WENDEL: 2026 Half-Year Results

WENDEL: 2026 Half-Year Results PRESS RELEASE – JULY 30, 2026

2026 Half-Year Results

Solid performance in the first half of the year

Accretive impact of share buybacks on H1 2026 Net Asset Value

€450 million returned to shareholders year-to-date

Wendel Investment Managers (now 37% of Gross Asset Value Pro Forma 1): continued fundraising momentum in H1 2026 with €2.2 billion of funds raised and double-digit Fee-Paying AuM 2 and revenue growth year-on-year

Wendel Principal Investments: EBITDA growth across most of Group’s private portfolio companies and ongoing active portfolio rotation

Fully diluted Net Asset Value 11 as of June 30, 2026: €158.9 per share, after the payment of a €3.6 per share dividend in May

Dynamic execution of 2030 strategic roadmap

Strong financial structure

Net income, group share: €69.5 million, vs. €4.3 million in H1 2025

Wendel Investment Managers

37% of Gross Asset Value excluding cash 16

Over H1 2026, the Wendel Asset Management platform (IK Partners, Monroe Capital and Committed Advisors), focused on the midmarket private markets, registered particularly strong levels of activity, generating a total of €226.2 million in reported Management fees and others, up +56.0 % vs. H1 2025, thanks to good organic growth and strong scope effects: in the first half of 2025, IK Partners was consolidated for the full semester, and Monroe Capital from late March, compared to the first half of 2026, in which IK Partners and Monroe Capital are consolidated over six months, and Committed Advisors from April 2026.

As a consequence, the reported consolidated Fee Related Earnings of the platform amounted to €87.1 million in H1 2026 (Committed Advisors having contributed only since April 1, 2026), up 46.4% vs last year, and FRE, group share, amounted to €51.1 million, up 49.5% vs last year. Recurring Profit Before Tax (FRE+PRE) was €90.7 million, up 48.1% vs. last year.

On a pro forma basis, assuming a full-semester contribution from Committed Advisors, FRE would have reached €95 million in the first half of the year at constant exchange rates, in line with the target of more than €200 million for full-year 2026 announced in December 2025.

Wendel Investment Managers pursued its strong momentum with equity fund raising of €2.2 billion during the first half, including €1.2 billion for Committed Advisors and $1.2 billion for Monroe Capital. For Monroe Capital, over the same period, net outflows (new subscription less redemption met) from the non-tradable BDC (Monroe Capital Income Plus) was limited to $0.09bn.

As of June 30, 2026 Wendel’s third-party asset management platform 17 reached total assets under management of €48.7 billion (of which €12.1 billion of Dry Powder 18), and FPAuM 19 of €37.8 billion. Since the start of the year, €4.2 billion of new Fee Paying AuM were generated and about €3.1 billion of exits and payoffs have been realized.

WIM main business developments:

IK Partners maintains in 2026 its pace of cash returned to investors : sale of Innovad and Sofia in the first half and, 3 announced sales in July: coin4 solutions, Forthglade and MDT Technologies. In term of deployment, IK has announced year-to-date the acquisitions of Rhétorès, Selatek and Domek Group. IK Partners is also expanding its geographical footprint, with the opening of a new office in Madrid, Spain and the appointment of Gonzalo Fernandez-Albiñana as Partner, effective from September 1, 2026.

Monroe Capital raised $1.2 billion of New Equity and deployed $3.5 billion in the first half. Monroe Capital Private Credit Fund V ($6.1 billion) closed in December 2025 is now invested at 80% and a new vintage will be launched before year-end. Monroe is pursuing its diversification strategy in Asset-Backed Finance (launch of a REIT, closing of its first aircraft financing Asset-Backed Securities).

Committed Advisors successfully raised €1.2 billion for its new CA GPSII and CASF VI funds in H1, in the first round of fundraising. The business pipeline for the next rounds is very positive.

Sponsor money invested by Wendel

As of June 30, 2026, Wendel’s commitments in funds managed by IK Partners, Monroe Capital and Committed Advisors amount to €776 million including €273 million of sponsor money deployed and valued in NAV.

Principal Investment companies’ value creation and performance

Figures post IFRS 16 unless otherwise specified.

