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When we invest, our objective is to maximize long-term value while minimizing illiquidity risk by selecting highly differentiated investments that we consider essential to the future.%u201dSerge SavastaCEO & CIO, OMNES CAPITALOMNES CAPITAL independence in a more fragile world is the clear priority. But what is the purpose of sovereignty if not to preserve our societal model and safeguard our children's future?In Europe, we tend to be champions of rules and standards. Let us set them aside for a moment: from sovereignty to ESG, rules, regulations, and policies are useful, but they can also become constraints that prevent us from looking ahead.At Omnes, we do not view sustainability as a set of ESG boxes to check, but as one of our firm%u2019s core pillars. Our mission is to deliver strong economic performance for our investors while ensuring that every euro invested has a positive impact for future generations.This way of working is grounded in deeply held beliefs and long-term alignment with the entrepreneurs we back. Three developments in 2025 illustrated the value of our approach. Our close collaboration with the founders of ILOS, which evolved from a pure-play developer into a pan-European platform, culminated in a successful exit to AXA IM Alts. With Eclairion, we backed a differentiated metropolitan data center project at a time when the market was focused on hyperscale; that positioning proved right, as the company was chosen to host Mistral AI%u2019s first large-scale cluster. In Venture Capital & Growth, our continued investment in Quantum Systems reflects a similar dynamic: a shared belief that drives our support for a company addressing Europe%u2019s growing need for sovereign, AI-powered aerial intelligence, well ahead of broader market recognition.FOREWORD