Financière de Tubize (TUB) H2 2025 earnings summary

Executive summary

• Acts as the reference shareholder of UCB, holding 36% of its shares and maintaining significant board influence through family representation.

• Mission centers on long-term support for UCB's growth, ensuring stability and value creation for future generations.

• Board expertise strengthened with biopharma professionals to enhance strategic discussions and influence at UCB.

• Maintains a minimum 30% stake in UCB, using excess holdings as strategic firepower for potential capital increases.

Financial highlights

• UCB's key growth drivers (Bimzelx, Fintepla, Rystiggo, Zilbrysq) fueled strong stock price performance in 2024 and 2025.

• Tubize's stock price rose from EUR 72 to EUR 142 in 2024, and further to EUR 209 in 2025.

• Total shareholder return (TSR) over the last 10 years exceeded 14%.

• Dividend yield decreased due to sharp stock price appreciation.

• Dividend increased by 4% this year, aligning with UCB's dividend growth.

Outlook and guidance

• Continues to accumulate UCB shares as a long-term strategy, with purchases typically timed between dividend cycles.

• No specific target for UCB ownership percentage, but aims to maintain at least 30%.

• Prepared to support UCB in potential future capital increases or acquisitions, maintaining financial flexibility.