Ladies and gentlemen, welcome to Tikehau Capital's Half Year 2025 results conference call. Today I'm pleased to present Antoine Flamarion, Co-founder, Henri Marcoux, and Thomas Friedberger, Deputy CEO, and Vincent Picot, Group CFO. Gentlemen, the floor is yours. Thank you very much. Good evening everyone. Thank you to attend our first semester result presentation, we'll try to be brief. We have 32 slides and we'll be happy to answer all of your questions. I will probably start with a brief description of the environment. The landscape we are facing today is marked by complexity. For entrepreneurial companies, it creates a lot of opportunities both in terms of fundraising. Europe is becoming more and more attractive, but also in terms of investment. Geopolitical development continue to drive market uncertainty, requiring vigilance and adaptability. At the same time, macroeconomic trends are encouraging a cautious stance as investors weigh risk and reward carefully. We also noticed across sectors increasing divergence in dynamics, highlighting the importance of understanding specific industry trends and major movements. For instance, in real estate, complexity is there. It's a rebalancing phase, and we decided at Tikehau to take advantage of that. Finally, market dispersion reinforced the need for selectivity, as identifying the right opportunities becomes more critical than ever. Our global footprint in our 17 offices across the world enables us to seize the right opportunities at this particular moment in the cycle. I move to the next slide. This first semester has been exceptional in terms of operating and financial performance. It's the first time in our history, in our 21-year history, that we have over EUR 10 billion gross inflows in the last 12 months, which translates into EUR 5 billion growth for this semester and EUR 4 billion net, reflecting the growing investor confidence in our brand, in our track record, but also our differentiated and high conviction investment strategies. We remain well positioned in this cycle with a very strong footprint in private credit and in specialized private equity, with, for instance, our very strong defense and sovereignty practice. Robust progress in private equity with a record inflow in the first semester, EUR 1.3 billion raised, doubling our AuM in just three years. Our global and diversified client base continues to expand with more and more appetite across geographies and promising opportunities in Asia. I move to the next slide just to highlight a few achievements in this first semester. First of all, we conducted a landmark EUR 1 billion transaction for one of our portfolio companies. It's the first time we bring on board a very strong international LP bringing over EUR 1 billion of equity in this very successful Egis company. ADIA, Apollo S3, and Neuberger Berman invested over EUR 1 billion of equity to help the company grow. It illustrates what we mentioned just before: our AuM in private equity doubled, very important for the firm to continue to expand in our specialized private equity to create more margin for the firm. The second example we'd like to highlight in this first semester achievement is on the fundraising side. We continue to be ahead of the curve with more than 30% coming from retail investors. We launched a second unit-linked product for sovereignty and defense. As you remember, we launched that on private credit, and our unit-linked in private credit raised over EUR 1 billion and continues to attract money. It's part of our retailization effort across our strategies. The third thing I'd like to highlight, we decided to tap the capital markets just before the tariff, and we successfully issued a EUR 500 million bond, enabling us to raise more money and, more important, to extend our average debt maturity for the firm. After this introduction and to look more into the detail, I pass it over to Thomas. He'll take you through our fundraising achievement for the first half of the year. Thank you Antoine. Good day everyone and thank you for being with us. Over the past month, Tikehau Capital has achieved record inflows, reflecting the strength of our platform and the growing confidence of our investors. As such, as Antoine mentioned, gross inflows reached for the first time EUR 10.1 billion over the last 12 months. This is a 15% increase compared to the previous period. This growth highlights the relevance of our strategies positioned on long-term megatrends. It also highlights a more global and diversified client base, and obviously this would not have been possible without a solid track record. Net inflows, which correspond to gross inflows less redemptions and outflows, totaled EUR 7.7 billion over the same period, representing a 17% increase year- on- year. These results underscore our ability to deliver value to our clients while expanding our global reach. Now entering into more details on slide 10. In the first half of 2025, we also achieved a record level of net inflows driven by credit strategies and record inflows also for our private equity expertise. EUR 5.2 billion in gross inflows and EUR 4 billion in net inflows for H1 2025. All our asset classes contributed to this performance. First, credit strategies were one of the drivers of inflows, with additional commitments to the sixth vintage of our direct lending strategy, reaching EUR 3.5 billion in assets under management and the second vintage of our credit secondary strategy. We also continue to see strong momentum in our CLO business with EUR 8.5 billion in assets under management as of end of June 2025. Additionally, we launched our first semi-liquid Private Debt fund, Tikehau European Private Credit, to capture opportunities in the growing private wealth segments. Second, in private equity, we saw strong demand for our high conviction thematic strategies including the second vintage of our decarbonization strategy, reaching EUR 2.1 billion in total commitments. As a key highlight, the successful capital raise for Egis Antoine mentioned through our first private equity continuation vehicle exceeding EUR 1 billion of assets and backed by a consortium of leading global investors. We also registered additional commitments in our aerospace and defense and cybersecurity strategies that are topical themes on sector encompassing high growth. Third, on