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SUSTAINABLE CITIES HEALTHCARE SMART INDUSTRIES CONSUMER ANCHOR Titelbeeld nog te ontvangen Gimv H1-results day @ Cegeka 3 September 2026
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Agenda of the day H1 2026 RESULTS2 Setting the scene Koen Dejonckheere, CEO Gimv 10:30-10:45 Delivering on strategy H1 2026 results Q&A Koen Dejonckheere, CEO Gimv Kristof Vande Capelle, CFO Gimv 10:45-11:25 Short break 11:25-11:35 Gimv Anchor in action Bart Troubleyn, Head of Anchor 11:35-11:50 Cegeka, a growth journey in European technology Koen Deryckere, CEO Cegeka 11:50-12:30 Closing remarks André Knaepen, Founder & Chairman Cegeka 12:30-12:45 Informal lunch, combined with Cegeka AI live experience 12:45-14:00
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Combining Intelligence introduces new technology capabilities in the tangible economy Koen Dejonckheere, CEO
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SUSTAINABLE CITIES HEALTHCARE SMART INDUSTRIES CONSUMER ANCHOR Delivering on strategy & HY 2026 results Koen Dejonckheere, CEO Kristof Vande Capelle, CFO
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1. We deliver on our strategic targets
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• Grow the core Accelerated growth with a target of doubling the size of our portfolio by 2030 • Step up Performance Increase portfolio return target to 17.5% • Build an Anchor portfolio Ahead of schedule; generate sustained compounding value and long-term growth • Enhance net return on equity Outgrow the cost base and more efficient capital management • Increase skin in the game Step up in the investment engagement in the Gimv share: Combined investment of executive committee and board of directors of >EUR 10mio (~300,000 shares) We deliver on our commitment at the start of 2025 H1 2026 RESULTS6
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• Close to 50% increase in portfolio size in 18 months • Rising average ticket size (incl. Anchor investments) Grow the core H1 2026 RESULTS7 1.449 1.523 1.559 1.623 2.121 2.407 FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25 (9M) H1 2026 incl. Cap Vert 0 10 20 30 40 50 60 70 80 90 100 2022-23 2023-24 2024-25 2025f (9M) 2026 Uptick in average ticket size from ca. € 25mio to € 75mio Before capital increase After capital increase
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0 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 2024 FY 2025 FY 2025 YTD 2026 YTD Sales 0 50 100 150 200 250 300 350 400 450 2024 FY 2025 FY 2025 YTD 2026 YTD EBITDA • Double digit Sales & EBITDA growth • Portfolio return consistently above the increased target of 17.5% over the past years Higher return from a strong performing portfolio H1 2026 RESULTS8 +18%+12% +12%+8% FY 20,4% -0,2% 19,1% 19,3% 19,1% 18,8% 2021-2022 2022-2023 2023-24 2024-25 2025 H1 2026 Long term objective On an annual basis YTD FY YTD
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• All these investments (incl. the third to be announced) would bring the total value of the Anchor portfolio to EUR 500mio. 75% of the Anchor portfolio is invested from the Gimv balance sheet, representing EUR 375mio or 15% of the total Gimv portfolio value. • The current pipeline is filled, allowing for a selective Anchor investment approach Build Anchor portfolio – Ahead of schedule H1 2026 RESULTS9 Leading European IT & technology company, delivering end-to-end digital solutions across cloud, data & AI, cybersecurity, applications, and sector platforms. Entry : 2025 A stake above 6%, becoming one of the largest shareholders in the global leader in the distribution of specialty fine chemicals and food ingredients Expected new investment (subject to completion) A leading company at the very heart of digitalization, automation and the energy transition
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• Scaling through the costs is realized and even accelerated • Efficient usage of capital: equity invested whilst maintaining adequate liquidity Enhance net return on equity H1 2026 RESULTS10 0 500 1.000 1.500 2.000 2.500 03/2022 03/2023 03/2024 03/2025 12/2025 06/2026 Equity Financial liabilities Portfolio
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2. Zoom-in on our H1 2026 results
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Excellent portfolio performance leads to a strong increase in Net Asset Value H1 2026 RESULTS12 HY portfolio return of 9.4% (18.8% on an annual basis, above target of 17.5%), driven by continued growth performance of our companies, of which 2/3 organic Net profit of 148.4mio EUR (or EUR 4 per share), resulting in a 7.5% increase in the net equity value per share to 57.2 EUR, demonstrating a more efficient capital allocation & sustained scaling through the costs 134mio EUR invested; 2 new companies (Azelis & Cap Vert) Growth of portfolio value accelerates to 2.4 billion EUR (+300mio EUR or 50% higher than the portfolio value at the moment of our capital increase early 2025) Solid investment power with available liquidity of more than 450mio EUR after repayment of the EUR 75mio bond early July (of which 56mio EUR on the balance sheet)
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Sales by platform (LfL, mio EUR) 0 200 400 600 800 1000 1200 1400 1600 CO HC SI SC TOTAL Platforms YTD 05/2025A YTD 05/2026A EBITDA by platform (LfL, mio EUR) 0 20 40 60 80 100 120 140 160 180 CO HC SI SC TOTAL Platforms YTD 05/2025A YTD 05/2026A Continued growth performance of our companies … H1 2026 RESULTS13 +8% +12%
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Total portfolio return (%) 20,4% -0,2% 19,1% 19,3% 19,1% 18,8% 2021-2022 2022-2023 2023-24 2024-25 2025 H1 2026 Portfolio return (annualized) Long term objective HY portfolio return of 9.4% (non-annualized) H1 2026 RESULTS14 Ca. 250mio EUR Ca. 400mio EUR LT target of 17.5% (if annualized)(12 months) Annualized