Wendel’s Principal Investments’ portfolio rotation

Early 2026, Wendel announced the following transactions:

Together, these two transactions will generate approximately €1.65 billion and give Wendel full flexibility to achieve its long-term value creation objectives through investments in private assets, the development of Wendel Investment Managers (WIM), and a higher return to shareholders

Listed Assets: 30% of Gross Asset Value excluding cash 20

Bureau Veritas: Delivering on its commitments with higher sequential organic growth in Q2 and continuous margin improvements

(full consolidation)

In the first half of 2026, Bureau Veritas reported total revenue of €3,258.4 million, marking a 2.1% increase compared to H1 2025. Organic revenue growth was 5.0% compared to the first half of 2025, with growth of 5.5% in the second quarter of 2026. This growth was driven by solid underlying trends across the Buildings & Infrastructure, Marine & Offshore and Consumer Products Services businesses and in most geographies.

H1 2026 adjusted operating profit stood at €506.5 million, up 3.1% vs. H1 2025, representing an adjusted operating margin of 15.5%, up 15 bps year-on-year and up 29 bps at constant currency.

Adjusted attributable net profit totaled €303.8 million in the first half of 2026, up 3.9% vs. €292.4 million in H1 2025. Adjusted EPS stood at €0.68 in H1 2026, a 4.8% increase compared to last year and up 9.8% based on constant currencies.

Upgraded 2026 outlook post disposal of activities planned for exit

Bureau Veritas continues to rotate its portfolio and to execute the LEAP | 28 strategy. Based on a solid first-half performance, a robust pipeline and the ongoing portfolio reshaping, including the planned exit from Oil & Petrochemicals and Coal testing and inspection and from “Government Services” businesses, the Group is enhancing its growth profile and upgrades its full-year 2026 guidance as follows:

Bureau Veritas is fully committed to its LEAP | 28 financial guidance, benefiting from specific favorable market trends and from the sustained execution of the strategy’s portfolio and performance programs.

For further details: group.bureauveritas.com

Unlisted Assets: 33% of Gross Asset Value excluding cash 21

(1 ) In accordance with IFRS 5, the contribution of CPI France has been reclassified as “Net income from discontinued operations and operations held for sale” in 2025. Comparable H1 2025 revenue amounted to $69.2 million, compared with reported H1 2025 revenue of $69.5 million. The $0.3 million difference relates to CPI France, which was classified as held for sale and reported as a discontinued operation under IFRS 5.

(2) Equity method. 6-month revenue from December 1, 2025, to May 31, 2026. In H1 2025, Indian activities were not consolidated in Globeducate’s accounts, but are consolidated in H1 2026 figures (€11.7 million).

Crisis Prevention Institute – H1 2026 revenue growth of +0.8% and +3.0% EBITDA growth as compared with H1 2025

(full consolidation)

Crisis Prevention Institute reported H1 2026 revenue of $69.8 million, representing growth of +0.8% vs. H1 2025. Of this increase, -0.2% was organic and +1.0% came from FX movements.

In North America, revenue was flat year-on-year reflecting continued federal oversight and funding uncertainty across CPI’s customer’s end markets. This was partially offset by continued customer engagement and strong renewal activity of existing Certified Instructors. CPI’s international operations delivered growth of +9%, supported by favorable commercial momentum and accelerating demand, highlighting the global relevancy of CPI’s services.

H1 2026 EBITDA was $31.3 million, up +3.0% vs. H1 2025, reflecting margins of 44.8% driven by tight cost controls only partially offset by the ramp-up of growth investments. Additional investments are budgeted for H2 2026.

As of June 30, 2026, net debt totaled $419.7 million, or 5.4x EBITDA as defined in CPI’s credit agreement.

Andee Harris, CPI’s new CEO who joined in August 2025, is leading an effort to strengthen the company’s management and commercial organization to best capture market opportunities and return to stronger growth. These initiatives include, in particular, the reinforcement of the go-to-market capabilities, with a more targeted approach for new account development.

