Eurazeo Paris Ord

Hello and welcome to the Eurasio H1 2025 results call. Please note this conference is being recorded and for the durations of the call, your lines will be on listened only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star 1 on your telephone keypad to register your question. If you require assistance at any point, please press star 0 and you will be connected to an operator. I will now hand you over to your host, William Cadou-Chachon, Co-CEO, and Christophe Bavier, Co-CEO, to begin today's conference.

Good morning. Thank you for joining this call.

Christophe and I are pleased to welcome you to our 2025 half-year results presentation. Our presentation, as customary, will be in three parts. First, I will share with you the financial and non-financial highlights for H1. Second, Christophe will focus on fundraising, commercial dynamic, and asset rotation. Third and last, I will detail our financial results. We will then be available to take questions. Let me turn to the financial highlights. During the first half of 2025, we made further progress in the execution of our strategic plan. Let me share some key facts that summarize the performance in H1. As you can see, asset management continues to grow. Fundraising stands at 2.1 billion euros for the first half, with some notable closings in PE and debts. This confirms the attractiveness of our franchises to our clients. Fee-paying AUM from third parties are up 10%. Management fees from third parties are up 6%. Asset management contribution is at 9% thanks to good cost control and an increase of both management and performance fees. Second, we continue to have a dynamic rotation of our balance sheet. Year to date, we have realized and announced transactions for more than 900 million euros of assets from the balance sheet or 12% of the value of the portfolio at the beginning of the year. We are just more than halfway to our historical annual average of 20%. Important to note, these realizations are all made in good conditions around NAV. Third and last, our portfolio remains resilient at 103.4 euro per share. On an organic basis, fair value is down 1%, but this is 0% on a per share basis thanks to the share buyback. Growth in our portfolio remains robust, with underlying EBITDA in buyout up 17%. Our fair value is nevertheless negatively impacted by foreign exchange variations, particularly the euro-dollar parity, for minus 2%. As you know, we follow a two-pronged strategy in sustainability, aiming at top rankings in ESG, on the one hand, and striving for leadership in impacts through dedicated funds and investments. We continue to be recognized for our best-in-class sustainability practices, with new awards received again in H1 2025 on our private debt and all Article 9 funds, for example. We also continue to drive our impact investments with 13 new investments over six impact funds, both in climate solutions and healthcare.