Wendel (MF) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with introductions of executive and supervisory board members, acknowledgment of key contributors, and formation of the assembly bureau.

• Agenda included financial review, strategic updates, ESG performance, governance, compensation, resolutions, statutory auditors' reports, shareholder Q&A, and voting on resolutions.

Financial performance review

• Adjusted NAV grew by 17.5% in 2024, reaching €185.7 per share, driven by strong proprietary and third-party asset management.

• Bureau Veritas share price rose 28.3% in 2024, contributing significantly to value creation.

• €3.4 billion raised from investors; AUM reached €13.8 billion for iQVIEL, up 24%.

• Net income for 2024 was €990 million, with €8 billion in revenue and €753.7 million net income from operations.

• Share buyback program completed, with €100 million in shares repurchased.

Board and executive committee updates

• Supervisory Board renewals: Nicolas ver Hulst, Bénédicte Coste, François de Mitry, Priscilla de Moustier for 4 years.

• Executive Board's mandate renewed for four years; Laurent Mignon (Chairman, CEO) and David Darmon (Deputy CEO) terms renewed.

• Compensation policy for 2025-2028: fixed, variable, and long-term incentives, with increased focus on private asset management.