However, this is half the number it was in 1980. What's more, it is facing increased competition from the United States and China. And the balance of net factory openings in France was negative in 2024, the first time this has happened since 2016. In short, the climate is fairly gloomy for manufacturers. Against this backdrop, however, we at ARMOR GROUP have chosen to be optimistic. We are forecasting 10% growth between now and 2026, to reach sales of €500 million, compared with €447 million in 2024. To achieve this, we are relying, as we always have, on significant investment, a constant strategy of innovation, a policy of external growth, strategic recruitment and the conquest of new markets. Finally, we are also working to build an open eco-system for a positive-impact industry by supporting promising companies. A good example of this is our support for ExoCell, an SME specialising in industrial wastewater treatment, which celebrated its 10th anniversary a few days ago. In 2024, ARMOR GROUP became a minority shareholder, while contributing our skills in industrialisation and structuring the company's commercial development. Encouraging French industry is one of our most important roles!

Hubert de Boisredon, Chairman and CEO of ARMOR GROUP.