Sofina (SOF) H2 2025 earnings summary

Executive summary

• NAV reached EUR 10.84 billion (EUR 305.77 per share) at year-end 2025, up from EUR 10.31 billion in 2024, reflecting portfolio resilience despite significant currency headwinds.

• Portfolio remains diversified across sectors, geographies, and investment styles, with 80+ direct investments and a similar number of private fund partners.

• Significant capital increase and bond issuance in 2025 raised EUR 1.1 billion, strengthening liquidity and the capital base.

• Dividend per share for 2025 proposed at EUR 3.66, a 4.6% increase, continuing the trend of rising payouts.

• Active investment and divestment activity, with notable new investments and exits, supported liquidity and portfolio renewal.

Financial highlights

• NAV per share at year-end 2025 was EUR 305.77, down from EUR 311.77 in 2024, after adjusting for dilution.

• Net cash position improved to EUR 430 million, with gross cash at EUR 1.72 billion and loan-to-value at -4.1%.

• Investments totaled EUR 1,139 million, while divestments generated EUR 845 million in cash.

• Value creation for the total portfolio was +1.9%, or +10.1% excluding currency impact; private funds delivered +2.1% (+13.1% ex-FX).

• Currency headwinds, mainly from USD and INR depreciation, negatively impacted NAV by EUR 925 million.

Outlook and guidance

• Entering 2026 with a robust capital base, strong investment pipeline, and ongoing momentum in private fund commitments.

• Focus remains on disciplined capital allocation, scaling up early-stage companies, and leveraging innovation.

• Ongoing commitment to sustainability, with SBTi-validated emissions targets and ESG integration.

• No direct exposure to private credit; treasury investments are in rated bonds.

• Currency volatility is managed through natural hedging and selective transactional hedges.