Real Assets, Real Assets also contributed to our success with, among other things, the oversubscribed placement of IREIT's inaugural green note, raising approximately EUR 60 million to finance the Berlin campus transformation. Looking ahead, we anticipate executing several large club deals in the coming quarters in real estate. Finally, Capital Markets strategies continue to deliver strong performance, supported by a consistent five-year track record of outperformance relative to benchmark. With regards to the geographical split of this fundraising effort on slide 11, we continue to witness a globalization of our client base, reflecting the growth of the international attractiveness of Tikehau 's investment strategies. Those inflows highlight the strength of our multi-local and diversified platform, also the partnership with Amova Asset Management in Asia, the new name of Nikko Asset Management, and also our ability to deepen relationships with existing clients as well as our success in onboarding new investors globally. We spent a lot of time over the last couple of years developing those relationships, explaining what we do, why we do it, how we do it, and those efforts are starting to pay off. 80% of net inflows came from international investors, with the most represented nationalities being the United States, United Kingdom, Spain, UAE, Japan, Israel, and Luxembourg, showcasing the truly global reach of our platform. The share of international clients within our AuM keeps increasing to 45% of our total assets under management, growing by 20% year- on- year and reaching EUR 23 billion. For the quarters to come, Tikehau Capital is ideally positioned in a context where Europe is regaining appeal among global investors thanks to attractive valuations, reasonable levels of leverage, and renewed policy focus on industrial resilience, energy transition, and defense. These results underscore our success in expanding our global footprint, diversifying our client base, and building a brand name in more geographies, reinforcing Tikehau Capital's position as a trusted partner for investors worldwide. Now let's focus on private investors. Slide 12. In the first half, Tikehau Capital accelerated on making private markets accessible to a larger audience through targeted new product launches, tapping into the significant growth potential of private investors while remaining highly disciplined and conservative. This is important in how these products are structured and distributed. As you can see on the left-hand side of the chart, private markets are expected to double in size by 2030 with the share of private investors projected to grow even faster, reaching $5.8 trillion. This reflects a market opportunity estimated at $3 trillion by 2030 just for private investors. In H1 2025, approximately 30% of our third-party net inflows for Tikehau were raised from private investors, totaling EUR 1.1 billion. This reflects the increasing engagement of private investors in our strategy, with successful fundraising for private debt, unit-linked products, and for Opale Capital. As Antoine mentioned earlier, we continue to broaden our offering to private clients with the launch of a semi-liquid fund in credit designed to finance the growth of profitable mid-sized European companies. Also, in private equity, we introduced a new unit-linked product dedicated to European defense and security and available through life insurance. This initiative highlights our commitment to expanding access to private markets for individual investors, offering innovative products to meet their evolving needs and preferences. Moving to slide 13 about some of our flagships, in the first half we continued to make solid progress in fundraising for flagship strategies in European Direct Lending. We have successfully scaled our vintages, as you can see, with vintage number three raising EUR 610 million a couple of years ago, vintage four reaching EUR 2.1 billion, and vintage five achieving EUR 3.3 billion. For vintage six, we are targeting EUR 4 billion- EUR 5 billion of assets, with EUR 3.5 billion already raised, supported by a further internationalization of our client base and a robust fundraising pipeline. Notably, investor demand from Asia continued to grow, with a clear acceleration of their interest for highly performing European strategies in the current macroeconomic context. In private equity decarbonization, Vintage one for the record raised EUR 1.4 billion including co-investments, while Vintage two is progressing strongly towards its EUR 2 billion-EUR 3 billion target, with EUR 2.1 billion already secured. This success is reflecting on the one hand the success of Egis's continuation vehicle, but also on the other hand an intense commercial effort across approximately 38 countries, resulting in a robust pipeline of LPs currently in due diligence phase. Importantly, the scaling of our flagship strategies enable us to source larger transactions, which in turn supports the attraction of larger investors and further strengthens our market positioning. As a practical example of this, we are proud to highlight a landmark EUR 1 billion transaction for our portfolio company Egis, a global leader in architecture, consulting, engineering, construction, and mobility services. This transaction underscores our ability to perform exits in a complex environment, delivering significant value for our investors. Since 2022, Egis has achieved remarkable growth, doubling its EBITDA with revenues exceeding EUR 2.2 billion in 2024. This exit generated significant returns: 2.7 x gross MOIC and 34% gross IRR. These results showcase our strategy of driving operational excellence and unlocking growth potential in our portfolio companies. Importantly, this transaction has enhanced distributions for clients, with approximately EUR 450 million to be distributed to LPs in H2 2024–2025. Finally, the success was backed by global colleague investors including Apollo S3, ADIA, and Neuberger Berman, demonstrating the confidence of leading institutional investors in our strategies. This transaction is a clear example of how we create value, deliver strong returns, and maintain our leadership in the private equity decarbonization space. I'll now hand over to Henri, who will discuss our thematic positioning in private equity and provide