Antin Infrastructure Partners S.A. ($ANTIN)

Ladies and gentlemen, dear shareholders, I'd like to welcome you to our Annual General Meeting, the entire Antin team, and I am delighted to see you again in person here in Paris or by video. For those of you joining us, remote would try like to welcome our directors and the auditors who are with us today are Annual General Meeting is an important moment in the life of our company. I'm pleased to be here with you today to officially opened the 2026 Annual General Meeting. We will now proceed to appoint the meeting's offices and go through the legal formalities. As regards the presiding officers, I shall chair the meeting in the capacity as Chairman; Mark Crosby and Melanie BC, chelate scrutineers and Camille Mathieu, as Secretary Cami will now outline the legal formalities governing or meeting.

Good afternoon, everyone. Regarding the formalities for the convening of the 2026 Annual General Meeting and notice of the meeting and a convening notice were published in the Official Journal on the 22nd of April and the 15th of May, respectively. Registered shareholders and statutory auditors were notified by post or e-mail on the 20th and 21st of May. All of the documents required by current regulations have been made available to shareholders within the legal time frames and in the required format. We have not received requests to add items to the agenda nor have we received any written questions. According to the provisional attendance register, we can confirm that more than 1/4 of the voting shares are represented and that hence, we can -- we have a quorum. Finally, in accordance with usual practice, we propose that we do not read out in full the various reports to the meeting and the resolutions. I now hand the floor back to our Chairman and Chief Executive Officer.

Thank you, Camille. In light of the above I hereby declare the 2026 General Meeting open. I propose that we organize this meeting as follows. First of all, we'll review our recent activity including an update on our investments and ongoing divestments as well as on asset management, value creation, which lies at the heart of our business. Next, our Chief Operating Officer, Melanie Biessy, will provide an update on the development of our team and on sustainability; and our Chief Financial Officer, Walid Damou, who joined us in February, will comment our financial results for 2025. After that, Melanie will discuss our governance and our compensation framework. Finally, our auditors will present their reports for the past financial year. Following this presentation, we'll open a Q&A session and conclude with a vote on the resolutions. Let's start with an update on our business. Following a solid performance in 2025, 2026 marks the start of our new fundraising cycle and we have several reasons to be confident. Firstly, demand for infrastructure continues to grow globally in the energy, digital transport and social infrastructure sectors, we're seeing very favorable long-term trends that support excellent investment opportunities. In this context, we're seeing particularly strong appetite among our clients for Europe. Secondly, we've built a robust investment platform with high-caliber teams, enabling us to remain agile in a constantly involving environment. Our track record demonstrates our ability to generate strong investment returns. Thirdly, over the past 20 years, we developed in depth sector expertise, proven value creation methodologies that enables us to identify and develop high potential companies. Since the second half of 2025, we've accelerated our capital deployment by acquiring 9 new companies whilst continuing to create value within the existing portfolio. All this enhances our confidence as we launch this new fundraising cycle and puts us in a strong position to meet growing global demand for essential and resilient infrastructure. Indeed, that demand continues to grow in infrastructure driven by a number of structural trends. At the same time, traditional sources of capital remain constrained with public finances under pressure. In many developed economies, private capital is playing a more crucial role than ever in the financing and development of tomorrow's infrastructure. In this context, experienced investors such as Antin have a major competitive advance. The first key trend concerns electrification and the energy transition. The growing need for energy produced in a more sustainable manner, requires significant investment in electricity generation and distribution network. This trend is reinforced by renewed focus on energy, resilience and energy sovereignty. Secondly, digital infrastructure are expanding rapidly. The growth in the use of data, the cloud and artificial intelligence are driving demand for data centers, fiber optic networks and electricity supply. Thirdly, logistics and mobility continue to evolve, particularly in relation to spoilable goods and everyday travelers trade flows and transport systems undergo transformation. Finally, demographic trends, particularly an aging population and urbanization are driving up demand for various social infrastructure services, including health care and access to housing, amongst others. The past 12 months have been a particularly busy period for Antin with 9 investment side reflecting the breadth and diversity of the investment opportunities that we analyze. Flagship V made its first digital investment with North Sea. It also made its first investments in the United States with VigorMarine, a provider of Maritime maintenance services, and Sapphire Gas Solutions, a company specializing in the U.S. in the liquefaction, storage and transportation of natural gas. Fund V was committed 58% at the end of the first quarter. Next Gen 1 has also continued to deploy its capital with the acquisition of MetaOne in France, a provider of public transport solution well as another company, which we'll identify once the transaction is finalized. The fund with us approximately 67% committed. Finally, Mid-Cap 1's activities increased significantly over the past 12 months with 4 investments made with the recent signing of [indiscernible]. Capital invested or earmarked for investment, what we refer to as committed capital now represents over 75% of Mid Cap 1 size. This enables us to launch the fundraising of Mid Cap 2 fund, which is expected to be activated in the coming ones. This acceleration is in no way the result of a change in our investment approach. Our priority remains to identify the best investment opportunities whilst maintaining a disciplined approach. We remain patient and selective focusing on investments in which we have a strong conviction and clearly identified value creation drivers. This investment discipline is a key element of our investment philosophy and a key factor for our long-term performance. I'd now like to present our 3 latest Flagship investments in greater detail through a short video. [Presentation]

