Wendel Se · EURONEXT:MF
Wendel — Q1 2025 Earnings Presentation
15 slides from Wendel's earnings presentation, Apr 25, 2025
Slide 1: Q1 2025 Trading Update
Q1 2025 Trading Update April 25, 2025 2021 2025
Slide 2: Disclaimer
Disclaimer • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the Q1 2025 Trading Update presentation, to be held on April 25, 2025. This document must be treated confidentially by attendees at such presentation and may not be reproduced or redistributed to any other perso
Slide 3: Q1 2025 key highlights
Q1 2025 key highlights Principal Investments Asset Management (IK Partners only in Q1 2025) Good total revenue growth Revenues up +33% YoY AuM up +9% YTD €0.6bn raised in Q1 Assets valuations impacted by market volatility IK X flagship fund reached its €3.3bn hard cap, making it the largest fund rai
Slide 4: Q1 2025 key highlights: a very active deployment of our Strategic roadmap
Q1 2025 key highlights: a very active deployment of our Strategic roadmap Principal Investments Asset Management Closing of Monroe Capital Forward sale of Bureau Veritas shares on March 31, 2025, @€27.25 generating €750m of proceeds Wendel dramatically expanded its AM platform and rebalanced its bus
Slide 5: Fully diluted Net Asset Value of €176.7 per share as of March 31, 2025
Fully diluted(1) Net Asset Value of €176.7 per share as of March 31, 2025 (in millions of euros) March 31, 2025 Listed equity investments Number of shares Share price (2) 2,965 • Bureau Veritas 89.9 million €28.5 2,565 • IHS 63.0 million $4.4 254 • Tarkett €16.4 146 Investments in unlisted assets (3
Slide 6: Q1 2025 NAV mainly impacted by market multiples
Q1 2025 NAV mainly impacted by market multiples △ Q1 2025 NAV per share(1) • Listed assets flat, thanks to the good performance of Tarkett’s and IHS’s share prices Principal Investments -€6.5 • -€6.5 for non-listed assets, mainly impacted by the decrease in market multiples and FX Asset Management -
Slide 7: Principal Investments: Positive Q1 2025 revenue growth across the board
Positive Q1 2025 revenue growth across the board Organic Scope FX Revenue Δ growth impact impact Bureau Veritas €1,558.7m +8.3% +7.3% +1.4% -0.4% Principal Investments Stahl(1) €231.0m +2.4% -5.4% +8.1% -0.3% Scalian €131.8m -6.3% -11.2% +4.9% n.a CPI $30.7m +5.8% +5.3% +1.4% -0.9% ACAMS $22.0m +6.4
Slide 8: Today, Wendel Group manages a total of c.€40 billion of assets
Today, Wendel Group manages a total of c.€40 billion of assets Principal Investments 3rd Party AM platform €6.3bn €34bn AuM(1) Business Services Education, Professional 44% Training, and Tech. 37% €34bn AuM c.€15bn in private assets €19.0bn AuM 44% c. 480 people in AuM 11 countries 56% Industrials 1
Slide 9: Asset Management is now a significant value creation driver (17% of GAV)
Asset Management is now a significant value creation driver (17% of GAV) Revenue growth Fundraising Strong momentum Q1 2025 up +33% €3.4 billion for IK Partners raised in Q1 2025 Thanks to the strong by IK Partners & Monroe Capital fundraising over the last twelve months Significant AM player Good p
Slide 10: Q1 2025 key takeaways: transformation is on the way
Q1 2025 key takeaways: transformation is on the way • Q1 2025 NAV impacted by market multiples • Good performance of group companies across the board • Strong portfolio rotation, with a good timing • Wendel Asset Management business is now a significant performance driver: 17% of GAV as of March 202
Slide 11: Appendix
Appendix WENDEL
Slide 12: Fully diluted Net Asset Value down 4.8% per share
Fully diluted Net Asset Value down 4.8% per share -4.8% 185.7 -3.6 +2.1 -6.5 +1.4 -0.8 -1.7 Tarkett 176.7 Bureau IHS Unlisted Veritas Asset assets Others Management In euro per share NAV fully diluted NAV fully diluted as of as of 12.31.2024 03.31.2025 12
Slide 13: Financial agenda
Financial agenda Ny WENDEL
Slide 14: Financial agenda
Financial agenda Thursday May 15, 2025, at 3PM CEST Annual General Meeting Wednesday July 30, 2025 H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release) Thursday October 23, 2025 Q3 2024 Trading update – Publication
Slide 15: For more information, please visit www.wendelgroup.com
For more information, please visit www.wendelgroup.com 15