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 Viewpoint - Wendel supports MTN Group's offer to acquire IHS Towers, which will provide Wendel with full liquidity on its 19% stake, amounting to approximately $535 million, reflecting a strategic shift in Wendel's investment focus [2][3][7]. Company Overview - IHS Towers, founded in 2001, is one of the largest independent owners and operators of shared communications infrastructure globally, focusing on emerging markets with over 37,000 towers across seven countries [5][6]. - Since Wendel's initial investment in 2012, IHS has expanded from about 1,000 towers in one country to over 37,000 towers, achieving $1.8 billion in revenue and EBITDA margins exceeding 55% [6]. Transaction Details - The offer from MTN Group is priced at $8.5 per share, representing a 36% premium over the 52-week volume-weighted average price as of February 4, 2026, and a 21% premium over Wendel's latest reported Net Asset Value [3]. - The transaction is expected to close in 2026, pending shareholder and regulatory approvals [4]. Strategic Implications - Wendel's decision to support the acquisition aligns with its strategy to refocus on direct investments in controlled, unlisted companies in Europe and North America [7]. - The transaction is part of Wendel's active portfolio rotation strategy, which aims to generate approximately €1.65 billion, enhancing its capacity for long-term value creation through investments in private assets [8]. Leadership Commentary - Laurent Mignon, CEO of Wendel, emphasized the strategic sense of the MTN and IHS combination, while Sam Darwish, Chairman and CEO of IHS Towers, highlighted the opportunity for shareholders to realize significant value [7][9].

Core Viewpoint - Wendel supports MTN's acquisition offer for IHS Towers, which will provide Wendel with full liquidity on its 19% stake, amounting to approximately $535 million, reflecting a strategic shift in Wendel's investment focus [2][3][7]. Group 1: Acquisition Details - MTN Group's offer to acquire IHS Towers is priced at $8.5 per share, representing a 36% premium over the 52-week volume-weighted average price as of February 4, 2026 [3]. - The transaction is expected to close in 2026, pending shareholder and regulatory approvals [4]. - Wendel's stake sale will yield net proceeds of approximately $535 million, which is a 21% premium over Wendel's latest reported Net Asset Value as of September 30, 2025 [3]. Group 2: Company Background - IHS Towers, founded in 2001, is a leading independent owner and operator of shared communications infrastructure, with over 37,000 towers across seven emerging markets [5][6]. - Since Wendel's initial investment in 2012, IHS has expanded from approximately 1,000 towers in one country to over 37,000 towers, achieving $1.8 billion in revenue with EBITDA margins exceeding 55% [6]. Group 3: Strategic Implications - Wendel's CEO, Laurent Mignon, emphasized that the combination of MTN and IHS is a sensible industrial project, aligning with Wendel's strategy to focus on direct investments in controlled, unlisted companies in Europe and North America [7]. - The transaction aligns with Wendel's active portfolio rotation strategy, which aims to generate approximately €1.65 billion from recent sales, enhancing Wendel's flexibility for long-term value creation [8].

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]

Market Overview - US stock futures are slightly up, with the S&P futures rising 0.2% and Nasdaq futures also up 0.2%, despite concerns over a rotation in tech stocks [1][3] - The AI narrative has shifted, with a focus on perceived losers in the Software sector, leading to significant declines in stocks like AMD, which fell 9% after disappointing sales forecasts [1][3] - Economically sensitive shares, particularly in the Russell 2000 index, gained 0.4%, while tech stocks faced pressure due to fears of AI disruption [4] Company Performance - Alphabet's stock is up 1% ahead of its earnings report, while other major tech stocks like Microsoft, Amazon, and Apple also saw slight increases [3] - Eli Lilly's shares rose 7% after a positive sales forecast driven by strong demand for its weight loss drug [3] - Johnson Controls increased by 8% after raising its adjusted earnings per share forecast for the year [3] - Silicon Laboratories surged 53% after agreeing to be acquired by Texas Instruments for $231 per share [3] - Uber Technologies fell 6% due to a weak profit outlook and a leadership change signaling a focus on driverless vehicles [3] Sector Analysis - The Software sector is experiencing indiscriminate selling, with analysts noting a lack of confidence among investors, leading to reduced software holdings [5][6] - The mood among investors regarding software stocks is grim, with many companies facing punishment for not meeting elevated expectations [5] - European stocks are also facing losses in sectors like software, IT, and data services due to ongoing concerns about AI disruption [10] Economic Indicators - Today's macro data focus is on the ISM Services index, with expectations for a reading that could influence stock market sentiment [1][15] - The dollar is stronger, and bond yields have increased by 1-2 basis points, reflecting a cautious market environment [1][15] Commodities - Gold prices have rebounded above $5,000 per ounce, and silver has risen above $90 per ounce, indicating a recovery in precious metals [1][15]

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 Insights - Henkel's management board is in discussions with investment firm Wendel regarding a potential deal involving Stahl [1] Company Summary - Henkel is exploring a potential transaction with Wendel, which is the majority owner of Stahl [1]

Group 1 - Wendel is in non-exclusive discussions with Henkel regarding a potential operation involving Stahl, with no certainty about the outcome of these discussions [2] - Wendel SE is one of the leading publicly traded investment companies in Europe, investing in sector-leading companies such as ACAMS, Bureau Veritas, and Stahl [3] - As of September 30, 2025, Wendel manages €46 billion for third-party investors and approximately €5.3 billion for its own account [3] Group 2 - Wendel has announced plans to develop a private asset management platform in addition to its proprietary investment activities [3] - The company completed acquisitions of 51% of IK Partners in May 2024 and 72% of Monroe Capital in March 2025, with the acquisition of Committed Advisors announced in October 2025 [3] - Wendel is rated BBB with a stable outlook for long-term and A-2 for short-term by Standard & Poor's [4]

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].