Gimv Nv · EURONEXT:GIMB
Gimv Nv — H1 2024-25 Earnings Presentation
33 slides from Gimv Nv's earnings presentation, Nov 21, 2024
Slide 1: H1 2024-2025 results
H1 2024-2025 results Press & Analysts 21 November 2024 CONSUMER HEALTHCARE LIFE SCIENCES SMART INDUSTRIES SUSTAINABLE CITIES
Slide 2: Gimv Group results - Highlights
Gimv Group results - Highlights H1 2024-25
Slide 3: Sustained strong profitability growth in our portfolio companies
Sustained strong profitability growth in our portfolio companies • Our companies continue to deliver solid growth: • Portfolio value further expands to a record level of more than € 1.7bn double-digit increase in topline (+12%) and even stronger growth in EBITDA (+19%) • Net profit of € 5.1/share re
Slide 4: 1. Portfolio performance
1. Portfolio performance H1 2024-25
Slide 5: 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 the first half of 2024. With again double-digit topline growth (+12%) and on top of that with a sustained margin extension, re
Slide 6: Portfolio return ahead of 15% FY target
Portfolio return ahead of 15% FY target Total portfolio return (%) 27,0% 20,1% 20,4% 18,8% 19,1% (6 months) 15,6% 16,2% 12,0% -0,2% 2015-2016 2016-2017 2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-24 H1 2024-25 -10,3% Long term objective €185m €187m (6 months) 6 H1 2024 - 2025 RE
Slide 7: H1 2024-25 portfolio result of more than € 180mio
H1 2024-25 portfolio result of more than € 180mio Portfolio result by platform (€ mio) • Total portfolio result in 150 H1 2024-25 of € 186.8mio 130 • € 2.5mio realised result, 110 mainly capital gain on exits 90 • € 167.6mio unrealised result, 70 mainly driven by solid 50 performance growth of our 3
Slide 8: 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) 2.500 250 +19% +12% 2.000 200 1.500 150 1.000 100 500 50 0 0 CO HC SI SC Total CO HC SI SC Total H1 2023 H1 2024 H1 2023 H1
Slide 9: Unrealised result of € 167.6mio
Unrealised result of € 167.6mio Portfolio performance growth remains the key value driver Sources of value creation (€ mio) • Strong growth performance of the portfolio is the key contributor to the HY unrealised result. With double-digit turnover and 180,6 EBITDA or Sales profitability growth, our
Slide 10: Unrealised result H1 2024-25 per platform
Unrealised result H1 2024-25 per platform Consumer Healthcare - Topline evolution impacted by faltering consumer spending - Strong margin recovery confirmed after year with inflation (HC - Solid margin expansion is the key contributor services in in regulated context) - 10.3% H1 portfolio return (no
Slide 11: Unrealised result H1 2024-25 per platform
Unrealised result H1 2024-25 per platform Smart Industries Sustainable Cities - Relaunch EBITDA margin confirmed thanks to both strong - Good margin recovery and continued buy-and-build are the organic and buy-and-build profitability improvement key drivers of the solid EBITDA expansion - 25.5% H1 p
Slide 12: Limited leverage exposure in our portfolio
Limited leverage exposure in our portfolio H1 2024-25 Leverage at portfolio companies • The average leverage (NSFD/EBITDA) of (# 44) our portfolio is 1.9x (slightly up from FY 2023-24 1.7x) #17 #15 • Only 11% of our portfolio has a current Net Financial Debt/EBITDA ratio in excess of 4x (down from 1
Slide 13: 2. Portfolio growth
2. Portfolio growth H1 2024-25
Slide 14: Record portfolio continues strong growth to more than € 1.7bn
Record portfolio continues strong growth to more than € 1.7bn Focus on value creation • In H1 2024-25 the size of Sustained Portfolio growth (€ mio) portfolio further expands to a record level of € 1,7bn (10% 1.714 portfolio growth vs. end 1.523 1.559 March 2024), mainly driven 1.449 by value creati
Slide 15: H1 2024-25 Investments at € 98mio
H1 2024-25 Investments at € 98mio* 3 new companies, 1 roll-over and further buy-and-build • € 62.3mio invested in 3 new portfolio companies Investments by platform (€ mio, %) and 1 roll-over: 45,2 SI; DE; June 2024 Machinery for the installation and maintenance of 20,5 synthetic surfaces in the spor
Slide 16: H1 2024-25 Exit proceeds at 128mio
