Configure Friendly URL navigation in Term Store: Target Page not working

I wanted to use the Managed Navigation in order to manage the site navigation from the Term Store.

I have activated the Managed navigation in Site Navigation Settings and created a new term set.

Then in the term Store Management Tool, I gave a target page for this term.

Problem: in the user's SharePoint site, the term is visible but when I clic, the URL is not tranformed into the real Target Page URL (the friendly URL remains and I got a "404 NOT FOUND" error).

Any idea ?

Thanks

Charles