Ladies and gentlemen, welcome to the Tikehau Capital, our FY 2023 results conference call. Today, I am pleased to present Mathieu Chabran, Co-founder, Henri Marcoux, and Frédéric Giovansili, the Deputy CEOs. Gentlemen, the floor is yours. Thank you, Maria. Thank you. Hello, everyone. Good evening or good morning for some of you. Thank you for joining us on our Tikehau H1 2023 earnings call. I'm Mathieu Chabran, Tikehau Capital co-founder, and I'm happy to be in here with you today to talk about Tikehau's progress and milestone for the first half of 2023. Before turning the mic to Henri and Fréd, and then obviously answer your questions, I would like to say a few words on our achievements during the first six months of the year. We are seeing signs everywhere that the Tikehau platform is getting stronger. First, in our capacity to keep a sound pace of capital deployment. Despite the current macro context, and thanks to our talented teams and multi-local platform, we maintain a very selective and disciplined underwriting. This has enabled us to generate differentiating downside protected and risk-adjusted investment solutions for our clients and for our balance sheet. Second, through the sustained fundraising momentum. Despite the broad slowdown across the industry, Tikehau is in a position to answer a wide variety of client needs by delivering strong performance across complementary asset classes. This is the case across powerful investment teams. Our credit platform, by example, which by all means, and given the current interest environment, is a very appealing, good example of these synergies. We have been pioneers in European direct lending and are now positioned as one of the key players in the space. We have also been able to successfully launch and scale some very differentiating adjacencies, such as our private debt secondary funds, our tactical strategy solution, or even our CLO businesses. We view our diversification as one of our key strengths. Our record fundraising and the progress we are making internationally, we'll come back to that, are a testament to this strategy. Finally, we are convinced that there is tremendous value in operating with a strong balance sheet. Permanent capital is more critical than ever. It allows us to have a second to own skin in the game and guarantee the strong alignment of interests between management, shareholders, and investors. As we are navigating a new market environment, it is crystal clear to us that the compounding effect of our capital allocation is a strategic edge for Tikehau. There are still a lot of uncertainties ahead, that's, you know, the nature of the game, and we are confident in the setup that we have built, and that Tikehau will keep delivering strong value to all its stakeholders. With that, I will leave the floor to Henri and Fréd, and we'll get back to you with the Q&As. Henri? Thank you, Mathieu. Good afternoon to everyone. Let me start maybe by a quick review of the three main operating KPIs of our model on which we've been delivering strong results during that first semester. First, capital deployments across our closed-end funds, which amounted to EUR 2.5 billion in H1 2022. A rather solid amount of capital deployed still very selectively, since we actually discovered 98% of the opportunities we increased. Strong momentum, yet very disciplined capital deployment. Second, realization or exits of closed-end funds generated around EUR 800 million of realization, which is actually 33% more than the first six months of last year. Private debt has been leading the pack in H1 2022. Those realization have generated returns in line or above our expectation. They actually contribute to the realized performance of our fund, which is key, as you know, for our healthy franchise, as well for our balance sheet investments. Actually, the consequence of that is a very dynamic fundraising momentum for the first semester, with EUR 3.3 billion raised, which is a record for H1 since Tikehau was created. It shows that our diversified product offering makes a lot of sense, that we are actually positioned on strategies that resonate for healthy, even in a distinctly more complex environment, in which decision making for our clients takes more time. In addition to that, we've been making a lot of progress on expanding our franchise globally with our new open offices, which are ramping up nicely and allow us to build new relationships with new clients. Fréd will get back to that. You may have picked up that we announced the opening of our office in Abu Dhabi a couple of weeks ago. We are now operating in 15 geographies. We have also been delivering in terms of client-based diversification, which is continued success in offering innovative and adaptive investment solutions to private investors. Moving now to this next slide with a couple of more financial figures to keep in mind for H1. First, our AUM, our asset management reached close to EUR 41 billion at end of June, which is a solid 14% increase over the last 12 months. Second, our asset management revenues also grew nicely by 11% to EUR 160 million in H1, mainly driven by the long-term recurring management fees that are attached to the vast majority of our strategies. In term of profitability, fee-related earnings are up 20% year-on-year, reaching close to EUR 50 million and a 31% margin. The realized portion of our revenue generated by our balance sheet portfolio are up 5% compared to last year, which is a robust performance. I will move now to slide five and focus on sustainability, which is, as you know, embedded in all of our action and across our business model. Today, I would like to highlight some of our key achievements in the first half of this year. Firstly, related to climate change, after, you know, becoming signatories of the Net Zero Asset Managers initiative, we finalized our target in March 2023, with a commitment to manage close to 40% of our AUM to support the goal of achieving net zero greenhouse gas emission by 2050. What does that mean concretely? That means that for the real estate assets in scope, we will be aiming to improve the energy and carbon intensity with a focus on our assets in France. As far as private equity, private debt, and capital market strategies are concerned, our target means that we will be gradually shifting our financing towards companies that are setting decarbonization commitments and making progress towards their low carbon transition. Of course, the target is not static, and we will aim to increase the proportion of the event to be managed in line with net zero over time, as new funds will be introduced with net zero strategies. The second achievement I would like to highlight today is actually related to our sustainability system and impact platform, through which we want to address key systemic issues, including decarbonization, nature and biodiversity, cybersecurity, and resilience. At the end of the first semester, the impact platform comprised of EUR 3.5 billion of AUM, in which EUR 2.4 billion is specifically dedicated to climate change and biodiversity. This means that we are clearly on track to reach our target to see EUR 5 billion by 2025. Finally, as you can see, our sustainability performance has always been recognized externally. For the second year in a row, Sustainalytics has identified the firm, TKO, to be as a top-rated ESG performer in our sector, and our ESG rating puts us within the top 4% of the industry. Maybe we can move to the next slide on operating highlights for the first semester. I will now move to the capital deployment for H1 2023, which actually amounted to EUR 2.5 billion for our closed-end funds. This amount is actually in line with our two years average for the first semester of this year. We've been leveraging our multiple platform and our strong positioning in the private debt segment, which accounts for more than 70% of the total capital invested by our fund in H1. We've been deploying capital mainly across our direct lending and our CLO strategies. We have built a leadership position in the mid-market direct lending, which allows us to have access to a deep origination pipeline and to be highly selective. In real estate, we've been rather selective and quite opportunistic across our core plus and value add strategies. Private equity deployments have been mainly driven by our special opportunity strategy, which has a broad