existing shareholders. So we have canceled shares buyback shares with boughtback shares. So what matters is what you see at the bottom, GIMD, the Dassault family, that's 63.28%. [indiscernible] 10.56% and 0.25% held by Dassault Aviation.

Voting rights on the right of the slide, the Dassault family holds 2079.74% of the voting rights. Dividends EUR370 million in 2025, up compared with 2024.

We will be offering €4.72 dividend per share. That's a payout of 35%, meaning that one third goes to the shareholders That's Also one third for the parent company. Where we're sharing the value with the employees. So that's the thirty-thirty-thirty rule as requested by Marcel Dassault in the Dassault families So we are in the top three companies sharing the values with their Now outlooks and strategy, We want to deliver the Rafael and Falcon's according to our planning. It's still a challenging effort, Mobilizing all our teams in 2025 respects the deadlines and this involves costs, both for military and for the Falcon developments prepared the future of the Rafale with its F-five standard, we started to negotiate with the DG and the French military to start its development We will carry on with the combat drone and the post Raf Rafal with the NGF. Support and availability of the aircraft maintain the satisfaction level of our military customers, supporting the Falklands, And the arrival of the 6x we want to continue our prescription effort for Falcon sales and exports of Rafale to accelerate making India The 10x will help us to have control on the ultra long range to compete with the G7 of Goldstream.

So accelerate the Make in India program, and we want to continue our recruitment effort with the reservations that are mentioned as a function of what is going to happen in The United States. Our 2025 guidance is for €6,500,000,000 range for the sales. That includes 40 Falkons and 25 Rafales with a reservation, which is subject to what's going to happen with the tariffs, which might be imposed by The United States and the possible European Union countermeasures, which might have an impact on our capacity to maintain this guidance. Bombardier, one of our competitors, has also presented This Reservations. I'm now ready to entertain any question you might have. Good morning, Mr. Trappier. I'd like to know what you think about Mr. Faurez's statements with his intention to the future fighter that is putting together the Tempest and the NGF. Since the beginning of the program, Airbus has come up with these statements I have done what I was asked to do that is an NGF demonstration demonstrator. We're doing that with this with the German and the Spanish. I haven't had any discussion with Guillaume Faury or any other member the Tempest team. Good morning, Mr. Trappier.

Times Aerospace, I have a question about the Rafale. Has recorded a historical order from The United Arab Emirates. And you've talked about future prospects. Everybody is You know, quoting Saudi Arabia. And what do you think considering the geopolitical situation, what's going to happen in The Middle East, Well, I think that the outlook for ADASO Our In the long history of the French Republic, the Fifth Republic, it was the intention of General de Gaulle to develop a nuclear deterrence program and having a technology that is independent to support this nuclear deterrents. With these weapons and these fighter jets, we are able with the Mirage and now the Rafale, It was also in the 1960s, the intention to export [indiscernible] [indiscernible] That is non European countries, European countries are mainly geared towards The United States where pleased that we have some European customers that is Balkans with Greece, Croatia and Serbia, but most of our export market is with the nonaligned countries. No surprise that we're selling to Indonesia, Egypt and India and The Middle East. Traditionally with Qatar and The United Arab Emirates. If we could sell to Saudi Arabia fair enough. In this kind of business, deals, there is a highly political side to it.

And the evaluation or assessment of the aircraft Saudi Arabia is going to decide what they want to do just like any other country. Who would call for some independence. France is offering them this independence because of the heritage of the Fifth Republic of that of and the legacy of Joachim Zagal through all the French presidents we've had. That's the 1960s strategy that helps. That's what Viacion and its partners, Thales, Safran and the whole industrial network because Raffale is 100% French made. There is a bit of make in India in the future, but it's % French made.

And its technology and capacity is consistent with the French policy of nuclear deterrence programs. We are in line with this policy. Is this policy going to change? I don't think it's going to change in France. Quite the opposite, it's going to be reinforced. And for the other European countries, well, I'm expecting What's going to happen with what the Europeans are going to do?

