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Good morning, and thank you for joining us. Good morning, and thank you for joining us. Full year results.

On today's agenda, we'll first give you You can also find this slide on our corporate you can also find it on our corporate return to the first question, if I may say so, the page of substance.

To share with you the key highlights. Quite [indiscernible] quite impressive. [indiscernible] The evolution of audience in the fiscal year through our first fiscal year. Then the competition during summer despite Paris or in the competition as a result in 2024 among [indiscernible] JPY one channel even increased by 4% by the wide four point target group for the first time in 2021. For the first time since 2021. TF1 Digital attracted 3,300,000 streamers and more than €34,000,000 and more than rich. Million euros on average. In Q4. Second element, financial performance. [indiscernible] studios, driven by both the media advertising studios, increased by streaming with a strong and a stable growth in streaming that understand that. TF1 almost plus or T plus grew by almost learning for T plus platforms. Appeal, confirm your advertiser platforms appeal [indiscernible] and the margin from activity is 0.6% to that [indiscernible] in $0.2 and 2023 by [indiscernible] [indiscernible] [indiscernible] of $5.00 €6,000,000 remaining at stable end December year on year, remaining [indiscernible] they would therefore achieve 2024 targets in the year 2025 targets of major. Let's turn now to a detailed [indiscernible] The review of our linear activities as a reminder in our business.

TF1 as a reminder and rebuild [indiscernible] we deliver underpinning the value we delivered to '24 the group maintain 2024 the road maintained reach at a level covering [indiscernible] every day. Well above such as any other media business and [indiscernible] from the Paris Olympic Games. TF1 channel retained its [indiscernible] [indiscernible] and more than €2,250,000,000 to €4,900,000,000 or €2,500,000,000 to four point nine year old target discloses eight points ahead. Of its closest competitor. Switching to Page seven. Switching to Page seven. Commenting more on the linear performance, commenting [indiscernible] [indiscernible] [indiscernible] maintained all the position The relevance that is implemented by [indiscernible] old, among the 25 to 49 years old, particularly where the launch after the study saw [indiscernible] [indiscernible] of our daily firms [indiscernible] and strong demand for the Monjour continued popularity, strong performance, continued to gain popularity, a double trend [indiscernible] 29% average in 2024, two nine even average in 2024. An even reach at the end of the year. More than 10%.

At the remainder of the year. The distinctive as a reminder, [indiscernible] without [indiscernible] [indiscernible] Was stable year on year. Nonlinear contribution year on year of in linearity during the decline [indiscernible] [indiscernible] [indiscernible] higher than our 12.5% of the to 45% of the consumption. Nonlinear now, [indiscernible] attracting new customers. The goal is [indiscernible] [indiscernible] in France and also now in 2024. The platform made in 2024 The platform made significant progress on all underpinning its development. Building blocks [indiscernible] Stood at 8% stood at 45%. 8% for 2024 point five percent for 2024 five points in the year [indiscernible] [indiscernible] beating the actual targets of 55 GF1 plus attracted 73,000,000 streamers. GF1 plus attracted more than [indiscernible] [indiscernible] on the platform, 2,000,000,000 in 2024, on the platform, and present in 2021 point five times [indiscernible] of the 500 times Rail usage of the second competitor. Right. Based on our site centric figures, based on our site centric figures, fifty five percent fifty five point one year on year. It's the B1 plus among individuals of B1 plus fifteen among individuals with a monthly reach of 70% monthly reach of this 5%, illustrating this average already and that the higher pressure for Sol already target higher for some these promising results show this that we're missing track.

Results show that we are on track in the medium term. Our TF1 target EUR 15 targets €13 as we reach coming from €24 coming from €24 [indiscernible] looking now our line of business, production new in studios, [indiscernible] result in its global digital margin return to a double digit 25 was marked by [indiscernible] synergy as a group [indiscernible] TV also [indiscernible] [indiscernible] Now let's turn to our financial all of which are available on our website. First, a word on our good first Q4 award on our good [indiscernible] million euros to €765 of 2%. Revenue from the Media segment was broadly [indiscernible] was down to advertising revenue [indiscernible] In the last two months of 2019. You instituted your revenue [indiscernible] Teufang Group consolidated driven by its advertising revenue in the media segment. Advertising revenue in the media segment was [indiscernible] [indiscernible] Confirming the platform again for Advertise. We only disclose advertising revenue. Which will mean broader streaming revenue. Which would be Non advertising revenue in the Media segment? Non advertising revenue in the Media segment? Up €368,000,000 up 2%. Nuance revenue grew by 5%. Nuance revenue grew by 5%. Nuance revenue grew by 5%. Entire activity with De France.

