REGIONS FINANCIAL CORP — Call Transcript 2026

Welcome to the Eurazeo Q1 2026 Trading Update presentation. Today's conference will be hosted by William Kadouch-Chassaing, Co-CEO. For the first part of the conference, the participants will be on listen-only mode. During the questions-and-answer session you may ask in two ways. By submitting a written question in the box below the player or by joining the conference call and dial pound key five on your telephone keypad to enter the queue. Now I will hand the conference over to the speaker. Please go ahead. Thank you. Good morning, thanks to all for joining this call. I am pleased to welcome you all to our Q1 2026 trading update. As usual, let me walk through the key highlights for the quarter pertaining to first fundraising, AUM and management fees. Second, asset rotation. Third, the underlying performance of the on-balance-sheet portfolio. We will then be available to take questions. Let's start with our fundraising activity. We had a strong quarter in Q1 2026, with EUR 1.1 billion raised during the period, an increase of 11% versus last year. This performance was driven by, first, strong inflows in private debt. It's more than EUR 850 million raised in Q1, nearly twice as much as Q1 2025. This strong performance comes on the back of a top quintile track record for our direct lending funds and our leading position in the mid-market category. Second, a continued momentum in the secondary strategy, which makes up for the majority of the EUR 200 million raised in equity during Q1. Our wealth solutions channel continues to grow nicely, with AUM up 16% year-on-year to reach EUR 5.7 billion. Inflows were similar in Q1 2026 as in the same period last year. Our Evergreen Fund EPVE 3 enjoys positive net inflows, with redemptions staying in Q1 well below 1% and in line with historical average. In fact, a tad lower. We are still in the roll-out period for our new Evergreen funds in the prime line, which should contribute more significantly in the coming years. As we highlighted with Christophe during our first year full year results, sorry, our pipeline of fundraising for 2026 is solid and diversified, both on the institutional side as well as on the wealth solutions segment. Let me give you an update on where we stand based on Q1. First, as we highlighted, we have four flagships which are expected to fundraise in 2026. We continue to benefit from the ongoing momentum in our direct lending fund, which will shortly be announcing a final close. We should shortly be announcing a first close of PME V, the lower mid-market buyout fund managed by the Elevate team. We confirm that this fund has good traction, benefiting from the strong performance of previous vintages. In equities, we continue to have good inflows in secondaries, as highlighted before, and we are on the road with our growth equity fund on the back of a successful first closing and strong performance overall. Second, we are on the road with five thematic funds. In equity, EPBF, an impact Article 9 fund which already had a successful first closing, as you know, as well as Eurazeo Future of Industries in Venture, which is currently fundraising. In debt, also an Article 9 fund focused on decarbonization financing. In real assets, two funds is already in operational real estate, is already on the road, and we are launching a second vintage in sustainable infrastructure after a successful first vintage. In wealth solutions, as we announced, we are rolling out our new Evergreen products, and we are initiating another growth fund for wealth investors. As we continue to fundraise dynamically, we posted the increase in both our AUM and fee-paying AUM. Total AUM stood at EUR 39 billion as of March 31st, 2026, up 7% year-on-year, with AUM from third-party up double digit at +14%. Fee-paying AUM were up 5% year-on-year, with fee-paying AUM from third-parties growing double digit at +13%. Third-party recurring revenues from asset management posted solid growth logically, which we continue to voluntarily decrease the contribution pertaining to our balance sheet. Management fees from third-parties are up 10%, excluding catch-up fees and Forex. Management fees from third-parties in private markets specifically are up 14% year-on-year, in line with fee-paying AUM. IMGP revenues were down 1% excluding Forex, pro forma of the sale of their wealth management activity at the end of 2025. IMGP had a positive momentum from most of its partners and from its own funds, especially in managed ETFs, but was impacted by market effects and some outflows of its managers specializing growth equities in the U.S. Management fees related to Eurazeo's balance sheet came at EUR 25 million. They are down 16% due to disposals and lower balance sheet commitments in fund, in line with the strategy announced at the end of 2023. Regarding asset rotation, group deployments were up 17% in Q1 2026 relative to last year, totaling EUR 915 million. Group realizations in Q1 2026 amounted to EUR 550 million, a doubling from EUR 220 million in Q1 2025. We were active, both in private debt and in private equity. Of note, our dry powder from third parties continues to grow. It is up 9%. We think we are well-placed to grasp investment opportunities. Let's now focus on the current trading of our underlying investment. As a reminder, we recently hosted a workshop on our balance sheet portfolio, commenting on its key characteristics, its performance, and the main lines. Both the link to the webcast and the presentation can be found on our website. In the first quarter, the companies in the balance sheet portfolio continued to perform well operationally, in spite of an arguably more uncertain environment. Companies in the buyout portfolios grew 6% year-on-year, with a broad-based revenue growth across geographies and sectors. Companies in the growth portfolio posted a +22% average growth, an acceleration from previous quarters, with the largest lines in the portfolio performing particularly well. The most recent investments in Growth IV fund have seen average sales growth also accelerate at over +60%, confirming their very good momentum. In real assets, hospitality revenues were up 6% in the 1st quarter. Sales of companies in the sustainable infrastructure portfolio are also up dynamically by 36% on average. At March 31, 2026, investment portfolio carried on the balance sheet was valued at EUR 6.8 billion net. As usual, is not valued during the quarter. The portfolio value per share was EUR 102 at end of March 2026 consequently. We are now available for your questions. Thanks for attending this call again. If you wish to ask a question you may ask in two ways. By submitting a written question in the box below the player or by joining the conference and dial pound key five and enter the queue. The next question comes from Nicolas Vaysselier from BNP Paribas. Please go ahead. Thank you. Good morning. I hope you're doing well. Just two quick questions on my side. The first one is on the fee-paying AUM dynamics. The jump from 1 quarter to the previous is pretty big, and I wanted to know which asset class has been driving this. I suspect it's private debt. Despite this increase in fee-paying AUM, the overall fee margin stood at 1.10 versus 1.2 on my calculations in previous quarter. Yeah, I'm definitely interested in understanding the mix dynamics for this quarter in the fee-paying AUM group. My last question, you mentioned those new Evergreen funds that are about to hit the market. I'm curious to see what traction you expect from them in terms of fundraising in the near term, given that flows in wealth remain pretty consistent, but I suppose are quite skewed to your big Evergreen fund. Nicolas, I think we didn't hear fully the second question. If you could repeat it. No, the third question on the Evergreen. The third question. Sorry, yeah. Could you repeat? Sorry. Yeah. Sorry. It's just, you're about to hit the market with two new Evergreen funds, right? I'd like just to have a bit of a color on what you expect in terms of fundraising traction for those in the near term, because I suppose what you raised in wealth mandates so far remains heavily skewed to your larger EUR 3.7 billion fund. Okay. Yes. Thank you. Let's start with fee-paying AUM. What we can say, I mean, you're right to point out it's fairly dynamic, and a bull market growth, we think, as we commit to deliver. It is a rather broad base. We have double-digit