investment mandate, offering an interesting value proposition actually in the current context. Maybe I'd like to also add that the pipeline is rather solid in term of deployment for our traditional private equity strategies. For the second half, you may have picked up a few days ago, a new announcement as far as energy transition is concerned. We've been remaining very selective on each one when deploying capital into our fund. The selectivity rate stands actually at 98%, meaning that for every 100 potential transaction that we look at, we are only executing two of them. Bear in mind that we are significant skin in the game, that pushes us actually to be rather focused on investment discipline. Finally, important data. At the end of June, we had EUR 6.7 billion of dry powder, which is a significant amount of capital available for deployment. This is actually an increase of 16% compared to end June 2022. Our funds have ample means to face attractive investment opportunity in the current dislocated environment. Moving now to the next slide, we'll be providing you a few data points on the good realization momentum. We keep on delivering clearly a healthy pace of exits so that we can provide realized performance to our clients and to our prospects. Typically, we are now able to exit a growing amount of private equity investment. Latest example has been early 2023, with the successful IPO of EuroGroup in Italy, which has generated a 3x multiple and 55% gross IR. Just a couple of days ago, we also announced that we were disposing our stake in AM, generating a 2x MOIC and 20% IR for private equity secondary strategies. We still have some exits in the pipeline that should be for H2, with potential strong performance attached. We've been also able to continue, as far as real estate is concerned, with some disposal, thanks to very granular mid-size exits. In particular, through a residential real estate program in Portugal, and also through the disposal of the hotel in Paris, which took place a few weeks ago that has generated 2.3x multiple in the context of our pan-European value-add real estate strategies. In private debt, thanks to some refinancing that took place in H1, we had the capacity to crystallize performance, which will obviously, you know, support the coming months of our sixth vintage of direct lending strategy. This strong realized performance direction is not only supporting future fundraising, but it's also, you know, contributing strongly and very significantly to the balance sheet returns. That's what we like to call, you know, the compounding effect of our balance sheet. Talking about the fundraising momentum on the next slide, for the second quarter, providing, you know, a EUR 3.3 billion net new money for the first semester. Our fundraising remained exceptionally strong, actually, with the EUR 3.3 billion of net new money in a context of obviously global slowdown and master allocation process with our LP. We actually take this achievement as a testament of the relevance of our product range, our multi-local platform, and our capacity to deliver consistently strong performance. Overall, we are posting, you know, our strongest H1, even in term of fundraising, with a clear acceleration between Q1 and Q2. Also to be noted in the absence of some of our key flagship strategies. Overall, we have developed, you know, a range of strategies that are quite appealing features for LP in a context of rising interest rates. In direct lending, the financing, we are arranging our floating rates instruments, so performance progresses as rates go up. Coupled with conservative deployment, high selectivity, and low leverage, we are able to offer compelling performance in downside protection. As such, we raised in H1 around 55% of our net new money through private debt platform. We actually kept a healthy pace of CLO issuance during the first semester, both in Europe and the U.S., in spite of the deteriorated environment. Private debt has also proven to be an interesting asset class for private investors, as evidenced by the strong demand we've been seeing for our unit-linked products, which we've been launching on the French market since a few years. We are now getting ready to market our sixth vintage of European direct lending strategies, which is one of our key flagship funds. As far as our value add strategies are concerned, we've been, in particular, very active in successfully raising capital for our fourth vintage of private equity strategy dedicated to cybersecurity, with the first closing, which is actually ongoing. We've also been booking the first AUM of our second vintage of decarbonization private equity strategies. As such, a total commitment of EUR 400 million, both from our balance sheet and TotalEnergies, has been recorded in June 2023. This strategy will gradually ramp up in term of fundraising, which is set to begin in Q4 of this year. Overall, a very strong achievement for the first half of 2023. I will now pass the mic over to Fréd, in charge of global franchise client solution. Fréd, the floor is yours. Thank you, Henri. Hello, everybody. Let me start with a quick focus here on the fundraising achievement towards non-domestic investors, such investor being located outside France or domestic home markets. We are very, of course, very happy to be strong in our home market, but needless to say, we're also very pleased with the traction that our strategies are having outside of France. As you can see on slide 11, we now have more than EUR 15 billion of AUM coming from non-domestic investor, which is roughly 38% of the total AUM. We've been also growing this AUM, non-domestic AUM, by 16% over the last 12 months. Maybe for the record, keeping in mind that at the time of IPO, this non-domestic investor base was only EUR 2 billion, so significant growth since then. In terms of flows, non-domestic investor account for roughly 2/3 of the net new money for H1, despite, as Henri alluded to early on, the absence of several of our key flagship strategies that will materialize in H2. Fair to say as a result, that we've made tremendous progress during the past years in internationalizing our client base. Also, as you can see, we are starting to see the benefit of the various investments we've been making in extending our global footprint and opening new offices over the last couple of years. Typically, we are very happy with the way our platform expanded in Europe. You can see that just five years after setting foot in the U.S., this area is now the second most represented nation within our AUM after France. Going forward, we are about to start raising capital for several of our flagship funds, as we just said, which are poised to contribute to further internationalizing our client base. I'll come back to that in the fundraising pipeline. Moving on to the next slide, I'll focus more on the current footprint and more specifically on recent inroads globally over the last couple of months. Over this recent period, we've been focusing on high growth markets, driving substantial opportunities in terms of fundraising. Large and sophisticated asset owners in such regions appreciate our synergetic platform that is also supported by significant alignment of interest. As I alluded to on the previous slide, North America is very much a casing point. We opened our office back in 2018, made an opportunistic acquisition in the infrastructure space, launched CLO business, which is scaling quite fast. Started our innovative secondary private platform, and issued also our first Collateralized Loan Obligation, CLO, in mid 2022. On continental Europe, we are accelerating. In 2022, we gained measurement debt in the Netherlands and another one in Germany, which has been open for just a couple of months. We're also expecting good news from Switzerland in the near future. When it comes to Middle East, which is a more recent development, as Henri said, with the opening of Tel Aviv in 2022, more recently, the opening of our first office in Abu Dhabi in July, we're already close, we are already close to EUR 1 billion AUM across these two geographies, thanks to the recent win of a dedicated special opportunities mandate with a large Middle East fund in Abu Dhabi. Last but not least, our Asian footprint is growing also very well, leveraging the three offices that we are having. In Singapore, we have a hub and operate a listed REIT and a growing