Wendel (WNDLF) Q1 2025 Earnings Call Transcript

2025-04-25 14:41:34 ET

Wendel (WNDLF)

Q1 2025 Earnings Conference Call

April 25, 2025 09:00 AM ET

Company Participants

Jerome Michiels - Executive Vice-President and Director of Wendel Growth

Benoit Drillaud - CFO

Olivier Allot - Investor Relations

Lucile Roch - Deputy Head of Financial Communication

Conference Call Participants

Joren Van Aken - Degroof Petercam

David Cerdan - Kepler Cheuvreux

Presentation

Jerome Michiels

Welcome, everybody. Thank you for joining this call. I am here together with Benoit Drillaud, our CFO as well as with Olivier Allot and Lucile Roch 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 3. 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 raised over the quarter. Importantly, IK has closed the fundraising of its flagship fund, the 10 ^th generation, and this fund has reached its cap 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 Monroe Capital on the asset management side. And we are also publishing today a net asset value, which is €176.7 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 road map over the quarter....

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