Wendel : Présentation analystes du 28 octobre 2022 (in English)

Q3 2022 Trading Update

O c t o b e r 2 8 , 2 0 2 2

2022

Q3 2022 trading update key highlights

Strong growth year-to-date across the portfolio

• 9M 2022 consolidated sales of €6,507.8m, up 17.9% overall and 10.9% organically

NAV: €155.2 per share, down 4.5%(1) since the end of June

• Down 15.9%(1) year-to-date driven mostly by market declines, whilst the higher-than-expected performance of unlisted portfolio companies and FX contributed positively

Significant portfolio rotation and capital deployment since the start of 2022

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

• Acquisition of ACAMS in March: €304 million equity invested
• Wendel Lab: €51 million additional commitments in 2022

Governance: Laurent Mignon to be appointed Group CEO from December 2, 2022

• André François-Poncet is in his role until Laurent Mignon joins Wendel

(1) Restated for the €3 dividend per share paid in June 2022.

Wendel Q3 2022 Trading Update | October 28, 2022

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Trading update - Consolidated sales are up

Consolidated sales of €6,507.8m, up +17.9% overall and up +10.9% organically

	Q3 2022	9M 2022

Consolidated sales (in m€)	2,290.3	6,507.8
Total growth	+20.9%	+17.9%
of which organic growth	+12.1%	+10.9%
of which scope effect	+2.2%	+2.0%
of which FX impact	+6.6%	+5.0%

Wendel Q3 2022 Trading Update | October 28, 2022

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Strong organic growth across the portfolio

9 months		Q3 organic growth

							+23.7% +25.7%
					+17.7%	+18.1% (2)
				+13.1% +12.0%	+13.0%	+13.7% (2)
	+8.7%
+7.3%	+7.8%	+5.3%
Bureau	Stahl	Tarkett (1)	Crisis Prevention	ACAMS	Constantia
Veritas				Institute	-13.2%	Flexibles
						(1)

1. Tarkett is accounted for by the equity method.
2. ACAMS' flagship Las Vegas conference, the largest organized by ACAMS, was held in October 2022, one month later than that of the prior year in September 2021, skewing the year-over-year comparison. Normalized for the timing of this event, pro forma organic growth over the first 9 months would have been 18.1% and organic Q3 would have been 13.7%. Reported organic growth are +8.0% over the first 9 months and -13.2% in Q3 2022.

Wendel Q3 2022 Trading Update | October 28, 2022

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NAV of €155.2 as of September 30, 2022

(in millions of euros)			September 30, 2022
Listed equity investments	Number of shares	Share price(1)	4,370
• Bureau Veritas	160.8 million	€24.0	3,860
• IHS Towers	63.0 million	$6.4	412
• Tarkett		€12.5	98
Investments in unlisted assets(2)			2,938
Other assets and liabilities of Wendel and holding companies(3)		17
Cash and marketable securities(4)			973
Gross asset value			8,299
Wendel bond debt			-1,414
Net asset value			6,885
Of which net debt			-441
Number of shares(5)			44,370,620
Net asset value per share
		€155.2
Wendel's 20 days share price average			€76.1
Premium (discount) on NAV
		-50.9%

1. Last 20 trading days average as of September 30, 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. As per Wendel methodology, ACAMS valuation is weighted at 66.7% on acquisition multiple and 33.3% on listed peer-group multiples.
3. Of which 997,494 treasury shares as of September 30, 2022.
4. Cash position and financial assets of Wendel & holdings. As of September 30, 2022, this comprises €0.7 bn of cash and cash equivalents and €0.3 bn short term financial investments.

Note: 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	5
Wendel Q3 2022 Trading Update | October 28, 2022	are accounted for in NAV calculations. See page 374 of the 2021 Universal Registration Document