Wendel SE

MF

Equity

ISIN FR0000121204 / Valor 506643

Euronext - Euronext Paris (2025-11-20)

EUR 77.00-0.06%

Wendel SE
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About company

Wendel SE is a prominent entity in the private equity sector, with a history spanning over four decades. The company has established itself as a pioneer by making strategic investment choices that have led to the creation of world leaders across various industries. Wendel's investment approach is characterized by a comprehensive ESG (Environmental, Social, and Governance) due diligence process for each portfolio company, which includes a transformation roadmap focusing on operational eco-efficiency and innovation in products and services, particularly with an emphasis on climate change. The company ensures that both its investment teams and the management teams of its portfolio companies are accountable for progress against these ESG roadmaps, with variable remuneration aligned with performance. Wendel operates within the European Economic Area (EEA) but specifies that its information and financial products, such as bonds, are directed only at qualified investors, adhering to the regulations set forth by the European Union, including the Prospectus Regulation and the PRIIPs Regulation, which govern the offering and selling of bonds and other financial products.

Summarized from source with an LLMView SourceSector: Business Services

NAV and quarter drivers

Fully diluted NAV per share: €163.0 (as of 30/09/2025), down 2.8% vs end-June 2025. Decline driven mainly by a fall in Bureau Veritas (BVI) listed share price; Wendel Investment Managers’ contribution to NAV rose ~2.6% in Q3. Listed assets ~32% of GAV excluding cash (down 4.9% in Q3); unlisted assets ~43% of GAV excluding cash (down 2.2% in Q3).

Asset management growth — AUM and FRE (pro forma)

Following exclusive negotiations to acquire Committed Advisors, Wendel Investment Managers would reach ~€46bn in AUM (or ~€40.3bn excluding Committed Advisors) across private equity, private debt and secondary, and is projected to generate roughly €200 million in Fee Related Earnings (FRE) on a 2026 pro forma basis.

Committed Advisors acquisition — expected contributions

Committed Advisors manages ~€6.0bn of private assets and is expected to deliver ~€70m in management fees and ~€45m in pre‑tax FRE in 2026. Wendel would acquire a controlling stake (~56%) and integrate CA as the secondary-market vertical within Wendel Investment Managers, strengthening the platform’s mid‑market footprint.

Operational and fee performance YTD

Management fees totaled €258.1m year‑to‑date, more than triple year‑earlier levels (driven by organic growth and scope effects). Monroe Capital raised roughly $1.2bn of new funds in Q3, supporting the private credit growth story.

Principal Investments activity

Good revenue growth and portfolio rotation in H1–H3 2025. Notable disposal: sale of 23.3m Bureau Veritas shares (originating from a 2023 exchangeable bond) for ~€591m. New CEOs have taken office at Crisis Prevention Institute and Scalian to drive value creation.

Capital allocation — dividend

Interim dividend declared: €1.50 per share for 2025, payable November 20, 2025 (about one third of prior year’s total dividend). The balance of the 2025 dividend will be submitted for approval at the May 21, 2026 Shareholders’ Meeting.

Balance sheet and liquidity

Solid financial structure: average debt maturity 4.2 years, average cost 2.6%. LTV at 13.8% as of 30/09/2025 (vs 19.2% at 30/06/2025); LTV pro forma for Committed Advisors ~20%. Cash position €2.4bn plus a fully undrawn €875m committed credit facility.

Other strategic moves

Wendel will be advised by IK Partners on its existing and future private investments (Wendel retains ownership/control). Wendel Growth’s direct-investment team will spin out to form Iron Wave (regulatory approval pending), with Wendel keeping a 30% stake and the team holding 70%.

Summarized from source with an LLMView Source

Key figures

-17.2%1Y

-12.2%3Y

-18.2%5Y

Performance

23.1%1Y

21.6%3Y

23.7%5Y

Volatility