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You can see this on the sustainable development market, and the Green Transition market. Maxim Sisi, who you know well, our Director General, your recognize him on my right. Be running down the various highlights of the financial year 2024. Batista Genre, our Financial and Administrative Director to my left, will then come in and explain business performance, operational performance [indiscernible] financial performance especially. You can already send your questions via e mail to our Investor Relations Direct to? Manuel Anderson, on the e mail address that you can see on the screen. We will be delighted to answer your questions at the end of the presentation during our Q and A session that is now tradition. Financial and non financial performance for Cision, Viren Mont in 2024 confirm the relevance of our business model. Which is both highly visible and brings sustainable and high growth. For the financial year 2024, [indiscernible] and we have gone above our gross operating profit target that we Séché. We can also confirm the trends from our roadmap for 2026 as we presented at the end of twenty twenty three. This is once again evidence of the resilience of our growth model. The beginning of the year was marked by delays in a number of spot businesses especially job sites. [indiscernible] By that, I mean environmental emergencies and depolution efforts.

Furthermore, in 2024, we saw a significant drop in energy that strengthened growth and also profitability of our Energy Recycling businesses.

However, the quality of our second financial half and the overall quality of the financial year go to confirm the business dynamic, and also the correct strategic orientation of most of our businesses in line with previous years, especially in France. This sustainability in large part relies on the sustainability of our commercial offering for our industrial and local authority clients. We bring together the entire value chain of waste management, with rare knowledge and skills in producing low carbon energy materials and recycling industrial [indiscernible] With our business, which is well in line with the European Green Taxonomy, Sisi is able to offer its public authority and industrial clients an offering that is close to them and that meets most of their environmental challenges and can fit within their environmental regulatory framework for sustainable development and particularly for the green transition. Our business model is also a growth model. Our operating performance is high. Gross operating margin is up versus twenty twenty three. And this is true like for like and also of course, including Ecos integration. It has absorbed in large part the impact of the drop off in energy prices and the job site delays from the beginning of the year.

This high level of operating performance goes to show the resilience of our margins, our operating margins And this resilience [indiscernible] relies on a number of things. First of all, correct market strategy, shown by strong business trends. But also on our ability to implement successfully to improve the effectiveness of our tools. Finally, this shows our ability to swiftly integrate acquisitions and to implement business synergies with them as well as operational synergies across the companies within the group. This operational performance further shows our ability to maintain solid financial positioning to continue to generate free cash flow and our ability to keep our debt under control to support growth. As such, net profit in 2024 is in large part a reflection of the one off impact of the acquisition of ECO in Singapore. The non financial performance is also not being forgotten. As such, for the second consecutive year, Sichu, in 2024, has achieved its target set for 2025 when it comes to reducing greenhouse gas emissions. On top of that, Sishi is deploying a number of efforts on environmental issues that are important for the group and for others. Such as low energy use and low water use, I could also further mention the initiatives aiming to protect biodiversity.

This is what we can call sustainable and responsible I'd like to now share a few words on the opinion of the Board of Directors. This is a robust and innovative group that is able to find relevant answers to the needs of economic stakeholders with sustainable growth and [indiscernible] profitability.

The group has been able to acquire a new size dimension with the acquisition of ECO.

The Board of Directors will therefore be putting to the AGM a dividend of €1.2 identical to that of the previous year. I'd like to give the floor now to Maxim Sichim, who is going to the detail of the strategic achievements of 2024 Maxim. Thank you very much, and good morning, everyone. I'm delighted to see you all once again for this presentation of our financials for 2024. Is the opportunity to come back to some of our major achievements that we saw last year. 2024 once again confirms the sustainability of our sustainable development markets and also the relevance of our offering. I'll be explaining how our strategy applied In the service of our customers has enabled us to achieve some business successes. I'll also be coming back on the acquisition of Eko in Singapore. This is a transaction that is fully in line with our development strategy, I. E, international growth, with a positioning that involves circular economy, and hazardous waste management for our industrial clients. Thanks to our achievements and the bounce back in the second half, we are able to confirm our 2026 roadmap for financial performance and non financial performance. As you know, we're a group in sustainable development where specialists in the most complex waste and the services the highest added value.

