Gimv NVFigures

Gimv is a Belgian investment company listed on Euronext Brussels, founded in 1980, headquartered in Antwerp, employing 95 people across four European offices in Antwerp, The Hague, Paris and Munich. It holds 63 companies at 31 December 2025, for a portfolio value of EUR 2,120.9m, net assets of EUR 2,029.5m and net asset value per share of EUR 55.1. More than 99% of that portfolio is unlisted: only two listed lines, Biotalys and ONWARD, for EUR 16,778k. Gimv is therefore not a holding of listed stakes, it is a growth and buyout investor whose net asset value is essentially a sum of estimated values of private companies. One useful calendar detail: the company no longer closes its books on 31 March, and 2025 is a nine-month transition period, from 1 April to 31 December 2025.

The house is organised into four sector platforms, Consumer, Healthcare, Smart Industries and Sustainable Cities, joined since 2025 by a fifth pillar that does not follow the same rules, Gimv Anchor. The difference comes down to one word. The platforms end in a sale, with a typical holding horizon of four to eight years and tickets of roughly EUR 20m to EUR 100m. Anchor ends in ownership: an open horizon beyond ten years, tickets of EUR 50m to EUR 400m with a core between 100 and 200. A company carrying both on one balance sheet has two exit horizons and therefore two patterns of cash flow. Anchor was created with the reference shareholder, Cegeka was its first participation, and the pillar weighed EUR 165m at 31 December 2025 on a single line.

The return target is quantified, and it is carried through into pay: at least 17.5% a year on the portfolio, with the long-term incentive plan aiming at a net result of EUR 165m based on that rate. Over the nine-month period the realised return is 14.3%, that is 19.1% annualised. The five-year series does, however, show the dispersion: 14.3% over the nine months of 2025, then 19.3%, 19.1%, -0.2% and 20.4%. One year in five is negative. An annual target on an unlisted portfolio is a management objective, not a forecast.

It is worth knowing how that value is made. On a portfolio more than 99% unlisted, published net asset value is a fair value estimated under the standards of the trade, that is the manager's opinion validated by his auditor, and not a price observed on a market. Gimv publishes no discount either. During the year the board adopted a 2026-2030 plan whose direction is clear: larger tickets, a more concentrated portfolio. Three consequences can already be read. Concentration is already there, with the top five lines accounting for 30.0% of value and the top ten for nearly 50%. One platform is closing: in January 2026 the board decided to stop investing in Life Sciences and to run down the existing book, EUR 109m across eleven companies, that is one sixth of the lines for one twentieth of the value. And the balance sheet is being readied, with EUR 250m raised and then fully reinvested within nine months, a new EUR 400m revolving credit line announced in May 2026 and EUR 600m of liquidity after payment of the dividend. That dividend follows a simple policy, not to cut where possible, for an average payout ratio of 52% over ten years: the EUR 1.95 gross proposed for the transition period, against EUR 2.60 for the previous twelve-month year, is the exact nine-month pro rata of an unchanged base, recalculated, and not a cut.