Sofina Sa · EURONEXT:SOF
Sofina Sa — FY2024 Earnings Presentation
26 slides from Sofina Sa's earnings presentation, Mar 27, 2025
Slide 1: Investor Presentation Full-year 2024
Investor Presentation Full-year 2024 27 March 2025
Slide 2: Our mission
Our mission Partner with leading entrepreneurs and families, backing them with patient capital and supportive advice to foster sustainable growth of their businesses. Our purpose is to create enduring value, for everyone 2
Slide 3: Sofina at a glance
o SECTORS OF FOCUS CONSUMER DIGITAL AND RETAIL TRANSFORMATION A 2 EDUCATION ina Q HEALTHCARE AND LIFE SCIENCES SUSTAINABLE SUPPLY CHAINS 3 REGIONS us EUROPE ASIA Sofina at a glance on ors je wn aerede* 3 5 Hero 3 a id com a _— | FROM IDEA ——— .... To EXPANSION EARLY STAGE GROWTH STAGE EXPANSION STAG
Slide 4: The Sofina Way
Reliable WE ARE A INVESTMENT COMPANY WITH +125 YEARS HISTORY namic WE ARE A GROWTH INVESTOR, EXPLORING ALL STAGES OF A COMPANY'S LIFECYCLE TO FOSTER FURTHER: GROWTH The Sofina Way WE OFFER MAKING US A RELIABLE PARTNER THROUGH ECONOMIC CYCLES WE PURSUE ACTIVE OWNERSHIP, OFFERING SUPPORTIVE ADVICE FOR
Slide 5: Return to growth
Return to growth Market environment • Market momentum with solid deal flow and transactions on portfolio companies • Despite current turbulence, we remain optimistic about long-term value of innovation and entrepreneurship, across geographies and sectors Investment activity • Strong additions to por
Slide 6: €10.3bn Total NAV
NAV NAV & portfolio NAV evolution €9.1 Bn €9.5 Bn €10.3 Bn €0.3 Bn €0.0 Bn Sofina private €0.2 Bn Sofina growth funds €2.3 Bn €4.7 Bn 22% 46% Total direct investments €5.3 Bn €10.3bn 52% Total €9.6 Bn €10.1 Bn Net Cash / €8.9 Bn Long-term NAV (Net Debt) €0.3 Bn minority 3% investments Other €3.1 Bn
Slide 7: Total portfolio €10.1Bn
TOTAL PORTFOLIO SOFINA DIRECT >60 growth investments starting from Series A €10.1Bn As of 31/12/2024 €5.3Bn As of 31/12/2024 BY GEOGRAPHY SECTOR SPLIT GEOGRAPHIC SPLIT VINTAGE SPLIT (1) LISTED/UNLISTED SPLIT 12% 8% 9% 7% 27% 27% 30% 23% Asia 13% 26% Europe 13% 60% 37% 11% 30% 91% North 39% America C
Slide 8: Overview of 2024
OVERVIEW OF 2024 (1) 31/12/2024 31/12/2023 2024 2023 Net result (share of the group) Net Asset Value (in million EUR) 10,305 9,083 1,360 -104 (in million EUR) Net result (share of the group) per share Net Asset Value per share (in EUR) (2) 311.77 273.62 40.89 -3.12 (in EUR) (3) BALANCE SHEET IN TRAN
Slide 9: Overview of 2024
OVERVIEW OF 2024 (1) KEY FIGURES IN TRANSPARENCY (in million EUR) 31/12/2024 31/12/2023 Net debt (+) / Net cash (-) -334 -197 Investment portfolio 10,054 8,928 Loan-to-value (in %) -3.3% -2.2% KEY COMPREHENSIVE INCOME FIGURES IN TRANSPARENCY (in million EUR) 2024 2023 Dividends received 60 44 Net re
Slide 10: Positive value creation for the total portfolio by 15%
Positive value creation for the total portfolio by 15% TOTAL Investment portfolio bridge per Investment Style (in EUR m) 534 592 10.054 8.928 Total Investment portfolio 31/12/2023 Sofina Direct Sofina Private Funds Total Investment portfolio 31/12/2024 TOTAL Investment portfolio bridge (in EUR m) 40
Slide 11: Positive value creation from both Direct (17%) and Private Funds (11%)
Positive value creation from both Direct (17%) and Private Funds (11%) SOFINA DIRECT bridge (in EUR m) 144 Value creation: +17% 549 881 779 5.331 4.739 Sofina Direct 31/12/2023 Acquisitions Disposals & Revenues Market impact FX impact Sofina Direct 31/12/2024 SOFINA PRIVATE FUNDS bridge (in EUR m) 2
Slide 12: Performance of underlying unlisted portfolio companies
Performance of underlying unlisted portfolio companies, strong contributor to value creation. SOFINA DIRECT performance bridge Value creation: +17% Listed(1) Unlisted(1) Both -5% 12% 5,331 -19% 18% 4,739 3% 7% 491 1% 722 Net underlying unlisted performance +13% 4,017 4,840 FV '23 Q4 Market impact Mu
Slide 13: The largest investments of Sofina Direct and Private Funds
