Slide 1: FY 2025 (9 months) results
FY 2025 (9 months) results Analysts & press conference February 19th, 2026 CONSUMER HEALTHCARE SMART INDUSTRIES SUSTAINABLE CITIES
Slide 2: Gimv Group results - Highlights
Gimv Group results - Highlights FY 2025 (9 months)
Slide 3: Accelerated growth delivered & sustained portfolio performance
Accelerated growth delivered & sustained portfolio performance FY portfolio return of 14.3% (9 months, non-annualized; 19.1% on an annual basis, above target of 17.5%), driven by sustained growth performance and margin expansion of our companies and capital gains on some exits Net profit of 173.3mio
Slide 4: 1. Gimv accelerates on investments
1. Gimv accelerates on investments
Slide 5: More than 450mio EUR invested in 9 months
More than 450mio EUR invested in 9 months, underlining growth acceleration via significant step-up in investment activity 9 months Investments over the past ca. 6 years (mio EUR) 466 336 261 211 194 116 2020-21 2021-22 2022-23 2023-24 2024-25 2025 Investments FY 2025 by platform (mio EUR, %) % Inves
Slide 6: 7 new companies, 2 continuation investments and further buy-and-build
7 new companies, 2 continuation investments and further buy-and- build • 466mio EUR invested in 7 new portfolio companies and 2 continuation investments: CO HC SC HC HC Netherlands Belgium Netherlands Germany Switzerland Care provider focused Medtech company Passive consumer Medical care and B2B ene
Slide 7: 2. Portfolio sustains a solid above-market growth
2. Portfolio sustains a solid above-market growth
Slide 8: Sustained growth in our portfolio companies
Sustained growth in our portfolio companies • Our companies continued their above average growth performance in 2025, proving the resilience of our portfolio in volatile and challenging market circumstances. • Overall, on a full year basis, our platform companies increase their sales with 10%, while
Slide 9: Portfolio return above annual target of 17.5%
Portfolio return above annual target of 17.5% Total portfolio return (%) 27,0% annualized Towards 20,4% 17.5% 18,8% 19,1% 19,3% 19,1% 16,2% 14,3% 15,6% -0,2% -10,3% Long term objective FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY 25 169mio EUR 231mio EUR (12 months) (9
Slide 10: Portfolio result of 231mio EUR, or a non-annualized 14.3% return
Portfolio result of 231mio EUR, or a non-annualized 14.3% return Portfolio result by platform (mio EUR) • Total portfolio result in FY 2025 of 231mio EUR 120 • 52.7mio EUR realised result, 100 mainly capital gains on exits 80 (Itineris, ImCheck and 60 remaining part of Joolz) 40 • 155.9mio EUR unrea
Slide 11: Solid increase in topline and profitability, combined with margin expansion
Solid increase in topline and profitability, combined with margin expansion Sales by platform (LfL, mio EUR) EBITDA by platform (LfL, mio EUR) +11% +15% 4.000 450 400 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 Core CO HC SI SC Core FY24 A FY25 LE FY24 A FY25 L
Slide 12: Growth performance remains key contributor to unrealised valuation result
Growth performance of portfolio remains the key contributor to the unrealised valuation result of 156mio EUR • Portfolio performance varies across platforms, Sources of value creation (€ mio) • Strong results in SC primarily driven by topline growth (both organic and buy-and-build), while maintainin
Slide 13: In all platforms, growth is the key value creation driver
In all platforms, growth is the key value creation driver Consumer Healthcare • Modest margin expansion impacted by sluggish • Organic growth remains the main contributor to the consumer spending unrealized result • 4.8% total portfolio return for FY 2025 • 18.8% total portfolio return for FY 2025 F
Slide 14: Anchor – Cegeka: 2025 as a year of transition
Anchor – Cegeka: 2025 as a year of transition and investment in future growth Cegeka faced a rapidly evolving IT landscape throughout 2025. Budget restrictions in both public and private companies in Europe and the US (a.o. DOGE) put pressure on both topline and margins. Cegeka used this market cont
Slide 15: Growth acceleration of the portfolio, expanding to all-time high of 2.1 billion EUR
