Sofina (SOF) H1 2026 earnings summary

Executive summary

• Net Asset Value (NAV) reached €11.5 billion as of 30 June 2026, up 6.8% from six months prior, reflecting strong growth and investment momentum year-over-year.

• Value creation was driven by both direct minority investments and indirect fund exposures, with private funds segment outperforming and direct investments broadly flat due to sector-specific multiple compression.

• Portfolio remains diversified across geographies (U.S., Europe, Asia) and sectors, with balanced allocation between private funds and direct investments; cybersecurity and digital transformation are key investment themes.

• Active deal flow continued, with notable new investments in cybersecurity (Cyera, XBOW, Eye Security, Exein), food manufacturing (Cerealis), and exits including Honasa Consumer, SES, and pending Salto Systems.

• Increased transparency with disclosure of top 10 indirect holdings in Sofina Private Funds, including SpaceX, Stripe, Anthropic, and OpenAI.

Financial highlights

• NAV increased to €11.5 billion from €10.8 billion at year-end 2025; NAV per share rose to €326.48 from €305.77.

• Net result for H1 2026 was €857.5 million, a significant turnaround from a loss of €393.9 million in H1 2025.

• Value creation for the total portfolio was 8% for H1 2026, with Private Funds achieving +16.1% and Direct investments +0.9%.

• Loan-to-value ratio stood at 1.9% at 30 June 2026, indicating low leverage.

• Investments in portfolio during H1 2026 totaled €733 million; divestments reached €650 million.

Outlook and guidance

• Capital deployment is progressing as planned, targeting a net leverage of 5–10% over three years post-capital raise.

• Continued focus on disciplined capital deployment, innovation-driven sectors, and maintaining a balanced investment pace across regions.

• Enhanced transparency with disclosure of top 10 underlying holdings in Private Funds and ongoing commitment to ESG integration and decarbonisation targets validated by SBTi.

• Management remains cautious amid macroeconomic uncertainties, including inflation risks and sector-specific pressures.

• 2026 marked as the most active year for Sofina Private Funds in terms of deployments and commitments.