WENDEL: 2024 Full-Year Results: a very active year, a dual model in
place, strong value creation & a growing return to shareholders
2024 Full-Year Results: a very active
year, a dual model in place, strong value creation & a growing
return to shareholders
Fully diluted1 Net Asset Value per
share of €185.7,
representing a +16.9% year-over-year value creation, adjusted for
the dividend paid
Dividend boosted at €4.7 per share, up +17.5%
year-over-year
Strong portfolio rotation: more than €2 billion
of capital reallocation
Significant expansion of the Asset Management
platform in Europe and US, and development of our dual business
model towards more recurring cash flows and growth
Fully diluted Net Asset
Value2 as of December
31, 2024: €185.7 per share, up +14.4%
- Value creation of
+16.9%3 over 2024, adjusted for the €4 dividend paid in
May 2024 reflecting:
- The increase in
Bureau Veritas’ share price (+28.3% YoY) on the back of the quality
of its LEAP | 28 strategic plan
- The changes in the
valuation of unlisted assets, on a like-for-like basis, in line
with their respective operating performances and multiples, and
active management of private principal investments to create long
term value through repositioning and accretive bolt-ons (Stahl,
Scalian, and CPI).
- The strong growth
of IK Partners’ FRE to €69.9 million, above estimates (€60
million). IK Partners’ AuM up +24% in 2024, totaling €13.8 billion,
with €3.4 billion raised.
Delivering strong and recurring returns
to shareholders, in line with the strategic roadmap published in
2023
- Ordinary dividend of €4.70 per
share for 2024, up +17.5% compared to 2023, to be proposed at the
Annual Shareholders’ Meeting on May 15, 2025, representing slightly
above 2.5%4 of NAV and a 4.8%5 yield vs share
price as of February 21, 2025. This dividend level takes into
account the first partial integration of Asset management
activities into Wendel in 2024, which will be mechanically higher
in 2025.
- €100 million share buyback launched
in October 2023 completed in July 2024. €92.5 million share bought
back in 2024.
Very active investment activity &
capital allocation
- Principal
Investments:
- €2.3 billion
proceeds and value crystallization
- €0.7 billion
invested including €0.6 billion in Globeducate
- Asset Management:
- €0.4 billion
invested for the acquisition of 51% of IK Partners
- $1.13 billion will
be invested in equity to acquire 75% of Monroe Capital, as
announced on October 22, 2024 (closing expected in the first
quarter of 2025)
Strong financial structure and committed
to remain Investment Grade
- Debt maturity of
3.6 years with an average cost of 2.4%
- LTV ratio at
7.2%6 as of December 31, 2024, and 22.9%7 on
a pro forma basis taking into account future investment commitments
in IK Partners funds and the acquisition of Monroe Capital.
- Pro forma total
liquidity of €1.28 billion as of December 31, 2024,
including €0.4 billion in cash and €875 million in committed credit
facility (fully undrawn)
Reappointment of Wendel’s Executive
Board
- On February 26,
2025, Wendel’s Supervisory Board decided to reappoint the members
of the Executive Board. Laurent Mignon has been
reappointed Chairman of the Executive Board and David Darmon,
Member of the Executive Board, Deputy CEO, for a period of four
years ending to April 6, 2029
Net income, Group share at
€293.9 million, showing a strong increase
- The net income from
operations rose from €711 million to €753.7 million, up 6%.
- Net income, group
share, at €293.9 million in 2024, compared with €142.4 in
2023, due to the disposal of Constantia Flexibles in 2024.
Laurent Mignon, Wendel Group CEO,
commented:
“2024 was a very active year for Wendel and its portfolio
companies. Fully diluted net asset value growth, adjusted for the
€4 dividend paid in 2024, was 16.9%, driven in particular by the
good share price and operational performance of Bureau Veritas and
the strong growth of our new third-party asset management
business.
We continued to execute our strategic plan, as detailed in
2023, with determination, rigour and financial discipline.
In 2024, we further improved our cash flow generation and value
creation profile, notably with the announced acquisition of Monroe
Capital, which will give us critical mass to develop our
third-party asset management platform. We also focused on premium
assets in our principal investments activites, highlighted by the
acquisition of Globeducate in October 2024.
These value-creating and recurring cash flow generating
transformations now enable us to propose a dividend that is 17.5%
higher than last year, reaching 4.70 euros for the financial year
2024.Our transition to a dual model is now well grounded, with top
partners in asset management such as IK Partners in private equity
and Monroe Capital in private credit, bringing third-party assets
under management to more than 33 billion euros.The priorities of
Wendel’s teams are to create value on existing assets, to
successfully build the private asset management platform around IK
Partners and Monroe Capital, and to maintain a solid financial
structure.
I would like to thank the members of the Supervisory Board for
their renewed full support, as well as the Wendel teams who are
skillfully accompanying our value-creating transformation.
