PRESS RELEASE – FEBRUARY 26, 2026 2025 Full-Year Results In 2025, Wendel accelerated the transformation of its business model: €1591 million of proforma FRE generated by Wendel Investment ManagersStrengthened operational profile of Wendel Principal Investments Strong progress in the execution of the 2030 strategic roadmap announced in December 2025: €1.65 billion of disposals announced to date More than €5002 million to be returned to shareholders in 2026 Fully diluted3 NAV per share of €164.2 as of De ...

Core Insights - Henkel has agreed to acquire Stahl Group for €2.1 billion ($2.48 billion), purchasing the majority stake from Wendel, a French private equity firm [1][4] - Stahl specializes in coatings for flexible materials across various sectors, including packaging, automotive, fashion, and lifestyle [1][2] - The acquisition is expected to create commercial synergies due to the complementary nature of products offered by both companies [3] Company Overview - Stahl employs approximately 1,700 people and reported adjusted sales of around €725 million ($854.6 million) for the 2025 fiscal year [2] - The ownership structure of Stahl includes Wendel (68.5%), BASF (16.1%), and Clariant (14.6%) [2] - Under Wendel's ownership, Stahl has transformed into a focused specialty coatings company with a strong global presence [3] Strategic Implications - The acquisition aligns with Henkel's strategic agenda for purposeful growth, particularly in its Adhesive Technologies business unit [4] - Henkel has also announced plans to acquire ATP Adhesive Systems, which together with the Stahl acquisition, will add nearly €1 billion in sales [5] - Henkel plans to introduce new packaging for its Pritt glue sticks in European markets, with updated cardboard blister packs expected by early 2026 [5]

AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR Muttenz, 04 February 2026 Clariant, a sustainability-focused specialty chemical company, acknowledges the agreement between Stahl Group’s majority and controlling owner Wendel SE and Henkel as disclosed today. The existing shareholder agreement includes a contractual obligation for Clariant as minority shareholder to participate in the transaction following the notification from Wendel SE (Drag-Along-Right). Clariant holds a minority stake of 14.6 % in Stahl Gro ...

Group 1 - The consumer-goods company is expanding its adhesives arm through an acquisition [1]

Group 1 - Henkel, the owner of Persil, has agreed to acquire specialty coatings company Stahl for 2.1 billion euros (approximately $2.5 billion) from Stahl Group [1]

Henkel agrees to purchase Stahl for $2.5 billion from private equity firm Wendel https://t.co/BtB7hgZML1 ...

Core Viewpoint - Wendel has agreed to sell its stake in Stahl, a leader in specialty coatings for flexible materials, to Henkel for an enterprise value of €2.1 billion, resulting in estimated net proceeds of €1.2 billion for Wendel, reflecting an annualized IRR of over 15% since 2006 [2][3]. Company Overview - Stahl is recognized as the global leader in specialty coatings for flexible materials, benefiting from favorable market trends, particularly in premium consumer segments, and strong exposure to high-growth regions like Asia [5]. - Under Wendel's ownership from 2006 to 2024, Stahl's global sales increased from €316 million to €930 million, nearly tripling, supported by both organic growth and strategic acquisitions [6]. - Stahl's adjusted operating income grew fourfold from €44 million to €181 million, with the adjusted operating margin expanding by 550 basis points to 19.5% in 2024 [7]. Transaction Details - The transaction values Stahl at a multiple of 6.6 times Wendel's total investment since 2006, including €427 million of past proceeds due to Stahl's strong cash generation [3]. - The sale involves Wendel (68.5% of the capital), BASF (16.1%), Clariant (14.6%), and other minority shareholders, and is subject to regulatory approvals and customary closing conditions [4]. Strategic Transformation - Stahl has completed a multi-year strategic transformation, evolving into a pure-play specialty coatings formulator by divesting its wet-end leather chemicals activities, which now operate under a standalone company named Muno [9]. - The company has established itself as an ESG frontrunner, achieving four consecutive Ecovadis Platinum ratings since 2021 and aligning its product portfolio with customer sustainability expectations [8]. Future Outlook - The transaction aligns with Wendel's capital allocation strategy and is expected to enhance long-term value creation through private asset investments, allowing for a share buyback program post-2025 earnings release [12]. - Stahl's leadership position in specialty coatings is anticipated to strengthen under Henkel, leveraging Henkel's innovation capabilities to enhance customer value [10].

