Letter

to shareholders

September

2023

E D I T O R I A L

Editorial

Dear Shareholders,

In this latest edition of our letter to shareholders, we look back at the Shareholders' Meeting held in June and the main topics discussed, and we provide an update on the progress of the Supervisory Board.

This issue also features news about Wendel and our portfolio companies, including a number of appointments and announcements of recent acquisitions, including the completion of the purchase of Scalian and the ongoing sale of Constantia Flexibles.

We also have good news on the ESG front, with the approval of Stahl and Bureau Veritas' CO2 emissions reduction targets by the Science Based Targets initiative (SBTi). At Group level, Wendel is also committed to SBTi to implementing greenhouse gas emission reduction targets.

Lastly, you can find all the necessary practical information in our shareholders' handbook.

We wish you all a good start to this new season!

The editorial team

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K E Y F I G U R E S

Net asset value (NAV)

Consolidated (1)

A S O F J U N E 3 0 , 2 0 2 3

H1 2023 sales

€ 163.2

€ 3,443.6m

per share

Restated from the €3.2 dividend per share

Up 6.5% overall and

paid in June 2023, NAV is overall stable

6.0% organically

year-to-date(-0.9%)

Ordinary dividend

€3.20

par share

for 2022

Up 6.7% compared to 2021

The ex-dividend date was June 19, 2023, the dividend was paid in cash on June 21, 2023.

€ 557m

in equity invested to acquire Scalian, deal closed on July 27, 2023

€1,097m(2)

Net proceeds expected from the sale of Constantia Flexibles (subject to the final completion of the transaction)

8.5%(3)

LTV ratio

as of June 30, 2023

  1. Constantia Flexibles is classified within discontinued operations and operations held for sale (IFRS 5) and is no longer included in consolidated sales.
  2. Additional proceeds generated by the Company's ongoing assets disposals, could bring the proceeds up to €1,124 million.
  3. Before the completion of the Scalian and Constantia Flexibles transactions. Pro forma of these transactions and of the dividend received from Bureau Veritas, the LTV ratio would be non-material.

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F O C U S

2023 Shareholders' Meeting

Wendel's Annual General Meeting was held on Thursday, June 15, 2023, at the Verso conference center in the 9th arrondissement of Paris, just a few steps away from Wendel's former headquarters.

It was an opportunity for Laurent Mignon, who took up the position of Group CEO last December, to introduce himself to the shareholders at his first General Meeting. After summarizing fiscal year 2022, Laurent Mignon detailed Wendel's new strategic directions, announced in March at the time of the annual results. In particular, he highlighted the Company's pro-active portfolio management policy, and its intention to invest €2 billion within the next two years, through individual equity investments of between €300 and €600 million.

Laurent Mignon also mentioned the new third-party asset management business we are developing, with the aim of creating long-term value. Lastly, the Group CEO explained the new dividend policy, which will consist of "paying out around 2% of NAV each year, compared with 1.6% to 1.7% up to now, with a minimum objective of dividend stability".

David Darmon, member of the Executive Board and Group Deputy CEO of Wendel, took the floor

to report on business in the first quarter of 2023 and to present the Group's first acquisition in line with Wendel's new strategic directions, namely Scalian, a leading European consulting firm in digital transformation, project management and operational performance (find out more about this acquisition on page 9-10).

Christine Anglade Pirzade, Director of Sustainable Development and Communication, then presented Wendel's ESG performance, highlighting the progress made by consolidated portfolio companies.

David Darmon, Member of the Executive Board, Group

Deputy CEO

Laurent Mignon, Group CEO

Nicolas ver Hulst, Chairman of the Supervisory Board

Caroline Bertin Delacour, General Counsel and Group

Chief Compliance Officer

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Wendel SE published this content on 06 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 September 2023 15:31:06 UTC.