Wendel (MF) H2 2024 earnings summary

Executive summary

• Net income, Group share, reached €293.9m, up from €142.4m in 2023, driven by a €418.6m gain on the sale of Constantia Flexibles and strong portfolio performance.

• Consolidated net sales rose 13.1% to €8,063.5m, with organic growth of 8.4%.

• NAV per share (fully diluted) increased to €185.7, a 14.4% rise year-over-year.

• Dividend proposed at €4.70 per share, up 17.5% from 2023.

• Major strategic moves included the acquisition of 51% of IK Partners, a leading European private equity firm, and the agreement to acquire 75% of Monroe Capital, a US private credit leader.

• The company completed the sale of 9% of Bureau Veritas for €1.1bn and acquired a 50% stake in Globeducate for €607m.

Financial highlights

• Net income, Group share: €293.9m (2023: €142.4m).

• Consolidated net sales: €8,063.5m (+13.1% vs. 2023).

• Operating income: €768.6m.

• NAV per share (fully diluted): €185.7 (2023: €162.3).

• Ordinary dividend proposed: €4.70 per share (+17.5%).

• Loan-to-value (LTV) ratio: 7.2% at year-end, 17% pro forma for post-year-end transactions.

• Fee-Related Earnings (FRE) from IK Partners: €69.9m.

Outlook and guidance

• The company targets double-digit total shareholder return (TSR) and aims for €150m in pre-tax FRE (Wendel share) by 2027.

• Bureau Veritas expects mid-single-digit organic revenue growth, margin improvement, and strong cash flow in 2025.

• Private asset management business expected to generate €455m in revenue and €160m in pre-tax FRE in 2025.