Annual report 2025
Table
of
contents
INTRODUCTION
Highlights 2025 � � � � � � � � � � � � � � �4
Message to shareholders � � � � � � � �6
PART I: PROFILE AND PERFORMANCE
Sofina at a glance � � � � � � � � � � � � � 10
What makes us unique � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �11
Diversified and sustainable business strategy � � � � � � � � � � � 13
Value creation model � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 15
Stakeholders overview � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 16
Portfolio overview � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 17
Double materiality assessment � � � � � � � � � � � � � � � � � � � � � � � 29
Risk matrix � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 30
Year in review
1
� � � � � � � � � � � � � � �34
Market context � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �35
Performance indicators � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 37
Portfolio indicators � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 40
Post-closing events � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 48
Our team in the community � � � � � � � � � � � � � � � � � � � � � � � � � � 49
Table of contents
PART II: STAT EME N TS
Corporate governance
1
� � � � � � � �52
Our leadership � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 53
Corporate governance statement � � � � � � � � � � � � � � � � � � � � � � 56
Remuneration report� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �66
Sustainability statements
1
� � � � �76
Overview � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 77
Governance � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 78
Strategy � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 80
Environmental information � � � � � � � � � � � � � � � � � � � � � � � � � � 85
Social information � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 92
Business conduct � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 100
Content index � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 103
Financial statements � � � � � � � � � 105
Consolidated financial statements � � � � � � � � � � � � � � � � � � � � 106
Notes to the consolidated financial statements � � � � � � � � � �110
Independent auditor’s report � � � � � � � � � � � � � � � � � � � � � � � � 143
Statutory financial statements � � � � � � � � � � � � � � � � � � � � � � � 147
Alternative performance measures
and other terms � � � � � � � � � � � � � 150
Alternative performance measures � � � � � � � � � � � � � � � � � � 151
Other terms and definitions � � � � � � � � � � � � � � � � � � � � � � � � � 153
PART III: ABOUT THIS REPORT
Responsible person � � � � � � � � � � 155
Disclaimer � � � � � � � � � � � � � � � � � 156
1 Sections of the Management report.
INTRODUCTION
PART I:
PROFILE
AND PERFORMANCE
PART II:
STAT EMENTS
PART III:
ABOUT THIS REPORT
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SOFINA
ANNUAL REPORT 2025
3
Highlights
2025
SOFINA
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SOFINA
ANNUAL REPORT 2025
4
INTRODUCTION
Highlights 2025
Message to shareholders
PART I:
PROFILE
AND PERFORMANCE
PART II:
STAT EMENTS
PART III:
ABOUT THIS REPORT
5
SECTORS OF FOCUS
DIGITAL
TRANSFORMATION
EDUCATION
HEALTHCARE
AND LIFE
SCIENCES
CONSUMER
AND RETAIL
SUSTAINABLE
SUPPLY CHAINS
EUR 10�8 BN NAV
EUROPE ASIA
US
52%
SOFINA DIRECT
27%
LONG-TERM MINORITY
INVESTMENTS
25%
SOFINA GROWTH
3%
NET CASH & OTHERS
45%
SOFINA PRIVATE FUNDS
GREENHOUSE GAS
EMISSIONS REDUCTION
TARGETS
VALIDATED BY THE
SBTI
SINCE 2024
Stable AND
regularly
increasing
dividends
SINCE 1956
OUR TEAM
19
NATIONALITIES
58%
men
42%
women
EUR5�1BN
INVESTED IN THE
LAST 5 YEARS
EUR5�4BN
DIVESTED IN THE
LAST 5 YEARS
EUR1�7BN
GROSS CASH
8�4%
AVERAGE
ANNUAL
RETURN OVER
10 YEARS
-4�1%
LOAN-TO-VALUE
SOFINA DIRECT
LONG-TERM MINORITY INVESTMENTS
SOFINA GROWTH
SOFINA
PRIVATE FUNDS
COMPLEMENTARY
INVESTMENT STYLES
83
EMPLOYEES
+80 PORTFOLIO COMPANIES &
+610 FUNDS across
+80 GENERAL PARTNERS
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ANNUAL REPORT 2025
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INTRODUCTION
Highlights 2025
Message to shareholders
PART I:
PROFILE
AND PERFORMANCE
PART II:
STAT EMENTS
PART III:
ABOUT THIS REPORT
Highlights 2025
Message to
shareholders
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ANNUAL REPORT 2025
6
INTRODUCTION
Highlights 2025
Message to shareholders
PART I:
PROFILE
AND PERFORMANCE
PART II:
STAT EMENTS
PART III:
ABOUT THIS REPORT
DEAR SHAREHOLDERS,
2025 MARKED THE BEGINNING OF A NEW
CHAPTER FOR SOFINA.
