Maisons Du Monde (Euronext:MDM) Q2 2026 Earnings Call

0:00 Mesdames, messieurs, chers actionnaires, bonjour. Je suis très heureux de vous accueillir aujourd'hui pour cette Assemblée générale. C'est la première fois que je vais m'adresser à vous en temps. Presidente du Conseil d'administration de Maison du Monde Je suis ravi de vous voir à Région Maison du Monde Je souhaitais mettre mon expérience de commerce et de retail au service de l'entreprise afin d'accompagner cette nouvelle étape Nous nous évoluons aujourd'hui dans un environnement économique instable et excellent. Dans ce contexte, Maison du Monde poursuit une transformation profonde qui mobilise ses équipiers.

0:48 Malgré ces défis, notre principal atout demeure intact. Maison du Monde est une marque forte, reconnue et appréciée. This last month, important work has been carried out with the assembly of our parties. It has allowed Abattoir to have a global agreement with our banking partners, the French ATAT, our historic shareholders, as well as the new investors who have joined our capital today. Cet accord qui fera l'objet d'une pression spécifique dans quelques minutes marquait un tapis décisif pour notre entreprise. Il nous donnait les moyens d'aborder l'avenir avec l'advantage de serenité.

1:50 Il solidifiait notre trajectoire, prononciait et créait les conditions nécessaires A la poursuite de notre transformation Il contribue également à préserver l'avenir de nos 7000 collaborateurs Le Conseil d'administration et Plenon mobilisent aux côtes de leur direction générale pour accompagner cette nouvelle étape Our collective responsibility is to transform this new dynamic into a sustainable result, for the benefit of the Assembly of our Prime Minister. This Assembly is an important moment of conversation and exchange with the Councils of Administration and Management.

2:46 and Sarah Egan for the opportunity to take part in your vote or important decisions of your enterprise. The members of the Council of Administrations present today in the first row, and more than me, even Francois-Melchior De Polignac, are Madame Cécile Chloriac, Presidente The Committee of Nominations and Remuneration and the Social Responsibility of the Enterprise which will take over in a few minutes to present the issues of governance and remuneration. And Mr. Stéphane Boussard, Administrator, represents the salaries.

3:37 Thank you. I would like to point out that Madame Laure Rousseau, a member of the Audit Committee, informed us that the fires in the south-west of France prevented her train from coming this morning and were cancelled. Saint-Emercourt, Monsieur, Francois-Melchior De Polignac, Director General, Denis Lamoureux, Director Executive Administrative et Financier de Groupe, Sébastien Pérez, Director Juridique et Secrétaire de Council. J'ai vu un fois qu'il est commissaire au Compte et on a été régulièrement convoqué M. Vincent Brouillet de KPMG and M. Jérôme Couereau de Deloitte & Associés. Ici présent et que je salue, nous ferons une lecture résumée de leur reporte.

4:45 The principal date of the preparation of this Assembly is official in the Crown. They are conformed to our legal and regulatory obligations. We will proceed with the Council of the Boroughs and the designation of the Secretary of the Assembly, conforming to the dispositions applicable The functions of secretaries must be fulfilled by the two shareholders who have the largest number of voices and who accept this mission. Les deux actionnaires présents à cette assemblée disposant du plus grand nombre de voix et qui ont accepté par avance ces fonctions en son. Monsieur...

5:42 Francois-Melchior De Polignac, Administrator and Director General, détente, 7, 1, 9, 4, action de la société, et Madame Cécile Collura, Administration, détente, 4, 4, 5, 0, action. I propose to the office to appoint Mr. Sébastien Pérez as Secretary of the Assembly. The office is now in session. I propose to pass the floor to Sébastien.

6:25 Ladies and gentlemen, shareholders, good morning. I remind you that this meeting held on the first call requires for its ordinary part a quorum of the fifth of the actions having the right to vote and for its extraordinary part a quorum of the quarter. And it results from the provisional presence sheet transmitted by Société Générale Security Services que les 197 actionnaires présents ou représentés ou ayant voté par correspondance représentent 28 178 970 actions, soit 73,507% des actions ayant le droit de vote.

7:10 J'ai déclaré en conséquence que la présente Assemblée a réuni des quorums supérieurs aux quorums requisits par la loi et peut donc valablement délibérer. Le quorum définitif vous sera donné avant les votes de résolution. Je veux informer qu'il y a semblé des documents nécessaires à la tenue de l'Assemblée sont disposés sur le bureau. I also remind you that the assembly of legal documents that are available at the office has been put at your disposal in digital format on the Maison du Monde website and in paper format at the Society's social headquarters.

8:03 J'ai déclaré que la présente assemblée a été convoquée conforme aux prescriptions légales. J'ai précisé qu'il n'y a pas de point de l'ordre du jour ni de projet de résolution proposé par des actionnaires. J'ai porté à présent à votre connaissance la déroulée de cette assemblée générale qui s'affiche à l'écran. Cette agenda inclut un temps prévu pour vos questions avant de passer au vote des différentes résolutions. J'ai passé la parole à Francois-Melchior De Polignac, directeur général de la société.

8:58 Merci John, nous allons donc commencer par le rapport d'activité 2025 et je passerai ensuite la parole à Denis Lamoureux qui précisera un certain nombre d'éléments de chiffres et qui vous emmènera jusque au projet de refinancement. So, obviously, the year 2025 is not a satisfying year. We are obviously extremely disappointed and far from the expectations that we had been able to formulate for this 2025 exercise, with, as you know or you see, a 5% return on business, but I want to say especially a negative EBITDA and a very negative free cash flow itself, that is to say a strong consumption of treasury on the 2025 exercise. As I told you, Denis will come back a little more in detail on a number of these figures.

9:45 I would like, for my part, to stop for a few moments on four elements, if you will. The first, I will not dwell too long on it because it is the only one that does not depend on us, it is the context, but I cannot completely ignore it anyway. We are, I want to say, one more year in a context that is not favorable for consumption, for our sector, for our level of scale. And the IPEA, which is the reference of the monitoring of the performance or health of the furniture market in France, tells us that in 2025 the market is still folded by 3.5% and it was obviously not the first year, so it's been a bit of a negative period on the market. Now, if I go back to the things that depend on us, I would like to highlight three elements.

10:31 Le premier, c'est que nous continuons malgré tout à travailler sur, à consolider, à nous appuyer sur les éléments solides, les fondamentaux solides qui sont les nôtres, à savoir en particulier notre premier actif qui est notre belle marque, en bon français une love brand, une marque qui est aimée, sur laquelle nous avons continué à travailler, et sur une base de clients qui est aussi une base de clients non seulement fidèles, mais j'ai envie de dire aimant la marque. And you see that on these two key criteria of our asset, we have worked and we have rather recorded positive elements in terms of growth of our notoriety and in terms of satisfaction of our customers. The second element that I would like to draw your attention to and that depends on us, is obviously the fact that this year 25 has been another year of very strong pursuits of transformation projects of Maisons du Monde.

