PRESS RELEASE – JULY 30, 2026

2026 Half-Year Results

Solid performance in the first half of the year

Accretive impact of share buybacks on H1 2026 Net Asset Value

€450 million returned to shareholders year-to-date

Wendel Investment Managers (now 37% of Gross Asset Value Pro Forma1): continued fundraising momentum in H1 2026 with €2.2 billion of funds raised and double-digit Fee-Paying AuM2 and revenue growth year-on-year

	H1 2026	Total Growth vs H12025	Proforma Growth3 vs H12025
Fundraising4	€2.2bn
Exits and pay-offs	€3.1bn
New Fee Paying AuM	+€4.2bn
AuM5	€48.7bn	+25%
Fee Paying AuM	€37.8bn	+30%	+11%
Management fees and other	€226.2m Pro Forma3: 239.3m	+56%	+12%
Fee Related Earnings (FRE)	€87.1m Pro Forma3: €95.0m	+46%	+11%

• Wendel Investment Managers, Wendel's third-party asset management platform reached €48.7 billion in assets under management across private equity, private debt, and secondaries following the acquisition of Committed Advisors early April 2026.
• +25% total AuM growth over the last twelve months.
• €2.2 bn equity raised in H1 2026, of which €1.2 billion in secondaries and $1.2 billion in private credit. Net outflows in private credit (new subscription less redemption met) from the non-tradable BDC6 (Monroe Capital Income Plus) was limited to $0.09bn year-to-date.
• Fee Paying AuM totaled €37.8 billion7, up 30 % year-on-year; Pro forma8 FPAUM increased by 11% over the last twelve months.
• Reported management fees and other elements totaled €226.2 million9 (Committed Advisors consolidated since April 1st 2026) over the first half, growing 56% compared to last year, mainly due to Monroe Capital and Committed Advisors acquisitions.
• Reported Fee Related Earnings (FRE) totaled €87.1 million up +46% compared to H1 2025, and +11% pro forma3.
• Pro forma10 FRE reached €95 million, in line with expectations. The target of more than €200 million of pro forma FRE for the full year is confirmed.

Wendel Principal Investments: EBITDA growth across most of Group’s private portfolio companies and ongoing active portfolio rotation

Fully diluted Net Asset Value11 as of June 30, 2026: €158.9 per share, after the payment of a €3.6 per share dividend in May

• Adjusted for the €3.6 dividend per share paid, fully diluted NAV per share increased by +2.6% since 31 March 2026. Share buybacks carried out over Q2 2026 had an accretive impact of +€2.8 per share:
  • Wendel Investment Managers: total value in NAV increased by +€6.1 per share compared with 31 March 2026, driven by the combination of an increase in the valuation multiples of the comparable companies, cash generation, and the reduction of certain liabilities in Q2 2026. Pro forma for the signed disposals of Stahl and IHS, third-party asset management activities will represent 37% of Gross Asset Value, excluding cash12.
  • Wendel Principal Investments:
    • Slight decrease of €1.0 per share in listed assets NAV, primarily attributable to the minor decline in Bureau Veritas’ share price in Q2;
    • Unlisted assets: slight decline in value over Q2 2026 of -€2.8 per share, despite the good operating performance of the companies (reflecting a slight contraction in comparable-company multiples).
       

Dynamic execution of 2030 strategic roadmap

• Finalization of the acquisition of Committed Advisors, a manager specialized in the secondary market: Wendel Investment Managers further strengthens its position as a leading European midmarket private asset management platform:
  • Following the acquisition of Committed Advisors, Wendel Investment Managers (WIM), Wendel's third-party asset management platform, would exceed €20013 million in 2026 annual FRE and €48.7 billion in AUM in private equity, private debt, and private market solutions.
  • Strengthened partnership with BNP Paribas Asset Management Alts’ GP stakes platform: acquisition of a 5.9% stake in Committed Advisors from Wendel. This investment reflects BNPP AM Alts’ strong conviction in the secondaries market, as well as the trusted and longstanding relationship between all parties.
• Strong WPI portfolio rotation: c. €1.65 billion proceeds expected from the disposals of Stahl and IHS14 announced in February 2026
• 9% of capital share buyback program for 2026: rapid execution with 3.53 million shares bought back at an average price of €80.81 per share, or 8.24% of the capital already bought back as of June 30, 2026. In Q2 2026, share buybacks contributed positively by +€2.8 per fully diluted share to Wendel’s Net Asset Value. This share buyback program was totally achieved as of July 27, 2026, for a total amount of €310 million.
• Balance of the 2025 dividend of €3.6 per share was paid in May 2026 (€140 million) bringing the total dividend for fiscal year 2025 to €5.10 per share. The next interim dividend will be paid in November 2026.

Strong financial structure

• Repayment of the €750 million Bureau Veritas exchangeable bond upon maturity in March 2026 in cash
• Available cash of €507 million (prior to the disposals of Stahl and IHS), gross bond debt of €1.4 billion, and €875 million in syndicated credit (undrawn)
• Average debt maturity of 6.1 years with an average cost of 2.8%
• Loan-To-Value ratio at 7.8%15 as of June 30, 2026
• S&P confirmed the BBB credit rating during Q1 2026
   

Net income, group share: €69.5 million, vs. €4.3 million in H1 2025

• Consolidated net sales up 3.2% to 3,835 M€
• Net income from operations up +28.9% at €418 million from €324 million in H1 2025
• Consolidated net income totaled €321 million, up 19.7% compared to H1 2025
• Net income, group share, at €69.5 million in H1 2026, compared to an income of €4.3 million in H1 2025

