Gimv NV — Earnings Release 2024

May 22, 2025

Press release

Antwerp, May 22 nd, 2025, 7:00 AM CET, Regulated information

Second consecutive year with record results

Gimv invests, grows and realizes value

• ◼ Continued double-digit growth at our companies in combination with significant value realisation leads to a record portfolio result of more than 300 mio EUR (a portfolio return of 19.3%)
• ◼ A record net profit of 219 mio EUR (net return on equity of 14.7%)
• ◼ Equity value per share at 53.3 EUR (after the impact of the capital increase)
• ◼ Considerable step-up in investment level to 336 mio EUR
• ◼ All-time high cash means available for investments in existing and new portfolio companies

CEO Koen Dejonckheere:

"The past year was a transformative year of ambition and growth for Gimv. Our companies again grew double-digit, both in turnover and profitability, and we realized 5 successful exits with significant capital gains. This resulted in a strong portfolio result, for the second year in a row well above target. We stepped up our investments to more than 300 mio EUR and welcomed 8 new companies, across various countries and platforms. We realized a record net profit, representing 7.5 EUR per share or a 14.7% net return on equity. At the end of March 2025, Gimv's net asset value per share amounted to 53.3 EUR. We propose a dividend of 2.6 EUR per share for the 2024-25 financial year.

Following the entry of WorxInvest as our new reference shareholder, we announced an acceleration of our growth strategy with the ambition to become a leading listed European mid-cap private equity investor. We aim to realise this by doubling the size of our portfolio, raising our portfolio return target and extending our investment horizon. We want to unlock extra value by anchoring companies with strong long-term growth potential. We are delighted to collaborate with WorxInvest on this Anchor approach and have welcomed Cegeka as Anchor's first investment."

Chairman Filip Dierckx:

"Over the past year we have ensured that Gimv is well positioned to cope with the challenges and to capitalize on the opportunities that the current uncertain market circumstances offer. Our solid and performing portfolio, our ambitious growth strategy and our significantly strengthened capital base bolster Gimv's capacity to capture the momentum in the current complex and volatile markets. We are confident that this is a strong basis to realize the targets we have set ourselves in our growth strategy."

Consolidated key figures (Financial Year 2024-2025)

Results	FY 2024-2025	FY 2023-2024
Sales growth portfolio companies	12.7%	14.9%
Ebitda growth portfolio companies	14.7%	20.3%
Portfolio result (mio EUR)	300.2	291.1
Portfolio return %	19.3%	19.1%
Net result (mio EUR)	219.0	217.1
Net return %	14.7%	16.5%
Net result/share (on a weighted basis)	7.5	7.8
Balance sheet	FY 2024-2025	FY 2023-2024
Investments (mio EUR)	336.1	115.8
Exit proceeds (mio EUR)	560.0	364.6
Portfolio (mio EUR)	1,623.3	1,559.0
NAV (mio EUR)	1,906.8	1,489.3
NAV/share	53.3	53.4

The results for financial year 2024-2025 relate to the consolidated figures for the period from 1 April 2024 to 31 March 2025.

Notes to consolidated figures

Continued strong growth performance at our companies

• ◼ 12.7% total sales growth in our portfolio, combined with some further increase in margins (+14.7% increase in operating profitability)
• ◼ Portfolio result of 300.2 mio EUR (19.3% portfolio return)
• ◼ Net profit of 219 mio EUR or 7.5 EUR per share

Our companies again delivered an excellent growth performance over the past year. Overall, they have been able to increase their sales with 12.7%, while the operating

profitability even grew stronger with 14.7%, giving evidence of rising margins further to last year's strong margin recovery. More than half of the profitability growth resulted from organic expansion. The strong growth performance of our companies continues to be the key contributor to the positive valuation evolution of our portfolio.

As was already the case in the first half of the year, profitability growth was most outspoken in the Sustainable Cities and Healthcare platforms. Due to the important slowdown in the European manufacturing industry, the Smart Industries platform started to notice some margin contraction throughout 2024, but still could realise double-digit growth.