PE fund size. In South Korea, Seoul, we have a long-standing relationship with insurance companies. Last but not least, in Japan, we're also starting to capture a share of the growing demand for private markets. Worth mentioning also that we're happy to share that we have been dealing our first two Chinese LPs over the last two months, four months. Overall, we have a unique insight derived from this collaboration across our global presence, that is definitely a differentiating factor going forward for our business to capture further demand. Page 14. Another way to look at our client base is to look at the type of clients that entrust us with their capital and our capacity to diversify the source of AUM for Tikehau Capital franchise. As most of you know, and we share this view, that bringing institutional expertise in private market to non-institutional investor is a strong secular trend for our industry. We've built strong position in this space in a very disciplined way. That said, private clients are quite a homogeneous client category. We are actually talking about a mixed bag, ranging from familiar fees to high-net-worth individual, but also individual retail clients. In order to capture the most suitable product and educate such investor, we want to have the right partners to work alongside us, the right distribution network, and the right fund format. We are, in fact, very mindful of asset liability, liquidity management, and everything we do with private clients is done with that in mind. The great news is that we've been growing the share of AUM coming from private investors to 28%, which represent more than EUR 11 billion. Just highlighting there that we've made a slight change of methodology compared to our reporting at end of December 2022. We wanted to be more accurate in reflecting the scope of the AUM. The majority of the AUM is going through life insurance contract, and these insurance companies were previously classified as institutional investor. In order to better reflect the real allocator making investment decisions, these flows are now reported as coming from private clients. Among our most successful product during the past 18 months, the unit-linked private debt product launch in partnership with large insurance companies in France are probably the most iconic. We've been also working with private bank in Italy, in Spain, through dedicated feeder funds or vehicle to offer multi-asset and private equity strategies. We've also been innovative in the way we've been distributing our funds through the partnership we signed with iCapital in 2022, and the launch of our own platform, Opale Capital, which has recently launched a new fund of funds. Moving on to the next slide. As Henri alluded to earlier, our capacity to bring a fully integrated platform that offers a broad range of investment solutions across asset classes is a key asset for Tikehau Capital. This is even more crucial in an environment in which LPs are concentrating their GPs relationship. Our LP clients wants to keep allocating large amount of capital to alternative and private market, but to a pure number of asset managers. We strongly believe we are uniquely positioned to be one of these winning players. At the end of June, our AUM base is very well spread across private debt, representing roughly a third; real assets, which comprise real estate and infrastructure, also roughly another third; private equity and special situation and opportunities for 15%; and our capital market strategies for 10%. Looking at the return profile of our strategies, we are still overweight in yield strategies, which are appealing features in the current context, since they can provide some kind of hedge and protection against inflation and rising rates. I will talk about private debt, but it's true also for the majority of our dedicated strategies. Value add strategies, where performance is driven more by capital gains, are more recent in our mix. When we IPO'd, we had virtually no or very little AUM in such strategies, and we are now managing almost 9 billion of assets in such value add strategies. These strategies will keep ramping up as a position of strong secular megatrends, such as energy transition, cybersecurity, and are currently scaling very quickly and strongly. We remain confident in our capacity to keep growing these strategies in the future. Back to you, Henri. Well, thank you, Fréd. Let's move to next slide, page 15. You know, we thought it was really important in the current cycle to provide you with a few data points on our funds to understand how we are going actually to behave in the current cycle. I've already provided you with some stats, you know, on the selectivity rate we are exercising when deploying our funds. You know, the few figures on the slide here are actually further demonstrating the quality of our underlying portfolio company and assets. I will not go into detail in each and every figure, but what you are seeing is that across private debt, private equity funds, you know, our company, our portfolio company are growing their top line and their profitability at a fast pace, delivering a EBITDA margin in the region of 20% on average and have actually limited leverage. The approach we have in sourcing, you know, high quality companies, have allowed us to record the strong exits I mentioned earlier, would that be EuroGroup or LN on recently. Finally, in real estate, you know, our portfolio are actually very granular, remind you more than 8,000 units. They are resilient with high occupancy rate, high quality tenants, and there again, moderate use of leverage, even in our value add fund. As we often say, you know, we used to try to stay away from the excess we've seen on the markets during the low rate era, such as unreasonable valuation, such as high use of leverage. We have been deploying capital with an entrepreneurial mindset, investing for the long term, leveraging our platform and our organization capabilities. Our skin in the game is decisive in that approach. I will now move to the granularity of, on the next slide, you know, which I think is a key issue. Dry powder, as you can see, accounts for EUR 6.7 billion, which is roughly 16% of our AUM. This is actually capital to safe future opportunity. Looking at our investment on the slide, you know, our strategies are deployed across a great variety of sectors. We want to avoid, you know, to rely too much on one single sector or industry. Typically, the top 15 sectors account for 44% of our asset base at end of June 2023. There is no individual sectors that account for more than 6% of the total. The rest is actually well spread across sectors. Regarding real estate, remember that our platform is composed of highly granular assets selected with discipline. I'd like also, you know, to illustrate on the right part of the slide, the geographical split of our assets. France still accounts for 43%. Europe is our second exposure, with overall a bit more than 30% invested, adding up Continental Europe and U.K. North America is ramping up nicely with the differentiating strategies we've been launching into the region. Well, that's it for our operational review. I will move now to the financial highlights, starting with page number 18. Quick word on our f ee-paying AUM, which is as you know, a key metric to consider when it comes to revenue generation for our asset management business. Fee-paying AUM have reached EUR 33.3 billion as of June. That's a 9% increase compared to a year ago. The growth is actually mainly reflecting the sustained deployment momentum for direct lending, CLO, and special opportunities. New words on future fee paying AUM, corresponding as you know, to AUM, which will generate management fee in the near term. They have actually gone up by 51%, driven by fundraising on strategies, charging fees on capital deployed, but as well as fundraising on private equity strategies, which are not yet activated at end of June 2023. Assuming, you know, an average management fee rate of around 1%, we are now talking about future incremental revenues in the region of more than EUR 44 million, which are actually secured. Together, fee paying and future fee paying AUM, grew by 13% year-on-year, providing strong long-term visibility for our management fee generation. Looking now at our asset management revenue on the next slide. Management fees and other revenues increased