As you will understand, our investment approach, which I mentioned earlier, is based on targeting companies in essential infrastructure sectors across Europe, North America that combine resilience and strong value creation potential. Every investment we make subject, what we call our infrastructure test, we focus on companies that provide essential services, benefit from long-term structural growth and have a strong management team capable of implementing a clear strategy. Once the investment made our priorities, value creation and I'd like to take this opportunity to emphasize that at Antin we're comfortable with complex situations, many attractive opportunities in infrastructure require operational transformation, sector-specific expertise and time. And this may deter other investments, but not us. Over the course of 18 years in business, all these factors have resulted in a gross realized multiple companies sold gross realized IRR of 22%. To give you a clearer picture of how we achieved these results, here are some figures relating to the work carried out by our investment teams and specialists. Firstly, regarding the financing and refinancing of our portfolio, in 2025 alone we raised or refinanced a total of EUR 8.4 billion in debt to support the growth of our portfolio companies. This figure is in line with previous years. Our team dedicated to performance improvement plays an increasingly important role in optimizing operations and driving change across the portfolio. As such, it's one of the teams that has grown the most over the past year. At the same time, our investment teams remain fully committed to implementing our strategic priorities and managing the resources needed to support growth, whether organic or through external expansion. For example, in addition to the numerous M&A transactions completed over the past year, our portfolio companies have invested EUR 3.4 billion in billion in CapEx expenditure. This enabled them to increase the EBITDA of an average of 15% year-on-year. In addition to investments in existing assets, we sometimes pursue greenfield opportunities where new infrastructure is developed from scratch. Velvet, France's first independent high-speed rail operator, and you may have seen a panel illustrating that coming in is a company in which we invested in 2024, which is expected to see its first trains running in 2028. Given the high level of interest generated by these investments, we'd now like to share with you a short video presenting latest developments. [Presentation]

I have to wait another 2 years before riding on the [indiscernible] trains, but they'll be very fine. A few words also on exit processes that are a key component of our overall business and more broadly of the investment cycle. Within Flagship III, IIIB and IV, several portfolio companies are now reaching maturity, and the exit from our portfolio, therefore, on the agenda. We've already launched 4 processes and several others are in preparation. You should see the initial results of these in the coming months. These achievements will result in significant distributions to our fund investors. There will also be an important factor in this new fundraising cycle by enhancing client satisfaction as well as liquidity. With that, I'll now hand over to Melanie, who will give you a brief update on the team and on sustainability.

Thank you, Alain, and good afternoon to everyone. I am Chief Operating Officer, and I'm delighted to share with you the update about our team. We have 250 people in 4 main sites: Paris, London, New York and Luxembourg. We have continued to strengthen our platform in a targeted manner by recruiting several investment professionals. That is a net increase of 12 people as compared to the size of the team when we met last year. We, in particular, have strengthened our value creation team with the arrival of 2 partners, Jacket Bertram and Greg Huttner. Their experience will greatly enhance the operational support we provide to our portfolio companies. Finally, our Investor Relations team continues to grow. Recently, we opened an office in Australia, which means we can expand our presence in a region that is a pioneer in private equity in the infrastructure sector. In 2025, we also continued to roll out our ESG policy. ESG is a key component of the way in which we manage and develop our portfolio companies at Antin. It, of course, includes a strong environmental and sustainability dimension, but we believe it goes way beyond that. ESG also encompasses very practical issues related to operations, to people and the way our portfolio companies are managed on a day-to-day basis. This covers safety, working conditions and staff retention. In industrial companies, it may also translate into very concrete actions aimed at improving, for instant, safety performance. And I'm going to give an example. Idex, which is a district heating network company, our measures led to a 54% reduction in the annual rate of lost time accidents since 2019. This improved employee well-being and also productivity. In other sectors such as Hippocrates, which is a leading Italian pharmaceutical company, the focus is more on the ability to attract, train and retain skilled employees. This is essential if we are to maintain high service quality and smooth running of operations. Finally, our ESG team helped to arrange EUR 5.8 billion in financing linked to social and environmental impact criteria across the portfolio. These transactions meant that financing costs are, on average, 6 basis points lower than conventional solutions. And that amounts to several million euros in annual savings on the debt raised to acquire and finance the growth of our portfolio companies. To put it simply for us, ESG is not just about coming out with the CSR report or about a few figures, it's an issue that spans operations, teams, business development and financing and that makes a very tangible contribution to value creation. On that note, I will now hand over to Walid, who will present our financial performance figures.

