Sofina (SOF) H1 2024 earnings summary

Executive summary

• Net Asset Value (NAV) grew to €9.5bn as of June 30, 2024, up from €9.1bn at end-2023, reflecting broad-based growth and value creation across the portfolio.

• Net result for H1 2024 was €551m, a significant increase from €14m in H1 2023.

• Portfolio companies posted a 12% average increase in valuation metrics year-over-year, with strong operational performance in unlisted holdings.

• Investment activity included new stakes in team.blue, EG A/S, and Vivobarefoot, follow-ons in Dott, Vizgen, and Rohlik, and full exits from Petit Forestier Group and Graphcore.

• Sustainability remains central, with climate targets, ESG due diligence, and 7% of Sofina Direct capital in companies with Science Based Targets.

Financial highlights

• NAV per share rose to €287.00 from €273.62 at year-end 2023.

• Net cash position improved to -€11m from -€197m at year-end 2023.

• Loan-to-value ratio remained low at -0.1%.

• Investments in portfolio were €413m, with divestments at €343m for H1 2024.

• Dividend of €3.35 per share paid following AGM approval.

Outlook and guidance

• Management sees a favorable environment for growth investing, with a strong deal pipeline and ongoing liquidity to pursue new opportunities.

• Continued focus on sustainable businesses, value creation, and diversified investment styles and geographies.