11:23 With, as you will have noticed, economic results that are not where we would like them to be. However, whether it is about updating our store concepts, whether it is about simplifying our offer, whether it is about our cost cuts, we have continued to work enormously. And I want to say, fortunately, otherwise, without a doubt, our situation would be much more complicated than it is today. And then the third element, of course, is that when we look at the dynamics of the year 2025, we see a first semester that has been extremely difficult for us, and a second semester that has marked as well in figures as in EBITDA, as in Fricaschelot, a fairly significant improvement. Obviously, not putting us at the level we would like to be, but somehow giving indications on the road to follow for the pursuit of the adventure of Maison du Monde and its transformation.

12:14 Le Monde Sa, Christophe Lapotre, Denis Lamoureux, Francois-Melchior Thank you very much. Thank you very much. So you see an evolution of the park that has been quite moderate and a park that is finally quite close to that of last year. I underline anyway, and it will be linked with the following page, the fact that we have continued the transformations of our stores. Some of you may have followed it.

13:33 We had tested models in evolution in relation to the historical model that had made the success of Maison du Monde but which had blown away and we have continued to transform our store park progressively last year. If we talk about the performance of the network, this is what has allowed us to achieve what I would not yet qualify as dynamic and successful standards, but in any case a resilience of the performance of the store network in France and abroad, in a context, I remind you, that has been marked by rather negativity on most of our categories and our markets. On voit à gauche un clin d'œil à nos centres commerciaux. Nous n'avons pas beaucoup de magasins en centres commerciaux, mais ce sont des magasins qui présentent une importance pour nous, car ils sont par définition situés dans des zones urbaines, denses, de gros passages, et donc ils ont vocation non seulement à faire du chiffre, à être rentables si possible, mais aussi bien sûr à représenter des vitrines renforcées. In particular for the youngest customers of our different countries.

14:30 And this is what we have been able to observe by transforming our models of shopping centers, opening them more naturally on the galleries, managing to capture more of the flow and especially a flow that is younger and therefore important for us in terms of evolution and visibility of the brand. And there we had rather successes that we congratulate ourselves on and that we have continued to deploy. In the middle, the acronym ZAC, so commercial activity zones, is the heart of our park. It's 75% of our stores. These are our most profitable sites in general, because in general, with asset costs, so rents that are quite moderate, destinations for customers, and who come there in particular for their biggest project, of moving, of installing a child, etc. And so, which generates the most important business figures possible. And here too, we have continued to evolve the model by displaying in a light way in many stores the great teachings of what had worked and always looking for the next frontier. So the last store that we have completely refilled is that of La Roche-sur-Yon, which presents extremely interesting performances and comforts us in the idea that we can indeed modernize our stores, even in this difficult context. And then, as you can see on the right, we have also continued to try to activate services for our customers, in particular the free delivery in stores, limited for most stores, to parcels of less than 20 kilos, both for customer ease but also, of course, for the working conditions of the employees in our stores.

16:02 And all this, as you can see, allows us to bring rather encouraging elements on the performance of the physical store network, with new concepts that are very positive, with an international growth in 2025 and with traffic that has succeeded in a context, I repeat, not necessarily very bearable, to be slightly positive, which is obviously a very important sign of health and vitality. Et je m'arrête sur la partie magasin mais nous reviendrons sur la partie digitale qui elle n'a pas du tout suivi la même dynamique et on y reviendra. I was talking earlier about the strength of our client base, the strength of the brand. So we have continued, of course, to capitalize on its assets and to try to reinforce them with the two main blocks, which are the offer, of course, and on the other hand, the marketing. So on the offer, as we have shared it for a few years, we have continued to both optimize Les gammes pour éviter d'avoir un nombre trop important de produits qui pourraient juger un peu similaires et qui génèrent derrière beaucoup de complexité dans l'organisation mais surtout de perturbations dans le choix des clients.

17:10 Et je rappelle que c'était un feedback de nos clients de nous dire on adore vos produits mais on a parfois du mal à se retrouver dans votre offre. Donc ça c'était un axe et en même temps on continue à déployer progressivement des nouvelles catégories dans lesquelles nos clients nous ont dit qu'ils nous attendaient. but those who were not present. I think, for example, of the accessories of the bathroom or the bed linen, which were very little present and which will represent for the future a big development axis. And then on the side of the brand's radiation, also the most used of you have already heard it. We had a marketing approach, quite logically, I want to say, during the Covid and out of Covid, The Monde Sa, Christophe Lapotre, Denis Lamoureux, Francois-Melchior De Polignac, Cedric Paris, Ingrid Crambes-Tisserand, Olivia Camplez Thank you very much.

18:28 Je vais passer la parole à Denis qui, comme je vous l'annonçais, va vous parler plus en détail des chiffres et revenir en particulier sur le sujet clé pour nous, des coûts, et vous emmener jusqu'aux modalités de refinancement.

18:41 Thank you, Francois-Melchior. Thank you, Francois-Melchior. Hello to everyone, ladies and gentlemen, shareholders. We are indeed going to go down all the figures of 2025 and discuss the profile of refinancing Maisons du Monde in view of the situation of the figures. Before that, I would like to bring you to an important element, of course, which concerns me as a financial director, on the structural cost reduction. On a effectué 45 millions d'économies de coûts sur l'année 2025. Ça fait 120 millions en économies brutes depuis 2023, 2024, 2025. Et on continuera à en faire en 2026 puisqu'on a annoncé 30 millions d'économies brutes. Evidemment, ces économies brutes nous permettent de pouvoir réinvestir sur les priorités stratégiques.

19:27 Si on est très concret en termes de réduction de coûts, ça veut dire quoi ? Ça veut dire 30% de surface d'entrepôt en moins. Voilà, le plan de transformation logistique, c'est 30% de m² en moins d'entrepôt. L'organisation du siège, c'est 10% d'effectifs en moins. Le loyer du siège, il a été divisé par deux. and we simplified our business model by closing a few stores, stores that are not profitable, or for example territories like Austria, where we only had one store, which was obviously a bit inconsistent with the economic situation of Maison du Monde. In relation to this, obviously, we are in transformation, as mentioned by Francois Melchior, and transformation requires investments. La partie expérience client, évidemment, en termes de livraison, pour améliorer la NPS, la CESAD. Donc les chiffres de satisfaction de nos clients sont importants.

20:14 Des investissements d'IT et la digitalisation. Et on verra effectivement que nous en avons besoin, puisque la partie e-commerce... Thank you very much. If we look at the figures on sales in 2025, here are several dynamics in front of us. We have, as mentioned by Francois-Melchior, a positive dynamic on stores internationally. So internationally, it's mainly France, sorry, Spain, Italy, Belgium, Switzerland.

