Wendel (MF) Q1 2026 TU earnings summary

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.