Wendel

Wendel reported first-half 2026 net income, Group share, of EUR 69.5 million, versus the prior year period. Net income from the asset management platform reached EUR 78 million, while net income from WPI portfolio was EUR 391 million, and operating net income was EUR 418 million, up 29% year over year. Fully diluted NAV was EUR 158.9 per share, up EUR 4.1, or 2.6% after adjusting for the EUR 3.6 dividend paid in May. Assets under management were EUR 48.7 billion, fee-paying AUM were EUR 37.8 billion, management fees were EUR 226 million, FRE was EUR 87.1 million, and FRE plus PRE was EUR 91 million. Management reaffirmed full-year 2026 FRE guidance of above EUR 200 million. The company also said it expects to complete the Stahl and IHS divestitures, and that the balance sheet remains conservative with LTV at 7.8% and cash at EUR 500 million before those proceeds.

Laurent Mignon struck a confident tone, framing the quarter as a solid performance and emphasizing that Wendel is delivering on the value-creation plan shared at Investor Day. He highlighted the platform build-out in asset management, stronger organic growth, and what he described as very solid underlying performance in the portfolio companies. He also stressed shareholder returns, saying Wendel has already returned EUR 450 million and that the company is doing what it said it would do.

Benoit Drillaud said H1 net income, Group share, was EUR 69.5 million, up significantly year over year, driven by EUR 78 million from asset management and EUR 391 million from the WPI portfolio. He said operating expenses were EUR 36 million, net income from operations was EUR 418 million, and the IFRS net income was EUR 321 million, up 20%. He also highlighted a strong financial structure: LTV of 7.8%, average bond maturity of 6 years, cash of EUR 500 million before Stahl and IHS proceeds, and an average bond coupon of 2.8%.

Analysts focused on the NAV bridge, changes in valuation multiples, private asset fundraising appetite, refinancing risk across leveraged portfolio companies, and whether Wendel could launch another share buyback. Management said the Q1 valuation of WIM had been depressed by low market multiples, that Q2 reflected a rebound plus the inclusion of Committed Advisors, and that the NAV book value reflects their best estimate. On private credit, they said institutional fundraising remains strong while retail/nontraded BDC flows are still weak, and on leverage they said half the portfolio is at low or reasonable leverage while some higher-leverage names may need small equity injections mainly to support growth rather than de-leveraging.