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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 1 2025 Full Year Results F e b r u a r y 26 , 2026 Wendel: an investment firm creating long-term value in private markets
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 2 Disclaimer • This document has been prepared by Wendel S.E. ( “Wendel”) solely for use at the 2025 Results presentation, to be held on February 26, 2026. 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’ future prospects. developments and business strategies and are based on analyses of estimates of amounts not yet determinable. By their nature, forward -looking statements involve risk s and uncertainties. Wendel cautions you that forward - looking statements are not guarantees of future performance and that its actual financial condition. actual results of operat ions and cash flows and the development 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 may 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 Securiti es Act of 1933, as amended (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 registr ation requirements of the Securities Act. • By attending this presentation and/or accepting this document you agree to be bound by the foregoing limitations.
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 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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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 4 Wendel’s 2030 ambitions announced in December 2025 2030 Ambitions • >€7 bn cumulated cash flows through by 2030 through asset rotation & FRE generation • Returning >€1.6bn to shareholders • WIM FRE to grow organically by 15% per annum(1) • WPI intrinsic value to grow by 12 to 16% per annum (1) WPI & WIM are two complementary value creation engines (1) Average annual growth
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 5 In 2025, we transformed Wendel’s Business Model towards more value creation… Asset Management business ramp-up Principal Investments: Improving efficiency • Closing of the acquisition of Monroe Capital in March 2025 • Successful completion of the fund raising cycle for Monroe’s and IK’s closed end funds with €11bn raised since they joined WIM • Acquisition of Committed Advisors announced in October 2025 • Active management of listed and unlisted assets • WPI granted IK Partners an advisory mandate to enhance value creation potential of private controlled companies (covering new investments to be made) WIM to manage c.€47bn in private assets and to generate >€200m1 FRE in 2026 PF WPI to benefit from IK Partners’ ecosystem for more value creation 1) EURUSD @ 1.175
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 6 …with a strong and tangible start of execution in early 2026 €1.65 billion Cumulated proceeds to be received from the disposals of Stahl and IHS announced in February 2026 Strong capacity to execute our shareholder returns policy Large headroom to deploy capital towards new investments by WPI and the expansion of WIM
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 7 Wendel FY2025 key financials AuM 2025 Financial Performance FPAuM €41.2bn €31bn Mgt Fees & Other revenues Fee Related Earnings FRE+PRE €349m €140m €146m IK & Monroe Capital Total GAV of WPI €5.5 bn • Positive impact of listed assets • Unlisted assets positively impacted by market multiples • Stahl valued at potential offer, excl. future cash flows • IHS valued at end of year average share price Total fully diluted NAV per share of €164.2 as of December 31, 2025, up +0.7% vs. Q3 2025 and up +1.7% including interim dividend UP +156% UP +207% +13% org. Reported