insights into our transaction activity in H1 2025. Thank you. Thank you, Thomas. Good afternoon everyone. Let me spend a few minutes maybe on a couple of megatrends we are focusing on as far as our private equity business is concerned. I'll start with a focus on decarbonization. For over a decade we've been actually pioneering decarbonization focused private equity and as of end of June this year we have EUR 3.3 billion of AuM dedicated to decarbonization and regenerative agriculture where we are currently supporting 27 portfolio companies in these areas. Our private equity decarbonization strategy is focusing on three pillars. First, addressing the accelerating global energy demand through electrification, then investing in low carbon solutions to decarbonize our economy, and third, leveraging Europe as a global lab for decarbonizing business models. Meanwhile, a few words on our regenerative agriculture strategy which has around EUR 500 million of AuM at the end of June. This business is driven by solid macro tailwinds with a sector expected to grow approximately 10 x by 2030, a projected 70% increase in food production required to feed the population by 2050, and supporting the paradigm shift towards a resilient and sustainable agri-food sector. On this business, our value creating exits have actually returned EUR 1.1 billion in capital to investors, achieving a 2.6x gross MOIC and 35% gross IRR for realized exits. We definitely want to be the capital provider to finance the transition to a low carbon economy and we have the capacity to actually identify the best player in those fields. Jumping to the second focus on slide 16 on our private equity business with aerospace, defense and cybersecurity. Here again, building on nearly two decades of experience in the aerospace sector, Tikehau Capital continues to invest in economic resilience and technological innovation through its aerospace, defense and cybersecurity private equity strategies. As of end of June 2025 we have approximately EUR 2 billion of AuM dedicated to these strategies, supported by a team of 22 dedicated professionals and 16 operating partners. Our portfolio includes 65 companies. As one of the most established private equity investors in European defense and security, we invest in scaling up Europe's industrial base, supporting seven manufacturing capabilities and capitalizing on long term growth in air traffic. As far as cybersecurity is concerned, we are focusing on protecting critical infrastructure from escalating cyber threats driven by data proliferation in H1 2025. More specifically, we entered into exclusive discussion for the acquisition of ScioTeq that will be completed in the second half of the year. This will actually mark the first investment under the second vintage of Aerospace and Defense strategies and the 15th portfolio investment since the strategy was launched back in 2020. On the exit side, we have carried out our first exit in these strategies with strong value creation, achieving a 2.7x gross MOIC and a 45% gross IRR for Aerospace and Defense and 35% gross IRR as far as cybersecurity is concerned. Now maybe I will take you through our transaction activity. Jumping to next slide starting with deployment, we have been remaining focused on our commitment to disciplined deployment, leveraging on our proprietary sourcing of transactions. In H1, we deployed EUR 2.9 billion across our closed-end funds and that represents a total of EUR 5.7 billion deployed over the last 12 months. To be noticed here, we've been mentioning a high selectivity rate of 99%, underscoring our rigorous investment approach. To provide you a few data points maybe by asset class, starting with direct lending where momentum actually has remained robust. Leveraging our pioneer position in the European market, we've been focusing on supporting portfolio companies through add-on financing, follow-on transactions while maintaining stringent documentation standards and carefully managing leverage levels. Additionally, here we've been diversifying investment to be noticed across geographies including Spain, Belgium, Italy, and our first investment in the Asia Pacific region through our partnership with [UB Cayenne]. On the CLO side, we maintain an opportunistic and cautious stance, issuing new CLOs but as well resetting older vintages to capture more attractive financing terms and enhanced return. This approach actually reflects our ability to adapt to market dynamics while delivering value for our investors. A few words on private equity, which has accounted for EUR 100 million of deployments across notably Germany with FTAPI, TTSP as well in Germany, and in Spain with Juan Navarro García Investment. Once again, this investment reflects our conviction-led approach across strategies and dedicated verticals. Would like to add here. Maybe an additional point is that we actually have a strong pipeline for H2. Several large deals in the pipeline, some of them were announced: ScioTeq in Belgium, EYSA in Spain for our decarbonization fund, and once again here this strong pipeline demonstrates our ability to capitalize on long-term structural thematics. A few words on real assets, which has contributed EUR 600 million, supported by our pan-European platform and local expertise. Here again, we target high-quality, well-located assets, conservative use of leverage, sourcing compelling off-market opportunities. To be noticed here, we completed the acquisition during the first semester of one of the largest shopping malls in the Netherlands, located in Zoetermeer, through our Sofidy activity. Looking ahead here, Tikehau Capital is well positioned to capture attractive investment opportunity with more than EUR 7.8 billion of dry powder at the end of June. Shifting to the next page and to provide you a few data points on realization, we've been achieving a robust level of value-creating exits in H1, here again reflecting our disciplined approach to portfolio management. In H1 2025, we realized EUR 1.5 billion, bringing the total to EUR 2.7 billion over the last 12 months. Our capacity here once again to realize assets allows us not only to crystallize value creation but also to return capital to our client. Here we've been distributing EUR 1.8 billion in H1 2025, setting up a solid foundation for the next fundraising cycle. A