That means that we stand apart with a range of offers for safe circular economy activities for all businesses, including the most technical ones. In 2024, industrial clients accounted for 88% of our overall revenue hazardous waste 69% versus 66% previous year. Further confirming that position. International development is a strong growth driver for our markets as we explained, There is complementarity across our offering, which helps us support our international customers. And the acquisition of Eko strengthens our international position up from 26% to 32% of revenue. For the very first time, the group is now subject to requirements for environmental reporting known as CSRD. This new regulatory framework requires disclosure of green activities as understood in The revenue of the group, seen as green, is now at 66%, more than 66% Séché. This shows that we are well positioned on future businesses In fact, thanks to recent studies by Morningstar, the alignment of European companies on the taxonomy is at 13% right now. 2024 has also helped to strengthen our position in low carbon activities. For the second consecutive year, we are ahead of our target of minus 10% greenhouse gas emissions which we set for 2025. Energy Séché sufficiency as a target is also making progress.

Thanks to our increase in energy production from waste. Especially with the Treddy Strasbourg plant being plugged into the local grid. That is the local urban heating grid. We're also supporting companies in their energy transition Over the last years, the company has been working on diversity, water and also in helping our customers avoid emissions, thanks our circular economy business. Have also been able to set targets for 02/1930 as part of the new sustainability framework These targets have been recognized by independent third parties and these commitments, as you know, are part of our group DNA and further contribute the interactivity of our offering. I'd like to come back on two major projects to illustrate how we are strengthening our position in supporting our customers in lowering their carbon emissions through the secular economy. In last September, we opened two new solvent distillation plants at Savilbar in France. This is Speed Chem Processing. Thanks to our five sites across France and Spain, Spakhem is a European leader in purification of hazardous chemicals. Therefore, Saint Julba is able to better support farmer and industrial sites. To remind you, the reuse of a solvent has lower carbon impact by 80% than using a new solvent.

We opened up a new energy plant in Montaubon, in France. It's called Move. It produces low carbon energy from local waste This energy then becomes a local alternative to fossil fuels. The site will be produced the equivalent of the energy consumption of 15,000 homes and will supply the urban heat network. For the equivalent of 4,200 homes.

Another business success has been the renewable of our not public service contract. This involves renovating a site that was produced in 1987 including renovation and maintenance. After the work will be finished, capacity will be doubled up to 260,000 tonnes per annum. This is a waste treatment and recycling plant that will meet the needs of a local region in including Nod as a city and seven other local authorities. I. E. 1,500,000 inhabitants. This project is fully in line with the energy transition as it will be producing energy for 25,000 homes and cover 75% of the heating needs of the local heating network. For the Loire region. It will also be able to produce coal during the summer. This will double the performance of the previous unit, This unit is therefore positioned as an energy unit that is highly optimized. Now we have two international business Séché stories to share with you. In Chile, we were awarded an international contract for depolution of a seven hectare site in Vina Del Mar for the real estate company, La Salinas, This is a former hydrocarbon storage site and its renovation will lead to the development of a significant Property development.

Is highly visible in the media due to it being present in the Vigna Del Mar tourist region.

Thanks to this flagship project and working with the third largest property developer depolution leaders. This shows our ability to export our skills even for the most complex projects. We're also currently doing an 11 hectare of a former refinery in the Séché of Fontignon. Olympic swimming pool site that had previously been [indiscernible] and that was difficult because it was in a closed quarters urban setting. We were able to reuse resources, including the [indiscernible] and reduce carbon emissions, thanks to shipping out the nonreusable materials.

Peru third largest copper producer in the world, and we are experts in sustainable mining We were awarded two contracts for mining stakeholders accounted for 25% of copper production in the country. These are €65,000,000 contracts over five years. We were also recently awarded a contract for a gold mine in the North Of of the country, which opens up new perspectives in that region. Our value proposition to the mining sector is differentiating, thanks to our strategy to reuse materials and to be able to manage waste on-site. We also have a plan to reuse waste with local companies And we have awareness raising programs of local populations to promote sustainable mining. Active in our targeted external growth strategy, including abroad and especially abroad. External growth rounds out our offering, opens us up geographically, and also strengthens our growth dynamic. 2024 was a year during which we were able to position ourselves as a leader in a high growth region, thanks to our [indiscernible] In July 2024, we acquired 100% of Eco's Séché [indiscernible] They are leaders of industrial waste in Singapore with a market share at thirty two percent and four hundred and forty thousand tonnes of hazardous waste treated per year For a total capacity 50,000 tonnes per year across 16 facilities, including 12 incinerate So This is also accretive with an EBITDA margin at nearly 40% revenue at €75,000,000 in 2024 Séché.