It’s the year that validated our model, as we witnessed
an acceleration of deal flow and heightened demand for
the type of investors we are. Accordingly, we scaled our
investment platform to ensure we remain well positioned
for the next cycle of long-term value creation. We did so
at a moment when market dynamics favour long-term,
well-capitalised investors. In such conditions, liquidity
and balance sheet strength are not ends in themselves –
they are strategic assets that enable us to both protect
operating value and seize opportunities as they arise.
Our capital raise and bond issuance were met with strong
support from both shareholders and debt investors,
providing a solid foundation for the future.
Our scaling-up reinforces who we are. Sofina remains
a long-term, values-driven group with a family reference
shareholder. Our permanent capital structure allows us to
take a patient approach in volatile times, to partner with
founders and management teams who share our ambition
and our convictions.
With EUR 1.15 billion of additional capital, we enter the
next phase with a robust balance sheet, strong portfolio
fundamentals and enhanced financial flexibility. Our
focus remains unchanged: disciplined capital allocation,
long-term value creation and supporting companies that
contribute positively to society.
Portfolio resilience through volatility. In an environment
marked by geopolitical tensions, macroeconomic
uncertainty and currency headwinds, the resilience of our
portfolio, with a total Net Asset Value of EUR 10.8 billion,
is the result of disciplined selection, active engagement
and diversification. While short-term volatility influences
reported figures, this was particularly evident in 2025 as
exchange rate movements weighed on performance. Over
the long term, value creation continues to be driven by
the fundamentals of the businesses in which we invest.
In other words, when we look at our direct holdings, we
feel reassured by the profitability and revenue growth of
our Long-term minority investments and Sofina Growth
portfolios.
With respect to our Direct portfolio, we continued to
invest selectively in high-quality businesses throughout
2025 while crystallising value through targeted exits and
IPOs. This disciplined capital rotation strengthens our
ability to redeploy capital into the next generation of
opportunities.
In our Private Funds platform, which represents 47% of our
portfolio, activity has increased, with liquidity events and a
clear trend towards concentration around leading general
partners. Our record of having built relationships with the
leading actors of venture and growth investing over the
course of the last 50 years serves us well in this evolving
landscape.
The model of combining Sofina Direct and Sofina Private
Funds provides access to a large pool of investment
Sofina’s business model is as
strong and coherent as it has
ever been and the depth of
talent ensures Sofina’s best
years are ahead�
DOMINIQUE LANCKSWEERT, CHAIRMAN
Message to
shareholders
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ANNUAL REPORT 2025
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INTRODUCTION
Highlights 2025
Message to shareholders
PART I:
PROFILE
AND PERFORMANCE
PART II:
STAT EMENTS
PART III:
ABOUT THIS REPORT
opportunities, insights on what's happening
globally and across sectors to identify trends, and
an ability to tap into industry expertise across
growth stages. We call this our flywheel effect.
Adapting to technological evolution.
Technological transformation, and particularly
artificial intelligence, continues to reshape
industries. We approach this evolution with both
strong convictions and prudence inspired by
history. Where innovation creates sustainable
competitive advantage and clear economic
value, we engage. Where market dynamics and
exuberance limit our ability to add value, we
remain disciplined.
Passing the baton. Having reached the statutory
age limit, after 29 years on the Board of Sofina,
including the last six as Chairman, the time has
come to pass the baton.
