Wendel Se · EURONEXT:MF
Wendel — Q1 2026 Earnings Presentation
25 slides from Wendel's earnings presentation, Apr 23, 2026
Slide 1: Q1 2026 Trading Update
Q1 2026 Trading Update Wendel: an investment firm creating long-term value in private markets April 23, 2026 Q1 2026 Trading Update| April 23, 2 0 2 6 1
Slide 2: Disclaimer
Disclaimer • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the Q1 2026 trading update presentation to be held on April 23, 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 Q1 2026 Trading Update| April 23, 2 0 2 6 3
Slide 4: Wendel Q1 2026 key financials
Wendel Q1 2026 key financials Q1 2026 Financial Performance AuM IK & Monroe Capital FPAuM €41.8bn €31.8bn Total GAV of WPI €49.5 bn PF of UP +13% €5.5bn Committed Advisors since Q1 2025 • Positive impact in listed assets Reported • IHS valued at offer price Mgt Fees & Other revenues • Unlisted asset
Slide 5: Fully Diluted NAV strongly impacted by market multiples in Q1 2026
Fully Diluted NAV strongly impacted by market multiples in Q1 2026, but the market rebound since end of March is not factored in valuations yet △ Q1 2026 NAV per share (€) • Negative impact of market multiples in Q1. Strong Wendel Investment Managers (8.5) rebound of multiples since the end of March
Slide 6: 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 7.8% (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 7: 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. • Following this transaction, WIM reaches €49.5bn in AuM and >€200million in FRE on a pro forma basis in 2026 • Stre
Slide 8: Q1 activity update - WIM growth momentum has been maintained
Q1 activity update - WIM growth momentum has been maintained – FP AuM +13% YoY Fundraising • €1.5bn of New equity raised over the quarter: ow 1.2bn for Secondary strategies (CASF V and CAGPS II) and $0.5bn for Private Credit strategies • Monroe Capital’s permanent vehicle (MCIP, a non tradable BDC t
Slide 9: Wendel Asset Management Platform pursues its expansion: AuM reach c.€50 bn incl. CA
Wendel Asset Management Platform pursues its expansion: AuM reach c.€50 bn incl. CA Assets under Management Pro forma Committed Advisors 1.2 49.5 6.5 Co-invest FPAuM up +13% YoY Fundraising YTD at closing Dry €Bn 41.2 UP +3% over the quarter 41.8 Powder Co-invest Co-invest AuM CA Dec-25 1.5 Dry 1,5
Slide 10: What is Direct Senior lending and why is it an attractive risk adjusted investment?
What is Direct Senior lending and why it's an attractive risk adjusted Investment ? Monroe Capital is a leader in a specific segment: Direct senior lending is at the US Lower Mid Market ($20-50m EBITDA) providing top of the capital stack a unique risk reward solution for investors Risk protection: •
Slide 11: Client demand for Private Credit has bifurcated between Retail & Wealth and institutional
Over the last few months, Client demand for Private Credit has bifurcated between Retail & Wealth and institutional Institutional demand held over the quarter … while Retail & Wealth demand has turned Year-on-year fundraising ($bn) Redemptions met Unmet redemptions 0 400 350 -2 300 250 200 -4 150 $1
Slide 12: Private Credit: Why Monroe Capital has an edge?
Private Credit : Why Monroe Capital has an edge ? Experience Security Consistency 22 years of experience A strategy focused on performance A seasoned “workout” team through different business cycles . instead of AuM chasing to cop with default and recovery Less than 5% of the >500 direct (Dry Powder
Slide 13: Wendel Principal Investments: good revenue growth for Q1 across the board
Wendel Principal Investments: good revenue growth for Q1 2026 across the board Organic Scope FX Q1 Revenue Total growth impact impact Bureau Veritas €1,547.0m +4.5% -0.1% -5.2% -0.8% Principal Investments Scalian €125.3m -4.6% - -0.3% -4.9% CPI(1) $30.9m -0.7% - +1.7% +1.0% ACAMS $23.2m +5.0% - +0.6
Slide 14: Wendel is financed at 2.8% average cost
Wendel is financed at 2.8% average cost Maturity profile As of March 31, 2026 Institutional bonds in m€ Cash: €1.3bn +€875m in committed credit facility 500 Gross debt: €1.6bn €750m Exchangeable Bond repaid in cash in March 2026 7.8% LTV ratio PF 300 300 300 209 Average maturity : 6.3 years(1) Weigh
Slide 15: Key Takeaways
Key Takeaways Q1 2026 Trading Update| April 23, 2 0 2 6 15
Slide 16: WIM, WPI and NAV key takeaways
WIM: good start of the year, 2026 ambitions confirmed WPI: Good growth & numerous value creation initiatives NAV: Strong impact of market multiples as of March 31, 2026 Q1 2026 Trading Update| April 23, 2 0 2 6 16
Slide 17: Appendix
Appendix Q1 2026 Trading Update| April 23, 2 0 2 6 17
Slide 18: Fully diluted Net Asset Value of €158.4 per share as of March 31, 2026
Fully diluted(1) Net Asset Value of €158.4 per share as of March 31, 2026 (in millions of euros) March 31, 2026 Listed equity investments Number of shares Share price (2) 2,290 • Bureau Veritas 66.6 million €27.4 1,825 • IHS 63.0 million $8.5 466 Investments in unlisted assets (3) 3,186 Asset Manage
Slide 19: 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 March. 31, 2026 c.€3.7bn (PF sale of Stahl & IHS) and excluding cash & growth investments Business Services 42% 50% Transaction multiples 20-day average share price Education, Busi
Slide 20: Loan-to-value ratio
Loan-to-value ratio March 31, 2026 Total Assets as of March 31, 2026 (A) 7,176 Total cash as of 31/03/2026 1,286 Bond debt & accrued interest (1,638) IK Partners deffered payments & Monroe earnout (237) Total debt as of March 31, 2026 (1,875) Net debt (B) (590) Spot LTV before restatements (B/A) 8.2
Slide 21: 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 22: Our platform is now at scale…
Our platform is now at scale… AuM Proforma 2026 FRE Proforma (1) €6.5b €49.5bn +16% since In €million acquisition n >200 45 +16% since acquisition + + + As of Dec. 31, Organic Committed PF March 31, FRE Organic Committed 2026 2025 growth Advisors 2026 at acquisition growth Advisors FRE proforma sinc
Slide 23: Financial Agenda
Financial Agenda Q1 2026 Trading Update| April 23, 2 0 2 6 23
Slide 24: Financial agenda
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 communica
Slide 25: For more information, please visit www.wendelgroup.com
For more information, please visit www.wendelgroup.com Q1 2026 Trading Update| April 23, 2 0 2 6 25