IDI: net income of €54.7 million over nine months, NAV per share up 7.8%
IDI published its unaudited quarterly accounts as at 30 September on 13 November 2026. Over the first nine months of the financial year, net income attributable to the group reached €54.7 million, compared with €16.2 million a year earlier. This increase stems from the investment activities result, which rose from €29.2 million to €65.2 million.
At the same time, net asset value (NAV) per share rose 7.8% since 31 December 2025, to €101.54. This figure carries a timing particularity: in the third quarter, only liquid assets and listed securities were revalued. Unlisted private equity holdings remain recorded at their values as at 30 June 2026.
Investment activities explain the rise in net income
The consolidated income statement for the first nine months shows that the bulk of the difference comes from the result of investment activities, which more than doubled over one year. Other operating income and expenses represent a charge of €14.1 million, down from €16.0 million recorded a year earlier.
Other financial items increased to €3.6 million from €3.1 million. Together, these three components more than triple net income attributable to the group over the period.
This result stems from the company's accounting status. Under IFRS 10, IDI meets the definition of an investment entity: its holdings are measured at fair value, except for subsidiaries providing services directly related to investment activities. The consolidation scope is thus limited to IDI and idiCo.
Winncare disposal completed, CFDP sale subject to ACPR approval
The first nine months were also marked by portfolio movements. IDI sold its entire stake in Winncare Group, a company specialising in medical devices for people with loss of autonomy. The group had become majority shareholder in 2014, before reinvesting as a minority shareholder in 2021.
For CFDP, an independent French specialist in legal protection, the transaction is at the agreement stage. IDI, Groupe Chevrillon and Fiblac, majority shareholders since 2018 through the holding company Financière Iustitia, have signed agreements to sell their entire stake to AG2R La Mondiale.
Completion is expected by 31 December 2026, subject to obtaining ACPR approval. Christian Langlois-Meurinne, chairman of the IDI group, believes these two transactions illustrate “our ability to support our assets over the long term and to realise the value created”.
Two holdings have also made acquisitions. S4BT, a specialist in booking solutions for business travel, acquired Travel Centric Technology, the London-based parent company of HotelHub. Groupe PLC acquired Floralpina, a French specialist in dry-form dietary supplements, as part of its strategy to consolidate the CDMO market in cosmetics and nutraceuticals.
NAV of €771.9 million and investment capacity of €233.6 million
In absolute terms, NAV reached €771.9 million as at 30 September 2026, compared with €740.0 million as at 31 December 2025. This amount is identical to consolidated shareholders' equity attributable to the group. The 7.8% increase in NAV per share is calculated against €94.20, the end-2025 value after dividend.
Before dividend, the end-2025 reference stood at €97.10 per share. The gap between these two bases corresponds to the €2.90 per share dividend relating to financial year 2025, whose results were published on 29 April 2026.
On liquidity, cash plus liquid assets, net of debt, rose to €200.3 million from €190.8 million at end-2025. Investment capacity amounts to €233.6 million. It comprises cash and liquid assets of IDI and its subsidiary Financière Bagatelle, as well as €35 million of confirmed, undrawn credit lines.
Over the long term, the company reports an annualised internal rate of return of 15.22%, dividends reinvested, since its stock market flotation in 1991, equivalent to a multiple of 148 times in 35 years. The 2026 annual results will be published on 31 March 2027.