few words on the exits by asset class: credit strategies led the way, accounting for 83% of total exits with EUR 1.2 billion realized. This has been driven by financing repayments across direct lending, corporate lending, tactical strategies, as well as activity for our CLO platform, including the liquidation of European CLO number one. Real assets has contributed EUR 200 million, representing 15% of total exits. We strategically disposed granular assets, including retail park residential assets in Iberia and individual sales of light industrial assets in France. Finally, private equity has represented 2% of total exits for H1. To be noticed, the completion of the disposal of ENSO, a leading bioenergy platform in Spain for our decarbonization strategy. While the Egis transaction is set to be accounted for in H2 2025, we are benefiting from a healthy pipeline of planned exits, positioning ourselves for further realization in the coming quarter. A few words maybe on our portfolio metric and our defensive portfolio. Our private equity and real estate strategies continue to deliver attractive portfolio metrics with amended downside protection, showcasing the strength of our asset selection and value creation approach. I will obviously not go into all the details which are on this slide, but just want to say that these solid metrics you hear are actually reflecting our commitment to investment discipline reinforced by our strong skin in the game. We remain conservative on valuation leverage, ensuring robust on-site protection while being offensively positioned to invest in high growth companies aligned with thematic supported by the powerful megatrends I just mentioned a few minutes ago. This dual approach allows us to capitalize on transforming opportunities in sectors driven by long-term structural shift while maintaining a prudent and disciplined framework that safeguards actually value creation for all investors. That being said, I will now hand over to Vincent who will take you through the financial review for the first semester. Thank you Henri. Good evening everyone. Let's go to slide 21 and let's have a look at the continued growth in fee-paying AuM, which remains a key KPI to assess our long-term management fee generation. As of June 2025, fee-paying AuM combined with future fee-paying AuM has achieved an 11% growth. This performance reflects the strength of our dynamic fundraising and deployment across credit funds, as well as additional inflows into our private equity and capital markets strategies. Furthermore, our direct lending strategies, which charge management fees on invested capital, have been a key contributor to this growth. On the revenue side, asset management revenues have increased by 13%, reaching EUR 182 million in H1 2025. This increase is driven by an 8% growth in management fees, with a resilient average revenue margin of 90 basis points. Performance fees and carried interest grew to EUR 13 million, with contribution from the third vintage of our direct lending fund, Egis investment vehicles, and capital markets strategies fixed income funds. These results highlight Tikehau Capital's ability to scale fee-paying AuM while maintaining a resilient and diversified revenue base, ensuring long-term value creation for our stakeholders. Next slide, a few data points on performance-related earnings, which are set to become a material profit driver in the years ahead. Notably, when the first generation of flagship funds mature at end June 2025, AuM eligible to carry interest grew 17%, reaching EUR 24.1 billion. In addition, at end March 2025, we had close to EUR 215 million of unrealized performance-related revenues accrued within the group's funds. This level illustrates the performance of our funds over this period. This amount is not yet accounted for in our P&L and will be recognized as funds approach maturity and crystallize their performance. I also would like to remind you that our shareholders are the main beneficiaries of performance fees, as reflected in how they are allocated and as per our dividend policy. Let's now focus on page 23 on the strong performance of our asset management EBIT, which grew by 24% year- over- year, reaching EUR 63.7 million in H1 2025. This growth reflects an 8% increase in core fee-related earnings, showcasing ongoing profitability improvements. At the same time, we maintained discipline in platform investments, with operating costs growing by 8% year- over- year but only 3% compared to H2 2024, ensuring efficient resource allocation. These results highlight Tikehau Capital's ability to drive profitability while balancing growth and operational discipline. Moving on now to next slide on investment portfolio slide 24. Our balance sheet investment portfolio reached EUR 4.4 billion at the end of June 2025, still very granular with close to 300 investments. Approximately EUR 3 billion are invested within our asset management strategies, ensuring alignment of interest with our clients, with the remainder being invested in our ecosystem and direct investments. As you can see, we have a well-balanced exposure across our credit, real assets, and private equity strategies. Now let's have a look at the moving parts of our investment portfolio. Over the first half, investments reached EUR 730 million, of which EUR 380 million of capital calls and investments in our strategies, in particular our private equity CLOs and real asset strategies. We also invested EUR 349 million in ecosystem during the period. We acquired additional shares in Schroders and crossed the 5% threshold end February 25th. We also partnered with our long-standing partner J.C. Flowers to carry out an investment with them, co-investment in Enstar, a leading global reinsurance group. Also in the first half, the portfolio carried out EUR 209 million of divestments and returns of capital, returns of capital driven by several of the firm's CLOs and credit secondary strategies on the asset exits and disposals. We continued to carry out granular asset exits and finally, market effect and forex contributed a negative EUR 110 million, supported by EUR 38 million of positive fair value changes across private equity, real estate, and CLOs, as well as - EUR 148 million of forex impacts linked to the USD, GBP, and Sing dollar, which have limited impacts on the P&L. Now