Gimv (GIMB) H2 24/25 earnings summary

Executive summary

• Achieved record net profit of €219m (14.7% net return on equity) and portfolio return of 19.3% for the second consecutive year, with equity value per share at €53.3 after capital increase.

• Portfolio value exceeded €1.6bn, with 61 companies diversified across five platforms and four countries.

• Significant capital increase and new reference shareholder (WorxInvest) support accelerated growth strategy and launch of Anchor platform.

• Investments increased to €336m in FY 2024-25, with eight new companies added and five successful exits generating €560m in proceeds.

• Dividend of €2.6 per share proposed, with option for scrip or cash.

Financial highlights

• Portfolio result reached €300.2m, with €191.4m realized (mainly capital gains on exits), €75.1m unrealized (valuation growth), and €33.6m interest income.

• Portfolio companies delivered 12.7% sales growth and 14.7% EBITDA growth year-over-year, with EBITDA growth as main value driver.

• Exit proceeds totaled €560m from five full exits, with a realized money multiple of 2.4x and IRR of 14%.

• NAV per share increased to €53.3, up 15% like-for-like versus March 2024.

• Available liquidity at a record €669m, supporting future investments.

Outlook and guidance

• All-time high cash reserves and strong liquidity position support investments in existing and new portfolio companies.

• Confident in portfolio companies' ability to navigate volatile markets and industrial slowdown in Europe.

• Focus on compounding value via Anchor approach and continued expansion of core portfolio.

• No significant impact expected from US tariff policy; companies are prepared to adapt to uncertainties.

• Proposed change in financial year to align with Euronext Brussels standards, resulting in a nine-month transition year for 2025.