Wendel (MF) H1 2026 earnings summary

Executive summary

• Solid H1 2026 performance with €450 million returned to shareholders via dividends and share buybacks, representing over 10% of market cap and including a completed 9% share buyback program.

• Fully diluted NAV per share rose to €158.9 as of June 30, 2026, up 2.6% quarter-over-quarter, restated for dividend.

• Wendel Investment Managers (WIM) now represents 37% of Gross Asset Value pro forma, with strong fundraising and revenue growth, confirming FRE target above €200 million for 2026.

• Strategic transformation continues with the acquisition of Committed Advisors and announced disposals of Stahl and IHS, expected to generate €1.65 billion in proceeds.

• Ongoing execution of 2030 value creation ambitions, with significant asset rotation and capital returns.

Financial highlights

• Consolidated net sales up 3.2% to €3,835 million; organic growth of 4.0%.

• Management fees and other revenues up 56% year-over-year to €226.2 million; Fee-Related Earnings (FRE) up 46% to €87.1 million.

• Net income, group share, rose to €69.5 million from €4.3 million in H1 2025; consolidated net income up 19.7% to €321 million.

• Operating income increased to €495.1 million from €371.6 million year-over-year.

• Share buyback program completed, repurchasing 3.53 million shares for €310 million.

Outlook and guidance

• Guidance confirmed for FRE above €200 million for full year 2026, supported by full-year contributions from Committed Advisors, Monroe, and IK.

• Bureau Veritas upgrades 2026 outlook to mid-to-high single-digit organic revenue growth and improved operating margin.

• Ongoing portfolio rotation and asset management platform expansion underpin growth prospects.

• Interim dividend to be paid in November 2026.

• 2030 ambitions include over €7 billion asset rotation and over €1.6 billion returned to shareholders.