It's not without emotion that I do so but, more
importantly, I do so with the conviction that
Sofina’s business model is as strong and coherent
as it has ever been and the depth of talent (at
every level) ensures Sofina's best years are ahead.
My successor, Charlotte Strömberg, has all the
skills and enthusiasm to help management bring
Sofina's performance to the next level.
Over 40 years of observing industries, I have
learned that great companies have common
attributes. They're animated by a clear sense of
purpose above all. They take the long view when
pondering strategic directions. They are able to
adapt when it’s the right thing to do, and they
regularly reinvent themselves when you least
expect them to. Above all, they attract, nurture and
develop the best talent they find, fostering both
excellence and a strong sense of belonging.
With the “memory” of our evolution over the years,
I can testify that the Sofina team works very hard
to live by those principles:
Our sense of purpose: developing generational
wealth, through the cycles, by investing in
companies that have a societal impact. As a
family group with more than a century of history,
Sofina understands that complexity and volatility
are recurring features of markets. Experience
has taught that clarity of purpose, patience
and discipline are the most reliable anchors in
uncertain times.
A diversified model to generate sustainable
growth and, at times, outsized returns. A drive
to invest in essential companies, with a focus on
founders that share these values. Sofina knows
financial value is the result of how you do things,
rather than simply what you do.
An obsession to develop talent and create an
environment where diversified expertise works
as One Team, with individuals willing to step
outside their comfort zone. Today, Sofina brings
together 19 nationalities. A culture of excellence,
cultivated by the Board and management alike. As
I have often said, the search for excellence is the
shortest route to humility.
None of this would be possible without the
unwavering support of the family shareholders,
of a talented, engaged Board and a motivated
management team that walks the talk on a daily
basis. Not to mention all the employees of Sofina
who embody our values. It has been a privilege to
contribute for so many years to the development
of this company. Working with talented individuals
makes one a better professional, a better person.
The Board and I would like to thank you, our
shareholders, for your continued trust. Your
support enables us to scale with confidence and
to invest with purpose. We all look forward to the
years ahead: building value together, through
cycles, for entrepreneurs, employees, communities
and shareholders alike.
Dominique Lancksweert, Chairman
A culture of excellence,
cultivated by the Board and
management alike�
DOMINIQUE LANCKSWEERT, CHAIRMAN
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INTRODUCTION
Highlights 2025
Message to shareholders
PART I:
PROFILE
AND PERFORMANCE
PART II:
STAT EMENTS
PART III:
ABOUT THIS REPORT
PART I
Profile and
performance
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ANNUAL REPORT 2025
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INTRODUCTION
PART I:
PROFILE
AND PERFORMANCE
Sofina at a glance
Year in review
PART II:
STATEMEN T S
PART III:
ABOUT THIS REPORT
SOFINA
ANNUAL REPORT 2025
SOFINA IS A FAMILY-RUN, GLOBAL INVESTMENT COMPANY,
LISTED ON EURONEXT BRUSSELS. WE BACK INNOVATIVE
ENTREPRENEURS WITH PATIENT GROWTH CAPITAL
AND ADVICE TO BUILD TOMORROW'S WINNERS, WITH
SUSTAINABILITY AT THEIR CORE.
Sofina
at a glance
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ANNUAL REPORT 2025
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INTRODUCTION
PART I:
PROFILE
AND PERFORMANCE
Sofina at a glance
What makes us unique
Diversified and sustainable business
strategy
Value creation model
Stakeholders overview
Portfolio overview
Double materiality assessment
Risk matrix
Year in review
PART II:
STATEMEN T S
PART III:
ABOUT THIS REPORT
What makes us unique
WITH MORE THAN 125 YEARS OF HISTORY, SOFINA HAS EVOLVED FROM AN INDUSTRIAL HOLDING INTO A GLOBAL GROWTH
INVESTMENT COMPANY. OUR DNA CONTINUES TO SHAPE HOW WE THINK, INVEST AND BUILD PARTNERSHIPS.
From our origins in 1898, we
have continuously adapted
our model to changing
economic environments
while remaining anchored in
clear principles and values.
This ability to evolve without
losing our identity remains a
defining strength.