21:01 On the other hand, we have a real suffering in France, where we have a comparable to minus 4.3, which means that stores throughout the year 2025 present a relative stability of 1.4%. We have a non-comparable effect, which is obviously linked to the closure of some stores. We have a few other quite anecdotal accounting elements. And then, obviously, we have the big topic in terms of top line, which is the website, where we have a very strong decrease of 10.5%. And that's also why we made the organization changes as we announced at the beginning of the year 2026 and that we have a huge project to rebuild our website activities. Obviously, this is done in a market, I will not go back to the elements mentioned by Francois Melchior on the market, but we obviously have... A difficulty to follow the panel, but when you take the IPEA indicator, which is on France, on the furniture, it is at minus 3, so relatively online with Maison du Monde, which was not necessarily the case in the previous years. What is also important to keep in mind is that here, I present to you the year 2025 as a whole, we still have two temporalities.

22:07 On a un S1 qui a été vraiment très difficile, notamment sur le site web, on était à moins 15. Et puis un S2 qui lui reprend des couleurs, on est stable d'un point de vue like for like en magasin sur le S2. On est à moins 5 sur le web, c'est effectivement important en termes de dynamique sur l'année. Si on va ensuite sur la partie EBITDA, on retrouve nos 45 millions d'économies brutes, mais qui sont bien insuffisantes pour pouvoir couvrir les éléments adverses. So we obviously have an effect of the drop in sales that we find in EBITDA. So an EBITDA that ends at less than 27 million. We have the 45 million economic plan. We have a drop in the margin which takes place in a promotional environment, even if we keep a very high gross margin, which is a very important asset of Maison du Monde. The Monde Sa, Christophe Lapotre, Denis Lamoureux, When you have warehouses, you remember, we also have a very high stock situation in S1 2025. So you have a game, if you allow me the expression, of Tetris within our warehouses, which mechanically costs a little money in 2025, but which we will not find

23:40 in 2026, which is important. And then strategic investments, as I wanted to mention, on the marketing part, on transport and on IT. Ces chiffres nous conduisent à une consommation de cash flow de 55 millions sur l'année 2025. A noter que nous étions à moins 66 millions sur le S1, donc ça veut dire qu'on a eu un H2 positif. Thank you very much. Thank you very much.

24:43 On a des investissements de CAPEX qui sont maintenus à 2,5% du chiffre d'affaires, ce qui est effectivement très sain au vu de notre société et de la situation, et totalement nécessaire pour pouvoir investir tant dans les boutiques que dans l'IT. Donc il n'y a pas de désinvestissement en CAPEX, mais ils sont bien mesurés et évidemment c'est important pour l'avenir. et puis on a eu évidemment des éléments de restructuration mais je vous en parlerai plus tard mais en partie quand même des fermetures de magasins pour 4 millions, 3 millions aussi pour le PSE puisque nous avions fait un PSE au premier semestre 2025. If we switch to the first quarter, an element roughly, if we say that on the T1, what can we say? We are on the same dynamic as the S2 2026.

25:29 What does that mean? It means comparable stores that are roughly in balance. So we see the difference between the international and France, 1-1-1. So at the end, comparable stores at zero, as we mentioned on the S2. An element est toujours le e-commerce qui lui est à moins 10 sur le S1, ce qui fait qu'une baisse de 4,5% comptable, mais en comparable 2,7%. Et encore une fois, un parc de magasins qui se tient bien, ce qui est un point important. Et puis, un élément quand même encore important qui est le trafic. Le trafic en magasin, que ce soit d'ailleurs sur le S2 ou sur le S1, continue à croître, ce qui est un élément important. Et on continue à croître sur la satisfaction client, ce qui est évidemment un élément important pour le futur.

26:15 If we switch to the presentation of the group's refinancing. So, on this part, you have seen the previous financial situation with the consumption of cash. We have found a refinancing agreement that has been found thanks to all the efforts shared by the company, its shareholders, the investment consortium, our bank partners and the French state. They secure the structure, the future of Maisons du Monde since they inject money for more than 50 million euros between financing by new investors and credit lines granted by our bank partners. It would lead to a significant debt reduction, since we are talking in the nominal of 210 million of bank debt that would be cancelled for the company.

27:06 And then also an important element of an absence of significant repayment during two years. Thank you very much. If I press the button, it's better. You have the actionary structure before the operation. You have the actionary structure after the operation. So I'm not going to go into the details of each one.

27:51 What you obviously need to keep in mind is that one of the main operations is the purchase by investors of 210 million of bank debt and the conversion of this debt into capital. in Maison du Monde Sa, which would lead, if the operation came to an end, that the consortium would hold 95% of the capital. Historical shareholders would keep their shares, but obviously we would have a fairly important share of shares, but we will come back to these technical details at the time of the resolutions. So the very good news for Maison du Monde is that the consortium is led by two funds, two funds that are completely complete.

28:38 So we have Alteric, which is a rather retail fund, rather focused on our business, very focused on business, very focused on brands, very focused on really rebounding capacity of the brand Maison du Monde. And on the other hand, Icos, which is more on companies that are a little bit in difficulty, is therefore much more focused on the financial structure and on the return plans. So the two together will come to help us. We are really very lucky to have found them. If I switch to the consequences from an accounting point of view, we will say that we had a debt before restructuring. All these figures are in the nominal. There is obviously a common interest notion, but for reasons of simplicity, we have presented the figures in the nominal. We therefore have a debt before restructuring of 250 million euros.

29:24 A conversion of equity debt of 210, obviously I take rounded numbers, but you have the exact numbers at this time. A debt reinstalled for bank partners that follow us of 40 million euros. An injection of new money that would be 32 million and therefore a post-restructuring debt of 73 million, so very far from the 250 million that we have in the balance sheet on December 31, 2025. And this also does not take into account the fact that our bank partners add 15 million EPS, so it's engagement by signature, in short, quotations and guarantees at first request to come and secure our ecosystem and then the renewal of the quotations for rent, since obviously we have a large number of quotations for our stores.

30:15 Voilà trois conséquences très claires sur ce plan de refinancement qui sera donc amené à être dans les résolutions. Un désendettement très fort de Maisons du Monde, un apport de liquidité qui nous permet de continuer notre plan de transformation et puis un peu de souplesse financière apportée justement par ces engagements par signature. Je repasse maintenant la parole à François Melchior pour nous parler de la trajectoire.

30:45 Merci Denis. Alors en effet, un refinancement pas tout à fait simple et pas tout à fait anodin pour l'ensemble des parties prenantes, mais vous l'avez bien compris, rendu nécessaire à la fois par nos résultats de 2025 et par la situation du marché qui reste certainement pas naturellement porteuse pour l'avenir. Si je résume à l'extrême pourquoi ce refinancement ou plutôt qu'est-ce qu'on va en faire ? You will have understood that there are quite different subjects, especially when you look at our channels. So, on the top left, you see here that on the part of the stores, we will be more on a logic of consolidation of our actions which have brought a lot of fruit. You have heard it. Dans ma bouche tout à l'heure et dans celle de Denis, vous voyez que les magasins réussissent à avoir une performance assez résiliente, donc va rester, pour être simple, sur le périmètre des magasins, dans une logique de consolidation, d'amélioration continue, et bien sûr en poursuivant ce travail de vérification de la capacité des magasins à être rentables, et lorsque c'est nécessaire, de leur fermeture.

