Sofina (SOF) H2 2025 earnings summary

Executive summary

• NAV reached EUR 10.8 billion (EUR 305.77 per share) at year-end 2025, up from EUR 10.3 billion (EUR 311.77 per share) at year-end 2024, reflecting portfolio resilience despite currency headwinds.

• Portfolio performance was solid, with active dealflow and new investments in multiple sectors and geographies.

• Value crystallisation achieved through exits, including IPOs of Lenskart and Pine Labs.

• EUR 1.1 billion raised via equity and bond issuance, strengthening the capital base.

Financial highlights

• Net Asset Value (NAV) at 31 December 2025: EUR 10.84 billion, or EUR 305.77 per share, compared to EUR 10.31 billion (EUR 311.77 per share) at year-end 2024.

• Net result (share of the group) for 2025: EUR 45 million, down from EUR 31 million in 2024.

• Net debt position improved to EUR -430 million from EUR -334 million year-over-year.

• Investments in portfolio totaled EUR 1,139 million; divestments reached EUR 845 million.

• Loan-to-value ratio at -4.1% at year-end 2025, compared to -3.3% in 2024.

Outlook and guidance

• Entering 2026 with a robust capital base and a strong investment pipeline.

• Continued focus on disciplined capital allocation and long-term value creation.

• Anticipates ongoing momentum in commitments to private funds and new investments.