Thank you, Melanie. Good day, everyone. I'm delighted to be here. This is my first Annual General Meeting at Antin. And I'm going to present our financial results for FY 2025, and I'll begin with the key indicators. The key message is straightforward. In 2025, we delivered solid financial performance, in line with our targets. Excluding catch-up fees, our recurring revenue increased by 2.2% despite the absence of a lot of fundraising over the financial year. This growth was primarily driven by a 1.6% rise in assets under management, generating fees, FPAUM. This, in turn, stemmed for additional capital investments in our funds. Underlying EBITDA this trend rising by 1% year-on-year and the resulting EBITDA margin remained broadly stable at 55%. Finally, we propose that we keep the dividend stable, in line with our guidance. As you can see on the slide, our fee-paying assets under management increased slightly year-on-year by 1.6%. This trend was expected given that there was no active fundraising in 2025 following the completion of the Flagship V fundraising in December 2024 at EUR 10.2 billion. The increase in FPAUM is mainly due to capital investments made during the year by the Flagship III, IIIb and IV funds to finance value creation plans for the portfolio assets. Regarding revenue, you'll note the virtual absence of catch-up fees in 2025 as we completed the fundraising for Flagship V at the end of 2024. As previously noted, the 2.2% year-on-year increase in total revenue is primarily due to the rise in fee paying AUM. Performance fees amounted to EUR 2.9 million in 2025. And as in 2024, they derived mainly from investment income. Regarding revenue changes, as indicated, Flagship II cease to generate fees at the end of 2024, but funds III, IIIb and IV invested capital at the start of the year 2025, which increased their fee generation over the subsequent quarters. The contribution from investment income was also solid, although slightly down on 2024. This is due to currency effects experienced in the first half of 2025. Underlying performance of portfolio companies remain sound, and the increase of net portfolio value means that we generated EUR 2.9 million in investment income in the second half of the year mainly. In 2025, the increase of our operating expenses decreased. Our costs increased by 3.7% in 2025 compared to the previous year, mainly because staffing costs. As Melanie indicated earlier, we were able to maintain a very disciplined approach to recruitment. We selectively strengthen teams in key areas such as investment professionals and investor relations. All in all, taking into account departures and new hires, the net headcount increased by 12 people. Other operating expenses decreased year-on-year. This reflects our focus on efficiency and the first benefits from economies of scale for our platform. Let's move now to shareholder distribution. Our balance sheet remains very strong in 2025 with EUR 368 million in cash at the end of the financial year, and therefore, we are maintaining our distribution policy, which is to ensure a stable or growing dividend per share. Therefore, subject to your approval, we plan to distribute a total of EUR 0.71 per share for 2025, which is the same as in 2024. Taking into account this year's dividend, since our IPO in September 2021, Antin will have distributed approximately EUR 470 million to its shareholders in all. That's EUR 2.66 per share. I would now like to conclude with the outlook before handing back to Melanie. First of all, we have a resilient and predictable revenue profile. More than 95% of our turnover comes from recurring management fees and less than 5% from performance fees. Secondly, we plan to launch the Mid Cap II fund in the coming weeks, and the management fees generated by this fundraising will begin to ramp up gradually over 2026 and then in 2027. At the same time, in 2026, the planned exit from -- of portfolio companies from Flagship Funds III and IV will help us reduce FPAUM for those older funds, and therefore, also the related management fees. On the cost side, also in 2026, we are predicting a high single-digit annual growth linked to the continued controlled strengthening of our platform. Consequently, we expect the 2026 EBITDA to remain broadly stable year-on-year. Finally, we are maintaining our distribution policy, and we are predicting stable dividends for 2026. Looking further ahead, we will have to look closely at the fundraising timetable there are many geopolitical uncertainties and macroeconomic tensions -- given the size of our flagship funds, any delay in the timetable could have a significant impact on our income statement. And therefore, we remain cautious regarding the fundraising timetable without, however, altering our ambition regarding the fund size or more broadly Anton's medium-term trajectory. Thank you for your attention. I will hand back to Melanie now, who will address governance matters.

Thank you, Walid. Just a few words on corporate governance. The Board of Directors is comprised of 6 members, including 3 independent directors. It's a united, committed board, each member has a very positive view of the way it works. On the 5th of November, the Board of Directors reviewed its composition and wishes to suggest today that you renew the term of offices Director of Ramon Oliviera, for a period of 2 years. He is an independent director. He joined the Board at the time of Antin's IPO and has ever since been actively involved in the work of the Board and all of the committees of which he is a member. His contributions are valuable and help us to improve our governance. Consequently, if the Annual General Meeting votes in favor of this proposed renewal, it is expected that Ramon will continue to serve on the Board and on the committees of which he is currently a member. The current composition of the Board is highly satisfactory in terms of independence, gender balance, age and nationality of the directors. 3 of the 6 Board members are independent, as I've already indicated, which is higher than the 33.33% recommended by the AFEP-MEDEF code for controlled companies. The Board is international. We have 5 nationalities represented. The average age is 63.5 years, and we have perfect gender parity. Regarding the composition of the Board's committees, the emphasis is on independence. The Audit Committee and the Remuneration Committee are both composed entirely of independent directors. The Sustainability Committee has 2/3 of independent members. All of this goes to show the strong involvement of our independent directors. I'd like to move on to executive compensation. The remuneration structure for our Chief Executive Officer is very straightforward. It is made up of a fixed part and a variable component. The variable component is calculated on the basis of quantitative and qualitative criteria. The 3 quantitative criteria weighted equally and together account for 70% of the variable remuneration, and you can see them on the screen here. They assess Antin's performance by measuring its ability to attract investors to our funds and also to assess the financial performance of the group. The 2 qualitative criteria represent 33% of variable compensation. There is a component linked to ESG criteria and another, which measures quality of governance and management. The Board of Directors considered that the targets set for our CEO had almost been completely met in 2025, and therefore, he should receive 99% of his variable compensation for 2025, subject, of course, to your approval. For 2026, the Chief Executive Officer's remuneration structure would remain unchanged with fixed remuneration equal to that of 2025. Only the independent directors receive compensation for their duties. And the details of this for financial year 2025 are displayed on the screen. They were set by the Board of Directors following the recommendations of the Nomination and Remuneration Committee. And this, in accordance with the remuneration policy approved at the last Annual General Meeting, we propose that the remuneration structure for independent directors be renewed in 2026 with the same criteria and amounts as those set in 2025. This concludes the governance section, and I will now hand over to our auditors. They are [indiscernible] and [indiscernible], and they will present their reports to you.

