Wendel (WNDLF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, for this 2025 full year results presentation. As always, we're going to make this presentation with several speakers today, including Jérôme Michel, Benoît Dréaud, Cyrille Marie, and later, Laurent Mignon. So to start, let me comment the slide number four in the presentation, which is a recap of the 2030 ambitions that we present to you in last December. We showed you that we have a pretty ambitious portfolio rotation plan and a capital allocation plan. We do intend to get $7 billion of committed cash flows through 2030 through asset rotation and FR regeneration and to reinvest this amount and returning $1.6 billion to the shareholders in the meantime. We also announced you back in December some good organic growth target with a 15% growth organically for the asset management platform. And we mentioned to you that we intend to create value in the portfolio investment of the principal investment from 12 to 16% per annum with the new mandate that we have given to the IK Partners team. And we'll get back to that later in the presentation. So this is the background on which we are all working at Vendair, and I will give you more details on what we achieved in 2025 and in early 2026 to achieve those ambitions. I'm moving now to page number five, and as you can see, in 2025, we made progress on our two legs. I will start with the asset management where you can see that the platform really ramped up in 2025. We did close the acquisition of Monroe Capital in March 2025. The two platforms that we had during the years, Monroe Capital and LK Partners, had a very successful fundraising cycle. They both raised a combined 11 billion euros in a market which you know was not so easy. In 2025, we also signed the acquisition of Committed Advisors. We announced ...