Tikehau Capital ($TKO)

Ladies and gentlemen, good afternoon, dear shareholders, good afternoon. I'm delighted and honored to chair this Annual General Meeting of Tikehau Capital. During this general meeting, of course, we will report on our activity during the fiscal year 2025. We'll also try to shed light on the first few months of 2026. And to do that, we will ask our co-managers, Antoine Flamarion and Mathieu Chabran to help. They are sitting by my side. We also have Henri Marcoux, Deputy CEO of Tikehau Capital, and I will be helped in my task by Geoffroy Renard, who is Company Secretary of Tikehau Capital. Of course, we have with us several members of our Board of Directors. I would like to thank them for their presence. Good afternoon. We will also rely on the help of our auditors with Mr. Vincent Roti representing Ernst & Young and Gilles Magnan representing Forvis Mazar. I would also like to welcome several members of Tikehau Capital's management. Of course, they can take part in the session by answering the questions you might have after the meeting, and they will stay on with shareholders to continue the conversation after that. The general meeting that we are organizing today is broadcast on the company's website. Any person who can go to the website will therefore be able to follow our proceedings. And I'll also mention that we will also have the whole recording available on the website in the next few days. Now it beholds us to appoint the bureau, and we need to choose as scrutineers the 2 members of the general meeting who have the largest number of votes based on the tally provided by Societe Generale. These are Tikehau Capital Advisers represented here by Ms. [indiscernible] and the Strategic Participation represented here by Ms. [indiscernible]. Since they mentioned that they were ready to accept the task of scrutineers, we now have a bureau and the Chair of the bureau should be Mr. Geoffroy Renard, and I'll give him the floor for the quorum.

Societe Generale, which is centralizing all the shares and organizing the general meeting sent us the temporary quorum, which is 90.945% of shares. With this temporary quorum, the meeting can be validly organized for both the ordinary and the extraordinary parts. And we'll also have the final quorum for each resolution. And before the vote, we will give you the final quorum figure. I suggest that we move on to the agenda of the meeting, which -- about which you'll have many, many details during the general meeting. We will please dispense with an exhaustive reading of the agenda. But of course, we are here to answer any questions you might have regarding the agenda. The meeting documents are available on the company website pursuant to the law. They were made available to shareholders, and I also suggest that we dispense with reading all of these documents, which are on the desk. And for those who wish, they were -- we have examples -- copies of the universal registration document for the fiscal year 2025 available. The company hasn't received any request to put any further items or written questions on the agenda. So after the following presentation and questions from the room, you'll be able to vote on the resolutions that will be submitted to you.

Thank you, Geoffroy. Before we give the floor to Mathieu and Antoine, maybe we can look at a quick video, which summarizes the spirit in which the Tikehau Capital Company is working. [Presentation]

Let's see the results of the strategies and commitments that you've just seen in 2025. I'll give the floor to Mathieu Chabran.

Thank you. Thank you, Mr. Chairman. Ladies and gentlemen, dear shareholders, we are delighted to welcome you for this general meeting for the fiscal year 2025 for your company after a particularly robust 2025. 2025 was a year of acceleration for the group. Tikehau's franchise kept growing stronger. Business broke records for all of our asset management platform, and we had a noteworthy increase in our profitability. This momentum is concretely reflected in our figures. We deployed EUR 7.6 billion, a 35% increase over year in bigger and bigger and more and more international transactions. We also strongly accelerated our divestments, our realizations, especially in private equity and credit with EUR 4 billion realized, so twice the level of 2024. Regarding inflows, fundraising, 2025 marked a fourth consecutive record year for Tikehau Capital with EUR 10.5 billion of gross fundraising and EUR 8 billion of net fundraising. This performance illustrates the growing relevance of our model. It's also based on an ever more international investor base. Last year, over 80% of funds raised came from international clients. And finally, at the end of December, at the end of the year, we reported EUR 52.8 billion of AUM or an average annual growth of 22% since the IPO. Financially, our model kept delivering profitable growth. Our asset management business accelerated with 8% growth for revenues and 18% for operating income. It was driven both by the commercial dynamics and our execution discipline. At the same time, our investment portfolio delivered solid performance with realized revenues up by 19% and total revenues up 33%, excluding ForEx. In total, that results into a net income group share reaching EUR 136 million, an increase of 51%, excluding ForEx. We will propose to share this value creation with a dividend of EUR 0.8 per share that we'll put to a vote when we vote on the resolutions. I'll now give the floor to Antoine to talk about our strategies.

Thank you, Mathieu. Good afternoon, ladies and gentlemen. Maybe we can continue with 3 slides about our beliefs. First of all, as you know, we're investing in the entire segment that we call mid-market, where our beliefs are. So we have 4 business areas: private debt, about 50%, 46% of our AUM, real assets, real estate and infrastructure, private equity, which is a bit more recent and which is specialized. As I said earlier, we have fairly strong beliefs about decarbonization, aero and defense and regenerative agriculture. And finally, our liquid strategies with beliefs because on these liquid markets, we decided to be present where we had expertise, credit, financial subordinates and derivatives. For instance, our business is to invest since we created Tikehau. We've strived to be selective in order to deliver high risk-adjusted returns for investors. Here on our 3 core businesses, you've got some KPIs, some figures illustrating the way we invest. Looking at direct lending, first, our associate, our partner, Cecile, will explain how private credit works with more detail because there's a lot of noise around that. On direct lending, what is interesting is that all our investment is accompanied by covenants. We have an average leverage of 4.2x EBITDA, which is lower than the market and which seems reasonable. We started this business in 2009. So we were pioneers in Europe and the default -- the annualized default rate is only 1.3%. And then when as happens sometimes, a company defaults, well, the recovery rate, how much do we lose? We can see that the loss rate -- loss ratio is fairly low at 0.1%. Private equity, we decided to disclose 3 indicators here. EBITDA growth for the company, 13% over the last 12 months, which on a fairly difficult markets is a good performance. The leverage that we invest, sometimes we are a borrower, we have an average leverage of 3.2x EBITDA, which is much lower than the market. And on average, we buy companies for less than 10x the EBITDA for the companies that we invest in. And for real estate, we have extremely granular portfolios because we have over 9,000 assets that are both residential, housing, hotels, logistics, data centers and office space. So we have an extremely granular and diversified real estate portfolio, both in terms of assets and geographies and the average leverage for real estate is 26%, which is relatively low. And I'll dwell on that. Our business is to invest. And in any cycle, we need to be able to deliver robust performance in all weathers as we are fond of saying with more and more complex markets, Tikehau's team strives to deliver such performance. And finally, since we were created, alignment of interest is core to the company's DNA. First of all, partners and employees control 56% of the group's capital. We are the #1 shareholder with the other shareholders, you included. Then carried interest, 53% of carried interest, which are the performance fees that are retained by the listed company. If you look at peer groups, the highest ratios for Carlyle and Apollo, 30% to 40% of the carried interest goes into the listed company. Our company is much more generous. Equity is around 20% to 25% and you have TPG, which is at 20%. So we keep feeding our shareholders with this carried interest, which is fairly significant. And finally, we fully align our interest with that of our clients in our funds because most of the funds that Tikehau invests in, we have a presence of 5% to 20%. So every time Tikehau starts a new fund, your balance sheet is invested fairly significantly so that we can fully align our interests. We were at 80% at the end of 2024. 80% of Tikehau Capital's balance sheet is invested in our funds. We are gradually moving towards 70%, which is quite significant. I will now give the floor to Cecile, who will talk about the private credit market to illustrate somewhat what is going on there.