We'll see. I'm neither optimistic nor pessimistic. I'm just observing the situation, and I'm hoping that the European countries will call for an autonomous defense program for Europe.

Mr. Chairman, with regard to Europe, do you think that Dassault Avias will have its place in this defense in Europe, if it ever exists. Because according to the information we have, there are a lot of contradictions. Yesterday, Van der Leyen talked about €800,000,000,000 for defense This morning, I was listening to the radio. And it is mainly all this money will go to Germany. And there are some countries buying the American F-thirty five. And We were talking about Oedipus. I thought that Europe had a complex, but no, not at all. It is A coup against our industry You talked about the taxonomy, which is a strange word. But I think it's going against everything else. So will Dassault Aviation have its place in the European defense. Well, Dassault Aviation has its place in France. It will keep it for a very long time still, and it has its place in the world. And the users of Dassault aircraft [indiscernible] old users like India since the 50s, they count on France, they count on Dassault to equip their armed forces today and tomorrow. So we have a duty vis a vis those countries vis a vis this partnership.

All those who trust [indiscernible] And then the defense in Europe, we're going to do this, you going to do that. I'm observing very carefully Dassault Aviation will have its place in European defense It won't be something that will be totally integrated. And the commission does not have the competence in the field of defense That's the European Constitution, and the states have to mobilize themselves We have to go fast and react with this change in the alliance. This and we will have our place because in Europe, we are the only ones who have the skills. We have the competences for the air craft from A to Z, but also for the electronics with Thales and for the engines. So I don't see how we can do without us in the future. So if they want to drown us in something that is difficult to understand with the incredible number of countries I don't think it will be so. So we have to go beyond all the statements made. The European defense, we've been hearing about this for the past thirty years. [indiscernible] pleaded for the European preference right from the years February. And they said that word cannot be pronounced in Brussels.

I was banned from Brussels. And in 2024, you talked about Oedipus Edip. And if the Commission wants to help the defense industries because they have no competence in defense, but they can help the industry [indiscernible] why not? And with European money, it would be good if that money went to the European industry at 100%. Even that was banned. We couldn't think like that. We had to have a share for non European money. So we aren't profits, but we're following our convictions. [indiscernible] From Germany, there's a new coalition in Berlin that is being formed in defense, will that create opportunities for Dassault? And what will be the consequences I'm delighted that Germany has realized that they have to invest in defense We've already heard this a few years ago. There was €100,000,000,000 plan in Germany And one of the first decisions was to buy the F-thirty five in Germany. That is to carry the American nuclear arm. So the money that was was spent to buy the F-thirty five and carry the American nuclear arm, I'm wondering what is its efficiency today? I'm happy to see that Germany is going to maybe change Thanks. I'm waiting for that.

And if there are opportunities, we will definitely seize them. [indiscernible] The United States are suspending their funds for Ukraine for the military deliveries what do you think about that? I have No answer to make. It's a state business. I'm not helping you [indiscernible] [indiscernible] in France, it all depends on the French government. But Substituting ourselves to the Americans, this is going to be your tall order and this will have to be made by all the European trees Good morning. Verne Guillermo for the Figaro newspaper. In terms of Rafael production capacity, have you reached the pace of three per month at that was your prior objective. And would it be possible to produce more if requested by the state, if they placed orders through export orders? And my second question is on customs duties The Dassault company sells a lot of RAPEL to The United States.