31:44 A l'inverse, vous l'avez entendu, notre activité digitale était en souffrance ces derniers temps, assez largement. Et c'est vrai qu'au fond, autant nous avons retravaillé très largement l'expérience et le parcours client en magasin, même si on n'est jamais au bout de ce qu'on voudrait faire, autant sur le digital, ça n'a pas été fait. Thank you very much. Il y a un socle que Denis a rappelé, évidemment, qui est l'attention au coût et au cash.

32:31 Je ne reviens pas sur le travail déjà fait, déjà lancé, mais nous savons que nous pouvons et que nous devons continuer à améliorer notre base de coûts. Même là où nous avons déjà fait beaucoup de travail, nous savons que nous avons encore des opportunités pour accélérer, améliorer et continuer à aller tirer à la fois les bénéfices de simplification passée et continuer à améliorer nos bases de coûts et la gestion très stricte de notre cash. Je ne reviens pas sur ce qu'on a dit sur les clients et la marque qui, évidemment, continue de nous animer au quotidien. and these very synthetic focalizations must allow us to aim and achieve the financial results that we indicate to you here at the bottom right, which are a return EBITDA of 50 million euros and a generation of treasury of around 30 million euros per year, which are both ambitious objectives when we look at our performance in 2025, but which seem quite achievable to us, given the Thank you very much.

33:53 Ladies and gentlemen, hello and thank you for your presence here today. I will first talk to you about governance and then we will talk about remuneration. I'm going to try to do it with the microphone. You're going to have to pass the slides in any case because I'm not going to be able to do both my papers and the microphone and the slides. So, as far as the governance of Maisons du Monde is concerned, I remind you for information that the report on the government of companies is in the document of universal registration 2025 on page 170 to 207. Your Board of Directors, as you see it now, has undergone many changes since the last General Assembly of June 2025, which saw the arrival of Mr. John Brewett as President of the Board of Directors.

34:53 There have been departures since then, the departure of Victor Herrero and the departure of Alexandra Palt, two independent administrators. There was also the departure of the representatives of our two reference shareholders so far, namely Teleios Capital Partners, Teleios Global Opportunities Master Fund, Casa Holding and Majorelle Investment, so four representatives. And finally, we also had to put an end to the mandate of the second administrator representing the employees, since there were no more administrators in the Council of Administrators to justify a second post of employee administrator.

35:44 Madame Samira Mouadine has not left the company, she keeps her position of regional director, but she has left the board of directors. So you see that the size of the board has been drastically reduced and only one representative of the employees, Mr Stéphane Broussard, who is here today, is now in the application of legal provisions. Our council now has seven members, without counting the two members who will be proposed to your nomination in a moment. And we obviously respect, as was the case previously, the governance standards. The principle of parity, since we are currently at 50% of female members on this council, namely 3 women for 6 administrators.

36:42 The representative of the employees does not legally count in this quorum men and women, that's what the law says, it's very surprising but it's like that. And then we obviously continue to respect the recommendations of the AFEP-MEDEF code in terms of independence, since we are currently at 83% of independent administrators, so 5 administrators out of 6. Francois-Melchior De Polignac is considered non-independent. And there again, the administrator representing the employees. Thank you very much. And now we are going to move on to the nomination or the nomination proposal of two new administrators representing the two reference shareholders who will be those of Maison du Monde if the refinancing operation that you have proposed is well voted. So the first representative that we propose to name, so representing

38:16 Alteri Investors LLP, so it's Mr. Arnold Voss that you see here in photograph of Swiss nationality. and the second representative of the shareholders, so it would be for the company EICOS Investment, and therefore Mr. Pierre Dechilias, who you see here, who is of French nationality. So again, these nominations, if they are voted, will be conditioned to the completion of the refinancing operation which justifies their entry to the board of directors.

39:01 I will also now offer you a quick summary of the work of the Board of Directors for the year 2025, with a Board of Directors which has had an extremely supportive activity due to the current situation of the company, of its operational and financial difficulties which made it necessary for the Board of Directors are meeting much more frequently than in previous years. So you see an administration council in its entirety that has met 14 times with a very important acidity rate, a very important presence rate. And then, in addition to auditing committees and nomination and remuneration committees that have met, I want to say, on a relatively classic number of occasions, We also had a very important number of strategic committees, with 12 sessions of the strategic committee to follow the transformation plan.

40:13 and react in particular to the company's financial follow-up. And we were led to set up an ad hoc committee at the time when it appeared necessary for us to proceed with a refinancing operation and look for new investors or at least negotiate. Thank you very much. Le comité RSE, vous voyez seulement trois réunions du comité RSE puisque à la suite du départ d'Alexandra Palt qui était présidente du comité RSE, nous avons décidé de fusionner le comité RSE et le comité nomination-rémunération de l'entreprise dans un but à la fois de resserrement de la gouvernance et d'économie puisque vous voyez que nous allons quand même vers un conseil d'administration resserré.

41:31 Voilà, donc je vous laisse apprécier ces éléments-là et puis nous allons passer maintenant à l'aspect rémunération donc d'abord avec un rappel de la rémunération 2025 du directeur général qui a fait l'objet d'un vote dit ex ante à l'Assemblée Générale de l'an dernier et donc cette année We now have to vote what we call the ex-post vote, that is to say validate the 2025 remuneration which will be actually paid to Francois Melchior De Polignac. So the fixed salary has obviously already been paid, namely 500,000 euros gross. It is the same amount since 2021 and I will come back to it later for 2026.

42:25 On the annual variable remuneration, there is a cookie on the slide, I thank you for excusing us. This is not the target remuneration, it is the real variable remuneration to be paid. So the target remuneration of Francois-Melchior De Polignac Each year, it is a remuneration that represents 100% of its fixed salary and can go up to 150% in case of overperformance. When there is underperformance, and this is indeed the case this year, we apply the criteria in an extremely strict way and therefore the calculation of the 2025 bonus, of the 2025 variable share, It's only 12.5% of its fixed salary, so a amount of 62,500 euros to be paid versus a remuneration that could have been 500,000 euros or more. On the free action contributions, they were made at the beginning of the year 2025 according to what you had been proposed.

43:27 A l'Assemblée Générale dernière et je dis bien ce sont des attributions d'actions ce ne sont pas des acquisitions puisqu'une fois qu'on attribue les actions on les soumet à des conditions de présence de trois ans et des conditions de performance très exigeantes donc qui seront en l'occurrence à étudier et à valider ou pas dans plusieurs années en fonction des résultats de l'entreprise. et puis il n'y a pas eu d'acquisition en 2025 puisque François Melchior De Polignac étant arrivé en 2023, le premier plan d'action gratuite qui arrivera à échéance pour notre directeur général, c'est à la fin de l'année 2026, donc c'est l'année prochaine en Assemblée Générale que nous constaterons si ce premier plan 2023 a fonctionné, a permis d'acquérir effectivement des actions gratuites ou pas.

