Luxempart (LXMPR) H2 2024 earnings summary

Executive summary

• Net Asset Value (NAV) at year-end 2024 was €2,311m, down 0.6% year-over-year, with a global performance of +1.3% for the year, outperforming the 4-year benchmark IRR of 10% versus 5.2% for the MSCI Europe Mid Cap index.

• Investment Funds delivered an 8.5% return, while Direct Investments were flat at -0.1%, impacted by sector-specific downturns in a few holdings.

• €152m was deployed in new investments, with €87m in Direct Investments and €65m in Investment Funds; €228m was cashed in from exits and proceeds.

• The company maintained a strong liquidity position with €184m in cash and €200m in undrawn credit facilities.

• A dividend of €2.33 per share is proposed, a 7.4% increase, reflecting a 3.3% yield.

Financial highlights

• NAV: €2,311m at 31/12/2024, down 0.6% from prior year.

• Global performance: +1.3% in 2024; 4-year IRR of 10%.

• Direct Investments: -0.1% performance; NAV decreased by 5.6% to €1,531m.

• Investment Funds: +8.5% performance; NAV increased to €588m.

• Dividend: €2.33 per share proposed (+7.4% YoY); 3.3% yield.

• Stock performance: +10.1% (including dividend) in 2024.

Outlook and guidance

• No formal guidance for 2025 due to high unpredictability.

• Positive signs in cyclical holdings and continued strong activity in most portfolio companies.

• Ongoing low M&A activity may impact fund IRRs and slow portfolio construction.

• US diversification strategy expected to buffer potential shocks.