Altamir: NAV Falls by 4.8% Despite Operational Growth of 8.6%
Altamir's NAV decreased by 4.8% in the fiscal year 2025 to €32.32 per share, down from €35.06 a year earlier. However, paradoxically, the portfolio companies have shown a robust average weighted EBITDA growth of 8.6%, revealing a gap between the operational strength of the unlisted assets and value creation for shareholders.
Mixed Signals from the Portfolio
The portfolio of 67 companies, valued at €1,508.6 million compared to €1,623.5 million a year earlier, displays contradictory signals. On one hand, the average weighted EBITDA of the held companies has increased by 8.6% in a deteriorating economic environment, demonstrating the quality of operational transformations within the portfolio. On the other hand, the total fair value contracted by €30.1 million, driven down by a negative currency impact of €31.4 million (dollar vs euro) and particularly by the devaluation of THOM by €63.2 million. The Consumer sector thus recorded an overall decline of €71.3 million, penalized by the explosion of gold prices (+65% in 2025) and silver (+100%), forcing THOM to rethink its business model. Conversely, the Tech & Telco (+€18.7 million), Services (+€11.6 million), and Health (+€6.5 million) sectors progressed, supported by companies like Odin, Opteven, Oncourse Home Solutions, and Mental Care Group.
Significant Decline in Disposal Proceeds
The disposal proceeds of €139.2 million in 2025 marked a significant decline compared to €332.6 million the previous year. This contraction reflects the absence of major exits comparable to those recorded in 2024. The disposals included notably the sale of stakes in Marlink for €75.2 million and divestments for €25.5 million (including Eci for €7.7 million and Openlane for €7.5 million). Facing this situation, Altamir had to proceed in December 2025 with a secondary transaction of €23.1 million, selling half of its stakes in Dstny and Odin as well as three-quarters of its investment in Apax Development, without a discounted valuation. This operation highlights cash flow tensions: the balance sheet shows a net negative cash position of €56.7 million as of December 31, 2025, slightly improved from €70.2 million in September but deteriorated since the end of 2024. Total commitments amount to €312.3 million, of which €113.1 million has not yet been called.
Investments and Commitments in 2025
Altamir invested and committed €142.0 million in 2025 compared to €180.5 million the previous year, distributed among 7 new operations (€91.4 million), additional investments within the portfolio (€11.6 million), and investments through its funds (€37.0 million). The most notable transactions include HRK Lunis for €25.6 million, Zwart Techniek for €19.4 million, and Marlink via the Duality fund for €18.8 million. Over the period 2021-2025, the Management exceeded its medium-term objectives: an average of €192 million per year in investments against a target of €170 million, and an average of €251 million per year in disposal proceeds against a target of €230 million. For 2026, these objectives are extended to six years. However, the Board has decided not to propose any dividend for 2025, a break after the distribution of €1.06 per share in September 2025. This decision, justified by the preservation of cash, signals a priority to consolidate financial resources in the face of future commitments.