Good afternoon, ladies and gentlemen. I'm Cecile Mayer-Levi from the credit team with a more marked focus on what we call private debt. In those days when the term private credit has made their headlines and burst on to the media scene, now the day goes by without us seeing a tsunami of press articles, analysis, podcasts and LinkedIn posts talking about very doom and gloom news that has cast a shadow on the asset class, which used to be celebrated and then went through a golden age. So we thought it was relevant to try and explain to give you a quick overview, a snapshot to understand the reasons that led to this tsunami of fairly negative news. And then at a later stage, I'll share a few indicators with you, although Antoine has already illustrated them to share the main risks, the main opportunities and lessons we can learn from the current sequence. As a reminder, everything started with iconic and highly covered defaults in October '25, in particular, if you're interested in the matter, you might have heard of names like Fast Brands, [ Strikolar ], Renova Home in the U.S. and more recently in the U.K., a company called MFS Market Financial Solutions that were, in fact, major cases of default, reaching sometimes very significant amounts of over EUR 1 billion or EUR 1.5 billion that were mostly explained by issues of fraud and accounting manipulation. The immediate response came fairly quickly and classified these problems and showed them as isolated risks, idiosyncratic risks as they are called, but actual risks that may materialize. And more seriously, the trigger for these problems was that valuations did not transparently reflect already proven problems that existed. Three main themes are amplifying the discussion now. I'll start with the first one. The first one in a way, there is a proliferation of ambient noise about what is called a significant exposure for private debt portfolios to software companies with a SaaS model. Very often, you have private debt funds that were heavily invested that deployed significant amounts of money in these transactions, sometimes for up to 20% or 30% of their portfolios. So that was a catalyst for enhanced risk, especially when you're talking about transactional companies that were called ARR with annual rating revenues, which is only an elegant way of mentioning companies that were not yet profitable, but that used debt to finance themselves without generating any cash flows. So that phenomenon was called SaaSpocalypse by Jefferies analyst and the announcement by Anthropic of one of their models Claude Cowork that triggered a major panic. And so everybody focused on that and saying that the inevitable rise of artificial intelligence would lead to a reassessment of risk parameters, especially visibility over revenues, which is what drove these software companies for years. You had huge cohorts of users in the past, but the valuation levels that were used in these financial structures had to be revalued. So that tended to propagate the risk that was very marked in private credit, whereas naturally, it goes without saying the private equity part that goes with these companies is also highly at risk. A second theme that was mentioned about the U.S. was a mismatch, an imbalance between the assets and liabilities parts of these fund structures. There was a major acceleration in fundraising for so-called semi-liquid structures. The flip side of that is to call them semi-illiquid. That was the second catalyst and this mismatch between funds deployed into private assets, which by nature are illiquid and structured liabilities based on the promise of liquidity, that was another mark on this asset class, mostly driven by the success of very big asset managers in the U.S. that were able to capture attention and to have some market depth with so-called retail investors attracted by BDC structures, another acronym that means business development corporations that fed a lot of growth at first, but that was another accelerator when redemption requests occurred and these BDC formats are the subject of a lot of requests for redemption when there were gates -- exit gates in their contractual obligations. So it goes without saying that when a retail investor understands that it's a liquid format, they expect to be able to exit at any time and for every request to be respected, which is no longer possible now given the very significant amounts covered by these requests. So the second problem, as you have understood, comes from this mismatch, although in a general way, most funds raised in these private debt vehicles come from institutional investors. That's over 80% or even more in Europe -- so investors by nature -- institutional investors by nature are more patient, more rational, more rational. So they didn't behave the same way, but that was a bit of a disruption. And maybe the last spark, as I would call it, that caused also some pressure. There's deployment pressure on a fast-growing market. Generically, it is reckoned that corporate access is about EUR 1.8 trillion, about 1/3 in Europe, EUR 500 billion for private credits. So those are significant amounts with an acceleration of over 10% annually that occurred in the last few years. So that led to a sort of availability of an overabundance of liquidity compared to the deployment abilities, especially in an environment, and Nina will come back to that in a minute in an environment where things have slowed down because of the geopolitical environment, the war in Iran and its very expected volatile effects. However, there is exacerbated competition now, whereas business has slowed down somewhat. So this leads to potential transactions where spreads are under pressure, where covenants are maybe less robust and where adjustments on financial aggregates can be very big. It's also noteworthy that at this stage, we're not anticipating, and this is what most market players are saying, we're not expecting any systemic risk, although very often that was mentioned in some press articles. But it's also worth mentioning that regulators in various countries, central banks and financial stability bodies are taking a look at the matter. And as I mentioned, given the very significant size of flows generated by this asset class, the amounts at stake are more visible and current concerns are mostly about the necessary transparency around these companies' indicators and also interconnectedness with the banking system, especially for banks that use leverage themselves to increase their intervention size. Now let's take a closer look at the context around Secure, which is positioned, as we mentioned, as a key player, particularly in Europe, one of the pioneers in the asset management world and in the credit world. Now our platform relies on a EUR 24.5 billion in terms of assets under management, and this is deployed through a number of sub strategies. That's why it's important to have additional expertise, which cover not just direct and corporate lending, but also in Europe and in Asia, but also a CLO platform, which operates in Europe and in the United States. We have tactical strategies, which cover specials. And there is an emphasis here on debt real estate and digital infrastructure and also secondary private debt. The indicators, which were mentioned by Antoine, but just to remind you of them quickly. So the first point that I highlighted related to software exposure. With our direct lending strategy, we believe that we have 12% for the last fund, which specializes in this particular field. It's also worth noting the structuring of our funding with 100% committed investments and an average leverage, which is relatively moderate around 4.1%. And another important indicator, and this also drives performance, an annualized default rate, which is fairly well managed. And here, default does not mean loss and that is why it's important to be selective and to have very active management. In conclusion, the debt market remains, of course, high performing. We currently have a software, which is currently being reinvented, and we have highlighted long-term players who will be able to perform over time. For us, this is a unique opportunity to drive this complementarity in terms of our special strategies and tactical strategies, credit ops. The TSO funds have been emphasized the digital infrastructure component, there's a need of hundreds of billions of euros. There's lots of potential there and our strategy, which is currently presented and for which Tikehau has been a pioneer with our PTD asset fund, which enables us to provide liquidity solutions on private debt funds for specific players, in particular, our international investors. That's it. Thank you very much for your attention. I'm now going to give the floor to Nina, who is the CMS strategist and who will talk to you about her point of view of the current market and the geopolitical challenges.