No, not Rafale, Falcons. I would like to sell Rafale to The United States. So Sorry, sorry. That's asking too much from us. Well, sorry about that. Yes. That's a slip of the tongue. And so Focus therefore can you tell us what would be the impact if The United States increase taxes by 25% on all European products, and particularly on Falcons. So the manufacturing chain, I'm repeating what I've already said. We have the primary parts We have our subcontractors, 500 subcontractors. They will be in Marine Corps to assemble the aircraft before delivering to our users. We have reached Page three for the upstream. In Sukla, in our plant, we are at Phase three and some of our subcontractors too. In Marineag, which is the end of the cycle, we need some time to ramp up our production and that too because we have some issues in our supply chain. We have delivered 21 Rafael in 2024, and we said that we're going to deliver 26 rafael sorry, 25 rafael in 25. So there is ramping up 0.5 between '24 and 25. So gradually, we're increasing our pace. We have gone to pace three. This is done.

It's underway. And we are anticipating going to Phase four. And if we had to, try to reach Page five. But that is if we receive the orders We are not anticipating going on to the Cadence V. But if we had to, Because there's this will to reinforce some the French Armed Forces with 30 additional aircraft after 02/1930? Of course, we would say yes, to that. We will be glad to say so. And secondly, since we have a certain number of prospects on the way we would do that. And then there is India, They are preparing some major orders for Combat Air and we would open a new assembly line in India so that we can absorb this load Therefore, this major engine order And so we can increase our pace. I know that for the past two years, everybody is saying they won't manage to do so. I'm not saying it's going to be easy, but we like challenges that does so and we like to succeed against these challenges. And we've demonstrated that we could go faster We will build additional hangars. We will hire additional people and we will balance things out between Falkens and Rafael.

And we have to make sure that the supply chain follows. But if we increase our pace with all our suppliers, that's good news. Now the problem, as you said, is that this can't be done by just clicking your fingers. It's work you have to anticipate things. You cannot increase the pace in five minutes. You need some time to ramp up. You need at least two years, two years to gain one point It is difficult, but we are working on this very seriously and we're trying to anticipate things. If we felt the need to increase our pace to supply our armed forces, we would do it. As for the Falcon, the difficulty is the reverse. We have market, it is half half between Europe and The United States. One third Europe, one third America, one third the rest of the world. So if all of a sudden there are customs duties, 25% for the aircraft, to be sent to The USA on the price of the aircraft and we will have to deduct the amount of work carried out on the aircraft in Little Rock in The U. S, this would create difficulties. And if you're has countermeasures, this would create more issues.

We would also be taxed and we would have to increase the prices so as to absorb these taxes.

So here again, we're looking carefully at what is happening, but it will be a difficulty. And this is why I put this reservation in our guidance for this year, 2025. Thank you.

As make in India is being done to compensate the 36 Rafale contract that have already been bought? Or are you following a strategy that is favorable for Dassault Aviation. And I think that there will be the 26 Rafael I hope the contract will be signed very soon. For you for the Indian Navy. And the Indian Chief Marshal was complaining about the local of HEL. Would it be possible for the future productions That would be done with the private sector. Could that be done with the help of companies, partnerships that you'll have set up in India? It's actually the answer is yes. From a strategic point of view, [indiscernible] In 2016, we had set up a multiple strategy. Of course, yes, there are compensations If we make in India, we it contributes to our offset. We have a strategy in India to bring down our costs on Falcons. So we're doing this gradually. Because I'd like to remind you that to sell focus we are in competition with The United States. And the American competitiveness is better than the French the corporations were taxed at 25% instead of 35% now, So we need to bring down the cost to be in this highly [indiscernible] Brazilian companies with Embraer.

So that's second strategy. And the third is to prepare ourselves one day for larger RAPAL orders for India. We had to prepare ourselves and maybe transfer an assembly line in India. So we're following three objectives in our Make in India strategy. And so therefore, yes, for the second part of your we're going to continue because when we began this, the Indian authorities were liberalizing the economy. Thirty years ago, we had to use the public industry that is HAL and now We have recommendations so that we can move into the private industry. And the private industry, we have the companies I mentioned on the slide. And Dassault has its plant in Nagpur with its partner alliance and we have the industrial control to manufacture in India. So we are in India.

With a partner who knows India well.

