Wendel (WNDLF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon ladies and gentlemen, and thank you for standing by. Welcome to Vendel's H1 2024 Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. There will be a presentation, followed by a question and answer session. If you wish to ask a question, you will need to press star 1, 1 on your telephone, and wait for your name to be announced. You can also ask your questions on the webcast. Olivier Allot, Director of Financial Communications and Data Intelligence, will read them. I must advise you that this conference is being recorded. I would now like to hand the conference over to your speaker today, Mr. Laurent Nino, Vendor Group Chief Executive Officer. Please go ahead, sir. Thank you very much. Good morning to all of you. Thank you for being on that call on July 31st. I know there's a lot of other publications today, so we're very honored to have you there. I'm here with David Darmon, with Jérôme Michel, and Benoît Driot, as well as with Olivier Hallot, too. present you the half-year result of VADER and to answer any question you may have afterwards. So let me start with the first key highlights of the half-year. We have, as you know, two pillars of our strategy. One is the principal investment. The other one is the development of the asset management platform. If I start with the largest part of it, which is the principal investment, as you've seen, the listed portfolio has a pretty good momentum across the board, On the second quarter, compared to the first quarter, we've been active by selling some of our – through a forward sell, sorry, part of our shares, 6.7% of Bureau Veritas during this half year, which has generated 750 million of euros of proceeds. On the not listed portfolio, to be fair, it is a disappointing ...