Xavier Musca

Ladies and gentlemen, good afternoon, dear shareholders, good afternoon. I'm delighted and honored to chair this Annual General Meeting of Tikehau Capital. During this general meeting, of course, we will report on our activity during the fiscal year 2025. We'll also try to shed light on the first few months of 2026. And to do that, we will ask our co-managers, Antoine Flamarion and Mathieu Chabran to help. They are sitting by my side. We also have Henri Marcoux, Deputy CEO of Tikehau Capital, and I will be helped in my task by Geoffroy Renard, who is Company Secretary of Tikehau Capital. Of course, we have with us several members of our Board of Directors. I would like to thank them for their presence.

Good afternoon. We will also rely on the help of our auditors with Mr. Vincent Roty representing Ernst & Young and Gilles Magnan representing Forvis Mazars. I would also like to welcome several members of Tikehau Capital's management. Of course, they can take part in the session by answering the questions you might have after the meeting, and they will stay on with shareholders to continue the conversation after that.

The general meeting that we are organizing today is broadcast on the company's website. Any person who can go to the website will therefore be able to follow our proceedings. And I'll also mention that we will also have the whole recording available on the website in the next few days.

Now it beholds us