Good afternoon, and welcome to the presentation of Touax half-year results. Our speakers at Touax will be Fabrice Walewski, Managing Partner, and Thierry Schmidt de La Brelie, Managing Director Administration and Finance.

Please note you can ask questions or write questions in the chat directly under the platform. Have a good meeting.

Fabrice, you can start.

Thank you, Vincent. To start, we will first summarize the business model of Touax.

Here, as Touax is an operating lessor of three transportation assets: freight wagons, river barges, and sea containers. Those markets are very big, as you know.

For containers, it's more than €100 billion of assets in operation worldwide. Containers transport by the way 53% of any freight by value, which is very big.

When I started in this business, it was between 5% and 10%, and now it's 53%. For the railcar activity, in the market where we are, Europe and India, it's around 75 billion of wagons in operation: 700,000 in Europe, 335,000 in India.

Then for barges, it's a €30 billion market: 6,000 barges in Europe and 25,000 in the Americas. The group today is managing €1.2 billion of assets, and we are 241 employees to manage those assets.

As you know also, the company has more than 170 years of experience in this business. It started as almost infrastructure funds in 1853 to manage for 50 years on an exclusive basis a river transport crossing Paris in France.

On the next page, you see here that we are clearly investing in assets helping our customers to decarbonize their transport. As transport is at the origin of 30% of the CO2 emissions worldwide.

All our customers, who are mostly industrial customers, they have a big, big challenge today to reduce their CO2, and therefore, today, when they can, they clearly favor transportation like rail, or intermodal, or river barges, which are clearly less polluting than road. You see on the right here the emissions compared to road.

On the next page, this is why Touax obtained a very good extra-financial ratings again for this year 2026. We were awarded with a gold medal from EcoVadis with a rating of 81 out of 100, and we are happy to confirm that we are ranked in the top 3% of the 150,000 companies today rated by EcoVadis.

We have another rating, which is more for our financial partners, shareholders, banks, etc., which is from EthiFinance. We also have a gold medal.

On the next page, you see here the summary of the €1.2 billion where that money is invested. You see that the number one activity in terms of assets under management, it is freight wagons with almost €700 million.

Touax Rail, our subsidiary, as a reminder, is 51% owned by Touax and 49% owned by CDC DIF, the famous private equity and infrastructure manager. Then we have the river barges with around 100 million, and we have the container activity for €438 million.

We have €700 million of assets owned, and this is on the balance sheet, and then we have €500 million of assets managed on behalf of third parties. You see also our market positioning, and Touax is always either number one or number two in Europe in its markets.

Here, it's also a nice way to summarize how we generate our revenues. In fact, two categories of revenues: the revenues generated by the owned assets, really the assets which are on the balance sheet and that we rent to our customers.

We have here for the first half of the year €39 million of leasing revenues and also sale revenues for €27.6 million. This is normal, for a leasing company, we buy, lease, and sell the assets.

That's completely normal to have leasing revenues and selling revenues. For certain assets, we not only sell the assets at the end of the economical life, like the wagon business, but we also do it on a more proactive basis, like for the container business.

For example, for the container business, sometimes we enter into a short-term lease, which is three to six months, in order to position the containers to be immediately sold where we have some demand. That's why you can see here that the sales include new and second-hand assets.

Then you have the second category of the revenues, management fees we collect because we are manager on behalf of third parties, and this is for this semester €6.2 million of additional revenues, which is an additional contribution to our operating EBITDA. Who are paying the rents?

Here, a good summary also of our customers. For the freight railcar activity, mostly the state-owned railways like DB, or the French railways, or the Swiss railways, or the Austrian railways, but also the private rail operators, like Freightliner in the UK, GB Railfreight, Hupac in Switzerland, but also the industrial customers representing a bigger and bigger share, like Tata Steel.

In the river barge activity, we will find also those industrial customers. We work a lot with CEMEX, for example, the fourth largest manufacturer of cement in the world, or ArcelorMittal, but we also work with logistics companies involved in river transport, like big companies like Rhenus, for example, or P&O.

For the container activity, most of our customers are really the shipping lines. As after COVID, they became conglomerates and are more and more involved now in a broad logistics.