by 12% year-over-year, reaching EUR 156 million. It's the strong growth actually reflects, you know, the continued progression of our fee-paying AUM. Overall, at end June of this year, management fee represented 97% of our asset management revenues. A few words on performance-related revenues that have contributed EUR 4.3 million to our asset management revenues, driven actually by the strong performance of several historical mid-sized private equity and private debt vehicles, which are actually gradually maturing. Bear in mind also that our performance-related revenues still have a limited contribution to our asset management review, given the relative use of our funds, as well as the cautious approach we've always been adopting when recognizing carried interest into our financial statements. At end of June 2023, also to be mentioned, AUM eligible to carried interest have kept on growing at high pace. They have reached EUR 18 billion, representing a 15% year-on-year increase. They are actually growing, you know, faster than our asset management AUM, which means that we are raising capital in priority in strategies eligible to carried interest, which is set to become a strong revenue and profit engine in the coming years, actually. I will now switch to our average management fee rate on the next slide. The weighted average management fee at end of June 2023 was resilient at 97 basis points, linked, you know, to the fundraising mix over the last 12 months. That's actually, you know, since December of 2017, a 26 basis points growth. That reflects the positive evolution of our business mix. We are satisfied with the way our management fee rate is progressing. Not only we are increasing the fee-paying nature of our AUM, we are also, you know, compounding that we have capacity to maintain the average fee margin at a high level, which actually translates positively on our revenue generation. Note, finally, that given, you know, the cutoff and calendar effect, average management fee rate may vary in the range close to 100 basis points, which is, you know, fair assumption of evolution of average management fee for the long term. I will now move to the next slide. A quick word on our fee-related earnings. In eight months of this year, we have generated EUR 49 million of fee-related earnings, representing a growth of 20% versus last year. This evolution is supported by the 12% growth in management fee, partially offset by 9% growth in our operating cost. To be noted that the restated of expense into share-based compensation transaction, you know, linked to IFRS 2, operating expenses have only grown by 7% year-on-year, reflecting the selective investments we carried out to strengthen our platform. As such, we have opened since January 2022, three new offices globally in Tel Aviv, in Zurich, Switzerland, and Abu Dhabi. Our multiple platform is key, as you know, to source clearly value creation investment opportunities, but also to consolidate our relationships with our LP locals. As a result, H1 2023 FRE margin stood at 31.3% compared to 29.2% in H1 2022. Our platform scalability will continue to be a powerful driver for our growth going forward. We are confident in our capacity to deliver FRE margin in the mid-40s area by 2026. I will now move to our investment portfolio, onto the next slide. Our balance sheet investment portfolio reached EUR 3.6 billion at the end of June 2023. That actually compares to EUR 3.5 billion at end of December 2022. Over the first half, we have invested close to EUR 500 million, of which EUR 400 million in our own strategies alongside our funds. We have performed approximately EUR 400 million of realization, including returns of capital. That figures actually demonstrate, as I mentioned earlier, you know, the velocity of our balance sheet, even in a very challenging environment. Finally, we had positive changes in fair value, which have been partially offset by some negative foreign exchange effects. As a result, you know, of continued investment in our strategies, we are now at 78% of our investment portfolio, which is invested in our asset management solutions, therefore, you know, strongly, once again, aligning our interests with our clients and compounding improves. Let me also add that this exposure with our fund is pretty well balanced, as you can see on the right part of the slide, across our product market strategy, you know, our private equity, private debt, and real asset strategies each represent close to a third of the total investment of our strategies. Moving to the next slide with the realized revenue of our portfolio. You can see here on that slide is the breakdown of portfolio revenue between realized and unrealized revenue. Realized revenue represent the bulk of total revenues, amounting to EUR 82 million, driven actually by a 5% growth in dividend coupon and distribution. This growth is actually mainly coming from our private debt and real asset strategies. Overall, Tikehau strategies contributed EUR 72 million to realized revenue, which is a 39% growth compared to a year ago. Unrealized revenue amounted to EUR 2 million in H1 2023, through positive contribution, not only from our growth equity, energy transition strategy, but there have been many offsets, not only by market effects on our listed REITs. Of note, you may remember that H1 2022 unrealized revenue was benefiting from EUR 56 million of positive foreign exchange rates in euro and EUR 73 million of positive change in fair value for one of our core investment in the U.S. Having a quick look now at our consolidated profit and loss onto the next slide. Let me try to wrap up the main figures on that. Overall, strong improvement in our fee-related earnings, growing by 20% year-over-year. Excluding expenses linked to share-based compensation transaction, FRE actually reached EUR 57 million, that's 23% increase year-over-year. A resilient investment portfolio, you know, despite a high basis of comparison with revenue, which has been, you know, driven by investment made in our own asset management strategies. Financial results back in negative territory after our first half in 2022, driven by positive change in swap in fair value, which was offsetting financial interest and overall net results for the group for the first semester, reaching EUR 72 million. Jumping to the next slide with our consolidated balance sheet, remind you a few data points. You know, it's supported by strong financial needs with EUR 3.1 billion of equity and additional short-term financial resources of EUR 1.1 billion, of which EUR 330 million of cash and cash equivalents. We are also benefiting from undrawn RCF, which has been increased to EUR 800 million in March of last year, and the maturity, which we have actually extended recently to July 2028. Our financial debt remains stable at EUR 1.5 billion at the end of 2023. We have announced earlier this month that we decided actually to exercise the prematurity option on the bond, which is maturing in November 2022. We will proceed to the redemption of the bond at the end of August next month. In Q2 this year, Fitch and S&P ratings both confirm our investment-grade credit ratings with a stable outlook, thus confirming the strength of both our business model and our financial structure. Finally, as you know, sustainability is at the heart of our DNA, whether in terms of investment, but also at the group level in term of financing. ESG-linked debt remains stable and accounted for 65% of our total debt. It was actually 0% at the end of December 2020. That's it for our financial review. I will now leave back the floor to you for our outlook. We are jumping to slide number 27. On the slide 27, I'd like to quickly talk on the fundraising outlook for coming years. I'll be brief and spare you all the detail review for each strategy and just get the gist of it. We'd just like to highlight that we have a strong fundraising pipeline across our yield and value add strategies. Some of these strategies are already in the market, by the way. Some of them will be added in due course on the second half of 2023. Typically, for example, we announced a few weeks ago our intention to launch a real estate debt. It's a good example of how we can leverage our existing know-how to launch an adjacent strategy. In addition, three of our key strategy will be fundraising in the success of vintage in second half, so second