WENDEL: Q1 2026 Trading update

§ 01 Executive Snapshot

• What: Wendel's Q1 2026 trading update shows strong performance in its asset management and principal investments, despite market volatility.
• Who: Wendel Investment Managers, Wendel Principal Investments, BNP Paribas Asset Management.
• Why it matters: The report highlights significant growth in assets under management and revenues, showcasing Wendel's strategic acquisitions and initiatives aimed at enhancing shareholder value.

§ 02 Key Developments

• Wendel Investment Managers reached €49.5 billion in assets under management following the acquisition of Committed Advisors in early April.
• More than €1.5 billion was raised in Q1 2026, with €1.2 billion in Secondary and $0.5 billion in Private Credit.
• Management fees totaled €106.2 million in Q1 2026, growing 129% compared to last year, primarily due to the acquisition of Monroe Capital.

§ 03 Strategic Context

• The acquisition of Committed Advisors positions Wendel as a leader in the European midmarket private asset management sector, enhancing its capabilities in secondary market solutions.
• Wendel's strategy emphasizes the rotation of its principal investments to maximize shareholder returns, reflecting a dynamic approach to asset management.

§ 04 Strategic Implications

• Immediate implications include a strengthened market position for Wendel Investment Managers, potentially increasing competitive advantages in fundraising and asset management.
• Long-term implications involve enhanced financial flexibility and the ability to execute further acquisitions or investments, driving sustainable growth.

§ 05 Risks & Constraints

• Potential risks include market volatility which can impact asset valuations and management fees.
• Competition in the private asset management space may pose challenges to maintaining growth and market share.

§ 06 Watchlist / Forward Signals

• Key upcoming milestones include the full integration of Committed Advisors and the execution of the share buyback program, which is currently at 5.8% of capital.
• Future developments in market conditions and the performance of Wendel's investments will signal the success of its strategic roadmap and asset management capabilities.