Slide 1: 2022 Full-Year results
2022 Full-Year results March 17, 2023 2023 2021 1
Slide 2: 2022 Highlights – Strong Performance of Portfolio Companies & Solid Fundamentals Support NAV
2022 Highlights – Strong Performance of Portfolio Companies & Solid Fundamentals Support NAV Strong performance of €355M of Capital Significant Dec. 31 NAV impacted portfolio companies deployed financial flexibility by markets levels • Consolidated sales of • €304m invested to • Ample liquidity and
Slide 3: Strong Consolidated Sales Growth Resulting in Strong Profit Growth
Strong Consolidated Sales Growth Resulting in Strong Profit Growth Consolidated Adjusted Contribution Adjusted Net income sales (in €m) from subsidiaries (in €m) (1) from operations (in €m) (1) +15.9% +15.5% +17.2% Organic +10.7% Scope +2.2% FX +4.6% 672.0 IFRS 5 -1.6% +11.8 +4.4 790.7 653.7 746.9 -
Slide 4: Promising First Months of 2023
Promising First Months of 2023 Strong M&A activity at portfolio level Stahl : ISG acquisition Constantia Flexibles : Joint-venture in India & Drukpol Flexo acquisition in Poland Wendel Growth accelerates with 3 new direct investments New Strategic Update 4 Full-Year 2022 results | March 17, 2023
Slide 5: A New Strategic Direction for the Executive Board
A New Strategic Direction for the Executive Board Implementation of an active portfolio Ambition to develop management & investment policy a third-party Asset Manager .€2.0bn Intention to invest to invest in new assets c.€2.0bn in the of equity next 2 years • Based on Wendel’s investment platform an
Slide 6: New Return to Shareholders: New Dividend Policy, Aiming at 2% of NAV on Average
New Return to Shareholders: New Dividend Policy, Aiming at 2% of NAV on Average Proposing a €3.20 per share dividend, up 6.7% Representing a yield of 3.3%(1) on Share Price and 1.9% of NAV €25.4m of Wendel shares repurchased in 2022 €3.20 To be proposed at next AGM €2.90 €3.00 €2.80 €2.80 €2.65 €2.3
Slide 7: Performance of Group companies fully consolidated
Performance of Group companies fully consolidated FY 2022 - Figures include IFRS 16, unless otherwise specified 7 Full-Year 2022 results | March 17, 2023
Slide 8: Bureau Veritas – Strong Operating and Financial Performance in 2022, Solid 2023 Outlook
Bureau Veritas – Strong Operating and Financial Performance in 2022, Solid 2023 Outlook Strong organic revenue growth (+7.8%) Four businesses delivered high single-digit to low double-digit organic revenue growth, with Industry up 11.4%, Marine & Offshore 9.4%, Agri-Food & Commodities 9.3% and Bui
Slide 9: Stahl – Good 2022 Results, Strategic Developments Are Accelerating
Stahl – Good 2022 Results, Strategic Developments Are Accelerating Sales up (+10.1%) mostly driven by price increases to offset input cost inflation Organic growth was +6.3%, FX +3.8% Growth driven by good performance in Performance Coatings and positive price/mix effects as volumes declined, no
Slide 10: Constantia Flexibles – Outstanding Performance in 2022, Successful Execution of Vision 2025
Constantia Flexibles – Outstanding Performance in 2022, Successful Execution of Vision 2025 Strong 2022 topline performance: +23.6% organically Consumer & Pharma posted above +20% organic growth Record EBITDA and margin up 60 bps, and up 340 bps based(2) on 2020 price levels: Various operational
Slide 11: Crisis Prevention Institute – Strong Revenue and EBITDA Growth
Crisis Prevention Institute – Strong Revenue and EBITDA Growth +15.1% total revenue growth, or 17.0% organic with -1.8% FX impact Continued enhancements to sales and marketing functions Growth in new programs, including special topics such as Trauma, Autism, and Advanced Physical Skills Intern
Slide 12: ACAMS – Strong Performance for the First Year Under Wendel Ownership
ACAMS – Strong Performance for the First Year Under Wendel Ownership Strong performance for ACAMS, with reported revenue growth of +15.4% (1) Double-digit revenue growth driven in part by in-person conference recovery and stronger sales of Certifications, Memberships and Training, especially to la
