Slide 1: H1 2026 Results
H1 2026 Results Wendel: an investment firm creating long-term value in private markets July 30, 2026 Wendel | H1 2026 Results | July 30, 2026 1
Slide 2: Disclaimer
Disclaimer • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the H1 2026 trading update presentation to be held on July 30, 2026. This document must be treated confidentially by attendees at such presentation and may not be reproduced or redistributed to any other person.
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 Wendel | H1 2026 Results | July 30, 2026 3
Slide 4: Wendel H1 2026 key highlights
Wendel H1 2026 key highlights Solid performance in H1 2026 Strong return to shareholders: €450m returned to date NAV up 2.6% vs Q1 2026, restated from dividend paid to shareholders Wendel | H1 2026 Results | July 30, 2026 4
Slide 5: Wendel H1 2026 key financials
Wendel H1 2026 key financials H1 2026 Financial Performance AuM IK, Monroe Capital & Committed Advisors FPAuM Total GAV of WPI €48.7bn €37.8bn €3.6bn UP +30% +11% PF Excluding cash YoY H1 2026 Reported • Minor decline in BVI share price in Q2 • Good operating performance of unlisted assets Mgt Fees
Slide 6: Fully Diluted NAV positively impacted by market multiples in asset management & accretive impact of share buybacks
Fully Diluted NAV positively impacted by market multiples in asset management & accretive impact of share buybacks △ Q2 2026 NAV per share (€) • Driven by the combined increase in valuation multiples Wendel Investment Managers (1) +6.1 of the comparable companies, cash generation, and the reduction
Slide 7: €450 million returned to shareholders in 2026, and more to come
€450 million returned to shareholders in 2026, and more to come €450m already returned to €140 million shareholders €3.6 per share in dividend paid in May Representing more than 10% of market cap €310 million 9% share buyback achieved in only 5 months Interim dividend to be paid in November 2026 Wen
Slide 8: WIM platform is ramping up: confirming 2026 FRE targets of >€200 million
WIM platform is ramping up : confirming 2026 FRE targets of >€200 million • On April 6, 2026, closing of the acquisition of Committed Advisors, a midmarket secondary market specialist • Strengthened partnership with BNP Paribas Asset Management Alts’ GP stakes platform • Following this transaction,
Slide 9: Wendel Asset Management Platform pursues its expansion: AuM reach c.€49 bn
Wendel Asset Management Platform pursues its expansion: AuM reach c.€49 bn Assets under Management FPAuM up +22% YTD 48.7 FPAuM pro forma up +5% YTD and +11% YoY €Bn Co-invest 41.2 4.2 04 Dry Co-invest 0.7 01 37.8 38 Powder Dry 5.0 05 Powder -03 (3.1) 31.0 31 NAV & NAV & Others Others Portfolio valu
Slide 10: H1 activity update - WIM growth momentum has been maintained
H1 activity update - WIM growth momentum has been maintained – FP AuM +11% YoY Fundraising • €2.2bn of New equity raised in H1: o/w €1.2bn for Secondary strategies (CASF V and CAGPS II) and $1.2bn for Private Credit strategies • Monroe Capital’s permanent vehicle (MCIP, a non tradable BDC that accou
Slide 11: H1 activity update – business developments
H1 activity update – business developments IK Partners • Maintaining pace of cash returned to investors : sale of Innovad and Sofia in the first half and 3 announced sales in July: coin4 solutions, Forthglade and MDT Technologies • Deployment: 3 acquisitions year-to-date (Rhetores, Selatek and Domek
Slide 12: Wendel Asset Management Platform is ramping up in 2026
Wendel Asset Management Platform is ramping up in 2026 Management Fees Fee Related Earnings FRE + PRE and other revenue €m €m €m 226.2 +11% on PF +12% on PF Basis 90.7 87.1 Basis +48% +56% +46% 145.0 • First consolidation of Committed Advisors • While keeping organic b • External growth since April
Slide 13: H1 2026 Proforma WIM P&L: on track with expectations
H1 2026 Proforma WIM P&L: on track with expectations In m€ H1 2026 H1 2026 Reported Proforma (incl. IK, MC & CA FY) EUR/USD@1.1669 Management fees & others 226 239 Carried interest (PRE) 4 4 WIM in line with its Total revenues 230 243 financial objectives @constant Total expenses (139) (144) exchang
Slide 14: H1 2026 key highlights
H1 2026 key highlights • Wendel advised by IK Partners for all existing and future controlled private investments since Jan. 1, 2026 • Ongoing active capital rotation: c. €1.65 billion proceeds expected from the disposals of Stahl and IHS announced in February 2026 (1) • EBITDA growth across most of
