Message from the Group CEO

Published : 23.01.2020

Dear Shareholders,

Wendel held its 18th annual Investor Day on November 7, 2019. The executives of Stahl, Constantia Flexibles, Cromology and IHS were on hand for this event, dedicated to the unlisted companies in our portfolio, so as to take stock of the previous year’s activities and present their activities and their plans for
growth and development. For more information, please go to “Investor Day 2019” on page 16.

We have published our sales for the first nine months of 2019, as well as our Net Asset Value, the most relevant indicator for an investment company, which stood at €158.6 per share as of September 30, 2019. We devote a great deal of our energies to stepping up value creation in our companies, which saw mixed
performance last year. Some of our companies are successfully implementing ambitious growth and digital transformation initiatives. Bureau Veritas, our largest holding, is a prime example. The company is continuing to pursue its positive trend, with five consecutive quarters of organic growth. IHS is also experiencing strong organic growth, and Allied Universal is successfully terminating the integration of USSA, while strengthening its range of services and its positioning with small, bolt-on acquisitions. 2019 was a more challenging year for Stahl, Constantia Flexibles, Tsebo and Cromology, which put priority on operational improvements and managing their profitability. All hands are on deck to help these companies get back on course.

During the last few months of 2019, David Darmon was appointed to Wendel’s Executive Board (in September) following the departure of Bernard Gautier, and several senior members of the company were given new responsibilities. The acquisition of Crisis Prevention Institute (CPI) in the United States was also a significant event for the Group.

We have similar goals for 2020. Leveraging our strong portfolio and balance sheet, we are carefully analyzing potential investment targets whose intrinsic qualities meet our criteria. It is also important to us to pursue our attractive return-toshareholders policy. Creating sustainable, long-term value remains the essence of Wendel’s DNA.

David Darmon and I wish you an excellent 2020!

André François-Poncet, Group CEO