In 2025, Wendel's teams will pursue the roadmap defined two
years ago, supporting our principal investments companies in their
value creation process, building the third-party asset management
platform through the successful integration of Monroe Capital, the
continued development of IK Partners as well as the implementation
of commercial synergies between the two entities, and continuing to
have an agile management of our balance sheet to seize the right
opportunities, while maintaining a solid financial structure. We
are confident that the development of this dual model will continue
to create more value and more recurring returns for our
shareholders.”
|
Wendel’s net asset value as of December
31, 2024: €185.7 per share on a fully diluted basis
Wendel’s Net Asset Value (NAV) as of December
31, 2024, was prepared by Wendel to the best of its knowledge and
on the basis of market data available at this date and in
compliance with its methodology.
Fully diluted Net Asset Value was €185.7 per
share as of December 31, 2024 (see detail in the table below), as
compared to €162.3 on December 31, 2023, representing an increase
of +14.4% since the start of the year and + 16.9% restated from the
dividend paid in 2024. Compared to the last 20-day average share
price as of December 31, the discount to the December 31, 2024,
fully diluted NAV per share was -49.6%.
Bureau Veritas contributed very positively to
Net Asset Value, as end of December 2024, its 20-day average share
price was up strongly YTD (+32.5%). IHS Towers (-28.0%) and Tarkett
(+15.4%) share price impacts were negligible given the weight of
Bureau Veritas in NAV. Total value creation per share of listed
assets was therefore +€25.9 on a fully diluted basis over the
course of 2024.
Unlisted asset contribution to
NAV was negative over the course of the year with a total change
per share of -€4.9 reflecting selective assets’ operational
performances offsetting the good performance from CPI.
Asset management activities
were consolidated and accounted in the NAV for the first time at
the end of June following the acquisition of IK Partners. There is
no sponsor money included in the NAV yet, as no capital has been
called. IK Partners’ valuation is up by €6.0 per share, driven by
strong performance and positive market multiples evolution.
Cash operating costs,
Net Financing Results and Other
items impacted NAV by -€1.0, as Wendel benefits from a
positive carry. The impact of year-to-date share
buyback activity would be +€1.4 per share as of December
31, 2024.
Total Net Asset Value creation
per share amounted to €27.4 in 2024.
Fully diluted NAV per share of €185.7 as
of December 31, 2024
|
(in millions of euros) |
|
|
12/31/2024 |
12/31/2023 |
|
Listed investments |
Number of shares |
Share price (1) |
3,793 |
3,867 |
|
Bureau Veritas |
120.3m/160.8m |
€29.5/€22.2 |
3,544 |
3,575 |
|
IHS |
63.0m/63.0m |
$3.2/$4.4 |
192 |
251 |
|
Tarkett |
|
€10.5/€9.1 |
57 |
40 |
|
Investment in unlisted assets (2) |
3,612 |
4,360 |
|
Asset Management Activities (3) |
616 |
- |
|
Other assets and liabilities of Wendel and holding companies
(4) |
174 |
6 |
|
Net cash position & financial assets
(5) |
2,407 |
1,286 |
|
Gross asset value |
|
|
10,603 |
9,518 |
|
Wendel bond debt |
|
|
-2,401 |
-2,401 |
|
IK Partners transaction deferred payment |
-131 |
- |
|
Net Asset Value |
|
|
8,071 |
7,118 |
|
Of which net debt |
|
|
-124 |
-1,115 |
|
Number of shares |
|
|
44,461,997 |
44,430,554 |
|
Net Asset Value per share |
€181.5 |
€160.2 |
|
Wendel’s 20 days share price average |
|
€93.5 |
€79.9 |
|
Premium (discount) on NAV |
-48.5% |
-50.1% |
|
Number of shares – fully diluted |
42,466,569 |
43,302,016 |
|
Fully diluted Net Asset Value, per share |
€185.7 |
€162.3 |
|
Premium (discount) on fully diluted NAV |
-49.6% |
-50.7% |
(1) Last 20 trading days
average as of December 31, 2024, and December 31, 2023.
(2) Investments in unlisted companies
(Globeducate, Stahl, Crisis Prevention Institute, ACAMS, Scalian
and Wendel Growth as of December 31, 2024. As of Dec 31,2023 also
included Constantia Flexibles and excluded Globeducate). Aggregates
retained for the calculation exclude the impact of IFRS16.
(3) IK Partners’ activity, no sponsor money at
this stage.
(4) Of which 1,995,428 treasury shares as of
December 31, 2024, and 1,128,538 treasury shares as of December 31,
2023
(5) Cash position and financial assets of Wendel
& holdings.
Assets and liabilities denominated in currencies other than the
euro have been converted at exchange rates prevailing on the date
of the NAV calculation.
If co-investment and managements LTIP conditions are realized,
subsequent dilutive effects on Wendel’s economic ownership are
accounted for in NAV calculations. See page 246 of the 2023
Registration Document.
