Wendel Se · EURONEXT:MF
Wendel — FY2025 Earnings Presentation
39 slides from Wendel's earnings presentation, Feb 26, 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results Wendel: an investment firm creating long-term value in private markets Fe br u a r y 26, 2026 2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 1
Slide 2: Disclaimer
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
Slide 3: How to ask questions to our speakers?
How to ask questions to our speakers? Over the phone OR From the webcast You can submit your questions in writing directly via the platform 2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 3
Slide 4: Wendel's 2030 ambitions announced in December 2025
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 &
Slide 5: In 2025, we transformed Wendel's Business Model towards more value creation
In 2025, we transformed Wendel’s Business Model towards more value creation… Asset Management Principal Investments: business ramp-up Improving efficiency • Closing of the acquisition of Monroe • Active management of listed and Capital in March 2025 unlisted assets • Successful completion of the fun
Slide 6: A strong and tangible start of execution in early 2026
…with a strong and tangible start of execution in early 2026 €1.65 Strong capacity to execute our shareholder returns policy billion Large headroom to deploy Cumulated proceeds to be received capital towards new from the disposals of Stahl and IHS announced in February 2026 investments by WPI and th
Slide 7: Wendel FY2025 key financials
Wendel FY2025 key financials 2025 Financial Performance AuM IK & Monroe Capital FPAuM €41.2bn €31bn Total GAV of WPI UP +207% €5.5 bn +13% org. • Positive impact of listed assets Reported • Unlisted assets positively impacted by Mgt Fees Fee market multiples & Other Related FRE+PRE • Stahl valued at
Slide 8: Fully Diluted NAV positively impacted by WPI performance in Q4 2025
Fully Diluted NAV positively impacted by WPI performance in Q4 2025 △ Q3 2025 vs Q4 2025 NAV per share (€) Q4 2025 Comments • Positive impact of aggregates, negative Wendel Investment Managers (1.3) impact of market multiples • Listed Assets : +1.2€/share. IHS valued at Dec. 31, 2025 average share p
Slide 9: Sale of Stahl & IHS: significant steps forward in our €7bn capital allocation strategy
Sale of Stahl & IHS: significant steps forward in our €7bn capital allocation strategy announced in December 2025 Already announced asset rotation 9.6% (1) Proforma LTV ratio €1.2 billion Stahl sale proceeds > 27% $535 million IHS sale proceeds of the expected asset rotation by 2030 will be already
Slide 10: Return to shareholders: 2025 dividend raised to €5.1, share buyback to start
Return to shareholders: 2025 dividend raised to €5.1, up 8.5%. Share buyback to start Dividend Share buyback Total dividend for 2025 : 9% share buyback program, €5.10, up 8.5% vs 2024 to start €1.50 interim dividend already paid in November 2025 €3.60 additional to be paid in May 2026 i.e. c.€340m t
Slide 11: Wendel Investment Managers: a unique Private AM platform
Wendel Investment Managers: a unique Private AM platform Mid-Market focused in the US & Europe 2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 11
Slide 12: Wendel Investment Managers: FY 2025 key highlights
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
Slide 13: Wendel Asset Management Platform is ramping up in 2025
Wendel Asset Management Platform is ramping up in 2025 Assets under Management FPAuM up +207% 9.2 UP + 13% 41.2 organically Co- Invest 31.0 19.3 -5.2 €9.2Bn of New -2.4 Dry Powder Fee Paying AuM in 2025 ow Wendel Sponsor money: €575m Total AuM do not include WPI 13.8 10.1 NAV & Other Co- Invest Port
Slide 14: WIM growth momentum has accelerated
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 dep
Slide 15: Wendel Asset Management Platform is ramping up in 2025
Wendel Asset Management Platform is ramping up in 2025 Management Fees FRE+PRE Fee Related Earnings and others €M €M €M €404m on a full €169m on a full year basis @ €159m on a full 146 year basis 349 140 constant year basis exchange rate +156% +177% +146% • First consolidation of • Good cost control
Slide 16: FY 2025 Proforma P&L: on track with expectations
FY 2025 Proforma P&L: on track with expectations In m€ FY 2025 FY2025 Reported Proforma (incl. IK and MC FY) EUR/USD@1.1272 Management fees & other 349 404 Carried interest (PRE) 6 10 WIM reached its announced Total revenues 356 414 financial objectives @ constant Total expenses 210 245 exchange rat
Slide 17: Our platform is now at scale
Our platform is now at scale… AuM Proforma 2026 FRE Proforma (1) €6bn €47bn +16% since In €million acquisition 45 >200 +16% since acquisition + + + As of Dec. 31, Organic Committed PF Dec. 31, FRE Organic Committed 2026 2025 growth Advisors 2025 at acquisition growth Advisors FRE proforma since then
Slide 18: Wendel Principal Investments: robust overall activity
Wendel Principal Investments: robust overall activity performance and strong portfolio rotation over 2025 2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 18
Slide 19: FY 2025 key highlights
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 b
Slide 20: Sale of Stahl to Henkel
Sale of Stahl to Henkel A 20-years value creative transformation journey under Wendel’s ownership c.€1.2 billion Revenue x3 From €316m in 2006 to €930m in 2024 (incl. Muno) Estimated net proceeds, i.e. >20% premium above Q3.25 NAV EBITDA x4 >15% IRR per annum From €44m in 2006 to €181m in 2024, with