Our growth strategy requires saturating existing capacity. So one of our major targets is to develop this platform in Singapore.

We'll be rolling out a new carbon incinerator and we'll also be getting in We've already identified synergies in services and the circular We also wish to be able to address the broader market of Southeast Asia. To achieve this development goal, we have decided to work with a financial partner that will hold a minority stake in the long term. CVC Diff is an infrastructure fund that we brought on board with us. This that we can maintain operational control while integrating ECO And they also bring regional expertise and international development expertise. The Fund was brought in on the same value conditions as us. The beginning of twenty twenty four was marked by delay in the service business in France and elsewhere, But the dynamism of the second financial half absorbed and offset most of those impacts. We are now broadly in line with our targets for business for operating profit. To our dynamic markets and thanks to the commercial developments that I described, we achieved an excellent second half. Marked by strong organic growth, plus 3.5% versus the second half of twenty twenty. Three, including the impact of an energy drop which cost us two percentage points of growth over the period.

This comes along strong improvements of operating profitability, 25% of revenue, including 0.5% effect of the drop in energy costs, Despite that, we're able to be in some of the highest ranges ever recorded by the group. The correct strategic orientation of our group and our margins is further visible in France, as Baptiste will explain in just a minute. [indiscernible] in 2025 and 2026 in our ability to maintain these positive trends in business and in operating margin. These are the same trends that we presented at the Investor Day at the end of twenty twenty three in our roadmap for 2026 and that we can reconfirm today. I'd now like to give the floor to Bettis.

Thank you. After that, quick round the world, let run through the numbers indicators of economic and financial performance. The group is posting contributed revenue in 2020 for €1,100,000,000 two forty to 0.3 in EBITDA. And the margin goes from 21% to 28% and a growth in COI 5% operating income pretty flat financial income as was said that is up on the back of the change in the debt level. Net income group share €35,500,000 That's earnings per share at €4.57 per share. Enabling us to propose that the AGM maintains the dividend at €120 on a recurring basis group hosted because [indiscernible] and WCR requirements with net financial debt, which is the strict result of the change in the financial acquisitions and financial leverage on control two point three point two times at the end of twenty twenty four, which is broadly in line with the target of three Moving through the business revenue, noncontributive revenue, €80,000,000 with a slight dip in concessive investment linked to the end of the work of the move in TGA P tax just up. That's simply because of the changes in that TGAAP scope, €103,000,000 made up of various items of Furiya that was consolidated in Q4 twenty twenty three.

Consolidated full year. And so a scope effect on the nine first '9 for €49,700,000 Séché consolidate only in Q2 for $37,200,000.0 euros I'd also add and we'll see this in terms of earnings but activity echoes performance in Q2 is fully aligned with what we indicated in our expectations. ESSAC acquisition improved EUR 3,400,000.0 in scope effect for the first nine rented drab in Namibia, euros 8,000,000, small acquisition in South Korea Chemical, cleaner, euros 4,000,000 as scope, ife in France on H1 10, with RPEVI6 million euros So overall, when we analyze France versus international, as you can see, we have changes that are pretty different. The French segment, we note the solidity as well as the resilience of the French market and the industrial percent 0.9% inorganic excellent age two for the French segment because we posted an of minus 3.4% an unfavorable impact of energy prices minus €19,400,000 that was offset full year with very positive commercial impact throughout the year, positive price effect throughout the year, very good momentum H2 managing, Hazard as waste and the circular economy and a [indiscernible] to the Strasbourg Sainterval public service contract, which is commercial uplift. International revenue, obviously, the scope effect that I indicated, organic, we have a differentiated trend in Europe plus 0.5%, which is also a good performance, you recall, in H1.

We suffered negative impact in terms of Act Micromere in Italy, very good momentum in H2. [indiscernible] distillation of solvents. Southern Africa is down minus 12.4% euros 84,000,000, we had the presidential elect four Séché hurt the business in 2024. Latin America down 3.7% minus 20% Séché H H1. So a true rebound in H2, which as was indicated, the ramp up of work both of decontamination in the Chilean segment and total waste management in Peru.

