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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 1 H1 2025 Results J U L Y 3 1 , 2 0 2 5
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 2 Disclaimer • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the 2025 Half Year Results presentation , to be held on July 31 , 2025. This document must be treated confidentially by attendees at such presentation and may not be reproduced or redistributed to any other person. • No representation or warranty, express or implied. is made as to, and no reliance should be placed on, the fairness, accuracy , completeness or correctness of the information or opinions contained herein and Wendel expressly disclaims any liability relating thereto. Wendel is under no obligation to keep current the information contained in this presentation and any opinions expressed in this representation are subject to change without notice. • This document may include forward‐looking statements, These forward -looking statements relate to Wendel’s and its affiliates’ fu ture prospects. developments and business strategies and are based on analyses of estimates of amounts not yet determinable. By their nature, forward -looking statements involve risks and uncertainti es. Wendel cautions you that forward -looking statements are not guarantees of future performance and that its actual financial condition. actual results of operations and cash flows and the developmen t of the industries in which Wendel or its affiliates operate may differ materially from those made in or suggested by the forward -looking statements contained in this presentation. Wendel does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward -looking statements to reflect events that occur or circumstances that arise after the date of this document, unless required by law or any applicable regulation. • No liability is accepted for the consequences of any reliance upon any statement of any kind (including statements of fact or opinion) contained herein. • This presentation includes only summary information and must be read in conjunction with Wendel’s Financial Reports, which ma y be obtained on the website of Wendel ( www.wendelgroup.com ) and the Universal Registration Document submitted on March 28, 2025 to the AMF under the number D. 25 -0185. You are invited to take carefully into consideration the risk factors described in these documents. • No information provided on this document constitutes, or should be used or considered as, an offer to sell or a solicitation of any offer to buy the securities or services of Wendel or any other issuer in any jurisdiction whatsoever. Wendel securities have not been and will not be registered under the US Securities Act of 1933, as a mended (the “Securities Act”), and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securit ies Act. • By attending this presentation and/or accepting this document you agree to be bound by the foregoing limitations. • Many of the terms used in this presentation including AUM, FP AUM, may not be comparable to similarly titled measures used by other companies. In addition, our definitions of AUM and FP AUM are not based on any definition of AUM or FPAUM that is set forth in the agreements governing the funds that we manage and may differ from definitions of AUM or FP AUM set forth in other agreements to which we are a party or definitions used by the Securities and Exchange Commission ("SEC") or other regulatory bodies
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 3 How to ask questions to our speakers? From the webcast You can submit your questions in writing directly via the platform Over the phone OR