But of course, in the future, we will work with Tata etcetera. And We won't have the 26 rafael anymore. We will have other things to do.

Future Warfare Magazine.

Regarding The Atlantic two of the French Navy, do you consider having a specialized version of Falcon 10X because DGA has commissioned a study to Airbus And I know that you also have a proposal We have presented Falcon 10X new versions for the [indiscernible] We believe this because we have some experience in this area And some have an experience that has started in 1958 with TAL1, ATL ATL2, We have maritime surveillance aircraft. So we have a Now How that have for the French Navy or for the Japan Coast Guard. We even worked for Coast Guard Falcons delivered in The United States at one point. So we do have this capacity. And today, so it seems because there haven't been any official statements so far There's state would go for a feasibility study starting from an Airbus aircraft model while having, as a backup, an American aircraft. We're still able to manufacture the Tenx, but if we do not receive any orders to and commission a study. On that, we won't start any study. And good luck to Airbus. [indiscernible] aircraft. You were talking about the competitors from The U. S, Canada and Brazil. What is the percentage of parts from The United States on the Falcon's aircraft I'm thinking it should be a high percentage in terms of electronics, for instance.

Now for the military part, what do you think about the future combat fighters we have the FCAS that is going to come through. No. That's why Jason seems to be prepared for the future. But what was about the future warfare jets in the high intensity wars where we said fifty-fifty between the French part and The U. S. Part. Now we have to also see that the engine is Canadian, is not U. S. Made. So we will have the plus 25% tariffs imposed by The United States on Canada. So It's slightly less than 50% So the completion part is done in The U. S. In Little Rock, and part of the electronic equipment is also purchased in The United States. But that will be less than 50% for the Falcon. Now for the jet fighter, I don't believe in 100% fully automated warfare. Based on the discussions we've had with the military the French military and other military representatives from around the world, The future jet fighters with a pilot on board within the next thirty years will still remain true and will be pivotal for Having the capacity to attack a country or to defend a country.

Now it doesn't mean that there is no automation. There is the automation sensors from a collaborative combat means that all this data will be automated and processed to help the pilot. The pilot is more a mission commander in chief who is closer to the frontline.

Who will be able to make decisions as per what is required by a hierarchy and what is observed in the field. It's true that combat drones will help enhance the functionalities of an aircraft during a mission So we will be witnessing the Incept [indiscernible] pilot on board or remotely controlling The Americans are often ahead because they have huge financial means and resources for that. We don't see small drones you've seen in Ukraine. It's as if they had a small explosive that is remotely controlled. The fact that we have something that is fully integrated with the combat fighters, we're not jet fighters. We're not at this stage yet. We do enjoy some Naha that will help us move forward in this area. And if the ambitions of France are confirmed to have a combat drones by 2030s in addition to the Rafale. It's a challenge that will be interesting and that we will be ready to take up Before we have a future jet fighter that will come after the year 02/1940. No, in the sales of Dassault Aviation, what is the share between MCO, MRO and new aircrafts and another small question, What about Mr.

Charlie Duszen? Has he retired? Truly? Is he living now in the French Riviera? We don't see him anymore. I will answer your second question first. Well, Sean, Danson has indeed retired He's a pensioner. That's why I'm replacing him. Otherwise, he would be here with us.

He's still a member of the Board of Directors of Dassault Aviation. He is somebody who is really reliable, and we want to have him on board. And he's still a member of the Board of Directors So Now for your first question, The support activity is an important share of ARRIS. Sales, not as much as the sales from the selling of aircrafts. Of course, in France, for instance, you have all the MCOs for Atlantic two, Mirage 2,000 and Rafale. So the support part is a significant part of the total sales revenue, but this figure is in the distribution is not disclosed. If we've exhausted all the questions, well, thank you. And we will meet in July again I don't remember the date July 21. Okay. I'll keep this date in mind.

And we'll meet again soon for some of you. Thank you.