Altamir: NAV per share increases by 5% to €33.95 in first half 2026
Altamir published on September 17, 2026 its Revalued Net Asset Value as of June 30, 2026, up 5.0% over the half-year, driven by the creation of unrealized value across the entire portfolio.
The increase is accompanied by a sharp decline in the pace of disposals compared to the first half of 2025, from which the company derives a net cash position that remains negative at -€71.9 million.
NAV per share of €33.95 and value creation of €68.1 million
As of June 30, 2026, the Revalued Net Asset Value per share of the listed private equity company stands at €33.95, compared to €32.32 at December 31, 2025, representing an increase of 5.0%. Under IFRS, the total NAV reaches €1,239.5 million, compared to €1,179.9 million six months earlier.
Over the half-year, total value creation amounts to €68.1 million, of which €66.5 million in unrealized value creation, including a positive currency effect of €7.6 million. All four portfolio sectors contribute positively.
Services is the leading contributor with €21.9 million, driven in particular by HRK Lunis, Veriforce and Infraneo, followed by Tech at €20.2 million, fueled notably by Odin, ThoughtWorks, Hirsch and Teciem.
Disposals decline and negative net cash position
The proceeds from total and partial disposals collected over the half-year amount to €15.3 million, compared to €79.7 million in the first half of 2025. They consist mainly of dividends paid by OnCourse Home Solutions (€7.1 million) and Authority Brands (€1 million), as well as €2 million in proceeds from funds, principally from the Apax Digital fund (€1.8 million).
Amounts invested and committed stand at €37.3 million over the half-year, compared to €93.5 million a year earlier. A negative adjustment of €9.5 million was also recognized for the final amounts invested in Zwart Techniek and Teciem.
The company accounts show a net cash position of -€71.9 million at June 30, 2026, compared to -€56.7 million at December 31, 2025 and -€72.3 million at March 31, 2026, an evolution that the company attributes to the low level of disposals in recent months.
Several liquidity levers expected by the end of the fiscal year
The company indicates that available liquidity in the very short term remains constrained, while having a significant asset portfolio and several liquidity levers. According to Altamir, Seven2 and Apax will carry out liquidity operations by the end of the year, and the company is working in parallel on complementary operations.
At June 30, 2026, the maximum amount of Altamir's commitments stands at €287.5 million, of which €55.9 million committed but not yet called, plus €114.6 million in distributions that may be recalled.
The portfolio is valued at €1,601.3 million, compared to €1,508.6 million at December 31, 2025, and comprises 68 companies, including two listed companies representing approximately 1% of fair value. In the first half of 2026, the weighted average EBITDA of portfolio companies increased by 12.4%.
