Wendel SE
Who is Wendel SE?
An investment company backed by the Wendel family, specialising in private assets, investing its own money and managing third-party money.
Value and financial structure
8.2 Bn € in gross assets20.6 % funded by borrowingthe share price 82.25 € against 158.90 € of net asset value per share (discount computed by Opulion 48.2 %)
Its largest holdings, as a share of gross assets as of Jun 30, 2026
- Asset Managers (IK Partners, Monroe Capital, Committed Advisors)23.0 %
- Bureau Veritas21.0 %
- IHS Towers5.7 %
What you own
Reporting date|Out of total assets of8 195 M €
By type
Listed or unlisted, and in what form.
Gross assets
8.2 Bn €
at Jun 30, 2026
Pick a part to see what it holds.
Inside: or . Outside: the type of asset.
What the company owes
20.6 %debt-financedat Jun 30, 2026
Net debt, after cash: 1 181 M €
Published loan to value, on net debt: 7.8 % as at Jun 30, 2026.
Uncalled commitments to its funds: 503 M € as at Jun 30, 2026.
How this figure is calculated
Uncalled commitments are not borrowings: they are amounts the company has promised to its funds, which the funds draw as they invest. They are therefore not counted in the share financed by borrowing.
It divides net debt, after cash, by the value of the assets, rather than gross borrowings by gross assets: that is why it differs from the share above.
These borrowings are the investment company's own — the ones its published bridge to net asset value deducts. They cover the same perimeter as the gross assets the chart divides, so the share above really does measure how much of those assets is debt-financed.
Source: Results h1 2026 · Jul 30, 2026
By theme
What the companies held do, in fifteen themes.
Sorted by theme
53 %
of gross assets
Pick a theme to see its companies.
As a share of gross assets, on the lines whose weight the company publishes. Themes defined by Opulion, the same on every page, not by the company.
The breakdown published by the company
By sector · Dec 31, 2025 (not the reporting date of this page)
- Education, Professional training and Technology
- 43.0 %
- Business services
- 35.0 %
- Industrials
- 22.0 %
Company by company
Names as published, as of Jun 30, 2026 unless another date is shown.
16 named holdings: 4 with a weight, 2 listed.
With their weight4
- Asset Managers (IK Partners, Monroe Capital, Committed Advisors)
asset management company
23.0 % - Sponsor Money
Wendel's commitments to its managers' funds
3.3 %
7
anti-money laundering certification and training
crisis prevention training
international network of private schools
- Muno
engineering and digital consulting
chemicals for leather and coatings
- Tarkett
1
- Iron Wave
growth equity manager spun out of Wendel Growth
30.0 %of capital
3
asset management company
72.0 %of capitalprivate equity secondaries fund manager
64.0 %of capitalasset management company
51.0 %of capital
1
private debt fund for mid-sized companies
99.98 %of capital
Legal structure · 1 entity
Intermediate holding companies and holding vehicles. They are not investments: they are not counted in the names above.
Sub-holdings and vehicles
Wendel Growth
What is it worth on the market?
Reporting date
The share price against net asset value per share.
Values shown in euro, EUR
158.90 €
the company's calculation
Share price
82.25 €
stock exchange close that day, not a price used by the company
Computed discount
48.2 %
computed by Opulion: the stock exchange close against the same-day net asset value per share
The company has stopped publishing its discount. The last one: −50.8 % as at Mar 31, 2026, on its own method.
Performance over time
Long termFigures published by the company, over 5, 10 or 15 years, rebased to 100 at the start. Each point keeps its date and source; a missing year stays visible.