Thank you very much, Cecile. Good afternoon, everyone. Ladies and gentlemen, I'm very pleased to be here with you today. My name is Nina Majstorovic, and I am a strategist at Tikehau Capital. We wanted to cease this opportunity to give you an update on the situation in the Middle East, the idea being to share our reading, our understanding of the events and their impact on the market with -- obviously, we do this with much humility because everything that I'm saying today may change tomorrow given the frequency at which news changes and the frequency at which the various heads of state position changes. So if that happens, please don't hold me to it. Now so what are the market saying? It is true that since the announcement of a ceasefire, there was some optimism over financial markets. As you can see here on the slide on the screen. On your left-hand side, you can see the performance of the equity markets. And on the right-hand side, you see the credit market. As you can observe on the equity markets, we see there's a significant drop and sometimes all -- there has been a reversal in terms of -- due to the conflict in the Middle East, whereas for the credit market, the observation is similar. There has been a bounce back since the [ Seaspire ] was announced, a drop which is more sustained, particularly over much -- this is fairly organic. That's what we expect from credit markets in this type of market with a bounce -- progressive bounce back since the announcement of the [ Seaspire ]. And this enables the credit markets to do away with the accumulated fall since the end of February. So very impressive movements, some increases, some decreases. Now this is like deja vu because throughout the same period last year, I was very pleased to be able to present to you then and to give you an update on Liberation Day. Today, the context is very different. But it's true that this V-shaped movement on the market does remind us of the movement that we observed at the same time last year. So some optimism over markets, but this optimism is very conditional because investors seem to be choosing between kind of deescalation outlook and persistent pessimism given that the possibilities of an agreement today remains very strong. And that is exactly what we read from the energy market and the sovereign rates market because if you take a look at the glass here on the left-hand side, you can see the change in the price per barrel. So we're roughly at $115 currently. It is true that even after the announcement of a cease fire, the price of oil did fall, but it remains around $100 per barrel, so very high levels, much higher than levels prior to the conflict and prior to the end of February. So this has led to inflationist fears. As you can see on the right-hand side, we see the swap inflation in the United States and in Europe. So what does this graph tell us specifically? It tells us that the market is anticipating inflation on both sides of the Atlantic to be around 3.5%, and that will be the rate over the next 12 months. And so this means that there has been a change when it comes to the monetary policy, outlook on financial markets because in the United States and for the Fed in the United States, the market was at the beginning of the year, expecting rate drops by the end of the year. And now the market is anticipating a similar thing on the side of the United States, whereas in the Eurozone, the market was anticipating a status quo for the ECB and now is expecting a 3 point fall by the end of 2026. So this movement is fairly impressive. There's a lot of uncertainties, which remains a level of nervousness, which is very palpable when it comes to financial markets. One could think that high oil prices for a sustained period amount of time in the run up to the midterm is not a very comfortable situation for the U.S. President. This being said, it is true that the perspectives of a resolution remain very unclear. And even if an is reached, this may undermine the energy shock, but there will be impacts on inflation and on growth. That is to say that this may take some time to stabilize. Now to conclude, what does this all mean for us as an investor here at Tikehau Capital? Well, it means that we have to be prudent. We have to be very selective when it comes to our investments. We have to target businesses which are able to navigate these higher rates and that are able to defend their margins in a potentially increasingly inflationist context. And it's true that this event strengthens our conviction when it comes to European sovereignty, which is something that we hold here at Tikehau, where we invest through the platform, whether it be within on the capital markets or the private debt and more specifically through our private equity business with, in particular, decarbonization, which is a recurring theme. Thank you very much for your attention. I will now give the floor back to Mr. Antoine Flamarion, who will explain to us how we have created value since the IPO.