Customers like Hapag-Lloyd in Germany, Maersk Line in Denmark, MSC in Geneva, or CMA CGM in France. To summarize on the business model, again, very simple business model: we invest in assets, they are very carefully selected because they are standardized, we don't have engines, we don't rent locomotives or aircrafts or ships.

We selected barges, wagons, and containers because they are without any engine, highly standardized, it's a liquid assets with a lot of potential buyers or lessees. They're very long-life assets, 30 to 50 years, low carbon assets, as I said, and of course we can deploy, because they are standardized, long-term leasing contracts between 3 to 10 years.

Then we manage those assets either on balance sheet or on behalf of third parties. This is very flexible.

Also we have a good diversification in terms of geographical presence in Asia, North and South America, and Europe. The idea of that is to have in terms of revenues at least 80% of the contract which are recurrent because they cannot be terminated in the year.

Now let's go to the highlights of the first semester of 2026. As you can see here, very special semester.

Indeed, we can summarize it saying that there were short-term challenges coming from the geopolitical events we faced. However, in the same semester, we did enter into long-term strategic transactions which are very good for the future.

Quite special semester. On the first hand, concerning the operating performance, as you will see, this is a decline compared to the first semester of last year, definitely linked to the geopolitical tensions in the Middle East, low demand for container leasing in the first semester because the customers were in fact more buying containers than leasing, a sluggish European industrial activity still affected of course by the Ukrainian war and impacting the rail transport, and also in Africa some delays in big projects.

Only the river activity will increase, and Thierry will present you in more details the results. However, what I can say, those geopolitical events can create also opportunity.

We took the decision before the summer, end of the first semester, to in fact extend all our financial agreements. You can see here that, for example, we did renew the container financing, totaling $115 million over four years.

We did extend all our corporate loans, via the issuance of a new bond, a Euro PP, until 2031. We did also extend, in good conditions, a credit loan at the holding level for €44 million.

Now the maturity is in 2031. In fact, we did extend all those financing, increased also our capacity, and it put us in a very good position, in fact, to act in those moments where opportunities could arise with a very strong visibility.

We have also a stronger balance sheet, and as you will see, the net book value per share increased despite the low operating performance in this first semester. Why that?

Because we also decided to reinforce our capital. When you have in fact a market situation like it is today, there could be some opportunities.

You have to make sure you can finance them, but on the other hand, with a lot of equity, in fact. We decided to do a capital raise.

You saw the press release, it was in the middle of summer, and it was in India. In fact, in India, we see a strong development of our railcar leasing activities, and therefore, we did raise equity.

It was very accretive for the shareholders, reason why balance sheet is growing in terms of equity, but also in terms of book value per share. By the way, on the next page, we summarize the transaction.

What we have done is we invited Trinity, which is the largest factory of wagons worldwide, very happy to have such an industrial partner arriving at this subsidiary level. It was €31 million of capital increase.

The conditions of the capital increase were accretive for the shareholders, three times to book, it was 12 times EBITDA, and it will be used to finance the growth of the fleet by an addition of 6,500 cars. This is approximately 100 trains in addition to what we have.

We have 40 trains today. The target is to go to 140 trains in the next 3 to 5 years.

Again, very good news, and now we have that joint venture in India very well positioned. The other partner, as since the beginning, when we started in 2012, was the largest factory of wagons in India, Texmaco.

In India, this is nice to see because, as they don't have the choice. Their GDP is growing by 6% to 7%, population is growing, and therefore, they took a very good decision to build those new dedicated freight corridor rail corridors to increase the modal shift from 27% market share for rail to 45%.

Of course, when you create new infrastructure, you need more mobile assets, including wagons. Happy to have done that, and that's very positive news for the future.

Thierry, I now turn to you for the presentation.

Thank you. Thank you, Fabrice.

If we look in details about the performance, income statement and business performance for the first half, we can see a lower performance, as said by Fabrice, coming from this really turbulent geopolitical and economic environment. Restated revenues from activities declined by €10.8 million, and this impacted directly the EBITDA by €10.4 million.

We can imagine that we have only fixed cost here and that if revenue goes to EBITDA, it's not totally true. In fact, we have variable cost, but we do have spent some more repairs to be able to release railcars and some railcars.