On the next page, on the next page, it's EUR 99,000,000 in 2020 to EUR €99,000,000 year on year, 15 And in line with our company margin from activities rose driven by the Media segment for the full year COPA was €297,000 COPA was 200 margin from €9,000,000 SMEs was slightly higher than 2023, [indiscernible] In a year of major transformation, the media segment report [indiscernible] programming costs and investments, although momentum in the [indiscernible] investment in U. S. Margin from activity new end margin from IGB territory at really double digit territory at 11%. On the P and L regarding the [indiscernible] €18,000,000 Other operating expenses included other financing which was signed in July 2023, of €200,000,000 that included a high level of noncontrolling [indiscernible] for both JPG and Real One. On cash flow on the following page. On cash flow on the following page. The group at the end of twenty twenty four [indiscernible] €229,000,000 €177,000,000 100 and [indiscernible] million euros dividends. To provide an update on our strategy and outlook. Thank you, Caroline. Thank you, Javal. To celebrate the fifteenth anniversary of [indiscernible] [indiscernible] The book's ambition is to establish itself French language, quality in news, In the context where usage [indiscernible] models with superior its long term leadership.

Our three growth [indiscernible] in the emerging market, free streaming platform becomes the leading [indiscernible] [indiscernible] [indiscernible] by leveraging [indiscernible] brands appeal. The first pillar of our strategy is to consolidate our linear market revenue [indiscernible] linear advertising volumes the Reach Show Through Volume TV and of Tier one. [indiscernible] And TF1 is a differentiating factor. Fragmented generator and the best Advertising inventories, the best for our advertising inventories for maintaining this advantage, we have to maintain this advantage with all our main segment franchises, all our main target segment franchises, [indiscernible] [indiscernible] [indiscernible] [indiscernible] [indiscernible] and we have signed among other co productions. We have signed with [indiscernible] And for example, we have [indiscernible] [indiscernible] [indiscernible] We're also in Jadad, to implement we also intend to implement pricing, a distinctive our pricing at Salted House our carryout Q less of adapting in 2025 starting in 2025, and gradually enriching [indiscernible] to align [indiscernible] [indiscernible] we'll further strengthen commercial, by distinguishing highly powerful F1 and premium which has obviously TF1 value in [indiscernible] [indiscernible] and at the same time the rest the reach of our advertising inventory, the rest will encompass all of market, and the market share to compete effectively for market share [indiscernible] [indiscernible] [indiscernible] for enabling part of the rich inventory The second pillar of our strategy is to increase our revenue by [indiscernible] YouTube, alternative you first an alternative for viewers [indiscernible] [indiscernible] to reach more than 150,000,000 people.

So, consequently, continue content for our with complementary content [indiscernible] €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 €30,000 thousand hours, therefore getting closer to the time, therefore getting closer to aggregate Netflix offering aggregated with an aggregation [indiscernible] From the start, we also designed TF1 plus. From the start, we also designed TF1 plus as a platform innovative advertisers and distinctive with innovative formats and distinctive advertising formats [indiscernible] and reach which [indiscernible] The group launched AND, a major [indiscernible] And also the JF1 info and also the HFO. [indiscernible] [indiscernible] [indiscernible] Of their addition, GF1 Group has signed an exclusive agreement. GF1 that has a good market driver is the TASERGOLEX driver is the and marketing creating strategies, brand interim that's creating who are out brand interaction, human lifetime value, who are out beyond. The consumer lifetime value, beyond Well, CHF1 plus will be the first one plus will be ready for the first one to address the advertising platform, the crossroads to address higher marketing [indiscernible] to conversion awareness, thanks to an improved conversion at [indiscernible] [indiscernible] only offer minerals innovative as we will offer innovative starting in Q1 of twenty twenty five in Q1 We have Immersive 4.5.

And the possibility to upgrade [indiscernible] [indiscernible] ad format.

Now turning to the production activities. Now turning to [indiscernible] Studio TF1 to launch Studio TF1 with players simplifying those IT stability [indiscernible] [indiscernible] of leverage TF1 global recognition of Focus Gf1 will be a focus of Studio TF1 will be crucial, production capacity will be crucial for rebranding. We have also strengthened the launch expand on TFDF one. [indiscernible] And also Studio DF1 will also expand its focus. Studio DF1 will also an expanded we stand to field TF1 will operate while still major projects in 2025 major projects in 2025, including 2025, [indiscernible] we finally, a new Studio TF1 distributed will launch this year theatrical distribution of release of the theatrical movie.

