The results of the year 2022 are strongly driven by the performance of BA Glass and Cerealis, the most significant participations of Teak Capital. During the year 2022, after a period marked by major constraints to some economic activities affected by the pandemic, the evolution of the Russia/Ukraine conflict to a war after February 24th, 2022, brought a large-scale humanitarian tragedy and an economic disaster with global impact. The war caused an abrupt increase in the prices of several raw materials and products, the worsening of the energy crisis and major disruptions in supply chains, fueling an exponential rise in inflation rates globally. BA Glass and Cerealis faced major challenges during the first months of 2022 with the continued escalation of costs. The careful management of this inflationary and volatile environment was of the utmost importance in ensuring the balance of the businesses throughout the year. In 2022, Teak Capital continued to strengthen its portfolio in private equity and venture capital funds with increased focus on geographical diversification, and to promote its project in the forestry and agroforestry sector, having significantly increased the set of assets under management in different regions in Portugal.