We'll see this later. This impact in EBITDA and from revenues go then directly to the net income, which has decreased by €6.7 million for a loss of €4.2 million, compared to profit of €2.5 million last year.

It has been a little bit compensated, and we'll see, by less amortization, by less interest expenses, and some minority interest effect. If we go in details in the profit and loss statement, we can see here in the revenues from activities breakdown by activity: leasing activity has been down by €4.7 million, sales activity by €3.7 million, and management activity by €2.5 million.

We can see that the decline comes on all activities, impacting the operating EBITDA. Depreciation and amortization, as I said, are a little bit lower.

Financial result, also, the interest expenses has been lower. We have a positive effect for corporate tax, and then we have a positive effect also for minority interest.

For leasing activity, it comes mainly from freight railcars, but also containers. Sales activity, decrease in containers and also modular buildings.

That we have a small activity in modular buildings. This has impacted directly the operating income.

If we go then by division in the next slide, we can see that we have a decrease in freight railcars, a decrease in containers, and a decrease in other, which record the modular buildings. It's not, I would say, normal to have a decrease in three of our four activities.

We are quite diversified, and usually we can see some decrease in some activities, but not on mainly all the activities. We know that the environment today is quite complex, I would say, and now it affects everywhere, all the world, Europe, and even Africa.

The decrease in operating profitability of the freight railcars, containers, and modular building, we can see for the freight railcar, this European rail market, which is weak, especially in the intermodal segment, coming from the Ukraine-Russian war. The leasing market for containers has slowed down until June 2026.

In fact, the shipping lines preferred to buy containers until June 2026, so that's why, in fact, we have not been able to grow and renew some containers in that market. It has resumed since this summer.

We've done fewer syndication. Some has been delayed in railcars on the second semester, we'll speak this later, and we've done less asset sales, and especially also in modular buildings where there has been delay in big program or big contract.

River barges is the one that has been a little bit up. It has been supported by the chartering activity.

Next slide, if we look by detail of the activities, freight railcars, we do lease recent fleet on long-term leases. We manage about 13,000, a little bit more than 13,000 of railcars: 64% are owned, 27 are on behalf of third parties under management, and 9% technical management.

The useful life is long, 30 to 50 years, where our book depreciation is prudent, 36 years. You can see that it's a quite young fleet because the average age is 12.2 years for the global fleet or 11.2 years for the owned fleet.

Average utilization rate is quite low, 78.4%, decreased from 80% by the end of last year. This is especially in Europe and in intermodal sector, where in India we are at 100%.

Average lease term is quite long because we are about 5 years of average lease term in that activity. If we look next slide on the performance, then we can see that because of this, I would say, decline in utilization rate, there has been then less revenues and leasing revenues, which has impacted the EBITDA.

We can see €3.4 million less revenues, €3.6 operating lower EBITDA. However, as I said before, we have spent in that activity to prepare and repair and maintain railcars to be able to resume the leasing when the market will be there.

Just to remember that in that market, there has been a lower demand coming from the low, I would say, industrial transaction in Europe coming from the Russian-Ukrainian war, and an excess in offer, an overcapacity, because our competitor invest a lot of railcars speculatively, where we did not invest speculatively. While our competitors are focused on leasing their new railcars that are delivered without any contract, we are focusing ourselves to be prepared for the rebound to repair effectively the railcars, repair and maintain.

If we look in the river barges activity, we grow the fleet under management. Today, we are operating 115 river barges: 67 in Europe, 38 in South America, 10 in North America.

Just remember that one barge costs between €1 million and €1.5 million, so that's why it's a huge numbers here compared to what we have in containers or in railcars. The economic lifespan is still very long also, 30 to 50 years useful life, where book depreciation still prudent, 30 years.

Very young fleet as in the railcars, 16.9 years for the global fleet, 15.3 years for the owned fleet. Average utilization rate very high, close to 100%.

We do have a quite, I would say, not so long lease term, 2.8 years, but there is a renewal rate which is very high in that activity. If we look in term of performance in the numbers in next slide, good performance in this activity and especially in the owned activity, where I've seen the revenues up by €0.5 million and impacted EBITDA positively by €0.2 million, and this comes especially with the chartering activity and some sales activity.

