Wendel Accelerates Its Transformation with a NAV of 164.2 Euros per Share by End of 2025
The investment group Wendel has released its annual results for 2025, marked by an acceleration of its economic model. The fully diluted net asset value reached 164.2 euros per share on December 31, 2025, slightly up from the previous quarter.
Net Asset Value Performance
Wendel's fully diluted net asset value stood at 164.2 euros per share on December 31, 2025, compared to 163.0 euros on September 30, 2025, representing an increase of 1.2 euros over the quarter. Adjusted for the interim dividend paid in November, this change amounts to 2.7 euros per share. Over the full year 2025, the NAV showed a decline of 4.5% at constant exchange rates and adjusted for dividends paid, or 11.6% in raw data. The consolidated net income for the fiscal year 2025 amounted to 344.7 million euros. Wendel's share discount relative to the NAV was 51.3% based on the average of the last 20 stock prices as of December 31, 2025.
Investment Ecosystem and Financial Performance
Wendel has built an investment ecosystem in private assets covering North America and Europe, centered around two complementary value creation drivers. The Wendel Investment Managers platform represents 26% of the gross revalued asset excluding cash, or 30% on a pro forma basis following the acquisition of Committed Advisors. The fee-related earnings amounted to 139.5 million euros in 2025, up by 146% compared to 2024, while the recurring pre-tax profit reached 145.6 million euros, an increase of 156%. The group managed 41.2 billion euros in assets under management as of December 31, 2025, including 10.6 billion euros of dry powder, with a total of assets under management generating fees of 31.0 billion euros. Wendel invested 575 million euros in the funds of IK Partners, Monroe Capital, and Committed Advisors, with a drawn amount representing a value in the NAV of 217 million euros.
Key Portfolio Asset Performance
Bureau Veritas, the main listed asset in the portfolio, recorded a leading organic growth of 6.5% in 2025 and an adjusted operating margin of 16.3%, up by 32 basis points. The revenue for 2025 amounted to 6,466.4 million euros. Wendel realized 1.3 billion euros in disposals in 2025 and announced at the beginning of 2026 the sale of Stahl to Henkel for an enterprise value of 2.1 billion euros, generating an estimated net proceeds of 1.2 billion euros for Wendel, representing an annualized IRR of more than 15% since 2006. An acquisition of Committed Advisors was announced in October 2025, with its completion expected in the first quarter of 2026.