Core Viewpoint - The Shareholders' Nomination Board of Harvia Plc has proposed the composition and remuneration of the Board of Directors for the upcoming Annual General Meeting scheduled for April 15, 2026, including the re-election of current members and the election of a new member, Martin Richter [1][2][3]. Board Composition - The Nomination Board proposes that the number of members of the Board of Directors shall be seven [1]. - Current members Catharina Stackelberg-Hammarén, Petri Castrén, Anders Holmén, Hille Korhonen, Markus Lengauer, and Olli Liitola are recommended for re-election [2]. - Heiner Olbrich will not be available for re-election, and Martin Richter is proposed as a new member [3]. New Member Profile - Martin Richter, born in 1976, is currently the Country Manager and CEO at Peloton Interactive and has held various positions at Spotify, Zalando, Henkel, and Coca-Cola [4]. - He holds a Master's degree in Economics and Social Sciences and an MBA from the University of Lüneburg, bringing over 20 years of international experience in consumer businesses [5]. Board Independence and Expertise - All proposed members have consented to their appointments and are independent of the company and major shareholders [6]. - The Nomination Board believes the proposed Board has the necessary expertise and competence to meet the company's strategic objectives [8][9]. Gender Representation - The proposed Board composition includes only two women, which deviates from the Corporate Governance Code's recommendation for a minimum of three women on a seven-member Board [10]. Remuneration Structure - The proposed remuneration for the Chair of the Board is EUR 5,500 per month, for the Deputy Chair EUR 4,000, and for other members EUR 3,500 [13]. - Committee chairs will receive EUR 1,400 per meeting, while other committee members will receive EUR 900 per meeting [14]. - The remuneration will be paid 40% in company shares and 60% in cash, with specific conditions for share transfers [16][17]. Travel and Meeting Fees - Members residing outside Finland will receive a separate meeting fee of EUR 900 for attending meetings in person [18]. - Travel expenses will be compensated according to the company's travel policy [19]. Nomination Board Composition - The Nomination Board is chaired by Josefin Degerholm, with other members from various financial institutions [20]. - The proposals made by the Nomination Board were unanimous and will be included in the notice for the 2026 Annual General Meeting [21]. Company Overview - Harvia is a leading company in the global sauna and spa market, with a revenue of EUR 175.2 million in 2024 and approximately 700 employees across multiple countries [22][23].

Core Viewpoint - The article discusses the investment position in HENKY, indicating a beneficial long position held by the author, which suggests confidence in the company's future performance [1]. Group 1: Company Position - The author has a beneficial long position in HENKY shares, indicating a positive outlook on the company's stock performance [1]. Group 2: Investment Considerations - The article emphasizes the importance of conducting due diligence and research before making any investment decisions, highlighting the risks associated with short-term trading and options trading [2]. - It notes that past performance is not indicative of future results, and no specific investment recommendations are provided [3].

Core Viewpoint - The analysis emphasizes the importance of investing in high-quality companies with competitive advantages and defensibility, particularly in the European and North American markets [1]. Group 1: Investment Strategy - The focus is on companies that can outperform the market over the long term due to their economic moats [1]. - The analysis does not limit itself to market capitalization, considering both large cap and small cap companies [1]. Group 2: Personal Investment Decisions - The company sold its position in Henkel a few months ago as part of a portfolio restructuring, prioritizing debt reduction over maintaining the investment [3]. - Despite selling the position, the company still views Henkel as a solid investment opportunity [3].