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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Wendel
Wendel (MF) investor relations material
Wendel Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary22 Oct, 2026
Executive summary
Fully diluted NAV reached €167.0/share at September 30, up 5.1% QoQ and 3.9% YTD after restating for the €3.60/share May dividend.
Portfolio rotation advanced with the completed Stahl disposal and pending IHS sale, while Investment Managers continued to grow.
Financial highlights
9M management fees and other revenue reached €344.0m, up 41.3% YoY; growth was 10% at constant perimeter and exchange rates.
Including performance-related earnings, 9M revenue was €350.9m, up 42.1% YoY.
Q3 NAV/share bridge: Principal Investments +€8.5, Investment Managers +€0.3, cash operating costs/net financing/other -€1.2 and buybacks +€0.5.
Outlook and guidance
2026 pro forma FRE target remains ~€200m; long-term organic FRE growth target is 15% annually on average.
Fee-paying AUM growth target is 15% on average over the period, with annual results varying by fundraising cycles.
Bureau Veritas confirmed 2026 guidance for mid-to-high single-digit organic revenue growth, margin improvement and strong cash flow; its 2027–2028 revenue growth target was upgraded to double-digit CAGR at constant currency.
IHS disposal closing is expected by year-end 2026, subject to shareholder and regulatory approvals and customary conditions.
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Latest events from Wendel
- H1 2026 saw €450M returned to shareholders, NAV per share up 2.6% to €158.9, and strong asset growth.MF
H1 2026 - Dividend up 8.5%, €7bn cash flow target by 2030, and all resolutions approved.MFAGM 2026
- AUM rose to €49.5bn, NAV per share fell 3.6%, with active asset rotation and share buybacks.MFQ1 2026 TU
- Dual private asset engines target €7bn+ cash and €1.6bn+ shareholder returns by 2030.MFInvestor Day 2025
- Transformation delivers €31bn AUM, recurring earnings, and growth in education, AFC, and coatings.MFInvestor Day 2024
- $1.13bn Monroe Capital deal expands platform to €31bn AUM and accelerates private credit growth.MFM&A Announcement
- NAV per share up 13.7% YTD; asset management expands with Monroe and €31bn AuM post-acquisitions.MFQ3 2024 TU
- NAV per share up 7.9% YTD, net income surges on disposals and asset management growth.MFH1 2024
- NAV per share up 16.9% and dividend up 17.5% as asset management and disposals drive growth.MFH2 2024
Next Wendel earnings date
CMD 20262 Dec, 2026
Wendel
Next Wendel earnings date
CMD 20262 Dec, 2026
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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.