ACAMS – H1 2026 pro forma revenue growth of +4.2% as compared to H1 2025, driven by strong recovery in Europe and continued growth in the Americas and Middle East. Revenue growth supported by +200 bps improvement in EBITDA margin to 27.7%.

(full consolidation)

ACAMS reported revenue of $53.9 million, up +1.3% compared to H1 2025, or up +4.2% excluding the non-core Risk Assessment offering which will be discontinued in accounting presentations starting from Q3 2026. H1 2026 performance reflects the ongoing commercial transformation, including newly appointed executive leadership and go-to-market teams, recently launched technology platform, and accelerating demand across the Americas and EMEA offset by select customer delays in the APAC region, which are expected to be resolved in Q3 2026.

H1 2026 EBITDA was $14.9 million, up 8.8% vs. H1 2025 and reflecting a 27.7% margin, up 200 bps year-over-year. The increase in first half profitability largely reflects topline growth and disciplined cost control by management.

As of June 30, 2026, net debt totaled $164.2 million, which represents 4.9x EBITDA as defined in ACAMS’ credit agreement, with ample room relative to the 9.5x covenant level.

Scalian – Amid continued challenging market conditions, Scalian maintained a resilient EBITDA margin of 11.0% while laying the foundations for a gradual recovery in activity. Revenue down 5.1%.

(Full consolidation)

Scalian, a leading consulting firm specializing in systems engineering, operational performance and AI transformation, reported revenue of €244.5 million in the first half of 2026, down 5.1% compared with the first half of 2025.

This performance reflects continued challenging market conditions, particularly in France, where customer decision-making cycles remain extended, partly offset by a more resilient trend in international markets. Organic growth stood at -4.8% over the period.

Against this backdrop, Scalian generated EBITDA of €26.8 million in the first half of 2026. The EBITDA margin stood at 11.0%, down by a limited 20 bps compared with the first half of 2025, demonstrating the Scalian’s ability to preserve its operating performance despite lower activity levels, supported by efficiency measures implemented by management and enhanced cost discipline.

As of June 30, 2026, net debt amounted to €292.3 million (6.49x EBITDA leverage 22). During the period, Wendel converted its €100 million shareholder loan granted in 2025 into equity, thereby strengthening Scalian’s balance sheet and supporting its ability to continue executing its development strategy in its core areas of expertise.

Globeducate – Total revenue up +11.7% over 6-month period ending May 31, 2026. Annualized EBITDA margin c.25% in line with expectations.

(equity accounted. Activity for the six-month period from December 1, 2025 to May 31, 2026.)

Globeducate, one of the world’s leading bilingual K-12 education groups, posted total revenue of €251.1 million 23 for the 6-month period ending May 31, 2026, representing a total increase of +11.7% over last year. Of this increase, +6.1% was organic, +6.5% came from accretive M&A transactions and change in scope, including the consolidation of India, and -0.9% was FX. In H1 2025, Indian activities were not consolidated in Globeducate’s accounts, but are consolidated in H1 2026 figures (€11.7 million).

EBITDA for the period stood at €90.5 million. EBITDA is always particularly high at this time of year driven by the seasonality of the business (revenues are recognized over the academic year while costs are spread out across the entire fiscal year) and will smooth out over the next quarter. EBITDA was in line with expectations and ensures an annualized EBITDA margin at c.25%. This solid financial performance was fueled by a combination of organic and external growth as well as strict cost control.

Over the last twelve months, Globeducate completed the following acquisitions, which contributed to the scope effect on revenues: Clover (Canada), closed in September 2025, contributing to the 2026 perimeter. In addition, Globeducate acquired Peleteiro (Spain), closed in May 2026, signed an agreement to acquire Queen Morta (Lithuania), in mid-June 2026 (closing expected by the end of the year) and sold in January 2026 Areteia, a non-core school in Spain generating €1.1 million in EBITDA.

Net debt as of May 31, 2026, was €910.6 million and leverage stood at 6.7x, as per credit documentation.

Other unlisted assets

Tarkett is now an unlisted asset and Muno is classified as an asset held for sale (IFRS 5). The combined value of these two assets in Wendel's NAV as of June 30, 2026 is approximately €250 million.