Wendel’s Principal Investments’
portfolio rotation
In 2024, Wendel has realized a total of €2.3
billion in disposals for its own account and has invested c.€0.7
billion, reflecting the acceleration of the diversification of its
investment portfolio, in line with the strategy announced a few
months ago:
- Wendel announced on
January 4, 2024, that it had completed the sale of Constantia
Flexibles, generating total net proceeds9 for Wendel of
€1,121 million for its shares, i.e. a valuation over 10%
higher than the latest NAV on record before the announcement of the
transaction (as at March 31, 2023).
- Wendel announced on
April 5, 2024, that it had successfully completed the sale of 40.5
million shares in Bureau Veritas, representing c.9% of the
Company’s share capital, for total proceeds of approximately €1.1
billion. The transaction was carried out at a price of €27.127, or
a discount of 3% from the previous day’s share price.
- Wendel Growth
realized its investment in Preligens, a leader in artificial
intelligence (AI) for aerospace and defence, generating net
proceeds to Wendel of c.€14.6 million, translating into a gross IRR
of 28%10. In addition, Wendel Growth announced on June
11, 2024, the acquisition of a minority stake in YesWeHack through
an equity investment of €14.5 million.
- Wendel reinvested
€43.7m in Scalian upon the acquisition of Mannarino on June 21,
2024. This Canadian company is a leading engineering services
specialist for advanced technology R&D for the aviation sector,
primarily in North America, with recognized expertise in
safety-critical embedded software and systems.
- On October 16,
2024, Wendel completed the acquisition of c.50% of Globeducate, one
of the world’s leading bilingual K-12 education groups, from
Providence Equity Partners. Wendel invested €607 million of equity,
at an Enterprise Value of c.€2 billion11, to join
Providence, and both firms will now own c.50% of the group.
Wendel’s Asset Management platform
evolution
Acquisition of Monroe Capital
dramatically expands Wendel’s Asset Management platform and
rebalances its business model towards more recurring cash flows and
growth
Wendel announced on October 22, 2024 that it had
entered into a definitive partnership agreement including the
acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the
Company”) for $1.13 billion, and a sponsoring program of $800
million to accelerate Monroe Capital’s growth, and will invest in
GP commitment for up to $200 million.
For Wendel, the acquisition of a controlling
stake in Monroe Capital, a private credit market leader focused on
the U.S. lower middle market that has established an outstanding
track record, would represent a significant and transformational
advancement of the strategy it announced in March 2023 to develop
its third-party asset management platform to complement its
longstanding Principal Investment business.
With IK Partners and Monroe Capital, Wendel’s
third party asset management platform will reach more than
€33 billion in AUM12, and should generate, on a
full year basis, c.€ 455 million revenues, c.€160 million pre-tax
FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s
objective is to reach €150 million (Wendel share) in pre-tax FRE in
2027.
Third Party Asset Management value
creation and performance
2024 performance
Over 2024, IK Partners had particularly strong
activity, generating a total of €163.3 million in revenue, up
31% YoY, and a strong growth of FRE to €69.9 million. Total Assets
under Management (€13.8 billion, of which €3 billion of Dry
Powder13) grew by 24% since the beginning of the year,
and FPAuM14 (€10.1 billion) by 33%. Over the period,
€3.4 billion of new funds were raised (IK X, IK PF III, IK SC IV
and IK CV I) and 11 exits have been announced, for over €1.6
billion.
Sponsor money invested by
Wendel
Wendel committed €500 million in IK Partners
funds, of which €300 million in IK X. These commitments have not
yet been called as of December 31, 2024.
Principal Investment companies’ value
creation and performance
Figures post IFRS 16
unless otherwise specified.
Listed Assets: 36% of Gross Asset
Value
Bureau Veritas' LEAP | 28 strategy
delivers outstanding results in 2024; Confident 2025
outlook
(full consolidation)
Revenue in 2024 amounted to €6,240.9 million, a
6.4% increase year-on-year. The organic increase was 10.2%
(including 9.6% in the fourth quarter) benefiting from robust
underlying trends across businesses and geographies.
Adjusted operating profit increased by 7.1% to
€996.2 million. This represents an adjusted operating margin of
16.0% up 11bps on a reported basis and up 38 bps at constant
currency.
Bureau Veritas posted a record free cash flow of
€843.3 million (+27.9% year-on year). As of December 31, 2024,
adjusted net financial debt was €1,226.3 million, i.e. 1.06x
EBITDA, compared with 0.92x at December 31, 2023.
In line with LEAP I 28 plan focused portfolio
strategy and through active portfolio management, in 2024 Bureau
Veritas completed: i) the acquisition of 10 bolt-on companies for a
total annualized revenue of c. €180 million; ii) the divestment of
its Food testing business and of a technical supervision business
on construction projects in China (c. € 165 million in annualized
combined revenue). Bureau Veritas ended the year with its inclusion
in the CAC 40, the benchmark index of the Paris stock exchange.