Press release

This continued solid growth shows the financial, economic and strategic strength of our portfolio. We look forward with confidence that our portfolio remains the engine of investment in innovation and of value creation for Gimv and its shareholders. Gimv is committed to use the different levers of value creation, further strengthened by the new Anchor approach, which will enable us to confront an industrial slowdown in Europe and sluggish consumer consumption. Based on the current situation and internal analysis, the US tariff policy is not expected to have a sizeable impact across the Gimv portfolio. We trust that our companies are experienced and agile to do the necessary to steer their performance through an era of many uncertainties by adapting their operations and product/market combinations.

The strong performance of our companies in 2024, combined with the considerable capital gains realised on a number of successful exits, have led to a record portfolio result of 300.2 mio EUR, or a portfolio return of 19.3%, again well above our annual portfolio return target. The portfolio return on the platform portfolio was even higher at 20.9%.

The average Ebitda multiple used to measure the fair value of our companies under IFRS increased from 8.6x at the end of March 2024 to 9.2x at the end of March 2025 mainly as a result of a change in the composition of the underlying portfolio. Hence, the positive valuation result was almost exclusively determined by the strong operational results of our portfolio companies.

In the past fiscal year, the success of our strategic value creation was confirmed by the significant capital gains on a number of exits, especially since these occurred in a continuously challenging economic context and a still selective European private equity market. The total realized result (net capital gains and dividends) earned over the financial year 2024-25 amounts to 191.4 mio EUR.

Thanks to the strong portfolio result, Gimv's net profit for the financial year 2024-2025 amounts to 219 mio EUR (slightly above the record result of last year of 217.1 mio EUR) or 7.5 EUR per share (on a weighted basis). This translates into a net return on equity of 14.7%.

Strong increase in investments to a level of more than 300 mio EUR

• ◼ Considerable step-up in investment activity
• ◼ In an intensive exit year, portfolio value grows towards more than 1.6 bln EUR

In line with the accelerated growth ambitions, Gimv considerably increased its investment rhythm to further expand its portfolio. During the past financial year, 336.1 mio EUR was invested (versus 115.8 mio EUR in the previous year). This included an investment of 267 mio EUR in new and roll-over portfolio companies. We welcomed eight

new companies in our portfolio: Tibbloc (SC; FR), The Spice Factory (CO; BE), SMG (SI; DE), ILC (HC; FR), Kivu Bioscience (LS; USA/NL), Robojob (SI; BE), Lupine (CO; DE) and Curana (CO; BE). In addition, we realized two rollover investments: Liveo Gruppe (from Medi-markt - HC; DE) and Acceo (SC; FR). Furthermore, strategic buy-andbuild and add-on investments took place for a total amount of 69 mio EUR, amongst others at Projective (SC; BE), Fronnt (SC; BE) and several Life Sciences companies.

Total proceeds from the sale of portfolio companies in the financial year 2024-2025 amounted to 560 mio EUR, significantly above the substantial exit proceeds of the previous financial year (364.6 mio EUR). The exit proceeds of the fiscal year 2024-2025 include the proceeds of the exit of 25% of Gimv's stake in Anchor (Cegeka) and 50% of Gimv's stake in Infravest, both to WorxInvest.

Five participations were sold during the fiscal year 2024- 2025 (Mega, United Dutch Breweries, Köberl, rehaneo and Medi-markt). This had a total cumulative impact of 170 mio EUR on the result and 377 mio EUR on the cash position. The sold participations had a total book value of 199.8 mio EUR as at 31 March 2024. Over the full term, the proceeds from the sale of these companies represented 2.4 times the original investment amount (resulting in a realised IRR of 14%). Despite the high level of exits, Gimv's total investment portfolio increased with more than 4% to a level above 1.6 bln EUR at the end of March 2025.

The investment portfolio consists of 61 participating interests, well distributed across the five platforms, Anchor and the four countries.

Portfolio composition (in mio EUR)

Successful capital increase strengthens balance sheet and provides liquidity for growth acceleration

• ◼ Successful capital increase strengthening equity position with almost 250 mio EUR
• ◼ Net equity value per share at 53.3 EUR (after the impact of the capital increase)
• ◼ Record available liquidity to invest in current and new portfolio companies

In February 2025, Gimv successfully realized an important capital increase in support of its accelerated growth strategy. Via a rights issue, Gimv could raise a net amount of 243 mio EUR of additional capital.

