Net Asset Value per share increases with 9.4% in six months to EUR 55.6 thanks to continued strong growth performance of the portfolio

Net Asset Value per share increases with 9.4% in six months to EUR 55.6 thanks to continued strong growth performance of the portfolio

◼ The solid results of our companies lead to a portfolio return of 12% (non-annualized).

◼ H1 net profit of 144.9 mio EUR (EUR 5.1 per share) increases the equity value per share with 9.4% to EUR 55.6.

◼ Preparation of a potential capital increase to support the acceleration of our growth ambitions and value creation plans.

CEO Koen Dejonckheere:

“Our portfolio companies continued their strong growth path in the first half of the current financial year. Total sales again recorded a double-digit growth. At the same time, the margin extension could be sustained, resulting in an overall profitability growth at our companies of almost 20%, an excellent performance in line with the past full year. So once again, our companies clearly outperform the overall economy. Our total portfolio value further expanded with 10% to a record level of more than 1.7 billion EUR.

In the first half of the financial year 2024-25, Gimv generated a net profit of 145 mio EUR, or EUR 5.1 per share, leading to a 9.4% growth in our Net Asset Value to EUR 55.6 per share.

Today, we published the convocation to an extraordinary shareholders meeting in preparation of a potential capital increase in order to support the acceleration of our strategic growth and to further maximize value creation. We look forward to giving more details on our growth ambitions on the Gimv Capital Markets Day that will take place on 22 January 2025.”

Interim consolidated key figures (first six months of Financial Year 2024-25)

Results                                                                                                                                                              H1 2024-25                            H1 2023-24

The first half of financial year 2024-25 relates to the consolidated figures for the period from 1 April 2024 to 30 September 2024.

Notes to consolidated figures

Sustained margin extension and strong profitability growth at our companies

◼ 12.2% total sales growth in our portfolio, combined with an even stronger increase in margins (19.1% increase in operating profitability)

◼ Portfolio result of 186.8 mio EUR  

(12% return – non-annualized)

◼ Net profit of 144.9 mio EUR or EUR 5.1 per share

Our companies continued their excellent growth

performance in the first half of the current financial year 2024-25, proving the solidity and value creation potential of our portfolio. Overall, they have been able to increase their sales with 12.2%, while the operating profitability even grew stronger with 19.1%, continuing their margin extension in line with the strong results of the past full year. Most of the growth in profitability comes from organic expansion. Over the first half of 2024, we have seen a double digit Ebitda growth in all of our platforms (ranging from 17% in Smart Industries to 30% in Consumer).  

The strong performance of our companies in the first half of FY 2024-25 has led to a total portfolio result of 186.8 mio EUR, or a non-annualized portfolio return of 12% (annualized again above our annual portfolio return of at least 15%). The portfolio return on the platform portfolio was even higher at 12.8%. It should be noted that the sale of Mega was not yet completed at the end of September 2024; hence the upward revaluation of this transaction of EUR 0.5 per share is still included in the unrealised result.  

The average Ebitda multiple used to measure the fair value of our companies under the IFRS increased slightly from 8.6x at the end of March 2024 to 9.0x at the end of September 2024 (mainly triggered by a shift in composition of our portfolio). Hence, the positive valuation result was mainly determined by the strong operational results of our companies, with growth in Ebitda being the main contributor to our unrealized result.

Thanks to the strong portfolio result, Gimv’s net profit for the first half of the financial year 2024-25 amounts to 144.9 mio EUR or EUR 5.1 per share. This translates into a net return on equity of 9.7%, again showing a limited spread with the portfolio return of 12% thanks to an effective use of our capital and the further scaling through the costs.  

Size of the portfolio further expands to a record level of more than EUR 1.7 billion

◼ New investments in 3 new portfolio companies and further value creation within the portfolio

Gimv continued to invest further in expanding its portfolio. In the first half of the current financial year, 97.9 mio EUR was invested. This included an investment of 62.3 mio EUR in three new portfolio companies (SMG (SI; DE), Curana (CO; BE) and Kivu Bioscience (LS; NL/USA)) and 1 roll-over investment (Acceo (SC; FR). In addition, strategic buyand-build projects continued to be rolled out.  

35.6 mio EUR was invested in the portfolio to participate in new financing rounds at some Life Sciences companies and to finance acquisitions at amongst others Projective with the acquisition of Thede (SC; BE), the Wallfashion House (CO; BE) with the acquisition of Rasch and Variass (SI; NL) acquiring A1 Electronics.  

Further new investments are planned to be announced upon fulfillment of transaction conditions.  