Our reference family
shareholder has been
active in business for five
generations. This continuity
fosters independence,
long-term alignment and
a patient, generational
perspective in capital
allocation.
Our heritage is industrial.
We understand business
cycles because we have
lived through them.
This experience instills
discipline, resilience and
a commitment to building
companies over time.
We believe enduring
relationships create
enduring value. Over
decades, we have built
trusted partnerships
with entrepreneurs,
families and investment
managers worldwide. These
relationships are central
to our ability to access
opportunities and support
companies constructively.
Investment success is
driven by people. Our
diverse and complementary
team, 33 investment
professionals across four
offices and 19 nationalities,
combines analytical rigor
with entrepreneurial
judgment. We operate as
One Team, aligned around
long-term value creation.
Adaptability
in a changing world
An entrepreneurial,
generational anchor
Resilience
to cycles
Relationships
at the core
Talent as a competitive
advantage
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ANNUAL REPORT 2025
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INTRODUCTION
PART I:
PROFILE
AND PERFORMANCE
Sofina at a glance
What makes us unique
Diversified and sustainable business
strategy
Value creation model
Stakeholders overview
Portfolio overview
Double materiality assessment
Risk matrix
Year in review
PART II:
STATEMEN T S
PART III:
ABOUT THIS REPORT
Our principles
AIM ABOVE
EXCELLENCE
GO FOR
GROWTH
FIND
BALANCE
TAKE
CHARGE
WORK
TOGETHER TO
WIN
VALUE
COLLABORATION
We support each
other to reach our
collective potential.
DEMONSTRATE
OWNERSHIP
We are independent minds
with a bias for action.
We think like
entrepreneurs.
We act as owners.
EMBRACE
DIFFERENT
PERSPECTIVES
We believe combining
diverse approaches
and seeking balance
between competing
priorities leads to better
outcomes.
SEIZE OPPORTUNITIES
We actively pursue
opportunities for growth, as
individuals, as an organisation
and as allocators of capital.
REALISE AMBITION
We put the bar high
and go beyond.
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ANNUAL REPORT 2025
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INTRODUCTION
PART I:
PROFILE
AND PERFORMANCE
Sofina at a glance
What makes us unique
Diversified and sustainable business
strategy
Value creation model
Stakeholders overview
Portfolio overview
Double materiality assessment
Risk matrix
Year in review
PART II:
STATEMEN T S
PART III:
ABOUT THIS REPORT
Diversified and
sustainable business strategy
COMPLEMENTARY INVESTMENT STYLES COVER DIFFERENT GROWTH STAGES IN A COMPANIES’ LIFECYCLE, PROVIDING ADDED VALUE FOR
INNOVATION, GROWTH AND DEVELOPMENT.
SOFINA PRIVATE FUNDS
LP COMMITMENTS IN VENTURE
AND GROWTH FUNDS
Sofina Private Funds
• Equity commitments between EUR 5 m
and EUR 50 m
• Focus on North America, Asia and
Europe
Sofina Growth
• Between EUR 20 m and EUR 100 m
investment
• Founder-led businesses backed by top-
tier venture capitalfunds
• Focus on Europe and Asia
Long-term minority investments
• Between EUR 100 m and EUR 300 m
investment
•
Closely-held businesses with long-term
owners
• Focus on Europe, exploring Asia
SOFINA DIRECT
MINORITY DIRECT INVESTMENTS IN PRIVATE ASSETS
... TO EXPANSIONFROM IDEA ...
REVENUE
SOFINA PRIVATE FUNDS
SOFINA GROWTH
LONG-TERM MINORITY
INVESTMENTS
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ANNUAL REPORT 2025
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INTRODUCTION
PART I:
PROFILE
AND PERFORMANCE
Sofina at a glance
What makes us unique
Diversified and sustainable business
strategy
Value creation model
Stakeholders overview
Portfolio overview
Double materiality assessment
Risk matrix
Year in review
PART II:
STATEMEN T S
PART III:
ABOUT THIS REPORT
A full-cycle presence
Focused sectorial expertise
Access to private growth
opportunities
Sustainability integrated into
investment
Disciplined
portfolio construction
Long-term shareholder value
Our investment model
A differentiated approach to long-term value creation
Sofina’s investment strategy combines two complementary investment styles: Sofina Private Funds and Sofina
Direct investments. Together, they allow us to support companies across their full life cycle, from venture and
growth stages to mature, listed businesses.
