Tikehau Capital

Thank you very much. Good evening, everyone. Thank you to attend our first semester results presentation. We'll try to be brief. We have 32 slides and we'll be happy to answer all of your questions. I will probably start with a brief description of the environments. The landscape we are facing today is marked by complexity. But for entrepreneurial companies, it creates a lot of opportunities, both in terms of fundraising, Europe is becoming more and more attractive, but also in terms of investment. Geopolitical development continues to drive market uncertainty, requiring vigilance and adaptability. At the same time, macroeconomic trends are encouraging a cautious stance as investor weight risk and reward carefully. We also noticed across sector increasing divergence in dynamics, highlighting the importance of understanding specific industry trends and major movements. For instance, in real estate, complexity is there. It's a rebalancing phase, and we decided that TKO2 took advantage of that. Finally, market dispersion reinforce the need for selectivity as identifying the right opportunities becomes more critical than ever. Our global footprint and our 17 offices across the world enable us to seize the right opportunities at this particular moment in the cycle.

I move to the next slide.

This first semester has been exceptional in terms of operating and financial performance. It's the first time in our 21-year history that we have over 10 billion gross inflows in the last 12 months, which translates into 5 billion gross for this semester and 4 billion net. Reflecting the growing investor confidence in our brand, in our track record, but also our differentiated and high conviction investment strategies. We remain well positioned in this cycle with a very strong footprint in private credit and in specialized private equity with, for instance, our very strong defense and sovereignty practice. Robust progress in private equity with a record inflow in the first semester, 1.3 billion raised, doubling our AUM in just three years. Our global and diversified client base continues to expand with more and more appetite across geographies and promising opportunities in Asia.