Adjusting for the impact of this capital increase and taking into account the dividend (2.60 EUR per share) for the previous financial year 2023–2024 and the strong net profit for the financial year 2024-2025 (7.5 EUR per share), the net equity value grew with 14.6% (on a like-for-like basis) to 53.3 EUR per share at the end of March 2025. Gimv's total net equity value amounts to 1,906.8 mio EUR.

Thanks to the significant capital increase and the continued portfolio rotation generating important exit proceeds, Gimv's liquidity position and hence its investment capacity was considerably strengthened during the past financial year to a level of 668.8 mio EUR at the end of March 2025. This provides record cash means to invest in existing and new portfolio companies and to accelerate the rollout of Gimv's growth strategy.

Gimv's liquidity is partly financed by long-term bonds (350 mio EUR). Gimv also has 210 mio EUR of undrawn credit lines at banks.

Confirmation of dividend of 2.60 EUR per share

On 20 May 2025, the board of directors decided to propose paying a gross dividend of 2.60 EUR per share (unchanged compared to the previous year) at the ordinary general meeting on 25 June 2025. This dividend is consistent with Gimv's dividend policy of not reducing the dividend – other than in exceptional circumstances – and increasing it sustainably, whenever possible. Including this dividend, the average pay-out ratio over the past 10 years amounted to 63% of the net profit. Over the past 5 years, slightly less than half of the net profit was paid out as a dividend (pay-out ratio of 49%).

The board of directors has also decided to offer the company's shareholders a choice between receiving the dividend in the form of new ordinary shares, cash or a combination of both. The modalities of the distribution via the optional dividend will be published after the general meeting of 25 June 2025.

Sustainability

In a context of evolving European regulations, Gimv remains focused on the essentials of sustainability.

In terms of climate, Gimv as a company is continuing its own CO2 reduction program with a 46.5% reduction at the end of FY 2024-25 in its own scope 1 & 2 emissions compared to the base year. Gimv continues to actively support portfolio companies to start measuring their own CO2 emissions and to formulate reduction targets. Today, 33% of surveyed portfolio companies has formulated such targets, demonstrating an increasing climate maturity.

With well over 20,000 employees, it is key that the portfolio companies remain attractive and forward-looking employers able to attract and retain the right talent by creating a committed, safe, and pleasant working environment in which everyone can thrive. This translates into rising maturity levels in terms of both employee engagement and health & safety.

Given the importance, cybersecurity is recognized as a separate material issue in Gimv's sustainability approach, both at the level of the own organization and through integration into the value protection and creation approach towards the portfolio.

Gimv is pleased that this approach has also been recognized by Sustainalytics in the form of a sustained low ESG risk rating and top-rated labels at sector and geographical level, solid scores under the Principles of Responsible Investment, and continued valuable interaction with CDP on climate.

Other significant events during financial year 2024–2025

• In February 2025, Gimv and WorxInvest joined forces, combining their strength and firepower around Gimv's Anchor investing approach, Anchor is designed to build long-standing strategic partnerships with leading growth companies. This will allow these companies to attract long-term capital to further expand their business while being safely anchored. Global tech powerhouse Cegeka becomes the first participation of Gimv Anchor, demonstrating our confidence in their long-term growth potential. Cegeka reported impressive growth over 2024, reaching revenues of 1.3 bln EUR. In the coming years, Cegeka will continue to invest in two crucial growth and innovation areas: cybersecurity and artificial intelligence.
• End June 2024, Gimv announced the acquisition of the TINC shares held by Belfius Insurance via a newly created company Infravest, laying the foundations for a future-oriented shareholdership of TINC in support of TINC's further growth ambitions. In a second phase in September 2024, Gimv sold half of its participation in Infravest to WorxInvest, allowing to join forces as the long-term reference shareholder of TINC. At the same time, Gimv and Belfius Bank contributed their participation in TDP NV to Infravest in exchange for new shares in Infravest. Regulatory approval for this transaction was obtained in March 2025.
• An updated remuneration policy will be presented to the AGM with a focus on an enhanced involvement of the Gimv executives and non-executives in the Gimv share and the LTIP structures, creating further alignment between the Gimv executives, nonexecutive directors and shareholders.

