Wendel SE Investor Day Transcript

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

Question: David Cerdan - Kepler Cheuvreux SA - Analyst : Yeah, good afternoon, David Cerdan of Kepler. I have a simple question. If you look at your current, margin issues or low margins, I would say, do you think that it's more related to a problem of pricing, occupancy rate of your employees, or something different, maybe the cost organization?

Question: David Cerdan - Kepler Cheuvreux SA - Analyst : And I have a second one, sorry, just rapidly regarding your balance sheet. I don't understand really your strategy. Is it to further leverage the balance sheet or not, or do you need fresh money to do M&A?

Question: Nicolas Tabor - Moneta Asset Management - Analyst : Yes, thank you very much. Just one last one, as, you mentioned pricing during your presentation, and you mentioned that you'd expect to grow, I mean, quite rapidly to reach EUR700 million by the end of the plan. Can you give us a rough idea of how much price and how much volume are you expecting in there? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 12, 2025 / 1:30PM, MWDP.PA - Wendel SE Investor Day

Question: Geoffroy Michalet - Oddo BHF SCA - Analyst : Thank you, Geoffrey Michele from Adobe. Three questions for me. First question on the EUR7 billion of capital you want to recycle. Can you give us a more precise idea of the split between WPI and WIM? And do you need to deliver the target of IRR12 to 16% of of IRR from WPI to reach the EUR7 billion. That's the first question. Maybe I can do the second after.

Question: Geoffroy Michalet - Oddo BHF SCA - Analyst : Thank you. Second question on capital allocation. Shall we think of the dividend being linear together with the growth of the Wendel Investment Management, but can we imagine earlier step ups due to capital rotation, for instance? And the second question on the capital allocation is on the share buyback. You have announced an important share buyback program today for next year. Do you have in mind a minimum free float level that you want to keep at the listed company below which you don't want to go?

Question: David Cerdan - Kepler Cheuvreux SA - Analyst : A rapid question regarding the US private credit. So what is the current environment, the current default rate, and at which extent deterioration in the default rate could impact the value of Monroe.

Question: Saima Hussain - Alphavalue SA - Analyst : Again, Saima Hussain from Alpha Value, as usual, I'd be interested to hear your thoughts on, the current, private market environment, especially on private equity, and notably in terms of, being a spread, and in terms of opportunities.