fee-paying AUM growth, both in private equity and in private debt. As you know, the dynamic is a little different for PE. It relates to commitments for private debt. It is linked to also the pace of deployment. I mean, it's very consistent across the board between PE and private debt. Overall fee margin, just to remind, and thanks again, Nicolas, for asking that question. You know, to remind everyone, the 110 basis point, which is a healthy rate, is associated to the third-party management fees. At group level, we are 120 basis point. For us, it's fairly stable. The difference between group level and third party stems from the fact that the balance sheet is rather skewed towards private equity and less so towards private debt. It also has within private equity, less exposure traditionally to secondaries. As a result, there is a mixed effect that makes for a difference between the average balance sheet fee-fees and the overall yields on third party. It's fairly stable, and the difference again stems from what I just explained. It may vary slightly within years or between years because of mixed effects. What we experience, I guess this is implicit question behind your question, is that the fee rates hold well. Evergreen, we have a good traction as relates to converting or onboarding distributors outside of France for this new Evergreen fund, which are ELTIF funds, one pertaining to private debt. There's one pertaining to secondaries in different countries in Europe. You know, also we have some traction in France. Now, as we said with Christophe a few times already, it will take time before the machine works at full steam, because first of all, we had to shape the product, get the authorization. We are starting now to warehouse some assets in these funds. You know, you don't market Evergreen funds to individual clients unless you have already some inventory. We are onboarding distributors, we don't expect, to your question, big flows in the short term. We expect some flows in 2026, we expect this thing to grow gradually and accelerate in the years next. To your point on our EPVE 3 flagship, it continues to perform well in terms of gross collection. As I said before, because we still have low redemption rates, in fact, you know, as I said, a tad below the average of 25 for the first quarter, the net collection continues to be positive. We're also aware that this is a product that you have really to make sure that you educate well the public as to its features, because there is a bit of noise stemming from the U.S. Okay. Thank you. The next question comes from Alexandre Gérard from CIC. Please go ahead. Good morning, William. Good morning, Pierre. Thank you for taking my questions. I have three questions. The first one is related to fee-related earnings. I mean, to performance fees related to fee-related earnings. As the rotation of the balance sheet normalizes within the historical range, 20%-25%. If we take normative assumptions regarding cash on cash multiples, what would be the size of the performance earnings? Can you remind us what we can expect in terms of performance fees compared to fee-related earnings? This is my first question. Second question is regarding the share buyback program. You bought back 1% of the capital during the first quarter. Can we expect the same for the coming quarters? I mean 1% per quarter. Do you think that maybe accelerating the share buyback program, given the fact that the share price is trading on a steep discount to its fair value might be interesting. The last question is regarding fundraising. I know that you don't give guidance for the year. If we look at all the initiatives that you mentioned on slide number, I think three or four, all the firms on the road, can we maybe not have a precise estimate, but a very wide range in terms of fundraising for the year in terms of what you expect? Can we multiply by four what you raised during the first quarter? I mean, this is a rough, vague estimate of the fundraising. These are my three questions. Thank you, William. Thank you very much, Alexandre, for these questions. On the performance fees, I think things develop as we had said. You invite me, and thank you for that, to reiterate the guidance we had given or at least the midterm objective we had given. Let's start with that. The midterm objective is that by 2027, and I mean, end of 2027, we should have converged, given the maturity of funds and the pace of rotation, towards performance fees representing roughly 10% of the third-party management fees, the third-party revenues. That's positive because that would translate into a nice increase in the cash flow. Also it's positive because it mean that the company will remain very centered on predictable management fees in its revenue composition. Now, to your point on what's happening as more short term, clearly, we have a number of funds that are now approaching the hurdle when they can recognize where we can recognize from an accounting standpoint the performance fees. We are on a positive trend consistent with what you've said, we've seen in 2025, which is an increase, and then we should continue on that pace towards what I highlighted, Share buyback. The program is structured in order to enable us to be constantly in market to assume that 1% each quarter is a basis. We always evaluate if we should accelerate or not if in case of more weakness on the stock price. Fundamentally, if you take that assumption, you don't take too much risk. On the fundraising, I like the way you phrase your question in a very smart way, which is to say, "We are aware that you don't give guidance, but please give me a number." I want to give you a number. I mean a rough estimate or there is a wide range. You know, it would be a helpful one I think, yeah. What we can say is, you know, as you say, we have a positive trend. You know, nevertheless, that quarterly fundraising is not even. It's not a linear growth that you would expect. I mean, there are quarters which are much more dynamic than others. Overall, what I'd like you to keep in mind that we are continue our journey on a positive trend, after a record year, 2025. We'll be more specific in the next quarters when we see also where the environments lead us. You know, just keep this, that positive message that we have a diversified product offering with a number of announcements we will do in the next weeks and months pertaining to either the final close of EPD VII on the debt side or the first close of PME V. We continue to fundraise also on the thematic funds and some of the other flagships. That's all what I can say. I don't want to qualify more the number, but we have a good start of the year. Okay. Thank you, William. I didn't mean to be frustrating, Alexandre, but I want to be cautious. No. I understand. Keep to our guidance policy as we have it every year. Understood. Thank you. Okay. Do we have any more questions on the line? Maybe I can ask a question that I have on the chat then. A question on IMGP from Matthias. What is the expected trajectory on IMGP fees going forward? As we have seen in Q1, IMGP is fundamentally dependent on its ability to generate net new flows, net new money, but also market effects. Q1, we had positive inflows net of everything because we had strong inflows in the IMGP proprietary products like managed ETFs, as I said. We had strong inflows in many of the underlying partners, asset managers, and we had outflows in a few of them, particularly one I mentioned, which is specialized on growth equity in the U.S. You know, we should continue that trend of net positive flows for the rest of the year, absent, of course, major shocks or further major shocks. The market effect has started to improve in April. It was negative for the first quarter. Let me be a bit more cautious on that one. All in all, as you can see, that's a platform that has some potential to do better than in Q1, pending, of course, market effects, Forex, and the environment. That's all what I can say now. I would add also one point, which is that IMGP has also a tradition to manage very well its costs. Q1 is not a moment where we talk about profitability and cost. I think there is some flexibility there to adjust and protect the profitability depending upon the revenue generation. Thank you, William. I don't know if there's any more questions on the line, operator. Thank you very much for attending this call, and have a good day. Have a good day, everyone.