Key events after 31 March 2025

• The valuation of our portfolio is based on market multiples as at the end of March 2025. Since then, we have closely followed the evolution of the stock markets. To date, we have not noticed any evolution in market multiples that indicates that our valuation should be adjusted.
• At the end of April 2025, with the convocation of an extraordinary shareholders' meeting, Gimv announced its intention to change the financial year. It is proposed to the shareholders that the financial year starts on January 1st and ends on December 31st . In doing so, Gimv wishes to align itself with the financial calendars of most companies listed on Euronext Brussels. For the current financial year, this means that it will be a shortened financial year of nine months, ending on December 31, 2025.
• Early May 2025, Gimv announced its investment in the German Ambulantis Group, a fast-growing care provider with a focus on outpatient care in assisted living facilities and day care. With this investment, Gimv has the ambition to build, together with the company's founders, a leading provider of comprehensive care services in assisted living facilities in Germany.
• After the end of the financial year, Gimv entered into an agreement with the other shareholders of Citymesh regarding a repositioning of Gimv in the capital of Citymesh. Gimv still holds an economic interest in Citymesh. However, the agreed reduced repositioning fits better with Gimv Smart Industries' investment strategy.

Statement regarding risk

The future performance of our companies and the value development of our portfolio depend on a number of external factors, such as: (i) the impact of the global economic instability on the growth and margins of our companies and how they are able to cope with its impact, (ii) the impact of geopolitical tensions and the potential impact on international trade. (iii) the impact of inflation on the policy of Central Banks and the related consequences for interest rate evolutions, (iv) the extent to which consumer confidence is affected by rising prices, (v) the evolution in the labour market and the availability of sufficiently qualified personnel for our companies, (vi) the liquidity in the banking system to support the companies, including in case of possible further financing needs, (vii) the stability of the regulatory and financial environment in the markets in which both Gimv and our companies operate, (viii) the extent to which the market for investments and acquisitions remains active, accompanied by a sufficient level of liquidity and feasible financing conditions, and (ix) the extent to which the financial markets can maintain their stability. It is extremely difficult to estimate the impact of all these factors in the coming period.

Management declaration in accordance with the Royal Decree of 14 November 2007

In accordance with Article 13 §2 3° of the Royal Decree of 14 November 2007, CEO Koen Dejonckheere and CFO Kristof Vande Capelle declare the following in the name of and on behalf of Gimv and to the best of their knowledge:

a) the consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted within the European Union, and give a true and fair view of the Group's assets, liabilities and financial position as at 31 March 2025, and of its results and cash flows for the financial year ended on that date.

b) the annual report gives a fair presentation of the Group's development and results and a description of the main risks and uncertainties it faces.

Statutory auditor's report on the accounting information included in the annual press release of Gimv NV

We confirm that the audit procedures, which have been performed in relation to the financial information for the year ended 31 March 2025 in accordance with the International Standards on Auditing are substantially completed and have not revealed any material corrections required to be made to the financial information included in the Company's press release.

Antwerp, 21 May 2025

BDO Bedrijfsrevisoren BV Statutory Auditor Represented by David Lenaerts Company Auditor

Financial calendar

General meeting for the FY 2024–2025 25 June 2025

Ex-dividend date for the FY 2024–2025 (coupon no. 33) 30 June 2025

Dividend record date for the FY 2024–2025 (coupon no. 33) 1 July 2025

Start of optional dividend period for 2024–2025 2 July 2025

End of optional dividend period for 2024–2025 22 July 2025

Date on which dividend for the 2024–2025 financial year is payable (coupon no. 33) 25 July 2025

6 months results for the 2025 financial year* (period 01/04/25–30/09/25) 20 November 2025

* As of 2025, Gimv will close its financial year at the end of December, leading to a shortened financial year of 9 months for 2025 (subject to the approval of the extraordinary general meeting).

About Gimv

Gimv is a European investment company, listed on Euronext Brussels and a member of the Euronext BEL ESG Index. With 45 years of experience in private equity, Gimv currently has an investment portfolio of more than 1.6 bln EUR. The portfolio contains around 60 portfolio companies, with a combined turnover of 4.5 bln EUR and more than 20,000 employees.