vintage of our decarbonization private equity strategy. Henri mentioned already this, the success of funds, the second vintage as well of our secondary private credit funds. Last but not least, the sixth vintage of our direct lending strategy. Let's move now to the next slide to focus on the three specific strategies. So let's start with European direct lending. Definitely a strategy where we have a long and well-established track record. As Mathieu alluded at the beginning of this call, we've been a pioneer of these strategies. We've been able to attract a significant client demand in Europe and also globally. We are now managing this set of funds with discipline, low leverage, around financing to high-quality mid-market company. You will find in the appendix some interesting stats as well on our direct lending strategies. Also the value proposal for IPs is quite compelling, right? We have, on one hand, liquidity, which is increasingly seen with banks that are retrenching from mid-market financing, and on the other hand, the relative protection and edge that this asset class is offering in the context of a rising rates environment. Another new strategy that we'll launch in the second half is going to be the second vintage of our secondary private debt after the success of the first vintage, both in terms of AUM, but also, and more importantly, in terms of performance. This also, we have a couple of data points in the appendix, in particular, showing the nice double-digit net return, as I just mentioned, generated by this strategy. There again, initially an innovative adjacency, now clearly poised to scale and become a flagship fund going forward. Last but not least, we launch, in the course of the second half, the fundraising for our private equity decarbonization funds. As a reminder, we raised more than a billion in the first vintage, still benefiting from the support of TotalEnergies alongside our balance sheet commitment. The second vintage would be across Europe and North America for this new one. That's also a new development. The performance is very good for the first vintage, with a strong exit made over the last 12 months. As mentioned by Henri, our successful IPO of a year ago in Italy, crystallizing a superb 3x multiple. First close is expected to take place, I would say, on due course in Q4. Back to you, Henri, for concluding remarks. Thank you, Fréd. Well, maybe a quick wrap-up here. Clearly, you know, what we are seeing right now is that the environment has not yet stabilized. Fundraising is obviously taking more time, or, you know, our LP are selective in their allocation. You know, we think, we are convinced that we have the right product to keep capturing clients in and going forward. Our diversity, both for AUM, or for product offering, or for geopolitical, but as well from an LP perspective, is a clear positive for Tikehau Capital business model. Second, obviously, you know, we are very happy to operate with a strong and liquid balance sheet, which allows us to align our interests with our clients. As we've always been saying, you know, a second to none skin in the game, that is at the heart of our model. We are more than ever convinced of the strong value of having a compounding balance sheet serving actually the growth of our Asset Management business. As you know, as we've been explaining to you today, you know, we are focused on downside protection, strong megatrends, thematics that makes lots of sense in the current context. We will keep on delivering, you know, on product innovation, internationalization, thanks to our multi-local platform operating with our 15 offices. Overall, you know, we are confident that the setup we have been building for the last 19 years will allow us, you know, to navigate in the current cycle, and we'll keep on delivering on our targets. That concludes actually of today's presentation. Thanks for your attention. I think, operator, we may now open the floor for question. Thank you. This is the operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. To remove yourself from a question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Nicholas Herman of Citi. Please go ahead. Yes, good evening. Thank you for the presentation and for taking my questions. Three from me, if that's okay. One on client demand, one on costs, and one on CLO. On client demand, it's quite interesting to hear the progress you're making with the China LPs, and the new mandate with the Middle East sovereign wealth fund. Just curious, can you talk about the progress, the other progress you're seeing with new clients in those regions, if there's a pipeline of new clients, and any further mandates, please? That would be really interesting. On costs, the EUR 107 million in asset management operating costs includes the EUR 9 million of share-based expense. Excluding that, operating costs in asset management is flat, half-on-half and year-over-year. My understanding is that you would be investing notably in the platform this year. Are you managing the cost base until that investment comes through in the second half? I guess, what does that imply for the FRE margin? I guess at the same time you will be with fundraising backloaded to the second half, that's just kind of also be managed. Let's kind of offset that if that is the case. Finally, on CLO, you've launched the warehouse of European CLO 10 this week, which point launched its first CLO this year, noting an attractive window. Do you have plans to launch further CLOs in the second half of this year? Thank you. Thank you, Nicholas. This is Mathieu back on. I will probably start, you know, on your first question with some general comments, but I will let Fréd go into more details, probably, and we can address, you know, your cost question, I will pick up on CLOs. What we are experiencing right now, Nicholas, is very much what we've been planning and investing for in the platform. Meaning that we've always believed that Tikehau, as we did across Europe since we expanded outside Paris 10 years ago now, 10 years-12 years ago. That being local, you know, having this multi-local platform, both from an origination standpoint, you know, getting closer to companies, to executives, to founders, to entrepreneurs, was critical to generating a differentiating sourcing. Similarly, on the investor side and on the investor dialogue, you know, being close to them, every day, you know, having good reasons to develop a dialogue with them, you know, every week, every month, you know, would make a big difference. Over the years, and you would remember me saying that, that obviously, and I will tie to your cost question, by the way. We've always had to at, you know, upfront, the cost base, you know, the working cap base, in order to make these investments. You know, our people, are, you know, our key assets. When we expanded eight years ago, you know, in Asia, five years ago in North America, and more recently in the Middle East, you know, that was really the, the, the game plan of developing this trusted close relationship. I, I, I'm making this, this comment because having gone through the journey of starting, you know, in Paris, then expanding into London, obviously, and across Europe, we've experienced that this approach are being at first, you know, more costly, and we would have never had the opportunity to do it, you know, based exclusively on a Fee-based business, had we not benefited from a very strong balance sheet, you know, that we could invest in the platform. That's where we are now in this new region. This are, you know, still at this stage, you know, some baby steps. You know, as we like to say, you know, at Tikehau, you know, one step at a time, but one step forward, and that is very much, you know, where we are in these new regions. As you may recall, personally, I'm based in North America. Fréd, who, you know, I will handle in a second, has been extensively involved in our Middle East effort, you know, more recently as well, you know, in North America. We are really at a pivotal moment of the franchise, where effectively we're developing now, you know, this trusted dialogue and commercial relationship with these global LPs that are, they will be the catalyst, you know, to take Tikehau from the 40 to our target of 65, you may remember. Definitely, you know, to the 100 mark in the years to come. Maybe, Fréd, you want to elaborate, you know, more on. Hello, Nicholas. Yes, I mean, to your point on the current demand, especially the Middle East, and I would include both, by the way, East Side and Abu Dhabi offices, because, yeah, drive and trend are quite similar actually. A different plan, but very similar. 