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 8 Wendel Investment Managers (1.3) • Positive impact of aggregates, negative impact of market multiples Wendel Principal Investments +4.9 • Listed Assets : +1.2€/share. IHS valued at Dec. 31, 2025 average share price • Tarkett is now a private asset • Unlisted Assets positively impacted by Stahl Forex (0.2) • Negligeable FX impact in Q4 2025 Cash operating costs, net financing result & other (0.8) • Contained operating costs, offstet by positive financial income Change on fully diluted NAV per share before interim dividend +2.7 • Fully diluted NAV before dividend is up 1.7% vs Q3 2025 Dividend paid (1.5) • €1.50 interim dividend paid in Nov. 2025 Total change in value on fully diluted NAV per share +1.2 • Fully diluted NAV: €164.2 per share as of December 31, 2025, up +0.7% vs Q32025 Fully Diluted NAV positively impacted by WPI performance in Q4 2025 △ Q3 2025 vs Q4 2025 NAV per share (€) Q4 2025 Comments
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 9 Sale of Stahl & IHS: significant steps forward in our €7bn capital allocation strategy announced in December 2025 Already announced asset rotation €1.2 billion Stahl sale proceeds $535 million IHS sale proceeds 9.6%(1) Proforma LTV ratio > 27% of the expected asset rotation by 2030 will be already realized (1) LTV proforma of acquisition of Committed Advisors, Sales of Stahl & IHS and full impact of € 340m share buyback. See appendix “Loan-to-value ratio” for full calculation €1.65 billion Total asset rotation expected in 2026
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 10 Return to shareholders: 2025 dividend raised to €5.1, up 8.5%. Share buyback to start Dividend Share buyback Total dividend for 2025 : €5.10, up 8.5% vs 2024 €1.50 interim dividend already paid in November 2025 €3.60 additional to be paid in May 2026 Current dividend yield1 : 5.8% Dividend policy now includes an interim dividend, calculated as 50% of previous year dividend 9% share buyback program, to start i.e. c.€340m to be returned to shareholders (at current share price) (1) Based on February 25, 2026 share price of €87.95
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 11 Wendel Investment Managers: a unique Private AM platform Mid -Market focused in the US & Europe
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 12 Wendel Investment Managers : FY 2025 key highlights • 2025 proforma(1) FRE expectations of €160m have been reached with an FRE margin at 39% • Acquisition of Committed Advisors, a midmarket secondary market specialist. Following this transaction, WIM would reach over €47bn in Assets Under Management and >€200million in Fee Related Earnings on a pro forma basis in 2026. • Strong fundraising (€4.5bn of equity raised) leading to continued growth in revenues (FP AuM pro forma +13% organically) • As of December 31, 2025, the sponsor money NAV stands at €217m (€96m IK and €121m Monroe) (1) On a full year basis and an exchange rate EUR/USD of 1.08
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 13 NAV & Other NAV & Other Dry Powder Dry Powder Co- Invest Co- Invest FY 2024 FY 2025 Wendel Asset Management Platform is ramping up in 2025 NAV is after carried interest Assets under Management 13.8 41.2 €Bn Portfolio values as of Sept. 30, 2025 FPAuM up +207% UP + 13% organically €9.2Bn of New Fee Paying AuM in 2025 10.1 19.3 9.2 -5.2 -2.4 31.0 ow Wendel Sponsor money: €575m Total AuM do not includeWPI EURUSD For AuM and FPAuM: 1.04 as of 12/31/2024 and changes until 12/31/2025 (1.1750)
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 14 WIM growth momentum has accelerated strong value creation for all stakeholders thanks to its Multi verticals approach Private Equity • €1.3bn of equity raised in 2025 completing the 2024-2025 fundraising vintage for € 6.2bn (hardcap) • c. €0.9bn million proceeds from 5 full exits, c. €0.8 billion deployed in 13 transactions • AuM +11% in 2025 - Investment in IK workforce FTE +8% to sustain the growth • First evergreen Eltif IK PRIVATE EQUITY SOLUTIONS now available for subscription • 2026: Deployment, Harvesting and new set up in Southern Europe Private Credit Secondaries • $3.8bn of equity raised in 2025 (incl 0.9bn in retail evergreen vehicle ) • $8.3bn deployed in 2025 ( FPAuM), a record year • AuM +22% in 2025, Investment in the workforce FTE +22% to sustain the growth • More than $6bn of capital available for deployment • 2026: expected launched of Monroe Capital Europe. New strategies launched: Evergreen & REITS • Closing of the acquisition of Committed Advisors expected for Q 1 2026 • Completion of CAGPS II (GL -Led) fund raising and launch of CASF VI
