Investor PresentationHalf-year 2026
2 SEPTEMBER 2026
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Partner with leading entrepreneurs and families to back the sustainable growth of their businesses with patient capital and supportive advice.
Our purpose is to create enduring value, for everyone.
Our mission
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Highlights HY 2026
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Who we are
With more than 125 years of history, Sofina has evolved from an industrial holding into a global growth investment company.
Our DNA continues to shape how we think, invest, and build partnerships.
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HY26 in summary
Return to growth with value creation across stages
Market environment
• Market momentum for deals continues
• Long-term, permanent capital in demand
• Sustained growth and value of innovation and entrepreneurship, acrossgeographies and sectors
Investment activity
• Active deal flow, both investments and divestmentsoAdditions include Eye Security, FirstClub, Creature Comforts, Supabase, Primer, Hypershell, Ji Xiang Ju, XBow, CerealisoExits include Honasa Consumer and SES + Salto Systems post-closing
• Additional disclosure of Top 10 indirect holdings, includes: SpaceX, Stripe, Anthropic, OpenAI
• Deployments and increased commitments, as planned
Portfolio performance
• NAV at EUR 11.5 bn
• Value creation across most assets, progress in growing scale-ups and momentum in early-stage companies (Sofina Private Funds)
• Macro environment for mature companies not easiest
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€ 10.0 Bn € 10.5 Bn € 11.8 Bn
-€ 0.1 Bn
€ 0.4 Bn
-€ 0.2 Bn
-€ 0.1 Bn -€ 0.1 Bn -€ 0.1 Bn
-€ 1.0 Bn € 1.0 Bn € 3.0 Bn € 5.0 Bn € 7.0 Bn € 9.0 Bn € 11.0 Bn
2025 Q2 2025 Q4 2026 Q2
Portfolio Value Net cash (+)/Net debt (-) Other
HY 2026 Key figures
172 194 227 265 338 279 274 312 306 326
131 166 193277 432 206 225 218 247 223
2017 2018 2019 2020 2021 2022 2023 2024 2025 HY 2026
NAV per share Sofina stock price
Global NAV
€9,8 bn €11,5 bn €10,8 bn NAV & portfolio NAV evolution
(1)Mostly composed of Private Funds uncalled commitments (€ 1,449 m)(2)Composed of 2 bonds: €700m issued in 2021 (maturity in 2028)and €600m issued in 2025 (maturity in 2033).
LTV and net cash (€ m)
€ 1,456 m
Uncalled commitments
1.9%
LTV
€ 1,375 m
Undrawn RCF
Sofina Price & NAV per share (€)
Premium/discount (-)
+28%
-26% -18% -30% -19%
Total Direct investments€ 5.9 bn 51%
The sum of the individual components may differ from the actuals due to rounding.
1,080
0
-219
-1,299
Gross Cash Bonds Credit Lines usage Net cash (+)/Net debt (-)
-32%
NAV
€ 11.5 bnTotalNAV
Attention: Sofina Private Funds and hence the Investment Portfolio NAV are presented net of derivative instruments used to de-risk certain listed positions held within the Sofina Private Funds portfolio.
More details in the Private Funds Section.
Long-Term Minority Investments€ 2.9 bn25%
Sofina Growth€ 3.0 bn26%
Sofina Private Funds€ 6.0 bn52%
Net cash/(Net debt)-€ 0.2 bn-2%
Other- € 0.1 bn-1%
(2)
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Sofina NAV across geographies, stages, sectors and vintages
12%
88%
ListedUnlisted
17%
48%18%17%
0-3 years4-7 years8-10 years>10 years
75%
22% 3% 0%
Venture CapitalGrowth CapitalLeverage BuyoutSpecial Situation
9%
70%
21%
EuropeNorth AmericaAsia
26%
42%
23%9%
0-3 years4-7 years8-10 years>10 years
61%
13%
26%
EuropeNorth AmericaAsia
27%
36%12%12%9%4%
Consumer and retailDigital transformationEducationHealthcare and life sciencesOther
Long-Term Minority Investments - Unlisted 22%
Long-Term Minority Investments - Listed2%Sofina Private Funds - Unlisted45%Sofina Private Funds - Listed6%
Sofina Growth - Unlisted25%
Sofina Growth - Listed0%
Europe35%
North America42%
Asia23%
VINTAGE SPLIT
SOFINA DIRECT >90 growth investments starting from Series A€ 5.9 bn as of 30/06/2026
(1)Vintage based on date of first investment.
