Core Viewpoint - Wendel is engaged in non-exclusive discussions with Henkel regarding a potential transaction involving Stahl, but there is no certainty that these discussions will lead to a transaction [2]. Group 1: Company Overview - Wendel is one of Europe's leading listed investment firms, focusing on Principal Investments in companies that are leaders in their respective fields, including Stahl [4]. - In 2023, Wendel initiated a strategic shift towards third-party asset management of private assets, complementing its historical principal investment activities [4]. - As of September 30, 2025, Wendel Investment Managers manages approximately 46 billion euros on behalf of third-party investors, alongside about 5.3 billion euros invested in its Principal Investments activity [4]. Group 2: Recent Developments - Wendel completed the acquisition of a 51% stake in IK Partners in May 2024, marking a significant step in its strategic expansion into third-party private asset management [4]. - In March 2025, Wendel completed the acquisition of 72% of Monroe Capital and announced the acquisition of Committed Advisors in October 2025 [4]. Group 3: Financial Calendar - Wendel's financial calendar includes the publication of Full-Year 2025 Results on February 25, 2026, and Q1 2026 Trading update on April 22, 2026 [3].

Core Insights - Wendel Investment Managers (WIM) has successfully raised over €11 billion in European Private Equity and US Private Credit markets, showcasing the platform's strong attractiveness [1][8] - Following the acquisition of Committed Advisors, WIM will manage more than €46 billion in assets across private equity, private debt, and secondary markets, with an expected annual FRE exceeding €200 million in 2026 [2][13] - Monroe Capital raised $6.1 billion for its Private Credit Fund V, indicating strong investor confidence in its strategy [3][4] Fundraising Performance - Monroe Capital's fundraising success highlights its ability to attract a diversified international investor base, with a focus on lower middle-market direct lending [5][8] - IK Partners closed its IK X Fund at its hard cap of €3.3 billion, marking the largest fund raised by the firm to date, with significant interest from institutional investors across EMEA, Asia, and the Americas [6][8] - IK Small Cap IV Fund also reached its hard cap of €2.0 billion in less than six months, reflecting continued investor confidence, with 80% of the capital raised from existing investors [7][8] Strategic Developments - Wendel's strategic shift into third-party asset management of private assets is underscored by its acquisitions of IK Partners and Monroe Capital, enhancing its capabilities in managing private equity and private debt [13][14] - The firm aims for an average organic FRE annual growth target of 15% through 2030, supported by a strong track record and a diversified institutional investor base [2][8]

Core Insights - Wendel is undergoing a significant transformation into a global investment firm focused on private assets, aiming to generate over €7 billion in cash flow by 2030 and return at least €1.6 billion to shareholders [1][11][10] Group 1: Strategic Transformation - Wendel has evolved from a traditional investment holding company to a global investment firm with a focus on controlled private assets, maintaining its long-term investor DNA [1][10] - The company has established a unique private asset investment ecosystem in North America and Europe, supported by two complementary value creation engines: Wendel Investment Managers (WIM) and Wendel Principal Investments (WPI) [3][10] Group 2: Financial Projections - By 2030, Wendel expects to generate cash flows exceeding €7 billion, with over €1.6 billion allocated for shareholder returns through dividends and share buybacks [5][11] - WIM is projected to manage more than €46 billion in assets and generate annual Fee Related Earnings (FRE) exceeding €200 million by 2026, with an average organic FRE annual growth target of 15% through 2030 [3][18] Group 3: Shareholder Returns - Wendel plans to cancel 3.8% of its treasury shares and initiate a share buyback program representing 9% of its share capital in 2026, with the share cancellation expected to occur soon [1][12] - The return to shareholders will include annual dividends based on 2.5% of WPI's Net Asset Value and around 90% of dividends distributed by WIM, with a cumulative total of approximately €1.3 billion expected by the end of 2030 [12][11] Group 4: Investment Strategy - WPI aims for an average annual increase in intrinsic value of 12% to 16%, with plans to invest over €1.7 billion in principal investments and more than €2.5 billion in the WIM platform by 2030 [6][12] - The company will continue to assess selective external growth opportunities to enhance its platform and expertise [3][12]

