Second consecutive year with record results

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)

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.  

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.  

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              

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)

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 assets444

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 interestsLiabilities427.937 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 – Consolidated income statement for the 12 months to 31/03/2025

Consolidated income statement (in EUR 1,000)

Dividend income

Interest income33.864

Realised gains on disposal of investments155.968

Unrealised gains on financial assets at fair value trough P&L196.722

Reversal of impairments on debt investments via amortised cost73

Portfolio profit397.336

Realised losses on disposal of investments-7.503

Unrealised losses on financial assets at fair value through P&L-81.612

Impairments on debt investments via amortised cost-17.155

Portfolio losses-106.270

Portfolio result: profit (loss)291.066

Management fees895

Other operating income606

Operating income 1.501

Personnel expenses - salaries-23.207 Personnel expenses - LTIP remuneration-9.182

Total personnel expenses-32.389

Selling, general and administrative expenses-13.243 Amortisation and depreciation expenses-2.313

Other operating expenses-23.091

Operating expenses -71.036

Operating result221.531

Finance income7.010

Finance costs-11.358

Result before tax: profit (loss)217.183 Corporate income tax expenses-63 Net profit (loss) of the period217.121

Minority interests-8

Share of the group217.129

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

Net profit (loss) of the period Other comprehensive income-

Actuarial gains (losses) DB pension plans-475

Items that cannot be reclassified to profit or loss in subsequent periods (i) -475 Items that can be reclassified to profit or loss in subsequent periods (ii) Total other elements of the comprehensive income (i + ii)-475

Total comprehensive income216.646

Minority interests-8

Share of the group216.654

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

Actuarial gains

                                                                                                                                         Share                                                   (losses) DB pension                             Treasury                                                                                                                                                                                                     Equity - Group

2024-2025 (in 1,000 EUR)                                                                                                   Issued capital                            premium          Retained earnings                                   plans                                Shares                                                                                                                                                          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 NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com                                                                                                                                             11

Press release

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

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

Cash flow from operating activities

Interest received on cash deposits4.284

Management fees from managed funds301

Remuneration and other benefits to employees and directors-25.070

LTIP remuneration to employeesOther operating expenses-14.523

Paid/recovered CIT and other taxes-9.952

Cash flows from investing activities254.044

Investments in financial assets: equity investments-80.747

Investments in financial assets: debt investments-32.745 Proceeds from divested financial assets: equity investments265.011 Proceeds from repaid financial assets: debt investments69.804

Interest received25.651

Dividend received10.513

Earnout payments related to historical co-investment structures-2.249

Short term bridge loan investment-

Other cash flows from investment activities-1.194

Cash flows from financing activities-59.028 Capital and share premium increase, gross-

Paid costs related to capital and share premium increasePaid interest and fees on cash deposits and credit lines-11.086

Dividends to shareholders-45.608 Dividends to minorities-997 Purchase Own Shares-2.153 Sales Own Shares879

Other cash flow from financing activities-63

Change in cash during period150.056

Cash at beginning of period194.416

Acquired not yet received interest on deposits and other investments2.363

Cash at end of period346.835

Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com                                                                                                                                            12