Thank you. Thank you very much, Cecile, and thank you, Nina, also. So your company continues to evolve and develop according to exogenous factors. And you just heard a report on what happened on the private debt market, and we think that this is a way to redeploy good funding in good conditions. Nina mentioned the listed market and what drives that market, particularly on the last slides where we saw inflation, there is inflation, and this obviously has an impact on the entire business. But what's interesting is when we take a closer look at what enabled us to create value over the last 6 years -- excuse me, since 2016, so over the last 10 years, since the IPO, we have drawn up 6 slides with different KPIs. First of all, when we take a look at the financial indicators, we went from EUR 9 billion to EUR 53 billion. assets under management that we [indiscernible] Now we have almost EUR 2 billion which [indiscernible]. Access to private investors. This is something which we have held since the IPO. 1/3 of our investors currently are private investors either from retail, which is a bit more granular, and we have a number of [indiscernible] units of accounts, which make it possible for private investors to access private markets such as defense and sovereignty with 3 French insurers and there are more to come. So these private investors also enable us to diversify and to increase our client base. And something which is extremely differentiating for us, we have significant equity, which continues to grow. So from EUR 3.1 billion in equity. So this follows our growth trajectory because Tikehau is a growth business with significant figures when it comes to this growth. However, what's more important is the profitability of this growth, and we've included here a slide just on the profitability of asset management. Now what's interesting here is that we were at EUR 39 million at the IPO. We've duplicated this by EUR 10 million because we're at EUR 300 million, EUR 400 million in terms of asset management revenue, and we've timed profitability by 37% because in the past, we were at 4 million in terms of asset management. And now we are at EUR 150 million for 2025. And you will often hear us say, and in particular, since the Capital Market Day that took place in February in London, Tikehau is actually 2 businesses. We have the equity, EUR 3.1 billion invested in our funds. But then we are also an asset management business, and this is critical because EUR 53 billion is significant in Europe, and this is extremely profitable. And therefore, Tikehau really has these 2 pillars. Now for shareholders and in addition to our capital market profits, we have strived to distribute high dividends to our shareholders. And since our IPO, we've distributed EUR 1 billion in dividends to our shareholders, and we are committed to distributing 80% of asset management results, as you saw on the last slide, is increasing and continues to increase. And in accordance with the added value, we may actually distribute further dividends. Now I mentioned this on the first slide, we've also globalized our client base. So regardless of your business, if you want to globalize your client base, you have to do the same with your assets. So we've implemented a sizable infrastructure because we now operate in 17 countries. And the work -- the painstaking work and the commitment of the teams made it possible to diversify our client base in a very significant manner. If you take a look, for example, at what happened in 2025, you can see that France, which is still a sizable proportion, but only a part. But the way that this should be looked at is that our desire is to continue to diversify, to continue to be present on the French market, but we also have to be present on European markets and markets that are further afield that are more complex and volatile. Will the Middle East be very active over the next 3 to 9 months? That's doubtful. However, we believe it's important to be present in North America. Initially, we were working in the United States. Mathieu has been here since 2018. We know how -- now have an office in Canada, which is already producing very positive results. So the trajectory over the last few years is explained by this significant rate in terms of globalization. We've also tried to make these private markets accessible to broader client base of private investors. We are currently at 25%, but we'll continue to increase, and we'll do this through direct and indirect channels. We have our own team that is responsible for large European and Asian families. So we're able to sell products directly to private investors. We also do this in an intermediary fashion. I mentioned the units of account. We do CGP. We also work with private banks, and we also work with Opel Capital, which raised more than EUR 440 million was created 3 years ago and is significant. So we have to diversify geographically speaking. We have to diversify in terms of our client base. And within the client base, we have to ensure that we have a number of drivers. And I think this demonstrates the way in which we will continue to develop. And finally, as we've always said, we are going to stick to our convictions, if I may say so. Sustainability has always been at the heart of our DNA. This is not something that just fell from the sky that was a whim. So fairly early on, we ensured that all of our processes and all of our funds were able -- we're able to follow this sustainability road map, which is really at the heart of our DNA. And as you will have noticed, given everything that is happening in the world, there can be about turns as we've seen in a number of countries. We stick to our convictions. We believe that this is important that we continue to pursue this. And for each challenge, we need to ensure that sustainability is at the heart of that challenge and that commitment. And I'll give the floor now to Mathieu, who is going to give you some further outlook since we've spoken a lot about 2025. So we'll look at the perspectives.

A few of us are just coming back from Asia and after the events that Nina talked about, you'd be surprised how quickly decarbonization themes come back on the table after a few years of the Trump administration putting them on the back burner. Our friends in Asia, in Japan realized that strong dependency. So you saw the announcements we made in Japan with [ Mikko Amoa ] management, and you'll see this theme making a great comeback on the front of the stage. Antoine talked about how far we've come and how much value we've created since 2017. And now we are strongly looking towards the future, maybe taking stock of the interim results for 2026. This is an intermediate stage, but an important one in the company's growth. We are aiming for over EUR 60 billion in AUM and FRE, so the equivalent of our operating income in asset management between EUR 175 million and EUR 225 million. Net income, Antoine reminded you how important it is to have -- generate net income to serve dividends to our shareholders between EUR 420 million and EUR 520 million and return on equity of 13% to 16%. So we are tackling the next stage in Tikehau's journey with visibility, discipline and ambition. Looking to the medium term at the end of January on our Capital Market Day, we'll give you more details about the figures, but we are projecting net cumulative fundraising of over EUR 34 billion for the period 2026, 2029. Then an improvement in our core FRE margin, but you should see that as our operating margin with a goal of 45% to 50% by 2029 versus 41% at the end of the year 2025, thanks to the operational leverage that we have in the structure. A very important thing that we were talking about credit. Cecile talked about credit at length. We want to preserve our investment-grade rating, which is a powerful asset to be able to raise debt and roll over our debt on the markets and not to depend on the banks only, which is an indicator of this company's financial robustness. And we also wanted to focus on the payout policy. We want to have a dividend at over 80% of the operating income from asset management paid out to our shareholders. So our goals are clear, reconciling growth, financial discipline and sustainable value creation for the company. Tikehau, our company hasn't changed. It's really standing on 2 legs for growth, which are complementary and which feed each other. First, asset management that Antoine talked about. We are gradually going from a building rationale, building a presence in 17 countries. This is what we've been doing for about 15 years since we became international. Now we want to optimize with more operational leverage and with a growing contribution from performance-related income, the carried interest, which feeds into the operating statements. And then our balance sheet, the most important thing in the company, which is here to accelerate growth with better capital velocity and also enhanced selectivity and more strategic allocation to improve the return on equity. One last thing before I give the floor to Henri, you saw -- well, we talked about it during the Capital Market Day and in our financial disclosure last week for the quarterly accounts. There is a new organizational structural step with a unified asset management hub with Tikehau Investment Management. The aim is clear and simple to improve efficiency, to strengthen synergies between the team with the operational leverage and give us more flexibility to forge industrial partnerships at this level of asset management, especially with minority stakes that we would acquire. And with that, we could go faster. We would be more easily understandable by the market and that could better support our next phase of growth in the ambitions that we've just explained. And before I give the floor to Henri, we want to maximize growth and profitability in this collection phase for the company. Henri, over to you.