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 4 H1 2025 key highlights Principal Investments Asset Management Listed portfolio: • Positive momentum across the board • Forward sale of Bureau Veritas shares generating €750m of proceeds Non listed portfolio: • Valuation impacted by current trading, peer multiples & FX • New CEOs at CPI and Scalian First inclusion of Monroe Capital Asset Management now accounts for 22% of GAV excluding cash AuM up +184% YTD at €39bn €4.3bn raised in H1 2025 with no sponsor money from Wendel Fully diluted (2) NAV: €167.7 per share, flat in Q2 restated for dividend and FX €45+bn of assets managed (1) Of which 449M€ of sponsor money from Wendel (434M€ of sponsor money in IK partly called + 14M€ called for Monroe Capital). For Monroe Capital AuM, EURS:USD conversion rate @1.17 (2) Fully-diluted NAV per share assumes all treasury shares are cancelled, and a complementary liability is booked to account for all LTIP related securities in the money as of the valuation date. + NEW: €1.50 per share interim dividend announced today, to be paid in November 2025 Total Principal Investments value: c.€6.2bn Total Assets Under Management for third party is now €39.1bn(1)
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 5 Wendel Group now manages €45+ billion of Assets Education, Professional Training, and Tech. Industrials Business Services Principal Investments c.€6.2bn Excluding €1.8bn of cash AuM in private assets c. 480 people in 11 countries €23.6bn AuM €15.5bn AuM 3rd Party AM platform €39.1bn AuM(1) (1) June 2025 for IK Partners and Monroe Capital total AuM, including Dry Powder and Undeployed capital eligible to fees. Portfolio values as of March 31, 2025 45% 37% 18% Economic exposure(2) of Wendel: 34% North America, 36% Europe, 17% APAC, 13% RoW (2) Equity Value exposure of Group companies, weighted by the breakdown of 2024 revenues (except for IHS with Q42024 revenue). Equity value are based on NAV calculationsas of December31, 2024 60% 40% Of which 11% France
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 6 Principal Investments -€1.5 Asset Management +€3.8 Forex impact -€4.7 Cash operating costs and Net financing results & others -€1.9 Total change in value on fully diluted NAV per share -€4.3 End of June NAV flat(1) QoQ at constant FX and adjusted for dividend △ Q1 vs Q2 2025 NAV per share(1) • + €3.5 of value of listed assets • - €5.0 for non-listed assets • Good growth of the platform • Good FRE growth • One off M&A costs (Monroe, BVI forward sale) • Recurring operating cost contained NAV is flat at constant exchange rate QoQ, restated from the €4.70 dividend returned to shareholders in May 2025 (1) Fully diluted, adjusted for dividends. (2) (IHS, CPI, ACAMS, Monroe equity valuation in GAV) / GAV excluding cash. • FX impact induced by EURUSD • 33% of GAV(2) denominated in USD
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Principal Investments
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 8 Principal investments – Listed assets generated good operational performance Sales (m) EBITDA/ EBIT for BVI (m) H1 2024 H1 2025 Δ H1 2024 post IFRS 16 H1 2025 post IFRS 16 Δ Δ share price since Q1 2025 €3,022 €3,193 +5.7% €452 €491 +8.8% +1.2% €1,559 €1,574 +0.9% €148 €155 +4.5% +3% +29.5% Robust organic revenue growth and strong margin increase in H1 2025 as the LEAP | 28 strategy execution accelerates . Confirmed 2025 outlook Stable activity in a soft market Improvement in adjusted EBITDA and margin Financial debt and leverage under control IHS will publish its H1 results in August Share prices performances are calculated according Wendel’s methodology (20 days average).
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 9 Principal investments – mixed performance of unlisted assets over H1 Net debt and EBITDA are post IFRS 16. All metrics in appendix. (in millions) Sales EBITDA Net debt End of June 2025 H1 2024 H1 2025 Δ H1 2024 post IFRS 16 H1 2025 post IFRS 16 Δ €465 €463 -0.4% €107 €91 -14.9% €358 $67 $70 +4.0% $28 $30 +5.3% $371 $49 $53 +9.6% $9 $14 +53.9% $161 €272 €258 -5.2% €30.3 €29 -4.6% €355 €203 €225 +10.9% n.a €78 n.a €740 In a context of challenging market conditions Stahl maintained a strong EBITDA margin of c; 20%. Andee Harris will become the new CEO of CPI on August 20, 2025. First bolt on for CPI under Wendel’s ownership in