44:19 On the 2026 remuneration, what have we decided? We have estimated that there was no need to touch the fixed remuneration and therefore for the 6th consecutive year, the fixed remuneration will not move, will not be increased and it remains at 500,000 euros. What is to be reported, I want to say, both to the size of the company, but also to an inflation that has occurred since 2021. I checked my figures, we are at 15% inflation in France since 2021. So it's as if this fixed salary had been reduced by 15% since 2021. La rémunération variable annuelle restera également ce qu'elle est au niveau cible et nous avons établi des critères cette année qui seront très essentiellement financiers.

45:15 80% d'objectifs financiers et essentiellement un objectif d'EBITDA. et seulement 10% d'objectifs dits qualitatifs sur la réalisation du plan de retournement et 10% d'objectifs RSE. Sur l'attribution gratuite d'action, nous vous proposons de ne pas modifier la politique d'attribution d'action qui peut Thank you very much. And finally, I would like to point out an element that is not a novelty, not a new element, but which is the retention plan that we have put in place during the year 2024. It is a three-year retention plan that continues its race and will come to an end at the end of the year 2026.

46:25 This retention plan was put in place in 2024 to ensure the presence of the Director General in the face of times that we perceived as difficult times. To ensure his presence and his commitment, we proposed to him to commit to staying at least three years in society. With, as a result, if it is still the end of 2026, a remuneration of 500,000 euros and possibly a participation in performance according to these variable remunerations over the previous three years. The other elements of remuneration such as mutual, retirement, vehicle, etc. are without modification and you have all the elements in the universal reference document.

47:21 We will now move on to the remuneration of the Board of Directors. So, this Board of Directors, first of all, a word on the 2025 remuneration of the Board of Directors. Last year, you voted for a maximum envelope of 700,000 euros for this Board of Directors. This is an envelope that, despite the very strong intensity The meetings of the Council of Administrators this year have not been consumed in totality. The administrators have accepted a decrease of 10% of their remuneration fee. They have accepted that we do not remunerate all the meetings of the Strategic Committee, for example, and have accepted a limitation of the number of meetings of the committees paid.

48:15 So we are a little over 650,000 euros Thank you very much. To do this without jeopardizing governance and ensuring the same commitment and the same number of meetings of this board of directors, we have proceeded to a certain number of adjustments. In particular, the members of the committees will no longer be paid in a fixed way, but only according to their participation in the meetings.

49:09 Le nombre de réunions payantes sera limité également. Nous avons, je vous l'ai dit, fusionné le comité RSE et le CNR et réduit globalement le nombre d'administrateurs pour réussir à garder ce conseil d'administration dans une enveloppe qui soit... Thank you very much.

49:52 A présent, j'ai invité nos commissaires au compte, KPMG, représenté par M. Vincent Brouillet, and Deloitte & Associates, représenté par Jérôme Coereau, à vous faire une lecture résumée de leur report. Messieurs, nous vous écoutons.

50:15 Hello to all, ladies and gentlemen, shareholders. On behalf of the Collège des Commissaires aux Comptes, represented by KPMG, Vincent Broglier and Jérôme Quéroux, for Deloitte et Associés, we are going to give you a brief overview of the various reports, knowing that we have issued nine reports for this General Assembly. Three reports that were signed on July 1, 2026 as part of the Ordinary General Assembly. A report on annual accounts, a report on consolidated accounts, and a special report on regulated conventions. And six reports that were signed on July 6, 2026 for all the provisions that will affect the capital of your society and that will be presented later. Concerne le rapport sur les comptes consolidés, vous trouverez le rapport en page 295 du document d'enregistrement universel et je vous propose d'en résumer les points essentiels.

51:08 Pour rappel, l'objectif de notre mission est d'obtenir une assurance raisonnable que les comptes consolidés ne comportent pas d'anomalies significatives. And so to do this, we put into practice all the diligence that we estimate appropriate, both on the accounts of the company, but also on the subsidiaries, knowing that the level of coverage of our work for the group is satisfactory, since we reached a level of coverage at the level of the college of 98% of the consolidated turnover for the 2025 exercise. So we realized our detailed work with the audit committee during three work sessions that we had on the 2025 exercise. Our final conclusions were presented on June 15 and to the Board of Directors on June 19. We indicated in our report, as it is in use, all the work that we carried out as part of Thank you very much.

52:34 These incorporal assets carry, as such, significant judgments and estimates, especially to determine the recoverable value of these assets. And this recoverable value is based on updated treasury forecasts, whose realization is by nature uncertain. So we have described in our report all the work we have done to both appreciate the conformity of the methodology that is implemented by the company to realize these appreciation tests and their conformity with respect to the accounting standards and also to appreciate the relevance of the information that is presented in the annex. We have also drawn your attention in our report on the 3.3 note of the annex to the consolidated accounts that refers to the principle of continuity of operation.

53:22 So in this note, the group details all the elements that led to La Direction a appliqué le principe de continuité d'exploitation et aussi les incertitudes qui sont directement liées à ce principe. Et dans les incertitudes est notamment mise en avant la finalisation du plan de redressement d'ici le 15 septembre 2026 et puis la mise en œuvre du plan stratégique révisé. Donc compte tenu de l'importance de ces éléments, nous avons estimé nécessaire de faire figurer une observation à ce titre This observation does not question our opinion on consolidated accounts. And finally, we have specified that we do not have any observations to observe or indicate on the concordance of the information that is presented in the management report with the information that is included directly in the consolidated accounts.

54:14 So, in conclusion, we have proceeded to a certification without reserve of the group's accounts.

54:24 Thank you Jérôme. Hello everyone. To complete the financial information, we have also issued a report on the annual accounts of the group's holding entity and owner, Maison du Monde Sa. To not paraphrase what my colleague said, we certify that these accounts are in line with the regular accounting principles and give a faithful image. with two observations. One, as my colleague indicated, on the uncertainty on the continuity of exploitation, which is written in the annual accounts in note 3.8. and an observation on changes in accounting regulations whose effects have also been described in these annexes. In the same way, for annual accounts, we do not have any observations to give on the information of the management report and its correlation with the financial states.

55:29 For the rest, for the other specific information, we have verified their coherence and accuracy. I continue on the special report on the augmented conventions to indicate that we have not had any opinion on new conventions on the 2026 exercise, only the pursuit of a convention that had been approved during the previous exercises corresponding to the relationship between Maison du Monde France and its foundation. Finally, on the certification part of information in sustainable matters, on the three axes of conformity and certification, we do not have any observations to formulate. All these reports will also be described and taken up in the reference document that was given to you. Thank you for listening.

56:26 Merci Monsieur le Commissaire au Compte. Nous pouvons à présent passer à la séance de questions and responses avant de procéder au vote de résolution. Not yet. Question d'écrite reçue de la part d'actionnaire. Tout d'abord, concernant les questions écrites, je veux informer qu'il nous a reçu questions écrites de la part d'actionnaire. Questions d'actionnaire présentes à l'Assemblée générale, présentes au sein aux questions de la salle.