Ladies and gentlemen, dear shareholders, I shall begin by summarizing our audit reports on the consolidated financial statements and the annual financial statements set out in the booklet you will have received. The fundamental objective of our assignment is to obtain reasonable assurance that the financial statements are legal, regular, true and fair, and that they are free from material misstatement. We certify the consolidated financial statements without qualification or comment. We also certify the annual financial statements without qualification, although they include a technical comment regarding the first-time application of ANC Regulation Number 22206. However, this has no material impact on the financial statements. Furthermore, the consolidated and annual financial statements have been approved by your Board of Directors. In a complex and changing environment, we highlight in our reports the key audit matters relating to the risk of material misstatement, which in our professional judgment, were the most significant for this year's audit. The key audit matters related to the consolidated financial statements or valuation of noncurrent assets and the valuation of carried interest. Finally, the key focus of the audit on the separate financial statements relates to the valuation of equity investments, primarily the subsidiaries, AIP, SAS and AIP U.K. With regard to the group's management report, we have no comments to make as to its fairness and consistency with the consolidated financial statements. With regard to the separate financial statements, we have no comments to make following the other specific checks required by law, in particular, those relating to other information provided to shareholders, notably the corporate governance report and the management report. Regarding the format of presentation of the consolidated financial statements and notes as well as the annual financial statements included in the annual financial report, based on our work, we conclude the presentation of the consolidated financial statements and notes as well as the -- respecting the single European electronic format over the [indiscernible] special report as well as the others. Thank you.

Ladies and gentlemen, shareholders, I present the report on regulated agreements. A reminder of our assignment to bring to the attention of the general meeting regulated agreements, of which we have been [indiscernible] of our work is not to express an opinion on the usefulness or validity. With regard to agreements submitted to the approval of the AGM, we wish to inform you that we've not been notified of any authorized agreement concluded during the past financial year to be submitted for approval by the AGM pursuant to the provisions of Article L22538, the commercial code. With regard agreements previously approved by the general meeting, we inform you that we've not been notified of any agreement already approved by the general meeting whose performance continued during the past financial year. Lastly, we have various reports that have been prepared in respect of capital transactions, Resolutions 11, 12, 13, 14, 15. And we have no comments to make regarding these reports.

Thank you. So if you agree, we're prepared to take your questions.

Can you hear me?

Yes, we can.

Francois [indiscernible]. A few questions. Firstly, thank you for this fine presentation, there I say, hugely compelling and convincing in the rollout of assets I've got 4 questions, somewhat similar to last year's. The first is a word on private markets. We know the private markets, be they debt or equity or under constrained with officers more towards retail, where we hear about continuation funds. I'd like to know if you team that these constraints also affect your segment of activity, infrastructure? And I'd like to know your degree of confidence in Antin ability's to satisfactory organize the exits that you referred to in a world in which exits are today difficult to implement? That's my first question. Since last year, well, last year, we spoke of Ukraine. This year, we had President Trump and his tariffs. We got the war in a run this deglobalization, these geopolitical shifts is that changing the asset rollout strategy or fundraising orchestrated by the Board? That's my second question. Third question on consolidation of the world of investment companies. Have you reached critical mass? Do you have an appetite to grow by acquiring further peer companies. And my last question, maybe [indiscernible] about the valuation of the company. Last year, I believe we mentioned the trajectory that wasn't favorable. So the base effect because the IPO occurred in market conditions that we shall we say, more favorable. What's your take on the valuation of the Antin share? And are we to a [indiscernible] hope a widening of the flow? What are the thoughts of the Board?

