Gimv Nv · EURONEXT:GIMB
Gimv Nv — FY2024-25 Earnings Presentation
39 slides from Gimv Nv's earnings presentation, May 22, 2025
Slide 1: Gimv invests, grows and realizes value - FY 2024-2025 results
Gimv invests, grows and realizes value FY 2024-2025 results Analysts & press conference, May 22nd, 2025 CONSUMER HEALTHCARE LIFE SCIENCES SMART INDUSTRIES SUSTAINABLE CITIES P-1450
Slide 2: Gimv Group results - Highlights
Gimv Group results - Highlights FY 2024-25
Slide 3: 2024 was a transformative year for Gimv
2024 was a transformative year for Gimv WorxInvest as new reference A successful capital increase shareholder Launch of our accelerated growth Start of Anchor and establishment of strategy first Partnership (Infravest) 3 FY 2024 - 2025 RESULTS
Slide 4: Second consecutive year with record results
Second consecutive year with record results Another year of double-digit growth at our companies in combination with significant capital gains on exits leads to a record portfolio result of more than 300mio EUR (portfolio return of 19.3%) which underpins the quality and strength of our companies Sec
Slide 5: Ready for the future
Ready for the future Today we have all-time high cash means available for investments in existing and new portfolio companies Gimv is committed to work on all different levers of value creation, further strengthened by the new Anchor approach, which will enable us to confront an industrial slowdown
Slide 6: 1. Gimv invests
1. Gimv invests
Slide 7: Considerable step-up in investments to 336mio EUR
Considerable step-up in investments to 336mio EUR Investments over the past 5 years (€ mio) 336 261 211 194 116 2020-21 2021-22 2022-23 2023-24 2024-25 Investments FY 2024-25 by platform (€ mio, %) 0,6% % Investments by platform 100,1 9% HC 96,9 12% 30% SC 66,8 CO 40,2 30,0 SI 20% LS 2,0 29% Other H
Slide 8: 8 new companies, 2 roll-over and further buy-and-build
8 new companies, 2 roll-over and further buy-and-build • € 267mio invested in 8 new portfolio companies and 2 roll-over investments: SC SI LS CO HC France Germany US Germany Germany Machinery for installation & Pioneering next generation Rental of ready-to-use maintenance of synthetic antibody-drug
Slide 9: 2. Gimv grows
2. Gimv grows
Slide 10: Sustained strong profitability growth in our portfolio companies
Sustained strong profitability growth in our portfolio companies • After a solid margin recovery year 2023, our portfolio companies continued their remarkable growth path in 2024: again double-digit topline growth (+13%) and on top of that a sustained margin extension, resulting in a growth in overa
Slide 11: Double-digit increase in topline and sustained margin extension
Double-digit increase in topline and sustained margin extension results in even stronger growth in profitability Sales by platform (LfL, € mio) EBITDA by platform (LfL, € mio) 5.000 500 +15% +13% 4.500 450 4.000 400 3.500 350 3.000 300 2.500 250 2.000 200 1.500 150 1.000 100 500 50 0 0 CO HC SI SC T
Slide 12: Portfolio return for the second year in a row above 19%
Portfolio return for the second year in a row above 19%, well above target Total portfolio return (%) 27,0% Towards 20,1% 20,4% Portfolio 18,8% 19,1% 19,3% 17.5% return target 15,6% 16,2% of 15% -0,1% -10,3% Long term objective FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24
Slide 13: Record portfolio result: first time ever more than € 300mio
Record portfolio result: first time ever more than € 300mio Portfolio result by platform (€ mio) • Total portfolio result in 150 FY 2024-25 of € 300.2mio 130 • € 191.4mio realised result, 110 mainly capital gains on exits 90 • € 75.1mio unrealised result, 70 increase in valuation driven 50 by solid
Slide 14: Growth performance continues to be key contributor to unrealised valuation result
Growth performance of portfolio continues to be the key contributor to the unrealised valuation result of € 75mio Sources of value creation (€ mio) • Strong growth performance of the portfolio is the key contributor to the FY unrealised result. With double-digit turnover and profitability growth, ou
Slide 15: Unrealised result FY 2024-25 per platform
Unrealised result FY 2024-25 per platform Consumer Healthcare • Solid margin expansion is the key contributor to the FY • Growth remains the main contributor to the FY unrealized unrealized result result Some standalone partial write downs • 12.2% total portfolio return for FY 2024-2025 • 23.6% tota
Slide 16: Unrealised result FY 2024-25 per platform
Unrealised result FY 2024-25 per platform Smart Industries Sustainable Cities • Continued topline growth and profitability improvement • Strong revenue growth and further margin improvement are the key contributors to the FY unrealized result are the key drivers of the FY unrealized result • 25.6% t
Slide 17: Launch of Gimv Anchor in collaboration with WorxInvest
Launch of Gimv Anchor in collaboration with WorxInvest - Cegeka welcomed as its first participation • Gimv and WorxInvest joined forces, combining their strength and firepower, around Gimv's Anchor investing approach, designed to build long-standing strategic partnerships with leading growth compani
Slide 18: Total portfolio value grows to more than € 1.6bn
Total portfolio value grows to more than € 1.6bn • In an intensive exit year, the Continued Portfolio growth (€ mio) size of our portfolio grows to more than € 1,6bn (4% portfolio growth vs. end 1.623 1.523 1.559 March 2024) driven by the 1.449 increased investment rhythm 1.233 and the continued foc
Slide 19: NAV per share grows to EUR 53.3
NAV per share grows to EUR 53.3, +15% on like-for-like basis(**) versus end March 2024 (in € mio) -1,2 219,0 242,8 -72,5 29,3 1.906,7 1.908,0 1.489,3 1.416,8 1.446,1 31/03/2024 Allocated Capital Capital FY 2024-25 Other 31/03/2025 optional increase increase (net result dividend dividend of costs) NA