Follow-on investments considered in same vintage as initial investment.(2)Vintage based on date of first capital call.
Source: Company information, based on the look-through portfolio.
Note: Portfolio NAV is presented net of derivative instruments used to de-risk certain listed positions held within the Sofina Private Funds portfolio.
For the relevant portion, the value reflects the level locked in through those instruments rather than the prevailing market price.
The sum of the individual components may differ from the actuals due to rounding
SOFINA PRIVATE FUNDS >90 top tier GPs€ 6.0 bn as of 30/06/2026
VINTAGE SPLIT GEOGRAPHIC SPLITSECTOR SPLIT
GEOGRAPHIC SPLITSTRATEGY SPLITBY INVESTMENT STYLE
BY GEOGRAPHYTOTAL PORTFOLIO€ 11.8 bn as of 30/06/2026 LISTED/UNLISTED SPLIT LISTED/UNLISTED SPLIT
Total listed (including Private Funds listed assets) at 8% and unlisted of 92%.
4%
96%
ListedUnlisted
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(1)Presentation under the Investment Entity status in application of which direct subsidiaries of Sofina SA are stated at fair value, including the fair value of their equity investments and other assets and liabilities (mainly intra-group debts and receivables), through profit and loss, unless mentioned as presented "in look-through".
Portfolio NAV is presented net of derivative instruments used to de-risk certain listed positions held within the Sofina Private Funds portfolio.
For the relevant portion, the value reflects the level locked in through those instruments rather than the prevailing market price.(2)Calculation based on the number of outstanding shares at closing date (35,328,731 shares as at 30 June 2026 and 35,461,125 shares as at 31 December 2025).(3)Calculation based on the weighted average number of outstanding shares (35,436,648 shares as at 30 June 2026 and 33,070,430 shares as at 30 June 2025).
OVERVIEW OF HALF YEAR 2026 (1)
Key financial indicators – 30 June 2026
BALANCE SHEET (in million €) 30/06/2026 31/12/2025
Investment portfolio 11,831 10,509
Sofina Direct 5,862 5,616
Long-term minority investments 2,901 2,954
Sofina Growth 2,961 2,662
Sofina Private Funds 5,969 4,893
Net cash -219 430
Gross cash 1,080 1,723
Financial liabilities -1,299 -1,293
Other -78 -96
NAV 11,534 10,843
30/06/202631/12/2025
Net Asset Value (in million €) 11,534 10,843
Net Asset Value per share (in €) 326.48 305.77 1 semester 2026 1 semester 2025
Net result (share of the group) (in million €) 857 -394
Net result (share of the group) per share (in €) 24.20 -11.91
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(1) Presentation under the Investment Entity status in application of which direct subsidiaries of Sofina SA are stated at fair value, including the fair value of their equity investments and other assets and liabilities (mainly intra-group debts and receivables), through profit and loss, unless mentioned as presented "in look-through".
(2) The small difference between the net result and the total comprehensive income comes from income and expenses recognised directly in the shareholders’ equity and subsequently reclassified in the net result.
