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 - The investment landscape for 2026 is perceived as offering deeper and wider opportunities despite high market valuations and indices [2] - Current equity markets are characterized by greed and impatience, leading to a focus on short-term performance rather than long-term value [3] - Investor psychology is shifting towards perceived risk aversion, which may actually be driving them away from areas with genuine mispricing [4] Performance and Net Asset Value - Dynasty Trust reported a quarterly return of -2.29% and a net asset value per unit of $1.3030 as of December 31, 2025 [5] - Over the rolling 12 months, the return was 8.19%, and over two years, it was 12.93% [5] - The inception return of Dynasty Trust stands at 36.74% [5] Market Dynamics - The S&P 500 index saw a significant concentration of performance in its top 10 stocks, which now account for 39.2% of the index [6] - Smaller companies and controlled entities have recently fallen out of favor, impacting the performance of Dynasty Trust [6] Currency Impact - The Australian dollar's fluctuations against the euro and US dollar affected returns, with a 5.5% decline against the euro and a 6% rise against the US dollar in 2025 [7] - The overall impact of currency changes on performance was minimal, costing only 11 basis points [7] Positive Contributors to Performance - Seven securities contributed positively to Dynasty Trust, with Sportradar (SRAD) showing a 68% gain and Catapult International a 54% gain [8] - Other notable contributors included Viel et Cie (48% gain) and Avolta (30% gain) [8] Negative Contributors to Performance - Six securities detracted from returns, with Novo Nordisk (NVO) down 28% due to drug pricing uncertainties [9] - Other significant detractors included Bolloré (19% decline) and EuroEyes International (24% decline) [9] Investment Strategy - The company emphasizes investing in controlled public companies, which historically have shown long-term benefits [11] - The focus is on avoiding dilution of investment skills by steering clear of extraneous factors like stock or currency hedging [11] Market Trends - The technology sector has seen a significant rerating, while other sectors have experienced derating from already pessimistic valuations [13] - A bifurcation in the market is evident, with technology stocks performing well while other sectors lag behind [17] Valuation Insights - Many European holding companies are trading at significant discounts to NAV, with an average discount increasing from 30% to 30.6% over three years [14] - The high pricing of privately held technology companies has widened discounts for European firms, leading to investor skepticism [19] Specific Company Analysis: Hansa Investment Company - Hansa trades at a 44% discount to NAV, with a pro-forma cash exposure of approximately 35% of NAV [32] - The company has initiated share repurchases post-merger with Ocean Wilson, which is expected to enhance NAV [38] Specific Company Analysis: D'leteren - D'leteren is facing challenges due to increased leverage and cyclical pressures, impacting reported profits [41] - The company has initiated a €100 million stock buyback program to manage its capital structure [44] - The valuation of D'leteren's stake in Belron is under scrutiny, with significant skepticism regarding private equity valuations [60]

Core Points - The event is Wendel's 24th Investor Day, aimed at providing insights into the company's new value creation profile [1] - The agenda includes multiple presentations and Q&A sessions to enhance understanding of Wendel's strategies and performance [2] Group 1 - The event features a presentation by Laurent Mignon, Wendel's CEO, indicating a focus on leadership insights [2]

