Luxempart (LXMPR) H1 2024 earnings summary

Executive summary

• Net Asset Value (NAV) stood at €2.3bn as of 30 June 2024, down 1.1% from year-end 2023, mainly due to dividend payout and stable portfolio performance (+0.7% in H1-24).

• Dividend yield for 2024 was 2.9%, with a 10% increase in dividend compared to the previous year.

• The portfolio remains diversified, with strong exposure to financial services, healthcare, and B2B services, and reduced exposure to industrials and technology.

• Stock price increased by 13.6% in H1-24, narrowing the NAV discount to 34%.

Financial highlights

• Profit for H1-24 was €17.2m, significantly lower than €89.2m in H1-23, mainly due to lower net gains on financial assets.

• Dividend income was €36.0m, while net losses on financial assets were €12.2m.

• Equity per share decreased to €114.15 from €115.43 at year-end 2023.

• Cash position at €183m, representing 8% of NAV.

Outlook and guidance

• Management remains cautious for H2-24, expecting continued weak performance in cyclical sectors and no strong recovery in real estate or consumption.

• Sustained strong performance is anticipated for financial services, particularly Foyer.

• Focus remains on selective investments in core sectors and maintaining a strong liquidity position.