Wendel SE

MF

Equity

ISIN FR0000121204 / Valor 506643

Euronext - Euronext Paris (2026-05-27)

EUR 86.95+0.99%

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

Fee‑Related Earnings & AUM

Wendel Investment Managers (WIM) generated reported FRE of €139.5m in 2025 and €159m on a 12‑month pro‑forma basis. WIM AUM stood at €41.2bn at 31 Dec 2025 and will reach about €47bn upon completion of the Committed Advisors acquisition. Management fees & others were €349m in 2025 (+177% vs 2024) and WIM GPs raised €4.5bn over the year.

NAV and market valuation

Fully diluted NAV per share was €164.2 at 31 Dec 2025 (up €1.2 vs Q3 2025 but down year‑on‑year). The reported discount of the share price to fully diluted NAV was roughly ‑51.3% as of year‑end. Q4 NAV improvement was driven by unlisted asset revaluation (notably Stahl at transaction price) partially offset by lower listed GP multiples.

Operating results and profitability

Consolidated net sales were €7,567.9m (+6.1%, +5.1% organically). Net income from operations was stable at €753.0m (vs €753.7m in 2024). Consolidated net income totaled €344.7m in 2025; the group share swung to a net loss of €‑151.8m, mainly due to differences in non‑recurring items versus 2024 (2024 benefited from a large capital gain on Constantia Flexibles).

Portfolio rotation and disposals

Wendel realized €1.3bn of disposals in 2025 (Bureau Veritas share sales) and announced further disposals in early 2026 expected to generate c.€1.65bn of proceeds (sale of Stahl — net proceeds to Wendel ≈€1.2bn — and liquidity on IHS stake ≈$535m). Management positions these disposals to fund WIM growth and shareholder returns.

Capital allocation & shareholder returns

Board will propose an ordinary dividend of €5.10 per share for 2025 (+8.5% vs 2024); an interim dividend of €1.50 was paid in Nov 2025. Wendel plans a share buyback program covering ≈9% of capital (~€340m on current price) and expects to return more than €500m to shareholders in 2026 (buybacks + dividends).

Balance sheet, liquidity and leverage

Wendel reported a cash position of €2.2bn and an undrawn committed credit facility of €875m. Average debt maturity is 4.0 years with an average cost of 2.6%. On a pro‑forma basis (including post‑year transactions and adjustments) the S&P‑style LTV is reported at 9.6%.

Outlook & strategy

Wendel emphasizes a two‑engine model: WIM (third‑party asset management) targeting average organic FRE growth and pro‑forma FRE >€200m in 2026, and WPI (Principal Investments) focused on active portfolio rotation and intrinsic value creation (targeting 12–16% annual value increase). Management expects recurring cash flows and disposals to support further investment in private assets and enhanced shareholder returns through 2030.

Summarized from source with an LLMView Source

Key figures

1.52%1Y

-12.9%3Y

-23.9%5Y

Performance

25.3%1Y

22.5%3Y

24.1%5Y

Volatility