Thank you. I'll try and answer those questions. My colleagues can perhaps complement on other aspects. So private -- on the private markets, are they constrained? Yes, to a degree as there are several aspects in this market. Firstly, the tensions on the credit markets. And I'll remind you that Antin is not at all present in the credit market. So his tensions, well, quite frankly, we're not credit specialists. But my personal sense is that they're widely overstated or exaggerated. And so far, there are major credit players that are doing an excellent job that are really attentive to risk management. Then there are a few players who are less experienced and saw an easy way of growing the AUM and not always very good when it comes to managing their business. But I think the underlying is that the ability of companies benefit from private [indiscernible] because that's what measures the risk carried by those funds is globally good today. I'm not here to defend people who manage credits, but there's an effect of kind of knock on [indiscernible] effect of concern. It seems to me to be somewhat overstated. We as beneficiary of private, we sense that there are people who are very professional, continue to be -- without there being a major impact. Continuation funds, this is a trend that meets not difficulties contrary to what some may think to exit difficulties, but to needs of investors who wish to expose long term in assets or plays that they like. Five years ago, that wasn't an issue, and 5 years back, our major clients were asking us to invest money to grow companies in which we invested in to sell them. Now Increasingly, we get demand from big investments, not talking the small ones, but large institutional investors to think to allow them to remain a shareholder of assets that they like or assets through the so-called continuation vehicles. That's a new trend in it the market is sort of a caricature that says if it's continuation because companies can't sell. I think that's probably the case for in certain cases, but I think there's truly of a development for big investors say, we like a particular strategy, play want to be exposed to it. I'd say it's recent. It's a merger the past 5 years. Exit structure, is it more difficult? Like we said, we're in a year -- a major year because formally, we have 4 process is launched, and there are 4 more coming soon. We'll give you the results in a few months, at least for the first 4. We have market context that, today, I would say, is fully acceptable. Let me remind you that 2024 was a year not for us, but for the whole industry, there was -- it was near stagnation simply because market conditions weren't there. There were no -- very few sellers, few buyers and difficulties and fund it to because of the DPIs, it's now the ability to return investment money to our clients so that they can then reinvest in other funds. So today, and this is my sense, not personal, but as Antin's Chairman, it's -- the situation has normalized, and you see once again an exit activity and investment activity that is very considerable for 12 months now. I think in '24, we -- very, very little, very -- it was a black year for the market. What's the impact of deglobalization as you put it, that is all the geopolitical conflicts impacting our strategy and fundraising. On the strategy, we're investing in 2 geographies, Europe, the U.S. I'd say the impact in terms of strategy from is nil. Why? Because we're not investing in companies that might be exposed to tariffs. So when we invest in a company in the U.S., they're -- primarily they're focused on the American market, European companies in which we primarily say a few exception only present and European markets. A deglobalization imposition of tariffs has no impact on our strategy, 2 pillars, 4 sectors: Europe and North America. For fundraising, I'd say, that we have a base of investors of a highly diversified client base. Europe still accounts for about 60% percent or thereabouts. Middle East, Far East and North America, major areas and growing strongly. We don't sense any change of structural nature. Quite the contrary, as was said by Walid. There's strong appeal, strong traction for Europe amongst all the international investors. And so we don't at all see any avoidance there just a caveat on the fundraising. We appreciate that with bombing in certain Gulf countries, well, there's a kind of wait-and-see policy. But once again, we have very close ties with Gulf investors, and they continue and will continue. There's a timing issue before they resume their investment. Critical mass, and then I'll let Wali talk to you about the valuation and changing situation in the market and our peers. Critical mass. I think, we have the ability to continue to grow our infrastructure activity in a sustained, indeed, very sustainable manner through ourselves. Critical mass we passed for, we've achieved that for investment activity. And another question, can we use our skills to do other activities, be it organically or through M&A. The answer, as I see it, is yes. It's not an imperative, but it's something we're considering. And the challenge is to find the right strategies, the right investment vehicles and enablers so that we can reduce our global risk and not accumulate with another risk that we wouldn't [indiscernible]. Highly vigilant regarding our development. Some would say overly wait and see, but we're very conscious of what we created, and we don't want to break the machine in any way. So yes, we have discussions on that team. And sooner or later, we'll release new developments. On the valuation, while they're very straightforward question, very easy, over to Walid.

Thank you for that easy one logged at me. I'll try and give you a simple straightforward answer. So just 2 pronged, start with the market context and then I will focus on Antin more. Specifically on the [indiscernible] context, looking at the broad picture, 12, last 18 months market were particularly volatile. On the upwards, the uplift was largely driven by tech stocks, whereas the rest of the industry suffered hugely. So highly volatile market. And as you probably know, against that backdrop generally, financial stocks are even more volatile and exposed to these wild swings. So when we look at players of alternative asset management and private investment, be it in the U.S. or in Europe, the trend was strongly downward, notably in the U.S. but also in Europe. You saw that very recently with some of our European comparables. So there was a trend that was pretty negative in the market. And in that context, in fact, Antin is faring quite well. Obviously, we'd like to be in another place. But in that very challenging context Antin is not really far from the norm. If we look at Antin's valuation, difficult for us to form a view on the right price, the right stock price, but I've mentioned 2 things. One, the technical aspects. You mentioned the float or return to that, but the float and liquidity have an impact on the share price. And lastly, what we control that you've heard Alain and Melanie's message. We have great ambitions. We continue that we're pivotal moment with many things ahead of us. We're working that we're working on what we control so to have an impact on the share price. So that was on the first part of your questions. Regarding the share price back to the free float, I'll start with a very straightforward answer, and then I'll try and complete that. So our ambition to increase the free float, answer, yes. But I'd qualify that, but we're prepared to do that. On the good side, there's alignment of interest between the Antin team and the institutional and individual investors. So we want to increase the free float, but not at any price. We wanted to be done and the good conditions so the current shareholders and future transaction allow us to continue to increase the free that happen on the simple answer, yes, but we want to do it right. And we had a lockup that was introduced at time of IPO in the end of September this year. We'll reach the end of the lockup period, but there again, you can be convinced of the fact that any divestment or this will be done in an orderly manner because of that alignment of interest.

