Wendel (WNDLF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Vendel's Q1 2026 Trading Update Conference Call and Webcast. At this time, all participants are in listen-only mode. There will be presentations followed by the question and answer session. If you wish to ask a question, you need to press star 1 1 on your telephone and wait for a name to be announced. You can also ask your questions on webcast. Olivier Allot, Director of Financial Communication and Data Intelligence, will read them. I must advise you that this conference has been recorded today. I would now like to hand the conference over to a speaker today, Mr. Jerome Michels, Vandell Executive Vice President. Please go ahead, sir. Good afternoon, everyone, and welcome to Vandell's Q1 2026 Trading Update. Thank you for joining us today. Over the next 15 minutes or so, Cyril and I will walk you through our key financial highlights for the quarter. the major strategic developments that occurred and what they imply for the rest of 2026. We will then take as many questions as you have, and Benoit, our CFO, will help us answer them. At a high level, this quarter reflects continued momentum in our asset management platform and steady operating trends in principal investments, while valuations were impacted by market multiples at the end of the period, which was a low point. Let's turn now to the quarter's headline figures. This slide summarizes Vandel's Q1 2026 key financials across asset management and principal investments, as well as the net asset value. On the asset management side, Vandel Investment Managers continues to scale with assets under management of 41.8 billion euros, and fee-paying assets under management of $32 billion. The acquisition and integration of committed advisors cl...