Summary of Key Points Core Viewpoint - Bureau Veritas has provided an update on the number of shares and voting rights as of June 30, 2025, in compliance with the regulations of the French financial markets authority AMF [1]. Group 1: Share and Voting Rights Information - The total number of shares outstanding is 584,206,778 [2]. - The number of exercisable voting rights is reported as 573,875,237 [2]. - The number of shares as of June 30, 2025, is 453,905,256, which includes new shares issued from stock options exercised since January 1, 2025 [2]. Group 2: Company Information - Bureau Veritas is a Société Anonyme with a share capital of EUR 54,464,582.40 [3]. - The head office is located at Tour Alto, 4, Place des Saisons, 92400 Courbevoie, France [3].

Investment Rating - The report maintains a positive outlook on the Testing space for 2025, with Bureau Veritas and SGS rated as preferred Overweights [6][18]. Core Insights - The Testing, Inspection, and Certification (TIC) sector is expected to achieve organic growth in line with FY25 guidance, with a consensus forecast of 5-7% organic growth and 40-50 basis points margin expansion across the TIC3 in 2025 [6][12]. - Despite a significant decline in China exports to the US in April (-21%) and May (-34%), the organic growth of the TIC sector has remained resilient, decoupling from traditional indicators such as GDP growth and patent applications [27][31]. - The report identifies 22 megatrends that could drive organic performance in the Testing sector through 2030, with Bureau Veritas and SGS positioned to capitalize on these trends [18][19]. Summary by Sections Market Overview - The global TIC market is forecasted to grow at a mid-single-digit rate to 2030, driven by increasing regulation and demand for testing solutions [12][14]. - The organic growth rates of testing companies have decoupled from GDP growth since 2021, with expectations of sustained GDP+ organic growth driven by regulatory demands [12][18]. Company Performance - Bureau Veritas has reported the highest average organic growth since the pandemic, while Intertek has shown the lowest group organic growth due to its higher consumer exposure [56]. - For FY25, Bureau Veritas guides to mid to high single-digit organic growth, SGS to 5-7%, and Intertek to mid-single digits [56]. Growth Drivers - Key growth drivers include testing megatrends, increased regulation, supply chain assurance, AI-enabled products, and ESG regulation [56]. - The report highlights the potential for high-single-digit to low-double-digit organic revenue growth in the Certification/Assurance division due to changes in the ESG reporting landscape [42]. Valuation and Financial Metrics - Bureau Veritas has a market capitalization of €12.5 billion ($14.8 billion) with a revenue of €6,241 million and an EBITA margin of 16.0% [59]. - The report provides a valuation snapshot, indicating that Bureau Veritas is expected to have an EV/EBITDA of 10.9x in 2025, while SGS is projected at 10.3x [58].

Core Points - The Combined Shareholders' Meeting of Bureau Veritas on June 19, 2025, adopted all submitted resolutions, including the reappointment of Mr. Laurent Mignon as Chairman of the Board of Directors [1][2] - Ms. Elodie Perthuisot was appointed as an independent director for a four-year term, replacing Ms. Lucia Sinapi-Thomas [2][3] - The meeting approved the statutory and consolidated financial statements for the financial year ending December 31, 2024, and a dividend distribution of €0.90 per share to be paid on July 3, 2025 [5][6] Company Leadership - Mr. Laurent Mignon's term as Director was renewed, along with the terms of Ms. Julie Avrane, Ms. Ana Giros Calpe, and Mr. Jérôme Michiels [1] - Ms. Hinda Gharbi, the Chief Executive Officer, presented the Group's activities for the 2024 financial year and provided an outlook for 2025 [6][7] Financial Highlights - The financial results presented included details on revenue, adjusted operating profit, net earnings per share, and cash flow statement [4][5] - The approval of compensation policies for Directors and the Chief Executive Officer for 2025 was also part of the resolutions adopted [5][7] Strategic Direction - The meeting included updates on the LEAP I 2028 strategic plan, indicating the company's focus on future growth and transformation [6]

Core Insights - Bureau Veritas is accelerating the execution of its LEAP | 28 strategy to enhance customer excellence and sustainability [2][3] - The company is evolving its Executive Committee structure to improve organizational alignment and operational efficiency [2][4] Strategy Execution - Since the launch of the LEAP | 28 strategy in March 2024, progress has been made across the three pillars: Portfolio, Performance, and People [3] - The new operating model will empower regions with scalable Product Lines, facilitating global offers development and cross-selling opportunities [3][4] Organizational Changes - The current six geographical regions will be reorganized into four: Americas, Europe, Asia Pacific, and Middle East Caspian & Africa [4] - Product Lines will be managed by three executive committee members focusing on Industrials and Commodities, Urbanization and Assurance, and Consumer Products Services [4] Leadership Roles - A Chief Performance Officer role will be created to lead the performance pillar and optimize key performance functions [5] - The new Executive Committee will include leaders for each region and product line, enhancing regional expertise and customer relations [6][9] Transition Timeline - The transition period for the new organizational structure will last from July 1 to the end of August 2025, with the new structure effective from September 1, 2025 [8]

Summary of Key Points Core Viewpoint - Bureau Veritas has provided updated information regarding the number of shares and voting rights as of May 31, 2025, in compliance with the regulations set by the French financial markets authority AMF [1]. Group 1: Share and Voting Rights Information - As of May 31, 2025, the total number of shares issued by Bureau Veritas is 583,986,154 [2]. - The theoretical number of voting rights associated with these shares is 574,077,557, while the number of exercisable voting rights is 454,183,844 [2]. - The figures include new shares issued in Euroclear due to the exercise of stock options since January 1, 2025, if applicable [2]. Group 2: Company Information - Bureau Veritas is a Société Anonyme (Limited liability corporation) with its head office located at 40/52 boulevard du Parc, 92200 Neuilly-sur-Seine, France [3]. - The company's share capital amounts to EUR 54,464,582.40 [3]. - Bureau Veritas is registered under RCS Nanterre with the number 775 690 621 [3].

Core Points - Bureau Veritas will hold its Combined Shareholders' Meeting on June 19, 2025, at 3:00 p.m. in Neuilly-sur-Seine, France [2] - Preparatory documents for the meeting are available in accordance with applicable laws and regulations [3][4] - Bureau Veritas is a global leader in inspection, certification, and laboratory testing services, with a mission to ensure responsible progress [6][7] Company Overview - Established in 1828, Bureau Veritas employs 84,000 people across 140 countries [7] - The company is listed on Euronext Paris and is part of several indices, including CAC 40 and CAC 40 ESG [7] - Bureau Veritas focuses on quality, health and safety, environmental protection, and sustainability [7]

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 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].