DIVERSIFICATION ACROSS GEOGRAPHIES AND INVESTMENT VINTAGES, COMBINED WITH
DEEP INDUSTRY EXPERTISE IN 5 FOCUS SECTORS AND A DISCIPLINED SUSTAINABILITY
APPROACH DRIVING IMPACT AND SBTI AMBITION ACROSS THE PORTFOLIO.
Valuable synergies emerge
from our relationships
with trusted partners and
leading managers within
Sofina Private Funds, as
well as with the founders
and entrepreneurs of the
companies in which we
invest through Sofina Direct.
We concentrate on five focus areas
addressing essential and structural
needs, including Consumer and
retail, Education, Healthcare and
life sciences, Digital transformation
and Sustainable supply chains.
This thematic focus reinforces
selectivity and conviction.
Sustainability is embedded in our
investment approach. We seek not
only economic performance but
also measurable societal impact,
including environmental and climate
progress across our portfolio.
Our permanent capital base
supports a long-term investment
horizon, reflected in sustained
Net Asset Value growth and a
consistently growing dividend.
By investing across stages, sectors
and geographies, we develop deep
knowledge of our focus areas and
long-term visibility on innovation
and competitive dynamics. This
positioning enables strong
synergies between our direct
investments and fund partnerships.
The majority of our assets are
invested in private companies,
offering exposure to opportunities
that are rarely accessible in public
markets. Through long-standing
relationships with leading fund
managers and close collaboration
with management teams, we
generate differentiated strategic
value.
At portfolio level, we build
resilience through:
• Diversification across
geographies, sectors and
investment vintages
• A strong balance sheet and
prudent risk management
• Regular liquidity generation
This framework provides flexibility
and the capacity to capture long-
term growth through cycles.
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ANNUAL REPORT 2025
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INTRODUCTION
PART I:
PROFILE
AND PERFORMANCE
Sofina at a glance
What makes us unique
Diversified and sustainable business
strategy
Value creation model
Stakeholders overview
Portfolio overview
Double materiality assessment
Risk matrix
Year in review
PART II:
STATEMEN T S
PART III:
ABOUT THIS REPORT
Shareholders
and investors
People
Portfolio companies
and funds
Our environment
and communities
• EUR 10.8 bn NAV in a complex market
• Average annual return over 2025:
-0.8%
• EUR 8.8 bn market capitalisation
• Committed to return value to our
shareholders, the Board proposes a
gross dividend of EUR 3.66 per share
• Strong corporate culture and caring
employer
• Growth mindset approach with focus
on personal and career development
• Diverse and inclusive working
environment
• Ongoing development and innovation
in our sectors of focus
• Providing patient capital, supportive
advice and access to Sofina’s global
network
• Help companies grow, create jobs,
improve society, knowledge, health and
environment
• Implementing measures to reduce
our environmental footprint and
decarbonise our portfolio companies
• Investing in companies with a net
positive impact
• Involved in our communities through
volunteering activities
Source and assess Deploy Manage and support Exit
Value creation model
SUSTAINABILITY IS EMBEDDED IN OUR STRATEGY. WE ARE DEDICATED TO GENERATING VALUE FOR OUR STAKEHOLDERS BY ACHIEVING
RESULTS BOTH ON FINANCIAL AND NON-FINANCIAL METRICS. IN THIS TABLE, WE OUTLINE HOW WE CONVERT, THROUGH THE
IMPLEMENTATION OF OUR STRATEGY, OUR DIFFERENT RESOURCES INTO SUSTAINABLE VALUE FOR OUR SHAREHOLDERS, BUSINESS
PARTNERS, EMPLOYEES, COMMUNITIES AND OTHER STAKEHOLDERS.