The 4 largest investments of Sofina Direct represent more than 15% but less than 20% of the portfolio in transparency whereas the 6 largest investment within Sofina Direct represent more than 20% of the portfolio in transparency. SOFINA DIRECT - THE 10 LARGEST INVESTMENTS SOFINA PRIVATE FUNDS - THE
Slide 14: Investments in 2024
Investments in 2024 e€ = ' = : teambliue BE crine First Eag THG New investment New investment Follow-on Follow-on Follow-on Follow-on Long-term minority Long-term minority Long-term minority Long-term minority Long-term minority Long-term minority investments investments, investments, investments in
Slide 15: Divestments in 2024
Divestments in 2024 a ia <= sIBELCO G COLRUYT mamaearth’ GRAFHCORE Full exit . Process of full exit > Top-slicing = Full exit . Top-slicing . Full exit Long-term minority + Long-term minority + Long-term minority + Long-term minority + Sofina Growth + Sofina Growth investments investments investment
Slide 16: (1) Transaction subject to customary closing conditions 16 I
(1) Transaction subject to customary closing conditions 16 I
Slide 17: Our operations
Our operations To reach scope 1 and 2 SBTs, actions include gradually converting our corporate car fleet to electric vehicles and decouple gas and electricity consumption from workforce growth. In 2024, our greenhouse gas emissions reduction targets In 2024, we reduced scope 1 and 2 emissions by 21%
Slide 18: ESG across Sofina Direct and Private Funds
Originate and assess Deploy Manage Exit Positive Consider positive Monitor ESG Embed ESG in SOFINA DIRECT screening1 on screening in performance via exit the What and investment sustainability the How using decision roadmaps Redeploy an updated proceeds into new ESG Due Sustainability Provide expert
Slide 19: Sofina's investment highlights
Sofina’s investment highlights 19 I
Slide 20: Our impact: Delivering value across cycles
Our impact: Delivering value across cycles 1 2 Access to top-tier private business Track record of value creation and through a global ecosystem of trusted recurring liquidity generation relationships 3 4 Exposure to structural innovation Experienced management team trends with sustainability at the
Slide 21: Performance vs respective benchmarks
CONSISTENCY ENABLED BY A ROBUST INVESTMENT AND RISK MANAGEMENT PROCESSES 13% 14% 18% 15% 21% 14% 14% 11% 7% 14% 1.342 Consistent liquidity 1.253 growing portfolio 1.224 1.227 generation while 1.042 943 854 736 599 610 143 148 160 197 194 177 215 117 119 119 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 22: Partnerships with talented entrepreneurs, families and investors
PARTNERSHIPS WITH TALENTED ENTREPRENEURS, FAMILIES AND INVESTORS PARTNERSHIPS WITH TOP-TIER ENTREPRENEURS BACKING DIFFICULT-TO-ACCESS AND INVESTORS ON A GLOBAL SCALE PRIVATE BUSINESSES TOP-TIER PRIVATE FUNDS Selected examples ENABLERS Experienced Team Long-term and Patient Capital Sector FOUNDERS Ex
Slide 23: Sectors of focus and themes being explored
GROWING COMPANIES BOLSTERED BY INNOVATIVE & TRANSFORMATIONAL TRENDS WITH SUSTAINABLE MODELS ACROSS EU, ASIA & NORTH AMERICA Proprietary sourcing tool leveraging privileged Identification of early-stage trends, notably access to knowledge & data through the private funds’ portfolio S U S T AI N D I G
Slide 24: 35 investment professionals located across 4 offices
DEEP BENCH WITH RELEVANT SKILLS AND DIVERSITY TO EXECUTE INVESTMENT STRATEGY EXPERIENCED RELEVANT DIVERSE (1) CLOSE TO MARKET MANAGEMENT TEAM (2) BACKGROUND 60+ board and ~250 years of combined observer seats across our 16 nationalities investment experience (3) portfolio companies Average tenure 35
Slide 25: Resilient performance in challenging markets
Backing Focus on ESG Resilient Active ownership Growth investor innovators driving contributing to performance in supporting across all stages of societal and long-term challenging portfolio the lifecycle economic sustainable market conditions companies progress outcomes 25 I
Slide 26: Sofina SA contact
SOFINA SA Rue de l’Industrie, 31 B – 1040 Brussels Tel.: +32 2 551 06 11 [email protected] – www.sofinagroup.com