Core Insights - Wendel's fully diluted Net Asset Value (NAV) per share as of March 31, 2025, is €176.7, reflecting a decrease of 4.8% since the beginning of the year due to market volatility and changes in valuation multiples [5][9][8] - The company has successfully raised €3.4 billion in Q1 2025, contributing to a total of €34 billion in assets under management (AUM) following the acquisition of Monroe Capital [20][6][19] - A proposed dividend of €4.70 per share represents a 17.5% increase, demonstrating the company's strong financial structure and commitment to maintaining an investment-grade rating [3][4] Financial Performance - Wendel's principal investments showed positive total sales growth in Q1 2025, with the exception of Scalian, which reported a decline of 6.3% [10][38] - Bureau Veritas, a key investment, achieved revenue of €1,558.7 million in Q1 2025, marking an 8.3% increase compared to the same period in 2024 [24][25] - IK Partners reported a 33% increase in revenues for Q1 2025, contributing to the overall positive performance of Wendel's asset management activities [21][22] Strategic Developments - The acquisition of Monroe Capital has positioned Wendel as a significant player in third-party asset management, enhancing its value creation profile [6][19] - A successful forward sale of 6.7% of Bureau Veritas' share capital generated net proceeds of €750 million, improving Wendel's loan-to-value (LTV) ratio to 17.2% [17][7] - Wendel's strategic roadmap aims to reach €150 million in pre-tax fee-related earnings (FRE) by 2027, with current projections indicating €100 million in 2025 [20][19] Market Conditions - The market environment in Q1 2025 was characterized by increased uncertainty due to geopolitical and trade tensions, impacting organic growth across various sectors [33][43] - Currency fluctuations and market multiples have negatively affected the valuation of unlisted assets, contributing to a decline in NAV [11][5] - Despite challenges, Bureau Veritas maintains a robust outlook, expecting mid-to-high single-digit organic revenue growth for the full year 2025 [30][28]

Shareholders’ Meeting set for May 15, 2025 Wendel informs its shareholders that the Shareholders’ Meeting will be held on Thursday May 15, 2025, at 3 p.m. (Paris time) at the Auditorium Cézanne Saint-Honoré, located at 2-4, rue Paul-Cézanne, 75008 Paris. The notice of meeting, being worth convening notice, is published today in French in the Bulletin des Annonces Légales et Obligatoires (www.journal-officiel.gouv.fr/balo/). It includes notably the agenda, the draft resolutions which will be presented to the ...

Wendel completes the acquisition of a controlling stake in Monroe Capital LLC, a transformational transaction in line with its strategic roadmap AXA IM Prime, through its GP Stake strategy, has completed the acquisition alongside Wendel, of a minority equity stake in Monroe Capital. This investment is made in conjunction with Wendel's acquisition of its majority stake in Monroe Capital and reflects AXA IM Prime's robust relationship with both managers. This initial transaction involving 75% of Monroe Capita ...

Group 1 - Wendel's Universal Registration Document for the year ended December 31, 2024, was filed with the French Financial Markets Authority on March 28, 2025, and is available to the public [1] - An English version of the Universal Registration Document will be available on Wendel's website no later than April 8, 2024 [2] - The Shareholders' Meeting is scheduled for May 15, 2025, at 3 p.m. Paris time [3] Group 2 - The agenda includes a Q1 2025 Trading update on April 24, 2025, and the Annual General Meeting on May 15, 2025 [4] - Wendel is one of Europe's leading listed investment firms, investing in companies that are leaders in their fields [5] - In 2023, Wendel initiated a strategic shift into third-party asset management of private assets and completed the acquisition of a 51% stake in IK Partners in May 2024 [5] Group 3 - Wendel manages more than 33 billion euros on behalf of third-party investors and approximately 7.4 billion euros in its principal investments activity [7] - Wendel is listed on Eurolist by Euronext Paris and has a Standard & Poor's long-term rating of BBB with a negative outlook [7]