These major contracts contributed in H2 and will of course contribute across 2025. When we look at the picture by quarter, it's quite interesting. We see the difference across quarters Q1, Q2 negative and the rebound that we flagged on Q3 and strong growth in Q4. In spite of a base that was substantial in Q4. We managed to deliver a significant performance and we see the resilience displayed by the French segment top right, with the Q4 coming in at plus 6%, 5% international revenue. We see the recovery that occurred in Q4 with the ramp up ramp up of the contracts that are indicated Briefly, H2 is, of course, well on track plus 5% in France Séché, between H2 '23 and H224. Impact of energy, we told you about that. With a price effect of minus €19,400,000 which is quite interesting here in this small chart. Is the volume effect that's positive plus €6,300,000 be it on steam or electricity? And that's structural insofar as these volume effects were consistent with our roadmap and Séché float of additional float of revenue of the circular economy. When we look at the picture by division, the momentum changes between services circular economy and hazardous, quite 5746% of scope with a significant scope effect, plus €67,400,000 with a delay or at least less spot on decontamination and rented Drummond marginally as SPS, Circular Economy.

What's interesting is we have a positive contribution, EUR357 million revenue, 32% of the business in spite of the energy impact, positive impact to be noted, good momentum of Plaid hazardous waste ETA in France hazardous two forty Séché the resilient portion with very positive [indiscernible] in 2024. Moving to EBITDA several things to [indiscernible] First of all, we had an increase of the operating income €217,000,000 to €220,000,000 with a margin improvement be at constant scope or like for like and in red a contribution change in the margin that's significant [indiscernible] 24.6% Séché. That is a pretty interesting performance. Internationally to flag the good performance of ECHO, including on the contributed revenue €613,000,000 43% of EBITDA in the six months, 37,700,000.0, EUR 16,100,000.0 of EBIT It's H2. This will, of course, contribute to improving [indiscernible] as of 2020 for a decrease of EBIT International South Africa Latin America linked in 2024 to business development that was down in 2024. If we look at the price and volume impacts, we know volume impact impacts that are positive and price effects that are also positive primarily linked to the good trend of volumes in France that absorb operating cost, both payroll and subcontracting costs So excluding energy prices, we have an EBITDA of the order of €231,000,000 That's a sharp increase in EBITDA ex excluding revenue.

The price synergy is minus 10.5% different from revenue because we're paying fewer taxes on the infra marginal rent. EUR21.5 million, that's a scope effect that I indicated on EBITDA several points. First positive of AECO in the eleven point six percent thirty one point six operating margin. This overall improves the International Séché, new scope as compared to what we presented June 30 in France, a significant development which is an increase of the appropriation to provisions of €10,100,000 a risk of non recovery of major overhaul costs. So the public contract of Strasbourg Sineal, giving the cost, the [indiscernible] the age nature of this incinerator, we have additional costs at the end of the contract that is 02/1930. That are borne by the operator. They've been provisioned because of this risk of non recovery moving down the P and L we have an impact between EBITDA and operating income, primarily business combinations, well, those acquisition costs of the order of 7,800,000.0 essentially with the ECHO financial income impact by the rising gross debt, cost of debt, gross debt that is stable EUR 3,520,000,000.00 versus EUR 3.49 an increase of EUR 10,800,000.0 of the financial expense linked to a rise other financial expenses and costs that's bridge loans for their commissions corporate tax 18.3% versus 17.8%.

And increase in the effective tax rate for 32.2% to 25.8%, we can return to that. You have any questions. Good control of industrial investments, 93,800,000.0 in CapEx booked EUR €79,400,000 Disperse, we're investing across our businesses and the recurring CapEx accounts for 6.7% of revenue, broadly stable versus twenty twenty twenty three.

This brings us to good control of cash flow with overall given the change in EBITDA, we have a favorable change in rig [indiscernible] linked to the scope change and primarily interest paid, we mentioned that change with the debt, so available operating flow, 111.5%.

