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Wendel | Q3 2026 Trading Update | October 22, 2026 1 O c t o b e r 2 2 , 2 0 2 6 Q3 2026 Trading Update Wendel: an investment firm creating long-term value in private markets TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 2 Disclaimer • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the Q3 2026 trading update presentation to be held on October 22, 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 risks and uncertainties. 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 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 30, 2026 to the AMF under the number D. 26-0165. 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 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 registration requirements of the Securities Act. • By attending this presentation and/or accepting this document you agree to be bound by the foregoing limitations. TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 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 TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 4 Wendel Q3 2026 key highlights TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers Solid operational performance of Wendel IM Wendel Principal Investments valuations positively impacted by market multiples’ rebound in Q3 NAV up 5.1% vs Q2 at €167.0 per share €1.14 bn value crystallization from sale of Stahl, 20% above latest NAV before sale’s announcement. IHS’ disposal to be finalized by year end, leading to c. €1.6bn of value crystallization for 2026
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Wendel | Q3 2026 Trading Update | October 22, 2026 5 Wendel Q3 2026 key financials TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers AuM Q3 2026 Financial Performance FPAuM €48.7bn €37.7bn Mgt Fees & other revenues IK, Monroe Capital & Committed Advisors Total GAV of WPI €4.0bn Excluding cash & IHS • Good growth of BVI share price in Q3 • Unlisted assets : rebound of multiples in Q3 • Stahl’s disposal achieved on October 1st, 2026 UP +5% +9% PF Y oY Q3 2026 Reported €344.0m UP +41% +10% PF YTD Fully diluted NAV per share of €167.0 as of September 30, 2026, up +€8.1, or +5.1% vs. Q2 2026
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Wendel | Q3 2026 Trading Update | October 22, 2026 6 Fully Diluted NAV positively impacted in Q3 by market multiples & accretive impact of share buybacks Wendel Investment Managers (1) +0.3 • Mainly driven by the valuation increase in sponsor money corresponding to investments in funds managed by IK Partners, Monroe Capital and Committed Advisors. Wendel Principal Investments +8.5 • Listed assets : +€2.7, driven by BVI’s share price performance. • Unlisted assets: +€5.8, mainly reflecting market multiples’ evolution during the quarter. Cash operating costs, net financing result & other (1.2) • Contained operating costs (-€0.6). Share buyback positive effect +0.5 • Share buyback fully completed in July 2026. Total change in value on fully diluted NAV per share +8.1 • Fully diluted NAV: €167.0 per share as of September 30, 2026, up +5.1% since June 30, 2026 △ Q3 2026 NAV per share(€) (1) The impact of the advisory agreement signed between Wendel and IK Partners for controlled unlisted assets part of WPI has been eliminated for NAV calculation purposes. TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 7 Already €450m returned to shareholders, with more than€500m expected for the FY2026 €140 million €3.6 per share in dividend paid in May €310 million 9% share buyback achieved in only 5 months €450m already returned to shareholders in 2026 Representing more than 10% of market cap € 2.55 Interim dividend to be paid in November 2026 TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 8 Wendel IM platform is ramping up : 2026 FRE target of around €200 million (1) • On April 6, 2026, closing of the acquisition of Committed Advisors, a midmarket secondary market specialist • Management fees and other revenues reach €344.0(2) million YTD, up +41.3%, reflecting the full-year contribution from Monroe Capital and the acquisition of Committed Advisors in April 2026. +10% Growth at constant perimeter and constant exchange rate. • Wendel IM is expected to reach around €200 million in FRE on a pro forma(1) basis in 2026 • More than €3.0 billion equity raised since the start of 2026, including $2.0bn for Monroe capital and €1.3bn for Committed Advisors • As of September 30, 2026, the sponsor money NAV stands at €383m (1) On a full year basis and an exchange rate EUR/USD of 1.17 (2) Including €13.9 million of fees paid by Wendel to IK related to the advisory mandate on WPI unlisted assets year-to-date TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 9 FP AuMFY 2026 H1 2026 Wendel Asset Management Platform pursues its expansion: AuM reach c.