15 very large allocator, very sophisticated allocator. As you rightly pointed out, I mean, most of the opportunities is more on SMA co-investing alongside flagship strategies. But also worth mentioning that in this region, we specifically benefit from two trends. I mean, the first one is rebalancing the portfolio to Europe versus U.S., whereas they've been allocating significantly, especially in private market. And last but not least, also, as a shift to yielding strategy, away, I would say, from a pure value add strategy. We benefit from these two trends and building some very specific SMA with this large allocation. To the point of material, and I would conclude here, having a location in this region definitely, bring us closer to this, to this allocator, designing very specific SMA and providing the best, risk-adjusted returns they are seeking, to achieve. Maybe Henri on the cost? Well, quick word on the cost. Obviously, I should say that in the current environment, you know, we are more than ever very disciplined on costs. You know, we are taking care obviously of our profitability, but we need to keep on investing into the platform by doing, you know, selective recruitment. Obviously, you know, we are not providing any short-term guidance on FRE margin for this year. What we see clearly is a strong trend in increasing our management fees, and obviously to reach our 2026 targets, you know, the increase in cost will be at a much lower pace than the increase of our management fees. You know, in the current environment, more than ever, you know, we are very disciplined on costs. You know, on the last question, Nicholas, on CLOs, you may remember we launched this strategy as an extension of our credit platform back in 2015, when we first priced our inaugural Euro CLOs. Effectively, we got to opening the 10th warehouse, you know, for the European program. At the same time, you know, we are getting to the 5th one in the US. Not even 2 years after launching, obviously, the market in the US is probably deeper, and we're well positioned to issue more frequently, market permitting. I would also stress that, once again, our balance sheet being a very strong catalyst to these strategies, enabling us to get closer to very large financial institutions, you know, banks, large asset managers, the investors of ours with some very concentrated programs, both in Europe and increasingly so in the U.S. As much as, you know, the, let's say, the securitization market back in the days may have suffered from a, you know, somehow some painted, you know, perception. The CLO market has remained one of the most performing asset class over the cycles, from the triple A all the way down, you know, to the equity. In this new environment of interest rates, you know, when obviously both yesterday with the Fed, you know, today with the ECB, our conviction of TDL that we are in a higher for longer interest rate environment, being able to leverage and capitalize this compounding, diversified, granular, totally home underwritten, diversified credit pool, is a very appealing yield strategy. Yes, you should expect us to be more active there, including potentially broadening to a wider structured credit strategies. Today, we are only a CLO managers, we're not a structure to investors, because we have entered an extremely attractive fixed income and yield environment for fixed income investors. Very interesting. Thank you for all the detail, particularly on the SMA actually. Super interesting. The next question is from Mandeep Jagpal of RBC Capital Markets. Please go ahead. Hey, good afternoon, guys. Mandeep Jagpal, RBC Capital Markets. Thank you for the presentation and taking my questions. The first one is on the 97 basis points management fee margin. One reason it was down from recent years due to the mix of fundraising. Are you able to speak a little bit about how you expect this margin to progress over the next 12 months and over the longer term? Are you seeing any early signs of a return in demand for value add strategies? Second question is on Tikehau Direct Lending VI. I saw that you're looking to raise EUR 4 billion-EUR 5 billion. What proportion of this are you hoping will be from reups from previous TDL investors, and LPs and other TKO strategies? Just want to get an idea here of how well TKO is now able to harvest its relationships with existing clients to accelerate growth. Final one is just, you mentioned a few times about the dislocated environment. Are there any particular factors or countries where you're seeing value for deployment over H2? Thank you. Thanks, Mandeep. On the level of management fee, you know, what we stated last year at the Capital Market Day is that our hypothesis was to remain in the range of 100 basis points. Obviously, you know, that can move from a quarter to a semester, depending on the pace of fundraising on CLO, on private debt, on private equity. The toward the direction where we are going, you know, you need to have a look at our asset mix. Obviously, we are now standing at 22% of value add product, that was actually a bit lower last year. At the time of the IPO, that was zero. Clearly, here we stick to what we said, which is to jump or to go to one third of our strategies being in value add. So, depending on the pace of fundraising on value add or yield strategy, that may vary, but our hypothesis is actually to remain in the range, in the range of 100 basis points. Fréd, you may want to. Yes. On your points on here for TDL six, we are aiming at 70% in terms of amount of AUM of current investor of TDL five into TDL six. By the way, we've been above that between TDL four and TDL five, and our specialty right now is closer to 80%, so we believe 70% sale assumption is conservative. Bear in mind that we had, for TDL five, 144 investor across 18 countries, so we intend to increase some portion in the new high growth geographies we just mentioned as well, complementary as I have just discussed. The last question, Mandeep, you know, on the dislocation, I would try to keep it short, but, you know, clearly there's this new environment where, as, you know, you heard us saying, you know, like, liquidity as a cost and credit has some value, this new, this new environment where money is definitely not cheap, it's not, you know, free anymore. That's where asset managers like us, and possibly on the private strategies can make a huge difference. I mean, the past five years, 10 years, obviously, we were navigating in a very accommodating monetary policy. Right now, we can make a difference. We can make a difference, you know, in the credit space, both primary and secondary, you know, the private and the public. All the more, you know, we benefit from the secondary private debt strategy that we've launched, you know, where we can provide this liquidity that did not exist elsewhere. The supply-demand imbalance that you have in this new strategy is such that even if you've got, you know, more trends, the supply side still, you know, outweighed by far, you know, the availability, you know, of capital, and you can generate some very, as I said, a downside protective, high single, low teens, you know, type of return, which is very much what we are targeting, you know, across the strategies. On the primary side, any bespoke financing, I mean, we've been following all the, you know, the jumbo LBO players, which once again, we are not, you know, we're not being controlled in LBOs, we're not navigating with other level companies. You know, that's where asset managers like us, you know, can once again, make the difference, much more downside protected, you know, contractually, much more better structured, you know, better priced. And as a consequence, you know, a very appealing investment strategies for investors. All these, you know, very bespoke financing. Obviously, you know, last but not least, you know, real estate, you know, we could discuss, you know, hours, you know, on the opportunity in front of us, both on the primary, and it starts, you know, at the development phase, more and more, all the oversupply and the assets that needs to be repositioned, consolidated, and