Core Viewpoint - Wendel successfully placed 30,357,140 shares of Bureau Veritas, representing approximately 6.7% of its share capital, at a price of €27.25 per share, enhancing its financial flexibility and reducing its loan-to-value ratio to approximately 17% [1][5]. Group 1: Transaction Details - Wendel entered into a prepaid 3-year forward sale agreement with BNP Paribas for the shares of Bureau Veritas [2]. - The forward sale transaction will generate net cash proceeds of approximately €750 million, supporting Wendel's transition towards a dual model of Principal Investments and Asset Management [4]. - Wendel also engaged in a call spread transaction to benefit from potential stock price appreciation over the next three years, indicating confidence in Bureau Veritas' value creation potential [3]. Group 2: Financial Impact - The pro forma loan-to-value (LTV) ratio for Wendel is expected to decrease to approximately 17% following the transactions and the acquisition of Monroe Capital [5]. - The offering price of €27.25 per share serves as a reference for the transactions, with the shares sold being borrowed by the forward bank in the market [6]. Group 3: Ownership and Strategic Support - Wendel retains full ownership of the shares and associated double voting rights until the physical settlement of the forward sale transaction, scheduled for March 17, 2028 [8]. - Wendel has committed to supporting Bureau Veritas' management and its Leap|28 strategic plan, reflecting a long-term investment perspective [10].

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW Wendel announces the entry into a prepaid 3-year forward sale of Bureau Veritas shares representing 6.7% of share capital, together with an option to retain partial share price upside, and increases its financial flexibility by reducing the pro forma1 loan-to-value ratio to c.17% We ...

Core Insights - Wendel reported a fully diluted Net Asset Value (NAV) per share of €185.7 as of December 31, 2024, reflecting a year-over-year increase of +16.9% when adjusted for dividends paid [1][5][12] - The company increased its dividend to €4.7 per share, marking a +17.5% rise compared to the previous year [1][6] - Wendel executed a strong portfolio rotation, reallocating over €2 billion in capital, and expanded its Asset Management platform significantly in Europe and the US [1][6][22] Financial Performance - Net income attributable to the Group reached €293.9 million in 2024, a substantial increase from €142.4 million in 2023, primarily due to the disposal of Constantia Flexibles [5][7][58] - The Group's consolidated net sales totaled €8,063.5 million, representing a +13.1% increase overall and +8.4% organically [56][68] - Bureau Veritas, a key asset, contributed positively with a revenue increase of +6.4% year-on-year, reaching €6,240.9 million [29][68] Strategic Developments - Wendel's strategic roadmap, initiated in 2023, focuses on delivering strong and recurring returns to shareholders through active investment and capital allocation [3][11] - The acquisition of Monroe Capital for $1.13 billion is expected to enhance Wendel's third-party asset management capabilities, aiming for a total of over €33 billion in assets under management [22][24][65] - The company aims to achieve €150 million in pre-tax Fee-Related Earnings (FRE) by 2027, leveraging its partnerships with IK Partners and Monroe Capital [24][65] Asset Management Growth - IK Partners reported a revenue of €163.3 million in 2024, up +31% year-on-year, with assets under management growing by +24% to €13.8 billion [25][24] - The integration of asset management activities into Wendel's financials began in 2024, with a valuation increase of €6.0 per share attributed to IK Partners [16][6] - Wendel's dual business model is designed to generate more recurring cash flows and growth, supported by top partners in asset management [9][11] Governance and Leadership - Wendel's Executive Board was reappointed, with Laurent Mignon continuing as Chairman and David Darmon as Deputy CEO, ensuring stability in leadership until April 2029 [4][62] - The company is committed to maintaining an investment-grade financial structure while pursuing its strategic objectives [4][11]

