Strong Revenue Growth Amid Currency Challenges

• Revenue: 4.2 billion, a 7% increase from the same period in 2024.

• Net Income: 268 million, with group shares at 4 million.

• Asset Under Management (AUM): 39.1 billion, with a significant increase from previous periods.

• Net Asset Value (NAV): 167.7 per share, down due to a 4.7 coupon and dollar depreciation.

• Principal Investment Performance: Negative impact of 1.5 per share, with listed assets contributing positively by 3.5 per share.

• Asset Management Contribution: 49 million to net recurring income, with 152 million in management fees for the first half.

• Cash Position: 1.8 billion in cash and an undrawn credit facility of 875 million.

• Debt: 2.4 billion in bond debt, including a 750 million exchangeable bond in Bureau Veritas.

• Dividend Policy: Introduction of a semi-annual dividend policy, with an interim dividend of 1.5 per share to be paid in November.

• Same-Store Sales Performance: Bureau Veritas reported a 5.7% sales increase, with 6.7% organic growth.

• Forex Impact: Significant impact due to dollar depreciation, with the dollar at 1.1720 as of June 30th.

Release Date: July 31, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Wendel SE (WNDLF) reported a strong rebound in its principal investment segment, particularly from ACams and Globe Educate, indicating positive growth prospects.

• The asset management platform is ramping up with successful fundraising, reaching 39.1 billion in assets under management, showcasing strong organic and inorganic growth.

• The company has a robust financial structure with 1.8 billion in cash and an undrawn credit facility of 875 million, providing significant financial flexibility.

• Wendel SE (WNDLF) has implemented a semi-annual dividend policy, aiming to provide more predictable and higher returns to shareholders.

• The company is actively pursuing growth opportunities in its asset management platform, with plans to expand into new verticals such as infrastructure and secondaries.

• The non-listed portfolio had a disappointing quarter, with significant underperformance from companies like Sta and Scalion, impacting overall results.

• The net asset value (NAV) per share decreased due to the impact of the dollar depreciation and a coupon payment, highlighting currency risk exposure.

• The principal investment segment faced challenges, with a negative impact of 1.5 per share, primarily due to underperformance in non-listed assets.

• The company experienced operational issues in North America, affecting performance in the Target segment, indicating regional challenges.

• The Crisis Prevention Institute (CPI) reported slower sales growth due to budgetary constraints in US school districts, affecting its performance.