ensure that the equity side, you know, on the debt side. This dislocation, which once again is just a consequence of the liquidity, you know, the oversupply of liquidity we've been navigating into, it's drying up here and there, and that's where, you know, people with flexible, patient, and bespoke capital can make a difference, and that's what we are focusing on. I would tell you, I've never been as excited in 10 years of all the investment opportunities we are being presented, you know, by the team. It's a very exciting and interesting vintage to be deploying in 2023. Great. Thank you for that. The next question is from Joren Van Aken of Degroof Petercam. Please go ahead. Good evening. A bit of a follow-up question on the previous one. Although your realizations have been very, very strong over the first half, in general, we are seeing relatively low activity in alternative markets. Do you guys have a view on when you expect deal activity to pick up again? Thank you. I'm happy to start on this one. I will let my colleague expand, Joren, and thanks for your question. I think we cannot, you know, just make, you know, general statements on the lack of deals happening. I think that what has been slowing down is very much as I said, you know, the very large buyouts, you know, some sponsors selling to sponsors or some corporate, you know, spinning off, you know, some assets because of the more constrained debt financing, which has pushed down the price of assets. Some sellers being less willing to exit or to dispose of their assets or their portfolio companies. Once again, and it's important to keep that in mind, because our portfolio, across our strategy that TKO and possibly on the private equity side, tend to be really growth equity portfolios, where, you know, we have invested alongside very often as minority partners, alongside entrepreneurs, founders, and we have really driven the performance, the profitability of the business up. I can think of some, you know, few businesses, you know, we mentioned some of them, like it's public, so I can mention that in the EuroGroup, that we took public earlier this earlier this year. When we invested, it was a EUR 30 million EBITDA business in 2020. When we took it public, it was, you know, close to a EUR 100 million EBITDA business in matter of two years. We're not playing, you know, the multiple expansion or the availability of credit to monetize our portfolio, but very much the underlying performance of the asset. You know, we are actually extremely active as we try to demonstrate on the during the deck both in deployment and realization, including on the private credit, where you see that many of our financing and portfolio companies have been either refinanced or sold as a consequence of which, you know, we would be repaired. We've always been extremely, you know, discipline and the selectivity of 5% to 7% of conversion of our pipeline has remained the same over the years, over the years. I would say that maybe unlike some of our peers, more overweighted towards LBO and controlled LBO, we've been relatively less impacted by the slowdown in general activity, as we've tried to illustrate, you know, in our presentation. Very interesting, many thanks. The next question is from Arnaud Palliez of CIC Market Solutions. Please go ahead. Yes, good evening, and thank you for taking my question. I have three questions in fact. The first one is regarding the dry powder, the EUR 6 billion of dry powder. Can you give us some indication about how it is broken down between the different asset classes? That's the first question. The second one is about the infrastructure market in the U.S., where you are present. I would like to have your comment about how the situation evolved on this type of asset, which seems to offer a better protection in the current difficult environment. Finally, can you be a bit more. Can you give us more comment about the H2 outlook? How do you see the evolution in term of the fundraising, in term of capital deployment? Are we going to see the usual seasonality with an H2 stronger than the H1? Thanks a lot, well, before turning to Mathieu on the on H2, a few data points. Dry powder actually stands at EUR 6.7 billion. Biggest proportion comes from private equity. It's EUR 2.3 billion, then real assets, EUR 2.2 billion, private debt, EUR 2 billion, and then capital market strategy, close to EUR 0.3 billion. As you can see, it's relatively well spread across our three main private assets. Mathieu, you may want to comment on H2? Well, maybe on the infrastructure, maybe, and thanks, Arnaud, for the question. Effectively, just to remind you, we made this a very strategic partnership. I mean, it was taking an acquisition, but I would call it a partnership with Star American Infrastructure in the summer of 2020. It's been three years now that we've been working together, and they are fully integrated. We were, you know, this acquisition happens, you know, pre the Biden election in the U.S. and the IRA, which has been, you know, probably successfully the real catalyst to, you know, infrastructure projects, you know, in the grand scheme of things. We are focusing on new market, greenfield, very often PPP, you know, public-private partnership, which has been, you know, very strong, a very strong asset class, both from a demand standpoint, you know, from investors, but also from the project, you know, to the administration. Right now, we are working on the terminal six of JFK. You know, that some, you know, obviously people can visualize that. By the same token, you know, completing some student housing in the University of Florida, or Oregon, as the case may be. Very active market, and as you said, a very strong demand from investors because that gives you an exposure to a high yielding contractually inflation head assets, very often, you know, asset pack, and there is a demand there. It's been extremely synthetic in the way we are now working with our partners at Star. For the time being, it's exclusively focused on North America, U.S. and Canada, but we are now equipped at Tikehau, you know, as a platform, to tackle opportunities in Europe. As a matter of fact, we are working, and it's very interesting maybe I can give you this example, you know, some cross-selling within the platform. You remember that our private equity team has been backing and investing in Egis? The engineering company. Obviously, you know, given Egis' exposure to airports, highways, toll roads, you know, our teams have been able to work together. As a matter of fact, starting to look at some projects in Europe, and if and when the opportunity arise, you know, we are in a position now to take advantage of expanding back into Europe, you know, our infrastructure strategy, which is not the case yet, but we got all the players on the pitch, if I may say, to do it when and if it makes sense. Finally, on the question on H2, you know, we've never tried to time the market. I think we had a slide in the deck that illustrated that our H1 deployment was, you know, relatively much lower than H1 2022, and that was as a consequence of us trying to get to the right, you know, risk reward, risk-adjusted reward of the capital we were deploying. As I was saying earlier, it's always come back to supply-demand and to the convergence between, you know, seller's expectation, defining the broad sense, and buyers or investor's expectation. We try to never compromise, Arnaud, on this. Obviously now that I think the market as a whole is factoring in the fact that we are definitely more in a 5% interest rate environment than a 0.5%, we should see a much more transaction materializing in H2. We've never been of the view, you know, to deploy for the sake of deploying. That will take me back to what we've been insisting many times today, risk in the game, you know, the balance sheet, and as a consequence, you know, the partners, the management, the whole TKO team, the largest investor side by side, our LPs. We always think twice. You know, we're not only deploying someone else money when we do a deal, but we're deploying first and foremost, we have the whole team money. Hopefully, you know, that creates this skin in the game that we've been saying, and hopefully, you know, a way to approach capital allocation, underwriting assumption, and expecting returns, you know, in a more deep way. I'm expecting H2 to remain