Core Viewpoint - Daily Fresh has denied rumors of a funding crisis and is attempting to manage refunds for users while facing significant pressure from suppliers and employees [1][2][4]. Group 1: Financial Status - On August 1, Daily Fresh refuted a false notification claiming it was unable to operate due to a funding crisis, stating that it is actively addressing refund issues for suppliers and consumers [2][4]. - As of the latest report, Daily Fresh's market value has plummeted to $22.25 million, with a stock price of $0.095 per share, reflecting a decline of 17.9% [3]. Group 2: Supplier and Employee Relations - Suppliers have expressed concerns over delayed payments, with contracts stipulating payments should be made by the 15th of each month, but delays of 30-60 days have been reported since last year [2][4]. - Employees have reported unpaid wages and lack of communication regarding compensation, with some having registered for labor dispute arbitration due to unpaid salaries [4][5]. Group 3: Operational Challenges - Daily Fresh has suspended its "Express Delivery" service, shifting to next-day delivery, which has been criticized as a loss of competitive advantage [4]. - The company is reportedly seeking restructuring options, with indications that failure to do so may lead to bankruptcy proceedings [7][8].

Group 1 - Wendel has successfully placed a €500 million bond issue maturing in August 2033 with an interest rate of 3.75% [1] - The bond issue was well received, being more than 5.2 times oversubscribed [1] - The net proceeds will be used to finance the early redemption of a previous bond with a 2.50% interest rate maturing in February 2027, which has an outstanding nominal amount of €500 million [1][2] Group 2 - Key features of the bond issue include a total amount of €500 million, a maturity date of August 11, 2033, an issue price of 99.850%, a yield to maturity of 3.772%, and a coupon rate of 3.75% [3] - The bond will be listed on Euronext Paris, with Crédit Agricole CIB, Crédit Industriel et Commercial, Mediobanca, Natixis, and Société Générale serving as bookrunners [3]

Core Viewpoint - Wendel is planning to launch a potential €500 million 8-year bond issue, subject to market conditions, and intends to redeem existing bonds maturing in February 2027 with an outstanding principal of €500 million [1][2]. Group 1: Bond Issue Details - The new bond issue, referred to as the "2033 Bond Issue," is expected to have a nominal amount of €500 million and will be conducted by several financial institutions including Crédit Agricole Corporate and Investment Bank and Société Générale [1][3]. - Wendel plans to exercise an early make-whole redemption option on the existing bonds with a 2.50% interest rate, maturing in February 2027, at a price determined by the bond's terms and conditions [2][3]. Group 2: Financial Strategy - The transactions related to the bond issue will allow Wendel to extend the average maturity of its bond debt, enhancing its financial flexibility [3].

Core Insights - Wendel Group's net asset value (NAV) per share decreased to €167.7 as of June 30, 2025, reflecting a 5.1% decline from March 31, 2025, primarily due to foreign exchange impacts and dividend payments [11][12][13] - The company is implementing a semi-annual interim dividend policy starting in November 2025, with an interim dividend of €1.50 per share [5][10] - Wendel's asset management platform has reached €39 billion in assets under management (AUM), with significant fundraising momentum and revenue growth [7][25][30] Financial Performance - Consolidated net sales for H1 2025 amounted to €4,177.6 million, representing a 7.2% increase overall and a 3.9% organic growth year-to-date [6][66] - The net income from operations for H1 2025 was €4.3 million, a significant decrease from €388.2 million in H1 2024, largely due to a capital gain from the disposal of Constantia Flexibles in the previous year [68][67] - Management fees from asset management activities totaled €152 million, with fee-related earnings (FRE) reaching €59 million, reflecting a more than threefold increase compared to the previous year [27][26] Strategic Developments - Wendel's acquisition of Monroe Capital and the partnership with IK Partners are pivotal in expanding its third-party asset management capabilities, aiming for €150 million in pre-tax FRE by 2027 [10][25][72] - The company successfully executed a forward sale of 6.7% of Bureau Veritas' share capital, generating net proceeds of approximately €750 million, enhancing financial flexibility [22][4] - New leadership appointments at Crisis Prevention Institute and Scalian are part of Wendel's strategy to navigate complex market conditions and drive growth [4][57] Asset Management Insights - The asset management platform's AUM has increased by 187% year-to-date, with €4.3 billion raised in H1 2025 without any sponsor money from Wendel [30][27] - The platform is focused on mid-market private markets, with a strong pipeline of acquisition opportunities to further enhance its growth [7][30] - The contribution from asset management activities positively impacted NAV, with a total increase of €3.8 per share at constant exchange rates [15][30] Investment Portfolio Performance - Listed assets represented 38% of gross asset value, with a 5.0% increase in value driven by share price increases of Bureau Veritas, IHS, and Tarkett [4][33] - Unlisted assets saw a decline of 4.8% in value, primarily due to changes in multiples and operational performance [4][14] - Total sales of group companies increased by 3.9% organically, indicating a positive trend in operational performance [4][66]

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]

