| 31-12-2025 | 31-12-2024 | |
|---|---|---|
| Total assets (in million €) | 12,167 | 11,159 |
| Net Asset Value (in million €) | 10,843 | 10,305 |
| Net Asset Value per share (in €)(1) | 305.77 | 311.77 |
| Look-through Loan-to-value (in %) | -4.1% | -3.3% |
As a reminder, the General Meeting of Shareholders of 13 May 2026 decided to pay a gross dividend of € 3.66 per share.
(1) Calculation based on the number of outstanding shares at closing date (35,461,125 shares at 31 December 2025 and 33,053,827 shares at 31 December 2024).
| 2025 | 2024 | |
|---|---|---|
| Net result (share of the group) (in million €) | 113 | 1,360 |
| Net result (share of the group) per share (in €)² | 3.35 | 40.89 |
(2) Calculation based on the weighted average number of outstanding shares (33,749,069 shares at 31 December 2025 and 33,244,429 shares at 31 December 2024).
Evolution of the Net Asset Value over the last 20 years(3)
Evolution of the Net Asset Value per share over the last 20 years(3)
(3) Data at 31 December. The financial data are prepared under IFRS standards since the financial year ending 31 December 2004. Figures relating to 2016 and 2017 have been restated in accordance with IAS 28, §18 to ensure that the Net Asset Value for 2016 and 2017 can be compared with that of the following years as set up under the Investment Entity status.
Evolution of the share price over the last 20 years(4) (in €)
(4) Data at 31 December
Net Asset Value Allocation
Breakdown of the portfolio in transparency by geographic region(7)
Breakdown of the portfolio in transparency between listed and unlisted investments
(7) Considering the country of the main or historical headquarters of the investments.
Sector split - Sofina Direct
Sofina Private Funds
The 10 largest investments of Sofina Direct represent 27% of the fair value of the portfolio in
transparency(8) (9)
| 1. ByteDance |
| 2. Cambridge Associates |
| 3. Proeduca |
| 4. Nuxe |
| 5. Drylock |
| 6. Cognita |
| 7. Mérieux NutriSciences |
| 8. Vinted |
| 9. Salto |
| 10. Cleo AI |
The 10 largest General Partners of Sofina Private Funds represent 22% of the fair value of the portfolio in transparency(8)
| 1. Sequoia Capital |
| 2. Lightspeed |
| 3. HongShan |
| 4. Peak XV |
| 5. Andreessen Horowitz |
| 6. Battery |
| 7. Insight Partners |
| 8. Thrive |
| 9. Thoma Bravo |
| 10. Iconiq Capital |
The 10 largest underlying company exposures within the Sofina Private Funds portfolio represent approximately 10% of the fair value of Sofina's total portfolio on a look-through basis
| 1. Anduril Industries (defence, US) |
| 2. Anthropic (AI, US) |
| 3. Bytedance (digital platforms, China) |
| 4. Databricks (software and AI, US) |
| 5. Doordash * (food delivery, US) |
| 6. OpenAI (AI, US) |
| 7. Prometheus (AI, US) |
| 8. Ramp (fintech, US) |
| 9. SpaceX (aerospace and AI, US) |
| 10. Stripe (fintech, US) |
* Listed company
(8) Listed in decreasing order of fair value at Dec 31, 2025
(9) The ranking of our Sofina Direct investments does not take into consideration indirect holdings in these entities through certain partnerships of Sofina Private Funds.
