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Sofina SA Earnings Release 2024
4002_rns_2025-03-26_b2ddfa6a-6c7a-4b7b-8801-dd07bda73e97.pdf
Earnings Release
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PRESS RELEASE
- Net Asset Value (NAV) as of 31 December 2024 reaches EUR 10.3 bn.
- Active deal flow and diversified assets, from early stage to sustained profitable growth, strengthen core performance.
- Investing with Purpose & Patience helps navigate current market and geopolitical turbulences.
- Proposed gross dividend increases by 4.5% to EUR 3.50, in line with Sofina's practice of a stable and regularly increasing dividend.
The growth of our Net Asset Value was driven by value creation across our investments, diversified across geographies, sectors and innovation trends. Our largest portfolio companies (top 10 and beyond) demonstrated strong operational performance. The scale-ups in our Sofina Growth portfolio delivered on their targets. Our Private Funds partners were able to access a wide number of promising early-stage companies.
2024 was a good year also for deal realisation, both investments and divestments – a momentum we carry into 2025. New investments in 2024 include team.blue, Cyera and Vivobarefoot. Since the start of the year, we have made investments such as OrganOx, The Whole Truth, Berry Street Health and Proeduca (the latter being subject to closing conditions). Our full exit of GL events concluded a 13-year partnership.
Our top 10 largest investments via Sofina Direct (see list below) underscore Sofina's well-diversified portfolio. ByteDance, a global internet and technology company, is the sole holding representing more than 5% of the fair value of the portfolio in transparency.
Our top 10 General Partners (see list below) in our Sofina Private Funds' portfolio is a who's who of leading global private equity and venture capital investors. In 2024 we also added new names to the overall list, including Index Ventures, Lighthouse and 20VC.
MAIN NEW INVESTMENTS
- team.blue (Belgium): Europe's leading supplier of internet access to SMEs
- Cyera (US): An AI-powered data security platform
- Vivobarefoot (UK): The leading brand in barefoot footwear and natural health
- EG A/S (Denmark): A market-leading supplier of industry-specific software focused on Scandinavia
- Finova Capital (India): A leading micro, small and medium enterprise (MSME) lender
- Lyskraft (India): Omnichannel platform for premium women's fashion
MAIN FULL DIVESTMENTS
- Petit Forestier Group (France): European leader in refrigeration rentals
- Aohua (China): Leading endoscopy equipment and consumables manufacturer
- Graphcore (UK): Designer of microprocessors for artificial intelligence applications
- TCNS (India): Leading women's apparel company
POST-CLOSING EVENTS (2025)
- New investments: Proeduca (leading Spanish-language provider of online and certified higher education subject to closing conditions), Berry Street Health (facilitating insurance covered nutrition therapy), OrganOx (medical equipment manufacturer for liver transplants), The Whole Truth (active in the healthy food sector)
- Full sales: sale of our remaining stake in GL events (events marketing), and of our shareholding in First Eagle Investments (independent investment management firm – subject to closing conditions)
We're pleased to announce that we're opening a Sofina office in London - the fourth in our global network after Brussels, Luxembourg, and Singapore. The objective is to build new connections, deepen relationships, unlock opportunities and recruit talent in this hub that is home to private equity and venture capital leaders, as well as countless start-ups and entrepreneurs. The opening of a new office follows a strategic review on how to unlock the next wave of growth for our group. We're building up an investment team in London reflecting our focus sectors and diversified investment styles.
| 31/12/2024 | 31/12/2023 | |
|---|---|---|
| Total assets (in million EUR) | 11.159 | 9.843 |
| Net Asset Value (in million EUR) | 10.305 | 9,083 |
| Net Asset Value per share (in EUR) 3 | 311.77 | 273.62 |
| 2024 | 2023 | |
| Net result (share of the group) (in EUR million) | 1.360 | -104 |
| Net result (share of the group) per share (in EUR) 4 | 40.89 | -312 |
| Key figures in transparency | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Net debt (+) / Net cash (-) | -334 | -197 |