January 2025, in Norway. H1 performance reflects double-digit growth in the Americas and APAC segments, generating very strong EBITDA growth. ACAMS expects mid-to-high single-digit revenue growth in 2025, with H2 investments bringing margins to ~25%. H1 reflecting persistently tough market conditions. Wendel invested €41.5M in H1 2025 to support Scalian’s external growth and strengthen its balance sheet. Changes in governance with the appointment of a new CEO. Total sales up +10.9% over 6-month period ending May 31, 2025. Annualized EBITDA margin c.25% in line with expectations. (1) Globeducate acquisition was completed on October 16th, 2024. Globeducate fiscal year ends in August, and figures shown are last six months at the end of May 2025. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. (1)
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Asset Management Platform S u c c e s s f u l d e p l o y m e n t
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 11 60% 40% Successful GP selection and fundraisings are driving growth and AUM diversification AuM split by activity US Private Credit European Buyout Investor Type Investors Geography AuM is now €39bn+ vs. nil 18 months ago: IK Partners consolidated since May 2024 Monroe Capital consolidated since April 2025 Successful fundraisings+ + North America 50% Europe 34% APAC, MENA and others 16% Retail & HNW 19% Pension 23% Insurance 19% Fund of Funds 14% SWF 3% Asset Management 7% Institutional - Other 15%
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 12 14.3 59.9 H1 2024 H1 2025 NAV & Other NAV & Other Dry Powder & undeployed Dry Powder & undeployed Co-invest Co-invest Dec 2024 June 2025 Wendel Asset Management Platform is ramping up: New FPAuM of 5bn in H1 +318% NAV is after carried interest FPAuM up +187% FX adjusted €5Bn of New Fee Paying AuM in H1 2025 33.4 152.0 H1 2024 H1 2025 Management Fees and others • First consolidation of Monroe Capital since end of March 2025 (3m in H1 2025) • 6 months of IK Partners in H12025 vs 2 months H1 2024 • Organic growth induced by successful fundraisings +355% Fee Related Earnings • Good cost control • First consolidation of Monroe Capital since end of March 2025 (3 months in H1 2025) • 6 months of IK Partners in H12025 vs 2 months H1 2024 Profit Before Tax Assets under Management 13.8 39.1€Bn €M €M €M 14.9 60.2 H1 2024 H1 2025 EURUSD rate for P&L KPIs: 1.09..For AuM and FPAuM: 1.04 as of 12/31/2024 and changes until 6/30/2025 (1.17) +303% • External growth • Organic Growth • Phasing of PRE in H2 10 20 05 ( 03) ( 00) ( 02) 29 FPAuM IK Dec 2024 FPAuM Monroe Dec 2024 New FPAuM Exits & Payoffs Other End of period FX adj. FPAuM June 2025 Portfolio values as of March 31, 2025
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 13 IK Partners : AuM growth, strong distributions and capital raising have generated strong results despite the tougher environment NAV is including carried interest 10 01 ( 01) 00 11 FPAuM Dec Fund raised over 6 months Exits Other FPAuM June 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 Dec 2024 Rien June 2024 13.8 15.5 €Bn IK SC IV and DC II o.w. 3 exits June 2025 IK Partners pursues its growth momentum FPAuM+5% AuM+12% AUM FP AUM Dec. 2024 AUMRaised Exits and step- down Others NAV & Other Dry Powder Co-invest NAV & Other Dry Powder Co-invest FP AUM Portfolio value is calculated as of March 31, 2025
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 14 IK Partners’ growth momentum has accelerated since our transaction with strong value creation for all stakeholders Liquidity for LP Portfolio €0.26 billion Proceeds generated from 3 exits 2.6xMM Average gross MM achieved from 3 exits Deployment €0.8 billion invested(2) 8 deals 25% Average deployment per year per fund 3% Valuation increase across all IK funds vs 31 Dec 2024 Fundraising >€6 billion raised for the vintage 2023-2025(1) €1 billion raised in H1 2025 IK expects another year of strong return to investors Strong momentum Consistent investment pace Positive development (2) Invested or committed in H1 2025, including €0.2bn in co -investment No material impact expected as a result of the US tariffs across the portfolio (1) At end of July 2025