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 15 57 146 FY 2024 FY 2025 57 140 FY 2024 FY 2025 126 349 FY 2024 FY 2025 Wendel Asset Management Platform is ramping up in 2025 +146% Management Fees and others • First consolidation of Monroe Capital since end of March 2025 (9m in 2025) • 12 months of IK Partners in 2025 vs 8 months in 2024 • Organic growth induced by successful fundraisings +177% Fee Related Earnings • Good cost control • First consolidation of Monroe Capital since end of March 2025 (9 months in 2025) • 12 months of IK Partners in 2025 vs 8 months 2024 FRE+PRE €M €M €M +156% • External growth • Organic Growth • Phasing of PRE €159m on a full year basis €404m on a full year basis @ constant exchange rate €169m on a full year basis
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 16 WIM reached its announced financial objectives @ constant exchange rates FY 2025 Proforma P&L: on track with expectations 12 months reported includes: 12 months IK Partners and 9 months 2025 for Monroe Capital . EUR/USD rate : 1.1547 In m€ FY 2025 Reported FY2025 Proforma (incl. IK and MC FY) EUR/USD@1.1272 Management fees & other 349 404 Carried interest (PRE) 6 10 Total revenues 356 414 Total expenses 210 245 Pretax profit (PRE+FRE) 146 169 o.w. FRE (1) FRE margin 140 39% 159 38% FRE, Wendel share 84 98 Recurring Post tax profit, Wendel share 79 94 160 2025 proforma expectations on a full year basis, EUR/USD@1.08 100
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 17 Our platform is now at scale… (1) Average dollar at €1.175. On a full year basis. Assuming Committed Advisors transaction closing in Q1 2026 + +16% since acquisition 45 FRE at acquisition Organic growth since then >200 Committed Advisors FRE 2026 FRE proforma forecast In €million €47bn 2026 FRE Proforma (1) AuM Proforma As of Dec. 31, 2025 + PF Dec. 31, 2025 + +16% since acquisition Organic growth since then Committed Advisors AUM €6bn
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 18 Wendel Principal Investments: robust overall activity performance and strong portfolio rotation over 2025
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 19 FY 2025 key highlights • Wendel advised by IK Partners for all existing and future controlled private investments (effective Jan. 1, 2026) • Appointment of two new CEOs: William Rozé (Scalian) and Andee Harris (CPI) • Reinvestment in Scalian: €100m to support its external growth and strengthen the balance sheet • Successful public-to-private of Tarkett • 16 bolt-on acquisitions • €1.3 bn of BVI disposed in 2025
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 20 Sale of Stahl to Henkel c.€1.2 billion Estimated net proceeds, i.e. >20% premium above Q3.25 NAV >15% IRR per annum over 20 years 6.6x Net Cash on Cash Including €427m of cash returned to Wendel from 2006 to 2025 A 20-years value creative transformation journey under Wendel’s ownership Revenue x3 From €316m in 2006 to €930m in 2024 (incl. Muno) EBITDA x4 From €44m in 2006 to €181m in 2024, with margin up 550bps Value creative M&A Transformation into a pure play specialty coatings for flexible materials: • 5 acquisitions to expand business and strategic repositioning • 1 carve-out to optimize business model & multiple
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 21 Sale of our equity stake in IHS(1) $535 million Estimated net proceeds, i.e. c.21% premium above Q3.25 NAV 0.7x Net Cash on Cash In euros A growth story impaired by volatile FX and adverse IPO journey Revenue x10 From $168m in 2013 to $1,711m in 2024 EBITDA x21 From $44m in 2013 to $928m in 2024, EBITDA margin more than doubled Adverse external factors • Naira vs USD devaluated 8.5x since initial investment by Wendel • Mostly dollar denominated debt • Strong share price fall since IPO driven by industry de -rating 2013 figures published by Wendel when IHS was a private company. 2024 published figures by IHS Towers as a listed company. (1) Closing of the transaction is expected to occur in 2026, subject to IHS shareholder approval, regulatory approvals in the relevant markets, and customary closing conditions.