Laurent Mignon, Wendel Group CEO, commented: " In the first half of 2026 we carried on with Wendel’s transformation. In line with strategic ambitions announced last December, we are continuing to develop our asset management platform, ensuring the smooth rotation of our principal investments and accelerating returns to shareholders.  Wendel Investment Managers is now fully demonstrating its value creation capabilities. The completion of the acquisition of Committed Advisors in early April strengthens and diversifies our third-party asset management platform by integrating secondary market expertise, creating a global and diversified platform with nearly 50 billion euros in assets under management in mid-market private assets. These developments are underpinned by continued fundraising momentum and growth in FRE in line with our ambitions. We are implementing the capital allocation strategy announced last December, in particular through the announced upcoming disposals of Stahl and IHS, enabling us to maintain a sound and robust financial structure, and to fully complete our share buyback program of 9% of the capital for the year 2026. This share buyback is part of our shareholder return policy, which has already resulted in €450 million returned to shareholders since the beginning of the year, including the dividend paid in May.   WIM and WPI are two solid and complementary drivers of value creation that enable us to generate ambitious returns for shareholders. Our transformation towards a more attractive business model, is based on a strong balance sheet with permanent capital, attractive investment opportunities and a world class asset management business focused on private assets that has now reached critical size, boasting solid growth prospects going forward. "

Wendel Investment Managers
37% of Gross Asset Value excluding cash16

Over H1 2026, the Wendel Asset Management platform (IK Partners, Monroe Capital and Committed Advisors), focused on the midmarket private markets, registered particularly strong levels of activity, generating a total of €226.2 million in reported Management fees and others, up +56.0 % vs. H1 2025, thanks to good organic growth and strong scope effects: in the first half of 2025, IK Partners was consolidated for the full semester, and Monroe Capital from late March, compared to the first half of 2026, in which IK Partners and Monroe Capital are consolidated over six months, and Committed Advisors from April 2026.

As a consequence, the reported consolidated Fee Related Earnings of the platform amounted to €87.1 million in H1 2026 (Committed Advisors having contributed only since April 1, 2026), up 46.4% vs last year, and FRE, group share, amounted to €51.1 million, up 49.5% vs last year. Recurring Profit Before Tax (FRE+PRE) was €90.7 million, up 48.1% vs. last year.

On a pro forma basis, assuming a full-semester contribution from Committed Advisors, FRE would have reached €95 million in the first half of the year at constant exchange rates, in line with the target of more than €200 million for full-year 2026 announced in December 2025.

Wendel Investment Managers pursued its strong momentum with equity fund raising of €2.2 billion during the first half, including €1.2 billion for Committed Advisors and $1.2 billion for Monroe Capital. For Monroe Capital,   over the same period, net outflows (new subscription less redemption met) from the non-tradable BDC (Monroe Capital Income Plus) was limited to $0.09bn.

As of June 30, 2026 Wendel’s third-party asset management platform17 reached total assets under management of €48.7 billion (of which €12.1 billion of Dry Powder18), and FPAuM19 of €37.8 billion. Since the start of the year, €4.2 billion of new Fee Paying AuM were generated and about €3.1 billion of exits and payoffs have been realized.

WIM main business developments:

IK Partners maintains in 2026 its pace of cash returned to investors : sale of  Innovad and Sofia in the first half and, 3 announced sales in July: coin4 solutions, Forthglade and MDT Technologies. In term of deployment, IK has announced year-to-date the acquisitions of Rhétorès, Selatek and Domek Group. IK Partners is also expanding its geographical footprint, with the opening of a new office in Madrid, Spain and the appointment of Gonzalo Fernandez-Albiñana as Partner, effective from September 1, 2026.

Monroe Capital raised $1.2 billion of New Equity and deployed $3.5 billion in the first half. Monroe Capital Private Credit Fund V ($6.1 billion) closed in December 2025 is now invested at 80% and a new vintage will be launched before year-end. Monroe is pursuing its diversification strategy in Asset-Backed Finance (launch of a REIT, closing of its first aircraft financing Asset-Backed Securities). 

Committed Advisors successfully raised €1.2 billion for its new CA GPSII and CASF VI funds in H1, in the first round of fundraising. The business pipeline for the next rounds is very positive.

Sponsor money invested by Wendel

As of June 30, 2026, Wendel’s commitments in funds managed by IK Partners, Monroe Capital and Committed Advisors amount to €776 million including €273 million of sponsor money deployed and valued in NAV.

Principal Investment companies’ value creation and performance

Figures post IFRS 16 unless otherwise specified.

Wendel’s Principal Investments’ portfolio rotation

Early 2026, Wendel announced the following transactions:

• Sale of Stahl: following the signing of an agreement to sell its stake in Stahl (excluding Muno),Wendel expects to receive total net proceeds of c.€1.2 billion at completion, which is expected to occur in the second half of 2026.

• Sale of IHS: Wendel supports MTN’s offer to acquire IHS Towers pursuant to which it will receive full liquidity on its 19% stake, representing net proceeds of approximately $535m. IHS has called it general assembly of shareholders meeting for August 4, with closing expected to occur in the second half of 2026.

Together, these two transactions will generate approximately €1.65 billion and give Wendel full flexibility to achieve its long-term value creation objectives through investments in private assets, the development of Wendel Investment Managers (WIM), and a higher return to shareholders

Listed Assets: 30% of Gross Asset Value excluding cash20

Bureau Veritas: Delivering on its commitments with higher sequential organic growth in Q2 and continuous margin improvements

To view full press release, please visit:

https://www.globenewswire.com/news-release/2026/07/30/3335755/0/en/wendel-2026-half-year-results.html