Slide 20: 3. Gimv realizes value
3. Gimv realizes value
Slide 21: Total exit proceeds amount to 560mio, 5 successful exits
Total exit proceeds amount to 560mio* 5 successful exits realized in a challenging market environment as proof of our strategic value creation through growth • 5 full exits realised in 2024-25: SI; FR; 2016 HC; G; 2020 Provider of business and IT transformation software Outpatient rehabilitation ser
Slide 22: Gimv clearly outperforms the market rebound of investment and divestment volumes
Gimv clearly outperforms the market rebound of investment and divestment volumes in 2024 • After a steep decline in 2022-23, European buyout investment and divestment volumes started to rebound in 2024. • Gimv clearly outpaced the European buy-out market, both in 2024 as over the past 5 years. Chang
Slide 23: Growth at portfolio companies key source of realised value creation
Growth at portfolio companies confirmed as the key source of realised value creation (data based on exits as of 2014) 459 2.618 -16 -1% contribution Value created at Gimv level in EUR m 1.291 26% contribution 884 75% contribution Entry Growth Multiple Deleveraging Exit total value expansion total va
Slide 24: 4. Gimv is a sustainable investor
4. Gimv is a sustainable investor
Slide 25: Gimv remains committed to the essence of sustainability
As European regulations evolve, Gimv remains committed to the essence of sustainability Gimv considers the following sustainability topics as essential following a double materiality assessment 1 conducted in FY 2024-25 Responsible company Sustainable investor Climate ESG integration Human capital E
Slide 26: Conclusions
Conclusions
Slide 27: Key take-aways
Key take-aways Solid fundamentals for growth and value creation Generating record results and growing Our solid and performing portfolio consistently faster than the overall economy Considerably expand our Core portfolio and Our clear and focused growth strategy extend the investment horizon to real
Slide 28: Annex - Portfolio reporting
Annex Portfolio reporting
Slide 29: Five largest investments make up 30% of portfolio value
Five largest investments make up 30% of portfolio value (based on NAV of 31 March 2025) > rank 1 to 5 Company Activity Platform Location Entry Independent European ICT service provider Anchor Belgium 2017 Supplier of high-tech/high-quality Belgium 2020 communication systems Medical device company ac
Slide 30: Twenty largest investments
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Specialist contractor in cable and pipeline The Netherlands 2021 networks for energy and water Developer and manufacturer of electronic and The Netherlands 2022 mechatronic products and systems Leader in rental
Slide 31: Twenty largest investments
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Premium baby strollers The Netherlands 2016 Utilities software solution company Belgium 2013 Leading Belgian manufacturer of herbs & spices Belgium 2025 Developer and supplier of tailor-made cheese France 2018
Slide 32: Twenty largest investments make up 70% of total portfolio value
Twenty largest investments make up 70% of total portfolio value (ctd) > rank 16 to 20 Company Activity Platform Location Entry End-to-end electrical engineering solutions Germany 2021 Specialised producer of smart electronics The Netherlands 2020 Machinery for the installation and maintenance German
Slide 33: Portfolio value exceeds € 1.6bn at the end of FY 2024-25
Portfolio value exceeds € 1.6bn at the end of FY 2024-25 (in € mio) 369,0 -421,8 32,2 9,9 14,7 11,7 48,7 1.623,3 1.559,0 Valuation result € 75.1mio 31/03/2024 Invested (*) Divested Performance Leverage Market Accrued Other 31/03/2025 Value (**) effect impact Interest (*) Gross investments including
Slide 34: 61 portfolio companies with a value of € 1.62bn
61 portfolio companies with a value of € 1.62bn Portfolio by platform Portfolio by region 3F NA Rest of the IF 1% 1% world Anchor 2% 3% CO 10% 17% DACH 24% Belgium 36% SC 20% HC 17% France 18% LS SI 8% The Netherlands 24% 19% 34 FY 2024 - 2025 RESULTS
Slide 35: Portfolio breakdown according to valuation method and vintage
Portfolio breakdown according to valuation method and vintage Platform portfolio by valuation method Platform portfolio by ageing* ≤ 2012 Listed 2013-2015 Other ≥ 2024 1% 1% 4% 3% 18% Price last 2016-2017 round 24% 31% Multiples 2021-2023 65% 34% 2018-2020 19% Weighted average EV/EBITDA-ratio: 9.2x
Slide 36: Limited leverage exposure in our portfolio
Limited leverage exposure in our portfolio FY 2024-25 Leverage at portfolio companies • The average leverage (NSFD/EBITDA) of (# 42) our portfolio is 1.7x (in line with FY 2023-24 1.7x) #17 • Only 19% of our portfolio has a current #13 Net Financial Debt/EBITDA ratio in excess of 4x (slightly up fro
Slide 37: Portfolio with 61 companies and a value of € 1.62bn
Portfolio with 61 companies and a value of € 1.62bn 37 FY 2024 - 2025 RESULTS
Slide 38: Disclaimer
Disclaimer • This document is being provided to you solely for your information. It is confidential, is not intended for distribution to the press or other media, and may not be reproduced or redistributed by mail, facsimile, electronic or computer transmission or by any other means to any other per
Slide 39: Contact
Contact Kristof Vande Capelle T +32 3 290 22 17 kristof.vandecapelle@gimv.com Belgium Gimv nv Karel Oomsstraat 37 2018 Antwerpen T +32 3 290 21 00 The Netherlands Gimv Nederland Holding BV WTC The Hague Prinses Margrietplantsoen 87 2595 BR Den Haag T +31 70 3 618 618 France Gimv France Participation