Luxempart (LXMPR) H2 2023 earnings summary

Executive summary

• Net Asset Value (NAV) increased by 6.4% to €2.3bn as of 31 December 2023, with a total performance of 8.3% including dividends paid.

• Strong investment activity: €370m invested, €150m received from exits and dividends, and financial liquidity at €173m.

• Dividend proposed at €2.17 per share, up 9.6%, yielding 3.3% at year-end price.

• Share price ended 2023 at €66, down 11.4%, trading at a 42.8% discount to NAV.

Financial highlights

• Consolidated net profit for 2023: €183.5m, up from €46.4m in 2022.

• Equity per share rose to €115.43 from €108.28 year-over-year.

• Direct Investments NAV grew 22% to €1.62bn; Investment Funds NAV rose to €509m.

• Annualized IRR (2020–2023) of 12.2%, outperforming the MSCI Europe Mid Cap's 4.0%.

• Dividend of €1.98 per share paid in 2023; proposal for €2.17 per share in 2024.

Outlook and guidance

• Cautiously optimistic for 2024 amid macroeconomic uncertainty.

• Foyer Group and Direct Investments expected to remain resilient; positive outlook for mature funds' exits.

• Focus on maintaining a diversified, growth-oriented portfolio and seizing new investment opportunities.