Slide 1: 2024 Full Year Results
2024 Full Year Results February 27, 2025 2025 2021 1
Slide 2: Disclaimer
Disclaimer • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the 2024 Results presentation, to be held on February 27, 2025. 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 3
Slide 4: Strong 2024 performance leading to NAV of €185.7 and +17.5% dividend growth YoY
Strong 2024 performance leading to NAV of €185.7 and +17.5% dividend growth YoY Strong value creation High return +16.9% (2) Proposed 2024 dividend: (NAV (1) growth + dividend) €4.7 per share, up +17.5% Principal Investments Third party AM platform €4.7 dividend to be proposed at Significant Princip
Slide 5: In 2024, we took some major steps to create long term value
In 2024, we took some major steps to create long term value Acceleration towards dual model to drive higher Principal Investment performance Asset Management Value creation(1): • GPs value growth: Up +57% in NAV since • Bureau Veritas LEAP28 mid term plan Value creation acquisition • Strategic M&A f
Slide 6: Today, Wendel Group manages c.€41 billion of Assets
Today, Wendel Group manages c.€41 billion of Assets Principal Investments 3rd Party AM platform c.€7.4bn Excluding €2.4bn of Cash 33.4bn AuM(1) Education, Business Services Professional 52% Training, and Tech. €33.4bn 32% AuM €13.8bn in private assets 59% €19.6bn AuM c. 480 people in AuM 11 countrie
Slide 7: €27.4 per share of intrinsic value creation in 2024: +16.9% in one year
€27.4 per share of intrinsic value creation in 2024: +16.9% in one year △ YoY NAV per share(1) A Principal Investments +€21.1 • + 29% of value of listed assets, mainly Bureau Veritas • - 7% for non-listed assets, LFL • IK Partners valuation increased by +57% since B Asset Management +€6.0 acquisitio
Slide 8: A - Principal Investment solid value creation +12.8%
A - Principal Investment solid value creation + 12.8% △ Value creation YoY(1) Listed assets Strong share price growth €167.9 € +1,165m Crystallization of value through the sale of 9% @27.12 (3% discount) Low impact on NAV given size € -42m Good results for Tarkett Unlisted assets On a like-for-like
Slide 9: Principal investment – NAV up +€21.1 led by listed assets growth (1/2)
A- Principal investment – Principal Investments NAV up +€21.1 led by listed assets growth (1/2) Share price up +28.3% in 2024, on the back of LEAP|28 strategic plan Total sales up 6.4% (10.2% organically). Adj. Op. Profit up +7.1%, margin (16%) up 11 bps YoY. Bureau Veritas expects to deliver for th
Slide 10: Principal investment – NAV up +€21.1 led by listed assets growth (2/2)
A- Principal investment – Principal Investments NAV up +€21.1 led by listed assets growth (2/2) (in millions) Sales EBITDA Net debt 2023 post 2024 post End of Dec 2023 2024 Δ Δ IFRS 16 IFRS 16 2024 Sales up +1.8% in 2024 despite market challenges in the automotive and luxury goods end-markets. Stron
Slide 11: IK's growth momentum has accelerated since our transaction
B- IK’s growth momentum has accelerated since our transaction with strong value creation for all stakeholders Liquidity for LP Fundraising Another year of distribution Strong momentum €1.6 billion €3.4 billion Proceeds generated from 11 exits(1) raised in 2024 2.8x MM >€5.1 billion raised for the Av
Slide 12: FY 2024 Asset Management Activities: AuM growth, distributions and capital raising
B- FY 2024 Asset Management Activities: AuM growth, strong distributions and capital raising have generated strong results despite the tougher environment IK Partners pursues its growth momentum 14000 AuM+24% 13.8 12000 €Bn 11.1 Co-invest FPAuM+33% 10000 Co-invest • AuM up 24% 03 3.4 Dry Powder 10 1
Slide 13: C & D – Strict cost control, positive carry and accretive share buybacks
C & D – Strict cost control, positive carry and accretive impact of share buybacks results in a combined positive €0.4 impact on fully diluted NAV per share Cash operating costs, Net Financing Results and others impacted NAV by -€1.0 per share • Operating costs impact of €-2.8 per share, representin
Slide 14: Wendel's ESG performance rewarded through ratings and distinctions
Wendel’s ESG performance rewarded through ratings and distinctions Best Worst Score 2023 Score 2024 66 76 (top 1% of the industry) 50 20 76 AA AA AAA AA A BBB BB B CCC A- B B/B- C/C- D/D- A B Negligible risk Negligible risk (top 2% of the Low risk Medium High industry) Negligible Risk B- B- (top 10%