As a recognized market leader in selected investment platforms, Gimv identifies entrepreneurial, innovative companies with high growth potential and supports them in their transformation into market leaders. Gimv's five investment platforms are Consumer, Healthcare, Life Sciences, Smart Industries and Sustainable Cities. Each platform works with an experienced team across Gimv's home markets of Benelux, France and DACH, supported by an extended international network of experts.

Further information can be found on www.gimv.com.

For further information please contact:

Kristof Vande Capelle*, Chief Financial Officer

T +32 3 290 22 17 – kristof.vandecapelle@gimv.com

* acting on behalf of a bv

Gimv Group – Consolidated balance sheet as at 31/03/2025

Assets (in 1,000 EUR)	31-03-2025	31-03-2024
Non-current assets	1.640.271	1.567.370
Intangible assets	155	213
Property, plant and equipment	16.770	8.178
Investment portfolio	1.623.346	1.558.979
Financial assets: equity investments at fair value through P&L (FVPL)	1.360.924	1.222.800
Financial assets: debt investments at fair value through P&L (FVPL)	85.950	88.176
Financial assets: debt investments at amortised cost	176.472	248.003
Current assets	724.771	349.856
Trade and other receivables	55.534	2.577
Cash and cash equivalents	538.102	307.019
Marketable securities	130.722	39.816
Other current assets	413	444
Total assets	2.365.042	1.917.226
Equity and liabilities (in 1,000 EUR)	31-03-2025	31-03-2024
Equity	1.906.773	1.489.289
Equity - group share	1.906.773	1.489.289
Issued capital	335.554	264.665
Share premium	337.568	136.282
Reserves	1.233.651	1.088.342
Minority interests	-	-
Liabilities	458.269	427.937
Non-current liabilities	409.271	393.665
Financial debts - bonds	350.000	350.000
Financial debts - lease liabilities	9.657	1.431
Provisions	49.614	42.234
Current liabilities	48.998	34.272
Financial debts	1.733	7.188
Trade and social debt	33.644	16.296
Income tax payables	1.039	483
Other liabilities	12.582	10.305
Total equity and liabilities	2.365.042	1.917.226

Gimv Group – Consolidated income statement for the 12 months to 31/03/2025

Consolidated income statement (in EUR 1,000)	2024-2025	2023-2024
Dividend income	2.668	10.709
Interest income	33.609	33.864
Realised gains on disposal of investments	196.519	155.968
Unrealised gains on financial assets at fair value trough P&L	267.319	196.722
Reversal of impairments on debt investments via amortised cost	281	73
Portfolio profit	500.396	397.336
Realised losses on disposal of investments	-7.761	-7.503
Unrealised losses on financial assets at fair value through P&L	-156.194	-81.612
Impairments on debt investments via amortised cost	-36.281	-17.155
Portfolio losses	-200.236	-106.270
Portfolio result: profit (loss)	300.160	291.066
Management fees	778	895
Other operating income	855	606
Operating income	1.633	1.501
Personnel expenses - salaries	-24.892	-23.207
Personnel expenses - LTIP remuneration	-25.027	-9.182
Total personnel expenses	-49.919	-32.389
Selling, general and administrative expenses	-17.775	-13.243
Amortisation and depreciation expenses	-2.485	-2.313
Other operating expenses	-12.530	-23.091
Operating expenses	-82.709	-71.036
Operating result	219.084	221.531
Finance income	11.847	7.010
Finance costs	-11.455	-11.358
Result before tax: profit (loss)	219.476	217.183
Corporate income tax expenses	-475	-63
Net profit (loss) of the period	219.001	217.121
Minority interests	-	-8
Share of the group	219.001	217.129
Consolidated statement of the comprehensive income (in EUR 1,000)	2024-2025	2023-2024
Net profit (loss) of the period	219.001	217.121
Other comprehensive income	-	-
Actuarial gains (losses) DB pension plans	-86	-475
Items that cannot be reclassified to profit or loss in subsequent periods (i)	-86	-475
Items that can be reclassified to profit or loss in subsequent periods (ii)	-	-
Total other elements of the comprehensive income (i + ii)	-86	-475
Total comprehensive income	218.915	216.646
Minority interests	-	-8
Share of the group	218.915	216.654

