Wendel

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Vandell's Q3 2026 Trading Update Conference Call and Webcast. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press star 1 1 on your telephone and wait for your name to be announced. You can also ask your questions on the webcast, Olivier Allot, Director of Financial Communication and Data Intelligence will read them. I must advise you that this conference is being recorded today. I would now like to hand the conference over to your speaker today, Mr. Jérôme Michiels, Dandel's Executive Vice President. Please go ahead, sir.

Thank you and welcome, everyone. I am here today with Cyril Marie, member of the Executive Board, Benoit Drillaud, our CFO, Olivier Hallot and Lucille Roque from our investor relations team. I will walk you through the main highlights of our Q3 trading update and we will be happy to take your questions after this short presentation. So let me start on slide number four with the highlights of another important quarter for Vandel with a solid operational performance at Vandel Investment Managers. with continued revenue growth at constant perimeter and constant exchange rate. From the start of the year, we've had 10% at Vandel Investment Managers. Cyril will come back to that. At the level of WPI, principal investments, we have reached key milestones in terms of portfolio rotation with 1.6 billion euros of value customization from the disposal of data that we computed At the end of the quarter and IHS that we expect to complete in the coming months, these two disposals were carried out at an average 20% premium to the pre-announcement NAV. Lastly, we delivered a plus 5.1% increase in terms of net asset value per share over the quarter. reaching 167 euros per share supported by favorable valuation multiples impacts and continued operational performance across our businesses. If we move to the next slide, you can see that Vanden Investment Managers now manages 48.7 billion euros of assets across private equity, private debt, and secondaries. In terms of fee-paying assets under management, Total 37.7 billion euros which is a 9% increase over the last 12 months adjusting for scope effects and plus 5% since the start of the year. Management fees and other revenues represent 344 million euros over the first 9 months of the year. It's a total growth of 41% compared to the prior year, but this reflects the full year contribution from Monroe over the nine months and the acquisitions of committed advisors that we closed in April 2026. The growth at constant perimeter and constant exchange rate was solid, double digit at plus 10%. Moving on to Vendel Principal Investments, As you know, we are engaged in numerous value creation initiatives. We have registered major value customization events during this year. And our portfolio companies continue to deliver a solid performance across the board with some difficult market conditions affecting some of our businesses. But overall, we have had a good growth in terms of net asset value at Vendel Principal Investments. Let's now double-click on the increase of our net asset value over the quarter on the following slide, which adds up to €8.10 over the quarter. Breaking down this number, you can see that Vendel Investment Managers, Vendel Principal Investments, and Share Buybacks have all contributed positively to the total of €8.10. Vandel Investment Managers mainly through the increase in the valuation of our sponsor money and Vandel Principal Investments through the increase of the share price of Bureau Veritas over the quarter and the rebound in the market multiples that we use to value our non-listed principal investments over the quarter. This is 2.7 euros coming from Bureau Veritas share price and 5.8 euros per share coming from our unlisted assets. Lastly, the finalization of our share buyback program has delivered a positive, accretive effect of 50 cents over the quarter. Building up on this theme of shareholder return on the next slide, let me expand a little bit on what has been done. As you know, it's an important topic in our capital allocation strategy. Since the beginning of the year, we have returned approximately 450 million to our shareholders through dividends, 140 million, and share-by-back, 310 million euros, which is 9% of our share capital only in five months. Including the interim dividend to be paid in November of 2 euros and 55 cents, shareholder returns will exceed 500 million euros in 2026. Together with the positive performance that we report today, I think this demonstrates our ability to combine growth, portfolio rotation, sustained cash flows, and attractive shareholder returns that are now part of our business model.

Cyril. Thank you Jérôme. The Vandelien platform is ramping up. We have closed the committed advisor transaction in Q2. The onboarding of this new affiliate is on track, as mentioned by Jérôme. In terms of revenues for the first nine months, we are at 344, so plus 41%. It reflects now the full contribution of committed plus the IK and Monroe. If we try to Look at the underlying growth of the business on the line for like its 10% growth rate, double digit. So we are on track to deliver around 200 million of FRE on a pro forma basis for 26. That was the target announced in December last year. What is also very important, I think, is the quality of the fundraising activity. As you know, Monroe Capital is always raising capital Committed Advisor is raising capital this year. We are at 3 billion of equity raise since the start of 26. We have done close to 800 million in Q3 coming mainly from Monroe. The pipeline for Monroe, the demand for private credit in the U.S. and for Monroe capital remains very strong and will pay. It has paid in Q3 and we will see more in Q4. It's very dynamic. If we look at the bridge in terms of AUM, so as mentioned by Jérôme, so we end the quarter at 48.7 billion in total. If we look at the fee-paying AUM, we end at 37.7. And if you look at the bridge, the contribution since the beginning of the year, so you have the benefit of the integration of committed advisor for 5 billion. But if we look at the organic dynamics, so we have new fee-paying AUM for 5.3 billion. 4 billion coming from monroe capital and it's mainly the deployment here it's not the fundraise it's the deployment of the of the institutional vehicle and 1.3 billion coming from the equity raised by committed advisor exit and pay of 4.2 we have written a lot of capital to our lps mainly monroe and committed advisor it's very important and with that we end the quarter at 37.7 billion