Wendel Investissement Stock Earnings Reports

Key points for investors: Wendel delivered a solid H1 2026. Total assets under management (AUM) are EUR 48.7bn and fee-paying AUM EUR 37.8bn (up ~30% year-on-year on a reported basis; +11% like‑for‑like). Management fees were EUR 226m (+56% reported) and fee-related earnings (FRE) were EUR 87.1m in H1; on a pro forma basis FRE for H1 is ~EUR 95m and management reiterates a full‑year FRE target > EUR 200m. The fully diluted NAV was EUR 158.9 at end‑June (up EUR 4.1 q/q, +2.6% after adjusting for the May dividend). Wendel returned EUR 450m to shareholders year‑to‑date (EUR 140m dividends and EUR 310m share buybacks) and completed the announced buyback program. Wendel Principal Investments (WPI) operating performance is generally strong: several portfolio companies delivered organic EBITDA/sales growth, and bolt‑on M&A continued (7 small acquisitions H1). The strategic divestiture program is progressing — Stahl and IHS sales are underway pending final approvals — and proceeds are expected in H2. The company retains ample liquidity and a conservative balance sheet: reported LTV ~7.8%, ~EUR 500m cash (pre‑Stahl/IHS proceeds), average bond maturity ~6 years and an average coupon ~2.8%. Fundraising and organic growth at the asset management platform remain a priority: H1 raised EUR 2.2bn of new equity (Committed Advisors, Monroe) and dry powder across the platform remains ~EUR 12bn. Management notes some multiple compression in Q1 that reversed in Q2 for asset managers; retail/wholesale flows remain muted while institutional fundraising (especially private credit) is robust. Management confirms continued emphasis on organic platform build, selective M&A and capital returns to shareholders.