Speaker 3: Welcome to the Eurazeo Q1 2026 Trading Update presentation. Today's conference will be hosted by William Kadouch-Chassaing, Co-CEO. For the first part of the conference, the participants will be on listen-only mode. During the questions-and-answer session you may ask in two ways. By submitting a written question in the box below the player or by joining the conference call and dial pound key five on your telephone keypad to enter the queue. Now I will hand the conference over to the speaker. Please go ahead. Welcome to the Eurazeo Q1 2026 Trading Update presentation. welcome to the eurazeo q1 2026 trading update presentation Today's conference will be hosted by William Kadouch-Chassaing, Co-CEO. today's conference will be hosted by william kadouch-chassaing co-ceo For the first part of the conference, the participants will be on listen-only mode. for the first part of the conference the participants will be on listen-only mode During the questions-and-answer session you may ask in two ways. By submitting a written question in the box below the player or by joining the conference call and dial pound key five on your telephone keypad to enter the queue. Now I will hand the conference over to the speaker. during the questions-and-answer session you may ask in two ways. by submitting a written question in the box below the player or by joining the conference call and dial pound key five on your telephone keypad to enter the queue. now i will hand the conference over to the speaker Please go ahead. please go ahead

Speaker 4: Thank you. Good morning, thanks to all for joining this call. I am pleased to welcome you all to our Q1 2026 trading update. As usual, let me walk through the key highlights for the quarter pertaining to first fundraising, AUM and management fees. Second, asset rotation. Third, the underlying performance of the on-balance-sheet portfolio. We will then be available to take questions. Let's start with our fundraising activity. We had a strong quarter in Q1 2026, with EUR 1.1 billion raised during the period, an increase of 11% versus last year. This performance was driven by, first, strong inflows in private debt. It's more than EUR 850 million raised in Q1, nearly twice as much as Q1 2025. Thank you. thank you Good morning, thanks to all for joining this call. good morning thanks to all for joining this call I am pleased to welcome you all to our Q1 2026 trading update. i am pleased to welcome you all to our q1 2026 trading update As usual, let me walk through the key highlights for the quarter pertaining to first fundraising, AUM and management fees. as usual let me walk through the key highlights for the quarter pertaining to first fundraising aum and management fees Second, asset rotation. second asset rotation Third, the underlying performance of the on-balance-sheet portfolio. third the underlying performance of the on-balance-sheet portfolio We will then be available to take questions. we will then be available to take questions Let's start with our fundraising activity. let's start with our fundraising activity We had a strong quarter in Q1 2026, with EUR 1.1 billion raised during the period, an increase of 11% versus last year. we had a strong quarter in q1 2026 with eur 1.1 billion raised during the period an increase of 11% versus last year This performance was driven by, first, strong inflows in private debt. this performance was driven by first strong inflows in private debt It's more than EUR 850 million raised in Q1, nearly twice as much as Q1 2025. it's more than eur 850 million raised in q1 nearly twice as much as q1 2025 This strong performance comes on the back of a top quintile track record for our direct lending funds and our leading position in the mid-market category. Second, a continued momentum in the secondary strategy, which makes up for the majority of the EUR 200 million raised in equity during Q1. Our wealth solutions channel continues to grow nicely, with AUM up 16% year-on-year to reach EUR 5.7 billion. Inflows were similar in Q1 2026 as in the same period last year. Our Evergreen Fund EPVE 3 enjoys positive net inflows, with redemptions staying in Q1 well below 1% and in line with historical average. In fact, a tad lower. We are still in the roll-out period for our new Evergreen funds in the prime line, which should contribute more significantly in the coming years. This strong performance comes on the back of a top quintile track record for our direct lending funds and our leading position in the mid-market category. this strong performance comes on the back of a top quintile track record for our direct lending funds and our leading position in the mid-market category Second, a continued momentum in the secondary strategy, which makes up for the majority of the EUR 200 million raised in equity during Q1. second a continued momentum in the secondary strategy which makes up for the majority of the eur 200 million raised in equity during q1 Our wealth solutions channel continues to grow nicely, with AUM up 16% year-on-year to reach EUR 5.7 billion. our wealth solutions channel continues to grow nicely with aum up 16% year-on-year to reach eur 5.7 billion Inflows were similar in Q1 2026 as in the same period last year. inflows were similar in q1 2026 as in the same period last year Our Evergreen Fund EPVE 3 enjoys positive net inflows, with redemptions staying in Q1 well below 1% and in line with historical average. our evergreen fund epve 3 enjoys positive net inflows with redemptions staying in q1 well below 1% and in line with historical average In fact, a tad lower. in fact a tad lower We are still in the roll-out period for our new Evergreen funds in the prime line, which should contribute more significantly in the coming years. we are still in the roll-out period for our new evergreen funds in the prime line which should contribute more significantly in the coming years As we highlighted with Christophe during our first year full year results, sorry, our pipeline of fundraising for 2026 is solid and diversified, both on the institutional side as well as on the wealth solutions segment. Let me give you an update on where we stand based on Q1. First, as we highlighted, we have four flagships which are expected to fundraise in 2026. We continue to benefit from the ongoing momentum in our direct lending fund, which will shortly be announcing a final close. We should shortly be announcing a first close of PME V, the lower mid-market buyout fund managed by the Elevate team. We confirm that this fund has good traction, benefiting from the strong performance of previous vintages. As we highlighted with Christophe during our first year full year results, sorry, our pipeline of fundraising for 2026 is solid and diversified, both on the institutional side as well as on the wealth solutions segment. as we highlighted with christophe during our first year full year results sorry our pipeline of fundraising for 2026 is solid and diversified both on the institutional side as well as on the wealth solutions segment Let me give you an update on where we stand based on Q1. let me give you an update on where we stand based on q1 First, as we highlighted, we have four flagships which are expected to fundraise in 2026. first as we highlighted we have four flagships which are expected to fundraise in 2026 We continue to benefit from the ongoing momentum in our direct lending fund, which will shortly be announcing a final close. we continue to benefit from the ongoing momentum in our direct lending fund which will shortly be announcing a final close We should shortly be announcing a first close of PME V, the lower mid-market buyout fund managed by the Elevate team. we should shortly be announcing a first close of pme v the lower mid-market buyout fund managed by the elevate team We confirm that this fund has good traction, benefiting from the strong performance of previous vintages. we confirm that this fund has good traction benefiting from the strong performance of previous vintages In equities, we continue to have good inflows in secondaries, as highlighted before, and we are on the road with our growth equity fund on the back of a successful first closing and strong performance overall. Second, we are on the road with five thematic funds. In equity, EPBF, an impact Article 9 fund which already had a successful first closing, as you know, as well as Eurazeo Future of Industries in Venture, which is currently fundraising. In debt, also an Article 9 fund focused on decarbonization financing. In real assets, two funds is already in operational real estate, is already on the road, and we are launching a second vintage in sustainable infrastructure after a successful first vintage. In wealth solutions, as we announced, we are rolling out our new Evergreen products, and we are initiating another growth fund for wealth investors. In equities, we continue to have good inflows in secondaries, as highlighted before, and we are on the road with our growth equity fund on the back of a successful first closing and strong performance overall. in equities we continue to have good inflows in secondaries as highlighted before and we are on the road with our growth equity fund on the back of a successful first closing and strong performance overall Second, we are on the road with five thematic funds. second we are on the road with five thematic funds In equity, EPBF, an impact Article 9 fund which already had a successful first closing, as you know, as well as Eurazeo Future of Industries in Venture, which is currently fundraising. in equity epbf an impact article 9 fund which already had a successful first closing as you know as well as eurazeo future of industries in venture which is currently fundraising In debt, also an Article 9 fund focused on decarbonization