Containers, we do have a long-term lease fleet, and we will see that the leasing term are very long in that activity. We do manage a little bit less than 300,000 containers: 64 are managed on behalf of third parties, 36 are owned.

We also have another activity in that activity, which is the trading of containers, sales of containers. We've been able to trade or sell almost 35,000 TEU in this first half: 75% which were second-hand and 25% which was new.

Second-hand means it's old containers we are selling from our fleet, but each time we are selling old containers, that means that, in fact, we need to renew and to grow the fleet again to be able to maintain the lease revenue. Here we'll see that we've not been able to do that because the shipping lines preferred to purchase the containers for a few months until June 2026.

Economic lifespan very long also, 15 years maritime, 20 years on land. Book depreciation still prudent, 13 years with a residual value between $1,000 and $1,400, depending if it's 20-foot or 40-foot.

We do operate the containers on the maritime life, and after we sell it, so that's why we have this residual value. The weighted average age for the owned fleet is young: 5 years, 4.9 years.

We have a very competitive average price of old containers thanks to dynamic fleet management, because also we have repurchased old containers, it's only $1.1000 per CEU, which is very low. Average utilization rate quite high, 92.3%, a little bit impacted by the Hormuz Detroit and Strait.

Average lease term, 6.4 years, very long, where we do have a proportion of long-term lease between 3 and 7 years of 76%. Long-term lease in that activity.

In terms of operational performance, we've seen that in that activity there is a lower revenues and profitability, decrease in restated revenue from activities by €5 million about, a little bit more, decreased then, impacted the operating EBITDA. In fact, we sold second-hand containers, there has been a decrease in leasing activity, but we have not been able to reinvest in new containers because the market, the leasing market, was, I would say, stopped at that time.

Then there has not been any pickup charges, and then we have not been able to build portfolios to sell them and then to do syndication. This has resumed in the second half, and we've seen the shipping lines coming back to leasing.

The sales volume is very strong, strong momentum. However, we sold more second-hands than new trading, and then it has impacted a little bit our revenue by €1.6 million in that activity.

As and for all activities, we have this asset management for third parties. It's a cross-functional activity.

It contributes to revenues and gross. There is a strong demand from investors for real assets, tangible assets.

We do lease tangible assets, steel boxes, we can say. There is also a strong demand for infrastructure and green transportation.

The investors, they seek for diversification. They want to have a diversification strategy diversified from the financial market.

They look at tangible assets because they are natural hedge against the inflation. They want recurring returns with low volatility, and this is given because, in fact, we do sign long-term leases.

They want green, it's very important today, our activity are really in a green transportation with railcars, river barges, and shipping intermodal containers. It helps, as said by Fabrice, to reduce CO2 emissions.

We say that we do lease containers or lease the equipment on a long-term basis. However, if we look at the management contract, it's also very long-term because it will be between 12 to 15 years.

We do align our interests when we invest in equipment, we invest the assets owned and managed together, and we pull the assets together to align the interest with our investors. It provides, in fact, for Touax additional income, additional gross.

It's fully scalable activity, and we don't need to invest in our balance sheet. It's a very good activity.

We will continue. In term of type of investors, we do have really different type of investors: insurance companies, pension funds, family offices, finance companies, or infrastructure funds.

There is more and more infrastructure funds today. They do invest through two funds where we are operating partner: Real Asset Income Fund have invested about €175 million, and the CEF Fund.

The CEF Fund is backed by EIB, the European Investment Bank, and wants to invest about €200 million of equipment over four years. Some are direct investors, meaning they do purchase directly the equipment.

There is about 10 investors spread over more than 20 investment pool that invest directly in the equipment. For the outlook, highlight of 2026 and the outlook, we have about half a billion of assets under management.

There is a strong demand, as I said, numerous opportunities. There is opportunities in the rail sectors.

When the market are quite low, there is people that want to divest, and then we could with the help also with investor to purchase portfolios of assets when we do external growth here. We speak about purchasing assets, portfolios of assets.

As I said, there is a recurring demand, the container leasing market is back in the second half 2026. We will resume our activity there to, as for the third-party management, purchase the containers, lease the containers, build the portfolio, and then syndicate the containers and manage them on behalf of third parties.

