Sofina (SOF) H1 2025 earnings summary

Executive summary

• Net Asset Value (NAV) at 30 June 2025 was EUR 9.8 billion (EUR 296.38 per share), up 3% year-over-year but down from end-2024, mainly due to currency headwinds, especially a weakening US dollar.

• Active investment and divestment activity included new investments in Proeduca, Scalable Capital, Berry Street, The Whole Truth, and Organox, and exits such as First Eagle, GL events, and partial divestments in ByteDance, bioMérieux, and SES.

• Portfolio is diversified across sectors (consumer, education, healthcare, digital transformation, sustainable supply chains) and geographies (Europe, North America, Asia), with 93% unlisted assets.

• Private equity funds returned to growth in local currency, with increased distributions and strong momentum in early-stage investments.

• ByteDance remains the only asset representing more than 5% of portfolio fair value; top 10 direct investments account for 29% of the portfolio.

Financial highlights

• NAV per share at 30 June 2025 was EUR 296.38, down from EUR 311.77 at end-2024.

• Net result for H1 2025 was EUR -394 million, compared to EUR 551 million in H1 2024.

• Net cash position shifted to net debt of EUR 76 million at 30 June 2025, from net cash of EUR 334 million at year-end 2024.

• Loan-to-value ratio increased to 0.8% at 30 June 2025 from -3.3% at year-end 2024.

• Dividend income for H1 2025 was EUR 18 million, significantly lower than EUR 824 million in H1 2024.

Outlook and guidance

• Management remains confident in the long-term strategy based on diversification, innovation, and patient capital, despite macroeconomic and geopolitical volatility.

• Continued focus on sourcing new investments, managing exits, and capital rotation, with further post-closing activity including a confidential European fintech investment and full exit of Organox.