Wendel: Asset Management Platform Revenue Surges 132% in Q1 2026
Wendel Group has released its Q1 2026 indicators, highlighted by a significant scaling up of its asset management division (WIM). Meanwhile, its subsidiary Bureau Veritas has slightly revised its growth outlook in response to an unstable geopolitical environment.
Wendel's diversification strategy into private markets has yielded results. The third-party asset management platform (comprising IK Partners and Monroe Capital) maintained strong momentum, with total revenue reaching 107.7 million euros (+132% year-on-year, including 6% organic growth). The division benefited from the acquisition of Monroe Capital, which has been consolidated since April 1, 2025.
As of March 31, 2026, assets under management (AUM) stood at 41.8 billion euros, up 3% over the quarter. During the first three months of the year, 1.5 billion euros in new fee-paying AUM were generated, while approximately 1 billion euros in exits and repayments were recorded. In total, Monroe Capital has raised 500 million USD in funds since the beginning of the year.
Furthermore, the fully diluted Net Asset Value (NAV) amounted to 158.4 euros per share as of March 31, 2026, compared to 164.2 euros per share on December 31, 2025, representing a 3.6% decline over the quarter. The discount to NAV as of March 31, 2026, stood at -50.8% relative to Wendel's 20-day average share price.
Following the acquisition of Committed Advisors, Wendel Investment Managers (WIM), Wendel's third-party asset management platform, manages 49.5 billion euros in assets and is expected to exceed 200 million euros in Fee Related Earnings (FRE) in 2026 across private equity, private debt, and private market solutions.
Regarding the outlook, Wendel noted that the fiscal year is characterized by a complex geopolitical context and an uncertain macroeconomic environment. Additionally, the group has launched a detailed review of exit options for the "Government Services" sub-segment following the decision to terminate certain contracts in the Middle East & Africa region.
Consequently, Bureau Veritas (in which Wendel holds a 21.37% stake) updated its 2026 outlook, specifically lowering its organic revenue growth guidance yesterday. This revenue warning caused Bureau Veritas shares to tumble 10.59% on Wednesday, while Wendel shares retreated 3.81%.
Wendel is an investment company specializing in long-term share acquisitions in listed and non-listed companies with leading positions in order to accelerate their growth and development.
Wendel is a shareholder of Bureau Veritas (15% owned as at December 31, 2025; certification and quality control services), Crisis Prevention Institute (CPI; 97.7%; training services), Stahl (68.1%; manufacture of chemical products for surface coating), Tarkett (25.6%; manufacture of floor coverings and sports surfaces), IHS (18.77%; mobile telecommunications infrastructure), ACAMS (97.9%; training and certifications for anti-money laundering and financial crime prevention), Scalian (81.4%; digital transformation and business process management), Globeducate (49.3%; nursery to secondary education), IK Partners (51%; investment fund) and Monroe Capital (72.1%; investment fund).
With Wendel Growth, Wendel invests via funds or directly in innovative, high-growth companies.
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