Value created
Stable shareholder base
• 55% held by the reference shareholder
• 42% free float (excluding own shares)
Debt financing
• Senior bonds issued in
2021 (EUR 700 million) and in 2025 (EUR
600 million), with maturities of 7 and
8 years, respectively
• EUR 1.4 bn of undrawn credit facilities
• Operate with an LTV level below 10%
(target level between 5% and 10%)
Capital available, reinforced by a
EUR545 m rights issue completed in 2025,
portfolio rotation and dividends from our
portfolio companies, while maintaining a
minimum gross cash position of EUR 300 m
at all times
Internal diversified team of experts
• 83 employees across 4 offices
• 19 nationalities
• 33 investment professionals
• Building sector expertise in areas of
focus
Through our investments, we indirectly
access the talent, expertise, and capabilities
of employees across our portfolio
companies
Deep and expanding global network of
General Partners, business partners,
entrepreneurs, and advisors
Natural and environmental capital
supporting our operations and those of our
portfolio companies, including energy use,
resource consumption, and travel
Long-term financial
resources
Human capital Global network Natural resources
Resources
Activities
INVESTMENTS AND REDEPLOY
CAPITAL IN A SUSTAINABLE WAY
INSIGHTS AND ADVICE TO
NURTURE DEVELOPMENT
PATIENT CAPITAL AND HOLD
WHILE GROWING BUSINESSES
INVESTMENT OPPORTUNITIES
TO CREATE POSITIVE IMPACT
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INTRODUCTION
PART I:
PROFILE
AND PERFORMANCE
Sofina at a glance
What makes us unique
Diversified and sustainable business
strategy
Value creation model
Stakeholders overview
Portfolio overview
Double materiality assessment
Risk matrix
Year in review
PART II:
STATEMEN T S
PART III:
ABOUT THIS REPORT
Stakeholders overview
THE INTERESTS, NEEDS, AND CONCERNS OF OUR STAKEHOLDERS
ARE CENTRAL TO OUR WORK AT SOFINA. WE AIM TO STRIKE A
BALANCE BETWEEN DIFFERENT GROUPS OF INTERESTED PARTIES
WE HAVE IDENTIFIED AND ENGAGE WITH:
Financial
partners
Employees
Media
Share-
& bondholders
General Partners
(Private Funds)
Communities
Investment
partners
Portfolio
companies
Engaging regularly with our stakeholders helps us understand their
perspectives, respond to questions, gather feedback, share information on
our activities and strategy, and act accordingly. This supports long-term
relationships and sustainable value creation for our stakeholders and the
Company. Our stakeholder engagement is grounded in transparency, open
communication and active listening, and is tailored to each stakeholder group:
• Employees: our limited headcount enables frequent, direct engagement
through day-to-day working relationships, ongoing dialogues, meetings
and team events. Townhall meetings and surveys also provide a “pulse” on
the organisation's health from employees' perspective.
• Reference shareholder: Board and committee meetings, as well as regular
interactions with the CEO and Chair of the Board.
• Shareholders, bondholders and investors: shareholders’ meetings,
investor presentations, with Q&A sessions and regular participation in
analyst and investor conferences.
• Financial partners and analysts: meetings following the publication of the
annual and half-year reports, alongside ad hoc interactions, including with
banks and other intermediaries.
• Media: communication of material events and other regulatory disclosures,
and timely responses to ad hoc enquiries. We also communicate via
social platforms such as LinkedIn, both as an organisation and through
colleagues.
• Portfolio companies: participation in governance and decision-making
bodies, attendance at shareholders’ meetings, and regular interaction with
management teams.
• Investment partners and General Partners: business meetings,
attendance at shareholders’ meetings and ad hoc interactions.
• Communities: engagement through active participation in volunteering
activities and initiatives to explain our sustainability commitments.
Our double materiality analysis has further strengthened engagement with
several stakeholder groups, enabling more structured discussions on the
impacts, risks and opportunities linked to sustainability topics that are material
to Sofina.
