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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Wendel (MF) investor relations material
Wendel Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary24 Oct, 2025
Executive summary
Entered exclusive negotiations to acquire Committed Advisors, expanding the asset management platform to three verticals and over €46 billion in private assets under management, with €200 million of fee-related earnings (FRE) expected in 2026 post-acquisition.
Business model transformation since 2023, shifting from a pure holding company to a dual model: asset management (Wendel Investment Manager) and principal investment, leveraging IK Partners' expertise.
Bureau Veritas exposure reduced, with €2.4 billion proceeds reallocated to investment management; simplification and launch of Iron Wave for direct growth investments, with Wendel retaining a 30% stake.
Simplified structure through the launch of IronWave and exit from venture funds, reducing OpEx by 15% and headcount from ~100 to ~65 by year-end.
Principal Investments operations to leverage IK Partners' expertise, with a new advisory mandate effective January 1, 2026.
Financial highlights
Total assets under management reached €40.3 billion at September-end; fee-paying AUM at €29.2 billion, up 192% year-over-year (FX-adjusted); AUM expected to exceed €46 billion post-acquisition.
Management fees totaled €258 million year-to-date, up over 233% year-over-year, driven by organic growth and acquisitions.
Bureau Veritas posted 6.6% organic growth; ACAMS and CPI reported 9.1% and 2.7% organic growth, respectively; Stahl and Scalian faced negative organic growth.
Fully diluted NAV per share at €163.0 as of September 30, 2025, down 2.8% quarter-over-quarter, mainly due to Bureau Veritas share price decline.
Cash position at €2.4 billion plus €875 million in undrawn committed credit facility as of September 30, 2025.
Outlook and guidance
FRE expected to exceed €200 million in 2026, with Wendel's share over €135 million; target for 2027 is €150 million.
Confident in surpassing 2027 FRE targets due to organic and inorganic growth.
Bureau Veritas reconfirmed its full-year outlook: mid-to-high single-digit organic revenue growth, improved adjusted operating margin, and strong cash conversion above 90%.
Interim dividend of €1.5 per share to be paid on November 20, 2025.
Update on capital allocation strategy to be presented at Investor Day on December 12, 2025.
How will IK Partners' advisory role enhance unlisted asset performance?
What are the FRE and fundraising targets for CA earnouts?
What is the long-term strategy for Iron Wave's growth?
Explain WPI team incentives under new IK advisory model?
Detail WIM's organic growth strategy post-CA acquisition.
What is the expected LTV impact of future WIM acquisitions?
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Frequently asked questions
Wendel is a Paris-based company, listed on the NYSE Euronext Paris exchange. As one of Europe's oldest private equity firms, we have been investing in mid-sized companies for almost 50 years. We have built an unparalleled reputation as a long-term investor, selecting businesses we can support and help improve through our expertise, network of contacts and advisory subsidiary, INSEAD business school. Wendel was founded in 1704 and is headquartered in Paris, France with additional offices across Asia, North America, United Kingdom and Europe.
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