Thank you, Mathieu. Dear shareholders, good afternoon. Maybe we can come back over the management accounts for the fiscal year 2025, explaining the main aggregates. To refer to what was mentioned a moment ago, the 2 pillars creating value for your company are asset management and the operating income associated to that and the balance sheet. Let's start with asset management, talking about the profitability of asset management speaking to you about core FRE, which is the operating income. These are revenues from asset management. The more AUM you have, the more income you have minus the operating costs for asset management, which are the platform costs, mostly headcount and offices. You can see that core FRE, the operating income for asset management grew by 12%, standing at EUR 148 million for the FY. As a percentage, it's also grown. It went from 39% to 41% for the year. The same asset management pillar, which is the biggest value creator for the company can also be looked at with the EBIT of asset management, where you add core FRE with performance fees, carried interest, which was just mentioned by Antoine and Mathieu, which was at 53% for the company. So the fiscal year 2025 had a record amount over EUR 20 million in performance-related earnings and carried interest. And so the EBIT growth for asset management -- well, the EBIT was EUR 150 million, plus 18% compared to FY '24. Also as a percentage, if you look at the change, we went from 36% to 39% for the FY. The second pillar, the second value creation engine for the company is the portfolio revenues connected to the financial assets on the balance sheet, EUR 4.4 billion. You can see that all revenues for the fiscal year 2025 related to the portfolio on the balance sheet were EUR 166 million versus EUR 207 million for the previous year. But if you exclude ForEx effects, mostly with dollar and sterling exposures, the growth was 33%. If you precisely look at how revenues changed between '24 and '25, revenues are twofold. In dark blue on screen, you have realized revenues, distributions related to coupons related to balance sheet investments, they went from EUR 202 million to EUR million, plus 19%. And then you have unrealized revenues. This is the fair value valuation of these investments, and they were negative compared to mostly ForEx impacts, so minus EUR 52 million currency effects. And so if you exclude ForEx effects, the growth for portfolio revenues were 33%. The consolidated P&L. And now the management accounts for the company for 2025. You have the various aggregates starting from the top, the first value creation pillar, asset management that generated an operating income of EUR 149.6 million, as was mentioned. The second pillar the investment EBIT, EUR 65.8 million. Net pretax profit, EUR 186.3 million, net income group share, EUR 136.4 million. Once again, if you exclude currency impacts, talking about the dollar and pound exposure, the growth was 51% compared to the previous year 2024. Talking about the consolidated balance sheet for the management accounts, as was mentioned by Mathieu and Antoine, our balance sheet is a key asset in our model and the way Tikehau is present on its market. On the asset side, you've got the investment portfolio, EUR 4.4 billion. close to 70% of that is invested in group strategies so that we have a very strong interest alignment with clients and partners on all our businesses. Equity was stable at EUR 3.1 billion. Financial debt at EUR 1.9 billion. Your company is rated. We are a quality debt issuer. We were rated investment grade with renewed ratings at the beginning of the year by the 2 rating agencies, S&P and Fitch ratings. And finally, we will submit to a vote a dividend proposal for this AGM with a dividend per share of EUR 0.80 per share more than our commitment. Our commitment is to distribute over 80% of the operating income from asset management. And so EUR 0.80, that's higher than our payout commitments so that we can share value with the amounts mentioned a moment ago by Antoine, over EUR 1 billion paid out since the IPO in dividends. Mr. Chairman, you have the floor.

Well, thank you. I think we can now give the floor to the auditors who will present their report.

Thank you, Mr. Chairman. Ladies and gentlemen, dear shareholders, good afternoon. We are happy to make a presentation on behalf of the Board of Statutory Auditors about the various reports issued on the 18th of March 2026 by EY and Forvis Mazar made available to your company and that are found in the 2025 universal registration document available on the Tikehau Capital website. With your agreement, we will not read out these reports in full. We will instead provide a summary in relation to the resolutions put to the vote. Well, for the year 2025, we've issued 3 reports related to the Ordinary General Meeting and 5 special reports on proposed capital transactions as well as a sustainability report. On Slide 3, firstly, the first resolution related to the annual accounts, we certified that the annual accounts are in accordance with French accounting rules and principles, regular and true and that they give a true and fair view of the results for the past financial year as well as of the financial position and assets of the company at the end of the financial year. Our report highlights the valuation, a technical observation related to Note 7.1.5 of the annexes regarding the impact of the change in accounting policy resulting from the first-time application of ENC Rule 2022.06. Second resolution on the consolidated financial statements of Tikehau Capital Group, we certified that given the IFRS as adopted by the European Union that they are regular and sincere and give a true and fair view of the group's results, financial position and assets at the end of the financial year. Our report also includes a comment regarding changes to the consolidation methods for intermediate investment holding companies as set out in Note 5 of the financial statements. I'll give the floor to my colleague for the special reports.

Regarding the fourth resolution concerning regulated agreements and commitments, we note that no new regulated agreements were entered into during the past financial year and that no previously approved agreements remained in force during the period. The next slides are about the extraordinary part of the meeting for which we've issued 5 reports regarding the following transactions on the share capital. These are the issue of shares and various securities with the maintenance and/or waiver of preemptive subscription rights as provided for in the 20th, 21st, 22nd, 23rd, 24th and 26th resolutions. The second report is on the issuance of shares and/or securities of the company reserved for members of the company savings scheme as provided for in the 27th resolution. The third report is for the extraordinary part of the meeting is the authorization to grant share subscription or purchase options as provided for in the 28th resolution. Fourth report issued on the authorization to grant existing or future bonus shares as provided for in the 29th resolution. And finally, the fifth report is on the capital reduction as provided for in the 30th resolution. The various reports we've issued contain no specific comments or observations regarding these transactions, which comply with the conditions set out in the commercial code. Finally, we've prepared a certification report on sustainability-related information. Based on the work carried out, we have not identified any material errors, emissions or inconsistencies regarding the compliance of the process implemented by Tikehau Capital with the ESRS standards nor regarding the compliance of the published information with Article L 22233-28-4 of the French Commercial Code and Article 8 of EU Regulation 2022 202852.

Ladies and gentlemen, thank you for your attention. Thank you. Now Geoffroy will present the resolutions that you'll be asked to vote on.

