• Sofina Reports Preliminary 2025 NAV of €10.6 Billion, Details Investment and Exit Activity
BRUSSELS, Belgium – Investment company Sofina announced on January 20 its preliminary unaudited Net Asset Value (NAV) reached €10.6 billion as of December 31, 2025.
The company also detailed significant investment and divestment activities for the second half of the year following a successful capital increase.
What is new?
Sofina reported a preliminary Net Asset Value of €10.6 billion, or €299 per share, for the year ending December 31, 2025. This compares to a NAV of €9.8 billion, or €296 per share, at the mid-year point on June 30, 2025. The company noted that a successful equity raise and bond issuance in the second half of 2025 impacted per-share figures. On a like-for-like basis, excluding the capital raise, the NAV would have been €10.1 billion, equivalent to €305 per share. The final audited results are scheduled for release on March 26, 2026.
Key Investments and Divestments
In the second half of 2025, Sofina’s direct investment arm made several new acquisitions, including workplace finance provider Stream, transport management platform Qargo, autonomous driving technology company Zhuoyu Technology, and developer tools company PostHog. The firm also increased its commitments to existing portfolio companies, including energy transition firm Green E Origin (GEO), cybersecurity specialist Cyera, and life science company Vizgen.
The period also saw several divestments. Sofina fully exited its stakes in asset manager First Eagle and medical device company OrganOx. Additionally, the company monetized parts of its holdings in Indian eyewear retailer Lenskart and Indian payment solutions provider Pine Labs following their initial public offerings.
Strategic Highlights
According to CEO Harold Boël, the operating performance of the company’s unlisted portfolio companies was positive, though offset by currency headwinds. The investment pipeline is described as the strongest in several years. The firm is actively leveraging artificial intelligence in its operations, with employees issuing over 143,000 prompts in 2025. While Sofina considers the large language model (LLM) space an infrastructure play largely out of its direct investment scope, it holds a stake in Mistral.ai and has exposure to foundation models like Anthropic through its Sofina Private Funds business.
About this company
Sofina S.A. is a publicly traded investment company listed on Euronext Brussels. The firm manages a diversified portfolio through two main businesses: Sofina Direct and Sofina Private Funds. Sofina Direct makes long-term minority and growth investments in over 80 companies. Sofina Private Funds invests in a portfolio of over 500 venture and growth capital funds.
The total investment portfolio was valued at €10.3 billion at year-end 2025, with 54% in Sofina Direct and 46% in Sofina Private Funds. The company’s top ten direct investments include holdings in ByteDance (via HSG Co-Investment 2016-A), education group Cognita, and skincare brand Nuxe International.