This achievement underscores the Group's consistent operational
success and marks a significant milestone in Bureau Veritas'
remarkable journey.
2025 outlook
Building on a strong 2024 momentum, a robust
opportunities pipeline, a solid backlog, and a strong underlying
market growth, and in line with LEAP | 28 financial ambitions,
Bureau Veritas expects to deliver for the full year 2025:
- Mid-to-high
single-digit organic revenue growth;
- Improvement in
adjusted operating margin at constant exchange rates;
- Strong cash flow,
with a cash conversion15 above 90%.
For further details: group.bureauveritas.com
IHS Towers – IHS Towers will report its
FY 2024 results in March 2025
Tarkett reported its annual results on
February 20, 2025
For more information:
https://www.tarkett-group.com/en/investors/
Unlisted Assets: 34% of Gross Asset
Value
|
(in millions) |
Sales |
EBITDA |
Net debt |
|
|
2023 |
2024 |
2023 including IFRS 16 |
2024 including
IFRS 16 |
Δ |
End of December including IFRS 16 |
|
Stahl |
€913.5 |
€930.2 |
€204.0 |
€206.9 |
+1.4% |
€383.8 |
|
CPI |
$138.4 |
$150.1 |
$68.6 |
$74.0 |
+7.8% |
$378.2 |
|
ACAMS |
$102.9 |
$102.1 |
$24.6 |
$25.1 |
+2.0% |
$165.0 |
|
Scalian |
€539.9 |
€533.4 |
€63.9 |
€59.8 |
-6,3% |
€345.6 |
|
Globeducate(1) |
na |
€352.2 |
na |
€84.2 |
na |
na |
(1) Globeducate acquisition was
completed on October 16th, 2024. Globeducate fiscal year
ends in August, and figures shown are last twelve months at the end
of August 2024. Indian operations are deconsolidated and accounted
for by the equity method due to the absence of audited figures for
the year ending in August-24.
Stahl – Total sales up +1.8% in 2024
despite market challenges in the automotive and luxury goods
end-markets. Strong EBITDA margin of 22.2%. In 2024, Stahl
completed its transformation into a pure-play specialty coatings
formulator for flexible materials.
(Full consolidation)
Stahl, the world leader in specialty coatings
for flexible materials, posted total sales of €930.2 million
in the full year of 2024, representing a total increase of +1.8%
versus 2023.
Organically, sales were slightly down -1.1%, in
a context of tougher markets in automotive and luxury goods, while
FX contributed -1.5%. Acquisitions contributed positively (+4.4%)
to total sales variation.
Full Year 2024 EBITDA16 amounted to
€206.9 million (+1.4% vs. 2023), translating into a strong EBITDA
margin of 22.2%, thanks to a disciplined margin and fixed costs
management, as well as a good diversification across geographies
and segments.
Net debt as of December 31st, 2024,
was €383.8 million17, versus €329 million at
the end of 2023 and leverage stood at 1.7x18.
On November 18, 2024, Stahl announced the sale
of its Wet-end leather chemicals division, that marks an important
step in the Group’s strategic journey. The proposed sale completes
Stahl’s transformation into a pure-play specialty coatings
formulator for flexible materials. The transaction is subject to
customary closing conditions and is expected to close in H1
2025.
Pro forma for the sale of the Wet-end leather
chemicals business and the acquisition of Weilburger Graphics GmbH,
2024 sales would amount to c.€ 759 million, EBITDA to c.€180
million (i.e., a 23.7% margin) and leverage would stand at an
estimated 1.6x. These transactions strengthen Stahl’s growth
profile, with the company now better positioned for faster growth,
and have an accretive impact on its EBITDA margin.
Crisis Prevention Institute reports
+8.5% revenue and +7.8% EBITDA growth
(Full consolidation)
CPI recorded 2024 revenues of
$150.1 million, up +8.5% compared to 2023, or +8.4%
organically (FX impact was +0.1%), resulting from strong growth in
the consumption of training materials, signifying active training
of broader staff throughout the Company’s primary customers in
educational, healthcare and human services settings. In addition,
the Company benefitted from continued growth in its Enterprise
segment, a core strategic focus targeting large health systems.
Full Year 2024 EBITDA was
$74.0 million19, reflecting a margin of 49.3%.
EBITDA was up +7.8% vs. last year while margins are stable (49.6%
in 2023), despite investments to scale in International
markets.
As of December 31, 2024, net debt totaled
$378.2 million20, or 4.6x EBITDA as defined in
CPI’s credit agreement, following the c. $100 million dividend
payment to Wendel in April of 2024. Given current leverage, CPI
repriced its Term Loan and received a 50bps interest rate stepdown,
or a c. $1.4 million annual savings.