Thank you, Mr. Chairman. We have a fairly busy agenda this year because we are renewing financial delegations. So there are 32 resolutions on the agenda this year. I'll try to give you a summary and dwell on the most salient features. The first 4 resolutions are the usual ones that you see in every company, annual accounts, statutory accounts as they are called consolidated accounts, dividend, which was presented by Henri and regulated third-party agreements that we've just heard about from the auditors. There are 6 resolutions this year regarding the composition of the Supervisory Board. The first one is about the ratification of the co-opting of Mr. Xavier Musca as a member of the Board, who joined us in May 2025. He joined the Supervisory Board in May 2025. And we also have 4 reappointments put to the vote. the mandates of Mr. Musk, Mr. [indiscernible] for 4 years each, Ms. [indiscernible] for 2 years. And finally, we suggested that you appoint Mr. Jean-Pierre Denis as a member of the Board of the Supervisory Board to replace Mr. Francois Pauly to replace Mr. Jean-Pierre Denis, who is a nonvoting director on the Board. Mr. [indiscernible] would not be new, but I don't want to interrupt the presentation. I simply wanted to say that Francois Pauly, who is a member of our Supervisory Board, have been since 2024, said that he did not want to be reappointed, first of all, because he will spend more time in his family company and also because he was just appointed Chairman of the Supervisory Board of the prestigious [indiscernible] institution. And so he wants to be fully devoted to this new task. So on behalf of the management and the entire Board, I wanted to thank Mr. Francois Pauly, who unfortunately cannot be with us today. We wanted to thank him for his valuable contribution. He was very experienced, very wise, and we wish him the best for his new responsibilities. Thank you. I'll get back to the presentation regarding the draft resolutions. As we have to, by law, there are a number of resolutions on compensation matters this year as part of the Governance and Sustainable Development Committee, which also serves as a compensation committee in the company, given the major work done on setting compensation for the management, which has changed compared to previous years, well, with fixed pay, which is the same with an amount of EUR 1.265 million per year and per manager. Annual variable pay does not change either this year with a maximum amount sent as set at EUR 4.2 million, but immediately financial and nonfinancial criteria were revised and aligned with group goals by the end of 2026. I'll say a few words in a minute. And also, we wanted to revise this compensation downwards gradually in the next few years based on the introduction of a multiyear variable pay, what is usually called LTI, long-term incentive plan, which will start for the years 2026 to 2029. Why this period? Because this is also in line with the midterm road map that was announced by the company during the annual results presentation, and Mathieu explained the goals. The maximum amount for the LTIP would be EUR 12 million per manager for a period of 4 years. Regarding the goals associated to each of these 2 parts of variable pay, for annual variable pay, you have to begin with what we call total shareholder return. So a 42% weight based on the share price performance, which here reflects the fact that now the managers do not get free shares or stock options. So the committee and the Board proposed that a strong share of this variable pay be indexed on the share price performance. The other financial performance criteria are based on net fundraising in asset management, FRE, fee-related earnings when it comes to remunerating performance. And finally, net income. And these goals are aligned on the goals announced for 2026 by the company and 15% for nonfinancial criteria, which are mentioned in the company's financing, more specifically, this is in the revolving credit facility for the company. So that's for annual variable pay that will apply for 2026. And now talking about multiyear variable pay, the LTIP for the fiscal years 2026 to '29 with the options will be exercised in 2030 based on performance achieved over these 4 years. Once again, you have total shareholder return with a weight of 35%. Once again, this is the share price performance, 3 financial criteria, which are taken over from the 2026-'29 road map, net fundraising for asset management, an arithmetic mean on the core FRE margin. So results from asset management minus performance remuneration, minus the impact of free shares given to employees. And finally, a return on equity ROE criterion, that is the profitability on shareholders' equity. And then you've got 20% of, once again, 3 nonfinancial criteria, ESG criteria that are included in our revolving credit facility that I was talking about when it comes to annual variable pay. So that was the new compensation policy applicable to the management, which is a change from last year. Following that, you have all of the resolutions relating to the remuneration policy, which is to be applied throughout the company. So as part of the say on pay, so to present the review of remunerations to shareholders for company directors. So under Resolution 12, we have an amendment of the remuneration policy applicable to the Supervisory Board. For the fourth resolution, we have the implementation of the remuneration policy for the Supervisory Board for the upcoming financial year. Then under Resolution 14, as is required by law, we will be providing information that's featured in the company's governance report. For the 15th and 16th resolutions, you will have to give your opinion on remuneration paid to -- or attributed to managers in 2025. Just to outline that the variable remuneration for 2025 for both the managers is EUR 1,280 and the final resolution pertains to remuneration paid to Chairman of the Supervisory Board during the 2025 financial year since there were 2 Chairmans of the Supervisory Board in 2025. This brings to conclusion the aspects pertaining to governance. As with each year, we propose to renew authorization to be given to the managers to make transactions in Tikehau Capital shares. This is called the share buyback program. This was submitted and has been in identically last year with a very small modification. We've reduced the maximum share price from EUR 40 to EUR 30. And now the treasury stocks, so the proportion of capital held by the company itself is 76% of the share capital as of 31st of December 2025. Now I'd like to present the financial delegations. So resolutions 20 to 23. These resolutions are being submitted almost completely unchanged compared to 2 years ago. I will later on go over a number of notable areas. But what we suggest here is to renew under identical terms, the financial delegations for managers maintaining the right subscription and to waiver it in the framework of an IPO with in a private investment, there's also an increase of capital without preferential right in favor of persons names. I will come back to this later on. And then in the 24th to the 29th resolutions, you have the usual set of resolutions that enabled us to increase capital and whether we come back to the general meeting, profit reserves, increase of capital increase. And then finally, resolutions that enabled us to increase the capital for employees either as part of a savings plan or through providing bonus shares or performance-related shares for employees and for company directors. So I said that I would come back very briefly to the modifications that have been made compared to 2 years ago because we have the same cap, which was approved 2 years ago. Just a few differences. We've increased the applicable threshold for payments in kind because the law has changed, and this is part of the attractiveness law. So to increase this -- the legal cap from 10% to 20%, and we've taken this into consideration when it comes to contributions in nature in kind. We have not put forward a resolution related to setting issuance prices because the law has removed the minimum -- the legal minimum price for capital increases without preferential subscription rights. And we have also introduced a new financial delegation required by law, which enables us to increase the capital for designated persons to designated by managers with a cap of 30% of the share capital. We also propose authorization to be given to managers to reduce the share capital by canceling treasury shares, and this is Resolution 30. That's 10% of share capital. Now most of these authorizations will be valid for 26 months, and therefore, they will be renewed every 2 years, apart from a few exceptions. And finally, we also propose a modification of Article 11.1 to take account of changes from a recent February published decree, which changes what we call the record date, the date on which shares are recorded. In the past, this deadline was 3 days before the general meeting. And now that has been moved to 5 working days preceding the general meeting. And that brings me to the end of that presentation.

Thank you very much, Geoffroy. We are now able to answer any questions that you may have. Just to indicate that we have not received any written questions prior to this session, you may ask your questions. I'd invite you to be brief to allow the management to answer in the most comprehensive fashion possible. Please also state clearly your name so that we may include it in the minutes. Are there any questions?

My name is [indiscernible] I'm a private shareholder. I have a few questions. There's a shareholders pack, which is valid and which was renewed in 2022, which should run to 2027. Management holds 56%. What is the advantage of keeping that pack? I have other questions. Should I ask them now?

Go ahead.

Just a few words about Schroder. Could you talk to us about the dividend because this year, you have distributed EUR 0.80 of dividends, and there's a notable profit, which you've also included in the report. Can you explain the reason behind this? And then on Slide 25 for 2026, you mentioned the net revenue of EUR 420 million. Does that mean that the dividend will potentially be tripled because EUR 0.80, that's EUR 140 million that will be distributed. And those were my questions overall. I have others.