Slide 13: Overall solid financial structure with balanced maturity profiles for our portfolio companies
Overall solid financial structure with balanced maturity profiles for our portfolio companies Net debt Net debt Fixed rate Weighted to EBITDA (as of Dec. 31 2022 including IFRS 16) debt (3) Average maturity (3) (end of 2019 end of 2022(1)) The lowest 1.9x 0.97x €975m 100% 3.9 y leverage level since
Slide 14: Wendel Growth is ramping up: 3 new direct investments completed over the last 12 months
Wendel Growth is ramping up: 3 new direct investments completed over the last 12 months >50 direct opportunities reviewed in 2022 3 new direct investments made: Total commitments of c.€204m as of March 17, 2023 • o/w €164m in funds, c. 62% have already been called • o/w c.€40m invested in direct opp
Slide 15: Financial and ESG Performance Review
Financial and ESG Performance Review Full Year 2022 15 Full-Year 2022 results | March 17, 2023
Slide 16: Net Asset Value bridge for 2022: Positive Contribution of Unlisted Assets
Net Asset Value bridge for 2022: Positive Contribution of Unlisted Assets -9.2 % -10.8 % 188.1 -12.1 -8.2 -2.4 +6.9 +1.5 -3.0 -3.0 167.9 +3.0 170.9 Bureau Veritas Headquarters Dividend Other Adjusted €24.8 IHS Tarkett sale Unlisted for dividend as of dec.31,2022 $6.5 €11.9 as of Assets paid (-14% Yo
Slide 17: Net debt and LTV at low level, providing financial flexibility
Net debt and LTV at low level, providing financial flexibility Improved LTV 52.0% 47.5% 36.7% 32.6% 34.4% 31.9% 22.9% 12.2% 10.3% 6.1% 6.0% 6.2% 5.8% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 € billions Net debt kept low 4.5 4.1 3.3 3.2 3.4 2.8 2.2 1.1 1.0 0.4 0.5 0.5 0.5 2010
Slide 18: Wendel is financed at 1.7% cost over 2029 on average and has no maturity before 2026
Wendel is financed at 1.7% cost over 2029 on average and has no maturity before 2026 c.€1 bn cash + €750m undrawn credit facility extended to July 2027 Weighted average Cash available cost of bond debt: 1.7% Bond maturities Average maturity: 6.4 years (1) c.€1.7 bn total 500 liquidity Moody’s credit
Slide 19: Wendel's ESG performance rewarded through ratings and distinctions
Wendel’s ESG performance rewarded through ratings and distinctions Best Worst Wendel score 72 50 20 72 AA AAA AA A BBB BB B CCC B A/A- B B- C/C- D/D- Negligible risk (top 1% of the sector) Low risk Medium High Negligible Risk 58/100 (top 5% of the sector) 58/100 C+ (top 10% of the sector) B- C+ C C-
Slide 20: Key takeaways
Key takeaways 20 Full-Year 2022 results | March 17, 2023
Slide 21: Wendel has Solid Foundations for a Compelling Value Creation Journey
Wendel has Solid Foundations for a Compelling Value Creation Journey Good performance of controlled companies € Financial flexibility at holding and portfolio levels providing capacity to seize investment opportunities Regular and measurable progress on ESG Opportunities to create more value for sha
Slide 22: Q&A session
Q&A session 22 Full-Year 2022 results | March 17, 2023
Slide 23: Appendix 1
Appendix 1 23 Full-Year 2022 results | March 17, 2023
Slide 24: Tarkett – Sustained Sales Growth and Positive Inflation Balance
Tarkett – Sustained Sales Growth and Positive Inflation Balance Sustained sales growth driven by Sport and price increases despite volume slowdown in the 4th quarter Organic growth reached +8.9%, or +11.7% including price increases in the CIS region to counter inflation. FX effect of +8.4% Stabl
Slide 25: NAV of €167.9 as of December 31, 2022
NAV of €167.9 as of December 31, 2022 (in millions of euros) Dec. 31, 2022 Listed equity investments Number of shares Share price(1) 4,460 • Bureau Veritas 160.8 million €24.8 3,990 • IHS 63.0 million $6.5 382 • Tarkett €11.9 88 Investments in unlisted assets(2) 3,440 Other assets and liabilities of
Slide 26: 2022 performance of Group's companies