Guidance now. [indiscernible] limited visibility that follow. The group's outlook is at follow. Long double digit revenue growth in the long double digit revenue growth, growing stable margin from activities, growing stable margin from activities, [indiscernible] [indiscernible] In the coming years. To sum up, We delivered the robust performance in 2020. We delivered the robust leadership despite on commercial target coverage despite the Olympics, we grew revenue in both More business segments. Grew revenue, media and both of our business segments [indiscernible] was launched TF1 plus [indiscernible] [indiscernible] returned to WAGE Studios margin return to double digit growth trajectory for activities [indiscernible] [indiscernible] At the end of twenty twenty. 2024 was a defining year for us. 2024 was a defining year for us. We have made the election [indiscernible] of Kepler Cheuvreux. Yes, thank you. Good morning, everybody. Thank you for taking my questions. [indiscernible] euros plus the revenues, calculate €100,000,000 plus revenues [indiscernible] When they stop broadcasting, you have similar opportunities [indiscernible] we can say year on year given growing, once you see that year on year given deliveries, Effective tax rate. Thank you.

Well, thank you, Conner, on your advertising question on the trajectory, [indiscernible] subject sits as you know our market. Lacks visibility particularly and [indiscernible] [indiscernible] first, we are very clear that, well, first, our digital we are very committed in CFO '25, very strong momentum, solid 2025 and double digit solid as we say. Double digit. And when we look at [indiscernible] [indiscernible] [indiscernible] January have been February in line with our objective expectations in terms of adjusted revenues for [indiscernible] [indiscernible] these are probably a remandeling revenues of GF1 [indiscernible] those engagements, they represent 70% roughly. 70% of the total annual revenues in the idea that 2025 ID that was in 2025 in terms of efficiency, in line with our objective in terms of On the studio side, 2025 was as it was in 2020. So it was for [indiscernible] where it was growth revenue and into only for five years in 2024. Five months, sorry, five months. Yes, sorry. On the tax consideration, Yes. From what we understand at this stage, euros 20,000,000 euros 20,000,000 euros €25,000,000 For 2025? [indiscernible] Yes. Okay.

And so just one quick follow-up.

And, Angela, so just one quick follow-up. I mean, we asked the question on programming costs. Nobody asked the question on programming costs or this stage 2025. [indiscernible] slightly below, slightly above? Well, the order of magnitude is Well, the order of magnitude is similar. We can try to similar provide a superior line of viewers [indiscernible] stable margin. [indiscernible] Great, Clay. Many thanks. The next question is from Jerome Boudin of ODDO BHF. Yes. Yes, good morning. Yes, good morning. My second one is on the marketing plan for F1, F1 plus in 2020. E4. And lastly, for the web [indiscernible] improvement next year?

Thank you. Jotun Proxion Group is definitely Jotun Proxion Group, I would say, is like To start with your first question on [indiscernible] in 2022 growth, twenty five twenty twenty, we said '25. As we said, we're committing to '24 [indiscernible] Actually, there are usage actually, there are a factor €5 euros euros one thousand impressions coming from 12,000 impressions [indiscernible] And the source of growth in terms of pricing and the source of growth development of our datatization venture is [indiscernible] the percentage and we tend to grow inventories, percentage [indiscernible] higher price Second element, growth, second element, add load, of growth, we are variable add load. That we are able to have during our hours.

Today, [indiscernible] We load five minutes each hours of viewing of advertising five minutes from four minutes of a year of driving, because our target minutes [indiscernible] [indiscernible] It's another building block of the growth, building blocks which is the multiples here, we have growth. [indiscernible] [indiscernible] develop very strongly in this area. Consumption wise. We continue consumption wise and we continue significantly improving [indiscernible] [indiscernible] [indiscernible] international. It will not provide only more national growth. It will provide only modest probably representing a small probably representing a single digit [indiscernible] 25. And that's what I can say on this one. And that's what I can say on this marketing subject. Last marketing, we continue to invest and we continue to invest in 25 to develop proof of fit in 2025, but [indiscernible] [indiscernible] we can continue to have very strong performance [indiscernible] establish which is massive initiative and we are able to develop ourselves [indiscernible] And that's the key to frame. [indiscernible] very solid. We are very, very [indiscernible] of our financial performance. On your end, you're right. We don't guide on as we know usually say in Europe between ten and fifteen [indiscernible] In 2025.

Hello, somebody on the line?

Yes, sir. Hello, there is somebody on the line. So any other Gentlemen, there are no questions registered [indiscernible] No question at the end.

No question?

Okay. Well, thank you [indiscernible] [indiscernible] [indiscernible] Establishing TF1 plus as the leading [indiscernible] defining year paving the way for the future of our paving the way for the attendance and policy. Thank you very much for your Thank you very much.

Ladies and gentlemen, thank you for joining. The conference