Mark Friedrich
CFO & Member of Executive Board of Mutares Management SE

Welcome, everybody, to the Q1 update call of the Mutares Group. My name is Mark Friedrich, CFO of the group next to me is Johannes, CIO of the group, and we will hold or will run you through the presentation today.

As last time, I will start with the management summary and then dig into Q1 2026. Johannes will take over again, portfolio updates and the outlook. Since we just spoke 2 weeks ago, I just want to repeat the management summary that we already presented last time. So last year, we reached quite a significant number in terms of holding net income, EUR 130 million, we reach our target here, where we're in the range. Also group revenues were in the range and communicated a guidance of EUR 7.9 billion to EUR 9.1 billion in group revenues and holding net income of EUR 165 million to EUR 200 million for 2026. The basis for this is actually the pipeline on sell side and buy side here. And actually, the basis for this, again, forms in the successful capital increase that we completed by the end of April.

When looking ahead already, next milestone for us where we see each other then is the Annual Charter Meeting beginning of July, where the company proposed a EUR 2 dividend per share. When looking at Q1 financials, we again made a step forward in the group, reaching EUR 1.7 billion in revenues. Second half will be much stronger in terms