financing. in debt also an article 9 fund focused on decarbonization financing In real assets, two funds is already in operational real estate, is already on the road, and we are launching a second vintage in sustainable infrastructure after a successful first vintage. in real assets two funds is already in operational real estate is already on the road and we are launching a second vintage in sustainable infrastructure after a successful first vintage In wealth solutions, as we announced, we are rolling out our new Evergreen products, and we are initiating another growth fund for wealth investors. in wealth solutions as we announced we are rolling out our new evergreen products and we are initiating another growth fund for wealth investors As we continue to fundraise dynamically, we posted the increase in both our AUM and fee-paying AUM. Total AUM stood at EUR 39 billion as of March 31st, 2026, up 7% year-on-year, with AUM from third-party up double digit at +14%. Fee-paying AUM were up 5% year-on-year, with fee-paying AUM from third-parties growing double digit at +13%. Third-party recurring revenues from asset management posted solid growth logically, which we continue to voluntarily decrease the contribution pertaining to our balance sheet. Management fees from third-parties are up 10%, excluding catch-up fees and Forex. Management fees from third-parties in private markets specifically are up 14% year-on-year, in line with fee-paying AUM. As we continue to fundraise dynamically, we posted the increase in both our AUM and fee-paying AUM. as we continue to fundraise dynamically we posted the increase in both our aum and fee-paying aum Total AUM stood at EUR 39 billion as of March 31st, 2026, up 7% year-on-year, with AUM from third-party up double digit at +14%. total aum stood at eur 39 billion as of march 31st, 2026 up 7% year-on-year with aum from third-party up double digit at +14% Fee-paying AUM were up 5% year-on-year, with fee-paying AUM from third-parties growing double digit at +13%. fee-paying aum were up 5% year-on-year with fee-paying aum from third-parties growing double digit at +13% Third-party recurring revenues from asset management posted solid growth logically, which we continue to voluntarily decrease the contribution pertaining to our balance sheet. third-party recurring revenues from asset management posted solid growth logically which we continue to voluntarily decrease the contribution pertaining to our balance sheet Management fees from third-parties are up 10%, excluding catch-up fees and Forex. management fees from third-parties are up 10% excluding catch-up fees and forex Management fees from third-parties in private markets specifically are up 14% year-on-year, in line with fee-paying AUM. management fees from third-parties in private markets specifically are up 14% year-on-year in line with fee-paying aum IMGP revenues were down 1% excluding Forex, pro forma of the sale of their wealth management activity at the end of 2025. IMGP had a positive momentum from most of its partners and from its own funds, especially in managed ETFs, but was impacted by market effects and some outflows of its managers specializing growth equities in the U.S. Management fees related to Eurazeo's balance sheet came at EUR 25 million. They are down 16% due to disposals and lower balance sheet commitments in fund, in line with the strategy announced at the end of 2023. Regarding asset rotation, group deployments were up 17% in Q1 2026 relative to last year, totaling EUR 915 million. IMGP revenues were down 1% excluding Forex, pro forma of the sale of their wealth management activity at the end of 2025. imgp revenues were down 1% excluding forex pro forma of the sale of their wealth management activity at the end of 2025 IMGP had a positive momentum from most of its partners and from its own funds, especially in managed ETFs, but was impacted by market effects and some outflows of its managers specializing growth equities in the U.S. imgp had a positive momentum from most of its partners and from its own funds especially in managed etfs but was impacted by market effects and some outflows of its managers specializing growth equities in the u.s Management fees related to Eurazeo's balance sheet came at EUR 25 million. management fees related to eurazeo's balance sheet came at eur 25 million They are down 16% due to disposals and lower balance sheet commitments in fund, in line with the strategy announced at the end of 2023. they are down 16% due to disposals and lower balance sheet commitments in fund in line with the strategy announced at the end of 2023 Regarding asset rotation, group deployments were up 17% in Q1 2026 relative to last year, totaling EUR 915 million. regarding asset rotation group deployments were up 17% in q1 2026 relative to last year totaling eur 915 million Group realizations in Q1 2026 amounted to EUR 550 million, a doubling from EUR 220 million in Q1 2025. We were active, both in private debt and in private equity. Of note, our dry powder from third parties continues to grow. It is up 9%. We think we are well-placed to grasp investment opportunities. Let's now focus on the current trading of our underlying investment. As a reminder, we recently hosted a workshop on our balance sheet portfolio, commenting on its key characteristics, its performance, and the main lines. Both the link to the webcast and the presentation can be found on our website. In the first quarter, the companies in the balance sheet portfolio continued to perform well operationally, in spite of an arguably more uncertain environment. Group realizations in Q1 2026 amounted to EUR 550 million, a doubling from EUR 220 million in Q1 2025. group realizations in q1 2026 amounted to eur 550 million a doubling from eur 220 million in q1 2025 We were active, both in private debt and in private equity. we were active both in private debt and in private equity Of note, our dry powder from third parties continues to grow. of note our dry powder from third parties continues to grow It is up 9%. it is up 9% We think we are well-placed to grasp investment opportunities. we think we are well-placed to grasp investment opportunities Let's now focus on the current trading of our underlying investment. let's now focus on the current trading of our underlying investment As a reminder, we recently hosted a workshop on our balance sheet portfolio, commenting on its key characteristics, its performance, and the main lines. as a reminder we recently hosted a workshop on our balance sheet portfolio commenting on its key characteristics its performance and the main lines Both the link to the webcast and the presentation can be found on our website. both the link to the webcast and the presentation can be found on our website In the first quarter, the companies in the balance sheet portfolio continued to perform well operationally, in spite of an arguably more uncertain environment. in the first quarter the companies in the balance sheet portfolio continued to perform well operationally in spite of an arguably more uncertain environment Companies in the buyout portfolios grew 6% year-on-year, with a broad-based revenue growth across geographies and sectors. Companies in the growth portfolio posted a +22% average growth, an acceleration from previous quarters, with the largest lines in the portfolio performing particularly well. The most recent investments in Growth IV fund have seen average sales growth also accelerate at over +60%, confirming their very good momentum. In real assets, hospitality revenues were up 6% in the 1st quarter. Sales of companies in the sustainable infrastructure portfolio are also up dynamically by 36% on average. At March 31, 2026, investment portfolio carried on the balance sheet was valued at EUR 6.8 billion net. As usual, is not valued during the quarter. Companies in the buyout portfolios grew 6% year-on-year, with a broad-based revenue growth across geographies and sectors. companies in the buyout portfolios grew 6% year-on-year with a broad-based revenue growth across geographies and sectors Companies in the growth portfolio posted a +22% average growth, an acceleration from previous quarters, with the largest lines in the portfolio performing particularly well. companies in the growth portfolio posted a +22% average growth an acceleration from previous quarters with the largest lines in the portfolio performing particularly well The most recent investments in Growth IV fund have seen average sales growth also accelerate at over +60%, confirming their very good momentum. the most recent investments in growth iv fund have seen average sales growth also accelerate at over +60% confirming their very good momentum In real assets, hospitality revenues were up 6% in the 1st quarter. in real assets hospitality revenues were up 6% in the 1st quarter Sales of companies in the sustainable infrastructure portfolio are also up dynamically by 36% on average. sales of companies in the sustainable infrastructure portfolio are also up dynamically by 36% on average At March 31, 2026, investment portfolio carried on the balance sheet was valued at EUR 6.8 billion net. at march 31 2026 investment portfolio carried on the balance sheet was valued at eur 6.8 billion net As usual, is not valued during the quarter. as usual is not valued during the quarter The portfolio value per share was EUR 102 at end of March 2026 consequently. We are now available for your questions. Thanks for attending this call again. The portfolio value per share was EUR 102 at end of March 2026 consequently. the portfolio value per share was eur 102 at end of march 2026 consequently We are now available for your questions. we are now available for your questions Thanks for attending this call again. thanks for attending this call again