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 22 Principal investments – Listed assets 2025: Bureau Veritas delivered the strongest organic growth of the TIC sector 2026: Expectations in line with LEAP I 28 strategy New SBB • Mid-to-high single-digit organic revenue growth • Improvement in adjusted operating margin at constant exchange rates • Strong cash flow generation • A new €200 million share buyback program was announced on Feb. 25, 2026, to be completed within the next twelve months (subject to approval by the Annual General Meeting of May 19, 2026 for any or all of the program to be executed after this date) • Full-year revenue of €6,466 million, up 6.5% organically • Adjusted operating profit of €1,053 million, up 5.7% • Adjusted operating margin of 16.3%, up 32 bps YoY and up 51 bps at constant currency
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 23 (2) Globeducate acquisition was completed on October 16th, 2024. For FY 2025 and FY2024, contribution of 12 months of sales from December 1st, to November 30st including India, Principal investments – Resilient performance of unlisted assets 2025 Net debt and EBITDA are post IFRS 16. All metrics in appendix. Stable activity in a difficult market environment Improvement in adjusted EBITDA and margin Financial debt and leverage under control Crisis Prevention Institutereports +1.8% revenue and EBITDA is slightly increasing +2.3% YoY Total sales up +9.2% and solid margin at 24.4% reflecting strategic investments of recent years Decrease of total sales of -5,1 % in 2025, in the context of continued market growth slowdown. EBITDA margin at 10.9%, down c. 30 bps, in persisting challenging market conditions Total sales up +10,5% over LTM as of Nov. 30, 2025. Strong EBITDA margin at 26.0% in line with expectations (2) (1) In accordance with IFRS 5, the contribution of CPI France has been reclassified in "Net income from discontinued operatio ns and operations held for sale” in 2025 with an impact of €0.4M. Comparable sales for 12M 2024 represent €138.3M versus 2024 published sales of €138.8M. The difference of €0.5M corresponds to CPI France classified as assets held for sale and discontinued operations in accordance with IFRS 5. EBITDA FY 2025 is excluding French activities. (1) (in millions) Sales EBITDA Net debt End of Dec 2025 2024 2025 Δ 2024 post IFRS 16 2025 post IFRS 16 Δ $102 $111 +9.2% $25 $27 +8.4% $164 $150 $153 +1.8% $74 $76 +2,3% $428 €376 €416 +10.5% n.a €108 n.a €826 €533 €506 -5.1% €60 €55 -8.2% €367 €3,332 €3,346 +0.4% €329 €343 +4.2% €951
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 24 A strong and diversified portfolio grounded with a disciplined valuation methodology Business Services Wendel Principal Investments c.€5.3bn Excluding €2.2bn of cash and € 0.2bn of Growth Investments Starting on Jan 1, 2026, Wendel to be advised by IK Partners on Its investments in Globeducate, Scalian , Stahl, A CA MS, and CPI 13% 33% Business ServicesEducation, Professional Training, and Tech. Industrials 22% 35%43% 20-day average share price Squeeze-out offer price Valued based on listed- peer multiples Transaction multiples 20-day average share price Valued based on listed- peer multiples as of Dec. 31, 2025 Valued based on offer price
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 25 A strong and diversified portfolio grounded with a disciplined valuation methodology Business Services Wendel Principal Investments c.€3.9bn (PF sale of Stahl & IHS) Excluding €3.8bn cash & growth investmentsPF of Stahl & IHS) Starting on Jan 1, 2026, Wendel to be advised by IK Partners on Its investments in Globeducate, Scalian , Stahl, A CA MS, and CPI Business ServicesEducation, Professional Training, and Tech. Industrials5% 51%44% Squeeze-out offer price Valued based on listed- peer multiples Transaction multiples 20-day average share price Valued based on listed- peer multiples as of Dec. 31, 2025 Valued based on listed- peer multiples
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 26 Financial Update
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 27 Wendel Group IFRS P&L does not reflect all the capital gains and inflows from our investment activity 2025 2024 Change % Total Contribution from asset management 127.5 42.3 201.3% Total Contribution from portfolio 730.4 774.4 (5.7)% Operating expenses net of management fees and Taxes (69.3) (76.2) (9.1)% Financial expenses (11.5) 35.6 (132.3)% Non-cash operating expenses (24.1) (22.4) 7.6% Net income from operation 753.0 753.7 (0.1)% Net income from operations, Group share 161.2 232.7 (30.7)% Non-recurring income/loss (120.9) 561.2 (121.5)% Impact of goodwill allocation (227.7) (136.8) 66.4% Impairment (59.8) (188.2) (68.2)% Total net income(2) 344.7 989.9 (65.2)% Net income, Group share -151.8 293.9 (151.7)% € million In accordance with IFRS, this excludes: (i)the impact from the BVI forward sale, (ii) the capital gain on the block sale of the underlying shares of the exchangeable bond into Bureau Veritas shares (€980m) and (iii) the change in fair value of IHS (€222.8m) which are booked in equity.
