Wendel (WNDLF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to everybody. Thank you for having made the time for this conference. I will make the presentation together with David Darmon. Jérôme Michel will be there also to make the presentation, Cyrille Marie on the asset management part, and Benoît Riau, our CFO. And we will all be there to answer your question after the presentation. Today, announcements is an important milestone for Vandel business model and I think value creation profile for the future. In development, two key things. We are entering into exclusive negotiation to acquire a committed advisor, a specialist of the mid-market secondary business, which will, I think, is an important element for Our platform, which is Vandel Investment Manager, which will have now three verticals, over 46 billion of private assets under management, a little bit more than 200 million of FRE expended in 26, pro forma 100% of the acquisition of a committed advisor, and also, but it's very important, This is a platform that has strong organic growth potential together with external growth potential. Vandale Investment Manager now would represent 30% of our GAV, excluding cash, performer of the acquisition of committed advisor. On the second element is we're making an evolution of our Vandale business model and the principal investment by leveraging the IK partner knowledge, experience, and platform to enhance what we call Vandel Principal Investment Performance. We'll come back on that. And also, we are simplifying our structure by the launch of IronWave and the sale of our portfolio in the venture business. Since 2023, we have made a sharp transformation of Vandel business models And today, announcements mark a key milestone in this transformation. And I think it is done in order to generate more regular revenues, mor...