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Wendel Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 TU earnings summary23 Apr, 2026
Executive summary
Assets under management (AUM) reached €49.5 billion pro forma after the Committed Advisors acquisition, up 13% year-over-year, with management fees rising 129%–130% year-over-year and strong performance in both asset management and principal investments.
Fully diluted NAV per share was €158.4 as of March 31, 2026, down 3.6% year-to-date, mainly due to negative market multiples at quarter-end.
Major strategic transactions included the sale of Stahl (€1.2 billion proceeds) and IHS ($535 million proceeds), supporting asset rotation and advancing the €7 billion capital allocation strategy.
Share buybacks were accelerated, with 4.7%–5.8% of share capital repurchased by April 2026, providing a strong accretive impact on NAV.
Acquisition and integration of Committed Advisors completed, strengthening secondary market expertise and platform diversification.
Financial highlights
Management fees and revenues reached €106–€106.2 million in Q1, up 129%–130% year-over-year, with 8% organic growth.
Fee-paying AUM totaled €31.8–€32 billion before Committed Advisors; post-acquisition, AUM approaches €49.5 billion.
Principal Investments' total gross asset value (GAV) stood at €5.5 billion.
Cash position at €1.3 billion, gross debt at €1.6 billion, and average debt cost at 2.8%, with average debt maturity of 6.3 years.
S&P credit rating at BBB/stable outlook; discount to NAV per share at -50.8%.
Outlook and guidance
2026 ambition for asset management confirmed, with FRE targets of €200 million and strong fee momentum.
Principal investments expected to benefit from operational initiatives and commercial pipeline improvements.
Bureau Veritas updated 2026 guidance to mid-single-digit organic revenue growth and improved adjusted operating margin at constant exchange rates.
2030 ambitions include over €7 billion cumulated cash flows, over €1.6 billion returned to shareholders, and organic FRE growth of 15% per annum.
IK Partners fundraising to resume in 2027–2028, with expectations for a larger vintage than the previous €6 billion.
Impact of Committed Advisors on 2026 FRE target
Rationale for exiting BV Government Services
Share buyback impact on Q1 2026 NAV per share
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Latest events from Wendel
- NAV per share at €164.2, €1.65bn disposals, and €500m+ shareholder returns planned for 2026.MF
H2 20259 Apr 2026 - NAV per share fell 4.8% to €176.7 as AUM surged to €34bn after Monroe Capital deal.MFQ1 2025 TU17 Mar 2026
- Record NAV growth, higher dividend, and all resolutions approved at the AGM.MFAGM 20253 Feb 2026
- Acquisition of a 50% stake in a top K–12 education group for €625m, targeting long-term growth.MFM&A Announcement3 Feb 2026
- NAV per share up 7.9% YTD, net income surges on disposals and Bureau Veritas gains.MFH1 20242 Feb 2026
- $1.13B Monroe Capital deal creates a global asset manager with $31B+ AUM and €160m FRE.MFM&A Announcement19 Jan 2026
- NAV per share up 13.7% to €184.5; asset management AuM to reach €31bn post-acquisitions.MFQ3 2024 TU18 Jan 2026
- Strategic transformation boosts growth, recurring cash flows, and global asset management scale.MFInvestor Day 202411 Jan 2026
- NAV per share up 16.9% and dividend up 17.5% on strong investment and asset management growth.MFQ4 202421 Dec 2025
Next Wendel earnings date
AGM 202621 May, 2026
Wendel
Next Wendel earnings date
AGM 202621 May, 2026
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