Rebased to 100 at the first year
Chart rendered with Lightweight Charts, created by TradingView
- MSCI ACWI world index, for market contextexact series124 published points out of 124
- Net asset value per share, excluding dividendsexact series42 published points out of 42
Method and limits
Series not shown
- Shareholder return, dividends reinvestedfewer than two published years
- Net asset value, total returndistributions incomplete over the period
- Investable benchmarkinvestable benchmark not yet legally available
View as a table
The same content as the figure, reachable by keyboard and without hovering.
| Year-end | Series | Index, base 100 | Published level | Source |
|---|
Cases covered
- Share splits and reverse splitsnot yet covered
- Special dividendshandled
- Distributions in sharesnot yet covered
- Subscription rightsnot yet covered
- Share buybacks and cancellationshandled
- Spin-offsnot yet covered
- Change of listing currencyexcluded
- Change of share classnot yet covered
- Change in the share count used as denominatorhandled
- Withholding tax, fees, gross versus netexcluded
Series source: Wendel, net asset value published at each reporting date since 17/03/2016
Latest reporting date: Jun 30, 2026.
The share price
MarketThe share price, to read against the published net asset value above.
What it has returned
Reporting date
Against the same world benchmark for all.
Published performance,
World index in euro, EUR, per year
Company figures as of Dec 31, 2025 · world index as of Dec 31, 2025
1 year
- −4.5 %
- +8.2 %checked against 3 ETFs
Average return .
Method and sources
Each panel carries its own scale: lengths compare within a panel, never from one panel to the next.
A return is never converted from one currency to another: that would take the exchange rate move over the whole period, not the rate on one reporting date. The company's series are served in the issuer's currency only.
Every company covered is compared with the same benchmark, never with the index their own manager picked: a manager who picks his index also picks the bar he had to clear. This benchmark is not the MSCI ACWI itself, which belongs to MSCI and may not be redistributed. It is the median, recomputed by Opulion, of the net asset values published by three ETFs from three different managers tracking that index: iShares (IE00B6R52259), State Street SPDR (IE00B44Z5B48) and Amundi (LU1829220133). A single fund is never served on its own. Convention: last net asset value on a date at or before the reporting date, within a seven calendar day window; geometric annualisation over the nominal horizon; conversion at the European Central Bank reference rate of the day of the net asset value actually retained, a cross rate being an Opulion computation that is declared as such. The recomputation reproduces the performance each manager publishes for its own fund, to the second decimal, fifteen times out of twenty, and never departs from it by more than 0.04 point. Funds used: BlackRock, State Street and Amundi.
Converted at the reference rate of Jun 30, 2026, published by the European Central Bank.
The news feed
Up to date as of
Our latest articles on this company
The whole journalWendel: Stahl becomes €1.14 billion of cash to reallocate
Closing confirms value already recorded. The next use of capital must replace the asset sold and the earnings it supplied.
Wendel becomes a hybrid group: asset management is 37% of assets, but investments still dominate earnings
IK Partners, Monroe Capital and Committed Advisors have transformed the portfolio. Assets have shifted quickly; profits, cash and risk have not yet completed the same transition.
Bureau Veritas extends its maturities to 2034: what Wendel is protecting
The €700 million bond issued by Bureau Veritas has a maturity of approximately eight years and refinances maturities due in 2026-2027. For Wendel, it primarily protects the duration of its largest listed asset-without directly improving the holding company's cash flow.
Upcoming publications
- Oct 22, 2026Press releaseThird-quarter 2026 trading update, as at 30/09/2026, before market open
- Nov 17, 2026Ex-dividend dateEx-date of the 2026 interim dividend (EUR 2.55 per share)
- Nov 19, 2026DividendPayment of the 2026 interim dividend: EUR 2.55 per share
- Dec 2, 2026Capital markets dayInvestor day 2026
- Feb 26, 2027Annual reportAnnual results 2026 and net asset value at 31/12/2026, before market open
Getting to know Wendel
Each answer links to its source.
Who decides?
The Wendel family, pooled in a joint company, Wendel-Participations. It holds 41.1 % of the capital but 53.5 % of the voting rights, thanks to double votes on shares held for a long time in registered form, that is, recorded in the holder's name.
