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Everything is in play.

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I mean, there's a lot of noise about AI,

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but core infra still requires

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quite a lot of investment
and has a lot of appetite,

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Thierry, welcome.

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Thank you.

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Good to see you again.

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Good to see you.

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So, 2025, pretty interesting
year. A lot of . . .

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I guess we've learned to
expect the unexpected.

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What do you make of it,

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and what do you make of the year to come?

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2025, a year of transition.

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And if I sort of focus on
our infrastructure market,

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investors sentiment

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has actually been a lot
better than 2024 in 2025.

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So a lot of movements, also realizing

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that when it comes to this asset class,

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infrastructure investors in the US

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have been looking at Europe quite a lot.

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Really, in terms of diversification,

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there's been a good appetite

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for Europe in 2025 for our investors.

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So transition, rocky year,

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but at the same time from a geopolitical

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and geonomics side of things.

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But investment steady and
growing in this asset class.

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And so AI, data centers, renewables,

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core infra, everything
is in play these days?

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Everything is in play.

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I mean, there's a lot of noise about AI,

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but core infra still requires

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quite a lot of investment
and has a lot of appetite,

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and especially when it comes to Europe,

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with increase
defense/infrastructure spending,

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because about a third of that

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is really about infrastructure,

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core infrastructure-mobility, roads, rail,

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and all these things,
it's been a big signal

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in terms of European
investments in infrastructure.

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And how do you think about trust?

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I mean, one of the things in Davos,

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I guess the theme is
around spirit of dialogue,

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but how do we think about trust?

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It does seem there's
a lot of dislocations.

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We've . . . you know,

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the international order
seems to be challenged

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in ways that most of
us have not, you know,

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grown accustomed to, how as an investor

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who deploys billions of
dollars think about that?

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I think then it's trust is about action

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and real action now.

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It's no longer about
historical perspective

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and living on past relationship.

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Every new action builds trust today.

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And I think we have to focus

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on the concrete reality

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of the actions of the
day where the governments

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are able to follow through
with their contracts,

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whether they're able

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to put their money where
the mouth is, whether . . .

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So it's all about execution

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if you're gonna build trust again.

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And the macro environment,

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maybe as a last question, as
you think about, you know,

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the bond markets, as you
think about inflation.

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I mean, inflation is on the right path.

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We are actually investing
in an asset class

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that is naturally inflated,

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so it's not something
that we're afraid of.

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But I think the market,

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I mean the geonomics today

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are actually creating opportunities.

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I mean, as we've seen, the defense

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and infrastructure sector,

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but there are all the
places around the world

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where opportunities are being created

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by this sort of disruption.

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People focusing on sovereignty,

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and that's not just true for Europe,

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that's also true in Asian countries.

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That's also true on the African continent.

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So that requires quite
a lot of investment,

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whether you talk digital,

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whether you talk real infrastructure.

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So it's really a good
moment of opportunity.

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Thierry, always a pleasure to talk to you.

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Thank you for stopping by.

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Thank you.