Sofina (SOF) H2 2024 earnings summary

Executive summary

• Achieved 13% year-on-year NAV growth to EUR 10.3bn, with a net result of EUR 1,360m compared to a loss of EUR 104m in 2023.

• Portfolio performance driven by diversified investments across sectors and geographies, with strong value creation in both direct and private funds.

• Active deal flow and a mix of early-stage to mature assets supported performance, with new investments in team.blue, Cyera, and Vivobarefoot.

• Full exits included Petit Forestier Group and GL events, generating liquidity and capitalizing on favorable market conditions.

• Opened a London office to deepen relationships and unlock further growth opportunities.

Financial highlights

• Net Asset Value (NAV) increased to EUR 10,305m from EUR 9,083m year-over-year.

• Net result per share rose to EUR 40.89 from EUR -3.12 year-over-year.

• Loan-to-value ratio at -3.3%, reflecting a net cash position.

• Investments in portfolio totaled EUR 951m, with divestments at EUR 1,211m, supporting liquidity.

• Proposed gross dividend of EUR 3.50, a 4.5% increase year-over-year.

Outlook and guidance

• Optimistic about long-term value of innovation and entrepreneurship despite market and geopolitical turbulence.

• Continued focus on sustainable growth, ESG integration, and exposure to structural innovation trends.

• Momentum in deal realization and new investments expected to carry into 2025.