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 15 Monroe Capital Pursues its Growth Momentum NAV & Other NAV & Other Undeployed eligible to fees Undeployed eligible to fees Dec 2024 Rien June 2025 24.7 27.6 $Bn Dec. 2024 June 2025 Assets under Management • AuM reaches $27.6bn, up +12% YTD • FP AuM reaches $21.6bn, up +6% YTD AuM AuM 20 04 ( 03) ( 00) 22 FPAuM Dec Deployed Payoffs Other FPAuM June 9.4 12.7 15.9 18.4 20.3 2020 2021 2022 2023 2024 AuM +12% YTD FPAuM +6% YTD L5Y FPAuM CAGR >20%
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 16 H1 2025 Proforma P&L: on track with targets H1 Reported includes: 6 months IK Partners and Q2 2025 for Monroe Capital (Unaudited - Based on management report) 1) As of June 2025, including IK Partners & Monroe Capital 2) ow total headcount of 480 (210 IK, 270 Monroe), including 210 investment professionals 3) Excluding carried interest contribution In m€ H1 2025 Reported H12025 Proforma (6 months) AuM 39.1bn(1) 39.1bn(1) Management fees & other 152 200 In bp na 135bp Carried interest (PRE) 2 4 Total revenues 154 204 Total expenses(2) 89 123 Pretax profit (PRE+FRE) 60 81 Margin 39.5% 40% o.w. FRE (3) FRE, Wendel share 59,9 35 77 47 FRE margin 39.9% 39% 160 100 EUR/USD: 1.0913 2025 proforma expectations on a full year basis, EURUSD@1.1
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Financial update
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 18 Wendel Group IFRS P&L does not reflect all the capital gains and inflows from our investment activity Holding Company Asset Management Principal Investments Total Revenue - 152.0 4,025.6 4,177.6 Contribution to net income from operations (46.0) 49.0 353.8 356.8 Capital gain in P&L - - 0.0 0.0 Depreciation and amort. of goodwill entries - (12.6) (91.9) (104.5) Non reccurring income/loss (33) 2.0 (46.7) (15.7) Net income (79) 38.4 308.6 268.0 Net income, group share (78.7) 21.0 62.0 4.3 IFRS net income €m In accordance with IFRS, this excludes the capital gain on the BVI prepaid 3- year forward sale (€582m) and the change in fair value of IHS (€121m) which are booked in equity. H12025
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 19 Wendel is financed at 2.4% average cost with no maturity until 2026 209.2 Jan., 2034June 2031Apr, 2026 1.375% 300 300 1.000% 1.375% 500 2.500% Feb., 2027 750 March, 2026 2.625% June 2030 300 4.500% 2023 in m€ Institutional bonds Exchangeable bonds into Bureau Veritas’ shares Maturity profile Total liquidity : €1.8bn (+€875m in committed credit facility) Gross debt: €2.4bn 18.5% LTV ratio pro forma(1) Average maturity: 3.1 years Weighted average cost of debt: 2.4% S&P credit rating: BBB/stable outlook (1) Including sponsor money commitment in IK (-€434m partly called as of 06.30.2025) & expected commitments in Monroe Capital (-$200m partly called as of 06.30.2025), IK Partners transaction deferred payment (-€131m), Monroe Capital 100% acquisition (including estimated earnout and puts on residual capital, i.e -$527m), and pro forma of Bureau Veritas dividend payment in July (€80.9m).
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Key takeaways
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 21 Key takeaways Asset Management is ramping up: • Good organic growth thanks to successful fundraisings • M&A: strong growth induced by the consolidation on Monroe Capital • What’s next: Platform synergies & looking for new verticals Principal investments : • Strong rebound of ACAMS and good growth for Globeducate • New CEOs for CPI & Scalian • Recent announcements regarding tariffs should contribute to clearer prospects, across the board Wendel pursues its transformation journey. To better highlight its more recurring and predictable cash flows, Wendel will return to its shareholders a new interim dividend in November 2025. +Temporary adverse FX impacts.