On January 21st, 2025, CPI announced
the acquisition of Verge, a Norwegian leader in behaviour
intervention and training. This acquisition extends CPI’s presence
in the Nordics, and enhances CPI's ability to support professionals
worldwide, leveraging Verge's innovative techniques to address
challenging behaviours, aggression and violence.
ACAMS – Total sales stable and improved
24.6% margin amid strong transformation momentum
(full consolidation)
ACAMS, the global leader in training and
certifications for anti-money laundering and financial crime
prevention professionals, generated 2024 revenue of $102.1 million,
down 0.8% vs. 2023. The results for 2024 reflected continued growth
and market expansion in North America and Europe, largely offset by
soft sales in the Asia-Pacific region and from exhibition spend at
certain conferences early in the year, slower sales to non-banking
customers at consultancies and governments.
EBITDA21 in 2024 was $25.1 million,
up 2% vs. 2023, and reflecting a margin of 24.6%, up 70 bps
year-over -year.
As of December 31, 2024, net debt totaled $165.0
million22, slightly up from $155.8 million at the end of
2023, which represents 6.7x EBITDA leverage as defined in ACAMS’
credit agreement, with ample room relative to the 9.5x covenant
level.
This past year has been pivotal in the Company’s
transformation, with the addition of CEO Neil Sternthal who joined
from Thomson Reuters in early 2024 and subsequently made several
additions to the senior leadership team, and shifted focus to core
growth with large enterprise customers, product and market
expansion including the introduction of its Certified Anti-Fraud
Specialist certification (CAFS), and key investments in the
technology platform. These critical investments are all geared
toward advancing the impact of the Company’s mission of combating
financial crime, accelerating its strategy and further developing
its position as a technology-enabled provider of trusted
information, data and analytics for the anti-financial crime (AFC)
community.
Management expects the significant changes will,
over time, create a more robust platform for the global AFC
community and a more scalable, consistent business model with
accelerated growth for ACAMS.
ACAMS anticipates modest growth in 2025 as the
recent changes take hold with improved growth toward the end of the
year and into 2026.
Scalian - Slight decrease of total sales
of -1.2% in 2024, in the context of continued market growth
slowdown. EBITDA margin rate at 11.2%, down c. 60 bps, mainly due
to lower utilization rate and the marked slowdown in certain
sectors (automotive in Germany and civil aeronautics). Acquisition
of Dulin in January 2024 and Mannarino in June 2024.
(Full consolidation since July
2023.)
Scalian, a European leader in digital
transformation, project management and operational performance
consulting, reported total sales of €533.4 million as of
December 31, 2024, a -1.2% decrease vs. 2023. The slowdown is
spread across several sectors, particularly automotive in Europe
and Aeronautics (supply chain disruptions). Sales are down -4.0%
organically and benefited from a positive scope effect of
+2.8%.
Scalian generated an EBITDA23 of
€59.8 million in 2024. The EBITDA margin rate stood at 11.2%, down
c. 60 bps vs. 2023, mainly explained by lower utilization
rate, partially offset by strict SG&A control.
As of December 31, 2024, net debt24
stood at €345.6 million (leverage of 6.46x25
EBITDA).
In 2024, Scalian announced the acquisition of
Dulin Technology in January, a Spanish-based consulting firm
specializing in cybersecurity for the financial sector, and
Manarinno in June, a Canadian-based company that is a leading
engineering services specialist with a unique know-how in advanced
technology R&D for the aviation sector.
Globeducate – Total sales up
+10%26 over LTM as of
August 2024 Year-end. Strong EBITDA margin at
23.9%27 in line with
expectations.
(Accounted for by the equity method.
Globeducate acquisition was completed on October
16th, 2024. Globeducate fiscal year
ends in August, and figures shown below are last twelve months at
the end of August 2024 and first 3 months of the Globeducate year
(September – November). Indian operations are deconsolidated and
accounted for by the equity method due to the absence of audited
figures for the year ending in August-24).
Globeducate, one of the world’s leading
bilingual K-12 education groups, posted total sales of
€352.2 million1 for the full year ending in August
2024, representing a total increase of +10% year on year.
EBITDA2 for the year ending in August
amounted to €84.2 million, translating into a strong EBITDA
margin of 23.9%, in line with expectations. This solid financial
performance was fueled by a combination of organic and external
growth.
Over the first quarter of Globeducate’s fiscal
year (September – November), Globeducate completed 3 acquisitions:
Olympion School in Cyprus, and Ecole des Petits and Battersea in
the UK.
Net debt as of November 30th, 2024,
was €490 million28 and leverage3 stood
at 6.2x.
Consolidated Accounts
On February 26, 2025, Wendel’s Supervisory Board
met under the chairmanship of Nicolas ver Hulst and reviewed
Wendel’s consolidated financial statements, as approved by the
Executive Board on February 21, 2025. The audit procedures by the
statutory auditors on the consolidated financial statements are
underway. The audit report would be released mid-March
2025.