Slide 15: Wendel Group IFRS P&L does not reflect all capital gains and inflows
Wendel Group IFRS P&L does not reflect all the capital gains and inflows from our investment activity 2024 IFRS net income Holding Asset Principal Company Management Investment Total €m (1) Revenue - 126.5 7,937.0 8,063.5 Contribution to net income -63.0 42.3 774.4 753.7 from operations In accordanc
Slide 16: Wendel is financed at 2.4% average cost with no maturity until 2026
Wendel is financed at 2.4% average cost with no maturity until 2026 Maturity profile Total liquidity: €1.2bn Institutional bonds (o/w €875m in committed credit Exchangeable bonds into facility) Bureau Veritas’ shares in m€ 750 Gross debt: €2.4bn 22.9% LTV ratio(1) 500 2023 Average maturity: Outstand
Slide 17: Key takeaways
Key takeaways NW) WENDEL
Slide 18: Medium term upsides to Net Asset Value & Share Price
Medium term upsides to Net Asset Value & Share Price Asset Management : • IK Partners organic growth & consolidation of Monroe would lead to 2025 proforma FRE of c. €160m (full year), and Net Profit after tax, Wendel share, of c. €100m • M&A: looking for new verticals to grow the platform • Synergie
Slide 19: Q&A session
Q&A session Ny) WENDEL
Slide 20: Appendix
Appendix 1 Fi nanc ia l inf or mati on a s of D ec emb er 31, 2024 20
Slide 21: 3rd Party Asset Management: our expectations for 2025
3rd Party Asset Management : our expectations for 2025 In m€ 2025 pf Full Year Basis AuM 33.4bn(1) Management fees & other 430 In bp c.140bp Carried interest (PRE) 25 Total revenues 455 Total expenses(2) 271 Pretax profit (PRE+FRE) 184 Pretax profit, Wendel Share c.125 Margin c.40% o.w. FRE (3) 160
Slide 22: Fully diluted Net Asset Value of €185.7 per share as of December 31, 2024
E - Fully diluted(1) Net Asset Value of €185.7 per share as of December 31, 2024 (in millions of euros) December 31, 2024 (2) Listed equity investments Number of shares Share price 3,793 • Bureau Veritas 120.3 million €29.5 3,544 • IHS 63.0 million $3.2 192 • Tarkett €10.5 57 Investments in unlisted
Slide 23: Fully diluted Net Asset Value up 16.9% restated from dividend
Fully diluted Net Asset Value up 16.9% restated from dividend +16.9% +26.9 -1.4 +0.4 -4.9 +6.0 -1.1 -4.0 +1.4 185.7 +4.0 189.7 IHS Tarkett Other Unlisted Asset Dividend Share Dividend assets Management paid buyback paid In euro per share 162.3 Bureau Veritas NAV fully diluted NAV fully diluted Pro f
Slide 24: 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 (2) End of End of 2023 2023 2024 2024 Dec. Dec. End of Dec. 2023 2024 excluding including excluding including excluding including 2024 IFRS 16 IFRS 16 IFRS 16 IFRS 16 I
Slide 25: 2024 consolidated sales
2024 consolidated sales in millions of euros 2023 2024 Δ Organic Δ Bureau Veritas 5 867,8 6 240,9 6,4% 10,2% Stahl(1) 913,5 930,2 1,8% -1,1% Scalian(2) 126,8 533,4 n.a. n.a. CPI 128,0 138,8 8,4% 8,4% ACAMS(3) 91,6 93,7 2,4% -0,6% IK Partners (4) n.a. 126,5 n.a. n.a. Consolidated sales 7,127.6 8,063.
Slide 26: 2024 sales of companies accounted for by the equity method
2024 sales of companies accounted for by the equity method in millions of euros 2023 2024 Δ Organic Δ Tarkett(1) 3,363.1 3,331.9 -0.9% -0.4% Sales (Equity method)(2) 3,363.1 3,331.9 -0.9% -0.4% (1) Selling price adjustments in the CIS countries are historically intended to offset currency movements
Slide 27: Net income from operations
Net income from operations in millions of euros 2023 2024 Total contribution from asset management: IK Partners n.a. 42.3 Bureau Veritas 594.0 643.3 Stahl 90.3 100.2 Scalian -2.8 -6.2 CPI 20.7 22.2 ACAMS 0.0 -0.7 Tarkett (equity accounted) 8.8 15.6 Constantia Flexibles 115.2 - Total contribution fro
Slide 28: Consolidated income statement
Consolidated income statement in millions of euros 2023 2024 Net sales 7,127.6 8,063.5 Service costs rebilled to clients 191.7 203.4 Net sales and service costs rebilled to clients 7,319.3 8,266.9 Other income from operations 4.7 227.0 Operating expenses -6,455.6 -7,311.9 Net depreciation 5.4 21.7 A
Slide 29: Financial agenda
Financial agenda Ny) WENDEL
Slide 30: Financial agenda
Financial agenda Thursday April 24, 2025 Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release) Thursday May 15, 2025 Annual General Meeting Wednesday July 30, 2025 H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financia
Slide 31: For more information, please visit www.wendelgroup.com
For more information, please visit www.wendelgroup.com 31