57:11 J'ai donné la parole à ceux d'entre vous qui la désirent. Merci à ceux qui souhaitent s'exprimer, de bien vouloir lever la main et d'entrer les macros avant de poser votre question. Merci aussi de bien vouloir vous présenter. We have 20 minutes to answer your questions.

57:45 Bonjour, Jean-Claude Dussault, actionnaire individuel. Je vais commencer par une question au commissaire aux comptes. Je ne crois pas vous avoir entendu parler des points clés de l'audit et des réponses que vous avez apportées à ces points clés. Alors est-ce que vous pouvez, tout au moins pour les comptes annuels, parce que les comptes annuels, il n'en a pas fait mention, les comptes consolidés peut-être, mais...

58:10 You're totally right. It's detailed in the report, page 320. To come back to this question, the key point of the audit on annual accounts, in the same way that consolidated accounts carry on the participation rates of Maisons du Monde, which are in the balance sheet for 645 million in gross value, and who were depreciated for 420 million this year, bringing their net value to 225 million at the end of the year. These are the reflections of the estimates that are held by the management and all the work we have done consists of checking their coherence and checking their historical value compared to their utility value or inventory value held in this regard. who led to this depreciation, so as I mentioned, bringing the titles to 225 million in net worth.

58:55 Does that answer your question, sir? All the details are on page 320.

59:01 And on consolidated accounts, I talked about it, but it's about evaluating incorporeal assets. So, you double-mark, and of course, we look at the methods on depreciation tests and then the information you have in the annex.

59:18 Claude Haroche for two questions. The first one will be about MDM's shares. The second one will be about MDM and its private shareholders. First of all, I would like to make a brief history of MDM. This company was created in 1996 in Brest by a certain Xavier Marie. He was supposed to have the business boss puisqu'il revend l'entreprise en 2013 à l'américain Bain Capital pour 680 millions d'euros. On croit rêver. Ce dernier cède MDM en 2022 à Teleios, un fonds suisse, pour 25% et à Majorelle de Gabriel Nauri pour 22%.

1:00:09 Entre temps, MDM est entré en bourse en 2016 à un prix d'introduction de 17 euros. On croit toujours rêver. 30 ans après sa création, Alors qu'on attendait la célébration de cet anniversaire dans la joie et la bonne humeur, nous sommes confrontés à une AG très spéciale, puisqu'au 18 juin 2026, l'entreprise a signé un protocole de conciliation avec un consortium d'investisseurs tiers et les banques du groupe. A new money, des EPS, le rachat de son endettement, etc., etc., moyennant un nantissement de tous ses actifs tangibles.

1:01:09 Tous ces précipités, pertes nettes 2025 de 406 millions, After a write-off of 246 million on Goodreads and 50 million on brands, the stock market capitalization only rises to 7 million euros. Hence my question. Has this company not been weakened by an unstable and non-permanent stock market? I think of Bain Capital, then Teleios, then Majorelle, and currently the two English investors. I come to MDM and its private shares. It has set up the restructuring plan Les actionnaires individuels vont être lessivés dans une dilution massive qui va les faire détenir une action à moins de 2 centimes d'euros.

1:02:13 De plus, le schéma de refinancement interdit à MDM de verser des dividendes. Il ne restera donc aux actionnaires individuels que leurs yeux pour pleurer. D'où ma question. Are you going to proceed with an action group in the next few weeks? In any case, after the 15-9, which is the retained deadline for the implementation of the refinancing plan. Thank you.

1:02:46 Merci Monsieur, je vais donner un premier morceau de réponse à vos questions et certainement que Denis aura du complément à apporter, voire des corrections si je venais à m'égarer. Vous avez rappelé le bel historique de Maisons du Monde en termes de marque et en termes de business et de valorisation et sa situation extrêmement difficile aujourd'hui. Et en effet, les commissaires au compte l'ont rappelé avec ces mots qui sont continuité d'exploitation, aujourd'hui nous avons la nécessité absolue de procéder à un refinancement qui est bien sûr le résultat du fait que nos résultats ne sont pas là où ils devraient être et ce encore une fois dans un marché qui par ailleurs ne laisse pas de perspective naturelle, facile de redressement. Without going back to all the parameters you mentioned, I don't know if it's an actionary instability that has contributed to fragilizing the company or the fact that it's on the side, which is a question we often ask ourselves.

1:03:41 If I look today and tomorrow, I see, on the other hand, two new investors who arrive, I want to say, motivated, optimistic and confident about the future of the company and with a vision of integrating and supporting it over time. And that's why they have a vocation to join the administration. And as you would have noted, indeed, this massive dilution of capital will result in them being totally both bearers, responsible, indebted, from the point of view of the stock market, of the trajectory of the company. And that, I repeat, with a will of their part, many times expressed for months, to sign up for the duration. Donc je pense qu'en effet la situation est très complexe, que le refinancement est une chance qui est donnée à Maisons du Monde. Je me réjouis que ces deux investisseurs nous rejoignent.

1:04:28 Je rappelle ce qu'a dit tout à l'heure Madame Cloarec et Denis aussi, ils sont très complémentaires. L'un est vraiment un pro de l'investissement dans le retail non alimentaire à travers l'Europe. L'autre plutôt un financier très asserré sur les questions de finance d'entreprise, on va dire, en tension. Donc c'est un attelage complémentaire. I don't know if Denis can say a word at this point.

1:05:12 Alors, effectivement, pour revenir sur ce point-là, donc, 2 centimes d'action, je ne sais pas d'où vient ce 2 centimes d'action, puisque c'est plutôt 28 centimes d'action, sur l'émission des nouveaux titres. N'oubliez pas quand même que j'entends votre point, et je ne vais pas refaire le passé, qui est le passé, par définition, ayant en tête, évidemment, qu'au vu de la situation de trésorerie, de la société, payer des dividendes n'a aucun sens, et évidemment, nous l'avons évoqué, en priant, justement, pour être sûr que nos actionnaires soient bien au fait de cette situation, Sur la notion de regroupement d'action, comme vous l'avez vous-même évoqué, il y a une date du 15-09 qui est prioritaire avant toute décision sur ce genre d'opération. Et donc ce sera une question que j'en serais tenté de dire après cette date-là, et évidemment pas maintenant, puisque le closing n'est pas terminé sur le refinancement.

1:06:06 and Daniel, the individual director. I have two questions. We talk about IA everywhere. I haven't heard a single word in your presentation. Is it going to be a plus, a minus? What can it bring you? Or additional charges or really a benefit for the action of society? Deuxièmement, au niveau du RSE, on nous parle beaucoup du RSE, un peu partout. Je n'ai pas entendu grande précision sur votre activité RSE. Est-ce que vos produits sont fabriqués en France ou est-ce que c'est fait en Chine ? Je pense que ça joue beaucoup sur l'activité, sur l'affiche de la société. Est-ce que c'est en Chine ou c'est en France ?