IPO Proceeds and Allocation - The company raised a total of $247.2 million in net proceeds from its initial public offering after selling 21,000,000 ADSs at an initial price of $13.00 per ADS [706]. - Approximately $195.0 million of the IPO proceeds was allocated to the on-demand DMW retail business for sales and marketing, technology infrastructure upgrades, and network expansion [708]. - The company invested around $19.0 million in further expansion of its intelligent fresh market business and technology platform development [708]. - About $8.0 million was used for the development of the retail cloud business, focusing on research and development, product development, and sales and marketing [708]. - The company allocated approximately $11.3 million for general corporate purposes and strategic initiatives, including potential investments and acquisitions [708]. - The total expenses incurred for the IPO amounted to $26.7 million, which included $19.1 million in underwriting discounts and commissions [707]. Financial Risks and Controls - The company does not currently anticipate material risks from changes in market interest rates, as its short-term bank borrowings bear fixed interest rates [691]. - The company has not used any derivative financial instruments to hedge foreign exchange risks, as it does not believe it has significant direct foreign exchange risk [689]. - The company’s operations in the PRC are primarily denominated in RMB, which may affect the value of investments in its ADSs traded in U.S. dollars [690]. Internal Control Weaknesses - As of December 31, 2022, the company concluded that its disclosure controls and procedures were not effective due to material weaknesses in internal control over financial reporting [711]. - The company identified two material weaknesses in its internal control over financial reporting as of December 31, 2021 and 2022, including insufficient competent personnel and ineffective controls in the Next-Day Delivery business unit [715][717]. - The company has engaged an independent consulting firm to assist in preparing financial reports that comply with U.S. GAAP and SEC reporting requirements [718]. - The company plans to hire qualified accounting and financial personnel to address the identified weaknesses as its business develops [718]. - The company has terminated the operation of the Next-Day Delivery business unit and will conduct a comprehensive review of related policies and procedures [717]. - The company cannot assure that it will continuously implement measures to effectively remediate its material weaknesses or that additional weaknesses will not be identified in the future [719]. - The annual report on Form 20-F does not include an attestation report from the independent registered public accounting firm on internal control over financial reporting as the company qualified as a "non-accelerated filer" [720]. - There were no changes in internal controls over financial reporting that materially affected or are likely to materially affect the company's internal control during the reporting period [721].

Financial Data and Key Metrics Changes - GMV reached RMB2.57 billion, representing a 41% year-over-year increase [6] - Total revenue grew 47% to RMB2.12 billion, exceeding the guidance range of 40% to 45% [6] - Gross margin increased by 480 basis points from the second quarter to 12.3%, exceeding guidance by 130 basis points [6][20] - Net loss narrowed, with non-GAAP net margin improving by 517 basis points sequentially [6] Business Line Data and Key Metrics Changes - Online product sales increased by 48.1% to approximately RMB2.1 billion [19] - Other revenues reached RMB43.7 million, a growth of 14.1% [19] - Sales of chilled pork grew by 86% quarter-over-quarter [11] - Private label brand, Xiang An Xin Fresh Joy, expanded to over 200 SKUs with sales growing by 250% quarter-over-quarter [12] Market Data and Key Metrics Changes - The company expanded its DMW business to cover 17 first-tier and second-tier cities [9] - The average value per order maintained an industry-leading position [13] - The average price per order was nearly RMB90, with rider expenses being less than RMB5 per order [39] Company Strategy and Development Direction - The company aims to establish DMW as the primary grocery shopping model for urban consumers [9] - Focus on high-quality and sustainable growth through improved customer shopping experiences and high-value user base cultivation [8] - Plans to expand intelligent fresh market business and retail cloud services to empower traditional retailers [14][15] Management Comments on Operating Environment and Future Outlook - The management noted steady growth in neighborhood-related consumption trends in China [7] - The company expects net revenue for Q4 2021 to be in the range of RMB2,232 million to RMB2,315 million, representing a year-over-year growth of approximately 35% to 40% [24] - Management emphasized the importance of digital transformation and operational efficiency to achieve profitability [25] Other Important Information - Cash and cash equivalents as of September 30, 2021, were RMB2,479.5 million, compared to RMB1,041.5 million at the end of 2020 [23] - The company is focused on improving operational efficiencies and achieving positive operating cash flow [41] Q&A Session Summary Question: Growth drivers and user penetration - Management highlighted that growth is driven by the on-demand DMW retail business and intelligent fresh market model, with potential for increased penetration in first-tier and second-tier cities [28][29] Question: Margin improvement guidance - Management indicated that margin improvement is driven by user growth, operational strategies, and improved customer services [30][31] Question: Fulfillment expenses and government impact - Management noted that fulfillment expenses could be offset by increasing average order value and improving operational efficiencies [36][39] Question: Fresh market business and unit economics - Management confirmed that they are on track to improve unit economics and achieve positive fulfillment profit margins [40] Question: Marketing expenses and customer acquisition - Management stated that they expect a significant reduction in sales and marketing expenses as a percentage of revenue in the coming quarters [47] Question: Average order value and capital sustainability - Management explained that AOV was impacted by seasonal factors and confirmed a good balance on cash and cash equivalents, with no concrete capital raising plans yet [60]