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 28 Wendel is financed at 2.6% average cost 209 Jan. 2034June 2031Apr. 2026 1.375% 300 300 1.000% 1.375% 500 3.750% Aug. 2033 750 March 2026 2.625% June 2030 300 4.500% 2023 in m€ Institutional bonds Exchangeable bonds into Bureau Veritas’ shares (4) Maturity profile Cash: €2.2bn (+€875m in committed credit facility) Gross debt: €2.4bn 9.6% LTV ratio PF Average maturity : 4.0 years Weighted average cost of debt : 2.6% S&P credit rating: BBB/stable outlook 2027 2028 2029 2032 As of December 31, 2025
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 29 29 2025 was a key milestone in Wendel’s transformation 2030 ambitions are already taking shape
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 30 Strong and tangible execution of the announced 2030 ambitions >€7bn of assets sales & cash flow generation cumulated by 2030 More than 27 % of expected asset rotation already realized with Stahl & IHS WIM to represent more than 50% of Wendel’s GAV excl. cash by 2030 WIM is 38% of GAV ex. cash PF of announced disposals and the acquisition of Committed Advisors Returning >€1.6bn to shareholders €500m+ will be returned in 2026 through dividend & SBB + Strong headroom for new investments in WPI & WIM future growth 2030 ambitions announced on December XX, 2025 2030 ambitions announced on December 12, 2025 Achievements to date
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 31 Appendix
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 32 Fully diluted(1) Net Asset Value of €164.2 per share as of December 31, 2025 (in millions of euros) December 31, 2025 Listed equity investments Number of shares Share price (2) 2,170 • Bureau Veritas 66.6 million €26.6 1,775 • IHS 63.0 million $7.4 395 • Tarkett €n.a - Investments in unlisted assets (3) 3,297 Asset Management (4) 1,944 Other assets and liabilities of Wendel and holding companies (5) 16 Cash and marketable securities (6) 2,200 Gross asset value 9,627 Wendel bond debt -2,397 IK Partners transaction deferred payment & Monroe earnout -235 Net asset value 6,995 Of which net debt -432 Number of shares 42,823,537 Net asset value per share €163.3 Wendel’s 20 days share price average €79.9 Premium (discount) on NAV -51.1% Number of shares – fully diluted 42,391,150 Fully diluted Net asset value per share €164.2 Premium (discount) on NAV -51.3% (1) Fully diluted of share buybacks and treasury shares. (2) Last 20 trading days average as of December 31, 2025. (3) Investments in unlisted companies (Tarkett, Stahl, Crisis Prevention Institute, ACAMS, Scalian , Globeducate , Muno, Wendel Growth). Aggregates retained for the calculation exclu de the impact of IFRS16. Globeducate valued based on transaction multiples . Stahl valued based on transaction price. Tarkett valued based on squeeze -out price. (4) 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 . (5) Of which 432,387 treasury shares as of December 31, 2025 (6) 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 (€217m)
