Slide 1: Strategic and Q3 Trading Update
Strategic and Q3 Trading Update Key milestones in Wendel's business model transformation Octo be r 24, 2025 Q3 2025 Trading Update | 1 0 . 2 4 . 2 0 2 5 1
Slide 2: Disclaimer
Disclaimer • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the Q3 2025 Trading Update presentation, to be held on October 24, 2025. This document must be treated confidentially by attendees at such presentation and may not be reproduced or redistributed to any other per
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 Q3 2025 Trading Update | 1 0 . 2 4 . 2 0 2 5 3
Slide 4: Today's announcements are key milestones for Wendel's business model and value creation profile
Today’s announcements are key milestones for Wendel’s business model and value creation profile Business Developments Exclusive negotiations to acquire Committed Advisors (“CA”), a specialist in midmarket secondaries • Wendel Investment Managers would add a 3 rd vertical with: – Over €46bn of privat
Slide 5: Since 2023, we have totally transformed Wendel's business model
Since 2023, we have totally transformed Wendel’s business model and today’s announcements mark key milestones in the transformation Wendel capital Changing Wendel’s business model, increasing return to allocation dramatically changed since 2023(1) shareholders, while keeping a solid financial struct
Slide 6: Exclusive negotiations with Committed Advisors: Wendel Investment Managers to manage €46bn in AuM
Exclusive negotiations with Committed Advisors: Wendel Investment Managers to manage €46bn in AuM and reach €200m of FRE ( 1) (1) 2026 figures on a full year basis, EURUSD 1.17 and assuming successful finalization of negotiations with Committed Advisors
Slide 7: Committed Advisors: A market specialist uniquely positioned to harness the global mid-market potential
Committed Advisors: A market specialist uniquely positioned to harness the global mid- market potential targeting secondary transactions from €20m to €200m a specialist in middle market secondary 3 offices Paris, New York & Singapore Inception: 2010 19% Gross IRR(1) Team: 50 (o/w 29 IP) 220+ complet
Slide 8: Wendel Investment Managers to become a unique offer in the midmarket space
Wendel Investment Managers to become a unique offer in the midmarket space, with 3 verticals offering stronger resilience through cycles Wendel Investment Managers Operating Model Wendel’s - Sponsor money - Controlling shareholder of AM entities strategy and capital - Co-invest - Strategic decisions
Slide 9: The pillars of Wendel Investment Managers platform
The pillars of Wendel Investment Managers platform A distinctive model to • Full autonomy for the investment management firms. attract talents and deliver • Focus on sustainable performance for all stakeholders sustainable performance • Alignment of interest at the level of the Alpha generation • Ma
Slide 10: We are building a platform at scale and with significant organic growth potential
We are building a platform at scale and with significant organic growth potential Proforma AuM as of 2026 FRE Forecasts (2) Sept. 2025 (1) In €million 6bn€ 6.0 >46bn€ 46.3 20% since >200 FPAuM 45 212 acquisition 6.0 5 16 % since 34.3 acquisition 28 FPAuM 139 >34 + + AuM Organic growth Committed CA P
Slide 11: Wendel Investment Managers to be part of the main European listed peers focused on private assets
Wendel Investment Managers to be part of the main European listed peers focused on private assets(*) 2026E AuM (€bn) 97 78 58 46 30 33 Peer #1 Peer #2 Wendel Investment Peer #3 Peer #4 Peer #5 Managers Sept. PF CA 2025 2026E Pre-tax FRE(2) (€m) 327 >200 225 151 155 155 Peer #1 Peer #3 Peer #2 Wendel
Slide 12: Committed Advisors has been increasing cumulated assets raised at a 24% CAGR since 2010