We have new partnerships that are being established with new investors, and we expect for the second half to have about a little bit more than €50 million of syndication. In term of balance sheet and cash flow, here we can see the economical balance sheet with a strong equity position that has been reinforced, as said by Fabrice, with Trinity investment in the share capital of our Indian subsidiary, an increase by €25.9 million that has compensated the loss of this first half.

We can see an increase also in non-current assets and inventories. Here we have a little bit more than half a billion non-current assets, inventories.

When we speak about non-current assets and inventories, that mean it's containers, river barges, and railcars. There is only €8 million of intangible and goodwill here, it's truly steel box, really tangible assets.

We have invested a little bit and especially in the freight railcars activity. All the investment are on lease.

As I said, we haven't done speculative investment. We have invested in India for sure because this is where the market is, but also a little bit in Europe where all the railcars are on lease also, has been leased also.

Net debt decreased. The decrease comes from the strong cash increase following Trinity's investment, and you'll see that the net debt is financing only the tangible assets, it does not finance any working capital because working capital is a resource in our company.

In the next slide, if we look at the details or breakdown of the net debt, it comes from a gross debt of €363 million with €66.6 million cash, and this big amount of cash comes also with Trinity investment in India. 73% of the debt is without recourse to Touax SCA, to the mother company, listed mother company.

In fact, you can see on the pie chart on the right that 77% of the financing sources is asset-backed financing, financing secured by assets, and those are non-recourse to Touax SCA, where we do have sources as standard corporate club deal bank debt and debt capital market. The weighted interest rate, you can see this on the bottom right, 5.38%, a little decrease from the end of '25.

You can see that it's still high in US dollar, also in GBP, a little bit less in euro, but we are at a level which is quite high today. Something we are taking care in this kind of environment where it's super volatile, is about our liquidity, very important to be sure that we have a good liquidity.

For that, we do look at our maturity schedule, for sure, renewing and having a good visibility on the debt is very important for us. We have refinanced the asset-backed financing for containers.

It has been signed by the end of June for four years, it was in 2026 and it has been moved in 2030. As mentioned Fabrice, we also have anticipate the refinancing of the corporate debt, it was scheduled by mid-2027, and in fact in July, we have refinanced that, and it has been moved now in 2031.

One green bond issued for €38.7 million and one green loan signed for €44 million with a syndicated bank loan. In term of ratios also, this is something we take care and we are very careful of to not breach the ratios.

We see here the interest coverage ratio decreased, which is just above 2, where the limit is 2. This comes with the decrease in EBITDA.

The loan-to-value is contained, is good, at 60%, I would say with a good headroom from the 70% maximum. Please remember here that the loan-to-value is calculated on the net book value.

It's a prudent calculation here in net book value. Another thing where we take care of and we focus a lot is the cash, especially in this environment.

In operating flows, if you remember, we do have the operating flows coming from the activities, coming from the leasing and the sales of equipment, but also, because we are lessor, we do have the investment, purchase of equipment, which is recorded in operating flows. I would say all that comes from external factors, competitors, customers, market, is operating flows.

It's sometimes, I would say, quite difficult to manage them, where we can see here we've seen a decrease with the EBITDA, where for purchase of equipment, this is totally internal factors, and we decide if we want or if we stop to invest. Because we do manage our cash and we take care of the cash in this kind of environment, what we've done, it was quite easy, is to decrease the purchase of equipment.

You can see that we just purchased €24.5 million of equipment in the first half, where it was near the double in the first half 2025. Financing flows has been good because, in fact, we've done this strategic development with Trinity, meaning that we have a change in net cash which is quite positive, €19 million, important development in cash in this first half.

To conclude on that, I would say, part, as Fabrice said, challenging environment, very volatile, strategic decision, long-term strategic operation, and a big focus, and we take care, we do manage very precisely cash, debt. Fabrice, I let you the floor.

Thank you, Thierry. Now we can go to the third part, which is the business outlook.

Here, what we can say exactly, we have a volatility in this first semester, but again, we took some long-term decisions which are very positive, and we can also confirm that our various businesses have a very good visibility in the mid and long term. We give you some details here.

