Gimv (GIMB) H1 24/25 earnings summary

Executive summary

• Portfolio companies achieved 12.2% sales growth and 19.1% EBITDA growth in H1 2024-25, with organic expansion and margin extension as key drivers.

• Net profit reached €144.9 million (€5.1 per share), increasing NAV per share to €55.6, up 9.4% in six months after dividend payout.

• Portfolio value expanded to a record €1.7bn, with 62 companies across five platforms and liquidity above €300m.

• Investments totaled €98m across 3 new companies, 1 roll-over, and further buy-and-build activity.

• Two full exits generated €128m in proceeds, with a realised money multiple of 2.7x and IRR of 15.2%.

Financial highlights

• Total portfolio result for H1 2024-25 was €186.8m (12% return), with €2.5m realised and €167.6m unrealised, mainly from portfolio performance.

• Net return on equity was 9.7% and net result per share was €5.1.

• Weighted average EV/EBITDA multiple increased to 9.0x by end-September 2024.

• NAV per share rose from €50.8 to €55.6, net of €2.6 dividend.

• Operating expenses were €43.2m, up 5% year-over-year.

Outlook and guidance

• Companies are on track for double-digit profitability growth for full year 2024, with EBITDA growth as the main value driver.

• Ambition to double portfolio size, boost investment ticket size, and extend investment horizon.

• Management aims to maintain a dividend policy and targets annualized portfolio returns above 15%.

• More details on growth plans to be shared at Capital Markets Day on 22 January 2025.

• No significant changes in market multiples observed post-September 2024; portfolio valuation remains robust.