WENDEL: 2024 Full-Year Results: a very active year, a dual model in place, strong value creation & a growing return to shareholders

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]