Source of card 1: wendelgroup.com, opens in a new tabWhat does it own?
Three pockets of similar size. Listed companies, chiefly Bureau Veritas, make up 30 % of its gross assets excluding cash, what it owns before debt, cash aside. Its asset managers account for 37 %, and unlisted firms, such as Scalian or Globeducate, the rest.
Source of card 2: wendelgroup.com, opens in a new tabHow does it choose its investments?
It aims to be "an active and committed shareholder" with a long-term view. Its own portfolio centres on business services and education. To invest, it has given an advisory mandate to IK Partners, one of its own asset managers.
Source of card 3: wendelgroup.com, opens in a new tabHow does it make money?
Through "two engines of value creation", as it puts it. Its asset managers charge fees every year on the 48 700 M € that investors entrust to them. Its own holdings yield a capital gain when it sells them above their purchase price.
Source of card 4: wendelgroup.com, opens in a new tabHow are shareholders paid?
Through a dividend and share buybacks. The dividend, 5.10 € per share for the last financial year, is paid in two instalments, an interim payment in the autumn and the balance in the spring. The latest buyback programme, now complete, came to 310 M €.
Source of card 5: wendelgroup.com, opens in a new tabWhat sets it apart
A dividend set by a formula that mirrors its two businesses. It adds a fixed share of the net asset value of its own investments, what they are worth once debt is deducted, to most of the dividends its asset managers pay up to it.
Source of card 6: wendelgroup.com, opens in a new tab
Who runs it, and since when?
Management and what it costs
- −36.3 M €
Who controls the capital
- Controlling shareholder's capital
- 41.1 %
- Controlling shareholder's voting rights
- 53.5 %
How long they have been there
Tenure on the board and in management
- Nicolas ver Hulst· Chair of the Supervisory Board2017
- Gervais Pellissier· Vice Chair of the Supervisory Board, chair of the audit committee2015
- Franca Bertagnin Benetton· Member of the Supervisory Board, member of the audit committee2018
- Bénédicte Coste· Member of the Supervisory Board, member of the governance and sustainable development committee2013
- Fabienne Lecorvaisier· Member of the Supervisory Board, member of the audit committee, member of the governance and sustainable development committee2023
- Harper Mates· Employee representative on the Supervisory Board2021
- François de Mitry· Member of the Supervisory Board, member of the audit committee2021
- Priscilla de Moustier· Member of the Supervisory Board, member of the governance and sustainable development committee2013
- Sophie Tomasi· Employee representative on the Supervisory Board, member of the governance and sustainable development committee2018
- William D. Torchiana· Member of the Supervisory Board, chair of the governance and sustainable development committee, member of the audit committee2022
- Thomas de Villeneuve· Member of the Supervisory Board, member of the governance and sustainable development committee2020
- Humbert de Wendel· Member of the Supervisory Board, member of the audit committee2011
- Alain Missoffe· Censeur2026
- Laurent Mignon· Chair of the Executive Board, Group Chief Executive Officer2022
- David Darmon· Member of the Executive Board, Deputy Chief Executive Officer2019
- Cyril Marie· Member of the Executive Board, Deputy Chief Executive Officer2026
Company facts
Value and financial structure
- 3 260M €Market capitalisation, calculated by Opulion, at Jul 31, 2026 (not the reporting date of this page)
- 3 084M €Equity – Group share, at Jun 30, 2026
- 1 181M €at Jun 30, 2026
- 158.90 €at Jun 30, 2026
- Assets under management
- 48 700M €third-party platform, at Jun 30, 2026
- Founded in
- 1704
- Registered office
- Paris, FR
- Headcount
- 72 the holding alone
- Headcount as at
- Dec 31, 2025 (not the reporting date of this page)
Tested against the figures
- 5.8 %Feb 27, 2026 (not the reporting date of this page)
- 285 M €Jun 30, 2026
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