That's 6% cash can rate and have EBITDA ratio [indiscernible] high in 2024. Good financial audibility. $9700000.02500000.0 euros remain with strong liquidity. €356,700,000.0 and leverage that is under control, 3.2 times EBITDA. Debt maturity The result of the temporary the loan, the bridge to bond. Current debt less than one year And debt maturities that is spread over time and on debt curation targets for 25%, 20 Well, obviously, we maintain strict financial discipline with a focus that continues to be on cash flow generation, posting, as I indicated, a change in cash flow generation that is ever stronger cash conversion to the tune of 46% for 2025% Séché we expect CapEx containment of €110,000,000 is excluding CapEx mentioned by Maxim on Séché. And of course, WCR containment management focus strong on WCR in 2025 to maintain good free operating cash flow return to financial leverage overall below three times EBITDA. We should reach that target by 06/30/2025. You'll recall the first half of twenty twenty four. Was broadly weak. We saw that in the quarterly changes. It should be stronger as of twenty twenty five twenty twenty Turning now to working assumptions to give you the 2025 in terms of objectives.

We expect resilience on strong markets, commercial impacts that will remain positive. On the international front, we're expecting Europe to continue to be solid in line what we saw in H2 '24 in Asia, an impact of the ECO integration for the first six months, which will lead to an improvement both in the business all other things being equal and the operating profit margin In Latin America, we're expecting a ramp up as we saw in Q4 of the major contracts previously mentioned. And in Southern Africa, Warrick's expecting sooner or later a market rebound in South Africa, at least on our side, our South African management is reducing the cost base to leverage the rebound when the economic situation improves. Operating profitability, continued positive trends of H2 twenty twenty fee with increased profitability of activities recently or quite Séché essentially continued improved full year accretive effect of increased contribution for Southern Africa and LATAM. Finance structure, as I mentioned, CapEx under control and financial leverage, less than three times as of June 30, which will continue throughout '25. This brings us in terms of the numbers to revenue in 2020 for the order of $1,118,000,000 expected growth of revenue plus 6%, 6% includes the additional six months of ECHO in H1 twenty twenty five, and then we continue on the trend plus 5% with a normalization.

Of economic cushion in '26 with revenue of the order of 1.24 in 2025. We're expect EBITDA €266,000,000 €275,000,000 with an additional margin point This improved margin EBITDA is set to continue in 2026, in line with the trajectory indicated the Investor Day. Operating income between €130,000,000 €140,000,000 up two points in terms of operating margin in 2025, an additional two points in 2026 That's broadly the roadmap that we wanted to set out to you that confirm the trends set out at the Investor Day adjusted to June 30, Séché the acquisition of Eko. And that's not a We're available now to answer your questions. We'll take questions from the room first.

So we're seeing that the margin is slightly delayed Diluted, sorry, like for like 21 versus Séché% published despite the very positive the scope holding back the margin? Could we get more detailed information? We would have probably expected the opposite effect, a more accretive effect on scope. And I'd like to come back to that €10,000,000 provision. I didn't fully understand the logic behind it. And the risk factoring that you have included generally, there will be costs in the P and L. Can you come back to the reasons and logic behind it and why you're talking about risk factors. And finally, [indiscernible] stakes, I expected more of those because of the financial partner that's entered the ECOS capital, you're saying that it's actually stable. And what about 2025? Thank you very much. Okay. So for more detailed information on operating margin changes, Well, indeed, there has been an improvement between the first half and the Séché half. This is due to ECO And this is what improves the like for like measurements However, what we saw in the scope effects in the first half is including Furious effects on costs, As we were kind of setting up the the structure with the Italian holding company, including integration costs for Furia.

All of that is still being booked in 2024. So that led to a dilutive effect on margins that we have for Furiae. With the ROC of €3,500,000 out of revenue €49,700,000 So that has been weighing down on the margin that we had already seen in the first half. On your second question related to risk and provisions, So that's €10,200,000 that you'll see in the ROC Generally, when it comes to these public service contracts, there's going to be some kind of maintenance and renewal plan known as a GER in France, that will be applicable throughout the contract. Now as more time goes by, the more changes we see on the likelihood of disbursement of those extra fees in rather the chance of getting that money back goes down. So we ended up with a GER plan in 2024.

It runs up until 02/1930.

