Q3 2025 Wendel SE Trading Statement Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Isobel Hettrick - Autonomous Research - Analyst : Hi, there. It's Isobel Hettrick from Autonomous Research. I have three of them, please. So the first one is on Monroe Capital. And I was just wondering if you could provide any detail if the manager has exposure to First Brands or Tricolor at all? And then just further color on the detail of how the wider portfolio is performing at the moment given concerns over credit in the US. And then my second question is on the Committed Advisors acquisition. So a lot of your peers have talked about wanting to acquire secondaries managers to help with their existing private wealth offerings. So to have like a liquidity sleeve, for example, within their existing private equity strategy. I was just wondering if you could provide some color if you're thinking about that at all in the potential new funds you can build or how the manager can interact with your existing platform on your private wealth offering? And then my final question is sort of related, but could you just give a broader update, please, on where you are across the platform with building out your European private wealth offering?

Question: Isobel Hettrick - Autonomous Research - Analyst : Great. Very clear. Thank you.

Question: Hannah Leivdal - Citi Investment Research - Analyst : Hi, guys. Thank you for your presentation this morning and for taking my questions. I just have two, please, if I can. So the first one is on the third-party asset managers. What are some of the key funds here? And will you be providing more disclosure on these? It would be helpful to be able to track them more closely for modeling purposes. And the second is, is there scope to avoid selling down your listed stakes in order to fund co-invest buying out the minorities of your three third-party asset management businesses over the next five years? Or is it more likely that you will further reduce your listed asset portfolio to fund this growth? Thank you.

Question: Hannah Leivdal - Citi Investment Research - Analyst : That's great. Thank you.

Question: Geoffroy Michalet - Oddo BHF SCA - Analyst : Thank you for taking my question and congratulations for this platform evolution and deal. Three questions for me. The first one is on the new setup for the balance sheet investment, the proprietary investment. How incentive and carried interest for teams will be organized now, including at Wendel level as part of Wendel's management and team used to be incentivized by carried interest. How is it going to evolve? The second question is also related to the new setup. I suppose that you will pay management fees to IK for the advisory work. What kind of level of fees will you pay since there will be no need to fund raise for IK, so we can suppose maybe lower management fees than a traditional one? And the third question is also on the balance sheet investment. IK is not a US investor, whereas Wendel balance sheet is already exposed to the US, with CPI and ACAMS. Do you intend to remain an investor in the US, and how IK will advise you on those opportunities? Thank you very much.

Question: Geoffroy Michalet - Oddo BHF SCA - Analyst : And just to clarify, do you plan to continue to deploy your balance sheet in the US in direct investment? Or will you limit yourself to Europe after the, let's say, IK transfer of people?

Question: Geoffroy Michalet - Oddo BHF SCA - Analyst : Okay. Thank you very much.

Question: Alexandre GTrard, CFA - Cm Cic Tresorerie Aaam SICAV - Analyst : Yes, sir. Good morning and thank you for taking my questions. So the first question is the following. Can you please quantify a bit what you announced today in terms of, I would say, financial benefits of all these different initiatives? Are there any evolution of Wendel's OpEx base going forward in terms of headcount, maybe also at Wendel pro forma in 2026? So that's my first question. The second question is on the EUR200 million of FREs that you expect for 2026. Could you remind us what would be Wendel's share of that amount? And maybe the last question is on Iron Wave. Can you also come back to the economics of the deal? Are you selling the entire portfolio? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 24, 2025 / 9:00AM, MWDP.PA - Q3 2025 Wendel SE Trading Statement Call And on the EUR75 million that you just sold, are you selling at a discount, at a premium? And how much are you maybe going to reinvest in Iron Wave? Thank you.

Question: Alexandre GTrard, CFA - Cm Cic Tresorerie Aaam SICAV - Analyst : FRE.

Question: Alexandre GTrard, CFA - Cm Cic Tresorerie Aaam SICAV - Analyst : So will you have to pay them also a management mandate for the part of the -- Jerome Michiels - Wendel SE - Executive Vice President - Third Party Asset Management Business, Director of Wendel Growth There will be an advisory -- yes, there will be a small advisory fee on the existing assets, but it's fairly small.

Question: Alexandre GTrard, CFA - Cm Cic Tresorerie Aaam SICAV - Analyst : All right. Thank you.

Question: Alexandre GTrard, CFA - Cm Cic Tresorerie Aaam SICAV - Analyst : Yes, me again. Thank you. One last question regarding the pipeline of opportunities for your private asset activity. Can you comment, are there any interesting things that you are studying on the investment side or divestment side? Or is it on hold, I would say, because of the IK deal? Thank you.

Question: Alexandre GTrard, CFA - Cm Cic Tresorerie Aaam SICAV - Analyst : Okay. Thank you very much.