Wendel Se · EURONEXT:MF
Wendel — Q3 2026 Earnings Presentation
22 slides from Wendel's earnings presentation, Oct 22, 2026
Slide 1: Q3 2026 Trading Update
Q3 2026 Trading Update Wendel: an investment firm creating long-term value in private markets O ct ob er 2 2 , 2 0 2 6 Wendel | Q3 2026 Trading Update | October 22, 2026 1
Slide 2: Disclaimer
Disclaimer • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the Q3 2026 trading update presentation to be held on October 22, 2026. This document must be treated confidentially by attendees at such presentation and may not be reproduced or redistributed to any other pers
Slide 3: How to ask questions to our speakers?
How to ask questions to our speakers? Over the phone OR From the webcast You can submit your questions in writing directly via the platform Wendel | Q3 2026 Trading Update | October 22, 2026 3
Slide 4: Wendel Q3 2026 key highlights
Wendel Q3 2026 key highlights Solid operational performance of Wendel IM Wendel Principal Investments valuations positively impacted by market multiples’ rebound in Q3 €1.14 bn value crystallization from sale of Stahl, 20% above latest NAV before sale’s announcement. IHS’ disposal to be finalized by
Slide 5: Wendel Q3 2026 key financials
Wendel Q3 2026 key financials Q3 2026 Financial Performance IK, Monroe Capital & AuM Committed Advisors FPAuM Total GAV of WPI €48.7bn €37.7bn €4.0bn UP +5% Excluding cash & IHS +9% PF YoY Q3 2026 Reported • Good growth of BVI share price in Q3 • Unlisted assets : rebound of multiples in Q3 Mgt Fees
Slide 6: Fully Diluted NAV positively impacted in Q3 by market multiples & accretive impact of share buybacks
Fully Diluted NAV positively impacted in Q3 by market multiples & accretive impact of share buybacks △ Q3 2026 NAV per share (€) • Mainly driven by the valuation increase in sponsor money Wendel Investment Managers(1) +0.3 corresponding to investments in funds managed by IK Partners, Monroe Capital
Slide 7: Already €450m returned to shareholders, with more than €500m expected for FY2026
Already €450m returned to shareholders, with more than €500m expected for the FY2026 €450m already returned to €140 million shareholders in 2026 €3.6 per share in dividend paid in May Representing more than 10% of market cap €310 million 9% share buyback achieved in only 5 months € 2.55 Interim divi
Slide 8: Wendel IM platform is ramping up: 2026 FRE target of around €200 million
Wendel IM platform is ramping up : 2026 FRE target of around €200 million(1) • On April 6, 2026, closing of the acquisition of Committed Advisors, a midmarket secondary market specialist • Management fees and other revenues reach €344.0(2) million YTD, up +41.3%, reflecting the full-year contributio
Slide 9: Wendel Asset Management Platform pursues its expansion: AuM reach c.€49 bn
Wendel Asset Management Platform pursues its expansion: AuM reach c.€49 bn Assets under Management FPAuM up +5% YTD and +9% YoY 48.7 €Bn 5.3 Co-invest 41.2 0.6 37.7 Co-invest 5.0 Dry Powder Dry 31.0 (4.2) Powder NAV & NAV & Others Others Portfolio values as of Sept. 30, 2025 Portfolio values as of J
Slide 10: WPI key highlights
WPI key highlights • Ongoing active capital rotation: c.€1.6 billion total proceeds expected from the disposals of Stahl (closed) and IHS, announced in February 2026(1) • Positive revenue growth of WPI assets, with the exception of CPI (up organically, impacted by FX) and Scalian • Valuation of WPI
Slide 11: Wendel Principal Investments: Solid performance from the majority of portfolio companies for 9M2026
Wendel Principal Investments: Solid performance from the majority of portfolio companies for 9M2026 Revenue Organic Scope FX Δ 9M 2026 growth impact impact Bureau Veritas €4,513.8m +4.9% +5.7% +0.4% -1.2% Principal Investments Scalian €358.1m -5.4% -5.1% +0.0% -0.3% CPI $115.2m -0.3% -1.0% +0.0% +0.
Slide 12: Wendel is financed at a fixed 2.8% average cost, no maturity before 2030
Wendel is financed at a fixed 2.8% average cost, no maturity before 2030 Maturity profile As of September 30, 2026 Institutional bonds in m€ Cash: €1.5bn(1) +€875m committed credit facility (undrawn) 500 Gross debt: €1.4bn 9.5% LTV ratio PF 300 300 300 Average maturity : 5.8 years Weighted average c
Slide 13: Key Takeaways
Key Takeaways Wendel | Q3 2026 Trading Update | October 22, 2026 13
Slide 14: Q3 2026 key takeaways
Q3 2026 key takeaways NAV Strong accretive impact Platform developments Good operating performance of share buyback performed in line with plan across the board Ongoing execution WIM is expected to reach around Total fully diluted NAV of ambitious value creation plans €200million in FRE up +€8.1 per
Slide 15: Appendix
Appendix Wendel | Q3 2026 Trading Update | October 22, 2026 15
Slide 16: Fully diluted Net Asset Value of €167.0 per share as of September 30, 2026
Fully diluted(1) Net Asset Value of €167.0 per share as of September 30, 2026 (in millions of euros) September 30, 2026 (2) Listed equity investments Number of shares Share price 2,295 • Bureau Veritas 66.6 million €27.4 1,823 • IHS 63.0 million $8.5 471 Investments in unlisted assets (3) 2,189 Asse
Slide 17: Loan-to-value ratio
Loan-to-value ratio September 30, 2026 Total Assets as of September 30, 2026 (A) 6,977 Total cash as of 30/09/2026 including Stahl proceeds received on October 1st 2026 1,500 Bond debt & accrued interest (1,411) IK Partners deferred payments, Monroe & Committed Advisors earnouts (273) Total debt as
Slide 18: A strong and diversified portfolio grounded with a disciplined valuation methodology
A strong and diversified portfolio grounded with a disciplined valuation methodology Wendel Principal Investments Wendel Principal Investments as of September 30, 2026 €4bn (excluding IHS) c.€5.3bn Excluding €1.5bn of cash 45% 48% Transaction multiples 20-day average share price Education, Professio
Slide 19: Wendel's 2030 ambitions announced in December 2025
Wendel’s 2030 ambitions announced in December 2025 2030 Ambitions • >€7 bn cumulated cash flows by 2030 through asset rotation & FRE generation • Returning >€1.6bn to shareholders • WIM FRE to grow organically by 15% per annum(1) • WPI intrinsic value to grow by 12 to 16% per annum (1) WPI & WIM are
Slide 20: Financial Agenda
Financial Agenda Wendel | Q3 2026 Trading Update | October 22, 2026 20
Slide 21: Financial agenda
Financial agenda Wednesday, December 2, 2026 2026 Investor Day Friday, February 26, 2027 2026 Full Year Results – Financial communication as of December 31, 2026 and condensed full-year consolidated financial statements (before-market release) Thursday, April 22, 2027 Q1 2027 Trading update – Financ
Slide 22: For more information, please visit www.wendelgroup.com
For more information, please visit www.wendelgroup.com Wendel | Q3 2026 Trading Update | October 22, 2026 22