Speaker 3: If you wish to ask a question you may ask in two ways. By submitting a written question in the box below the player or by joining the conference and dial pound key five and enter the queue. The next question comes from Nicolas Vaysselier from BNP Paribas. Please go ahead. If you wish to ask a question you may ask in two ways. By submitting a written question in the box below the player or by joining the conference and dial pound key five and enter the queue. The next question comes from Nicolas Vaysselier from BNP Paribas. if you wish to ask a question you may ask in two ways. by submitting a written question in the box below the player or by joining the conference and dial pound key five and enter the queue. the next question comes from nicolas vaysselier from bnp paribas Please go ahead. please go ahead

Speaker 2: Thank you. Good morning. I hope you're doing well. Just two quick questions on my side. The first one is on the fee-paying AUM dynamics. The jump from 1 quarter to the previous is pretty big, and I wanted to know which asset class has been driving this. I suspect it's private debt. Despite this increase in fee-paying AUM, the overall fee margin stood at 1.10 versus 1.2 on my calculations in previous quarter. Yeah, I'm definitely interested in understanding the mix dynamics for this quarter in the fee-paying AUM group. My last question, you mentioned those new Evergreen funds that are about to hit the market. Thank you. thank you Good morning. good morning I hope you're doing well. i hope you're doing well Just two quick questions on my side. just two quick questions on my side The first one is on the fee-paying AUM dynamics. the first one is on the fee-paying aum dynamics The jump from 1 quarter to the previous is pretty big, and I wanted to know which asset class has been driving this. the jump from 1 quarter to the previous is pretty big and i wanted to know which asset class has been driving this I suspect it's private debt. i suspect it's private debt Despite this increase in fee-paying AUM, the overall fee margin stood at 1.10 versus 1.2 on my calculations in previous quarter. despite this increase in fee-paying aum the overall fee margin stood at 1.10 versus 1.2 on my calculations in previous quarter Yeah, I'm definitely interested in understanding the mix dynamics for this quarter in the fee-paying AUM group. yeah i'm definitely interested in understanding the mix dynamics for this quarter in the fee-paying aum group My last question, you mentioned those new Evergreen funds that are about to hit the market. my last question you mentioned those new evergreen funds that are about to hit the market I'm curious to see what traction you expect from them in terms of fundraising in the near term, given that flows in wealth remain pretty consistent, but I suppose are quite skewed to your big Evergreen fund. I'm curious to see what traction you expect from them in terms of fundraising in the near term, given that flows in wealth remain pretty consistent, but I suppose are quite skewed to your big Evergreen fund. i'm curious to see what traction you expect from them in terms of fundraising in the near term given that flows in wealth remain pretty consistent but i suppose are quite skewed to your big evergreen fund

Speaker 5: Nicolas, I think we didn't hear fully the second question. If you could repeat it. Nicolas, I think we didn't hear fully the second question. nicolas i think we didn't hear fully the second question If you could repeat it. if you could repeat it

Speaker 4: No, the third question on the Evergreen. No, the third question on the Evergreen. no the third question on the evergreen

Speaker 5: The third question. Sorry, yeah. The third question. the third question Sorry, yeah. sorry yeah

Speaker 4: Could you repeat? Sorry. Could you repeat? could you repeat Sorry. sorry

Speaker 2: Yeah. Sorry. It's just, you're about to hit the market with two new Evergreen funds, right? I'd like just to have a bit of a color on what you expect in terms of fundraising traction for those in the near term, because I suppose what you raised in wealth mandates so far remains heavily skewed to your larger EUR 3.7 billion fund. Yeah. yeah Sorry. sorry It's just, you're about to hit the market with two new Evergreen funds, right? it's just you're about to hit the market with two new evergreen funds right I'd like just to have a bit of a color on what you expect in terms of fundraising traction for those in the near term, because I suppose what you raised in wealth mandates so far remains heavily skewed to your larger EUR 3.7 billion fund. i'd like just to have a bit of a color on what you expect in terms of fundraising traction for those in the near term because i suppose what you raised in wealth mandates so far remains heavily skewed to your larger eur 3.7 billion fund