1:06:53 Merci.

1:06:56 Thank you, sir. Obviously, two points that we did not address. As for the IA, my conviction is that, like any technological revolution that is imposed on us, it is like a wave. The challenge is not to take it too early. I'm not a great surfer, but the image is still the one. We take it too early, nothing happens. We take it too late, it goes over you. It's taking it at the right time. And indeed, among our priorities at the moment, of course, there is the idea of progressively injecting the IA where it makes sense. I'm convinced that it will help us a lot. There are a lot of processes today at Maisons du Monde that are still too manual, historically, and which we can really win quickly, at least on quite simple things. For example, we have a lot to tell about our products. Thank you very much. Thank you very much.

1:08:01 Thank you very much. On the sustainability part, today we have about 85% of our products that come from what we could call large imports, so they can come from Vietnam, India, China. We also have a factory today in Vietnam that produces products for us. Obviously, all these factories are completely audited and secured to make sure that they meet our specifications, which are obviously very demanding. And we have a share of about 15% that comes from European countries. Mais je voudrais juste vous dire une chose sur la durabilité de Maison du Monde en complément de ça. Et c'est une phrase que j'adore parce que c'est une phrase que j'ai entendue d'une cliente. Thank you very much.

1:09:18 And what did she mean by that? Because, of course, the animator pulled the string. She said, in fact, your products, because you are a brand, because a large part of your products are rather massive, or in any case with quite limited editing to do, your products are doubly durable. Durable by, normally, their robustness in the duration, but also by the fact that, because it's a brand... They bring something more. And in fact, this same client tells us, and it's true, you go to Le Bon Coin or other sites, you have a proportion of products put forward with the claim of this brand, Maison Du Monde, which far exceeds our market share. Because a product, a table, a cupboard, even a glass, Maison Du Monde, it brings something more, because it's a quality gift, because it's a beautiful brand. Et je crois que ces clients ont profondément raison et que la première durabilité pour nous c'est de faire en sorte que nos produits soient réellement très durables, qu'un client puisse les réoffrir, les revendre, les valoriser dans la durée et évidemment qu'il résiste à l'épreuve du temps, ce qui n'est pas le cas de tous les produits commercialisés bien sûr aujourd'hui. Je suis bien conscient que ça n'épuise pas l'enjeu de la stratégie RSE mais pour permettre aux autres questions que je vois se profiler je préfère m'arrêter là.

1:10:43 Deux questions complémentaires. Dans votre parc de magasins, vous avez trois franchisés. Donc apparemment, vous ne privilégiez pas cette forme de développement. Vous préférez avoir des magasins en propre ? Deuxième remarque sur la réduction du montant de la rémunération des membres du Conseil d'administration. Vous avez dit que vous avez réduit le nombre de réunions des comités. Est-ce que ça veut dire qu'auparavant, les comités se réunissaient pour ne rien faire ?

1:11:28 I will let Mrs. Clorek answer the second question. Just for the first question, in fact, our franchised partners today have a common point, that is that they are all on territories a little further away or responding to very different socialities compared to those of, let's say, continental Europe, which is a model that we believe in, but which still embarks on a lot of complexity, since that means that if I am franchised, for example, in Martinique, Ingrid Crambes-Tisserand, Olivia Camplez Thank you very much. Thank you very much.

1:12:32 The Monde Sa, Christophe Lapotre, Denis Lamoureux, Francois-Melchior De Polignac, Ingrid Crambes-Tisserand, Olivia Camplez And I'm going to let Cécile answer your question to see if there was work to be done in the meetings with the administration.

1:13:06 What I said is that we limit the number of paid meetings, which means that in fact, beyond a certain number of meetings, for example five or six meetings for a committee, if this committee has to meet in addition, for the administrators, that means pro bono, it's time that is not remunerated. So it allows, in a very mechanical way, to control the envelope, quite simply. And it's also true that it has a second interest, which is to try to be more efficient on each of our meetings, because you know that human nature is made in such a way that the more time we have, the more we take. And it's both time for the administrators, but it's also time for the management team, because a meeting of the board of directors, a meeting of committees, They ask for the preparation of administrators and the management team and it is also by limiting this number of meetings a way to keep the management team the most focused on the operations, the business and the least amount of time necessary on the board itself.

1:14:11 But it is first the will to keep the envelope under control. Et vous avez vu en 2025, on s'est réunis quand même de très nombreuses fois, en 2026 ce sera la même chose.

1:14:41 Je voulais savoir si les actionnaires sont associés à ce plan de financement parce que, si j'ai bien compris, à la fin de votre... Quand les deux gros investisseurs ont fini le plan de financement, il y aura 95% qui sera détenu par... What will become of individual shareholders in this story?

1:15:20 Thank you, that's obviously a very good question. On the grouping part, we mentioned it, I think it's a question that will perhaps arise, but in any case, it's not the right time. To answer your question as such, you have seen that the new investors have obtained a derogation of not doing OPA. So we have a total statu quo on the current actions, that is to say, your actions remain your actions. There is an increase in capital. Il y aurait une augmentation de capital qui fera partie des résolutions pour les nouveaux investisseurs via la capitalisation de la dette bancaire qu'ils auront rachetée. Et c'est cette émission de capital qui leur donnera 95% du capital. Donc vos actions en tant que telles ne sont pas impactées. Elles resteront cotées sur le marché Euronext comme elles le sont aujourd'hui.

1:16:17 Est-ce qu'il y a d'autres questions dans la salle ? Oui ? Pierre ? Question de monsieur ? In addition to earlier, in the RSE aspect, there is also the human aspect. So you saw that Trump, for example, wants to tax the products of the companies where personnel is employed at a low cost, or even exploited. So you have a company in Vietnam, I don't know, the working conditions must not be exceptional. So it's not very favorable vis-à-vis these RSE criteria.

1:16:55 So, I reassure you, sir, obviously, the number of hours worked on a daily basis, the levels of remuneration are different in all countries in Europe and the world, but all the factories from which our products come from obviously respect at least 100% of these local criteria and also respond to the additional criteria that we give. So today, Do you still have any questions to ask?

1:17:49 Personne ne demande plus la parole et compte tenu de l'ordre du jour, j'ai proposé de passer au vote de résolution Cela attend, je cède la parole à Sébastien Pérez afin de procéder à la présentation et au vote de résolution

1:18:13 Merci. Avant de passer au vote, je vous précise le quorum définitif. Les 199 actionnaires présents ou représentés ou ayant voté par correspondance représentent 28 183 745 actions, soit un quorum de 73,519%. I remind you that the full text of the resolutions is in the convocation brochure that has been submitted to you and that this convocation brochure is of course on the site of the Assembly. Regarding the practical modalities of the vote, the vote will be carried out by hand, resolution by resolution, with the help of the teams of Société Générale Security Services that I salute.