moving on to portfolio revenue generation. In H1 2025, portfolio revenues grew by 43%, reaching EUR 111 million despite unfavorable forex effects, which reached - EUR 39 million compared to a positive EUR 21 million of effects in H1 2024. All in all, there is a EUR 60 million delta in revenues generation if we remove the effects of foreign exchanges. This growth was driven by Tikehau Capital Strategies, which saw revenues increase 2.6 x year- over- year and contributing EUR 73 million and accounting for around 70% of total realized revenues. Key contributors included private equity, aerospace and growth equity strategies, as well as CLO and value-added real assets. Ecosystem and direct investments added EUR 38 million, further reinforcing the diversified revenue base. Now let me take a moment to highlight a transaction that perfectly showcases the strength of our integrated investment approach, combining both balance sheet investments and also funds investments. Since 2016, we have been a key partner to a leading European healthcare IT provider, providing EUR 180 million in financing to fuel its rapid growth and internal expansion. This funding played a pivotal role in enabling strategic acquisitions that transformed Dedalus into a global player. Over the investment period, Dedalus achieved remarkable growth with revenues increasing sixfold in 2025. The refinancing, which was led by KKR and ClearLake, marked a successful conclusion to this partnership, delivering outstanding returns for both our direct lending fund and balance sheet. All in all, the transaction achieved a net MOIC of 1.9 x and a net IRR of 14.2%. This is a prime example of how our disciplined, partnership-driven investing creates value and underscores the power of our synergetic investment model. Next slide. If you look at our first half performance, we achieved strong operating performance for both asset management and investment portfolio activities. Net result before tax grew by a solid 55% year- on- year in spite of higher financial interest linked to the EUR 500 million bond we issued in April and the RCF drawdown. In the first half, non-recurring items grew to EUR 10 million, mainly linked to positive forex impacts on the USPP. Tax expenses reached EUR 29 million in 2024, in line with net result before tax evolution and a normative tax rate of around 25%. As a result, net profit group share grew 50% compared to H1 2024. Before handing over to Antoine, let me wrap up on our balance sheet, which has supported the growth of our firm and will continue to do so in the coming years. Our model is supported by strong financial means with EUR 3.1 billion of equity and short-term financial resources of EUR 700 million. Our financial debt increased to EUR 2.1 billion following the bond issue I just mentioned and the drawdown of RCF. Thank you for your attention. I will now pass the mic back to Antoine for the outlook and concluding remarks. Thank you, Vincent. Two slides to conclude before answering your question. First of all, we consider that the firm is well positioned in the current cycle. As I said initially, the world is becoming more and more complex. From a geopolitical point of view, from a political point of view, from a macroeconomic point of view, from a sector point of view. We think that the platform we put together is really well positioned for the four theme which going to be relevant for 2025 and beyond, which mean, you know, if you look in detail, we are focusing on what we call the 4D: defense, deglobalization, digitalization, and decarbonization, which are both sector specific strategies in private equity. Also, our direct lending is benefiting from that and is focused on some of these sectors as well. I mentioned real estate initially. Henri highlighted the Zoetermeer shopping mall transaction that we did. As you know, real estate has been very difficult for the last few years following the increase in interest rates. We think that our real estate platform is well operating. We will probably announce in the coming weeks and months new deals to take advantage of the market that is buying at very high cap rate. The last two transactions we achieved were done at double digit, over 10% yield. Both in terms of specialized private equity, private credit, real assets, the firm is well positioned. We discussed briefly fundraising. We had a record 12 months, a record six months fundraising. We see this momentum accelerating because of our track record, because of our footprint, and because, which is new and probably the first time we are coping with that, a very strong appetite for Europe, both from Asia, Canada, Middle East, which is fairly new. At least in our 21 year of history, we see that interest rates will remain high, at least long term interest rates due to government spending and especially with a lot of spending in the defense sector, which means higher cost of capital and liquidity. We are again well positioned. For instance, our secondary Private Debt fund offering liquidity is well positioned to take advantage of that. Maybe if I'm moving to the next slide. As you know, we've got both engine, the asset management and the balance sheet. Initially, we used the balance sheet to seed and sponsor our asset management strategy. We went up to 75% invested in our fund. If we start declining on that, because our funds are now more and more mature and we probably need much less capital. We are still highly committed obviously to our fund and invest. Since we consider they are very strong performer, we continue to invest in our ecosystem. Vincent highlighted for instance the Dedalus case study which was a fund investment and a balance sheet investment generating P&L for the firm. We had also an IPO with one of our partners J.C. Flowers in the U.S. on Jefferson Capital which translates into a 7x multiple. The use of the balance sheet is very important for us and in the next quarter semester we'll put more [NFAs] into the balance sheet and that will obviously generate more net income for the firm. Now we think that having reached over EUR 50 billion the asset management profitability will increase. We still have over EUR 7 billion of dry powder which will translate into more management fees and more bottom line in the asset management. The fact that we have this both engine and which probably