At the start of the fiscal year, the exit of Acceo could be finalized. In September 2024, the exit of Mega to Bizzdesign was announced. In the course of October, also this transaction was closed. Excluding the cash not yet received on the exit of Mega, total proceeds from the sale of portfolio companies in the first half of the financial year 2024-25 amounted to 127.7 mio EUR.

Over the full term, the proceeds from the sale of Acceo and Mega amounted to 2.7x the original investment cost, representing a realised IRR of 15.2%.  

The combination of the new investments and the sustained strong value creation at our portfolio resulted in a continued strong rise in our total portfolio value with 10% to a record level of more than 1.7 billion EUR.

The investment portfolio consists of 62 companies, well distributed across the five platforms and the four countries.

Persistent strong equity growth  

◼ Net equity value per share grows with 9.4% in six months to EUR 55.6

◼ Available liquidity maintained at a level above

300 mio EUR

After payment of the dividend (EUR 2.60 per share) for the previous financial year 2023–2024 and including the strong net profit for the first half of the financial year 2024– 2025 (EUR 5.1 per share), the net equity value grew with 9.4% to EUR 55.6 per share at the end of September 2024.

Gimv’s total net equity value amounts to 1,591 mio EUR.

Taking into account the cash impact of the dividend (36.9 mio EUR) investments of almost 100 mio EUR and exit proceeds of 128 mio EUR, Gimv’s liquidity position was maintained during the first half of the current financial year at a level of 310.3 mio EUR. This liquidity is partly financed by long-term bonds (350 mio EUR). Gimv also has 210 mio EUR of undrawn credit lines at banks.  

Gimv aims to continue its current dividend policy.

Sustainability

Gimv continues to deliver on both pillars of its sustainability strategy. As a responsible company, Gimv conducted the double materiality assessment as necessary foundation for Gimv’s sustainability priorities for the coming years and resulting disclosures pursuant to the EU Corporate Sustainability Reporting Directive as of 2026. In July 2024, the board of directors of Gimv validated the outcome of this assessment which underpins Gimv’s ambition to be a leading company and investor. Moreover, Gimv increased its ambition level to reduce its own scope 1 & 2 GHG emissions upon realizing a reduction of its own scope 1 & 2 emissions of 42% per March 31^st, 2024 compared to baseline year 2019-20. This motivated Gimv to raise the level of ambition, deciding on a target reduction by 2030 of its own scope 1 & 2 emissions by 70% compared to the baseline year 2019-20. Gimv contributed also in 2024 to the Carbon Disclosure Project (CDP) by participating in their 2024 reporting cycle.  

As a sustainable investor, Gimv further aligned its responsible investing approach with the European Sustainability Reporting Standards (ESRS) by applying the ESG due diligence framework, that was upgraded and aligned with the ESRS in 2023, to the 2023 portfolio ESG survey adding an extra analytical dimension to Gimv's existing approach on monitoring the ESG maturity of the current portfolio.

Other significant events during the first half of the financial year 2024–2025

In the context of the optional dividend for the financial year 2023-2024, 57.8% of the dividend rights were contributed against the issue of 732,567 new ordinary shares, resulting in a capital increase of EUR 29.3 million. On 26 July 2024, the new shares were issued and admitted to trading on Euronext Brussels.  

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 futureoriented shareholdership of TINC in support of TINC’s further growth ambitions. This transaction was fully financed by Belfius Bank.  

In a second phase in September 2024, Gimv announced the sale of 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 announced their intention to contribute their respective participations in TDP NV to Infravest in exchange for new shares in Infravest, subject to obtaining the required regulatory approvals. Further communication will follow after and subject to successful completion including obtaining the aforementioned regulatory approvals. 

Key events after 30/09/2024

•       The valuation of our portfolio is based on market multiples as at the end of September 2024. 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.

•       On 16 October 2024, Gimv announced the exit of United Dutch Breweries (CO; NL) to Brouwerij Martens. From a high complementarity, both companies will strengthen each other's further growth. The exit had no material impact on the last published Net Asset Value of Gimv.

•       End October 2024, Gimv announced its participation in a $92M Series A financing round at Kivu Bioscience (LS; USA) to advance next-gen cancer treating antibody-drug conjugates.

•       In the course of October, Anjarium Biosciences (LS; CH) was sold to an undisclosed CDMO in the USA with no material impact on the Net Asset Value.

•       On 20 November 2024, the sale of Gimv’s majority stake in the outpatient rehabilitation specialist rehaneo (HC; DE) to Fremman Capital was announced. The transaction is subject to approval by the German antitrust authorities and is expected to close in Q1 2025. This transaction will have a positive impact on our NAV at 30 September 2024 of around EUR 1 per share. The realized return on this transaction substantially exceeds our long-term portfolio return target.