Core Insights - Disc Medicine, Inc. presented positive initial data from the RALLY-MF Phase 2 trial of DISC-0974 for treating anemia in myelofibrosis (MF) at the ASH Annual Meeting, showing significant reductions in hepcidin and increases in iron levels, leading to clinically meaningful improvements in anemia across various patient types [1][2]. Group 1: Trial Results - The ongoing Phase 2 trial enrolled 47 adult patients with MF and anemia, with 34 patients included in the responder analysis [2]. - DISC-0974 treatment resulted in over 75% reduction in hepcidin and significant increases in serum iron [6]. - 63% of non-transfusion dependent (nTD) patients achieved a hemoglobin increase of ≥1 g/dL for ≥12 weeks, while 50% had an increase of ≥1.5 g/dL for ≥12 weeks [6]. - 71% of low transfusion burden patients achieved transfusion independence over a 16-week period [6]. - 67% of high transfusion burden patients achieved a ≥50% reduction in transfusion requirement [6]. - 50% of patients receiving concomitant JAK inhibitor therapy achieved a major hematologic response [6]. Group 2: Treatment Administration and Tolerability - DISC-0974 was administered subcutaneously at a dose of 50 mg every 4 weeks for up to 6 treatments [2]. - The treatment was generally well-tolerated, with diarrhea and urinary tract infections being the only related adverse events reported in two or more subjects [6]. Group 3: Future Plans and Developments - The company plans to advance the DISC-0974 program to address the unmet need for anemia treatment in MF, as there are currently no approved therapies for this condition [2]. - Additional data from the trial is expected to be shared in the second half of 2026 [6].

Core Viewpoint - Wendel has entered into exclusive negotiations to acquire a controlling stake in Committed Advisors, with the founding partners reinvesting their net proceeds into Committed Advisors funds as part of the transaction [1]. Group 1: Acquisition Details - The agreement to acquire Committed Advisors was signed on November 24, 2025, and the transaction is expected to be completed in Q1 2026, pending regulatory approvals [2]. Group 2: Company Overview - Wendel SE is one of the leading publicly traded investment companies in Europe, investing in sector-leading companies such as ACAMS, Bureau Veritas, and IHS Towers. As of September 30, 2025, the group manages €40 billion for third-party investors and approximately €5.3 billion for its own account [3]. - In 2023, Wendel announced plans to develop a private asset management platform in addition to its proprietary investment activities, having completed acquisitions of 51% of IK Partners in May 2024 and 72% of Monroe Capital in March 2025 [3].

Core Insights - Wendel is entering exclusive negotiations to acquire a controlling stake in Committed Advisors, a private investment firm focused on mid-market secondary transactions, with a commitment to support its future development [1][2] Group 1: Transaction Details - Wendel plans to acquire 56% of Committed Advisors' shares, with an initial payment of €258 million and potential earnouts of up to €128 million based on performance targets [3][4] - Wendel will allocate up to €500 million for anchor commitments in Committed Advisors' successor funds and new strategies, with a focus on secondary mid-market transactions [4] - The remaining 44% of Committed Advisors' shares will be acquired through subsequent transactions scheduled between 2029 and 2035, with valuations linked to growth in Fee Related Earnings (FRE) [5] Group 2: Financial Projections - Committed Advisors is expected to generate approximately €70 million in management fees and €45 million in pre-tax Fee Related Earnings in 2026 [1] - Following the transaction, Wendel Investment Managers' total Assets Under Management (AuM) would exceed €46 billion, with pro forma Fee Related Earnings of €200 million in 2026 [2] Group 3: Company Background - Committed Advisors, founded in 2010, manages €6 billion in private assets and has completed over 220 transactions, focusing on mid-market secondary transactions ranging from €20 million to €200 million [1][8] - The firm has a strong track record, delivering a gross Internal Rate of Return (IRR) of 19% across its funds [4][8] Group 4: Strategic Alignment - The partnership will allow Committed Advisors to operate autonomously while benefiting from Wendel's resources, enhancing its growth in a secondary market that has more than doubled since 2021 [2][7] - Both companies emphasize a shared long-term vision and values, with Committed Advisors' management retaining a 44% equity interest post-closing and committing to reinvest initial proceeds into successor funds [4][7]

