KBC Securities - Gimv NV (GIMB) Gimv FY24-25 Results: Realizing Growth Strategy With €336m In Investments

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KBC Securities

Livio Luyten ...

Wim Lewi

Gimv FY24-25 Results: Realizing Growth Strategy With €336m In Investments

Gimv reported another record year. Net profit reached €219m or €7.5ps. Portfolio result was €300m, up 19.3% YoY. Investments surged to €336.1m, including €267m in eight new companies and two roll-over's. Divestments totalled €560m from exits in Mega, United Dutch Breweries, Köberl, rehaneo, and Medi-markt. The book value of these stakes was €200m, implying a money multiple of 2.4x and IRR of 14.0%. NAVps stood at €53.3, slightly down from €53.4 YoY due to the capital increase, but up 14.6% on a like-for-like basis. A gross dividend of €2.6 was confirmed. Despite a slight slowdown in EBITDA growth to 14.7% (vs. 20.3% in FY23–24), the average EBITDA multiple rose to 9.2x (from 8.6x). The valuation uplift was driven by strong operational performance, particularly in Sustainable Cities and Healthcare. With €669m in liquidity following the €243m rights issue, Gimv is well-positioned to accelerate its growth strategy. We are pleased to note that the market has started to align with our positive outlook in recent weeks. We reiterate our BUY rating and €56.0 TP.

22/05/2025 1 EN

Underlying

Gimv NV

GIMV is a listed investment company, specializing in private equity and venture capital and active in small and medium buyouts, growth financing and technology investments. Co. is also present with technology investments across Europe and in Israel, Japan and the USA. Co. invests in ICT (Technology), environmentally friendly technology (Cleantech) and Life Sciences.

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BE0003699130 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Livio Luyten

Wim Lewi

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Gimv FY24-25 Results: Realizing Growth Strategy With €336m In Investments

We are a financial services provider for several types of professional clients, each with distinct needs.

Benelux Morning Notes

Morning Notes : ACKB BB, GIMB BB, HYL BB, IBAB BB, UMI BB

Ascencio 1H25 results: EPRA earnings above estimates but tougher retail market

Hyloris Deal with AFT for XTRAZA in selected APAC regions and Canada

Ackermans & van Haaren 1Q25: Solid Start of the year, raising target price to €272

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