Preparations for a potential capital increase

Gimv published today the convocation for an extraordinary shareholders meeting in preparation of a potential capital increase (‘righs issue’) over the coming months (click herefor the relevant convocation materials).  

CEO Koen Dejonckheere comments: “Gimv targets to accelerate the further growth of its portfolio with an ambition to double the size. Not only by further boosting the investment ambitions and increasing the average ticket size of our investments, but also by substantially extending the investment horizon of a selected portfolio of companies. A larger scale will at the same time enable a further operational efficiency. A higher focus on value creation and an enhanced long-term compounding effect will become a source of additional shareholder value for Gimv.”

Subject to the approval of the rights issue by the extraordinary shareholders meeting, Gimv’s reference shareholder WorxInvest has already indicated its intention to participate pro-rata in this rights issue by exercising all of its subscription rights. WorxInvest intends to further support the transaction with a backstop commitment (subscription amount of up to 60 mio EUR) provided that it can also benefit from a priority allocation in the rump placement (subscription amount of up to 30 mio EUR, which will count towards the backstop commitment). Any priority allocation remains subject to the consideration and approval by the board of directors including in accordance with article 7:97 BCCA as well as certain conditions subsequent as included in WorxInvest’s commitment letter.

Subject to the exercise of the preferential rights by the other shareholders, WorxInvest could, in the context of a potential rights issue, increase its stake in the Company above the 30% threshold without being forced to launch a mandatory takeover bid for all the Company's shares.

Gimv will, to the extent required, prepare a prospectus to be approved by the Financial Services and Markets Authority (FSMA) in accordance with applicable legislation.  

More details on Gimv’s growth ambitions will be announced on the Gimv Capital Markets Day that will take place on 22 January 2025.

Notice on U.S. Securities Registration

The securities to be issued in connection with any potential rights issue will not be registered under the United States Securities Act of 1933, as amended (the ‘Securities Act’) or with any applicable state securities laws of any state or other jurisdiction of the United States and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from such registration requirements.

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 geopolitical tensions on the stability of the international economic fabric, (ii) the impact of the monetary policies of Central Banks in handling inflation and the related consequences for interest rate evolutions, (iii) the extent to which consumer confidence is affected by rising prices, (iv) the evolution in the labour market and the availability of sufficiently qualified personnel for our companies, (v) the liquidity in the banking system to support companies, including in case of possible further financing needs, (vi) the stability of the regulatory and financial environment in the markets in which both Gimv and our companies operate, (vii) the extent to which the market for investments and acquisitions remains active, accompanied by a sufficient level of liquidity and feasible financing conditions, and (viii) 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 half-yearly financial statements on 30 September 2024 have been prepared in accordance with the IFRS and IAS 34 “Interim Financial Reporting” as approved by the European Union, and they provide a true and fair view of the assets, financial position and results of Gimv and the companies included in the consolidation.

b)            The half-yearly report gives a fair overview of the main events of the first half of the financial year, their impact on the financial statements, the main risk factors and uncertainties for the remaining months of the financial year, as well as the main transactions with related parties and their impact, if any, on the summarised financial statements.

Statutory auditor’s report on the accounting information included in the half-yearly press release of Gimv NV

We have compared the accounting information included in the half-yearly press release of Gimv NV with the interim consolidated financial statements for the six months ended 30 September 2024, where this period closed with a balance sheet total of EUR 2,034,035k and a net profit of EUR 144,872k. We confirm that this accounting information does not contain any apparent inconsistencies with the interim consolidated financial statements.

We have issued a review report on these interim consolidated financial statements as at 30 September 2024 in which we conclude that nothing has come to our attention during our review that causes us to believe that the accompanying interim consolidated financial statements have not, in all material respects, been prepared in accordance with IAS 34 “Interim Financial Reporting”, as approved by the European Union.

Antwerp, 20 November 2024

BDO Bedrijfsrevisoren BV

Statutory Auditor

Represented by David Lenaerts

Company Auditor

Financial calendar

Gimv Capital Markets Day

22 January 2025

Annual results for FY 2024–2025 22 May 2025

Annual General Meeting FY 2024–2025  

25 June 2025

About Gimv

Gimv is a European investment company, listed on Euronext Brussels and a member of the Euronext BEL ESG Index. With over 40 years' experience in private equity, Gimv currently has an investment portfolio of more than EUR 1.7 billion. The portfolio contains around 60 portfolio companies, with combined turnover of EUR

4.0 billion 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

Gimv Group – Interim Consolidated balance sheet per 30/09/2024

Assets (in 1,000 EUR)