set us apart in the alternative landscape will probably translate into more profitability in the coming and years maybe I think I will stop here and we are happy to answer your several questions. This is the conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Hi operator, I think we don't have any questions yet on the conference call, but we have several questions on the webcast. First question is around FRE margin. While activity indicators are encouraging, we don't see this translating yet in improvement in FRE. Actually, FRE margin in H1 2025 decreased to 30% versus H2 2024 and is quite far from your 2026 targets. Can you elaborate on the reasons for the same? What is the outlook for H2 2025 and 2026 for FRE margins? This is the first question. The second question is on shorters. Can you clarify if the mark to market gains on shorter investment is included in investment income? Can you clarify the accounting methodology for accounting for this unrealized gains? Third question is on ecosystem investments. The proportion of ecosystem investments has increased in recent years, which seems different from previous trends. Can you justify the reasons for this change in strategy? Thank you. Thanks. We'll start maybe with the first question on FRE. Maybe starting with the first comment on H2 2024 where revenues had a high comparison basis, if you remember well, with catch-up notably fees on Private Equity and also the direct lending deployment, which was definitely higher in H2 2024. What we can say today, as we are currently end of July now, is that, I mean, coupled with a disciplined cost management, definitely we will have an acceleration in the management fee generation in H2 2025 and that will result in core FRE acceleration and underlying margin expansion. If you remember well, our core FRE generation in 2025 will be definitely skewed more towards H2. Historically, this has actually been the case. FRE has been higher in the second half, generally accounting for 25%- 60% of annual FRE. We are expecting a similar dynamic for the year 2025. Vincent, you want to take the question on [Tradar]? Yes. On [Tradar], which is a listed equity stake, we recognize the change in fair value according to the stock price, in unrealized revenues in our portfolio line. As regards dividends, they are recognized in realized revenues. In H1 2025, if you include both dividends and fair value changes, the overall impact is positive and accretive on the P&L. Antoine, you want to answer on the ecosystem investments and proportion? Yes. As pointed before, we invested our balance sheet in both our funds and in direct investments. More or less 75% was invested in our funds, which was probably a good way to start and seed new activities. If you remember, when we launched energy transition in 2018, in partnership with Total, we put EUR 100 million from the balance sheet, Total invested EUR 100 million and as a consequence we've been able to raise this decarbonization strategy fund and the Egis transaction is part of that without having seeded this fund. Probably more difficult to do. When we launched on the back of the pandemic in 2020, our Aerospace and Defense fund, we invested EUR 230 million from the balance sheet and we had a part of the French State and Crédit Agricole and Airbus, Dassault, Safran. Nobody was willing to invest in the sector. We used the balance sheet, precisely EUR 230 million to invest in this strategy. Obviously, a few years down the road now everybody is overexcited with defense. As you know, we have more than EUR 2 billion of equity invested in the sovereignty sector. Without the balance sheet it would have been totally impossible. While we are 75% invested, we continue to invest in what we call our ecosystem, which is really investing alongside partners, but also investing directly. More or less 25% of the balance sheet. We decided that we're going to migrate a little bit more into direct investment with partner or without partner. The main reason for that, and there are two to be precise. One is we don't need to seed with so large amount of money on new strategy, number one, because the brand is stronger, because the track record is stronger. Number two, also the velocity of the portfolio is probably more efficient when you have direct investment. When you invest in a fund, the weighted average life is probably seven, eight years. It takes a lot of time. We decided slowly but surely to keep investing in our direct portfolio. If you remember, the firm has been started and set up as an investment firm. Obviously the goal is to remain a leader in alternative investment management in Europe. There will be more agile in the balance sheet's use. The ecosystem we created, and I think we describe it in our annual results, is probably over 30 different partners across the globe. We've been investing in the U.S., we've been investing in Asia and so on. We're going to continue to do that. The decrease you saw in the asset management investment will probably continue in the next quarter. We are the largest investor in more or less all of our funds. We remain very committed to our strategies and to our strong track record. It is also a way for us to diversify and, more important, to create more velocity in the portfolio, which will translate into more net income in the coming years. Thank you. I think we have a question on the conference call. Yes. Next question is from [Nicolas Vesselier] from BNP Paribas. Please go ahead, sir. Hi, good afternoon. Thank you for taking my question. I just have two. One is a bit technical, but I'm trying to get my head around the economics for this Egis transaction. As I understand the EUR 1 billion commitment was in the fundraising figures for Q2, so went on your AuM bridge. When I look at the progress in fee-paying AuM in private equity specifically, I think it went from EUR 4.8 billion in December to just over EUR 5 billion as of June. I was wondering if you could provide more clarity about this EUR 1 billion. How much of that is co-invest and how much is, let's call it pure fee-paying AuM, and what are the different management fee rates you get on both that pure fee-paying AuM and the co-invest part? That would be my first question. Second is a more high-level topic. I'd like to have some color on the commercial momentum at Sofidy. Have