Gimv Nv · EURONEXT:GIMB
Gimv Nv — H1 2025 Earnings Presentation
33 slides from Gimv Nv's earnings presentation, Nov 20, 2025
Slide 1: H1 2025 results
H1 2025 results Analysts & press conference, November 20th, 2025 CONSUMER HEALTHCARE LIFE SCIENCES SMART INDUSTRIES SUSTAINABLE CITIES
Slide 2: Gimv Group results - Highlights
Gimv Group results - Highlights H1 2025
Slide 3: Solid growth performance in the first half of 2025
Solid growth performance in the first half of 2025 H1 portfolio return of 9.5% (non-annualized; on track for increased annual target of 17.5%), driven by sustained growth performance of our companies and capital gains on some successful exits Net profit of 126.9mio EUR (or EUR 3.4 per share), result
Slide 4: 1. Gimv invests
1. Gimv invests
Slide 5: More than EUR 300mio invested in 6 months
More than EUR 300mio invested in 6 months, underlining growth acceleration via step-up in investment activity Investments over the past 5,5 years (€ mio) 6 months 336 317 261 211 194 116 2020-21 2021-22 2022-23 2023-24 2024-25 H1 2025 Investments H1 2025 by platform (€ mio, %) % Investments by platf
Slide 6: 4 new companies, 2 continuation investments and further buy-and-build
4 new companies, 2 continuation investments and further buy-and-build • € 253mio invested in 4 new portfolio companies and 2 continuation investments: SC HC CO Netherlands Switzerland Netherlands B2B energetic Medtech company Passive consumer renovation & providing implants for hearing protection ma
Slide 7: 2. Gimv grows
2. Gimv grows
Slide 8: Sustained growth in our portfolio companies
Sustained growth in our portfolio companies • Our companies continued their above average growth performance in the first half of the current financial year 2025, proving the resilience of our portfolio in volatile and challenging market circumstances. • Overall, on a half-year basis, they have been
Slide 9: Portfolio return on track towards increased annual target of 17,5%
Portfolio return on track towards increased annual target of 17,5% Total portfolio return (%) 27,0% Towards 20,4% 18,8% 19,1% 19,3% 17.5% 15,6% 16,2% (6 months) 9,5% -0,1% -10,3% Long term objective FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 H1 25 €169m €154m (6 months)
Slide 10: Portfolio result of € 154mio, or a non-annualized 9.5% return
Portfolio result of € 154mio, or a non-annualized 9.5% return Portfolio result by platform (€ mio) • Total portfolio result in 100 H1 2025 of € 154mio 80 • € 39.1mio realised result, mainly capital gains on exits (Itineris 60 and remaining part of Joolz) 40 • € 99.1mio unrealised result, 20 increase
Slide 11: Increase in topline and profitability
Increase in topline and profitability Sales by platform (LfL, € mio) EBITDA by platform (LfL, € mio) +6.8% +6.3% 1.800 200 1.600 180 1.400 160 140 1.200 120 1.000 100 800 80 600 60 400 40 200 20 0 0 CO HC SI SC Core CO HC SI SC Core H1 2024 H1 2025 H1 2024 H1 2025 11 H1 2025 RESULTS
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 € 99mio • The H1 results largely originate from growth Sources of value creation (€ mio) performance • Portfolio performance varies across platforms, • Strong results from SC and HC, primarily driven by
Slide 13: Unrealised result H1 2025 per platform
Unrealised result H1 2025 per platform Consumer Healthcare • Modest margin expansion impacted by sluggish • Organic growth remains the main contributor to the consumer spending unrealized result • 2.5% total portfolio return for H1 2025 • 11.6% total portfolio return for H1 2025 H1 unrealised result
Slide 14: Unrealised result H1 2025 per platform
Unrealised result H1 2025 per platform Smart Industries Sustainable Cities • Growth impacted by industrial slowdown in Europe in the • Growth performance (both organic as through buy-and- first half of the year build) remains the key contributor to the H1 unrealized • Continued cash generation(delev