Wendel Group’s consolidated net
sales29 totaled €8,063.5 million, up +13.1% overall
and up +8.4% organically. FX contribution is -3.9% and scope effect
is +8.6%.
The overall contribution of Group portfolio
companies to net income from operations, Group share amounted to
€274.1 million, down -24.3% year on year impacted by the
disposal of Constantia and the sale of 25% of the stake in Bureau
Veritas. Net income from operation, Group share, was
€232.7 million, down -5.8%.
Financial expenses, operating expenses and taxes
at Wendel SE level totaled €63.0 million (of which
€22.4 million non-cash), down -45.4% from the
€115.3 million (of which €25.3 million non-cash) reported
in 2023. Operating expenses are slightly down and financial
expenses are positive with a positive carry of cash generating
€35.6 million. 2024 is impacted by a goodwill depreciation of
€188.2 million, mainly related to Scalian and the Stahl’s wet-end
division, which is in the process of being sold.
Net income Group share €293.9 million strongly
up vs.€142.4 million in 2023, reflecting a €418.6 million
capital gain group share from the disposal of Constantia Flexibles
in H1 2024.
ESG achievements
Non-financial ratings: Wendel improves
its CSA rating from S&P, confirms its inclusion in the DJSI
World and Europe.
For the sixth year in a row, Wendel has been
included in the Dow Jones Best-in-Class (previously Dow Jones
Sustainability Indices) World and Europe indices, making it one of
the top 10% of companies in terms of sustainability in the
Diversified Financials category. With a score of 76/100 in its
category, Wendel is well above the average for its sector (26/100).
This rating places Wendel in the top 1% of its sector “FBN
Diversified Financial Services and Capital Markets"
Through the review of the Corporate
Sustainability Assessment questionnaire, S&P Global assesses
the ESG (Environment, Social, Governance) performance of listed
companies in different industries since 1999. The top 10% of
companies with the best performance in terms of sustainability,
according to criteria defined for each industry, are included in
the Dow Jones Best-in-Class Indices (previously Dow Jones
Sustainability Indices).
New ESG roadmap 2024-2027
In 2024, Wendel defined a new ESG roadmap, approved
by the Supervisory Board and the Executive Board, notably to take
into account the Group's recent strategic developments, including
the new third-party asset management activity (IK Partners and
Monroe Capital acquisitions).
This roadmap includes five priorities: Governance & Business
Ethics, Reliability of extra-financial information, Health &
Safety, Climate change & adaptation, Parity.
These five priorities will apply to all Wendel’
investment activities, encompassing both principal investment and
third-party asset management. The detailed policies and action
plans of the roadmap will be presented in the sustainability report
included in the Group’s 2024 Universal Registration Document.
Renewal of the Executive Board of
Wendel
On 26 February 2025, the Supervisory Board of
Wendel decided to renew the appointments of Laurent Mignon and
David Darmon as Chairman of the Executive Board of Wendel and
Member of the Executive Board and Group Deputy CEO of Wendel,
respectively, for a period of four years until 6 April 2029, with
effect from 7 April 2025.
Renewal of the appointments of members
of the Supervisory Board
At the General Meeting of 15 May 2025, it will
be proposed to the shareholders that Nicolas ver Hulst, Priscilla
de Moustier, Bénédicte Coste and François de Mitry be reappointed
as members of the Supervisory Board for a further four-year term.
If the renewal of their mandate is approved, Nicolas Ver Hulst will
remain chairman of the Supervisory Board, Priscilla de Moustier and
Bénédicte Coste will continue their roles on the Governance and
Sustainable Development Committee, and François de Mitry will
continue his role on the Audit, Risk and Compliance Committee.
Agenda
Thursday, April 24, 2025
Q1 2025 Trading
update – Publication of NAV as of March 31, 2025
(post-market release)
Thursday, May 15, 2025
Annual General Meeting
Wednesday, July 30, 2025
H1 2025 results – Publication
of NAV as of June 30, 2025, and condensed Half-Year consolidated
financial statements (post-market release)
Thursday, October 23, 2025
Q3 2025 Trading
update – Publication of NAV as of September 30, 2025
(post-market release)
Wednesday, December 10, 2025
2025 Investor Day.
About Wendel
Wendel is one of Europe’s leading listed
investment firms. Regarding its principal investment strategy, the
Group invests in companies which are leaders in their field, such
as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate,
IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a
strategic shift into third-party asset management of private
assets, alongside its historical principal investment activities.
In May 2024, Wendel completed the acquisition of a 51% stake in IK
Partners, a major step in the deployment of its strategic expansion
in third-party private asset management and also announced in
October 2024 the acquisition of 75% of Monroe Capital. Pro forma of
Monroe Capital, Wendel manages more than 33 billion euros on behalf
of third-party investors, and c.7.4 billion euros invested in its
principal investments activity.
