Q1 2022 Trading Update

April 28, 2022

Q1 2022 trading update key highlights

Good start of the year across portfolio:

Q1 2022 consolidated sales of €2,007m, up 14.9% overall and 9.9% organically

NAV : €165.8 per share, down 11.9% year-to-date (as of March 31, 2022)

  • • Negatively impacted by Q12022 market fall

  • • Last twelve months NAV is slightly down -1.0%

Active portfolio rotation and capital redeployment since the start of 2022

  • • Disposal of Cromology closed in January: €896 million in proceeds for Wendel

  • • c.€304 million equity invested in March to acquire ACAMS

  • • Wendel Lab: €30.5 million new commitments in Q1 2022

  • • €15 million of Wendel shares bought back in Q1 2022

Return to shareholders

  • • Wendel to cancel 377k shares, inducing a positive impact of €0.7/share on NAV

  • • €3.0 dividend to be paid on June 22, 2022 (pending AGM vote)

Q1 2022 performance of Group's consolidated companies

Consolidated sales of €2,007m, up +14.9% overall and up +9.9% organically

Bureau Veritas

Sales

Δ

Organic growth

External growth

FX impact

€1,290.1

+11.7%

+8.0%

+0.5%

+3.2%

Constantia Flexibles

€464.2m

+26.6%

+17.8%

+6.8%

+2.0%

Stahl

€224.9m

+7.0%

+5.0%

-

+2.0%

Crisis Prevention Institute

$23.4m

+26.4%

+27.2%

-

-0.8%

ACAMS

$24.8m

+31.2%

+31.0%

-

+0.2%

IHS results will report its Q1 2022 results in May.

NAV of €165.8 as of March 31, 2022

(in millions of euros)

March 31, 2022

Listed equity investments

Number of shares

Share price(1) 4,864

  • • Bureau Veritas

  • • IHS

    160.8 million 63.0 million

    €25.9 4,162

    $10.4 592

  • • Tarkett

€13.2 110

Investments in unlisted assets(2) 2,901

Other assets and liabilities of Wendel and holding companies(3) 108

Cash and marketable securities(4) 1,498

Gross asset value 9,370

Wendel bond debt -1,950

Net asset value 7,420

Of which net debt -453

Number of shares(5)

44,747,943

Net asset value per share €165.8

Wendel's 20 days share price average €88.9

Premium (discount) on NAV -46.4%

  • (1) Last 20 trading days average as of March 31, 2022

  • (2) Investments in non-publicly traded companies (Stahl, Constantia Flexibles, Crisis Prevention Institute, ACAMS, Wendel Lab). Aggregates retained for the calculation exclude the impact of IFRS 16. ACAMS investment being valued for the first time in the Net Asset Value, calculation is weighted at 100% on acquisition multiple and 0% on listed peer-group multiples, as per methodology.

  • (3) Of which 1,278,422 treasury shares as of March 31, 2022

  • (4) Cash position and financial assets of Wendel & holdings. As of March 31, 2022, this comprises €1.2 bn of cash and cash equivalents and €0.3 bn short term financial investment.

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 374 of the 2021 Universal Registration Document

Net Asset Value bridge year-to-date

€ per share

188.1

Listed AssetsMarket multiples decreased following market turmoilsUnlisted Assets

-15.5

Other

165.8

-5.2

20-day average share prices of listed assets decreases:

BVI: from €28.7 to €25.9 IHS: from $13.5 to $10.4 Tarkett: from €18.6 to €13.2

-1.6

NAV per share as of Dec. 31, 2021

NAV per share as of March 31, 2022

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Wendel SE published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 12:52:04 UTC.