OVERVIEW OF HALF YEAR 2026 (1) Key financial indicators – 30 June 2026 KEY FIGURES IN LOOK-THROUGH (in million €) 30/06/2026 31/12/2025
Net debt (+) / Net cash (-) 219 -430
Investment portfolio 11,831 10,509
Loan-to-value 1.9% -4.1%
KEY COMPREHENSIVE INCOME FIGURES IN LOOK-THROUGH (in million €) 1 semester 20261 semester 2025
Dividends received 31 18
Net result of the investment portfolio 875 -379
Total comprehensive income 857 -394
KEY CASH FLOW STATEMENT FIGURES IN LOOK-THROUGH (in million €) 1 semester 20261 semester 2025
Investments in portfolio -733 -650
Divestments from portfolio 237 384
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10,509 11,831 721 681 226
- 306
Total investment portfolio31/12/2025 Acquisitions Disposals & Revenues Market Impact Currency Impact Total investment portfolio 30/06/2026
HY26 Portfolio Financial Performance Value Creation – Total portfolio Total Portfolio Fair Value bridge per investment style (€ m)
Total Portfolio Fair Value bridge (€ m)
10,509 11,831 299 1 075
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Total Investment portfolio 31/12/2025 Long-Term Minority Investments Sofina Growth Sofina Private Funds Total Investment portfolio 30/06/2026 Value creation: +8.1% Value creation excluding currency impact: +6.0%
Note: Sofina Private Funds and hence the Investment Portfolio NAV are presented net of derivative instruments used to de-risk certain listed positions held within the Sofina Private Funds portfolio.
More details in the Private Funds Section.(1)Value creation definition: (Fair value at the end of the year + Divestments and revenues of the year) divided by (Fair value at the beginning of the year + Investments of the year)
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HY 2026 Portfolio Financial Performance Value Creation (1) – Direct / Private Funds
Direct and Private Funds positive value creation, including FX impact.
Note: Sofina Private Funds are presented net of derivative instruments used to de-risk certain listed positions held within the Sofina Private Funds portfolio.(1) Value creation definition: (Fair value at the end of the year + Divestments and revenues of the year) divided by (Fair value at the beginning of the year + Investments of the year) -1
(2)Private Funds / Portfolio NAV is presented net of derivative instruments used to de-risk certain listed positions held within the Sofina Private Funds portfolio.
For the relevant portion, the value reflects the level locked in through those instruments rather than the prevailing market price.
5,616 5,862 314 61 -120 -10
Total Sofina Direct31/12/2025 Acquisitions Disposals & Revenues Market Impact Currency Impact Total Sofina Direct 30/06/2026
DIRECT Fair Value bridge (€ m) Value creation: +0.9%
Value creation excludingcurrency impact: -0.2%
4,893 5,969 407 691 164
-186
Total Sofina Private Funds31/12/2025 Capital Calls Distributions Market Impact Currency Impact Total Sofina Private Funds 30/06/2026
PRIVATE FUNDS Fair Value bridge (€ m) Value creation: +16.1%
Value creation excludingcurrency impact: +13.0%
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-265 307
+ +
Listed impact Peers / multiplesPerformance related Non-listed impact
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The 5 largest investments of Sofina Direct represent more than15% but less than 20% of the look-through portfoliowhereasthe 7 largest investment within Sofina Directrepresent more than 20% ofthe look-through portfolio.
Top 10 Direct investments and GPs
SOFINA DIRECT- THE 10 LARGEST INVESTMENTS REPRESENT 27% OF THE LOOK-THROUGH PORTFOLIO
1BYTEDANCE
2CAMBRIDGE ASSOCIATES
3PROEDUCA
4NUXE
5DRYLOCK TECHNOLOGIES
6COGNITA
7MÉRIEUX NUTRISCIENCES
8VINTED
9SALTO
10CLEO AI
SOFINA PRIVATE FUNDS - THE 10 LARGEST GENERAL PARTNERS REPRESENT 24% OF THE LOOK-THROUGH PORTFOLIO
1SEQUOIA CAPITAL
2 LIGHTSPEED
3HONGSHAN
4THRIVE CAPITAL
5ANDREESSEN HOROWITZ
6THE FOUNDERS FUND
7PEAK XV
8BATTERY
9 ICONIQ CAPITAL
10 INSIGHT PARTNERS
Out of the above-listed investments taken individually, ByteDance is the sole asset representing more than 5% of the fair value of the look-through portfolio.
(1) Largest investments in terms of representation in the fair value of the look-through portfolio and following the valuation principles set in point 2.3. of the "Notes to the interim consolidated financial statements" section.
Listed in decreasing order of fair value at 30 June 2026.
The ranking of our Sofina Direct investments does not take into consideration indirect holdings in these entities through certain investments of Sofina Private Funds
(2)Subsequent to 30 June 2026, Sofina signed an agreement for the transfer of its entire shareholding in Salto.
