Wendel (MF) Q4 2024 earnings summary

Executive summary

• Fully diluted NAV per share reached €185.7 as of December 31, 2024, up 16.9% year-over-year, reflecting value creation including dividends.

• Proposed dividend of €4.7 per share, up 17.5% year-over-year, with a 4.8% yield versus share price as of February 21, 2025.

• Major portfolio rotation: €2.3 billion in disposals and acquisition of Globeducate, plus announced Monroe Capital deal to enhance growth and US exposure.

• Asset management platform expanded with acquisition of 51% of IK Partners and pending acquisition of Monroe Capital, AUM up 24% to €13.8 billion.

• Net income, group share, surged to €293.9 million in 2024 from €142.4 million in 2023, mainly due to the disposal of Constantia Flexibles.

Financial highlights

• Consolidated sales reached €8,063.5 million, up 13.1% year-over-year and 8.4% organically, driven by Bureau Veritas and CPI.

• Net income group share doubled to €293.9 million compared to 2023.

• NAV per share increased by €27.4, including €4 dividend and €23.4 NAV growth.

• Share buybacks of €92.5 million created €1.4 per share in value accretion.

• Financial and operating expenses at Wendel SE level dropped 45.4% to €63.0 million.

Outlook and guidance

• Bureau Veritas expects mid to high single-digit organic revenue growth, improved adjusted operating margin, and cash conversion above 90% in 2025.

• Dividend expected to increase further in 2025 with full-year consolidation of IK and Monroe Capital.

• Asset management targets €150 million in pre-tax Fee-Related Earnings by 2027 and expects 2025 proforma FRE of ~€160 million.

• Continued focus on building third-party asset management and deploying transformation plans in portfolio companies.

• ACAMS anticipates modest growth in 2025, with improved momentum expected toward year-end and into 2026.