Wendel: NAV advances 5.1% in third quarter to €167 per share
Wendel published on October 22, 2026 a fully diluted net asset value (NAV) of €167.0 per share as of September 30, compared with €158.9 at end-June, representing a 5.1% increase over the quarter and 3.9% year-to-date, adjusted for the €3.6 dividend paid in May. According to the company, this growth is primarily attributable to a rebound in market multiples. The third-party asset management platform contributed only €0.3 per share.
This quarter is also when portfolio rotation translates into cash. The sale of Stahl, finalized on October 1, generated net proceeds of approximately €1.14 billion. With the ongoing sale of IHS, the two transactions should represent around €1.6 billion, realized 20% above their valuation in the NAV preceding the announcement of their sale.
Unlisted assets contribute €5.8 per share to NAV
The proprietary investment division, Wendel Principal Investments, contributed €8.5 per share to the quarterly variation. Unlisted assets provide €5.8, which according to the group primarily reflects the evolution of multiples of listed comparables. Listed assets add €2.7, entirely related to Bureau Veritas, whose 20-day average price rose 6.2% compared to the previous quarter.
Bureau Veritas, in which Wendel holds approximately 15% of economic interest, reported quarterly revenue of €1,569.7 million, up 10.1%. Its organic growth reached 6.2%, compared with 5.9% in the second quarter, and its 2026 outlook is confirmed.
Unlisted companies display contrasting trajectories over nine months. Globeducate advances 14.3% to €308.3 million, of which 5.5% organic growth and 8.6% scope effect. ACAMS gains 2.3% to $83.6 million (4.9% on a pro forma basis, after neutralizing the timing shift of its Las Vegas conference). Crisis Prevention Institute declines 0.3% to $115.2 million, while Scalian records a decline of 5.4% to €358.1 million, with a marked decline in France.
Operating expenses, financial income and other items weighed €1.2 per share. Share buybacks had an accretive effect of €0.5 per share.
Wendel IM: management fees up 41.3%, of which 10% at constant scope
The Wendel Investment Managers platform (IK Partners, Monroe Capital, Committed Advisors) generated €344.0 million in management fees and other income over nine months, up 41.3%. This growth includes the consolidation of Monroe Capital over the full period and that of Committed Advisors since April 2026. At constant scope and exchange rates, growth stands at 10%.
Assets under management reach €48.7 billion, of which €9.9 billion in committed capital not yet invested. Fee-generating assets amount to €37.7 billion, up 9% over twelve months and 5% since January. Fundraising exceeded €3.0 billion over nine months, after €2.2 billion indicated in the half-year publication of July 30, 2026.
On Monroe Capital's unlisted debt fund, net outflows total $0.17 billion since the beginning of the year, compared with $0.09 billion mentioned in the half-year publication. The group notes that redemption requests declined in the third quarter compared to the second. The valuation of amounts invested by Wendel in its own funds increased from €273 million to €383 million during the quarter.
€1.5 billion in cash and 9.5% LTV ratio following Stahl disposal
For IHS, Wendel supports MTN's offer, which would allow it to sell its 19% stake for approximately $535 million in net cash proceeds. Completion is expected by year-end, subject to IHS shareholder approval and regulatory authorizations. In parallel, the group reinvested €50 million in Globeducate to support its external growth.
Wendel IM should generate around €200 million in operating profit related to management fees (FRE) in 2026, on a pro forma basis. For shareholders, the buyback program for 9% of capital was completed on July 27: 3.835 million shares were acquired for €310 million, at an average price of €80.85. An interim dividend of €2.55 will be paid on November 19, 2026, corresponding to 50% of the minimum dividend for fiscal year 2026.
The €1.4 billion bond debt is entirely at fixed rates, with an average cost of 2.8% and average maturity of 5.8 years, with no maturity before 2030. The €875 million syndicated credit facility is undrawn. Following the receipt of Stahl proceeds, Wendel has €1.5 billion in cash and displays an adjusted net debt to assets ratio (LTV) of 9.5% as of September 30, 2026.
