Wendel SE
MF
ISIN FR0000121204 / Valor 506643
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 ServicesLatest Results (05.04.2026):
Wendel SE — Full‑Year 2025 results (reported Feb 26, 2026): Wendel reports a strategic shift toward third‑party asset management with solid 2025 operating performance and active portfolio rotation. Consolidated net sales rose to €7,567.9m (+6.1%), net income was €344.7m, and fully diluted NAV was €164.2 per share as of Dec 31, 2025. The group accelerated disposals and shareholder returns while Wendel Investment Managers (WIM) delivered strong fee generation and AuM growth.
Key financials
Consolidated net sales: €7,567.9m (+6.1%); Net income (consolidated): €344.7m; Net income, group share: -€151.8m (loss), driven by fewer non‑recurring gains vs. 2024; Net income from operations: €753.0m (stable vs. 2024).
Net Asset Value (NAV)
Fully diluted NAV per share: €164.2 as of Dec 31, 2025 (up €1.2 vs. Sept. 30, 2025). NAV impacted in Q4 by listed GPs multiples (WIM) but supported by unlisted asset revaluations (notably Stahl at transaction price). Reported market discount: ~-51.3% to fully diluted NAV.
Wendel Investment Managers (WIM)
WIM AuM: €41.2bn as of Dec 31, 2025 (will be ~€47bn pro forma Committed Advisors). Reported FRE €139.5m for 2025 and €159m pro forma 12 months; management fees & others €349m (reported) and €404m pro forma 12 months. Fundraising: GPs raised €4.5bn in 2025; FPAuM growth +207% (13% organic).
Wendel Principal Investments (WPI) & disposals
Portfolio rotation: €1.3bn proceeds realized in 2025 (Bureau Veritas transactions); in early 2026 €1.65bn of disposals announced (Stahl sale to Henkel and IHS Towers transaction), together representing ~€1.65bn expected proceeds and a >20% premium vs prior NAV values.
Capital return & shareholder pay‑out
Proposed ordinary dividend for 2025: €5.10 per share (up 8.5% vs. 2024); interim dividend of €1.50 paid Nov 20, 2025. Planned share buyback program covering 9% of capital (~€340m on current price) and Wendel expects >€500m to be returned to shareholders in 2026 via buybacks and dividends.
Balance sheet, liquidity & leverage
Cash position: €2.2bn plus €875m committed undrawn facility. Debt: average maturity 4.0 years, average cost 2.6%. Pro forma S&P LTV: 9.6% (taking into account post‑Dec‑31 transactions, commitments and buyback plans).
Earnings drivers and items to note
WIM contribution to net income from operations rose to €127.5m (vs. €42.3m in 2024) due to acquisitions (IK Partners, Monroe). WPI operating contributions were €730.4m (group share down due to reduced stake in Bureau Veritas and weaker Stahl/Scalian). 2024 benefited from a €692m capital gain on Constantia Flexibles, explaining much of the year‑on‑year difference in group net income.
Strategy & outlook
Wendel positions itself as a private‑assets platform with two engines: third‑party asset management (WIM) targeting >€200m pro forma FRE in 2026 and mid‑term organic FRE growth target ~15% p.a., and active principal investments (WPI) with a target intrinsic value growth of 12–16% pa. Management highlights continued selective M&A to build WIM and further portfolio rotation through 2030.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
4219 M
Market cap (USD)
58,466
Daily traded volume (Shares)
93.35 / 92.65
1 day high/low (USD)
52 weeks high/low (USD)
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Ratings & reviews
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