€49 bn Total AuM do not include WPI Assets under Management 41.2 48.7 €Bn FPAuM up +5% YTD and +9% YoY o/w €733m of Wendel commitments NAV & Others Dry Powder Dry PowderCo-invest Co-invest NAV & Others Exchange rate €/$ = 1.1355 (30-Sep-26) vs. 1.17 (31-Dec-25). Portfolio values as of Sept. 30, 2025 Portfolio values as of June 30, 2026 31.0 5.0 5.3 (4.2) 37.70.6 AuM TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers Dec. 2025 FP AuM AuM Sept. 2026 FPAuM CA New FPAuM Exits & pay-offs FX & Others
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Wendel | Q3 2026 Trading Update | October 22, 2026 10 WPI key highlights • Ongoing active capital rotation: c.€1.6 billion total proceeds expected from the disposals of Stahl (closed) and IHS, announced in February 2026 (1) • Positive revenue growth of WPI assets, with the exception of CPI (up organically, impacted by FX) and Scalian • Valuation of WPI positively impacted by markets in Q3 2026 (1) Closing of Stahl’s disposal achieved on October 1st, 2026. IHS transaction expected to occur in H2 2026, subject to IHS shareholders approval, regulatory approvals in the relevant markets, and customary closing conditions.
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Wendel | Q3 2026 Trading Update | October 22, 2026 11 Wendel Principal Investments: Solid performance from the majority of portfolio companies for 9M2026 Revenue 9M 2026 Δ Organic growth Scope impact FX impact Bureau Veritas €4,513.8m +4.9% +5.7% +0.4% -1.2% Scalian €358.1m -5.4% -5.1% +0.0% -0.3% CPI $115.2m -0.3% -1.0% +0.0% +0.7% ACAMS $83.6m +2.3% +1.8% +0.0% +0.4% Globeducate €308.3m +14.3% +5.5% +8.6% -0.8% Principal Investments
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Wendel | Q3 2026 Trading Update | October 22, 2026 12 Wendel is financed at a fixed 2.8% average cost, no maturity before 2030 Jan. 2034June 2031 300 300 1.000% 1.375% 500 3.750% Aug. 2033June 2030 300 4.500% in m€ Institutional bonds Maturity profile Cash: €1.5bn(1) +€875m committed credit facility (undrawn) Gross debt: €1.4bn 9.5% LTV ratio PF Average maturity : 5.8 years Weighted average cost of debt : 2.8% S&P credit rating: BBB/stable outlook 2027 2028 2029 2032 As of September 30, 2026 2026 TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers (1) Proforma of disposal of Stahl, closed on October 1st, 2026
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Wendel | Q3 2026 Trading Update | October 22, 2026 13 Key Takeaways TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 14 Q3 2026 key takeaways Good operating performance across the board Ongoing execution of ambitious value creation plans Strong accretive impact of share buyback performed Total fully diluted NAV up +€8.1 per share, or +5.1% vs. Q2-2026 NAV is up 3.9% YTD restated from €3.6 dividend paid NAV Wendel is delivering on its 2030 value creation ambitions and will return more than €500m to shareholders in 2026 Platform developments in line with plan WIM is expected to reach around €200million in FRE on a pro forma basis in 2026 TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 15 Appendix TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 16 Fully diluted(1)Net Asset Value of €167.0 per share as of September 30, 2026 (in millions of euros) September 30, 2026 Listed equity investments Number of shares Share price (2) 2,295 • Bureau Veritas 66.6 million €27.4 1,823 • IHS 63.0 million $8.5 471 Investments in unlisted assets (3) 2,189 Asset Management Activities (4) 2,233 Asset Managers (IK Partners, Monroe Capital and Committed Advisors) 1,850 Sponsor Money 383 Other assets and liabilities of Wendel and holding companies (5) 261 Stahl proceeds received on October 1, 2026 1,145 Net cash position & financial assets (6) 366 Gross Asset Value 8,488 Wendel bond debt -1,411 IK Partners transaction deferred payment, Monroe & Committed Advisors earnouts -273 Net Asset Value 6,804 Treasury shares cancellation -352 Net