Wendel (MF) Q3 2026 TU earnings summary

Executive summary

• Fully diluted NAV reached €167.0/share at September 30, up 5.1% QoQ and 3.9% YTD after restating for the €3.60/share May dividend.

• Portfolio rotation advanced with the completed Stahl disposal and pending IHS sale, while Investment Managers continued to grow.

Financial highlights

• 9M management fees and other revenue reached €344.0m, up 41.3% YoY; growth was 10% at constant perimeter and exchange rates.

• Including performance-related earnings, 9M revenue was €350.9m, up 42.1% YoY.

• Q3 NAV/share bridge: Principal Investments +€8.5, Investment Managers +€0.3, cash operating costs/net financing/other -€1.2 and buybacks +€0.5.

Outlook and guidance

• 2026 pro forma FRE target remains ~€200m; long-term organic FRE growth target is 15% annually on average.

• Fee-paying AUM growth target is 15% on average over the period, with annual results varying by fundraising cycles.

• Bureau Veritas confirmed 2026 guidance for mid-to-high single-digit organic revenue growth, margin improvement and strong cash flow; its 2027–2028 revenue growth target was upgraded to double-digit CAGR at constant currency.

• IHS disposal closing is expected by year-end 2026, subject to shareholder and regulatory approvals and customary conditions.