very active across, you know, the strategies. As I was saying earlier, certainly at expected returns, which will be much more appealing than they were a year ago. Okay. Thank you. Arnaud, maybe just on your points on the outcome on the fundraising. Fundraising. We have definitely some pipeline over the next, six to 12 months, actually. It's hard to say that it's quite complex to assess the cut-off effect, especially when investment decisions are, might take longer. It's hard to say that, as we mentioned before, especially on the internationalization, we keep building our long-term fund size, and we definitely intend some benefits here. Okay. Okay, thank you. The next question is from Alexandre Tissières of Bank of America. Please, go ahead. Hi, good evening. Thanks for taking my question. Just a question on your outlook for private debt. Obviously, you've benefited quite a bit from the fact that banks are pulling back from lending. Also your strategies are floating rate, so presumably this means higher returns. I guess as well, even though rates are higher, perhaps borrowers. There's also a negative volume effect, as many borrowers borrow less, and it's more expensive. How do you see the next year or the next two years, where rates potentially go down or are a bit lower, banks start getting back into lending, you potentially see more borrowing? How do you see outlook for your flagship private debt funds? Thank you. Thanks, Alexandre. I can start on this one. I think in Europe, which is where we are primarily, you know, active on direct lending, as you were saying earlier, we've been very active in secondary private debt, more in the U.S. I think in Europe, private debt and direct lending has become, you know, very much mainstream and institutional. By saying that, I'm saying that sponsors, companies, corporates, they no longer come to direct lenders by default, but as this could have been the case, you know, 10 years ago, during the euro crisis also. They come to direct lenders as a very legit alternative to, one, the bank market, two, the capital market. Most of them, you know, could borrow on the leveraged market or issue, you know, some bonds. Three, asset managers are becoming a very legit source of funding. I'm saying that because it's no longer purely, you know, a cyclical opportunity for investors to deploy in the asset class, but it has become extremely structural, and the tailwinds for the asset class, to your point about the interest rate environment, have become all the more, you know, appealing. I, I will make this comment because it's important that, you know, we all factor in the fact that the opportunity is now definitely structural. Banks are still lending, obviously, and you've been following the results of the various banks, you know, lately. It's a good thing, you know, that's what they are here for, if I may say. The leverage loan market, the global syndicated loan market, as we're seeing everyone, the CLO, the question we have in CLO, you know, is obviously more on a on and off, you know, mode. What direct lenders and asset manager can provide to borrowers is, one, certainty of execution, a lot of flexibility in the structure that we can, you know, provide to them. That's what I call, you know, the bespoke, you know, capital. That is proving to be increasingly attractive for corporates, for borrowers, for, you know, for sponsors. To your point, you know, effectively, if leverage is going down as a consequence of a higher cost of funding, it's a very good news, you know, for the investors, and hence for us, because we are able to generate structure some higher-yielding instruments at a lower risk-adjusted, you know, contractual and structural level. From time to time, you read in the press, the golden age of private debt and, you know, direct lending. Then the next day, people are questioning whether that's just, you know, a bubble, you know, about to burst. I think it's once again, much more structural. It's a growing part of investors' portfolios allocation globally. We thought at Tikehau, you know, there is this stat that a lot of people have been using, that 92%, if I'm not mistaken, 92% of direct lenders of private debt platforms have been launched post the GFC. We at Tikehau, we started in 2006, 2007, now we can effectively leverage visibly, you know, our investors and LP, a much longer track record across cycles. Hopefully, you know, that is supporting our fundraising there. Thank you. The next question is from Christoph Greulich of Berenberg. Please go ahead. Good evening, thank you for taking my questions. You introduced today the adjusted FRE margin. Just looking at the mid-40s FRE margin target by 2026, could you clarify if this refers to the reported or adjusted margin? If you could give us any guidance on how the IFRS 2 charges will evolve over the coming years. Secondly, regarding the ecosystem and direct investment, could you quantify the negative impact from the FX translation in H1? Lastly, regarding the partnership with Capital Partners, could you give us a bit more color on the rationale here for this partnership? What kind of initiatives you're planning to launch, and is it correct to assume that it means to go entry into the buyout segment? Thank you. Hi, Christoph. Thanks for your question. First of all, many congratulations to you. If I may now answer your question on FRE margin and target by 2026. We are talking here about, you know, reported FRE. The mid-forties we have already been stating on, no change at all on that target. Your second question on ecosystem and also the Forex exchange is affecting our H1. We are talking here about roughly a little less than EUR 10 million as far as this ecosystem investment are concerned, and the negative Forex impact between euro and the dollar. Mathieu, you may wanna take question number three on. Sure. Yes, hi, Christoph. Thanks for the question. You know, this partnership we're announcing today with Resler is one of the many we had over the years, you know, part of the ecosystem. This team is the team of three great partners of followers we had co-invested in the past, in the previous life. You have details in the press release, you know, Jeff Clark, Eric Dobkin, were all some historical partners of in fact, and then joined C.V. Starr, Hank Greenberg, you know, a decade ago. We co-invested back in the day, you know, with the Salvatore, if you remember, you know, the Salvatore, we co-invested with them in some healthcare-related and healthcare-focused transaction, which is one of their one of their industry focus. As, you know, let's say Mr. Greenberg, you know, 96 years old, you know, he's putting his business, you know, together. They launched their own platform, which we decided to back. That would mean that we'll be deploying some capital with them, getting some, you know, some economics out of the partnership as well, like we did in the past, you know, for example, with the Ring Capital, you know, in France, you know, if you remember on the venture side, which was not, you know, core strategy of ours. It doesn't mean that we are entering the buyout market. It means that we're adding to our private equity platform, a healthcare focus, skill set and expertise that will be able to call on, you know, like we did, you know, in energy transition, in regenerative agriculture, in aerospace, in cyber. We're adding another vertical, which is not fully integrated, but, you know, through the dedicated, the nuclear platform, since it is a mega trend that we want to be exposed to at Tikehau, you know, healthcare. That's a great way to embark and onboard, you know, some proven and very long-term track record and expertise in the space. At what stage, I should say so, is Christoph at this stage, only focusing in the US at this stage or North America? Yeah, that's very clear. Thank you. Thank you. I think we don't have any more questions, operator. I confirm there are no more questions. Thank you. Well, thanks for attending this call. The entire investor relation team, both Théodora and we will be here for any follow-up question tonight. Happy to take those question. Thanks for participating, all of you. Thanks for your time. Mathieu, you may wanna conclude the call. Thank you all for the ongoing support. As always, we're available. Exciting times ahead. Thank you all. Good night. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.