Asset Value fully diluted 6,452 Number of shares – fully diluted 38,648,801 Fully diluted Net asset value per share €167.0 (1) Fully diluted of share buybacks and treasury shares. (2) Last 20 trading days average as of September 30, 2026. (3) Investments in unli sted companies (Tarkett, Crisis Prevention Institute, ACAMS, Scal ian, Globeducate , Muno, Wendel Growth) . Aggregates retained for the calculation exclude the impact of IFRS16. Globeducate valued based on transaction multiples . (4) Investments in IK Partners (c.51%), Monroe Capital (c.72%) and Committed Advisors (c. 64% incl. forward sale) (excl. Cash to be distributed to shareholders) . Valued as a platform based onFY25, FY26 & FY27 Net Income / Distributable earnings multiples . (5) Of which 4,222,240 treasury shares as of September 30, 2026 (6) Cash position and short -term financi al assets of Wendel & holdi ngs. Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevaili ng on the date of the NAV calculation . If co-investment and managements LTIP conditions are real ized, subsequent diluti ve effects on Wendel’s economic ownership are accounted for in NAV calculations . See page 286 of the 2025 Registrati on Document . 51% of IK Partners 72% of Monroe Capital + 64% of Committed Advisors incl. forward sale + sponsor money invested (€383m) TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 17 Loan-to-value ratio TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Dégradés Tons légers September 30, 2026 Total Assets as of September 30, 2026 (A) 6,977 Total cash as of 30/09/2026 including Stahl proceeds received on October 1st 2026 1,500 Bond debt & accrued interest (1,411) IK Partners deferred payments, Monroe & Committed Advisors earnouts (273) Total debt as of September 30, 2026 (1,684) Net debt (B) (183) Spot LTV before restatements (B/A) 2.6% Puts related to Monroe Acquisition (435) Puts related to Committed Advisors (115) Funds Uncalled Commitments Monroe Capital (83) Funds Uncalled Commitments IK Partners (103) Funds Uncalled Commitments Committed Advisors (164) Funds Uncalled Commitments Iron Wave (44) Post September 30, 2026 sales & acquisitions, including SBB 414 Total adjustments (C) (529) Adjusted net debt (B+C) (714) S&P LTV as of September 30, 2026 (B+C)/(A -C) 9.5%
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Wendel | Q3 2026 Trading Update | October 22, 2026 18 A strong and diversified portfolio grounded with a disciplined valuation methodology Wendel Principal Investments c.€5.3bn Excluding €1.5bn of cash as of September 30, 2026Wendel Principal Investments €4bn (excluding IHS) Business Services Education, Professional Training, and Tech. Industrials7% 48%45% Transaction multiples 20-day average share price Valued based on listed-peer multiples Valued based on listed-peer multiples Valued based on listed-peer multiples Since Jan 1, 2026, Wendel is advised by IK Partners on its investments in Globeducate, Scalian, Stahl, ACAMS, CPI and Muno. TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 19 Wendel’s 2030 ambitions announced in December 2025 2030 Ambitions • >€7 bn cumulated cash flows 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. For WPI, from September 2025 valuations. For WIM, from 2024 PF FRE. TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 20 Financial Agenda TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers
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Wendel | Q3 2026 Trading Update | October 22, 2026 21 Financial agenda Wednesday, December 2, 2026 2026 Investor Day Friday, February 26, 2027 2026 Full Year Results – Financial communication as of December 31, 2026 and condensed full -year consolidated financial statements (before-market release) Thursday, April 22, 2027 Q1 2027 Trading update – Financial communication as of March 31, 2027 (before-market release) TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers Thursday, May 27, 2027 Annual General Meeting Thursday, July 29, 2027 H1 2027 Results – Financial communication as of June 30, 2027, and Half -Year consolidated financial statements (before-market release)
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Wendel | Q3 2026 Trading Update | October 22, 2026 22 For more information, please visit www.wendelgroup.com TexteTexte Couleur principale Arrondi léger Tons clairs Tons foncés Navy Doré Gris Vert Autres Tons légers