Thank you very much. Thank you for those 4 questions. Indeed, we have a shareholder pack, which is fairly historical, if I may say so, with a few shareholders, MSF AKA, amongst others. It is quite possible that this not be renewed because as you said, indeed, there is perhaps less need because Tikehau holds 56% of the capital. We did this at the time of the IPO. And therefore, this is perhaps not as relevant today. And there has been a buyout by Cardiff as well. The next question, Schroder. We have provided our stake for Nine, and this happened just over a year ago. And this was a liquid asset manager that wanted to develop private assets. And so we took a look at this idea, and we discussed it last year. We sought to develop partnerships for private assets, which we haven't managed to do in an effective manner. And so following the OPA for Navin, which is an American asset manager, we were able to provide shares, which led to a significant increase in value, a little in 2024 and much more in 2026 since the increase is EUR 179 million. We also decided not to change the dividend. So it's EUR 0.80 of Europe since we have a lot of reserves. Our guidance is that we will distribute 80% of the asset management revenue. And so that's a little bit more than what Mathieu mentioned. The general idea is to increase the dividend in a way that's in line with the revenue of the asset management business. So this went from EUR 4 million to EUR 150 million. That was prior to taxes. So there's EUR 76 million of shares in action. So EUR 1 per share, that's EUR 176 million as a net income. And I mentioned this earlier on, but gradually, as there is a greater value, we will undoubtedly distribute a little more. And then we'll have to take a look at what we do for this financial year. Do we distribute a little bit more because we already have this increase in value linked to Schroder? Obviously, we won't be tripling the dividend, not at this stage in any case. But the general trend is to increase the dividend Currently, we have a yield, which is at 4.6%, and that's a fairly reasonable yield. But our desire is to increase this and to increase it in line with the results of the management business, which are recurring.

Fabrice, I'm an investor through a company. Can you perhaps just talk to us about the real estate activity? Is this corporate real estate? And how will all of this work overall?

I'll begin. In fact, we have always worked on real estate at Tikehau for those who remember, the first operation in 2004 was a real estate operation, and we have always wanted to pursue this. This is a very important asset class. Among all of the assets, we've always been relatively careful because real estate can be very cyclical, but it's also linked to interest rates. And there are also company changes because remote work impacts offices, e-commerce also impacts retail, but also impacts logistics. We were fairly pioneering when it came to data centers. So currently, our real estate portfolio is EUR 14.3 billion, and this is through a number of different funds across different areas, different funds. We have a listed real estate company in France and that has a very granular portfolio. We have SPIs, which are fairly different, one which is more commercial real estate. We have other offices. And then we have funds where we can have higher yields. So for example, we're currently concluding an operation in Spain, where we will be investing in thousands of apartments. We've already done this in Spain and in Portugal. So that's residential. So these are just examples, but this is EUR 14.3 billion that's extremely diversified, both when it comes to the type of real estate. We have a very large player out of that EUR 14.3 billion, which represents a number of hundreds of millions of euros, that's EDF. Otherwise, it's extremely granular, and we have roughly EUR 200 million, which is attributed to Decathlon. That's another French example. So we really wish to have a diversified portfolio. We have, as you saw, more than 9,000 players here, and we're going to continue to diversify this portfolio because we -- you can always have a poor payer, for example, or to have a specific region, which doesn't work very well. have hospitality in the Emirates. Will that be the case in the future? We'll see. We didn't have any real estate in the United States over the recent years. I should have perhaps started with this, but the real estate market is under pressure in Los Angeles, in Shanghai, in London. We see this as a very appealing opportunity and all of the recent transactions that we've executed and that we have reported on, we've just reported that we bought a significant building -- office building just outside of Paris, and that was at 9.5% yield and the building is currently full. So this is a real estate market, which is extremely complex because there are structural changes in companies, and we have a very bullish approach. I gave you the example of the offices. We have residential buildings in Spain. We have some investments that have been -- that we use our equity for some using private debt. We have a large American development company, building that was offices that will now be housing. We also have 2 real estate debt funds based in France with Altera, which is the biggest French developer. We've launched one in the United States with the Brodsky family, again, another one of the biggest promoters -- developers in the -- on the West Coast. So real estate is extremely diversified for us. We don't have too many levers since we have 26% of loan-to-value debt as it relates to our assets. It's extremely granular, but we're extremely optimistic. And many years ago, 4 or 5 years ago, we had a number of real estate players. So we believe that this is a good opportunity for those are players who can adopt a more bullish approach and who are fairly agile. We've also 2 platforms, the Sofidy platform and the Tikehau platform, and we've decided to merge this so that we have one real estate platform that can source different opportunities that can manage them because that's also essential. And so we're very enthusiastic about this when it comes to real estate, whereas real estate is going through a very complex phase. However, what's interesting here is for the first time, we have a phenomenon which is global from Los Angeles all the way to Paris, including London. So it's a fairly challenging context right across the board. And so we have to find different opportunities.

Another question, sir. I'm an individual shareholder. Given the good results that you presented earlier, what would explain the fact that the share price is not so high, hasn't been since the beginning of the year?

Well, as we explained, there are things that we did relatively well or at least decently. And for the moment, we haven't really been able to unlock the share value of Tikehau. That's why since February, we've tried to explain better that we have 2 businesses. We have our own equity investments, EUR 3.1 billion at 31st December, which is roughly our market cap, give or take a few thousand euros as we speak. And we also have an asset management business that didn't exist previously and now that delivers EUR 150 million in results. There are a lot of transactions on alternative asset management companies with multiples between 12 and 25x this income that gives you an idea of the valuation of our asset management. And we think that one of the ways to have a stock market profile that will be better, that will be first to explain that and also be open potentially to -- there's a slide on that to bringing in shareholders into our asset management because if you've got a third party getting into your asset management and takes a small minority stake that helps you unlock value. So we're working a lot on that. We think that the dividend increase should also help somewhat. And we've talked about it also. We are trying to improve liquidity. And when you look at the stocks, liquidity tends to improve, although on the European mid-cap market, liquidity is not a great strength. So I hope I've answered your question.

So maybe for the last question. No, I only have one left. Your own equity is relatively stable. It's declined somewhat between December 2024 and December '25, EUR 3.2 billion to EUR 3.1 billion. How is it that it's not increasing? Could you explain the reasons?

