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• Net Asset Value (NAV) per Share: EUR 185.7, representing a 16.9% year-over-year increase.

• Dividend Proposal: EUR 4.7 per share, up 17.5% from the previous year.

• Principal Investment Value Creation: EUR 21.1 per share, driven by Bureau Veritas' performance.

• Asset Management Contribution: EUR 6 per share, with a 24% growth in Assets under Management (AuM).

• Revenue: EUR 8.64 billion, a 13% increase from the previous year, with 8.4% organic growth.

• Net Income Group Share: EUR 294 million, double the amount from 2023.

• Cash Flow Conversion: Bureau Veritas reported cash conversion above 90%.

• EBITDA Margin: CPI maintained a high EBITDA margin at 49.3%.

• Stahl EBITDA Margin: 22.2%, with a proforma margin of 23.7% after strategic refocus.

• Debt and Liquidity: LTV ratio at 7.2%, with liquidity of EUR 1.2 billion.

• Share Buyback: EUR 92.5 million worth of shares repurchased, creating EUR 1.4 per share in value.

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Release Date: February 27, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Wendel SE (FRA:WIS) reported a 16.9% year-over-year increase in fully diluted net asset value per share, reaching EUR 185.7.

• The company proposed a EUR 4.7 per share dividend, up 17.5% from the previous year, reflecting strong financial performance.

• Bureau Veritas, a key asset, delivered a 28% increase in share price, contributing significantly to value creation.

• The asset management segment showed strong growth, with assets under management increasing by 24% and contributing EUR 6 per share to value.

• Wendel SE's strategic transformation over the past two years has resulted in managing EUR 41 billion in assets, diversifying its portfolio and increasing cash flow generation.

Negative Points

• Some unlisted assets, such as Stahl, Scalian, and ACAMS, faced challenges due to difficult market conditions and volatile multiples, negatively impacting overall value creation.

• The company's LTV ratio increased to 23% after the acquisition of Monroe, surpassing the S&P ceiling for its current rating.

• Scalian experienced a 1.2% decline in sales and a drop in EBITDA margin due to market slowdowns in the automotive and aeronautics sectors.

• Despite strong performance in some areas, the overall contribution from unlisted assets was negative in 2024.

• The company faces a substantial discount to its net asset value, which management attributes to the need for sustained performance improvement.