For the railcar activity, Europe definitely has volume which declined in the past 2 years. What I can confirm, for the first time for the second quarter of 2026, from the UIP statistics, the volume of containers or trailers or swap bodies transported by rail slightly increased.

This is probably now a stabilization of the market before its recovery. What we can also say is that we expect a strong rebound of the market if the Ukrainian war ends.

Of course, nobody can predict. Definitely, it will be very favorable when the two corridors crossing, in fact, between China and Europe will reopen.

Concerning the Indian market, as I said, very positive. In fact, we signed eight new trains this summer, we already have, compared to our fleet of 40 trains, 20% growth on this market.

For the river barge activity, as you saw in the numbers presented by Thierry, in fact, it was quite positive. We still see long-term growth here, strong support from the public authorities and from our customers for green transport, and they clearly want to diversify the way they transport cargo, and they want to use more and more river when possible.

The container activity, you will see, in fact, despite all those geopolitical events, including Hormuz, of course, I can confirm that for 2026, in fact, the volume is predicted at 3.7% growth, and this is the most recent update from Clarkson. Why the market is growing?

In fact, because the global trade is completely correlated with increase in GDP. As the GDP is growing still in Asia and US, even if it is weaker in Europe, and every time you have an increase in GDP, then there is a need for additional containers.

The rebound on the leasing demand was also a surprise because we assumed maybe '26 will remain quite weak, but in fact, I confirm that, in fact, starting early July, there were a lot of leasing demand from the shipping lines to rent more assets. Good news.

We'll see if it will of course continue, but again, with the statistics just released with a 3.7% growth for the year, it's quite positive. For the modular building activity, this is very linked to the demand of new infrastructure in Africa, which is of course also growing.

Mid-term, long-term, good visibility, and happy to be in those businesses. On the next page, we give some more information for our targets, our outlook per segment.

You remember that for the railcar leasing activity, our target was to increase the fleet from 13,000 wagons to 16,000 wagons. We are happy to confirm that we do increase our target to 20,000 wagons now.

Again, why? Because it is financed in India.

We have 6,000 wagons there, this is a plan to deliver. There will be of course order if all the contracts are confirmed, but strong demand again, plus the growth even if it will be less, but coming also from Europe.

This is a new target, and as I can confirm also that there are huge investments on the rail infrastructure network done by Europe at the moment. You see here a lot of examples on this page.

Of course, the larger the network will be, the more demand there will be for wagons. On the next page, for the barge activity, we confirm our target to go from 115 barges to 200 barges within the next 3 to 5 years.

The reason is also, as I said, very positive support from customers and local authorities for green transportation, but also clearly because they want to diversify the way they transport cargo, fuel price is increasing, you can have issues here and there, definitely they like to diversify. This is positive.

Two neutral impacts indicated here, of course, impact of the climate change. However, it is not indicated here as negative, but neutral because on the same time, we have more demand for assets with a lower draft in order to accommodate that situation and continue transporting cargo.

For the European market, of course, the market itself is quite weak, but again, compensated by the big demand for grain transport or the transportation of energy commodities. On the next page, for the container activity, we don't indicate a target in terms of fleet size.

Indeed, it is very difficult to predict what will be leasing demand from the shipping lines, but the idea is definitely to grow the fleet, leased on our balance sheet, but also managed on behalf of third parties. Why that?

Because again, the market is quite positive. If you look at those KPIs, assets remain very standardized assets.

They can be used everywhere in the world for local transport within Europe, but also between Asia and Europe or intra-USA, any trade. Where GDP would grow, containers can be deployed.

Long-term leasing, this does continue to be the case. In fact, our utilization rate increased from 92% to 95% now at the moment, which is a positive.

Again, as I said, you see here the container traffic grows. There will be around 6 to 7 million containers built this year, which is in fact quite a good year.

Of course, here a negative impact affecting our operating performance is definitely the closure of Hormuz, and we said that it only affects 2% of the containerized traffic. Indeed, it's only 2%, but when you have to recover 2% of your fleet because your customers cannot operate anymore, of course it does impact your semester.

Anyway, ambition is to continue to grow and also the trading activity of containers from 16,000 containers per year to 28,000 container per year. We should be around 20,000 by the end of this year.

