Wendel: q1 2024 trading update

Q1 2024 nav up +11% dynamic implementation of new strategic directions net asset value as of march 31, 2024: €7,912 million or €178.1 per share, up +11.2% since december 31, 2023 q1 2024 consolidated net sales: €1,848 million, up +11.7% overall and up +6.9% organically strong organic growth of cpi (+9.7%) and bureau veritas (+8.0%) strong total growth of stahl (+9.8%), with a return to organic growth scalian total growth of +1.3%, impacted by the slowdown in growth observed in the engineering/it services market, amplified by an unfavorable seasonality effect acams first quarter down -3.1%, tied to timing effects expected to be offset over the year implementation of new strategic directions sale of 9% of bureau veritas' share capital, with favorable conditions, generating approximately 1.1 billion euros of gross proceeds this partial monetization, in line with wendel' strategy of active portfolio management, was carried out at a price of €27.127 per share, or a discount of only 3%, close to its value in the march 31, 2024 nav wendel remains bureau veritas' largest shareholder and controlling shareholder and reiterates its full confidence in bureau veritas' strategy strong financial structure total liquidity of €3.2bn as of march 31, 2024, including €2.3bn of cash and €875 million available under the committed credit facility (fully undrawn) pro forma for the sale of the 9% stake in bureau veritas and the dividend paid by cpi in april 2024, cash available is €3.5 billion ltv ratio of 0.6% as of march 31, 2024 and -5.1% proforma of ik partners acquisition, sponsor money commitments, the remainder of the share buyback program, bvi disposal and cpi dividend share buyback: c. 475,000 shares, totaling €39.5 m, already bought back as of april 24, 2024 under the €100 m program launched on october 27, 2023.
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