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.

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]

Company Overview - Charles Schwab is acquiring Forge Global Holdings for $660 million, enhancing its wealth management platform by providing access to shares of privately held companies [1] - The acquisition aligns with the trend of integrating private assets into retail investor accounts [1] Market Reaction - Following the announcement, Schwab's stock experienced a slight decline, while Forge's stock surged by 67% [2] - Year-to-date performance shows Schwab's stock up 26% and Forge's stock up 87% [2] Strategic Implications - The acquisition is expected to deepen liquidity, improve transparency, and democratize access to private market investments for retail investors, according to Schwab's CEO [2][3] - Forge's marketplace will provide private companies with liquidity and growth opportunities through access to a broader market of qualified retail investors [3] Industry Context - The deal comes at a time when fewer companies are pursuing traditional IPOs, prompting regulatory changes aimed at facilitating the IPO process [5] - The SEC is working to allow more Americans, including retirement savers, to invest in private companies and alternative assets [6] - Major asset managers are supportive of these changes, which could expand the retirement account industry to include a wider range of investment options [7]