Committed Advisors has been increasing cumulated assets raised at a 24% CAGR since 2010 Cumulated assets raised evolution since 2010 (€bn) CA GPS CASF V c.€400m €2.6bn 6.5 6.1 6.1 6.1 CASF IV CAPF €1.6bn €161m CASF III 3.4 3.5 3.5 CASF II €1.0bn CASF I €504m 1.8 1.8 1.8 €257m 0.8 0.8 0.8 0.3 0.3 0.3
Slide 13: A large and diversified LP base, by type & geography
A large and diversified LP base, by type & geography. A global and balanced investment strategy LP base* by type and geographies Other Team Asia and RoW Private 4% 2% North 3% Banks America 7% 12% Institutionals 59% Family 30 Europe offices 300+ LPs Countries 85% 28% *Dat a as of June 2025, in perce
Slide 14: A seasoned Senior Management Team
A seasoned Senior Management Team Key Management Daniel Benin Barthélemy de Beaupuy Guillaume Valdant J.B. Stock CEO, Founding Partner Founding Managing Partner Founding Managing Partner Founding Managing Partner • 25+ years of experience • 20+ years of experience • 30+ years of experience • 25+ yea
Slide 15: An attractive, large, and growing secondary market
An attractive, large, and growing secondary market Record-breaking volumes, with both the LP and GP-led segments showing strong momentum Key trends & market drivers Sell-side themes (GPs & LPs) Secondary market transaction volume Shortfall in distributions to LPs, driven by muted M&A and % GP-Led ca
Slide 16: Why Committed Advisors is the right partner for Wendel Investment Managers to enter Secondary segment?
Why Committed Advisors is the right partner for Wendel Investment Managers to enter Secondary segment? New vertical to Wendel • Committed Advisors secondary platform addressing a new product in a new asset class diversifying our Investment Managers offering and risk profile paving the way for potent
Slide 17: A contemplated transaction structured to align long-term interests
A contemplated transaction structured to align long-term interests Initial controlling transaction Long-term alignment (Closing expected in Q1 2026) (2028 & 2032-2035) Scope 56% 20% • Sellers will reinvest all the of the GP’s FRE of all carried interest proceeds after tax received from of the transa
Slide 18: Wendel enhances the operational & strategic implementation of its business model
Wendel enhances the operational & strategic implementation of its business model Q3 2025 Trading Update | 1 0 . 2 4 . 2 0 2 5 18
Slide 19: Principal Investments requires significant resources, diversification and talent
Principal Investments requires significant resources, diversification and talent Principal Investment requires Difficulty to attract a set-up with scale and retain talent Under current set up, • Large sectors addressed and wide geographic • Ability to deploy constrained by portfolio rotation absence
Slide 20: Wendel Principal Investments to be advised by IK Partners for all existing and future private investments
Wendel Principal Investments to be advised by IK Partners for all existing(1) and future private investments Effective January 1, 2026 • Investments will remain owned and controlled by Wendel (no asset transfer)and will retain its decision-making power in the investment committee and on the boards o
Slide 21: Key benefits of new framework for Principal Investments in private assets
Key benefits of new framework for Principal Investments in private assets Effective January 1, 2026 1 Scale and reach for broader and more qualified sourcing 2 Support of a top tier fully-fledged European platform (Ops, Capital Markets, ESG) Better leverage of Wendel balance sheet by accessing co-in
Slide 22: Wendel Growth: model simplification, liquidity and upcoming launch of Iron Wave
Wendel Growth: model simplification, liquidity and upcoming launch of Iron Wave 1 project for direct investments Indirect investments: Direct investments: liquidity and run off of existing positions Upcoming launch of Iron Wave (Project / regulatory approval pending) (funds) (Project / regulatory ap