Following completion of this disposal, Salto will no longer be part of Sofina's Top 10 portfolio companies within Sofina Direct.(3) Largest General Partners in terms of estimated representation of their funds in the fair value of Sofina’s look-through portfolio.
Listed in decreasing order of fair value as at 30 June 2026.
(4) Sofina values its holding in HSG Co-Investment 2016-A on the basis of the market multiples valuation method with an illiquidity discount.
Its holding in ByteDance at Sofina Private Funds level is valued on the basis of the latest reports obtained from the General Partners up to 20 August 2026.
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Private Funds - Top 10 underlying holdings
SOFINA PRIVATE FUND – THE 10 LARGEST UNDERLYING HOLDINGS REPRESENT 10% OF THE LOOK-THROUGH PORTFOLIO
1SPACEX
2BYTEDANCE
3STRIPE
4ANTHROPIC
5OPENAI
6DATABRICKS
7ANDURIL INDUSTRIES
8DOORDASH
9RAMP
10PROMETHEUS
• The top 10 exposure is determined on the basis of the most recent GP report that includes sufficient look-through detail, received up to 19 August, typically as at 31 December 2025 or 31 March 2026, since most 30 June 2026 reports do not yet include this level of detail.
• Hence, the figures used do not reflect financing rounds, IPO-related events or other events occurring or becoming public after the relevant GP report, and may therefore differ materially from current economic exposure.
• Based on such GP reports, the values for each underlying company, as reported by the GPs, converted into euro at the closing exchange rate as at 30 June 2026, are aggregated and the top 10 exposure is presented as a single aggregate figure across the ten companies.
• For listed assets, the share price as at 30 June 2026 is used.
• The top 10 determination does not take into account the weight of any direct investment Sofina may hold in the same company through its Sofina Direct portfolio.
• Different GPs may apply different valuation methodologies, and may retain different valuations, for the same company.
• The objective of this disclosure is to provide an aggregated indication of economic exposure rather than a single homogeneous or precise valuation.
• Exposures are shown net of estimated carried interest in respect of the underlying funds.
• Sofina may use derivative instruments in respect of all or part of certain listed positions.
• Such instruments have the effect of derisking the position while also limiting Sofina’s participation in any subsequent appreciation in the market price of the underlying listed shares.
• In such cases, the value used for the relevant portion reflects the value locked in through those instruments, rather than the prevailing market price.
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1414
Investments in HY26
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1515
Divestments in HY26
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Events post-closing HY26
(1) (1) (1)
(1) Transactions subject to closing conditions.
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Important legal information and cautionary statements concerning forward-looking statements and non-IFRS financial measures
Certain statements contained herein may be forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives.
Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause Sofina SA’s actual results to differ materially from those expressed or implied in such forward-looking statements.
Such forward-looking statements are made as of the date hereof and Sofina SA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
This presentation contains certain non-IFRS financial measures, or alternative performance measures, used by Sofina SA in analysing its operating trends, financial performance and financial position and providing investors with additional information considered useful and relevant regarding the results of Sofina SA.
These alternative performance measures are not recognised measures under IFRS or any other generally accepted accounting standards, and they generally have no standardised meaning and therefore may not be comparable to similarly labelled measures used by other companies.
As a result, none of these alternative performance measures should be considered in isolation from, or as a substitute for, the financial statements and related notes prepared in accordance with IFRS.
For a definition of these alternative performance measures and a reconciliation from such alternative performance measures to the relevant line item, subtotal or total presented in the financial statements, please refer to the section "Alternative performance measures and other terms" of the Half-year report of Sofina SA for the period ended on 30 June 2026, available on Sofina SA’s website (www.sofinagroup.com).
Certain calculated figures (including data expressed in thousands or millions) and percentages presented herein have been rounded.
Where applicable, the totals presented herein may slightly differ from the totals that would have been obtained by adding the exact amounts (not rounded) for these calculated figures.
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SOFINA SA
Rue de l’Industrie, 31B –1040 Brussels
Tel.: +32 2 551 06 11
info@sofinagroup.com –www.sofinagroup.com
SOFINA
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