you seen any gross subscriptions in H1? What feedback do you hear from your networks about the client demand for this product and what they think of SCPI in general? Thank you very much. Thank you for your question. Maybe I start with Egis. We announced the Egis transaction just after H1, which means that the closing occurred at this stage already. The fee generated by this transaction, the management fee, will be generated over the years. This means that in H1 you have no management fees tied up to the Egis transaction. Also, we generated some carried interest. When it comes to management fees on the Egis transaction, it will be generated starting, let's say, in H2 and increasing over time. It is a pretty large PE transaction, so the fees will be probably lower than the 2% management fees because it is a large equity check and potentially generating a lot of carry when you do such a transaction. It is a mix between management fees and carry interest, as you know, and it will be generating fees starting H2. I don't know, Henri, if you want to add something on that. I will answer the second question. Yeah. To complement on the Egis transaction, the impact it had on the AuM in terms of incremental AuM, it's EUR 850 million of net money, of which we have EUR 430 million of future fee-paying AuM, because as mentioned, Antoine, we did not recognize management fees yet in H1. Maybe if I go back to your second question on SCPI. As you know, we manage over EUR 14 billion of real estate in various vehicles, including SCPI. As pointed before, real estate remains very challenging and very difficult for the large institution, traditional asset manager, banks, insurance company, mainly because of interest rates. In the previous cycle, we decided to be very offensive when it comes to real estate, because we see fairly unique opportunities around the globe in Europe, but not only in Europe and more specifically. That's why we are able to raise money in real estate in SCPI, but not only in SCPI. I think we start seeing some inflows which were very close to zero the previous year. I think we raised a little bit more than EUR 200 million in H1. It's really much lower than what we had before, but we start seeing a little bit of momentum and there are few firms having some inflows. We are fairly optimistic on that. We think it's going to take some time. The most important thing I will say is that we have over EUR 10 billion of gross inflows in the last 12 months with almost nothing coming from real estate. That means that with an engine totally shut down, or more or less shut down, we have a record fundraising and the network we put, our 17 offices, our various asset classes, the positioning on the firm enable us to continue to be very successful at raising money which is going to translate into much higher profitability in the coming quarter and year, especially because the bulk of the infrastructure is paid. To go back more specifically on real estate and the SCPI, which are, as you know, very French, the momentum remain calm or very different, but we still have some inflows and we are still raising real estate assets across our real estate practices. Thank you, Antoine. Operator, I think we have a question on the call. The next question is from Nicholas Herman from Citi. Please go ahead, sir. Yes, good evening. Thanks for taking my questions. Just quickly, a follow up on the management fee question. Somewhat related question, can you quantify the catch up fees for decarb fund two on the EUR 1 billion of commitments that were raised in the first half? The other questions I had, please, on Schroders. I appreciate that you said before this is a financial investment for you, but how are you thinking with the benefit of six months or p lus. Since the acquisition, since the purchase of the stake, about any potential partnership and what that might look like. The third question I had a bit. More technical on management fees. Could you just help me with some of the moving parts on the management fee rate please? I was wondering whether credit is due to lower arrangement fees given lower activity, and then on real assets that was just a little bit counterintuitive to me. Given improving activity as well as increasing net new money, I would have thought that would drive higher subscription fees. If you could help me understand that, that would be helpful. Finally, sorry I appreciate this is a number of questions. The final question was on performance fees and credit. My impression was that you were going to be recognizing performance fees or carry related from [Fund TDL3] this year. Is that still the case? Thank you. Thanks. I'll come back to your first question. The Egis transaction did not trigger any catch up fees in H1. Egis is a separate transaction, co-investment, follow-on investment in a vehicle. No catch up management fees in H1. I'll come back on question two on Schroder. No. Catch up fees on Egis transaction H1 in the management fees that have been just published. So my. The only impact of Egis on H1 Financial is the carried interest that was recognized in performance-related earnings due to this transaction. No additional fees on Egis transaction in H1. I think that's all right. I apologize for confusion. I was referring more to at the full year you talked about how you were more than EUR 1 billion of commitments raised on decarb fund two, and I think today you're more than EUR 2 billion. I was asking if there were any catch up fees related to that EUR 1 billion commitments. The size that we've just been mentioning on EUR 2 billion on the size of the fund is equal to the commitment in the flagship and to the additional. Okay, got it. Thank you. We'll come back to Schroder in a second, maybe on that. Maybe. On question number three on management fee rate, management fee rate is quite stable at 90 basis points due to mixed effect. I remember that on credit, management fees are actually calculated on invested capital and here quite steadily fixed. No specific impact here to be noticed in term, not only as far as direct lending is concerned, but also the CLO activity that probably in H2 has been a bit lower in Q2 than in Q1. Performance fee on credit, we still have. We've been exiting some of our position in TDL3. I think one of the latest one is currently in portfolio and should trigger