Summary of Wendel 2025 Investor Day Company Overview - **Company**: Wendel (OTCPK:WNDL.F) - **Event**: 24th Investor Day held on December 12, 2025 - **Focus**: Transformation into a leading investment firm in private assets with a long-term value creation strategy [1][2] Key Points and Arguments Transformation and Strategy - Wendel has evolved into a prominent investment firm focusing on private assets, emphasizing an owner-operator mindset to create long-term value for stakeholders [2][3] - The company operates two main value creation engines: - **Wendel Investment Managers**: A diversified asset management platform with €46 billion in assets under management, targeting mid-market investments in Europe and the U.S. [3][4] - **Wendel Principal Investment**: Focused on direct investments, aiming for a 12%-16% return on assets with a net asset value of €5.3 billion [4][5] Financial Performance and Returns - Wendel has returned 20% of its market cap to shareholders over the past three years, totaling €700 million, with €574 million through dividends (a 51% increase from 2022) and €129 million through share buybacks [7][8] - The company aims to generate at least €7 billion in cash by 2030, allocating funds for asset management growth (€2.5 billion), new company investments (€1.7 billion), and shareholder returns (€1.6 billion) [8][9] Future Outlook - By 2030, Wendel anticipates that 50% of its intrinsic value will derive from asset management, with a focus on creating a self-sustaining growth model [11][12] - The dividend policy is set at 2.5% of the investment portfolio, with expectations of growth to 3.5% of the firm's global value [12][13] Additional Insights Portfolio and Valuation - Wendel's portfolio consists of eight companies, with a balanced diversification across industries and geographies [15][16] - The valuation methodology includes peer multiples and transaction multiples, ensuring a robust and transparent approach to asset valuation [17][18] Operational Changes - Starting January 1st, Wendel will implement a new operational model, leveraging the expertise of IK Partners to enhance performance and scale in both asset management and principal investments [20][21] - The focus will remain on sectors where Wendel has established expertise, with an emphasis on maintaining a lean operational structure [24][25] Market Challenges and Adaptation - The company acknowledges current market pressures, particularly in the aerospace and automotive sectors, and is adapting its strategy to enhance resilience and efficiency [50][51] - Wendel aims for organic growth of €700 million by 2030, with a clear plan of 41 actions to achieve this goal [55][56] Conclusion Wendel is positioning itself as a robust player in the private asset investment space, with a clear strategy for growth, shareholder returns, and operational efficiency. The focus on long-term value creation, combined with a diversified portfolio and strategic partnerships, sets a strong foundation for future success.

Wendel's Strategic Transformation - Wendel operates two complementary value-creation engines: Wendel Investment Managers (WIM) and Wendel Principal Investments (WPI)[17] - WIM has >€46 billion in Assets under Management (AuM) and >€200 million in FRE (Fee Related Earnings) expected in 2026, with organic growth potential of approximately 15% per year[18] - WPI has €5.3 billion of Net Asset Value as of September 2025, targeting 12–16% annual Net Asset Value growth[19] - Wendel generated €3.6 billion through portfolio rotation over the past three years and reinvested €2.7 billion[21, 22] Capital Allocation and Shareholder Returns - Wendel plans to generate >€7 billion in cash by 2030 through active WPI portfolio rotation and WIM revenue and FRE growth[36, 39] - The company intends to return >€1.6 billion to shareholders by 2030, which is more than €35 per share[42, 45] - A share buyback program of approximately €300 million, representing up to 9% of the share capital, will be implemented[54, 55] - Approximately 90% of FRE (post tax) will be redistributed to shareholders, plus additional flows from PRE (Performance Related Earnings), along with 2.5% of WPI NAV distributed to shareholders[52] Scalian's Overview - Wendel invested €648 million in Scalian, holding an 81.5% equity stake[153, 154] - Scalian's pro forma revenue for FY25 is €523 million, with >20% CAGR from 2015 to 2025, including 12% organic growth[163] - Scalian aims to achieve >€0.7 billion in revenue organically by 2030, with 50% of revenue generated outside France[163, 195] Crisis Prevention Institute (CPI) - Wendel invested $569 million in CPI, holding a 97.6% equity stake[227] - CPI has distributed $134 million in dividends to Wendel since acquisition[227] - CPI's revenue for LTM June 2025 was $153 million, with an EBITDA margin of 50%[250, 252]

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 - Wendel has entered into exclusive negotiations to acquire a controlling stake in Committed Advisors from its founding partners, who will reinvest their net proceeds into Committed Advisors funds as part of the transaction [1] - The acquisition agreement was signed on November 24, 2025, and is expected to be completed in Q1 2026, pending regulatory approvals [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 [3] - As of September 30, 2025, Wendel manages €40 billion for third-party investors and approximately €5.3 billion for its own account [3] - The company aims 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] Financial Information - Wendel is listed on the Euronext Paris and has a long-term rating of BBB with a stable outlook from Standard & Poor's [4]

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 Committed Advisors, a specialist in the mid-market secondary business, which is expected to enhance its value creation profile and business model [3]. Group Structure - The acquisition will contribute to the Wendel Investment Manager platform, expanding it to three verticals [3]. Leadership and Presentation - The conference call features key executives including the Group CEO Laurent Mignon, CFO Benoit Drillaud, and others who will present and answer questions [2].