Icade Sa Ord (CDMGF) Q1 2026 Earnings Call

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WEBVTT 00:00:01.398 -- 00:00:06.244 Welcome to the ECOD first quarter 2026 trading update conference call. 00:00:06.244 -- 00:00:10.729 For the first part of the conference call, the participants will be in listen-only mode. 00:00:10.729 -- 00:00:15.855 During the questions and answers session, participants are able to ask questions by dialing 00:00:15.855 -- 00:00:20.261 pound key five on their telephone keypad. Now I will hand the conference over to the 00:00:20.261 -- 00:00:24.926 speakers. Nicola Jolie, CEO, and Bruno Valenting, CFO. 00:00:24.926 -- 00:00:27.387 Please go ahead. 00:00:29.663 -- 00:00:33.347 Good morning, everyone, and thank you for joining us today. 00:00:33.347 -- 00:00:38.654 Bruno, Valentin, and I are very pleased to present ICAD's first quarter 2026 trading 00:00:38.654 -- 00:00:44.761 update. As usual, the presentation will be followed by a Q&A session. 00:00:44.761 -- 00:00:49.847 So let's start with slide 5 and the key messages for the quarter. 00:00:49.847 -- 00:00:54.993 First quarter was marked by the successful completion of the disposal of Marignan 00:00:54.993 -- 00:00:59.583 Building on the Champs-Élysées for 402 million euros. 00:00:59.583 -- 00:01:04.650 This operation is fully aligned with our reshaped roadmap as it reflects our 00:01:04.650 -- 00:01:10.218 disciplined approach to crystallize value while maintaining strong balance sheets. 00:01:10.218 -- 00:01:15.405 In particular, this transaction had a positive impact of around 3 percentage 00:01:15.405 -- 00:01:20.532 points on the LTV ratio and on the group's liquidity position that 00:01:20.532 -- 00:01:25.980 increased to around 2.8 billion euros, enabling us to anticipate upcoming 00:01:25.980 -- 00:01:29.141 maturity with confidence. 00:01:29.266 -- 00:01:34.613 In proper...