H1 2024-25 Exit proceeds at 128mio 2 exits in a challenging market environment as a proof of our strategic value creation through growth • 2 full exits materialised in H1 2024-25: SC; FR; 2016 Inspection and certification services for building owners SI; FR; 2016 Provider of business and IT transfor
Slide 17: Gimv continues to deliver on both pillars of its sustainability strategy
Gimv continues to deliver on both pillars of its sustainability strategy Responsible company Sustainable investor CSRD Double Materiality Assessment conducted Upgraded & ESRS aligned ESG DD framework applied to Identifying the key material sustainability topics for Gimv for the existing portfolio co
Slide 18: Preparation of a potential capital increase
Preparation of a potential capital increase H1 182024 - 2025 RESULTS
Slide 19: Additional capital to support the acceleration of our further growth
Additional capital to support the acceleration of our further growth Gimv has the ambition: • To continue and even accelerate the further growth of its portfolio with an ambition to double the size • To further boost the investment ambitions and increase the average ticket size of our investments •
Slide 20: Conclusions
Conclusions H1 202024 - 2025 RESULTS
Slide 21: NAV per share jumps with almost 10% from EUR 50,8 to EUR 55,6
NAV per share jumps with almost 10% from EUR 50,8(*) to EUR 55,6 (in € mio) 0,0 144,9 29,3 -72,5 1.591,0 1.591,0 1.489,3 1.416,8 31/03/2024 Dividend Capital H1 FY 2024-25 Other 30/09/2024 increase result NAV/share € 50,8(*) € 55,6 (*) Net of € 2,6 dividend on FY 2023-24 21 H1 2024 - 2025 RESULTS
Slide 22: Growth at portfolio companies confirmed as the key source of value creation
Growth at portfolio companies confirmed as the key source of value creation (data based on exits as of 2014) 403 2.285 -13 -1% contribution Value created at Gimv level in EUR m 1.145 26% contribution 750 75% contribution Entry Growth Multiple Deleveraging Exit total value expansion total value 22 H1
Slide 23: Annex - Portfolio reporting
Annex Portfolio reporting
Slide 24: Five largest investments make up 29% of portfolio value
Five largest investments make up 29% of portfolio value (based on NAV of 30 September 2024) > rank 1 to 5 Company Activity Platform Location Entry Independent European ICT service provider Belgium 2017 Supplier of high-tech/high-quality Belgium 2020 communication systems Ambulatory rehabilitation pr
Slide 25: Twenty largest investments
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Medical device company active in spine surgery Switzerland 2016 Specialist contractor in cable and pipeline The Netherlands 2021 networks for energy and water Developer and manufacturer of electronic and The Net
Slide 26: 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 Premium baby strollers The Netherlands 2016 International beer group The Netherlands 2015 A CDMO for injectable (bio)pharmaceutical Th
Slide 27: Twenty largest investments make up 66% of total portfolio value
Twenty largest investments make up 66% of total portfolio value (ctd) > rank 16 to 20 Company Activity Platform Location Entry Developer and supplier of tailor-made cheese France 2018 solutions Utilities software solution company Belgium 2013 Medical plastics France 2018 Consulting firm - specialist
Slide 28: Portfolio value exceeds EUR 1.7 bn at the end of H1 2024-25
Portfolio value exceeds EUR 1.7 bn at the end of H1 2024-25 (in € mio) 15,8 0,8 -15,2 25,9 143,6* 156,9 -172,9* Valuation result € 167.6mio 1.713,9 1.559,0 31/03/2024 Invested Divested Performance Leverage Market Accrued Other 30/09/2024 Value effect impact Interest * These figures include the trans
Slide 29: 62 portfolio companies with a value of € 1.71bn
62 portfolio companies with a value of € 1.71bn Portfolio by platform Portfolio by region 3F NA Rest of the IF 1% 0% CO world 4% 15% 2% SC 16% DACH 29% Belgium 35% HC 20% France SI LS 16% 37% 7% The Netherlands 18% 29 H1 2024 - 2025 RESULTS
Slide 30: 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 ≥ 2024 2013-2015 Other 1% 1% Price last 3% 5% 5% round 18% 2021-2023 32% 2016-2017 28% Multiples 76% 2018-2020 31% Weighted average EV/EBITDA-ratio: 9.0x (
Slide 31: Portfolio with 62 companies and a value of € 1.71bn
Portfolio with 62 companies and a value of € 1.71bn 31 H1 2024 - 2025 RESULTS
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