Wendel is listed on Eurolist by Euronext
Paris.
Standard & Poor’s ratings: Long-term: BBB,
stable outlook – Short-term: A-2 since January 25, 2019
Wendel is the Founding Sponsor of Centre
Pompidou-Metz. In recognition of its long-term patronage of the
arts, Wendel received the distinction of “Grand Mécène de la
Culture” in 2012.
For more information: wendelgroup.com
Follow us on LinkedIn
@Wendel
| Press
contacts |
Analyst and investor contacts |
| Christine Anglade
Pirzadeh: + 33 1 42 85 63 24 |
Olivier Allot: +33 1 42 85 63 73 |
|
c.anglade@wendelgroup.com |
o.allot@wendelgroup.com |
| |
|
| Caroline Decaux: +33 1
42 85 91 27 |
Lucile Roch: +33 1 42 85 63 72 |
|
c.decaux@wendelgroup.com |
l.roch@wendelgroup.com |
| |
|
| Primatice |
|
| Olivier Labesse: +33 6
79 11 49 71 |
|
|
olivierlabesse@primatice.com |
|
| Hugues Schmitt: +33 6
71 99 74 58 |
|
|
huguesschmitt@primatice.com |
|
| |
|
| Kekst CNC |
|
| Todd Fogarty: +1 212
521 4854 |
|
|
todd.fogarty@kekstcnc.com |
|
Appendix 1: 2024 Consolidated sales
and results
2024 consolidated net sales
|
(in millions of euros) |
2023 |
2024 |
Δ |
Organic Δ |
|
Bureau Veritas |
5,867.8 |
6,240.9 |
+6.4% |
+10.2% |
|
Stahl(1) |
913.5 |
930.2 |
+1.8% |
-1.1% |
|
Scalian(2) |
126.8 |
533.4 |
n.a. |
n.a. |
|
CPI |
128.0 |
138.8 |
+8.4% |
+8.4% |
|
ACAMS(3) |
91.6 |
93.7 |
+2.4% |
-0.6% |
|
IK Partners(4) |
n.a. |
126.5 |
n.a. |
n.a. |
|
Consolidated sales |
7,127.6 |
8,063.5 |
+13.1% |
+8.4% |
(1) Acquisition of ICP Industrial Solutions
Group (ISG) since March 2023 (sales' contribution of €89.7M vs
€89.1M in 2023) and acquisition of Weilburger since September 2024
(sales' contribution of
€18.2M).
(2) Scalian, which had a different reporting
date to Wendel (refer to 2023 consolidated financial statements -
Note 2 - 1." Changes in scope of consolidation in 2023"), realigns
its closing date with Wendel group. Consequently, 2024 sale's
contribution correponds to 12 months' sales between January 1st
2024 and December 31st 2024. Last year's contribution corresponds
to 3 months' sales between July 1st 2023 and September 30 2023.
(3) The sales include a PPA restatement for an
impact of -€0.6M (vs -€3.4M as of 12M 2023). Excluding this
restatement,the sales amount to €94.2M vs. €95.2M as of 12M 2023.
The total growth of +2.4% include a PPA effect of +3,3%.
(4) Contribution of eight months of
sales
2024 net sales of equity-accounted
companies
|
(in millions of euros) |
2023 |
2024 |
Δ |
Organic Δ |
|
Tarkett (5) |
3,363.1 |
3,331.9 |
-0.9% |
-0.4% |
|
Sales (Equity method) (6) |
3,363.1 |
3,331.9 |
-0.9% |
-0.4% |
(5)Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the
“organic growth” indicator
(6) Due to the recent acquisition date of the
Globeducate group, its contribution is not yet included in Group
sales.
2024 consolidated results
|
(in millions of euros) |
2023 |
2024 |
|
Contribution from asset management |
- |
42.3 |
|
Consolidated subsidiaries |
826.3 |
774.4 |
|
Financing, operating expenses and taxes |
-115.3 |
-63.0 |
|
Net income from operations(1) |
711.0 |
753.7 |
|
Net income from operations, Group share |
246.9 |
232.7 |
|
Non-recurring income/loss |
-60.4 |
532.3 |
|
Impact of goodwill allocation |
-120.4 |
-107.9 |
|
Impairment |
0.7 |
-188.2 |
|
Total net income(2) |
530.9 |
989.9 |
|
Net income, Group share |
142.4 |
293.9 |
(1) Net income before goodwill allocation
entries and non-recurring items.
(2) -€85.2M of change in fair value for IHS
recognized through OCI and €784M of capital gain on the Bureau
Veritas bloc accounted for through equity.
