Wendel (MF) H2 2025 earnings summary

Executive summary

• Achieved significant progress on 2030 ambitions, targeting €7 billion cumulative cash flows and over €1.6 billion to be returned to shareholders, with WIM FRE targeted to grow 15% annually.

• Business model transformed in 2025, ramping up asset management and principal investments, including major acquisitions (Monroe Capital, Committed Advisors) and divestitures (Stahl, IHS), reducing leverage.

• 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.

• Asset management platform scaled to €47 billion AUM, with strong organic and inorganic growth.

Financial highlights

• NAV per share at €164.2 as of Dec 31, 2025, up 0.7% over the previous quarter and 1.7% including interim dividend.

• Total net income €345 million; net income group share a loss of €152 million, mainly due to non-recurring items, but equity group share increased from €3.2 billion to €3.5 billion.

• €1.65 billion proceeds from Stahl and IHS divestitures, reducing pro forma loan-to-value to 9.6%.

• Management fees and other revenues at €349 million, up 177% from prior year; FRE at €140 million reported, €159 million pro forma.

• Operating expenses and taxes decreased by 9%, reflecting strong cost control.

Outlook and guidance

• WIM expected to generate FRE in excess of €200 million in 2026 (pro forma), targeting 15% average annual organic FRE growth through 2030.

• Principal Investments aim for 12–16% average annual intrinsic value increase through 2030.

• Dividend policy raised to €5.10 per share for 2025 (+8.5% YoY), with a 5.8% yield; €340 million share buyback program to start in 2026.

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