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
EUR450 million returned to shareholders year-to-date
Wendel Investment Managers (now 37% of Gross Asset Value Pro Forma(1) ): continued fundraising momentum in H1 2026 with EUR2.2 billion of funds raised and double-digit Fee-Paying AuM(2) and revenue growth year-on-year
Proforma
Total Growth Growth(3)
H1 2026 vs H12025 vs H12025
Fundraising(4) EUR2.2bn
Exits and pay-offs EUR3.1bn
New Fee Paying AuM +EUR4.2bn
AuM(5) EUR48.7bn +25%
Fee Paying AuM EUR37.8bn +30% +11%
EUR226.2m
Pro Forma(3)
Management fees and other : 239.3m +56% +12%
EUR87.1m
Fee Related Earnings Pro Forma(3)
(FRE) : EUR95.0m +46% +11%
-- Wendel Investment Managers, Wendel's third-party asset management
platform reached EUR48.7 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.
-- EUR2.2 bn equity raised in H1 2026, of which EUR1.2 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 EUR37.8 billion7, up 30 % year-on-year; Pro forma8
FPAUM increased by 11% over the last twelve months.
-- Reported management fees and other elements totaled EUR226.2 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 EUR87.1 million up +46%
compared to H1 2025, and +11% pro forma3.
-- Pro forma10 FRE reached EUR95 million, in line with expectations. The
target of more than EUR200 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 Value(11) as of June 30, 2026: EUR158.9 per share, after the payment of a EUR3.6 per share dividend in May
-- Adjusted for the EUR3.6 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 +EUR2.8 per share:
-- Wendel Investment Managers: total value in NAV increased by
+EUR6.1 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 EUR1.0 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
-EUR2.8 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 EUR20013 million in 2026 annual FRE and EUR48.7
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. EUR1.65 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 EUR80.81 per share, or
8.24% of the capital already bought back as of June 30, 2026. In Q2 2026,
share buybacks contributed positively by +EUR2.8 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 EUR310 million.
-- Balance of the 2025 dividend of EUR3.6 per share was paid in May 2026
(EUR140 million) bringing the total dividend for fiscal year 2025 to
EUR5.10 per share. The next interim dividend will be paid in November
2026.
Strong financial structure
-- Repayment of the EUR750 million Bureau Veritas exchangeable bond upon
maturity in March 2026 in cash
-- Available cash of EUR507 million (prior to the disposals of Stahl and
IHS), gross bond debt of EUR1.4 billion, and EUR875 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: EUR69.5 million, vs. EUR4.3 million in H1 2025
-- Consolidated net sales up 3.2% to 3,835 MEUR
-- Net income from operations up +28.9% at EUR418 million from EUR324
million in H1 2025
-- Consolidated net income totaled EUR321 million, up 19.7% compared to H1
2025
-- Net income, group share, at EUR69.5 million in H1 2026, compared to an
income of EUR4.3 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
EUR450 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 cash(16)
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 EUR226.2 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 EUR87.1 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 EUR51.1 million, up 49.5% vs last year. Recurring Profit Before Tax (FRE+PRE) was EUR90.7 million, up 48.1% vs. last year.
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