Wendel (MF) investor relations material

Opening remarks and agenda

• The meeting was officially opened with a strong shareholder turnout and introductions of key board and executive members.

• The agenda included financial performance, governance, compensation, ESG, and voting on 28 resolutions.

Financial performance review

• Ambition to generate €7 billion cumulative cash flows by 2030, returning over €1.6 billion to shareholders.

• 2025 saw €1.65 billion in asset divestments, including Bureau Veritas and Stahl, with strong IRR performance.

• Asset management AUM reached €50 billion after acquiring Committed Advisors, with €200 million FRE expected in 2026.

• 2025 adjusted result before tax was €146 million, up 156%, with recurring and performance fees included.

• Bureau Veritas achieved 6.5% organic growth and over €1 billion operational profit; other portfolio companies showed mixed results.

• Share buyback program executed up to 9% of capital, supporting NAV and shareholder returns.

Board and executive committee updates

• Renewal of Franca Bertagnin Benetton and William Torchiana as Supervisory Board members for four years.

• Appointment of Alain Missoffe as Supervisory Board Observer for one year.

• Executive Board compensation policy maintained, with 86.4% of variable compensation awarded for 2025.

• Long-term compensation plans (AP1, AP2, AP3) tied to performance and shareholding conditions.