Yes, I have a question, and I'll probably ask the same question next year. And this relates to Velvet, Velvet, Velvet. Can you hear me well? Okay, Velvet. What is the amount of the investment that you're planning for this project? I saw that it's making headway. But what about your relations with Alstom? It doesn't always go very well, does it? Are you seeing that there are delays, excess costs. You said, you were a bit vague about the deadline. You haven't given us amount. You said 2026. And what about the trains? Are you going to -- are they going to be using drivers who come from the state rail company, the SNCF, or they're going to be training their own drivers?

Well, as the amounts invested about EUR 300 million, potentially more, as you know, Antin's strategy is to make a first investment and then to deploy further in the portfolio companies in CapEx. And in this particular case, which is a greenfield case, that's particularly important to stick to that plan. We certainly intend to go beyond the first initial outlay. Relations with Alstom, very good actually. There are no delays at the moment. We're not running over cost. We bought 12 latest generation trains. Alstom is delighted to have a private partner in France, I think. I think that sums it up. They have good ties with us. So were not considered suppliers relationship with a partnership. So very healthy relations. We have the impression that we have a strong position on this market. Regarding recruitment drivers, we don't have a communication to make on that, who is going to be the drivers of these fast trains. Perhaps 2 points, I personally am not intending to drive the train. So that should reassure you. And I don't think anybody from Antin, maybe Mark. Maybe Mark is keen to drive a faster train. I know he loves trains, but I don't think actually any of us will be doing that. And we will have experienced drivers, obviously, for these trains. And we have another question in the middle there. You just missed him.

The presentation given by Melanie Biessy about compensation, it was a bit brief what she said. We were given a lot of percentages and figures, but we don't really know what that represents in euros, whether this be for the CEO or for the members of the Board. It went very quickly.

The amounts were on the slide, so maybe we can show the slides. Yes, the 2 screens are a bit small. Maybe the figures aren't very legible, but it's all up on the slide here. This is for the directors. And that's for the CEO. EUR 987,730, that's the fixed compensation. It's in the square there. We'll make sure that it's more visible next year, bigger. And the directors, here they are. Can you see those figures? What's the total amount they get? Well, [indiscernible], over the year 2025, that's EUR 470,000 in total for the 3 directors. And then you can see there's 2 columns here. If you add them up for Lin, EUR 120,000 plus EUR 39,737, Dagma, EUR 120,000 plus figures that amount to participation in committees or chairing committees. So the amounts vary slightly of EUR 51,579 for Dagmar, and EUR EUR 19,737,000 for Ramon.

And I have a question about Velvet as well. I've read that you gave a loan to the company of EUR 1 billion. So your -- are you a banker or a part?

No, no, we invest. There's a project that needs funding, and that involves setting up company that is going to be running 12 fast trains from Paris Ren to Bordeaux along the Atlantic Coast side that needs funding. And the total investment amount is close to EUR 1 billion. Now we have, in capital, that's our job. We're investing about EUR 300 million. And for the rest, we have a consortium with the banks, which is funding the debt, but we do not provide debt funding, we have capital funders.

Mr. Jean derm. A quick question on Slide 8 on the amount in investment 75% dotted line of funds invested. What's the point? Why do you indicate this threshold? And then on latest Norse, Vigo, Marine and so far, there are 2 investments in the U.S., how do you manage issues of exchange rate and [indiscernible] and your exposure to the dollar and sales, quite a significant sales. Edex, they're important sales for the market. Do you think those sales will be a catalyst for your perception on the market? Or do you consider that people know you and that in absolute person, people look at your track record and it's going to be an event in the development of the company, but not a major one?

Maybe just answer the 75% you referred is the amount of capital invested or committed in portfolio assets that allows us to launch a successor fund to the existing funds. When that our investors as part of the mandate, we negotiate or authorize us to launch the success on Mid Cap I, for example. We've committed sufficient capital. And we closed the Mid Cap I investment period, and we can launch the the raising of the Mid Cap II.

