Operator

Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Azimut Holding First Quarter 2026 Results Conference Call. [Operator Instructions] At this time, I would like to turn the conference over to Mr. Giorgio Medda, Chief Executive Officer of Azimut Holding. Please go ahead.

Giorgio Medda

Thank you, and good afternoon, everyone, and thank you for joining us today for Azimut's First Quarter 2026 Results Presentation. As you know, I'm Giorgio Medda, CEO of the group, and I'm pleased to be here in Milan with Alessandro Zambotti, our CEO and Group CFO; and Alex Soppera, Head of Investor Relations. So following a defining and record-breaking 2025, I'm quite proud to say that the first 3 months of 2026 have proven that our growth trajectory is indeed structural and accelerating. We have started the year exceptionally well, setting a very powerful pace that underpins another year of expected high-quality growth.

So let's get started and move to Slide #3, please. Despite adverse and volatile market conditions during the quarter, our teams across the globe have once again demonstrated the true strength, scalability and resilience of our diversified business model. We closed the first quarter achieving a staggering EUR 4.6 billion in net inflows, an absolute record alongside a highly solid net profit of EUR 125 million. Importantly, I want to highlight that EUR 4 billion of these inflows were entirely organic, making it our best result on record for organic growth, and