| Investment portfolio | 10.054 | 8.928 |
| Loan-to-value (in %) | -3.3% | -22% |
| Key comprehensive income figures in transparency | 2024 | 2023 |
| Dividends | 60 | 44 |
| Net result of the investment portfolio | 1,386 | -76 |
| Total comprehensive income 6 | 1.359 | -104 |
| Key cash flow statements figures in transparency | 2024 | 2023 |
| Investments in portfolio | -951 | -517 |
| Divestments from portfolio | 1,211 | 590 |
| Balance sheet in transparency | 31/12/2024 | 31/12/2023 |
| Investment portfolio | 10,054 | 8,928 |
| Sofina Direct | 5.331 | 4,739 |
| Long-term minority investments | 3,069 | 2,847 |
| Sofina Growth | 2,262 | 1.8992 |
| Sofina Private Funds | 4.723 | 4.189 |
| Net cash | 334 | 197 |
| Gross cash | 1.031 | 893 |
| Financial debts | -697 | -696 |
| Other | -83 | -42 |
1 For a definition of the different terms, see the Glossary of the Annual report 2024.
2 The consolidated financial statements are presented 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.
3 Calculation based on the number of outstanding shares at closing date (33,053,827 shares at 31 December 2024 and 33,197,072 shares at 31 December 2023).
4 Calculation based on the weighted average number of outstanding shares (33,244,429 shares at 31 December 2024 and 33,370,558 shares at 31 December 2023).
5 Based on the portfolio in transparency (see point 2.1 of the Notes to the consolidated financial statements).
6 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.
DIRECT
| 1. | HSG CO-INVESTMENT 2016-A (BYTEDANCE) |
|---|---|
| 2. | LERNEN MIDCO 1 LIMITED (COGNITA) |
| 3. | DRYLOCK TFCHNOLOGIFS |
| 4. | NUXE INTERNATIONAL |
| 5. | CAMBRIDGE ASSOCIATES |
| 6. | BIOMÉRIFUX |
| 7. | MNH (MERIEUX NUTRISCIENCES) |
| 8. | BIOBEST GROUP (BIOFIRST) 3 |
| 9. | LANCELOT UK HOLDCO LIMITED (EG SOFTWARE) |
| 10. | SALTO SYSTEMS |
- 2 Largest investments in terms of representation in the fair value of the portfolio in transparency and following the valuation principles set in point 2.3 of the Notes to the consolidated financial statements of the Annual report 2024. Listed in decreasing order of fair value at 31 December 2024. The ranking of our Sofina Direct investments does not take into consideration indirect holdings in these entities through certain investments of Sofina Private Funds.
- 3 Biobest Group (BioFirst) regroups Biobest Group SA and MxBEE, an investment vehicle whose sole asset is a shareholding in Biobest Group SA. The ranking therefore consists of the fair value in transparency of Biobest Group SA and MxBEE
- 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 until mid-March 2025.
FUNDS
| 1. | SEQUOIA CAPITAL |
|---|---|
| 2. | HONGSHAN |
| 3. | LIGHTSPEED |
| 4. | PEAK XV |
| 5. | INSIGHT PARTNERS |
| 6. | THOMA BRAVO |
| 7. | BATTERY |
| 8. | ANDREESSEN HOROWITZ |
| 9. | ICONIQ CAPITAL |
| 10. | TA ASSOCIATES |
1 Largest General Partners in terms of estimated representation of their funds in the fair value of Sofina's portfolio in transparency. Listed in decreasing order of fair value at 31 December 2024.
| 2024 annual results | 31/12/26 March 2025 |
|---|---|
| Annual report 2024: link | |
| Convening notice to the Annual General Meeting | 3 April 2025 |
| Annual General Meeting | 8 May 2025 at 3pm |
| Dividend ex-date | 20 May 2025 |
| Dividend record date | 21 May 2025 |
| Dividend payable | 22 May 2025 |
| Newsletter #16 | 22 July 2025 |
| Half-year report 2025 | 4 September 2025 |
| Newsletter #17 | January 2026 |
| Annual report 2025 | 26 March 2026 |
Sofina is a Belgian investment company, listed on Euronext Brussels. Sofina's mission is to partner with leading entrepreneurs and families, backing them with patient capital and supportive advice to foster sustainable growth of their businesses. Relationships and alignment are at the heart of what we do. Sofina has investments in Europe, Asia and the United States in various sectors, with a particular focus on Consumer and retail, Digital transformation, Education, Healthcare and life sciences as well as Sustainable supply chains. For more information, please visit www.sofinagroup.com
Dirk Delmartino, Head of Communications Mob: +32 470 61 49 65 – E-mail: [email protected] Tel.: +32 2 551 06 11 – E-mail: [email protected]