I'll address the question of exposure to the U.S. dollar. As a reminder, all our funds are in euros. We're aiming about 1/3 of investments in the U.S., notably in U.S. dollars. The investments done in U.S. dollars are [indiscernible] hedged or not, depending on the specificity, it can be done in a [indiscernible] but not systematically and it's part of the discussions within the investment committee the willingness to take an exposure on the U.S. dollar. That's for the investment with our euro funds, all our revenues are in euros. And when the costs, as Melanie mentioned, between our 4 main offices, Paris, London, New York and Luxembourg, Paris and Luxembourg, the costs are essentially in euros, sterling in the U.K. and U.S. dollar for New York and there, the management is kind of done [indiscernible] the river, but the exposure is very low on the P&L. The only issue is that, for the funds, which when we see wild variations in early 2025, an impact on the underlying assets, but they're just temporary movements. But no issue of particular hedging on the U.S. dollar. Concerning the disposal of IDEXX that's public. Is it important? Yes, of course, it's very important for us. It's like any disposal divestment. It's a company that experienced strong growth, and it's now a large company that was remarkably well developed by its management team, and we're very keen that the disposal should occur under good conditions. But as a professional, it's an investment amongst others. There are other processes underway, notably in the U.S. that also require our attention, our business to have the best price when we sell an asset, but it's a high-quality asset.

[indiscernible] My name is [indiscernible] Conder. My first 2 questions, what company would you compare yourself or benchmark yourselves with in the European community [indiscernible] in France? Second question, why don't you reinvest your dividend in shares with a reserve price, it might perhaps increase the free float?

I will answer that. Thank you for those 2 questions. So on your first question concerning the benchmark, well, clearly, there's a measure of subjectivity in that question. I'll give you my view that given our positioning as alternative asset management happens a number of French companies are active in that sector, some not too far from here, TKO, Eurazeo and others. Having said that, I'd like to say that there are a number of differences, sometimes notable regarding the models of those companies as compared to us. We have a very strong balance sheet. But to remind you, we don't invest our capital in fund except for co-investments that represents about 1% of the size of the fund. So our model is asset-light. We focus on asset management for third parties, and we don't invest in our funds, and that's not the objective. It sometimes sets us apart from other listed companies with relatively similar profiles, but with differences that remain notable. In Europe, we could mention other companies that are active in say equities, CVC, Partners Group, Bridgepoint also, yes. And in the U.S., the market is more developed with a number of very large companies. So I hope that answers your question on company within Eurozao, you mean?

No, no. It's an independently listed company.

No, no, never heard of. I'm sorry. So not in infrastructure or a third-party management because you need to clearly distinguish the model investment company for third parties, which is our model from portfolio companies that invest the balance sheet, whether shareholders invest in the balance sheet first and foremost. On your second question, well, let me tell you that it's not an issue that's been discussed at this stage. We've only been -- we're only IPO-ed in 2021. We're near in the 5th anniversary of the listing and no doubt that it will be amongst the issues that might be discussed going forward.

I wanted to know whether you might consider having a meeting, especially designed for shareholders to help them better understand your business and to get to know you better? The other years, we could sign several times, but not this time. I was wondering whether we'd be having a little gift this year as well as the last year as we did. Thank you for your answers.

Regarding your first question, suggestion, it's a good suggestion, actually. Together with Lud Miller, who is in charge of Investor Relations, we do spend quite a lot of time talking to investors, institutional investors and explain what we're about, our outlook. But of course, we'd be happy to broaden those meetings. We're moving towards the fifth anniversary of IPO of Antin. So maybe it would be a good idea to have a kind of refresher session to introduce or to explain our business a bit more with shareholders. That's the first point. The second point, as we explained, we have constraints in terms of size. We wanted to make sure that we take account of all votes. Your votes will be noted on the basis of the number of shares that you hold, and we hope to be able to do better in the future.

Congratulations on your investment in Velvet. Could you share more information about why it was that you took that decision? I think that the train market is very competitive. They've got low-cost company. We go, you've got the SNCF, state -- these are state funded and supported companies that can afford to lose money up to EUR 1 billion a year because of that backing. So what's the business model that you have in mind? And how do you think you're going to be able to compete with this public competitor?

Well, first of all, the rail situation in France, rail transport situation is that there's a monopoly, and it's been hard to get any competition on the market. You've got a monopoly. We need to have a complete cultural change in SNCF just like was the case for the electricity and energy markets with EDF, for instance, a state-owned electricity utility. There're 2 types of competition that are emerging in France in recent years. First of all, and this is reported on widely in the press, its competition with foreign monopolies or former monopolies, 10 Italia, for instance, which operate lines between Italy and France in one case and Germany and France in the other case. And this created tensions, and it was hard for the SNCF to accept and for its workforce to come to terms with. The market position we felt is quite different. This -- this is the line along the Atlantic coast from Paris along the Atlantic Coast in France. There's a real need of rolling stock on that line. If you look at travel to St. Malo, to Torrel to Borda, if you try and book a seat, it's only fully booked. And this is a whole region of France that's developing very fast. So there's a real shortage in terms of rolling stock, and we're trying to fill the gap. And we're doing this at a time when the state-owned company, the SNCF, has huge needs in terms of investment. It needs to invest hugely in local trains, regional trains and suburban trains, which were really put on the back burner for a long time because they're investing in the fast train network. Huge needs. If you travel from Paris to [indiscernible], it takes an 1.5 hours more now than in 1981. Why? Because the rails themselves are old. It's not very safe to go at fast speed. So the speeds have had to be reduced. The same is true to go to Clermont-Ferrand. Those are typical examples. There's been a huge amount of underinvestment. So the SNCF has announced major investment plans in that kind of line, and we're providing a solution. There's a shortage of rolling stock for a particular stretch of the network, and therefore, we are quite confident that our relations with the SNCF will remain good. Velvet is run by Rachel Pika, who was a top executive in the SNCF in the past. She was in charge of the fast line network -- fast train network for a while. She's somebody who's highly respected, who's well known, who knows the executives in the SNCF, everything should go smoothly. We've got a lot of cards, good cards in hand.

