Gimv Creates Value Without Raising Its Multiples

In the private equity market, an increase in value can come from two very different places. A company can earn more. Or the market can simply be willing to pay more for every euro of profit. Gimv's half-year results this time offer an unusually clear answer: the value was built primarily within the companies, not on the spreadsheet.

The Essentials

For the first six months of 2026, Gimv reported portfolio results of €198.8 million and a yield of 9.4%. Its valuation bridge attributes €196.3 million to EBITDA operating growth, while the average multiple remained stable at 9.7x. Net asset value increased by 7.5%, to €57.2 per share. The message for shareholders is therefore not simply "the portfolio is rising": the companies held are selling more, improving their results, and expanding their margins.

Why this matters to Gimv shareholders

Gimv is not the sum of a handful of stock prices visible each evening. Its €2.41 billion portfolio comprises 49 platforms at the heart of its strategy, in addition to ten long-standing investments in life sciences. Investors must therefore assess the quality of the valuation as much as that of the companies themselves. When the NAV increases with an unchanged multiple and a rise in EBITDA, the evidence is more robust than a simple market revaluation-without, however, becoming realized cash.

The figure that puts performance into perspective

A portfolio return of 9.4% over six months naturally catches the eye. But taken on its own, it doesn't reveal whether the assets are actually better or simply valued in a more favorable market. Gimv provides the details: EBITDA operating growth has a positive impact of €196.3 million, compared to a total portfolio result of €198.8 million.

This comparison shouldn't be misinterpreted as a false precision. The various components of the bridge-earnings, multiples, net debt, exchange rates, and other factors-offset each other. Stating that "98.7%" of the return comes automatically from EBITDA would create the illusion of a simpler attribution than it actually is. The correct interpretation is more nuanced: the positive operating driver is almost the same size as the final result, while the net effect of other factors is limited.

This distinction is central to the business of a private equity firm. A multiple increase can disappear with the next downturn. EBITDA growth can also be cyclical or financed through leverage, but it at least signals that companies have generated more profit during the period.

The value engine, step by step

Eight percent sales, twelve percent EBITDA

The aggregate portfolio shows sales growth of 8% and EBITDA growth of 12%. The difference is significant: it indicates improved margins, not just a volume effect. Gimv specifies that approximately two-thirds of the revenue growth is organic, with the remainder coming from acquisitions made by its portfolio companies.

This is precisely the type of strategy Gimv aims to implement. The holding company doesn't simply buy a business, wait, and then resell it. It finances geographic expansion, new products, industrial capacity, and complementary acquisitions. When these initiatives grow EBITDA faster than revenue, they increase economic value even if the market is unwilling to pay for an additional multiple.

However, the average doesn't tell the whole story. The 49 platforms are not all progressing at the same pace, and the press release does not disclose each company's individual contribution to the $196.3 million gain. A small number of significant holdings may be driving the overall performance. The top 10 represent 50.3% of the portfolio: diversification is real, but half the value remains concentrated.

A record portfolio, but fewer exits

The portfolio value decreased from €2.12 billion to €2.41 billion. Investments reached €134 million, while proceeds from disposals remained limited to €42 million. This discrepancy is not a problem in itself: it may simply reflect a first half that was favorable for deployment but less so for sales. Nevertheless, it changes the question to be asked of Gimv.

The group has €531.4 million in reported liquidity. This sum comprises €131.4 million in cash and €400 million in undrawn credit lines. An available credit line is not cash: it provides investment capacity but creates debt when used. Faced with a record portfolio and a modest pace of disposals, the origin of future investments-realizations, debt, or internal recycling-becomes as important an indicator as the accounting return for the first half.

The balance sheet remains clear. At the end of June, Gimv reported €350 million in bonds and a negative net financial position of approximately €216 million. Following the repayment in July of a €75 million maturity, the outstanding bond balance decreased to €275 million, and available liquidity was automatically reduced to approximately €456 million. This is not a cause for alarm; it is the price to pay when the portfolio grows faster than outflows.

Azelis and Cap Vert: A Discreet Change in Size

Two moves also demonstrate that Gimv is expanding its playing field. Through Anchor Investments, the group has built a stake exceeding 6% in Azelis, a global distributor of specialty chemicals and food ingredients. It has also signed the acquisition of Cap Vert, a French group providing services to trees and natural spaces. The closing of this transaction, expected in September, should bring the portfolio to over €2.5 billion.

Azelis resembles less the control of an SME than a significant position in a larger listed company. Cap Vert fits more closely into the traditional model of a growth platform. Together, the two deals illustrate a more flexible allocation: Gimv can leverage its expertise as an active shareholder without applying the exact same ownership structure to every opportunity.

This flexibility is worth monitoring, as it can alter the holding company's profile. A listed stake improves apparent liquidity, but makes the NAV more sensitive to market fluctuations. A private platform provides greater operational control, but ties up capital for a longer period. Quality will not lie in choosing one category over the other; it will be measured by the returns obtained, net of the cost of capital and expenses.

Opulion's analysis: good performance is performance that can be explained.

Gimv's result is interesting because it withstands a simple question: "What has actually changed in companies?" Sales are increasing, EBITDA is growing faster, margins are improving, and the average multiple remains stable. This is a better story than an increase in NAV driven solely by the sentiment of peers.

It is not complete. Valuations remain unrealized, the concentration of the top 10 companies remains significant, and the pace of divestments is slow over the first half of the year. Investors in Gimv must therefore simultaneously consider two things: the operational machine is running smoothly; its final validation will come when more value is converted into cash and recycled into new businesses.

Facts, Reading, and Unknowns

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