2024 net income from
operations
|
(in millions of euros) |
2023 |
2024 |
Change |
|
Total contribution from asset management: IK Partners |
n/a |
42.3 |
n/a |
|
Bureau Veritas |
594.0 |
643.3 |
+8.3% |
|
Stahl |
90.3 |
100.2 |
+11.0% |
|
Constantia Flexibles |
115.2 |
- |
n/a |
|
CPI |
20.7 |
22.2 |
+7.2% |
|
ACAMS |
0.0 |
-0.7 |
n/a |
|
Scalian |
-2,8 |
-6.2 |
n/a |
|
Tarkett (equity accounted) |
8.8 |
15.6 |
+76.2% |
|
Total contribution from Group companies |
826.3 |
774.4 |
-6.3% |
|
of which Group share |
362.1 |
274.1 |
-24.3% |
|
Operating expenses net of management fees |
-72.5 |
-72.2 |
-0.4% |
|
Taxes |
-1.5 |
-4.0 |
+169.8% |
|
Financial expenses |
-15,9 |
35.6 |
n/a |
|
Non-cash operating expenses |
-25.3 |
-22.4 |
-11.4% |
|
Net income from operations |
711.0 |
753.7 |
+6.0% |
|
of which Group share |
246.9 |
232.7 |
-5.8% |
Appendix 2: Fully diluted Net Asset
Value bridge over 2024
Appendix 3: Conversion from
accounting presentation to economic presentation
Please refer to table 7.1 of the consolidated
statements.
Appendix 4: Glossary
- AUM (Assets under
Management): Corresponding – for a given fund – to total investors’
commitment (during the fund’s investment period) or total invested
amount (post investment period)
- FRE (Fee-Related
Earnings) : Earnings generated by recurring fee revenues (mainly
management fees). It excludes earnings generated by more volatile
performance-related revenues.
- GP (General
Partner): Entity in charge of the overall management,
administration and investment of the funds. The GP is paid by
management fees charged on assets under management (AuM)
1 Fully-diluted NAV per share assumes all
treasury shares are cancelled and a complementary liability is
booked to account for all LTIP related securities in the money as
of the valuation date.
2 Fully diluted of share buybacks and treasury
shares.
3 Including the €4.0 per share dividend paid in
2024.
4 Dividend payout calculated on the
basis of fully-diluted NAV at the end of December 2024.
5 Based on Wendel’s share price of €97.15 as of
February 21, 2025.
6 Including sponsor money commitment in IK
(€-500m).
7 Including sponsor money commitment in IK
(€500m) and proforma of IK Partners transaction deferred payment
(€-131m), Monroe Capital 100% acquisition (including estimated
earnout and put on 25% of residual capital, i.e €-1.6bn) and GP
commitments in Monroe Capital ($-200m for 2025).
8 €2.4bn of cash as of December 31, 2024,
restated from sponsor money commitment in IK (€-500m), IK Partners
transaction deferred payment (€-131m), Monroe Capital 100%
acquisition (including estimated earnout and put on 25% of residual
capital, i.e €1.6bn) and GP commitments in Monroe Capital’s new
strategies (c. $-200m for 2025).
9 Net proceeds after ticking fees, financial
debt, dilution to the benefit of the Company’s minority investors,
transaction costs and other debt-like adjustments.
10 Gross IRR of 28%. Net IRR of 26%.
11 EV including IFRS 16 impacts. Excluding IFRS 16, EV stands at
c.€1.86 billion.
12 As of end of December 2024
13 Commitments not yet invested
14 Fee Paying AuM
15 (Net cash generated from operating activities
– lease payments + corporate tax)/adjusted operating profit
16 EBITDA including IFRS 16 impacts, EBITDA
excluding IFRS 16 stands at €201.0m.
17 Including IFRS 16 impacts. Net debt excluding
the impact of IFRS 16 was €364.4m.
18 Leverage as per credit documentation
definition.
19 Recurring EBITDA post IFRS 16. Recurring
EBITDA pre IFRS 16 was $72.8m
20 Post IFRS 16 impact. Net debt pre IFRS 16
impact was $375.2m.
21 EBITDA including IFRS 16. EBITDA excluding
IFRS16 stands at $24.0m
22 Including IFRS 16 impacts. Net debt excluding
the impact of IFRS 16 was $164.2m.
23 EBITDA including IFRS 16 impact. Excluding
IFRS 16, EBITDA stands at €50.9 m. Mannarino taken into account for
6 months.
24 Net debt including IFRS 16 impact. Excluding
IFRS 16, net debt stands at €314.9 m.
25 As per credit documentation (pre IFRS 16)
26 Excluding Indian activities. Indian estimated
revenue stands at €25 m.
27 EBITDA including IFRS 16 impacts and
excluding Indian activities. Indian estimated EBITDA stands at €9.8
m.
28 As per credit documentation definition.
29 Consolidated sales will be published only for
Full Year and Interim results. For Q1 & Q3, sales by
companies/activities will continue to be commented on an individual
basis
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