Let's move on now to the vote of the resolutions. And I'm going to present those resolutions to you. There are 16 resolutions being submitted to you for approval. Resolutions 1 and 2. Our vote on Antin's company and consolidated financial statements for 2025. Resolution 3 relates to the attribution of the profits and distribution to shareholders of EUR 0.71 per share. Resolution 4 gives the opportunity to take note of the absence of any regulated agreement. Resolution 5 concerns the renewal of Ramon Olivier's term of office as Director. Then regarding compensation, Resolution 6 submits to your approval, the information relating to the remuneration of the senior executives for the financial year 2025, as disclosed in our university registration document. Resolution 7 relates to remuneration paid or awarded to the Chairman and Chief Executive Officer for the same financial year. Resolutions 8 and 9 concern remuneration policies that are applicable for 2026, and these have been presented to you by Melanie. We'll now proceed to the vote on the resolutions concerning capital and financing authorizations. We are suggesting that you renewed the authorization for the share buyback program within the limits provided for by law. Simultaneously, Resolution 11 seeks to renew the authorization granted to the Board of Directors to reduce the share capital by canceling shares repurchased under the share buyback program. Resolution 12, 13 and 14, concern plans for employees of Antin or related entities. Resolution 15 seeks to grant the Board of Directors with an authorization to increase the share capital for the benefit of one or more persons. And finally, the vote on Resolution 16 would enable completion of legal formalities arising from this Annual General Meeting. We now have the quorum, which is 95.05% of shares entitled to vote, 97.22% of existing voting rights. So we will now proceed with the vote of the resolutions. And I would suggest that you take up your voting devices. So first of all, approval of the corporate accounts for the financial year 2025. Vote now, please. [Voting]

Voting ended, so this is adopted. Resolution 2, approval of consolidated accounts for financial year 2025. Please vote now. [Voting]

No more voting. Adopted. Resolution 3, attribution of profits and distribution to shareholders of EUR 0.71 per share. Please vote now. [Voting]

No more voting. Adopted. Resolution 4, note taken of absence of regulated agreements. Please vote now. [Voting]

No more voting. Adopted. Resolution 5, renewal of Ramundo Oliver's mandate as Director for a 2-year period. Please vote now. [Voting]

No more voting. Adopted. Resolution 6, approval of information relating to the remuneration of senior executives for the 2025 financial year. Please vote now. [Voting]

No more voting. Adopted. Resolution 7, remuneration paid or awarded to the Chairman and Chief Executive Officer for the same financial year for financial year 2025. Please vote now. [Voting]

No more voting. Adopted. Resolution 8, approval of the remuneration policy for 2026 for independent directors. Please vote now. [Voting]

No more voting. Adopted. Resolution 9, approval of remuneration policies applicable for the Chief Executive Officer for 2026. Please vote now. [Voting]

No more voting. Adopted. Resolution 10, authorization for the Board to buy back its own shares in a share buyback program. Please vote now. [Voting]

No more voting. adopted. Resolution 11, authorization granted to the Board of Directors to reduce the share capital by canceling shares repurchased under the share buyback program. Please vote now. [Voting]

No more voting. Approved. Resolution 12, authorization given to the Board for our plans for employees of Antin-related entities. Please vote now. [Voting]

No more voting. Approved. 13, delegation of authority to the Board of Directors to increase the share capital with waiver of preemptive subscription rights for corporate savings plan for employees. Please vote now. [Voting]

No more voting. Adopted. Resolution 14, delegation of authority to the Board of Directors to increase the share capital with wave of preemptive subscription rights for shares for employees of the Antin group. Please go now. [Voting]

No more voting. Adopted. Resolution 15, delegation of authority to the Board of Directors to increase the share capital with waiver preemptive subscription rights by issuing shares for persons who are quoted by name. Please vote now. [Voting]

No more voting. Resolution is adopted. Resolution 16, completion attribution of delegation of authority for legal formalities. Please vote now. [Voting]

No more voting. The resolution is adopted. Thank you very much indeed.

Well, as the agenda for this meeting has been completed and all resolutions have been put to your vote, all there is left for me is to thank you for your attendance and participation. We're certainly living in turbulent times, but infrastructure remains an attractive and resilient asset class meeting essential needs. We continue to see excellent opportunities as evidenced by a robust pipeline of potential transactions. Our teams are working actively to continue to identify value-creating investments, completing disposals to return value to our investors and raising new funds to continue our growth trajectory. Thank you once again for your attention. I hereby declare this AGM closed and look forward to seeing you in 2027, on the 27th of May to be precise, for our next meeting. Thank you.