Wendel (MF) Q1 2025 TU earnings summary

Executive summary

• Principal and listed investments delivered solid revenue growth, with most portfolio companies performing well despite market volatility and lower valuation multiples; only Scalian posted a sales decline.

• Asset management platform expanded significantly with the Monroe Capital acquisition, raising third-party AUM to €34bn and asset management to 17% of GAV.

• Bureau Veritas forward sale generated €750m in proceeds, improving financial flexibility and LTV ratio.

• Fully diluted NAV per share at €176.7 as of March 31, 2025, down 4.8% year to date, mainly due to market multiple compression.

• Dividend of €4.70 per share to be paid in May, up 17.5%, representing a yield of 5.5%.

Financial highlights

• NAV per share decreased from €185.7 at end-December to €176.7 at end-March, a 4.8% decline.

• LTV ratio stood at 17.2% as of March 31, 2025.

• Principal investments valued at €6.3bn after adjusting for Bureau Veritas sale.

• Asset management now represents 17% of gross asset value after Monroe Capital acquisition.

• Pro forma total liquidity of €1.74bn, including €800m cash and €875m undrawn credit.

Outlook and guidance

• Bureau Veritas confirmed its 2025 outlook, targeting mid-to-high single-digit organic revenue growth, improved adjusted operating margin, and strong cash flow.

• Asset management platform expected to benefit from strong fundraising and diversification, with €3.4bn raised in Q1 2025 by IK Partners and Monroe Capital.

• No material direct impact expected from recent tariffs; macroeconomic and FX risks, especially USD, are being closely monitored.

• Wendel targets €150m (Wendel share) in pre-tax FRE from asset management by 2027.