In 2022, the borders reopened (except for Asia, where the Omicron variant was still present). This year brought new challenges: tense international relations, high inflation with rising interest rates, and a shortage of skilled labor. The post-Covid context has been marked by a return of customer requirements to pre-Covid levels, growing employee expectations for meaning and a better work-life balance, an overall structural rise in CSR expectations and the solid impacts of climate change. In this complicated context, 2022 was a year of strong recovery for Club Med, with a return to a level of activity comparable to 2019 and an operating profit higher than in 2019, despite a health crisis still present in Asia. A new year of upmarket positioning – At the same time, significant investments were made to open seven new resorts: Club Med Changbaishan, a mountain resort in China, – Club Med Thousand Island, a new Joyview near Shanghai – Club Med Joyview Yanqing near Beijing – Club Med Magna Marbella in Spain – Club Med Tignes and Club Med Val d’Isère in the French Alps – Club Med Hokkaido Peak in Japan. Renovations and extensions were also carried out at three resorts: – Club Med Peisey-Vallandry (French Alps), – Marrakech (Morocco) – and Phuket (Thailand) as well as the technical renovation of the Club Med 2 boat. At the beginning of 2023, 97% of our Resorts are Premium or Exclusive Collection. In its 72-year history, Club Med has never had such a fine portfolio of resorts. Most of them are new or recent, renovated or under renovation, and all will be profitable. 2022 result: While returning to high levels of investment in its resorts and digital projects, Club Med has reduced its debt. The results for 2022 show a strong recovery and acceleration for Club Med. The crisis still had an impact on the business, particularly in the first quarter and in Asia, but this was managed overall. Business Volume doubled vs. 2021 and returned to pre- pandemic levels. Operating profit is ahead of 2019 with positive net income, benefiting from the profound transformation of Club Med’s business model.