Well, normally, it should increase by the net income for the fiscal year. But since there's part, I mean, Henri will correct me if I'm wrong. But there's a currency part that went directly into equity. That's why equity declined a little bit, partly also because of the dividend as well. Yes, the dividend as well.

All right. Well, I think that this concludes the Q&A. Thank you for being extremely clear in your questions that contributed to the debate greatly. Now we will move on to a vote on resolutions. And of course, I'll give the floor to Geoffroy. And I'll ask him not to read the full text of resolutions. I think that he introduced them earlier. So I think that we can now be fairly quick about it.

Yes, this is the text that is in the packs that you were provided with. We received the final quorum, which is 91.308%. Once again, we are glad that we have such a strong turnout from our shareholders at this general meeting. Now when it comes to voting, I'll simply ask you to take your admission card so that Societe Generale Securities Services can be able to follow the vote, which will be done by show of hands like every year. So please follow instructions to the letter. And when necessary, please raise your hand. Here we go. First resolution, approval of the annual financial statements for the financial year ended 31st December 2025. Are there any abstentions or votes against? Abstentions? The resolution is approved.

Second resolution, approval of the consolidated financial statements for the financial year. Any votes against? Any abstentions? The resolution is approved. Third resolution, allocation of results for the financial year. Any votes against? Abstentions? The resolution is adopted. Fourth resolution, review and authorization of agreements governed by Article L 226-10 of the French Commercial Code. Any votes against, abstentions adopted. Fifth resolution, I'll let Geoffroy read it.

Ratification of the co-opting of Mr. Xavier Musca as member of the Supervisory Board. Votes against? Abstentions? Adopted.

Thank you to the shareholders for your trust. I'm quite sensitive to it. Sixth resolution. Go ahead.

Renewal of my term of office, renewal of the term of office of Mr. Xavier Musca as member of the Supervisory Board. Any votes against? Abstentions? Adopted. Seventh resolution, reappointment of Mr. Roger Cagnard as member of the Supervisory Board. Votes against? Abstentions? Approved. Eighth resolution, renewal of the term of office of Ms. Fanny Picard as member of the Supervisory Board. Votes against? Abstentions? Approved. Well, I welcome this appointment and congratulations to Fanny, who is with us today. Ninth resolution, reappointment of Ms. Constance de Poncins as member of the Supervisory Board. Votes against? Abstentions? Approved. Congratulations to Constance as well. Thank you, Constance. 10th resolution, appointment of Mr. Jean-Pierre Denis as member of the Supervisory Board to replace Mr. Francois Pauly. Any votes against? Any abstentions? Approved.

11th resolution, approval of the components of the remuneration policy applicable to the managers. They were explained in detail earlier by Geoffroy. So any nays or abstentions approved.

12th resolution, approval of the amendment of the components of the remuneration policy applicable to the Supervisory Board for the 2025 financial year for the period from 15 May to 31st December. Any votes against? Abstentions? Approved. 13th resolution, approval of the components of the remuneration policy applicable to the Supervisory Board. Any votes against? Abstentions? Approved. 14th resolution, approval of information referred to in Article L22109 Paragraph 1 of the French Commercial Code and presented in the corporate governance report. Any votes against? Any abstentions? Approved. 15th resolution, approval of the components of remuneration paid during the fiscal year 2025 or awarded in respect of the 2025 financial year to AF&Co Management, manager. Any votes against? Any abstentions? Approved. 16th resolution, approval of the components of remuneration paid to -- for the fiscal year 2025 or awarded in respect of 2025 to NCH Management, Manager. Votes against? Abstentions? Approved. 17th resolution, approval of the components of remuneration paid for the fiscal year -- during the fiscal year 2025 are awarded for that year to Mr. Christian de Labriffe as Chairman of the Supervisory Board from January 1 to May 15. Any votes against? Any abstentions? Adopted. 18th resolution, approval of the components of remuneration, the same resolution, but for Mr. Xavier Musca's remuneration as Chairman of the Supervisory Board from the 15th of May 2025 onwards to the 31st of December. Any votes against? Any abstentions? Approved. 19th resolution, authorization to the managers to trade in the company's shares. Any votes against? Abstentions? Approved. 20th resolution, delegation of authority to be given to the managers to increase capital with preferential subscription rights. Any votes against or abstentions? Approved. 21st resolution, delegation of authority to the managers for capital increases without preferential subscription rights via a public offering. Any votes against? 2 votes against. Is that it? Okay. We will record your votes. Any abstentions? Approved. 22nd resolution, delegation of authority to be given to the managers to increase capital without preferential rights via public offering as defined by the first paragraph of Article L411-2 of the French Monetary and Financial Code. Any votes against? 2 votes against, which are recorded. Any abstentions? Approved. 23rd resolution. Delegation of authority to the managers to increase share capital without preferential rights for the benefit of one or several named persons. Votes against? SGSS recorded that vote against. Any abstentions? Approved. 24th resolution, authorization to the managers to issue shares and/or securities as compensation for contributions in kind consisting in equity securities or securities given access to the share capital. Any votes against? Is it recorded? Yes. Abstentions? Approved. 25th resolution, delegation of authority to the managers to decide to increase the share capital by incorporation of premiums, reserves, profits or any other amounts. Any votes against? Abstentions? Approved. 26th resolution, delegation of authority to the managers to increase the number of shares to be issued in the event of a share capital increase with or without preferential subscription rights. Votes against? Abstentions? Approved. 27th resolution, delegation of authority to the managers to decide to increase the share capital through capital increases reserved for company savings scheme. Any votes against? Madam, could you record that vote? Very well. Any abstentions? Approved. 28th resolution, delegation of authority to grant share subscription or purchase options for the group's salaried employees or corporate officers. Any votes against? Any abstentions? Approved. 29th resolution, delegation of authority to be given to the managers to grant existing free shares or shares to be issued for the group's salaried employees or corporate officers. Any votes against? All right. Any abstentions? Approved. 30th resolution, authorization to the managers to reduce the share capital by canceling treasury shares. Any votes against? Any abstentions? Approved. 31st resolution, amendment of Article 11 of the Articles of Association. Any votes against? Any abstentions? Approved. 32nd resolution, powers to carry out legal formalities. Any votes against? Any abstentions? Approved.

Very well. Well, I think that this is the end of our voting on all resolutions. Thank you for attending this meeting. Thank you also for the very clear debate and the high-quality questions that you asked. And thank you for your renewed trust into the Supervisory Board and of course, the managers of the company. Thank you, ladies and gentlemen.