Wendel (WNDLF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome, everybody. Thank you for joining this call. I am here together with Benoit Adriault, our CFO, as well as with Olivier Hallot and Lucille Roque from our investor relations team. Let's go directly to the highlights of this first quarter. If you have the presentation in front of you, it's on page three. And let's start with the principal investments. that have, in general, performed well with total revenue growth good across the board. Some slight impact from market volatility in terms of asset valuation. I will come back to that in the presentation. On the asset management side, A very good first quarter with IK partners having posted revenues up 33%, assets under management up 9% year-to-date, and about 600 million euros raised over the quarter. Importantly, IK has closed the fundraising of its flagship fund, the 10th generation, and this fund has reached its outcap of $3.3 billion, making it the largest fund ever raised by IK Partners in its history. So a great success. When we look at the group as a whole, we're looking at $34 billion of assets under management when we include Monro Capital on the asset management side. And we are also publishing today a net asset value, which is $173 6.7 euros per share, slightly down by 4.8% year-to-date, and the loan-to-value ratio is 17.2%. Let me now go into a little bit more details on the next slide and go through the very active deployment that has taken place in terms of our roadmap over the quarter. On the principal investment side, I'm sure you will have seen that we've completed a forward sale of Bureau Veritas shares at about 27.25 euros per share. That netted us 750 million euros of proceeds up front. In terms of performance, as I said, the portfolio has performed well. with good total sales growth across the ...