Eurazeo Paris Ord

Welcome to the Eurazeo 2026 Half-Year Results Presentation. Today's conference will be hosted by William Caduce Chassong, co-CEO, and Christoph Bavier, co-CEO. For the first part of the conference, the participants will be on listen-only mode. During the questions and answers session, you may ask in two ways, by submitting a written question in the box below the player, or by joining the conference call and dial pound key 5 on your telephone keypad to enter the queue. Now I will hand the conference over to the speaker. Please go ahead. Thank you very much.

Good morning. Thank you for joining this call. Christophe and I are pleased to welcome you to our 2026 half-year results presentation. Our presentation will be in three parts. First, I will share with you the financial highlights for H1. Second, Christophe will focus on fundraising, commercial dynamic, and asset probation. the last I will detail over five for results will then be available to take questions we publish a good set of results for the first year for the first half of 2026 showing further progress in the execution of our strategic plan let me share the key highlights for h1 first asset management past another semester of solid growth fundraising stands at 2.1 euros with some notable closings in P and debt confirming the attractiveness of our franchises to clients we continue to demonstrate our ability to scale our flagship strategies Christophe will come back to this in a moment and as a result we continue to grow our earnings with management fees from third parties up a VDA growth of 20% and strong growth in operating cash flows as we grow our third-party fees and performance fees start to materialize more meaningfully. Second, our balance sheet return has announced positive value creation in H1 with a growth of plus 2.3% per share. Realizations continue to be on plan with a good pipeline of exits expected for the rest of 2026, allowing us to reshape the business model as per our strategic plan. Third and last, we are on track to deliver the announced 2.3 billion in shareholder return by the end of 2027. We have already returned 1.3 billion euros since the beginning of 2024. In 2026, We have already distributed a dividend per share including by 10% and executed half of the share buyback program for the year.

Thank you, William. Let's now dig into details. And as you know, the development of an asset management platform starts with good fundraising. Eurazeo raised 2.3 billion euros from clients in H1 2026. Ahead, of last year's already strong performance. This is particularly encouraging given a challenging environment for fundraising. No doubt, this success highlights the quality of Eurazeo's franchises as well as the relevance of Eurazeo's positioning as a European mid-market, growth and impact-focused investment firm. investment firm for this deep and growing investment universe mid-market companies all over Europe we have had several marquee successes in each one with in particular the final close of EPD 7 in direct lending the final close of ESF 5 in secondaries the first close of PME 5 in buyout and successes also in thematic funds such as Kurma Bio Fund No. 4 and ESMI 2. And Wealth Solutions channel continues to deliver despite a more competitive and challenging market background. One of the keys to Eurazeo's success in the development of its asset management platform is its ability to scale existing flagship franchises. Let me guide you through a clear example of how this works. Look at direct lending. The size of our more recent program, EPD number 7, increased by 70%. 70% at 5.5 billion euros. driven by its leadership position and strong performance of the strategy, focused on the lower mid-market. Look at secondary. Our fifth programme, more than doubled at 2.3 billion euros, will grow both on the institutional flagship fund and in wealth and mandate solutions. Note that for these two programmes, demand has exceeded the hard cap which is quite unique in current market conditions for fundraising. Look at the lower mid-market buyout segment. Eurazo is currently raising its fifth vintage PME5 and we have good traction among investors thanks to the strong performance of the previous vintages. The first closing of this fifth vintage has already exceeded the final closing of the fourth vintage with, I would say, plenty of room to grow further. In our strategic roadmap, William and I outline our ambition to further expand our client franchise through the internationalization of the LTE base. And in recent years, we have extended our coverage in Europe, in the Middle East, and in Asia. And the results are there. Around 70% of our inflows are now coming from outside of France. And a growing share of this fundraising is coming from outside of Europe with repeated successes all around Asia as we are signing new clients in China, in Korea, and in Japan. Our wealth solution franchises also continues to grow at a steady pace with now 6 billion euros of AUM, a 17% CAGR for the past five years. Yes, our flagship evergreen fund, ETV3, surpassed the 3.7 billion euros in EUM thanks to the positive inflows but in parallel we are actively working with our partners to distribute our new international evergreen funds all over Europe for the rest of the year for the rest of the year Eurazeo will pursue its fundraising on the back of a solid and diversified pipeline both on the institutional side as well as on the wealth As you can see, our funds are at different stages in their fundraising. We continue to raise on our flagship, Eurazeo Gross No. 4 and PMI SAI, and we have many thematic funds on the road, like ETDF, SME2, Future Industries 3, Ezore, and Etif No. 3. let me now turn to deployments and realisation. Eurazeo deployments amounted to 1.9 billion euros in each one, down 17% for the same period of last year, with transactions reflecting an expanding pan-European investment approach. Main deals include in Denmark, CBF, Eurazeo through the EPBF team acquired T1A a leading electronic recital firm in Germany Eurazeo through PME5 bought Nexron a leading cyber security software firm and in France through Capital Eurazeo invested in Netco a conveyor belt maintenance business and in the infrastructure we finance low value active in Demontable structures Urazou is well placed to continue to grasp opportunities with 8.3 billion euros of firepower out of which 6.6 billion euros of third-party money. Realizations Realizations stood at 700 million euros. Eurazeo has had several exits, notably with Thermax and Ex Nilo in buyout. Memo Therapeutic in biotech. We maintain Rendezco Legal Place in venture and several exits in secondary. Regarding H2 2026, we are looking at a solid pipeline of exit across strategies. I now hand over to William who will get you through our results.