WENDEL: 2025 Half-Year Results

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]