1:19:05 After the reading of the title of each resolution, the vote will be open. You raise your hand only, please, for the resolutions for which either you vote against or you abstain. For each resolution, the SG2S team will go to you, will come to get your card number. We will now move on to the summary of the agenda. You see that you are invited to vote on a large number of ordinary resolutions. Resolutions 1 to 14 concern the approval of accounts, the factoring of results, the remuneration of social bonds, the renewal of KPMG as accounts commissioner and sustainability auditor.

1:19:51 We will come back after a few extraordinary resolutions, the 19th, on another ordinary resolution relating to the passage of the legal reserve into another reserve. And we will still have, at the end of the vote, two new ordinary resolutions, the 28th and 29th, to nominate the two new administrators. There are also, at the order of the day, extraordinary resolutions. Les résolutions 21 à 25 qui concernent des autorisations et délégations de compétences à l'effet d'augmenter le capital social. La résolution 26 pour permettre l'attribution d'actions gratuites et la résolution 27 pour modifier les statuts pour simplifier la cooptation des administrateurs.

1:20:40 We now propose to move on to the vote. First resolution, of ordinary character, the approval of the annual accounts, the social accounts, of 2025. The vote is open. Who votes against? Who abstains? Le vote est clos et la résolution est adoptée. Deuxième résolution, l'approbation des comptes consolidés 2025, cette fois. Qui vote contre ? Monsieur. Qui s'abstient ?

1:21:25 La résolution est adoptée. Troisième résolution, l'affectation du résultat. Qui vote contre ? Monsieur. Qui s'abstient ? La résolution est adoptée. Quatrième résolution, les informations relatives à la rémunération des monétaires sociaux. Qui vote contre ? Qui s'abstient ? Le vote est clos et la résolution est adoptée. Cinquième résolution, les éléments composant la rémunération du directeur général en 2025. Qui vote contre ?

1:22:13 Qui s'abstient ? La résolution est adoptée. Sixième résolution, les éléments de rémunération concernant Françoise Gris en qualité de président du conseil d'administration pour le premier semestre 2025. Qui vote contre ? Qui s'abstient ? La résolution est adoptée. Septième résolution, la rémunération du président du conseil d'administration John Borowitz pour le second semestre 2025. Qui vote contre ? Qui s'abstient ? La résolution est adoptée. Huitième résolution, l'approbation de la politique de rémunération du directeur général.

1:23:01 Qui vote contre ? Who opposes? The resolution is adopted. Ninth resolution, the approval of the policy of remuneration of the President of the Board of Directors. Who votes against? Who opposes? La résolution est adoptée. Dixième résolution maintenant, l'approbation du montant maximum annuel pour rémunérer les administrateurs. Qui vote contre ? Qui s'abstient ? La résolution est adoptée. Onzième résolution, approbation de la politique de rémunération 2026 des membres du Conseil d'administration.

1:23:51 Qui vote contre ? Who opposes? The resolution is adopted. 12th resolution, renewal of the mandate of KPMG, as a commissioner of accounts, for the certification of accounts. Who votes against? Who opposes? La résolution est adoptée Treizième résolution Renouvellement du mandat de KPMG, cette fois en charge de la certification des informations en matière de durabilité Qui vote contre ? Qui s'abstient ? La résolution est adoptée Quatrième résolution Autorisation à conférer au Conseil d'administration pour le rachat d'actions Qui vote contre ?

1:24:47 Qui s'abstient ? La résolution est adoptée. 15e résolution, autorisation à conférer au Conseil d'administration pour réduire le capital par annulation d'actions en cas de rachat des titres. Qui vote contre ? Qui s'abstient ? La résolution est adoptée. Seizième résolution, une délégation au Conseil pour réduire le capital par voie de réduction de la valeur nominale des actions. Je précise que cette résolution est à caractère extraordinaire et qu'il faut donc la majorité des deux tiers. Qui vote contre ?

1:25:35 Monsieur. Qui s'abstient ? This resolution is also adopted. Seventeenth resolution. Delegation of competences so that the Council can increase social capital with the removal of the right to referential subscription in favor of Tirox, the investors. Who votes against? No one. Who abstains? La résolution est adoptée. Dix-huitième résolution, également à caractère extraordinaire, la suppression du DPS au profit de Tirox. Qui vote contre ? Monsieur ? Qui s'abstient ?

1:26:22 La résolution est adoptée. Dix-neuvième résolution, l'affectation de la réserve légale sur le compte autre réserve. C'est une résolution à caractère ordinaire. Qui vote contre ? Qui s'abstient ? La résolution est adoptée. Vingtième résolution, on revient aux résolutions extraordinaires. Augmentation de capital avec suppression du droit préférentiel de souscription. C'est une faculté qui vote contre. Monsieur, qui s'abstient ? The resolution is adopted. Twenty-first resolution.

1:27:09 A delegation to increase capital, this time with maintenance of the preferential right of subscription. Who votes against? Who abstains? The resolution is adopted. Twenty-second resolution. It is the resolution to increase the number of titles in case of capital increase. Who votes against? Qui s'abstient ? La résolution est adoptée. 23e résolution, une augmentation de capital par incorporation de réserve. Qui vote contre ? Qui s'abstient ?

1:27:54 La résolution est adoptée. 24e résolution à l'effet d'augmenter le capital pour les salariés du groupe, les adhérents à un PEE, avec suppression du droit préférentiel de souscription en faveur des salariés. Qui vote contre ? Monsieur. Qui s'abstient ? Alors cette résolution est rejetée. Par les faits des votes par correspondance. 25e résolution, c'est la limite globale des autorisations d'émission. Qui vote contre ? Qui s'abstient ?

1:28:40 This resolution is adopted. Twenty-sixth resolution is the resolution relating to the free attributions of action in favor of employees and eligible social workers who vote against, who abstain. This resolution is adopted. Twenty-seventh resolution is a modification of the statutes to simplify future co-options of administrators. Who votes against? Who abstains? This resolution is adopted. Twenty-eighth resolution, again in its ordinary nature, the nomination of the first administrator representing the investors, in this case the company Alteri Investor, who votes against, who abstains.

1:29:37 This resolution is adopted. 28th resolution, this time it's the second administrator, the company Ecos Investment Group, in the form of a new administrator, who votes against? Who abstains? This resolution is adopted. Resolution of power to carry out the formalities, who votes against? Who abstains? This resolution is adopted.

1:30:13 OK. Merci, Sébastien. Mesdames, messieurs, les actionnaires, l'Assemblée de résolution ayant été votée et l'ordre du jour ayant été poussé, c'est clôture notre Assemblée. Les résultats des votes pour l'Assemblée de résolution sera publié d'ici ce soir sur le site internet de Maison du Monde. Au nom du Conseil d'administration, je tiens à vous remercier pour la confiance et la soutien que vous venez de manifester en soutenant aussi massivement les résolutions qui vous ont été proposées. Je vous remercie de votre présence et de votre participation ce matin et je vous souhaite une très belle journée.