Wendel’s net asset value as of June 30, 2026: €158.9 per share on a fully diluted basis

Change in NAV compared to March 31, 2026:

Wendel’s Net Asset Value (NAV) as of June 30, 2026, 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 €158.9 per share as of June 30, 2026 (see detail in the table below), increasing by +2.6% since end of March 2026 when restated from the €3.6 dividend balance paid in May. NAV published as of March 31, 2026 was €158.4, representing an increase of €0.5 per share since then (+1.5%) and by €4.1 per share including the dividend paid in May 2026.

The change in NAV in the second quarter breaks down as follows:

Fully diluted NAV per share of €158.9 as of June 30, 2026

(1) Last 20 trading days average as of June 30, 2026, March 31, 2026, December 31,2025.

(2) Investments in unlisted companies (Tarkett, Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Muno, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16. Globeducate valued based on transaction multiples. Stahl valued based on transaction price.

(3) Investments in IK Partners (c.51%), Monroe Capital (c.72%) and Committed Advisors (c. 64% incl. forward sale) since June 30 (excl. Cash to be distributed to shareholders). Valued as a platform based on Net Income / Distributable earnings multiples.

(4) Of which 3,958,171 treasury shares as of June 30, 2026, 2,431,636 as of March 31, 2026 and 432,387 as of December 31,2025.

(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 286 of the 2025 Registration Document.

Consolidated Accounts

On July 29, 2026, 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 July 23, 2026.

Wendel Group’s consolidated net sales totaled €3,835.2 million, up +3.2% overall and up +4.0% organically. FX contribution is -2.6% and scope effect is +1.9%.

WIM's contribution to net income from operations rose from €49.0 million in H1 2025 to €78.0 million in H1 2026 thanks to the acquisition of Committed Advisors in April 2026 and Monroe Capital's contribution over 6 months in H1 2026 (compared to 3 months in H1 2025). WIM's contribution to the net income group share increased from €29.3 million to €49.1 million.

The sponsor money contributions from WIM and Wendel Growth have been reclassified within net income from operations to better reflect the deployment of the Group’s strategy. It contributed a gain of €10.8 million in H1 2026, compared with a loss of €32.5 million in H1 2025, the latter primarily reflecting an impairment related to Wendel Growth funds disposed of in H2 2025.

In addition, the total contribution from WPI portfolio companies to net income from operations attributable to the Group amounted to €102.9 million, stable vs. H1 2025 (€102.5 million).

Total financial expenses, general and administrative expenses, and taxes recorded at the level of Wendel SE amounted to €62.0 million (including €12.0 million in non-cash items), representing an increase of 35% compared with €45.9 million in H1 2025. This increase is largely due to net financial income impact (€-11.5 million in H1 2026 vs. -€1.0 million in H1 2025) due to lower returns on cash, reflecting the combined impact of lower interest rates and a lower cash balance. In addition, general and administrative expenses were higher due to the WIM platform structuration.

Net income from operations therefore increased by +28.9% at €418.1 million compared with €324.4 million in H1 2025, while net income from operations attributable to the Group amounted to €100.9 million, up 88.5%.

Consolidated net income for H1 2026 totaled +€320.8 million (€69.5 million attributable to the Group),

up +19.7% vs. H1 2025.

Return to shareholders

2026 share buyback program of 9% of Wendel’s capital

Since February 27, 2026, Wendel has repurchased 3.53 million shares for a total amount of 285.3 million euros, as of June 30, 2026. This already represents 8.24% of the capital bought back, at an average price of €80.81 per share. This share buyback programme was fully completed as of 27 July 2026. As a result, Wendel repurchased 3,835,000 shares for a total amount of €310 million, since February 27, 2026.