We've seen a management change GER, otherwise known as an overhaul plan, and the likelihood of recovering Money from the overhaul plan, so the likely of getting likelihood of getting that money back that we invested goes down. It's important to note that plan is part of a regulatory framework and is part of the maintenance that we need to do up until the end of the service contract. Throughout the process, there are regularly amendments that are brought implemented. So it's not a cost. It is indeed a provision that €10,200,000 because the discussions will continue to go forward as we decide what is done by the local authorities and what's done by us. On your final question related to minority stakes, we're going to keep a very close eye on this. In 2025. It's important to note that in 2024, we had a whole period between July and the November During this period, in the holding company, we had debt costs that were being handled sorry, let me restate that. We had debt that was equal to the entire entirety of the purchase amount. So there was a negative effect Now on the Singapore Holding Company, So the minority stakeholder came into the Singapore holding company at the end of that period.

So they were kind of two effects On debt situation and then we had the positive impact of the group share that came in, in the second half of twenty twenty four. [indiscernible] Help us understand that provision from an accounting perspective. Is this due to investments that you've already made and or that are still to be made? And seeing as they're still five years ahead of us, should we expect That provision to be drawn down or to be disbursed over the next five years, maybe €2,000,000 per annum? What should that mean for CapEx? On STU I know that you were trying to clean up your contracts. Do you still have nonprofitable contracts? How much progress have you made on that? And how much progress have you made on the profitability of that subsidiary? I'd also like to hear from you on predictions for revenue in 2025. Without Eco, we're talking organic growth of about 2.5%. That's relatively conservative based on what you've announced today. Is it realistic? Or are you seeing slowdown in France or maybe is it West Africa that is starting to weigh you down? On ESG and environment for methane emissions, do you still have plans to reuse that methane is it biomethane, is it still electricity?

I can't really remember if you could just kind of reexplain that. Okay. So on the work behind that provision, That work has already been [indiscernible] Therefore, has already been financed by Sixin as the contract holder. So as to whether that provision will be disbursed until the final date, no. What may happen is some kind of change with the Strasbourg local authority. If we're able to, for example, demonstrate that those costs should have been borne by them and not by us, On STUI, This is something that's very important And it's important because it weighed down financial performance in 2024. We saw very clear improvements in the final quarter of the year And those improvements were seen in better performance, and to reuse your words in our cleaning of contracts, kind of pruning of contracts. All of this contributes to the improvements in operational performance that we're expecting in 2025, without forgetting that early twenty twenty five clearly shows already a significant improvement in that same operating performance on that segment. So you were entirely correct in that. On the third question, Right now, we're not seeing any shifts in trends. So we're still riding the wave of positive commercial effects and benefiting from the resilience of the French market.

However, It's early March right now.

And I think it's fair to say that the world is not simple and predictable right now. As Sichir always does, We're starting the year with predictions that you may judge conservative, we judge them as achievable. But we are announcing organic growth of 2.5%. That would lead to a full 6% if you include ECO. And we are confident that we will be able to achieve that performance. We have no forward visibility On the overall business situation, be it South Africa, or Latin America, Right now, there's been no significant recovery in the South African countries, and all of that leads us to be conservative for this beginning of the year. On your question of biomethane, we are continuing to use biomethane Given changes And costs were able to sell biomethane to the grid. [indiscernible] able to work with Wagga, as they're known, and also in places where we've had legacy electricity production, we're able to produce electricity with that.

So I have a few questions [indiscernible] been sent in by people who are on the call Bradley Bull of M and G. So questions in English, I'll put it in French, I think. Our friends from translation, could you tell us the amount of dividend to the minority stake in ECO and second question, are you expecting an increase in EBITDA organic in €25,000,000 and beyond excluding Echo So on the first point, [indiscernible] there's no commitment to pay a dividend to the [indiscernible] is pretty clear It's in the hands of the AECO board of directors over which we have control with three members as against CVCD. It's in the interest of both partners to receive a dividend. I mean, there's no automatic formula that applies the priority for the two shareholders is to invest in Eco to grow Eco and thereby use the cash flow as far as BOS to invest in growth projects. There are a few that were mentioned, but we have a great many development investment opportunities. Of course, the goal is that the [indiscernible] significant margins on Eco We look at the investments. We look at the initial development plans. Well, those plans maintain or if we increase the margins that we ended.

The priority is, of course, to reinvest in those projects rather than to pay out dividend. Are we going to increase EBITDA in organic, well, obviously, RI [indiscernible] reduction, positive price effects, positive commercial effects presented the Investor Day, we want to improve EBITDA margins in organic. That's the goal. The group continues to grow on its historical that should necessarily lead to an increase in organic EBIT We have two questions from CIC Market Solution. Could we have an indication on expected energy price changes in '25, the rise in gas prices Q4, will that be a cap allocation priority for twenty five-twenty six? Is it just to reduce that or is the scope for targeted acquisitions?

