Wendel: €49.5 Billion in Managed Assets, but a Net Asset Value Down by 3.6%
Wendel completed on Thursday the acquisition of a majority stake in Committed Advisors and continues its development in asset management on behalf of third parties, bringing its managed assets to €49.5 billion. Meanwhile, the company sold strategic assets to generate about €1.65 billion. However, the fully diluted net asset value per share stood at €158.4 as of March 31, 2026, down 3.6% from December 31, 2025, reflecting the volatility of private markets and the impact of exchange rate fluctuations on Bureau Veritas.
Strong Growth in Management Fees and Revenues
Wendel Investment Managers recorded management fees and other revenues of €106.2 million in the first quarter of 2026, up 129% compared to the first quarter of 2025, thanks to the integration of Monroe Capital acquired on April 1, 2025. Organic growth at constant scope was over 8%. Including PRE, WIM's total revenue reached €107.7 million, up 132%. The platform managed €49.5 billion in assets on behalf of third parties as of March 31, and is expected to exceed €200 million in recurring fees in 2026. During the quarter, €1.5 billion in new assets were generated, while $500 million in funds were raised by Monroe Capital since the beginning of the year. This momentum is supported by the completion of the acquisition of 56% of Committed Advisors, which becomes the secondary market specialist within WIM, thus complementing the management offering covering buyout through IK Partners and private credit through Monroe Capital.
Bureau Veritas Shows Mixed Performance Amidst Market Challenges
Bureau Veritas, the leading listed asset in the portfolio, posted revenues of €1,547.0 million in the first quarter of 2026, down 0.8% in reported figures compared to the first quarter of 2025. This apparent decline masks an organic growth of 4.5%. The scope effect was broadly neutral, reflecting bolt-on acquisitions contributing more than 1.8%, offset by divestitures made over the past twelve months for less than 1.9%. Exchange rate fluctuations had a negative impact of 5.2%, due to the strength of the euro against most currencies. Wendel has updated its outlook for 2026 due to the complex geopolitical context and uncertain macroeconomic environment, as well as the decision to terminate certain contracts in the Middle East & Africa region. Meanwhile, unlisted assets show mixed performances: Crisis Prevention Institute grew by 1.0% with an 11% expansion internationally offsetting a 1% decline in North America, while Scalian fell by 4.9%, reflecting a challenging market context for engineering services. ACAMS recorded a growth of 5.9% and Globeducate progressed by 12.5%.
Portfolio Divestment Operations Launched to Free Up Capital
Wendel announced the launch of portfolio divestment operations expected to generate approximately €1.65 billion, providing the company with leeway to pursue its long-term value creation objectives. Concurrently, the 2026 program for the repurchase of 9% of the capital began on February 27, 2026. As of April 20, Wendel had repurchased 2,478,459 shares for a total amount of €195.3 million, representing 5.8% of the capital, at an average price per share of €78.82. This accretive effect of the buyback contrasts with the 3.6% decline in the fully diluted NAV per quarter, at €158.4 per share. The sponsor money committed in WIM's funds amounted to €784 million, with a valuation of €220 million as of March 31, 2026. Wendel's financial structure remains strong, with a discount of 50.8% on the NAV as of March 31, 2026 compared to the average of the last 20 stock market prices.