Non-current assets

Intangible assets213

Property, plant and equipment8.178

Investment portfolio1.558.979

Financial assets: equity investments at fair value through P&L (FVPL)1.222.800 Financial assets: debt investments at fair value through P&L (FVPL)88.176

Financial assets: debt investments at amortised cost248.003

Current assets349.856

Trade and other receivables2.577 Cash and cash equivalents307.019 Marketable securities39.816

Other current assets443

Total assets1.917.226

Equity and liabilities (in 1,000 EUR)

Equity

Equity - group share1.489.289

Issued capital264.665

Share premium136.282

Reserves1.088.342 Minority interests-

Liabilities427.937

Non-current liabilities393.665

Financial debts - bonds350.000

Financial debts - lease liabilities1.431

Provisions42.234

Current liabilities34.272 Financial debts7.188

Trade and social debt16.296 Income tax payables 483

Other liabilities10.305

Total equity and liabilities1.917.226

Gimv Group – Interim Consolidated income statement for the first six months to 30/09/2024

Consolidated income statement (in EUR 1,000)

Dividend income

Interest income17.360

Realised gains on disposal of investments67.161

Unrealised gains on financial assets at fair value trough P&L155.413

Reversal of impairments on debt investments via amortised cost3.503

Portfolio profit253.541

Realised losses on disposal of investments-7.503

Unrealised losses on financial assets at fair value through P&L-40.984

Impairments on debt investments via amortised cost-2.208

Portfolio losses-50.695

Portfolio result: profit (loss)202.846

Management fees429

Other operating income224

Operating income 653

Personnel expenses - salaries-11.323 Personnel expenses - LTIP remunerationTotal personnel expenses-11.323

Selling, general and administrative expenses-6.674

Amortisation and depreciation expenses-1.209

Other operating expenses-21.922

Operating expenses -41.128

Operating result162.371

Finance income1.470

Finance costs-5.660

Result before tax: profit (loss)158.181 Corporate income tax expenses-15 Net profit (loss) of the period158.165

Minority interests-

Share of the group158.165

Consolidated statement of the comprehensive income (in EUR 1,000)

Net profit (loss) of the period

Other comprehensive income-

Total other elements of the comprehensive income (i + ii)-

Total comprehensive income158.165

Minority interests-

Share of the group158.165

Gimv Group – Interim Statement of changes in consolidated equity for the first six months to 30/09/2024

Actuarial gains

01-04-2023 258.414 117.362 935.465 1.284 -116 1.312.409 12.726 1.325.135 Net Result for the period - - 158.165 - - 158.165 -0 158.165

Other comprehensive income                                                                                                                        -                                            -                                            -                                            -                                           -                                                                                                                                                                             -                                            -                                            -

Total comprehensive income - - 158.165 - - 158.165 -0 158.165 Capital increase / decrease 6.251 18.920 - - - 25.171 -997 24.174 Acquisition / disposal of subsidiaries - - - - - - - Dividends to shareholders - - -70.774 - - -70.774 - -70.774

Net purchase / sale own shares - - - - 49 49 - 49 Other changes - - 6.282 - - 6.282 -11.456 -5.174

30-09-2023                                                                                                                                           264.665                               136.282                           1.029.138                                   1.284                                        -67                                                                                                                                                              1.431.302                                 273                                1.431.575

Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com                                                                                                                                            10

Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information                Press release

Gimv Group – Interim Consolidated cash flow statement for the first six months to 30/09/2024

Cash flow statement (direct method) in 1,000 EUR

Cash flow from operating activities

Interest received on cash deposits1.309

Management fees from managed funds154

Remuneration and other benefits to employees and directors-14.172

LTIP remuneration to employees-

Other operating expenses-6.219

Paid/recovered CIT and other taxes-8.983

Cash flows from investing activities80.345

Investments in financial assets: equity investments-56.793

Investments in financial assets: debt investments-26.767 Proceeds from divested financial assets: equity investments137.912 Proceeds from repaid financial assets: debt investments17.184 Interest received from the investment portfolio2.392

Dividend received from the investment portfolio9.997 Investments in subsidiaries (LTIP earn out)-2.249

Other cash flows from investment activities-1.332

Cash flows from financing activities-55.248

Paid interest and fees on cash deposits and credit lines-8.547

Dividends to shareholders-45.608 Dividends to minorities-997

Purchase Own Shares-828 Sales Own Shares732

Other cash flow from financing activities-

Change in cash during period-2.814

Cash at beginning of period194.416

Acquired not yet received interest on deposits and other investments-

Cash at end of period191.602

Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com                                                                                                                                            11