Speaker 4: Okay. Yes. Thank you. Let's start with fee-paying AUM. What we can say, I mean, you're right to point out it's fairly dynamic, and a bull market growth, we think, as we commit to deliver. It is a rather broad base. We have double-digit fee-paying AUM growth, both in private equity and in private debt. As you know, the dynamic is a little different for PE. It relates to commitments for private debt. It is linked to also the pace of deployment. I mean, it's very consistent across the board between PE and private debt. Overall fee margin, just to remind, and thanks again, Nicolas, for asking that question. Okay. okay Yes. yes Thank you. thank you Let's start with fee-paying AUM. let's start with fee-paying aum What we can say, I mean, you're right to point out it's fairly dynamic, and a bull market growth, we think, as we commit to deliver. what we can say i mean you're right to point out it's fairly dynamic and a bull market growth we think as we commit to deliver It is a rather broad base. it is a rather broad base We have double-digit fee-paying AUM growth, both in private equity and in private debt. we have double-digit fee-paying aum growth both in private equity and in private debt As you know, the dynamic is a little different for PE. as you know the dynamic is a little different for pe It relates to commitments for private debt. it relates to commitments for private debt It is linked to also the pace of deployment. it is linked to also the pace of deployment I mean, it's very consistent across the board between PE and private debt. i mean it's very consistent across the board between pe and private debt Overall fee margin, just to remind, and thanks again, Nicolas, for asking that question. overall fee margin just to remind and thanks again nicolas for asking that question You know, to remind everyone, the 110 basis point, which is a healthy rate, is associated to the third-party management fees. At group level, we are 120 basis point. For us, it's fairly stable. The difference between group level and third party stems from the fact that the balance sheet is rather skewed towards private equity and less so towards private debt. It also has within private equity, less exposure traditionally to secondaries. As a result, there is a mixed effect that makes for a difference between the average balance sheet fee-fees and the overall yields on third party. It's fairly stable, and the difference again stems from what I just explained. You know, to remind everyone, the 110 basis point, which is a healthy rate, is associated to the third-party management fees. you know to remind everyone the 110 basis point which is a healthy rate is associated to the third-party management fees At group level, we are 120 basis point. at group level we are 120 basis point For us, it's fairly stable. for us it's fairly stable The difference between group level and third party stems from the fact that the balance sheet is rather skewed towards private equity and less so towards private debt. the difference between group level and third party stems from the fact that the balance sheet is rather skewed towards private equity and less so towards private debt It also has within private equity, less exposure traditionally to secondaries. it also has within private equity less exposure traditionally to secondaries As a result, there is a mixed effect that makes for a difference between the average balance sheet fee-fees and the overall yields on third party. as a result there is a mixed effect that makes for a difference between the average balance sheet fee-fees and the overall yields on third party It's fairly stable, and the difference again stems from what I just explained. it's fairly stable and the difference again stems from what i just explained It may vary slightly within years or between years because of mixed effects. What we experience, I guess this is implicit question behind your question, is that the fee rates hold well. Evergreen, we have a good traction as relates to converting or onboarding distributors outside of France for this new Evergreen fund, which are ELTIF funds, one pertaining to private debt. There's one pertaining to secondaries in different countries in Europe. You know, also we have some traction in France. Now, as we said with Christophe a few times already, it will take time before the machine works at full steam, because first of all, we had to shape the product, get the authorization. It may vary slightly within years or between years because of mixed effects. it may vary slightly within years or between years because of mixed effects What we experience, I guess this is implicit question behind your question, is that the fee rates hold well. what we experience i guess this is implicit question behind your question is that the fee rates hold well Evergreen, we have a good traction as relates to converting or onboarding distributors outside of France for this new Evergreen fund, which are ELTIF funds, one pertaining to private debt. evergreen we have a good traction as relates to converting or onboarding distributors outside of france for this new evergreen fund which are eltif funds one pertaining to private debt There's one pertaining to secondaries in different countries in Europe. there's one pertaining to secondaries in different countries in europe You know, also we have some traction in France. you know also we have some traction in france Now, as we said with Christophe a few times already, it will take time before the machine works at full steam, because first of all, we had to shape the product, get the authorization. now as we said with christophe a few times already it will take time before the machine works at full steam because first of all we had to shape the product get the authorization We are starting now to warehouse some assets in these funds. You know, you don't market Evergreen funds to individual clients unless you have already some inventory. We are onboarding distributors, we don't expect, to your question, big flows in the short term. We expect some flows in 2026, we expect this thing to grow gradually and accelerate in the years next. To your point on our EPVE 3 flagship, it continues to perform well in terms of gross collection. As I said before, because we still have low redemption rates, in fact, you know, as I said, a tad below the average of 25 for the first quarter, the net collection continues to be positive. We are starting now to warehouse some assets in these funds. we are starting now to warehouse some assets in these funds You know, you don't market Evergreen funds to individual clients unless you have already some inventory. you know you don't market evergreen funds to individual clients unless you have already some inventory We are onboarding distributors, we don't expect, to your question, big flows in the short term. we are onboarding distributors we don't expect to your question big flows in the short term We expect some flows in 2026, we expect this thing to grow gradually and accelerate in the years next. we expect some flows in 2026 we expect this thing to grow gradually and accelerate in the years next To your point on our EPVE 3 flagship, it continues to perform well in terms of gross collection. to your point on our epve 3 flagship it continues to perform well in terms of gross collection As I said before, because we still have low redemption rates, in fact, you know, as I said, a tad below the average of 25 for the first quarter, the net collection continues to be positive. as i said before because we still have low redemption rates in fact you know as i said a tad below the average of 25 for the first quarter the net collection continues to be positive We're also aware that this is a product that you have really to make sure that you educate well the public as to its features, because there is a bit of noise stemming from the U.S. We're also aware that this is a product that you have really to make sure that you educate well the public as to its features, because there is a bit of noise stemming from the U.S. we're also aware that this is a product that you have really to make sure that you educate well the public as to its features because there is a bit of noise stemming from the u.s

Speaker 2: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 3: The next question comes from Alexandre Gérard from CIC. Please go ahead. The next question comes from Alexandre Gérard from CIC. the next question comes from alexandre gérard from cic Please go ahead. please go ahead