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SOFINA
ANNUAL REPORT 2025
16
INTRODUCTION
PART I:
PROFILE
AND PERFORMANCE
Sofina at a glance
What makes us unique
Diversified and sustainable business
strategy
Value creation model
Stakeholders overview
Portfolio overview
Double materiality assessment
Risk matrix
Year in review
PART II:
STATEMEN T S
PART III:
ABOUT THIS REPORT
WE ARE
MINORITYINVESTORS
INPRIVATE AND LISTED
COMPANIES
INVESTMENT SIZE
BETWEEN
EUR 100 AND
300MILLION
INVESTMENT SIZE
BETWEEN EUR 20 AND
100 MILLION
COMPANIES WITH
GLOBAL EXPOSURE
WE TARGET LEADERS
IN HIGH-GROWTH
SECTORS
WE HAVE BEEN
OPERATING IN
PARTNERSHIP WITH
ENTREPRENEURS
AND FAMILIES FOR
OVER 60 YEARS
OUR FIRST
INVESTMENT
DATES FROM 2010
WE PROVIDE PATIENT
CAPITAL AND ARE A
SHAREHOLDER WITH A
LONG-TERM HORIZON TO
CREATE SUSTAINABLE
VALUE
WE TAKE INTO ACCOUNT
ENVIRONMENTAL, SOCIAL
AND GOVERNANCE CRITERIA
IN OUR INVESTMENT
DECISIONS
WE TAKE A FLEXIBLE
APPROACH, SEEKING
ALIGNMENT WITH
TRUSTED PARTNERS
Portfolio overview
Sofina Direct
FOR OUR LONG-TERM MINORITY INVESTMENTS
Selected relationships
FOR OUR SOFINA GROWTH INVESTMENTS
22 INVESTMENTS 63 INVESTMENTS
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SOFINA
ANNUAL REPORT 2025
17
INTRODUCTION
PART I:
PROFILE
AND PERFORMANCE
Sofina at a glance
What makes us unique
Diversified and sustainable business
strategy
Value creation model
Stakeholders overview
Portfolio overview
Double materiality assessment
Risk matrix
Year in review
PART II:
STATEMEN T S
PART III:
ABOUT THIS REPORT
Long-term minority investments
1
1 Companies in which Sofina holds, directly or indirectly, a participating interest whose fair value exceeds EUR 10 million, or which are of strategic interest, are generally subject to a notice. The classification of the notices follows the chronological order of the
date of the initial investment made by Sofina (from the most recent to the oldest). The country of the main or historical headquarters of each investment is indicated in the respective notice. The sector of focus in which each investment is classified is also
mentioned in the notice.
Proeduca is an online higher-
education institution that delivers
university degrees and professional
programs, serving students across
Spanish-speaking countries with
flexible, tech-enabled learning.
• 2025
• Spain
team.blue is Europe’s leading
supplier of internet access to
SMEs.
• 2024
• Belgium
DIGITAL TRANSFORMATION
EG is a market leading vendor of
industry-specific software in the
Nordics.
• 2024
• Denmark
DIGITAL TRANSFORMATION
BioFirst is a global leader in
biological crop protection, nutrition
and natural pollination.
• 2022
• Belgium
SUSTAINABLE SUPPLY CHAINS
Collibra, data intelligence
company, helps organisations
to unlock the value of their
data and turn it into a strategic,
competitive asset.
• 2020
• Belgium
DIGITAL TRANSFORMATION
DIGITAL TRANSFORMATION
Salto Systems is a global leader in
the development and production
of leading-edge electronic access
control solutions, particularly in
sectors where security is critical.
• 2020
• Spain
CONSUMER AND RETAIL
In 30 years, pioneering French
brand NUXE became the reference
player in natural cosmetology in
France.
• 2019
• France
CONSUMER AND RETAIL
Drylock Technologies is
a Belgian family company
manufacturing personal hygiene
products.
• 2019
• Belgium
EDUCATION
Download as PDF to print out
SOFINA
ANNUAL REPORT 2025
18
INTRODUCTION
PART I:
PROFILE
AND PERFORMANCE
Sofina at a glance
What makes us unique
Diversified and sustainable business
strategy
Value creation model
Stakeholders overview
Portfolio overview
Double materiality assessment
Risk matrix
Year in review
PART II:
STATEMEN T S
PART III:
ABOUT THIS REPORT