Sofina: Results progressing in the first half of 2026
Sofina published its half-yearly results on September 2, 2026, as of June 30, 2026. The Belgian investment holding reports a revalued net asset value (NAV) of €11,534 million, up from €10,843 million at end-2025, and a net result (group share) of €857 million, compared with a loss of €394 million a year earlier.
This progression is primarily supported by value creation in the private funds portfolio (Sofina Private Funds), while the direct portfolio advances more modestly.
Net result of €857 million after a loss of €394 million a year earlier
In the first half of 2026, the net result (group share) amounted to €857 million, or €24.20 per share, compared with a loss of €394 million (-€11.91 per share) in the first half of 2025.
NAV per share stood at €326.48 as of June 30, 2026, compared with €305.77 as of December 31, 2025. The investment portfolio reached €11,831 million, up from €10,509 million at end-2025.
The look-through result of the investment portfolio amounted to €875 million over the half-year, compared with -€379 million a year earlier. Dividends received reached €31 million, compared with €18 million in the first half of 2025.
Private funds up 16.1%, direct portfolio nearly stable
Overall value creation in the portfolio came in at +8.1% over the half-year, or +6.0% excluding exchange rate effects. The distribution between the two main components is contrasted.
Sofina Private Funds, which represents €6.0 billion or 52% of NAV, shows value creation of +16.1% (+13.0% excluding exchange rate effects), with its valuation rising from €4,893 million to €5,969 million. The direct portfolio (Sofina Direct) recorded value creation of +0.9%, which declined to -0.2% excluding exchange rate effects, with its valuation increasing from €5,616 million to €5,862 million.
Sofina indicates that the macroeconomic environment is not the simplest for mature companies, and reports progress in high-growth companies as well as positive momentum in early-stage companies within Sofina Private Funds.
Shift to net debt and sustained investment activity
As of June 30, 2026, Sofina presents a net debt position of €219 million, compared with net cash of €430 million at end-2025. Gross cash amounted to €1,080 million and financial liabilities to €1,299 million, composed of two bond loans (€700 million issued in 2021 maturing in 2028 and €600 million issued in 2025 maturing in 2033). The Loan-to-Value ratio stood at 1.9%.
Over the half-year, investments in the portfolio totaled €733 million and disposals €237 million. New holdings notably include Eye Security, FirstClub, Supabase, Primer and XBow, while exits include Honasa Consumer and SES. Subsequent to June 30, 2026, Sofina signed an agreement for the disposal of its entire stake in Salto.
The ten largest direct holdings represent 27% of the look-through portfolio, with ByteDance being the only asset weighing more than 5% of the fair value of this portfolio.