Core Insights - Wendel's fully diluted Net Asset Value (NAV) per share as of September 30, 2025, is €163.0, reflecting a decrease of 2.8% since June 2025, primarily due to a decline in Bureau Veritas's share price [4][30][32] - The company is undergoing a significant transformation in its business model, including the acquisition of Committed Advisors, which will enhance its position in the European midmarket private asset management sector [6][10][14] - Wendel Growth will transition to a new entity named Iron Wave, with a majority stake held by its direct investments team, while Wendel retains a minority interest [3][28] Financial Performance - The total value in NAV increased by 2.6% compared to the end of June 2025, driven by improvements in multiples and aggregates [7] - Management fees for Wendel Investment Managers reached €258.1 million year-to-date, growing more than threefold compared to the previous year [7][36] - Wendel's cash position stands at €2.4 billion, with an additional €875 million in committed credit facilities [13] Acquisition and Strategic Developments - Wendel is in exclusive negotiations to acquire a controlling stake in Committed Advisors, which specializes in the secondary market and is expected to generate around €70 million in management fees in 2026 [6][15][16] - Following the acquisition, Wendel Investment Managers is projected to exceed €200 million in annual Fee Related Earnings (FRE) and manage over €46 billion in assets [12][16] - The acquisition is designed to align the strategic interests of all stakeholders and will include an initial transaction followed by subsequent transactions to acquire the remaining shares [19][22] Principal Investments and Asset Management - Wendel's Principal Investments operations will leverage the expertise of IK Partners, enhancing the monitoring and performance of its unlisted assets while retaining control [24][25] - The company aims to simplify its operational model to improve performance and cost efficiency, with changes taking effect on January 1, 2026 [6][24] - Wendel's third-party asset management platform is expected to grow significantly, with a focus on private equity, private debt, and secondary market solutions [12][17] Dividend and Shareholder Returns - An interim dividend of €1.50 per share will be paid on November 20, 2025, reflecting the recurring cash flow generated by Wendel's dual business model [9][60] - The balance of the dividend for the fiscal year 2025 will be submitted for approval at the next Shareholders' Meeting scheduled for May 21, 2026 [60]

Group 1 - Wendel announced an interim dividend of €1.50 per share for the 2025 financial year, with the balance to be approved at the next Shareholders' Meeting on May 21, 2026 [1] - The ex-dividend date is set for November 18, 2025, with the record date on November 19, 2025, and the payment date on November 20, 2025 [4] Group 2 - Wendel SE is one of the leading publicly traded investment companies in Europe, investing in sector-leading companies such as ACAMS, Bureau Veritas, and IHS Towers [3] - In 2023, Wendel announced plans to develop a private asset management platform in addition to its proprietary investment activities, having acquired 51% of IK Partners in May 2024 and 72% of Monroe Capital in March 2025 [3] - As of June 30, 2025, the Group manages €39 billion for third-party investors and approximately €6.2 billion invested for its own account [3] Group 3 - Wendel is listed on the Euronext Paris and has a long-term rating of BBB with a stable outlook and a short-term rating of A-2 from Standard & Poor's since January 25, 2019 [4]

Core Viewpoint - Wendel successfully completed the accelerated placement of approximately 23.3 million Bureau Veritas shares, raising around 591 million euros to prepare for the settlement of an exchangeable bond maturing in March 2026 [1][2][4]. Group 1: Transaction Details - The sale was executed through an accelerated bookbuilding process aimed at qualified and international institutional investors, with a share price set at 25.40 euros [2][3]. - The proceeds from the placement will reduce Wendel's Loan-To-Value (LTV) ratio to approximately 13%, enhancing its financial flexibility ahead of the bond's maturity [4]. Group 2: Impact on Shareholding - Following the placement, Wendel's stake in Bureau Veritas decreased from 26.5% of the share capital and 41% of voting rights to about 21.4% of the share capital and 35% of voting rights [5]. - Wendel has committed to a lock-up period of 180 calendar days for its remaining Bureau Veritas shares post-placement [5]. Group 3: Market Context - The transaction was strategically timed due to the short period until the bond's maturity, upcoming negative windows constraints, and favorable market conditions [4]. - The placement was led by BNP PARIBAS and Goldman Sachs Bank Europe SE, with Société Générale also participating as a joint bookrunner [6].

Core Viewpoint - Wendel is launching the accelerated placement of approximately 23.3 million Bureau Veritas shares to prepare for the settlement of an exchangeable bond maturing in March 2026, aiming to enhance financial flexibility and reduce its Loan-To-Value ratio ahead of the bond's maturity [1][4]. Group 1: Transaction Details - The exchangeable bond (EB) was issued in March 2023, raising €750 million with an annual coupon of 2.625%, which is lower than a straight bond due to its optional component [2]. - The transaction involves monetizing the underlying shares of the EB and implementing a symmetrical hedging protection to neutralize the optional component, with BNP PARIBAS and Goldman Sachs acting as hedging counterparties [3]. - Approximately 2.3 million shares will be ordered by the hedging counterparties as part of the placement, which will be fully allocated by Wendel [3]. Group 2: Financial Implications - The proceeds from the placement will help reduce Wendel's Loan-To-Value ratio, allowing the company to pursue its strategic plan more effectively [4]. - Following the placement, Wendel's stake in Bureau Veritas will decrease from 26.5% of the share capital and 41% of voting rights to approximately 21.4% of the share capital and 35% of voting rights [5]. Group 3: Market and Regulatory Context - The placement is reserved for qualified investors and international institutional investors, and it is not a public offering in any country, including France [7][10]. - The final terms of the placement will be announced after the completion of the bookbuilding process, which is expected to settle on September 18, 2025 [6].