Speaker 1: Good morning, William. Good morning, Pierre. Thank you for taking my questions. I have three questions. The first one is related to fee-related earnings. I mean, to performance fees related to fee-related earnings. As the rotation of the balance sheet normalizes within the historical range, 20%-25%. If we take normative assumptions regarding cash on cash multiples, what would be the size of the performance earnings? Can you remind us what we can expect in terms of performance fees compared to fee-related earnings? This is my first question. Second question is regarding the share buyback program. You bought back 1% of the capital during the first quarter. Good morning, William. good morning william Good morning, Pierre. good morning pierre Thank you for taking my questions. thank you for taking my questions I have three questions. i have three questions The first one is related to fee-related earnings. the first one is related to fee-related earnings I mean, to performance fees related to fee-related earnings. i mean to performance fees related to fee-related earnings As the rotation of the balance sheet normalizes within the historical range, 20%-25%. as the rotation of the balance sheet normalizes within the historical range 20%-25% If we take normative assumptions regarding cash on cash multiples, what would be the size of the performance earnings? if we take normative assumptions regarding cash on cash multiples what would be the size of the performance earnings Can you remind us what we can expect in terms of performance fees compared to fee-related earnings? can you remind us what we can expect in terms of performance fees compared to fee-related earnings This is my first question. this is my first question Second question is regarding the share buyback program. second question is regarding the share buyback program You bought back 1% of the capital during the first quarter. you bought back 1% of the capital during the first quarter Can we expect the same for the coming quarters? I mean 1% per quarter. Do you think that maybe accelerating the share buyback program, given the fact that the share price is trading on a steep discount to its fair value might be interesting. The last question is regarding fundraising. I know that you don't give guidance for the year. If we look at all the initiatives that you mentioned on slide number, I think three or four, all the firms on the road, can we maybe not have a precise estimate, but a very wide range in terms of fundraising for the year in terms of what you expect? Can we expect the same for the coming quarters? can we expect the same for the coming quarters I mean 1% per quarter. i mean 1% per quarter Do you think that maybe accelerating the share buyback program, given the fact that the share price is trading on a steep discount to its fair value might be interesting. do you think that maybe accelerating the share buyback program given the fact that the share price is trading on a steep discount to its fair value might be interesting The last question is regarding fundraising. the last question is regarding fundraising I know that you don't give guidance for the year. i know that you don't give guidance for the year If we look at all the initiatives that you mentioned on slide number, I think three or four , all the firms on the road, can we maybe not have a precise estimate, but a very wide range in terms of fundraising for the year in terms of what you expect? if we look at all the initiatives that you mentioned on slide number i think three or four all the firms on the road can we maybe not have a precise estimate but a very wide range in terms of fundraising for the year in terms of what you expect Can we multiply by four what you raised during the first quarter? I mean, this is a rough, vague estimate of the fundraising. These are my three questions. Thank you, William. Can we multiply by four what you raised during the first quarter? can we multiply by four what you raised during the first quarter I mean, this is a rough, vague estimate of the fundraising. i mean this is a rough vague estimate of the fundraising These are my three questions. these are my three questions Thank you, William. thank you william

Speaker 4: Thank you very much, Alexandre, for these questions. On the performance fees, I think things develop as we had said. You invite me, and thank you for that, to reiterate the guidance we had given or at least the midterm objective we had given. Let's start with that. The midterm objective is that by 2027, and I mean, end of 2027, we should have converged, given the maturity of funds and the pace of rotation, towards performance fees representing roughly 10% of the third-party management fees, the third-party revenues. That's positive because that would translate into a nice increase in the cash flow. Thank you very much, Alexandre, for these questions. thank you very much alexandre for these questions On the performance fees, I think things develop as we had said. on the performance fees i think things develop as we had said You invite me, and thank you for that, to reiterate the guidance we had given or at least the midterm objective we had given. you invite me and thank you for that to reiterate the guidance we had given or at least the midterm objective we had given Let's start with that. let's start with that The midterm objective is that by 2027, and I mean, end of 2027, we should have converged, given the maturity of funds and the pace of rotation, towards performance fees representing roughly 10% of the third-party management fees, the third-party revenues. the midterm objective is that by 2027 and i mean end of 2027 we should have converged given the maturity of funds and the pace of rotation towards performance fees representing roughly 10% of the third-party management fees the third-party revenues That's positive because that would translate into a nice increase in the cash flow. that's positive because that would translate into a nice increase in the cash flow Also it's positive because it mean that the company will remain very centered on predictable management fees in its revenue composition. Now, to your point on what's happening as more short term, clearly, we have a number of funds that are now approaching the hurdle when they can recognize where we can recognize from an accounting standpoint the performance fees. We are on a positive trend consistent with what you've said, we've seen in 2025, which is an increase, and then we should continue on that pace towards what I highlighted, Share buyback. Also it's positive because it mean that the company will remain very centered on predictable management fees in its revenue composition. also it's positive because it mean that the company will remain very centered on predictable management fees in its revenue composition Now, to your point on what's happening as more short term, clearly, we have a number of funds that are now approaching the hurdle when they can recognize where we can recognize from an accounting standpoint the performance fees. now to your point on what's happening as more short term clearly we have a number of funds that are now approaching the hurdle when they can recognize where we can recognize from an accounting standpoint the performance fees We are on a positive trend consistent with what you've said, we've seen in 2025, which is an increase, and then we should continue on that pace towards what I highlighted, Share buyback. we are on a positive trend consistent with what you've said we've seen in 2025 which is an increase and then we should continue on that pace towards what i highlighted share buyback The program is structured in order to enable us to be constantly in market to assume that 1% each quarter is a basis. We always evaluate if we should accelerate or not if in case of more weakness on the stock price. Fundamentally, if you take that assumption, you don't take too much risk. On the fundraising, I like the way you phrase your question in a very smart way, which is to say, "We are aware that you don't give guidance, but please give me a number." I want to give you a number. The program is structured in order to enable us to be constantly in market to assume that 1% each quarter is a basis. the program is structured in order to enable us to be constantly in market to assume that 1% each quarter is a basis We always evaluate if we should accelerate or not if in case of more weakness on the stock price. we always evaluate if we should accelerate or not if in case of more weakness on the stock price Fundamentally, if you take that assumption, you don't take too much risk. fundamentally if you take that assumption you don't take too much risk On the fundraising, I like the way you phrase your question in a very smart way, which is to say, "We are aware that you don't give guidance, but please give me a number." I want to give you a number. on the fundraising i like the way you phrase your question in a very smart way which is to say "we are aware that you don't give guidance but please give me a number." i want to give you a number