Agenda

Thursday, October 22, 2026

Q3 2026 Trading update – Financial communication as of September 30, 2026 (before-market release)

Wednesday, December 2, 2026

Investor Day 2026

Friday, February 26, 2027

Full-Year 2026 Results – Publication of NAV as of December 31, 2026, and Full-Year consolidated financial statements (before-market release)

Thursday, April 22, 2027

Q1 2027 Trading update – Financial communication as of March 31, 2027 (before-market release)

Thursday, May 27, 2027

Annual General Meeting

Thursday, July 29, 2027

H1 2027 Results – Financial communication as of June 30, 2027, and Half-Year consolidated financial statements (before-market release)

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 this context, Wendel completed the acquisitions of a 51% stake in IK Partners in May 2024, 72% of Monroe Capital in March 2025 and 64% (including forward sale) of Committed Advisors in April 2026. As of June 30, 2026, Wendel Investment Managers manages 48.7 billion euros on behalf of third-party investors, and c.3.6 billion euros (PF sale of Stahl & IHS) 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

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

Appendix 1: H1 2026 Consolidated sales and results

H1 2026 consolidated net sales

(1) In accordance with IFRS 5, the contribution of CPI France has been classified as “Net income from discontinued operations and operations held for sale” as from Q4 2025. The impact amounts to 0.16 M€ for Q2 2026 and 0,3 M€ for H1 2026 ."

(2) In H1 2026, sales including WPI Bridge fees which are neutralized by intercompany elimination.

(3) Acquisition of Monroe by the end of March 2025. Contribution of sales for 3 months in 2025 versus 6 months in 2026

(4) Contribution of 3 months' sales from April 1st, 2026 to June 30, 2026.

(5) In accordance with IFRS 5, the contribution of Stahl has been reclassified in "Net income from discontinued operations and operations held for sale”.

H1 2026 net sales of equity-accounted companies

(6) Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the “organic growth” indicator

(7) In H1 2025, India was not consolidated in Globeducate’s accounts. In H1 2026, the contribution from India amounts to 11,7 M€.

H1 2026 consolidated results

(1) Net income before goodwill allocation entries and non-recurring items.

(2) 55,6 m€ of change in fair value for IHS recognized through OCI.

H1 2026 net income from operations

Appendix 2: Conversion from accounting presentation to economic presentation

Please refer to table 5.1 of the consolidated statements.

Appendix 3: Loan-to-Value Ratio as of June 30, 2026

Appendix 4: IFRS 16 - Summary table of main aggregates before and after the application of IFRS 16

(1) In accordance with IFRS 5, the contribution of CPI France has been reclassified as “Net income from discontinued operations and operations held for sale” in 2025. Comparable H1 2025 revenue amounted to $69.2 million, compared with reported H1 2025 revenue of $69.5 million. The $0.3 million difference relates to CPI France, which was classified as held for sale and reported as a discontinued operation under IFRS 5.

Appendix 5: Glossary

1 Excluding cash, other assets, and pro forma for the Stahl and IHS disposals.

2 Assets Under Management. See glossary.

3 Pro forma for the acquisition of Committed Advisors and based on constant exchange rates.

4 Only the equity part for Private Credit.

5 AUM and Fee-Paying AUM exclude WPI assets.

6 Business Development Company. See glossary.

7 AUM and Fee-Paying AUM exclude WPI assets. See glossary.

8 Pro forma for the acquisition of Committed Advisors and based on constant exchange rates.

9 Including €9.2m of fees paid by Wendel to IK related to the advisory mandate on WPI unlisted assets in H1 2026.

10 Consolidated pro forma FRE, including minority interests, on a full-year basis. EUR/USD exchange rate of 1.17.

11 Fully diluted for share buybacks and treasury shares.

12 Gross Asset Value excluding cash and other assets.

13 Consolidated proforma FRE including minority interest, on a full-year basis, EURUSD@1.17.

14 Closing of the transactions are expected to occur in 2026, subject to IHS shareholders approval, regulatory approvals in the relevant markets, and customary closing conditions.

15 LTV calculation explained in Appendix 2.

16 Excluding cash and pro forma of disposals of Stahl and IHS

17 IK Partners & Monroe Capital

18 Commitments non invested

19 Fee Paying AuM

20 Excluding cash and pro forma for the Stahl and IHS disposals

21 Excluding cash and pro forma for the Stahl and IHS disposals

22 As per credit documentation (pre IFRS 16).

23 6-month revenue from December 1, 2025, to May 31, 2026. In H1 2025, Indian activities were not consolidated in Globeducate’s accounts, but are consolidated in H1 2026 figures (€11.7 million).

Attachment