Growth acceleration of the portfolio, expanding to an all-time high of 2.1 billion EUR • In 2025 our portfolio substantially Accelerated portfolio growth (mio EUR) grew to a record level of more than 2.1 billion EUR (31% portfolio growth in 9 months) driven by a significantly increased increased 2.1
Slide 16: Our portfolio has a solid financial profile
Our portfolio has a solid financial profile, enabling flexibility for further growth FY 2025 Leverage at portfolio companies • The average leverage (NSFD/EBITDA) of (# 48) our portfolio is 1.8x (vs. 1.7x end March 2025) #16 • 9 portfolio companies have a leverage ratio in excess of 4x (stable versus
Slide 17: 9% increase in NAV/share in 9 months
9% increase in NAV/share in 9 months(*) NAV/share 50.7 EUR (*) 55.1 EUR (*) net of 2,6 EUR dividend on FY 2024-25 17 FY 2025 RESULTS
Slide 18: 3. Gimv realizes value
3. Gimv realizes value
Slide 19: Total exit proceeds amount to 197mio EUR
Total exit proceeds amount to 197mio EUR 3 successful exits realized in a challenging market environment as proof of our strategic value creation through growth • Realizing a combined money multiple of 2.6x and an IRR of 12.6% SC; B; 2013 Utilities software solution company CO; NL; 2016 ➢ Combined w
Slide 20: Conclusions
Conclusions
Slide 21: Key take-aways
Key take-aways • Portfolio at record value above 2 • We continue to strengthen our companies billion EUR • We’re ready to move forward with even more • Sustained growth momentum of our capabilities to guide our companies through companies their technological transformation, accelerating • Above targ
Slide 22: Annex
Annex Portfolio reporting
Slide 23: Five largest investments make up 30% of portfolio value
Five largest investments make up 30% of portfolio value (based on NAV of 31 December 2025) > rank 1 to 5 – all platforms represented Company Activity Platform Location Entry Independent European ICT service provider Belgium 2025 Medical device company active in spine surgery Switzerland 2025 Supplie
Slide 24: Twenty largest investments
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Production of gates and fencing & provider of France 2022 fencing solutions Developer and manufacturer of electronic and The Netherlands 2022 mechatronic products and systems Service provider in incontinence car
Slide 25: Twenty largest investments
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry One-stop shop for technical installations, Belgium 2022 products & services Online learning platform Germany 2021 End-to-end electrical engineering solutions Germany 2021 Leading Belgian manufacturer of herbs &
Slide 26: 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 Pipeline construction, cable laying networks and Germany 2022 specialized civil engineering A growing B2B energetic renovation & The Netherlands 2025 maintenance specialist
Slide 27: High investment level leads the portfolio value to close to 2.0 billion EUR
High investment level leads the portfolio value to close to 2.0 billion EUR (in mio EUR) Valuation result +155,9mio EUR 27 FY 2025 RESULTS
Slide 28: 63 portfolio companies with a value of 2.12 billion EUR
63 portfolio companies with a value of 2.12 billion EUR Portfolio by platform Portfolio by region Rest of the IF 3F NA world 4% 1% 0% CO 3% Anchor 17% 8% DACH Belgium 27% 32% SC 20% HC 24% France 14% The Netherlands SI LS 24% 21% 5% 28 FY 2025 RESULTS
Slide 29: 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* Other Listed ≤ 2015 1% 1% 2016-2017 2% 13% Price last round ≥ 2024 37% 38% 2018-2020 14% Multiples 60% 2021-2023 34% Weighted average EV/EBITDA-ratio: 9.7x (after 17% ne
Slide 30: Portfolio with 63 companies and a value of 2.12 billion EUR
Portfolio with 63 companies and a value of 2.12 billion EUR 30 FY 2025 RESULTS
Slide 31: Sustainability: Progress alongside growth
Sustainability : Progress alongside growth Lead where we can | Monitor what matters | Act with focus “ESG integration that drives operational progress, external credibility and portfolio value creation.” Externally validated, resilient ESG positioning Sustainability-driven of Gimv in a shifting land
Slide 32: 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 33: 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