Slide 21: Sale of our equity stake in IHS
Sale of our equity stake in IHS(1) A growth story impaired by volatile FX and adverse IPO journey $535 million Revenue x10 Estimated net proceeds, From $168m in 2013 to $1,711m in 2024 i.e. c.21% premium above Q3.25 NAV EBITDA x21 From $44m in 2013 to $928m in 2024, EBITDA margin more than doubled A
Slide 22: Principal investments – Listed assets
Principal investments – Listed assets 2025: Bureau Veritas 2026: Expectations in line delivered the strongest with LEAP I 28 strategy organic growth of the TIC New SBB sector • Mid-to-high single-digit organic • Full-year revenue of €6,466 revenue growth million, up 6.5% organically • Improvement in
Slide 23: Principal investments – Resilient performance of unlisted assets 2025
Principal investments – Resilient performance of unlisted assets 2025 (in millions) Sales EBITDA Net debt Net debt and EBITDA are post IFRS 16. All 2024 post 2025 post End of Dec metrics in appendix. 2024 2025 Δ Δ IFRS 16 IFRS 16 2025 Total sales up +9.2% and solid margin at 24.4% $102 $111 +9.2% $2
Slide 24: A strong and diversified portfolio grounded with a disciplined valuation methodology
A strong and diversified portfolio grounded with a disciplined valuation methodology Wendel Principal Investments as of Dec. 31, 2025 c.€5.3bn Excluding €2.2bn of cash and € 0.2bn of Growth Investments Business Services 43% 35% Transaction multiples 20-day average share price Education, Business Ser
Slide 25: A strong and diversified portfolio grounded with a disciplined valuation methodology
A strong and diversified portfolio grounded with a disciplined valuation methodology Wendel Principal Investments as of Dec. 31, 2025 c.€3.9bn (PF sale of Stahl & IHS) Excluding €3.8bn cash & growth investments PF of Stahl & IHS) Business Services 44% 51% Transaction multiples 20-day average share p
Slide 26: Financial Update
Financial Update 2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 26
Slide 27: Wendel Group IFRS P&L does not reflect all the capital gains and inflows
Wendel Group IFRS P&L does not reflect all the capital gains and inflows from our investment activity € million 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 (69.3) (76.2) (9.1)%
Slide 28: Wendel is financed at 2.6% average cost
Wendel is financed at 2.6% average cost Maturity profile As of December 31, 2025 Institutional bonds in m€ Exchangeable bonds into Cash: €2.2bn 750 Bureau Veritas’ shares (4 ) (+€875m in committed credit facility) Gross debt: €2.4bn 500 2023 9.6% LTV ratio PF 300 300 300 Average maturity : 4.0 years
Slide 29: 2025 was a key milestone in Wendel's transformation
2025 was a key milestone in Wendel’s transformation 2030 ambitions are already taking shape 2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 29
Slide 30: Strong and tangible execution of the announced 2030 ambitions
Strong and tangible execution of the announced 2030 ambitions 2030 ambitions announced on December 12, 2025 Achievements to date >€7bn More than 27 % of assets sales & cash of expected asset rotation flow generation already realized cumulated by 2030 with Stahl & IHS WIM to represent WIM is 38% more
Slide 31: Appendix
Appendix 2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 31
Slide 32: Fully diluted Net Asset Value of €164.2 per share as of December 31, 2025
Fully diluted(1) Net Asset Value of €164.2 per share as of December 31, 2025 (in millions of euros) December 31, 2025 (2) Listed equity investments Number of shares Share price 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
Slide 33: Loan-to-value ratio
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% P
Slide 34: IFRS 16 - Summary table of main aggregates before and after application
IFRS 16 - Summary table of main aggregates before and after the application of IFRS 16 (in millions) Sales EBITDA Net Debt Leverage (1) 2025 2024 pre 2024 post 2025 pre 2025 post 2025 pre 2024 2025 post FY 2025 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 Tarkett €3,331.9 €3,346.0 n.a €329.0 n.a
Slide 35: Wendel Investment Managers: A Private AM platform focused on the mid-market
Wendel Investment Managers : A Private AM platform focused on the mid-market in the US & Europe Wendel Investment Managers Operating Model Wendel’s - Sponsor money - Controlling shareholder of AM entities strategy and - Co-invest - Strategic decisions(1) capital Platform profile €47bn+ AuM €200m+ FR
Slide 36: €47bn+ AuM vs. nil 24 months ago
WIM is an unique Private AM platform offer focused on European & North American MidMarket €47bn+ AuM IK Partners Monroe Capital Committed Advisors Successful consolidated since + consolidated since + closing expected in + fundraisings vs. nil 24 months ago: May 2024 April 2025 Q1 2026 Shared Client
Slide 37: Financial Agenda
Financial Agenda 2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 37
Slide 38: Financial agenda
Financial agenda Thursday April 23, 2026 Q1 2026 Trading update – Financial communication as of March 31, 2026 (before-market release) 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 consolidat
Slide 39: For more information, please visit www.wendelgroup.com
For more information, please visit www.wendelgroup.com 2025 Full Year Results | 0 2 . 2 6 . 2 0 2 6 39