Slide 15: Principal investments – Solid performance of unlisted assets in H1 2026
Principal investments – Solid performance of unlisted assets in H1 2026 (in m) Sales EBITDA Net debt Net debt and EBITDA are post IFRS 16. All metrics H1 2025 H1 2026 End of June in appendix. H1 2025 H1 2026 Δ post post Δ 2026 IFRS 16 IFRS 16 Pro forma revenue growth of +4.2% excluding the non-core
Slide 16: A strong and diversified portfolio grounded with a disciplined valuation methodology
A strong and diversified portfolio grounded with a disciplined valuation methodology Wendel Principal Wendel PrincipalInvestments Investments as of June 30, 2026 c.€3.6bn c.€5.3bn (PF sale of Stahl & IHS) Excluding €2.2bnExcluding cash of cash and & other €0.2bn assets investments of Growth 45% 48%
Slide 17: Disposals of Stahl & IHS: significant steps forward in our €7bn capital allocation strategy
Disposals of Stahl & IHS: significant steps forward in our €7bn capital allocation strategy to be completed in H2 2026 7.8% (1) Already announced asset rotations Proforma LTV ratio c.€1.2 billion Stahl sale proceeds > 27% c.$535 million IHS sale proceeds of the asset rotation expected by 2030 to be
Slide 18: H1 2026 net income, group share: €69.5 million
H1 2026 net income, group share: €69.5 million H1 2025 H1 2026 % Total contribution from Asset Management 49.0 78.0 +59.1% Total contribution from Sponsor Money (WIM & Wendel Growth) (32.5) 10.8 n.s. Total contribution from Wendel Principal Investments 353.8 391.3 +10.6% Operating expenses net of ma
Slide 19: Wendel is financed at 2.8% average cost
Wendel is financed at 2.8% average cost Maturity profile As of June 30, 2026 Institutional bonds in m€ Cash: €0.5bn +€875m committed credit facility (undrawn) 500 Gross debt: €1.4bn 7.8% LTV ratio PF 300 300 300 Average maturity : 6.1 years Weighted average cost of debt : 2.8% 4.500% 1.000% 3.750% 1
Slide 20: Key Takeaways
Key Takeaways Wendel | H1 2026 Results | July 30, 2026 20
Slide 21: H1 2026 key takeaways
H1 2026 key takeaways NAV Platform developments Good operating performance Total fully diluted NAV in line with plan across the board up +€4.1 per share, or +2.6% vs. Q1 2026, Growth of main assets EBITDAs WIM to reach restated from €3.6 dividend paid >€200million in FRE Ongoing execution on a pro f
Slide 22: Appendix
Appendix Wendel | H1 2026 Results | July 30, 2026 22
Slide 23: Fully diluted Net Asset Value of €158.9 per share as of June 30, 2026
Fully diluted(1) Net Asset Value of €158.9 per share as of June 30, 2026 (in millions of euros) June 30, 2026 (2) Listed equity investments Number of shares Share price 2,189 • Bureau Veritas 66.6 million €25.8 1,719 • IHS 63.0 million $8.5 470 Investments in unlisted assets (3) 3,069 Asset Manageme
Slide 24: Loan-to-value ratio
Loan-to-value ratio June 30, 2026 Total Assets as of June 30, 2026 (A) 7,687 Total cash as of 30/06/2026 507 Bond debt & accrued interest (1,419) IK Partners deffered payments & Monroe earnout (268) Total debt as of June 30, 2026 (1,688) Net debt (B) (1 181) Spot LTV before restatements (B/A) 15.4%
Slide 25: 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) Revenue EBITDA Net Debt Leverage (* ) H1 2026 End of June End of June H1 2025 pre H1 2025 H1 2026 pre End of June H1 2025 H1 2026 post 2026 pre 2026 post IFRS 16 post IFRS 16 IFRS 16 2026 IFRS 16 IFR
Slide 26: Strong and tangible execution of the announced 2030 ambitions
Strong and tangible execution of the announced 2030 ambitions 2030 ambitions announced Achievements to date on December 12, 2025 >€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 more WIM is 37%
Slide 27: Wendel's 2030 ambitions announced in December 2025
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
Slide 28: Financial Agenda
Financial Agenda Wendel | H1 2026 Results | July 30, 2026 28
Slide 29: Financial agenda
Financial agenda Thursday, October 22, 2026 Q3 2026 Trading update – Financial communication as of September 30, 2026 (before-market release) Wednesday, December 2, 2026 2026 Investor Day Friday, February 2, 2027 2026 Full Year Results – Financial communication as of December 31, 2026 and condensed
Slide 30: For more information, please visit www.wendelgroup.com
For more information, please visit www.wendelgroup.com Wendel | H1 2026 Results | July 30, 2026 30