Core Points - Wendel has scheduled its Shareholders' Meeting for May 15, 2025, at 3 p.m. Paris time [1] - The notice of the meeting has been published in the Bulletin des Annonces Légales et Obligatoires and is available on Wendel's website [2] - Additional documents and information regarding the meeting will be accessible to shareholders starting April 24, 2025, and the meeting will be available via webcast [3] Agenda - April 24, 2025: Q1 2025 Trading update and publication of NAV as of March 31, 2025 [4] - May 15, 2025: Annual General Meeting [4] - July 30, 2025: H1 2025 results and publication of NAV as of June 30, 2025 [4] - October 23, 2025: Q3 2025 Trading update and publication of NAV as of September 30, 2025 [4] - December 12, 2025: 2025 Investor Day [4] Company Overview - Wendel is a leading listed investment firm in Europe, focusing on companies that are leaders in their respective fields [5] - In 2023, Wendel initiated a strategic shift towards third-party asset management of private assets, complementing its principal investment activities [5] - Wendel completed the acquisition of a 51% stake in IK Partners in May 2024 and announced the acquisition of 75% of Monroe Capital in October 2024, managing over 33 billion euros on behalf of third-party investors post-acquisition [5] Ratings and Recognition - Wendel is listed on Eurolist by Euronext Paris and holds a Standard & Poor's long-term rating of BBB with a stable outlook [6] - The company has been recognized for its long-term patronage of the arts, receiving the distinction of "Grand Mécène de la Culture" in 2012 [6]

Core Viewpoint - Wendel has completed the acquisition of a controlling stake in Monroe Capital LLC, marking a significant step in its strategic roadmap to expand its asset management platform, which now manages approximately €34 billion in private assets and is projected to generate around €160 million in Fee Related Earnings (FRE) and €185 million in total pre-tax profit by 2025 [1][10][11]. Acquisition Details - Wendel has invested $1.13 billion to acquire 72% of Monroe Capital's shares, along with rights to approximately 20% of the carried interest from past and future funds, while the sellers retain a 25% stake post-transaction [2]. - The acquisition includes a partnership with AXA IM Prime, which has also acquired a minority equity stake in Monroe Capital, reflecting a strong relationship between the two firms [3]. - An earn-out mechanism is included in the transaction, allowing for a maximum payment of $255 million based on FRE performance thresholds, with potential payment in cash by 2028 [4]. Future Purchase Plans - Wendel has a structured plan to acquire the remaining 25% of Monroe Capital's shares through a series of transactions scheduled between 2028 and 2032, with the purchase price determined by realized FRE growth [5]. Monroe Capital Overview - Monroe Capital, founded in 2004, specializes in private credit solutions and manages over $20 billion in assets across more than 45 investment vehicles, focusing on various strategic verticals including Lower Middle Market Direct Lending and Alternative Credit [6][16]. - The firm has originated over 800 transactions and invested more than $47 billion, achieving a gross unlevered IRR of approximately 10% on its directly originated transactions [7]. Wendel's Strategic Goals - Wendel aims to build a substantial asset management platform that will provide recurring cash flows and exposure to high-performing asset classes, enhancing its dual business model alongside its principal investment activities [9][11]. - The partnership with Monroe Capital is expected to create operational synergies and contribute to Wendel's goal of generating double-digit Total Shareholder Return [11][14]. Leadership Commentary - Wendel's CEO emphasized the importance of this acquisition in scaling its asset management platform and highlighted Monroe Capital's strong performance and strategic positioning in the private credit market [12]. - The partnership with AXA IM Prime is viewed as a significant endorsement of Wendel's asset management model [13].

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].

Core Viewpoint - Wendel has entered into a prepaid 3-year forward sale agreement for 30,357,140 shares of Bureau Veritas, representing approximately 6.7% of its share capital, while retaining 26.5% of the share capital and 41.2% of voting rights, enhancing its financial flexibility by reducing the loan-to-value ratio to approximately 17% [1][4]. Group 1: Transactions Overview - The Forward Sale Transaction involves a prepaid agreement with BNP Paribas for the sale of Bureau Veritas shares, which is expected to generate immediate cash proceeds for Wendel [1][3]. - Wendel has also entered into a call spread transaction to benefit from potential stock price appreciation of up to approximately 15% over the next three years on the shares involved in the Forward Sale Transaction [2]. Group 2: Financial Implications - The proceeds from the Transactions, along with the acquisition of Monroe Capital, are projected to lower Wendel's loan-to-value (LTV) ratio to around 17% [4]. - The Offering for the shares will be launched immediately, with BNP Paribas and Morgan Stanley acting as Joint Global Coordinators [5]. Group 3: Shareholder Rights and Strategic Support - Wendel will retain full ownership of the shares until the physical settlement of the Forward Sale Transaction, which is scheduled for March 17, 2028, and will continue to support Bureau Veritas' management and its strategic plan [7]. - A lockup undertaking of 180 days from the settlement date of the Offering has been agreed upon by Wendel, with customary exemptions [8].