Operator

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Wendel's Q1 2026 Trading Update Conference Call and Webcast. [Operator Instructions] 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 is being recorded today.

I would now like to hand the conference over to your speaker today, Mr. Jerome Michiels, Wendel Executive Vice President. Please go ahead, sir.

Jérôme Michiels
Executive Vice President

Good afternoon, everyone, and welcome to Wendel'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 Wendel's Q1 2026 key financials across asset management and Principal Investments as well as the net asset value. On the asset management side, Wendel Investment Managers continues to scale with assets under management of EUR 41.8 billion and fee-paying