Wendel (MF) investor relations material

Executive summary

• Achieved significant progress on 2030 ambitions, including asset rotation, capital allocation, and shareholder returns, with a dual-engine model of Principal Investments and third-party asset management.

• Closed major acquisitions (Monroe Capital, Committed Advisors) and divestitures (Stahl, IHS), transforming the portfolio and ramping up asset management.

• Over €500 million to be returned to shareholders in 2026 via dividends and share buybacks.

• Fully diluted NAV per share at €164.2 as of December 31, 2025, with a -51.3% discount to share price.

• €1.65 billion in disposals announced, providing significant capital for new investments and shareholder returns.

Financial highlights

• NAV per share at €164.2 as of Dec 31, 2025, up 0.7% over the previous quarter.

• Asset management AUM reached €47 billion pro forma, with 13% organic growth and strong fundraising.

• Management fees and other revenues at €349 million, up 177% year-over-year; FRE at €140 million, up 146%.

• Net income group share at €-151.8 million, mainly due to non-recurring items and accounting charges.

• Dividend for 2025 raised to €5.10 per share, up 8.5% year-over-year, with a 5.8% yield; €340 million share buyback program to start.

Outlook and guidance

• Targeting €7 billion committed cash flows by 2030, with 27% already achieved.

• WIM FRE expected to exceed €200 million in 2026 on a pro forma basis, with 15% average annual organic growth targeted through 2030.

• Principal Investments aim for 12–16% average annual intrinsic value increase.

• Shareholder returns to exceed €500 million in 2026 through dividends and buybacks.

• WIM to represent over 50% of group GAV (excluding cash) by 2030.