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Q&A session
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Appendix 1 F i n a n c i a l i n f o r m a t i o n a s o f J u n e 3 0 , 2 0 2 5
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Fully diluted(1) Net Asset Value of €167.7 per share as of June 30, 2025 (in millions of euros) June 30, 2025 Listed equity investments Number of shares Share price(2) 3,088 • Bureau Veritas 89.9 million (3) €29.2 2,630 • IHS 63.0 million $5.7 307 • Tarkett €16.9 151 Investments in unlisted assets (4) 3,071 Asset Management (5) 1,824 Other assets and liabilities of Wendel and holding companies (6) 150 Cash and marketable securities (7) 1,770 Gross asset value 9,903 Wendel bond debt -2,373 IK Partners transaction deferred payment & Monroe earnout -235 Net asset value 7,295 Of which net debt -838 Number of shares 44,461,997 Net asset value per share €164.1 Wendel’s 20 days share price average €86.6 Premium (discount) on NAV -47.2% Number of shares – fully diluted 42,457,994 Fully diluted Net asset value per share €167.7 Premium (discount) on NAV -48.4% (1) Fully diluted of share buybacks and treasury shares. (2) Last 20 trading days average as of June 30, 2025, (3) Number of shares adjusted from the Forward Sale Transaction of 30,357,140 shares of Bureau Veritas. The value of the call spread transaction to benefit from up to c.15% of the stock price appreciation on the equivalent number of shares is taken into account in "Other assets & liabilities". (4) Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16. (5) Investments in IK Partners and Monroe Capital (excl. Cash to be distributed to shareholders). Valued as a platform based on Net Income / Distributable earnings multiples.Of which 2,004,003 treasury shares as of June 30, 2025. (6) Of which 2,004,003 treasury shares as of June 30, 2025 (7) Cash position and short-term financial assets of Wendel & holdings. Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation. If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 285 of the 2024 Registration Document. 51% of IK Partners 72% of Monroe Capital + sponsor money invested (€49m)
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 25 A - Principal Investments impacted QoQ by unlisted assets multiples, aggregates and FX € +65m BVI is slightly up over the quarter (+1.2% on a 20-day average) € +84m IHS Towers (+29.5%) and Tarkett (+3%) 20-day average share prices also contributed positively to the NAV € -211m Negative contribution to NAV over Q2 reflecting selected assets operational performance and multiples evolution FX impact € -122m EURUSD from 1.0815 to 1.172. Total change in value € -184m €167.9 Unlisted assets Listed assets (1) Adjusted for scope and dividends. △ Value creation Q1oQ2 2025(1)
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 26 IFRS 16 - Summary table of main aggregates before and after the application of IFRS 16 (in millions) Sales EBITDA Net Debt Leverage(1) H1 2024 H1 2025 H1 2024 pre IFRS 16 H1 2024 post IFRS 16 H1 2025 pre IFRS 16 H1 2025 post IFRS 16 H1 2025 pre IFRS 16 H1 2025 post IFRS 16 H1 2025 Stahl €464.7 €462.9 €103.3 €106.7 €87.6 €90.8 341.8€ 357.8€ 1.9x CPI $66.9 $69.5 $27.8 $28.4 $29.3 $29.9 $367.9 $370.8 4.7x ACAMS $48.7 $53.4 $8.4 $8.9 $13.1 $13.7 $159.5 $161.2 4.8x Scalian €271.8 €257.6 na €30.3 €24.2 €28.9 na €354.8 6.7x Globeducate €202.6 €224.7 na na na €77.7 €572.1 €739.6 6.3x
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Financial agenda
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 28 Financial agenda Wednesday February 25, 2026 Full-Year 2025 Results – Publication of NAV as of December 31, 2025, and Full-Year consolidated financial statements (post-market release) Wednesday April 22, 2026 Q1 2026 Trading update – Publication of NAV as of March 31, 2026 (post-market release) Thursday May 21, 2026 Annual General Meeting Wednesday July 29, 2026 H1 2026 results – Publication of NAV as of June 30, 2026, and condensed Half-Year consolidated financial statements (post-market release) Friday December 12, 2025 2025 Investor Day Thursday October 23, 2025 Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)
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H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 29 For more information, please visit www.wendelgroup.com