Luxempart (LXMPR) H1 2026 earnings summary

Executive summary

• Net Asset Value (NAV) increased by 1.3% in H1 2026 to €2,557.9m, with total performance including dividends at 3.3% and a 12.1% NAV performance over the last 12 months.

• Both Direct Investments and Investment Funds contributed positively, with Direct Investments up 4.1% and Investment Funds up 3.3% in H1 2026.

• Share price rose 19% to €75.00 in H1 2026, reducing the discount to NAV per share (€126.79 as of 30 June 2026).

• Financial liquidity remains strong at €188.2m, representing 7.4% of NAV, with access to over €400m including credit facilities.

• Portfolio concentration increased, with the 14 largest Direct Investments representing 91.6% of the Direct Investments portfolio and 63.5% of NAV.

Financial highlights

• Profit for H1 2026: €82.3m, up from €62.9m in H1 2025.

• Dividend of €2.56 per share paid in May 2026, totaling €51.6m and yielding 4.1%.

• Five-year IRR of 8.0%, marginally outperforming the MSCI Europe Mid Cap Net Return Index.

• Shareholder total return, including dividend, was 23% for H1 2026.

• Dividend income reached €43.2m, and profit on investment activities was €91.1m.

Outlook and guidance

• Market environment expected to remain challenging due to geopolitical tensions, high indebtedness, and inflation uncertainty.

• Focus remains on long-term value creation, disciplined entry valuations, and maintaining a diversified portfolio.

• Approximately €70m in new fund commitments planned for H2 2026, with €58m already approved post-closing.

• Strong cash position enables a long-term investment perspective and flexibility to seize opportunities.