Gimv Group – Statement of changes in consolidated equity for the 12 months to 31/03/2025

2024-2025 (in 1,000 EUR)	Issued capital	Share premium	Retained earnings	Actuarial gains (losses) DB pension plans	Treasury Shares	Equity - Group share	Minority interests	Total equity
01-04-2024	264.665	136.282	1.087.940	809	-407	1.489.289	-	1.489.289
Net Result for the period	-	-	219.001	-	-	219.001	-	219.001
Other comprehensive income	-	-	-	-86	-	-86	-	-86
Total comprehensive income	-	-	219.001	-86	-	218.915	-	218.915
Capital increase	67.886	178.908	-	-	-	246.794	-	246.794
Cost of capital increase	-3.951	-	-	-	-	-3.951	-	-3.951
Dividends to shareholders	-	-	-72.467	-	-	-72.467	-	-72.467
Capital increase related to optional dividend	6.954	22.378	-	-	-	29.332	-	29.332
Net purchase / sale own shares	-	-	-968	-	-171	-1.139	-	-1.139
Other changes	-	-	-	-	-	-	-	-
31-03-2025	335.554	337.568	1.233.506	723	-578	1.906.773	-	1.906.773

2023-2024 (in 1,000 EUR)	Issued capital	Share premium	Retained earnings	Actuarial gains (losses) DB pension plans	Treasury Shares	Equity - Group share	Minority interests	Total equity
02-04-2023	258.414	117.362	935.465	1.284	-116	1.312.409	12.726	1.325.135
Net Result for the period	-	-	217.129	-	-	217.129	-8	217.121
Other comprehensive income	-	-	-	-475	-	-475	-	-475
Total comprehensive income	-	-	217.129	-475	-	216.654	-8	216.646
Capital increase	6.252	18.919	-	-	-	25.171	-1.262	23.909
Cost of capital increase	-	-	-	-	-	-	-	-
Acquisition / disposal of subsidiaries	-	-	6.432	-	-	6.432	-11.456	-5.024
Dividends to shareholders	-	-	-70.774	-	-	-70.774	-	-70.774
Net purchase / sale own shares	-	-	-298	-	-291	-589	-	-589
Other changes	-	-	-14	-	-	-14	-	-14
31-03-2024	264.665	136.282	1.087.940	809	-407	1.489.289	-	1.489.289

Gimv Group – Consolidated cash flow statement for the 12 months to 31/03/2025

Cash flow statement (direct method) in 1,000 EUR	31-03-2025	31-03-2024
Cash flow from operating activities	-50.954	-44.960
Interest received on cash deposits	9.540	4.284
Management fees from managed funds	156	301
Remuneration and other benefits to employees and directors	-29.004	-25.070
LTIP remuneration to employees	-11.321	-
Other operating expenses	-20.622	-14.523
Paid/recovered CIT and other taxes	297	-9.952
Cash flows from investing activities	179.063	254.044
Investments in financial assets: equity investments	-235.663	-80.747
Investments in financial assets: debt investments	-35.438	-32.745
Proceeds from divested financial assets: equity investments	426.397	265.011
Proceeds from repaid financial assets: debt investments	41.502	69.804
Interest received	12.501	25.651
Dividend received	2.668	10.513
Earnout payments related to historical co-investment structures	-1.489	-2.249
Short term bridge loan investment	-30.266	-
Other cash flows from investment activities	-1.149	-1.194
Cash flows from financing activities	191.593	-59.028
Capital and share premium increase, gross	246.793	-
Paid costs related to capital and share premium increase	-3.951	-
Paid interest and fees on cash deposits and credit lines	-11.124	-11.086
Dividends to shareholders	-36.853	-45.608
Dividends to minorities	-	-997
Purchase Own Shares	-6.008	-2.153
Sales Own Shares	2.661	879
Other cash flow from financing activities	75	-63
Change in cash during period	319.702	150.056
Cash at beginning of period	346.835	194.416
Acquired not yet received interest on deposits and other investments	2.287	2.363
Cash at end of period	668.824	346.835