Slide 23: Q3 2025 key highlights
Q3 2025 key highlights Q3 2025 Trading Update | 1 0 . 2 4 . 2 0 2 5 23
Slide 24: Wendel Investment Managers: good growth of AuM & management fees YTD
Wendel Investment Managers: good growth of AuM & management fees YTD Assets under Management €Bn 40.3 FPAuM up +192% 6.4 06 FX adjusted Co-invest 19.5 20 ( 04) ( 01) 29.2 29 (3.6) (0.7) Dry Powder &… €3.4Bn of ( 02) (2.4) 13.8 total new Co-invest 10.1 10 NAV & Other fundraising Dry Powder &… YTD NAV
Slide 25: Wendel Principal Investments: good revenue growth for 9M YTD 2025
Wendel Principal Investments: good revenue growth for 9M YTD 2025 across the board Organic Scope FX Revenue Δ growth impact impact Bureau Veritas €4,776.2m +4.5% +6.6% +1.1% -3.2% Principal Investments Stahl(1) €684.3m -0.5% -5.2% +7.3% -2.6% Scalian €378.6m -5.6% -10.2% +4.5% n.a CPI $115.9m +3.5%
Slide 26: End of September Fully Diluted NAV slightly impacted by markets evolution QoQ
End of September Fully Diluted NAV slightly impacted by markets evolution QoQ △ Q3 vs Q2 2025 NAV per share (€) • Positive impact from valuation multiples Wendel Investment +1.1 • Good revenue growth Managers • Fundraising • Listed assets: €(3.6) p.s. driven by BV share price €(5.3) p.s., Wendel Pri
Slide 27: Key takeaways
Key takeaways Q3 2025 Trading Update | 1 0 . 2 4 . 2 0 2 5 27
Slide 28: Wendel's strategic transformation is well engaged, and synergies are accelerating
Wendel’s strategic transformation is well engaged, and synergies are accelerating Regular shift of capital towards Wendel Investment Managers + Embarked organic growth + Acceleration of cross initiatives to boost distribution (retail, etc.) Wendel Investment Announcement of the Managers dual busines
Slide 29: Key takeaways: today's announcements mark key milestones for our business model
Key takeaways: today’s announcements mark key milestones for our business model Wendel Investment Managers to become a significant European midmarket private assets platform • Good organic growth thanks to successful fundraisings • M&A: strong growth over the past 12 months induced by the acquisitio
Slide 30: Q&A session
Q&A session Ny) WENDEL
Slide 31: Appendix
Appendix 1 Fi n an c i al i n for ma ti o n as o f Se p te m be r 3 0 , 2 02 5
Slide 32: Fully diluted Net Asset Value of €163.0 per share as of September 30, 2025
Fully diluted(1) Net Asset Value of €163.0 per share as of September 30, 2025 (in millions of euros) September 30, 2025 Listed equity investments Number of shares Share price(2) 2,271 • Bureau Veritas 66.6 million (3) €26.1 1,742 • IHS 63.0 million $7.0 377 • Tarkett €17.0 152 Investments in unliste
Slide 33: Wendel is financed at 2.6% average cost
Wendel is financed at 2.6% average cost As of September 30, 2025 Maturity profile Institutional bonds in m€ Cash: €2.4bn Exchangeable bonds into Bureau Veritas’ shares (4) 750 (+€875m in committed credit facility) €500M bond issue in early August 2025 @3. 75%, 5.2 times oversubscribed. Proceeds were
Slide 34: Loan-to-value ratio
Loan-to-value ratio Sept. 30, 2025 Total Assets as of September 30, 2025 (A) 7251 Total cash as of 30/09/2025 2448 Bond debt & accrued interest (2 381) IK Parners deffered payments & Monroe earnout (236) Total debt as of Sept. 30, 2025 (2 617) Net debt (B) (169) Spot LTV before restatements (B/A) 2.
Slide 35: Financial agenda
Financial agenda WENDEL
Slide 36: Financial agenda
Financial agenda 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 financial statements (post-market release) Wednesday April 22, 2026 Q1 2026 Trading update – Publication of NAV as o
Slide 37: For more information, please visit www.wendelgroup.com
For more information, please visit www.wendelgroup.com Q3 2025 Trading Update | 1 0 . 2 4 . 2 0 2 5 37