Slide 15: Growth acceleration of the portfolio, expanding to an all-time high of € 2 billion
Growth acceleration of the portfolio, expanding to an all-time high of € 2 billion • In the first six months, our portfolio Accelerated portfolio growth (€ mio) substantially grows to a record level of € 1.94 billion (20% portfolio growth in 6 months) driven by the 1.942 increased investment rhythm
Slide 16: 6.3% increase in NAV/share in 6 months
6.3% increase in NAV/share in 6 months(*) (in € mio) NAV/share € 50.7(*) € 53.9 (*) net of € 2,6 dividend on FY 2024-25 16 H1 2025 RESULTS
Slide 17: 3. Gimv realizes value
3. Gimv realizes value
Slide 18: Total exit proceeds amount to 150mio, 2 successful exits
Total exit proceeds amount to 150mio 2 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 11.2% SC; B; 2013 Utilities software solution company CO; NL; 2016 ➢ Combined with
Slide 19: Zoom on performance of Gimv share
Zoom on performance of Gimv share • Total shareholder return (incl dividend re- invested) Period TSR (%) 2025 YTD 21% 10y 6.6% 20y 7% • Capital increase had a beneficial impact on the volumes traded, more than doubling 19 H1 2025 RESULTS
Slide 20: Conclusions
Conclusions
Slide 21: Key take-aways
Key take-aways • Successful kick-off of our accelerated growth strategy with more than 300 mio EUR invested over a period of 6 months • Portfolio value expands to an all-time high of 2 billion EUR • In volatile and challenging economic headwinds, our companies showed resilience and continued to deli
Slide 22: Annex
Annex Portfolio reporting
Slide 23: Five largest investments make up 31% of portfolio value
Five largest investments make up 31% of portfolio value (based on NAV of 30 September 2025) > rank 1 to 5 Company Activity Platform Location Entry Independent European ICT service provider Belgium 2025 Medical device company active in spine surgery Switzerland 2025 Supplier of high-tech/high-quality
Slide 24: 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 Service provider
Slide 25: Twenty largest investments
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Online learning platform Germany 2021 End-to-end electrical engineering solutions Germany 2021 Leading Belgian manufacturer of herbs & spices Belgium 2025 Machinery for the installation and maintenance Germany
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 A CDMO for injectable (bio)pharmaceutical The Netherlands 2022 products Pipeline construction, cable laying networks and Germany 2022 specialized civil engineering Developer
Slide 27: High investment level leads the portfolio value to close to EUR 2.0 bln
High investment level leads the portfolio value to close to EUR 2.0 bln (in € mio) Valuation result € 99.1mio 27 H1 2025 RESULTS
Slide 28: 64 portfolio companies with a value of € 1.94bn
64 portfolio companies with a value of € 1.94bn Portfolio by platform Portfolio by region Rest of the IF 3F NA world Anchor 3% 1% 0% 3% 9% CO 18% DACH 28% Belgium 29% SC 20% HC 20% France 16% SI LS The Netherlands 22% 7% 24% 28 H1 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* 2013-2015 Other Listed 1% 4% 1% 2016-2017 ≥ 2024 15% Price last 33% round 32% 2018-2020 15% Multiples 63% 2021-2023 35% Weighted average EV/EBITDA-ratio: 9.7x (after 18%
Slide 30: Limited leverage exposure in our portfolio
Limited leverage exposure in our portfolio H1 2025 Leverage at portfolio companies • The average leverage (NSFD/EBITDA) of (# 48) our portfolio is 2.0x (vs. 1.7x end March 2025) • Only 13% of our portfolio has a current leverage ratio in excess of 4x (down from #21 #19 19% as at end March 2025) • Ab
Slide 31: Portfolio with 64 companies and a value of € 1.94bn
Portfolio with 64 companies and a value of € 1.94bn 31 H1 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