Slide 1: H1 2025 Results
H1 2025 Results JULY 31, 2025 H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 1
Slide 2: Disclaimer
Disclaimer • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the 2025 Half Year Results presentation, to be held on July 31, 2025. 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 H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 3
Slide 4: H1 2025 key highlights
H1 2025 key highlights Principal Investments Asset Management Listed portfolio: First inclusion of Monroe Capital • Positive momentum across the board Asset Management now accounts for 22% of • Forward sale of Bureau Veritas shares GAV excluding cash generating €750m of proceeds AuM up +184% YTD at
Slide 5: Wendel Group now manages €45+ billion of Assets
Wendel Group now manages €45+ billion of Assets Principal Investments 3rd Party AM platform c.€6.2bn €39.1bn AuM (1) Excluding €1.8bn of cash Education, Business Services Professional 45% Training, and Tech. 37% AuM in private assets 40% €23.6bn €15.5bn c. 480 people in AuM 11 countries AuM 60% Indu
Slide 6: End of June NAV flat QoQ at constant FX and adjusted for dividend
End of June NAV flat(1) QoQ at constant FX and adjusted for dividend △ Q1 vs Q2 2025 NAV per share(1) • + €3.5 of value of listed assets Principal Investments -€1.5 • - €5.0 for non-listed assets • Good growth of the platform Asset Management +€3.8 • Good FRE growth • FX impact induced by EURUSD For
Slide 7: Principal Investments
Principal Investments Ny WENDEL
Slide 8: Principal investments – Listed assets generated good operational performance
Principal investments – Listed assets generated good operational performance EBITDA/ Sales (m) EBIT for BVI (m) Δ share H1 2024 H1 2025 price since Q1 H1 2024 H1 2025 Δ post post Δ 2025 IFRS 16 IFRS 16 Robust organic revenue growth and strong margin increase in H1 2025 as the LEAP | 28 €3,022 €3,193
Slide 9: Principal investments – mixed performance of unlisted assets over H1
Principal investments – mixed performance of unlisted assets over H1 (in millions) Sales EBITDA Net debt H1 2024 H1 2025 End of June H1 2024 H1 2025 Δ post post Δ IFRS 16 IFRS 16 2025 In a context of challenging market conditions Stahl €465 €463 -0.4% €107 €91 -14.9% €358 maintained a strong EBITDA
Slide 10: Asset Management Platform
Asset Management Platform Successful deployment
Slide 11: AuM is now €39bn+ vs. nil 18 months ago
Successful GP selection and fundraisings are driving growth and AUM diversification AuM is now €39bn+ IK Partners Monroe Capital Successful consolidated since + consolidated since + fundraisings vs. nil 18 months ago: May 2024 April 2025 Investors AuM split by Investor Type Geography activity Instit
Slide 12: Wendel Asset Management Platform is ramping up: New FPAuM of 5bn in H1
Wendel Asset Management Platform is ramping up: New FPAuM of 5bn in H1 Assets under Management €Bn FPAuM up +187% 39.1 FX adjusted Co-invest 5,0 Dry Powder & €5Bn of New 19,5 29,0 undeployed (3,0) (0,3) (2,4) Fee Paying AuM 13.8 Co-invest NAV & Other in H1 2025 10,1 Dry Powder & undeployed NAV & Oth
Slide 13: IK Partners: AuM growth, strong distributions and capital raising
IK Partners : AuM growth, strong distributions and capital raising have generated strong results despite the tougher environment IK Partners pursues its growth momentum 18000 AuM+12% 15.5 16000 €Bn 13.8 FPAuM+5% Co-invest 14000 Co-invest 12000 1,0 Dry 0,0 10,6 Dry 10,1 Powder 10000 (0,5) Powder 8000
Slide 14: IK Partners' growth momentum has accelerated since our transaction
