Brederode: profit of €347.64 million in first half of 2026, highest since 2021
The Luxembourg-based investment company Brederode published on September 10, 2026 a half-yearly net result of €347.64 million, after a loss of €141.68 million one year earlier over the same period. The turnaround is primarily attributable to the listed securities portfolio, whose gains more than tripled, while Private Equity returned to positive territory.
Net result of €347.64 million against a loss one year earlier
Over the first six months of 2026, Brederode generated a net result of €347.64 million, compared to a loss of €141.68 million in the first half of 2025 and a profit of €124.40 million for the full year 2025. Earnings per share came to €11.86, compared to -€4.83 one year earlier. According to the press release, this is the highest half-yearly profit since 2021. Shareholders' equity reached €4,531.77 million on June 30, 2026, or €154.64 per share compared to €144.24 at the end of 2025, after the distribution of €1.46 per share paid in May 2026. Return on Equity stands at 7.9%, compared to -3.5% in the first half of 2025.
Listed portfolio gains more than tripled, Private Equity returns to positive
The listed securities portfolio generated a gain of €291.47 million (net of dividends), compared to €24.94 million in the first half of 2025. Its value reached €1,852.26 million on June 30, 2026, compared to €1,565.91 million at the end of 2025. According to the company, the increase was driven in the second quarter by the expansion of interest in artificial intelligence beyond technology stocks, towards related sectors such as electricity production and industry. Among the main holdings, Intel posted a performance of 290.2% over the period and Samsung Electronics of 169.7%, while LVMH fell by 24.0% and Experian by 23.0%. Private Equity generated a gain of €58.10 million, compared to a loss of €164.68 million one year earlier. Its value stood at €2,694.55 million, compared to €2,653.21 million at the end of 2025. The company notes that certain older funds are experiencing slower maturation and delayed distributions, which somewhat mitigates the performance of more recent vintages. Uncalled commitments related to Private Equity amount to €1,341.08 million, compared to €1,192.12 million at the end of 2025.
Selectivity in Private Equity and caution on AI-related valuations
For the remainder of the fiscal year, Brederode indicates that its results will remain influenced by developments in the global economy, the trajectory of interest rates and geopolitical balances, while maintaining an investment policy oriented towards long-term value creation. In Private Equity, the company places selectivity at the forefront and believes that disciplined managers are increasingly standing out. On the listed portfolio, it indicates that the rapid increase in valuations in sectors related to artificial intelligence calls for caution, with the quality of securities and portfolio liquidity remaining its priorities. On June 30, 2026, Brederode and its subsidiaries reported a positive net cash position of €3.11 million, compared to €19.62 million at the end of 2025, and have available confirmed credit lines of €350 million, unchanged. Market capitalization reached €3,065 million, compared to €3,130 million at the end of 2025, with the share price declining by 2.1% over the half-year.