Speaker 1: I mean a rough estimate or there is a wide range. You know, it would be a helpful one I think, yeah. I mean a rough estimate or there is a wide range. i mean a rough estimate or there is a wide range You know, it would be a helpful one I think, yeah. you know it would be a helpful one i think yeah

Speaker 4: What we can say is, you know, as you say, we have a positive trend. You know, nevertheless, that quarterly fundraising is not even. It's not a linear growth that you would expect. I mean, there are quarters which are much more dynamic than others. Overall, what I'd like you to keep in mind that we are continue our journey on a positive trend, after a record year, 2025. We'll be more specific in the next quarters when we see also where the environments lead us. What we can say is, you know, as you say, we have a positive trend. what we can say is you know as you say we have a positive trend You know, nevertheless, that quarterly fundraising is not even. you know nevertheless that quarterly fundraising is not even It's not a linear growth that you would expect. it's not a linear growth that you would expect I mean, there are quarters which are much more dynamic than others. i mean there are quarters which are much more dynamic than others Overall, what I'd like you to keep in mind that we are continue our journey on a positive trend, after a record year, 2025. overall what i'd like you to keep in mind that we are continue our journey on a positive trend after a record year 2025 We'll be more specific in the next quarters when we see also where the environments lead us. we'll be more specific in the next quarters when we see also where the environments lead us You know, just keep this, that positive message that we have a diversified product offering with a number of announcements we will do in the next weeks and months pertaining to either the final close of EPD VII on the debt side or the first close of PME V. We continue to fundraise also on the thematic funds and some of the other flagships. That's all what I can say. I don't want to qualify more the number, but we have a good start of the year. You know, just keep this, that positive message that we have a diversified product offering with a number of announcements we will do in the next weeks and months pertaining to either the final close of EPD VII on the debt side or the first close of PME V. you know just keep this that positive message that we have a diversified product offering with a number of announcements we will do in the next weeks and months pertaining to either the final close of epd vii on the debt side or the first close of pme v We continue to fundraise also on the thematic funds and some of the other flagships. we continue to fundraise also on the thematic funds and some of the other flagships That's all what I can say. that's all what i can say I don't want to qualify more the number, but we have a good start of the year. i don't want to qualify more the number but we have a good start of the year

Speaker 1: Okay. Thank you, William. Okay. okay Thank you, William. thank you william

Speaker 4: I didn't mean to be frustrating, Alexandre, but I want to be cautious. I didn't mean to be frustrating, Alexandre, but I want to be cautious. i didn't mean to be frustrating alexandre but i want to be cautious

Speaker 1: No. I understand. No. no I understand. i understand

Speaker 4: Keep to our guidance policy as we have it every year. Keep to our guidance policy as we have it every year. keep to our guidance policy as we have it every year

Speaker 1: Understood. Thank you. Understood. understood Thank you. thank you

Speaker 4: Okay. Okay. okay

Speaker 5: Do we have any more questions on the line? Maybe I can ask a question that I have on the chat then. A question on IMGP from Matthias. What is the expected trajectory on IMGP fees going forward? Do we have any more questions on the line? do we have any more questions on the line Maybe I can ask a question that I have on the chat then. maybe i can ask a question that i have on the chat then A question on IMGP from Matthias. a question on imgp from matthias What is the expected trajectory on IMGP fees going forward? what is the expected trajectory on imgp fees going forward

Speaker 4: As we have seen in Q1, IMGP is fundamentally dependent on its ability to generate net new flows, net new money, but also market effects. Q1, we had positive inflows net of everything because we had strong inflows in the IMGP proprietary products like managed ETFs, as I said. We had strong inflows in many of the underlying partners, asset managers, and we had outflows in a few of them, particularly one I mentioned, which is specialized on growth equity in the U.S. You know, we should continue that trend of net positive flows for the rest of the year, absent, of course, major shocks or further major shocks. The market effect has started to improve in April. As we have seen in Q1, IMGP is fundamentally dependent on its ability to generate net new flows, net new money, but also market effects. as we have seen in q1 imgp is fundamentally dependent on its ability to generate net new flows net new money but also market effects Q1, we had positive inflows net of everything because we had strong inflows in the IMGP proprietary products like managed ETFs, as I said. q1 we had positive inflows net of everything because we had strong inflows in the imgp proprietary products like managed etfs as i said We had strong inflows in many of the underlying partners, asset managers, and we had outflows in a few of them, particularly one I mentioned, which is specialized on growth equity in the U.S. we had strong inflows in many of the underlying partners asset managers and we had outflows in a few of them particularly one i mentioned which is specialized on growth equity in the u.s You know, we should continue that trend of net positive flows for the rest of the year, absent, of course, major shocks or further major shocks. you know we should continue that trend of net positive flows for the rest of the year absent of course major shocks or further major shocks The market effect has started to improve in April. the market effect has started to improve in april It was negative for the first quarter. Let me be a bit more cautious on that one. All in all, as you can see, that's a platform that has some potential to do better than in Q1, pending, of course, market effects, Forex, and the environment. That's all what I can say now. I would add also one point, which is that IMGP has also a tradition to manage very well its costs. Q1 is not a moment where we talk about profitability and cost. I think there is some flexibility there to adjust and protect the profitability depending upon the revenue generation. It was negative for the first quarter. it was negative for the first quarter Let me be a bit more cautious on that one. let me be a bit more cautious on that one All in all, as you can see, that's a platform that has some potential to do better than in Q1, pending, of course, market effects, Forex, and the environment. all in all as you can see that's a platform that has some potential to do better than in q1 pending of course market effects forex and the environment That's all what I can say now. that's all what i can say now I would add also one point, which is that IMGP has also a tradition to manage very well its costs. i would add also one point which is that imgp has also a tradition to manage very well its costs Q1 is not a moment where we talk about profitability and cost. q1 is not a moment where we talk about profitability and cost I think there is some flexibility there to adjust and protect the profitability depending upon the revenue generation. i think there is some flexibility there to adjust and protect the profitability depending upon the revenue generation

Speaker 5: Thank you, William. I don't know if there's any more questions on the line, operator. Thank you very much for attending this call, and have a good day. Thank you, William. thank you william I don't know if there's any more questions on the line, operator. i don't know if there's any more questions on the line operator Thank you very much for attending this call, and have a good day. thank you very much for attending this call and have a good day

Speaker 4: Have a good day, everyone. Have a good day, everyone. have a good day everyone