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 33 Loan-to-value ratio 31/12/2025 Total Assets as of December 31, 2025 (A) 7,427 Total cash as of 31/12/2025 2,200 Bond debt & accrued interest (2,397) IK Partners deffered payments & Monroe earnout (235) Total debt as of Dec 31, 2025 (2,632) Net debt (B) (432) Spot LTV before restatements (B/A) 5.8% Puts related to Monroe Acquisition (438) Puts related to Committed advisors (91) Funds Uncalled Commitments Monroe Capital (90) Funds Uncalled Commitments IK Partners (323) Funds Uncalled Commitments Committed advisors (162) Post Dec. 31, 2025 sales & acquisitions, including SBB 784 Total adjustments (C) (320) Adjusted net debt (B+C) (752) S&P LTV as of Dec. 31, 2025 (B+C)/(A+C) 9.6%
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 34 IFRS 16 - Summary table of main aggregates before and after the application of IFRS 16 (in millions) Sales EBITDA Net Debt Leverage (1) 2024 2025 2024 pre IFRS 16 2024 post IFRS 16 2025 pre IFRS 16 2025 post IFRS 16 2025 pre IFRS 16 2025 post IFRS 16 FY 2025 Tarkett €3,331.9 €3,346.0 n.a €329.0 n.a €343.0 n.a €951.0 2.8x CPI $150.1 $152.9 $72.8 $74.0 $74.5 $75.7 $424.5 $428.2 5.8x ACAMS $102.1 $111.5 $24.0 $25.1 $26.0 $27.2 $162.2 $164.0 5.0x Scalian €533.4 €505.9 €50.9 €59.8 €46.2 €54.9 €334.6 €366.9 6.7x Globeducate €376.4 €415.9 n.a n.a €80.8 €108.2 €639.8 €826.2 7.6x (1) As per credit documentation
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 35 Asset Managers’ targeted specialized verticals Mutualization and synergies to be developed over time - Sponsor money - Co-invest - Controlling shareholder of AM entities - Strategic decisions(1) Buyout Secondary Private debt - Strategic clients/cross-selling - Globalization of LP Base - Retail and wholesale initiatives - Operational backbone Wendel’s strategy and capital Wendel Investment Managers Operating Model … €15.4bn AuM €25.8bn AuM Wendel Investment Managers : A Private AM platform focused on the mid-market in the US & Europe Since April 2024 Since March 2025 Expected Closing in Q1 2026 (1) Strategic decisions exclude Investment Committees, that are totally independent. Platform profile €47bn+ AuM €200m+ FRE c.20% of carried rights on future funds 600 FTE 3 asset classes Global footprint €6bn AuM
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 36 WIM is an unique Private AM platform offer focused on European & North American MidMarket €47bn+ AuM vs. nil 24 months ago: IK Partners consolidated since May 2024 Monroe Capital consolidated since April 2025 Successful fundraisings+ + Committed Advisors closing expected in Q1 2026 + Retail & Wholesale 13% Family Office 8% Institutional 79% European Buy Out 33% US Private Credit 54% Secondaries 13% >€47bn AuM split by activity Investors Type Investors Geography North America 46% Europe 43% APAC, MENA and others 11% Shared Client base 1,100+ investors, with less than 10% overlap
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 37 Financial Agenda
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 38 Financial agenda Thursday May 21, 2026 Annual General Meeting Thursday July 30, 2026 H1 2026 results– Financial communication as of June 30, 2026, and condensed Half-Year consolidated financial statements (before-market release) Thursday October 22, 2026 Q3 2026 Trading update– Financial communication as of September 30, 2026 (beofre-market release) Wednesday December 2, 2026 2026 Investor Day Thursday April 23, 2026 Q1 2026 Trading update– Financial communication as of March 31, 2026 (before-market release)
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2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 39 For more information, please visit www.wendelgroup.com