2022 performance of Group’s companies Organic EBITDA, Op. profit Sales Δ Margin growth for BVI (1) Bureau Veritas €5,650.6 +13.4% +7.8% €902.1 16.0% ACAMS $98.4 +15.4% +15.9% $19.4 19.7% Constantia Flexibles €1,954.5m +21.9% +23.6% €256.4m 13.1% Crisis Prevention $120.1m +15.1% +17.0% $61.9 51.5% In
Slide 27: Balanced exposure to geographies and sectors
Balanced exposure to geographies and sectors % OF GROSS ASSET VALUE SECTOR EXPOSURE (1) GEOGRAPHIC EXPOSURE (1) Telecom & Energy Africa & other Infrastructure 11% 9% 8% Industry North America Unlisted assets 39% Automotive & 4% 28% Transportation 12% Health 6% Asia Pacific Government, 26% Administra
Slide 28: Appendix 2
Appendix 2 Financial information as of Dec. 31, 2022 28 Full-Year 2022 results | March 17, 2023
Slide 29: FY 2022 consolidated sales
FY 2022 consolidated sales in millions of euros 2021 2022 Δ Organic Δ Bureau Veritas 4,981.1 5,650.6 +13.4% +7.8% Constantia Flexibles 1,603.4 1,954.5 +21.9% +23.6% Stahl 831.3 914.9 +10.1% +6.3% CPI 88.2 114.2 +29.5% +17.0% ACAMS (2) n/a 66.2 n/a n/a Consolidated sales (2) 7,503.9 8,700.4 +15.9% +1
Slide 30: FY 2022 sales of companies accounted for by the equity method
FY 2022 sales of companies accounted for by the equity method in millions of euros 2021 2022 Δ Organic Δ Tarkett 2,792.1 3,358.9 +20.3% +11.7% 30 Full-Year 2022 results | March 17, 2023
Slide 31: IFRS 16 - Summary table of main aggregates before and after the application of IFRS 16
IFRS 16 - Summary table of main aggregates before and after the application of IFRS 16 Sales EBITDA Net debt (in millions) FY 2021 FY 2021 FY 2022 FY 2022 FY 2022 FY 2022 FY 2021 FY 2022 excluding including excluding including excluding including IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 Stahl
Slide 32: Net income from operations
Net income from operations In millions of euros 2021 2022 Bureau Veritas 509.2 561.3 Stahl 113.9 118.3 Constantia Flexibles 50.9 91.4 CPI 7.8 19.6 ACAMS n/a -1.4 Cromology 52.4 n/a Tarkett (equity accounted) 3.0 0.1 IHS (equity accounted) 27.7 n/a Total contribution from Group companies 765.0 789.3
Slide 33: Consolidated income statement
Consolidated income statement In millions of euros 2021 2022 Net sales 7 503.9 8 700.4 Other income from operations 9.6 7.4 Operating expenses -6 708.7 -7 736.2 Net gain (loss) on sale of assets 4.3 122.2 Asset impairment -0.7 -4.6 Other income and expenses -0.8 3.2 Operating income 807.6 1,092.5 In
Slide 34: Consolidated balance sheet
Consolidated balance sheet In millions of euros 12/31/2022 12/31/2021 In millions of euros 12/31/2022 12/31/2021 Goodwill 3,929.1 3,510.6 Share capital 177.6 179,0 Premiums 22.2 57,5 Intangible assets. net 1,710.6 1,536.4 Retained earnings & other reserves 1,932.5 1,317.9 Property. plant & equipment
Slide 35: Conversion from accounting presentation to economic presentation
Conversion from accounting presentation to economic presentation Equity- method Wendel and Total Group Constantia investments holding In millions of euros Bureau Veritas Flexibles Stahl CPI ACAMS Tarkett companies Net income from operations - Net sales 5,650.6 1,954.5 914.9 114.2 66.2 8,700.4 EBITDA
Slide 36: Financial agenda
Financial agenda 36 Full-Year 2022 results | March 17, 2023
Slide 37: Financial agenda
Financial agenda April 28th, 2023 Q1 2023 Trading update - Publication of NAV as of March 31, 2023 (pre-market release) June 15th, 2023 Annual General Meeting July 28th, 2023 H1 2023 results - Publication of NAV as of June 30, 2023, and condensed Half-Year consolidated financial statements (pre-mark
Slide 38: Disclaimer
Disclaimer • The following applies to this document, the oral presentation of the information in this document and any question-and-answer session that follows the oral presentation. • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the 2022 annual results presentation, t
Slide 39: For more information, please visit www.wendelgroup.com
For more information, please visit www.wendelgroup.com 39 Wendel Q3 2022 Trading Update | October 28, 2022