a little bit of carry interest. We've already recognized some of them last year and this year. No further main significant expectation as far as the performance fees are concerned on TDL3. Antoine, you want to go ahead on maybe Schroder update? Yeah, I think Schroder is listed and we are listed as well. I'll be very precise. At 10,000 ft, the idea is really to develop and extend partnership with financial institutions. As you know, we have one joint venture with Amova in Japan, formerly Nikko Asset Management. We build the firm with a strong network of partners. We have various discussions with Schroder on product, on distribution, on asset class, and so on. While it's also a financial investment, we'll continue to have a positive discussion with them. The plan is to cooperate in a geography where we have some presence. Tikehau is not super strong in the United Kingdom, so we see that clearly as an addition to our platform. There is a question on competitive pressure in private wealth from more peers, especially in the U.S., as you all recollect. Tikehau has been launched in 2004 with private investors, some of the largest European families in various sectors, and the largest family offices in Europe. 30% of AuM is coming from wealth management directly or indirectly. We have our own private wealth team covering directly private clients. We have some indirect wealth coming through private banks. We have partnership with Intesa, with Banco March in Spain, with First Abu Dhabi Bank in Abu Dhabi. We have also our own digital platform, Opale Capital. There is pressure and everybody wants to tap private wealth, but 30% of our AuM is coming from that. We continue to enjoy super strong growth on this segment. You need to innovate all the time. You probably recollect we are the first one to launch unit-linked products for private debt. We were the first one to launch, and nobody has launched so far, a unit-linked product for defense and sovereignty. There is pressure from our peers, but when it comes to Europe, we think we are well positioned and we don't see that as a threat at all. The fact that we enjoy a record semester when it comes to fundraising, we are fairly convinced that it will continue. As Henri and Thomas highlighted, the pipeline is super strong. There is a question on real estate potentially at an inflection point. As we all know, real estate suffered for the last three years with people being very excited and piling into real estate at very low and very stupid yield. That translates into normal activity, and that's been true, by the way, all around the globe. Both a very expensive price and also a shift in some of the real assets. Retail has been suffering. Office with the work from home suffered a lot. We are fairly excited because we have almost no competition when it comes to real estate. We have been buying a lot of residential in the last few years in Portugal, in Spain, in Belgium. We close also some large retail transactions, as I mentioned before, double digit. Real estate is a good opportunity in our mind and that will probably translate into more AuM growth and probably more management fees and performance fees. Thank you, Antoine. One last question on the call from Deutsche Bank. Yes, the next question is from Sharath Kumar from Deutsche Bank. Please go ahead. Good afternoon. Actually, all my questions have been answered through the webcast. Thank you for the opportunity. I also posted some questions to the webcast, which have been answered. Are there any other questions from the call operator? No, there are no more questions for registrants at this time. Thank you so much. Antoine, would you like to say some words for concluding remarks? Thank you. Thank you, [Theo]. Thanks to all of you for your question. Maybe to conclude, I will say we remain very excited as being well positioned in Europe. Europe is becoming very attractive, as discussed, for various reasons, both from an investment point of view and a fundraising point of view. We are well positioned, and I think our H1 figure demonstrated that we see some acceleration across asset classes and across geographies. We are fairly enthusiastic. You know, Tikehau has been built on innovation. When we launch our decarbonization practice, we are one of the few guys doing that. When we launch our direct lending before it became very popular, it was 2009, on the back of the 2008 crisis. When we launched our defense and sovereignty practice in 2020, nobody would even take calls on that. As I said, we have EUR 2 billion. We are fairly excited by the growth and, as a consequence, by the profitability that will be generated. We know that it takes time to build, and we are not managing the firm on a quarterly or monthly basis. We've been investing a lot in the firm, and we can do that because of our balance sheet. The profitability on the asset management took a little bit of time. For those of you who remember when we IPO'd the firm, the FRE was EUR 5 million. That is nothing. Now the FRE is going to be a big multiple of that this year, and it takes time to build profitability. When the profitability is embarked, if I may say, you're managing money for 10 years on average. We see the profitability increasing. The second, enjoying the balance sheet will be also generating profitability. Very excited and enthusiastic about the firm, about the performance, and the track record. You've been reading a lot of news for difficult real estate. Private equity has some difficulty to exit portfolio companies, as you saw in the value slide. It's been a record semester as far as for exit, which means that we are giving back money to our LP, to our investor, and as a consequence, they will probably reinvest in our funds. We had, let's say, three exits above 2.5x, both in terms of defense sector and decarbonization, and we see that accelerating. I've been a little bit long on the conclusion, but very excited, very enthusiastic by our positioning. Strong appetite for Europe. We have robust performances. We see some acceleration both on fundraising and on profitability, coming both on the asset management and FRE as a consequence, and the balance sheet as well. Thank you all of you, especially for end of July. Thanks for your time, and we remain at your disposal to discuss and answer more questions. Thanks to all of you.