IK Partners’ growth momentum has accelerated since our transaction with strong value creation for all stakeholders Liquidity for LP Fundraising IK expects another year of strong return to Strong momentum investors €0.26 billion €1 billion Proceeds generated from 3 exits raised in H1 2025 2.6xMM >€6
Slide 15: Monroe Capital Pursues its Growth Momentum
Monroe Capital Pursues its Growth Momentum • AuM reaches $27.6bn, up +12% YTD • FP AuM reaches $21.6bn, up +6% YTD Assets under Management $Bn AuM +12% YTD 27.6 24.7 L5Y FPAuM Undeployed CAGR >20% FPAuM +6% YTD Undeployed eligible to eligible to fees 20,3 fees 4,2 18,4 15,9 21,6 12,7 20,3 9,4 (2,6)
Slide 16: H1 2025 Proforma P&L: on track with targets
H1 2025 Proforma P&L: on track with targets In m€ H1 2025 H12025 EUR/USD: 1.0913 Reported Proforma (6 months) AuM 39.1bn (1) 39.1bn (1) Management fees & other 152 200 In bp na 135bp Carried interest (PRE) 2 4 Total revenues 154 204 Total expenses(2) 89 123 Pretax profit (PRE+FRE) 60 81 2025 proform
Slide 17: Financial update
Financial update Ny WENDEL
Slide 18: 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 H12025 IFRS net income Holding Asset Principal Company Management Investments Total €m Revenue - 152.0 4,025.6 4,177.6 Contribution to net income (46.0) 49.0 353.8 356.8 from operations In accordanc
Slide 19: 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 Institutional bonds Exchangeable bonds into Bureau Veritas’ shares Total liquidity : €1.8bn in m€ 750 (+€875m in committed credit facility) Gross debt: €2.4bn 500 2023 18.5% LTV ratio pro forma(1) 300 300 300 Averag
Slide 20: Key takeaways
Key takeaways Ny WENDEL
Slide 21: Key takeaways: Wendel pursues its transformation journey
Key takeaways Asset Management is ramping up: • Good organic growth thanks to successful fundraisings • M&A: strong growth induced by the consolidation on Monroe Capital • What’s next: Platform synergies & looking for new verticals Principal investments : • Strong rebound of ACAMS and good growth fo
Slide 22: Q&A session
Q&A session Ny WENDEL
Slide 23: Appendix
Appendix 1 Financial information as of June 30, 2025
Slide 24: Fully diluted Net Asset Value of €167.7 per share as of June 30, 2025
Fully diluted(1) Net Asset Value of €167.7 per share as of June 30, 2025 (in millions of euros) June 30, 2025 Listed equity investments Number of shares Share price (2) 3,088 (3) • Bureau Veritas 89.9 million €29.2 2,630 • IHS 63.0 million $5.7 307 • Tarkett €16.9 151 Investments in unlisted assets
Slide 25: Value creation: Principal Investments impacted QoQ by unlisted assets
A - Principal Investments impacted QoQ by unlisted assets multiples, aggregates and FX △ Value creation Q1oQ2 2025(1) Listed assets €167.9 € +65m BVI is slightly up over the quarter (+1.2% on a 20-day average) IHS Towers (+29.5%) and Tarkett (+3%) 20-day average share € +84m prices also contributed
Slide 26: 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 (1) H1 2024 H1 2024 H1 2025 H1 2025 H1 2025 H1 2025 H1 2024 H1 2025 pre post pre post pre post H1 2025 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 Stahl €464.7 €462
Slide 27: Financial agenda
Financial agenda Ny WENDEL
Slide 28: Financial agenda
Financial agenda Thursday October 23, 2025 Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release) Friday December 12, 2025 2025 Investor Day Wednesday February 25, 2026 Full-Year 2025 Results – Publication of NAV as of December 31, 2025, and Full-Year consolidated
Slide 29: For more information, please visit www.wendelgroup.com
For more information, please visit www.wendelgroup.com H1 2025 Results | 0 7 . 3 1 . 2 0 2 5 29