On Your first question Injected stability in our guidance assumptions, I mean, stable energy prices, that expected so much the better if [indiscernible] rise because we send more we sell more energy than we buy. We based our forecasts on stable energy prices Next, on utilization of of capital today. The group's financial [indiscernible] leverage goal is clear that it's below three.

There are are two ways of improving the financial [indiscernible] generate cash so as to reduce the debt that was flagged. And improving EBITDA. So that should lead to financial leverage below 3% in 2025. No further questions from the webcast. Back to the room. I'm from BBVA Bank.

We have seen a slight uptick in financial leverage. Is that likely to prevent you from further acquisitions going forward? And are you expecting acquisitions in other countries And what's your outlook on Latin America? Thank you. Well, what we have for you is a kind of snapshot [indiscernible] at the very end, the final day of 2024. But remember that in 2024, in July 2024, we undertook a significant acquisition, ECO, for €430,000,000 Given the importance in our minds of solid credit and financial flexibility, we decided to bring in a financial partner that matched our valuation and that came in to reduce our leverage ratio. We were able to reduce by €216,000,000 the debt related to that acquisition. That's an important takeaway. To get down to 3.2, we had to make trade offs. As we explained ECO is an acquisition that we would have preferred to be alone on. But there was strategic relevance in bringing in a minority stakeholder because first of all, it's our first project in Southeast Asia Séché having a local partner working with us would be useful. But it also means that we can keep our balance sheet very solid by bringing in this partner.

This enables us to be in line with our trajectory We want to be back under three in the twelve months after the acquisition. We're at 3.2% at the end of the year. We will be under 3% by June 2025, and we're maintaining our strict management of our financial policy and keeping our gearing under three. We might be above for a short time after a significant acquisition, but then that's followed up by plans to bring us back under 3% in the twelve months after that acquisition. That hasn't shifted. And that does not in any way affect the group's ability to do things. And we are very strict from a credit perspective and from a financial perspective on our management of our balance sheet. [indiscernible] To be very clear, right now, there are opportunities to grow We have the ability to invest significant capacity to invest. We're focused on our markets. 2025 is not going to be all about breaking ground in new markets. We're going to focus on our core markets because there's a lot of investment potential already We have Chile, we have Peru, and there are opportunities as part of those environments as there are in France, Europe and in Singapore.

No further questions? What are you basing your hypotheses on for growth in 2025 international versus abroad? I imagine France is going to remain positive. You have minus 5% negative growth internationally. What figures are you working with in 2025? And also on margins, we're seeing a strong drop off in international margins What does that mean for 2025? Final question. You have restated a good outlook for 2025 and have reconfirmed your roadmap into 2026. However, we can see that you've slightly adjusted your expectations minus 5% for the EBITDA range in 2026, what led to that decision? We're expecting positive growth in 2025 in France and abroad. We've been conservative absolutely. But we're not expecting negative growth to continue outside of France in either case. We've been cautious. So on international margins, once again, this is something that should be understood on a case by case basis because changes are different depending on what you look at. We saw a one off effect in the first half of twenty twenty four in Europe, but we're expecting it to return to normative levels. We're not expecting any drop off in Italy. So things should stabilize. So things back in line with the second half We haven't made any predictions for South Africa South African countries because we don't really know when it will be stabilized, when it will bounce back.

If it will bounce back, back. We're confident in the medium term in that region though. For ECO, as we've communicated, we are clearly expecting an improvement in volume and a slight increase in margins. And this will be due to the implementation of the ramp up of the carbon incinerator And for Latin America, all we did was factored in the total waste management contract in Peru and the depolution contract in Chile, we're assuming those contracts will be followed through on. Targets for 2026 now. We have slightly adjusted some figures. The trends remain the same. Expecting plus 5%. That's very important to remember. Remember that we have taken the real 2024 figures into account Because we wouldn't want anyone to think that any aggregates will catch up that dip by 2026. So our trends are the same, but we've readjusted 2024.

Do we have any further questions, please? [indiscernible] Time for coffee. And don't forget ask your questions. We're here to answer them. Thank you.