To conclude, in fact, on our markets for Touax, happy to confirm that we see so a resilient business model, the demand for mobile assets related to transportation infrastructure is in fact growing because of the fact that those assets we deploy are green assets. We continue to see so the expansion of the transportation infrastructure, but also of e-commerce, which is favorable for our businesses.

We also see a growing of the outsourcing trends of our customers. Of course, definitely, we see that a lot in Europe at the moment, where the state-owned railways try to sell some assets because governments have too much debt, and this is clearly not the role of the governments to invest in wagons.

Market is liberalized, and in fact, 75% of any new demand is financed by the private sector. Very happy to see that, and this is a trend which will continue.

Also, happy to confirm that we have a strong support from investors, mostly the infrastructure investors, because they like to invest in real assets, not linked to the financial markets, with lower volatility and stable returns. Again, Touax ambition is to continue growing in those markets and continuing our investments on balance sheet and on behalf of third-party investors.

Thank you. To end maybe the presentation, just now a quick word on the Touax and the stock market.

Here you see the number of shares. Touax did purchase back some shares, but this is the maximum we could do, in fact, quite small, but this is something we could continue in the future.

Market cap is around €30 million. Closing price is €4.22, it was end of June.

Again, a big discount on the book price of more than 60%. On the next page, what we like to report to our shareholders is a very simple KPI, which is what I call the shareholders' performance.

Shareholders' performance is a combination of the increase of the book value per share and of the dividend paid. Here, if you look at that track record over the past 6 years, this is in average 6.5% shareholders' performance.

It was growing quite fast from 2019 to '22, then a normalization, and then an increase again in the first half of the year because of the transactions we did in India, for example. Something we want to monitor.

Of course, be aware that the general partners of the group, our target is to deliver around 10% shareholders' performance per year. Thank you very much for your attention, and I let you now ask any questions via Vincent.

Yes, Fabrice. We've got a question in the chat.

In fact, there is a question on the first-half results: do they include provisions for the lawsuit brought by Network Rail in the UK?

I can answer. They don't.

In fact, we have, in fact, an action indeed taken by Network Rail. It's an event which happened in 2020, already almost 6 years ago.

They decided to, in fact, sue DB Cargo, who was the rail operator, but also the entity in charge of the maintenance, they did the maintenance of the wagons, but they included in this action also Touax, who is the ECM, the keeper, in fact, of the wagons. It's impossible to put an amount to the potential loss we could have on this.

What we can tell you is already for 4 years and 5 years, we have been very close to the body in the UK doing an investigation to improve safety. We helped them, by the way, to take some decisions.

What I can say today is that, in fact, there were no default or no faults found on Touax level. It's a combination of events, including the quality of the network, the quality of the rail operator, quality of the maintenance, which was done by the repair shops, etc., etc.

There are some official reports which were released already 2 years ago, and therefore, we decided that there were no need to take any provision.

Thank you. A second question: what will you change after this disappointing first half-year?

Yes. In fact, so that's a good question.

In fact, as we clearly said, those events impacted the first semester are mostly linked to geopolitical events. What we do, in fact, is for example, for the Hormuz impact on a few customers, where we have to just locate the containers, recover them, and then release them, this is the action.

In fact, what we do is clearly we lost the revenues of around 6,000 containers. We recover those containers, we put them back on lease, and that will have a positive impact as soon as it is done.

Of course, there is an impact for the moment. For the other actions taken, it's really the one I indicated, it's put back the wagons off lease in Europe back on lease.

There is a lot of actions today because we see some new tenders and new demands, and we have to be ready. In fact, we invest in the quality of our wagons and to make sure they are immediately available for our customers.

We believe it's very important. Our customers, they want the flexibility and immediate availability of the assets.

That's what we do to, in fact, accelerate the rebound. Then there are many other actions, of course, including creating value by adding new trains inside our joint venture in India.

They are clearly generating net income also, etc., etc.

Thank you, Fabrice. We have no more question in the platform.

Thank you. As always, don't hesitate to ask questions to us directly after the call.

Thank you.

Thank you.

Have a nice day. Bye-bye.

Bye.