Sofina (SOF) H1 2025 earnings summary

Executive summary

• Net Asset Value (NAV) at €9.8 billion as of 30 June 2025, reflecting a decrease over six months due to currency headwinds but a return to growth in local currency.

• Active investment and divestment activity, with new additions such as Proeduca, Scalable Capital, Berry Street, The Whole Truth, and Organox, and exits including First Eagle, GL events, and partial divestments of bioMérieux, ByteDance, and SES.

• Portfolio diversified across sectors (consumer, education, healthcare, digital transformation, sustainable supply chains) and geographies (Europe, North America, Asia), supported by a long-term capital model.

• Private equity funds returned to growth in local currency, with increased distributions.

• Portfolio companies showed resilience and growth despite currency and market headwinds.

Financial highlights

• NAV decreased from €10.3 billion at 31 December 2024 to €9.8 billion at 30 June 2025.

• Net result for H1 2025 was -€394 million, compared to €551 million in H1 2024.

• Net result per share was -€11.90 for H1 2025, down from €16.59 in H1 2024.

• Loan-to-value ratio increased to 0.8% at 30 June 2025 from -3.3% at year-end 2024.

• Net cash position shifted to net debt of €76 million from net cash of €334 million at year-end 2024.

Outlook and guidance

• Optimism for long-term value creation driven by innovation and entrepreneurship across regions and sectors.

• Focus remains on long-term, non-cyclical, sustainable growth and continued active sourcing of new investments and management of exits.

• Continued demand for long-term, permanent capital in the market environment.