Wendel (MF) AGM 2026 summary

Opening remarks and agenda

• The meeting was officially opened with a strong shareholder turnout and introductions of key board and executive members.

• Covered 2025 highlights, asset management and principal investments, 2026 outlook, ESG performance, governance, compensation, statutory auditors' reports, shareholder Q&A, and voting on resolutions.

• The agenda included financial performance, governance, compensation, ESG, and voting on 28 resolutions.

Financial performance review

• 2025 net income of €377.8m (parent), consolidated net loss of €151.8m (Group share).

• Asset management AUM reached €50bn after acquiring Committed Advisors, with €200m+ FRE expected in 2026.

• Principal investments GAV at €5.5bn; €1.65bn in asset divestments, including Bureau Veritas, Stahl, and IHS.

• 2025 adjusted result before tax was €146m, up 156%, with recurring and performance fees included.

• Q1 2026 NAV per share at €158.4, down 3.6% YTD due to market multiples.

Board and executive committee updates

• Renewal of Franca Bertagnin Benetton and William Torchiana as Supervisory Board members for four years.

• Appointment of Alain Missoffe as Supervisory Board Observer for one year.

• Executive Board: Laurent Mignon (Chairman/CEO), David Darmon (Deputy CEO), terms ongoing.

• Executive Board compensation policy maintained, with 86.4% of variable compensation awarded for 2025.

• Long-term compensation plans (AP1, AP2, AP3) tied to performance and shareholding conditions.