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Portfolio result by platform (mio EUR) Portfolio result of 199mio EUR, or a non-annualized 9.4% return H1 2026 RESULTS15 • Total portfolio result in H1 2026 of 199mio EUR • 15.7mio EUR realised result, mainly capital gains on exits (Les Psy Réunis, Arplas and ALT) • 167.7mio EUR unrealised result, increase in valuation driven by solid performance growth of our portfolio companies • 15.5mio EUR interest income (mainly capitalized interests on shareholder loans) • Total portfolio return of 9.4% (or 18.8% on an annual basis, above our 17,5% target) -15 -5 5 15 25 35 45 55 65 CO HC SI SC Anchor LS Infra & other Total Realised result 0,0 10,6 4,3 0,1 0,0 0,5 0,2 15,7 Unrealised result 40,8 17,8 49,1 61,3 -5,8 -6,5 11,2 167,7 Interest income 4,9 2,1 3,6 3,1 1,1 0,2 0,5 15,5 Portfolio result 45,7 30,5 57,0 64,5 -4,7 -5,7 11,8 199,0 Portfolio return 12,4% 6,1% 12,6% 15,4% -2,9% -5,3% 11,5% 9,4%
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Sources of value creation (€ mio) • Growth at our companies again main source of positive valuation result across all platforms • The weighted average EBITDA multiple amounts to 9.7x by end June26 and remains in line with end Dec25. The average calibration effect slightly decreased to -16% (compared to -17% end Dec25) • The slight rise in Net Financial Debt is mainly related to refinancing. The financial strength of our portfolio companies remains solid with a low average leverage (NSFD/EBITDA) of 2.1x at end June26, slightly increased vs. 1.8x at end Dec25. • Exceptional write-downs on a limited number of portfolio companies Growth performance of our companies confirmed as key value driver H1 2026 RESULTS16 -25,3 -22,5 -10,0 -3,6 1,6 11,7 19,6 196,3 EBITDA or Sales Multiples 3F & FuM FX rate Other Listed Write downs Net financial debt
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2.029,5 1.957,7 2.105,1 -71,8 148,4 1.800 2.000 2.200 31/12/2025 Dividend H1 FY 2026 result 30/06/2026 Net equity value per share up 7.5% in 6 months to EUR 57.2 H1 2026 RESULTS17 NAV/share 53.2 EUR (*) 57.2 EUR (*) excl. € 1,95 dividend on FY 2025
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• In H1 2026 our portfolio substantially grew to 2.4 billion EUR (50% higher than the portfolio value at the moment of our capital increase early 2025) driven by a significantly increased investment rhythm and sustained value creation • 49 portfolio companies (excl. LS) well distributed across 4 platforms and 4 countries as per 30/06/26 • 10 largest companies represent a value of 1.2 billion EUR or 50% of the total platform portfolio Growth of portfolio value accelerates to 2.4 billion EUR H1 2026 RESULTS18 Accelerated portfolio growth (mio EUR) 1.449 1.523 1.559 1.623 2.121 2.407 FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25 (9M) H1 2026
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2 new companies (Azelis & Cap Vert) H1 2026 RESULTS19 Investments over the past ca. 5.5 years (mio EUR) 2 new companies 2 exits Anchor – BE Gimv Anchor acquires a 5% shareholding in Azelis Sustainable Cities – FR Gimv signs an agreement to acquire Groupe Cap Vert (closing expected in September 2026) Smart Industries – NL Gimv sells majority stake in ALT Technologies to CCL Industries Healthcare – CH Gimv sells stake in AlpenBlu Clinics (formerly Les Psy Réunis) to Impact Healthcare. 194 261 116 336 466 134 2021-22 2022-23 2023-24 2024-25 2025 (9m) 2026 YTD Investments Incl. Cap Vert & 3rd Anchor investment ~335
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20 • A leading French multi-specialist provider of critical green space management, infrastructure vegetation control, tree care and water systems • Founded in 1984 and headquartered near Paris, the company operates nearly 60 branches across France and serves public authorities, infrastructure managers and corporate clients • Cap Vert has realised an impressive growth over the past years (tripling sales over the past 4 years while expanding margins thanks to its specialist value added offerings). With activities in line with the current societal and environmental needs, the company still has substantial further growth potential, both organically and via targeted buy-and-build Cap Vert, a leading GreenTech company H1 2026 RESULTS
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SUSTAINABLE CITIES HEALTHCARE SMART INDUSTRIES CONSUMER ANCHOR Q&A Koen Dejonckheere, CEO Kristof Vande Capelle, CFO
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H1 2026 RESULTS22 Bart Troubleyn, Head of Anchor Building European Champions Gimv Anchor in action Powered by Gimv & WorxInvest
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What it takes to build European champions Stable ownership, long-term capital & active guidance are essential throughout the journey H1 2026 RESULTS23 European champions are built over decades. They need a committed partner that can accelerate growth while building on the strengths behind the current success → Continuity of ownership → Sizeable and flexible growth capital → Active and professional guidance This is why Gimv and WorxInvest created Anchor Funnel confirms market need 425 identified 49 screened longlist 12 Shortlist 3 approved 2 invested ✓ TEAM and collaboration within Gimv ✓ Combining Intelligence in action
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Our value proposition and investment focus EUR 50 – 400m tickets, majority or active minority, evergreen horizon H1 2026 RESULTS24 EUR 50 – 400m Equity ticket, sweet spot EUR 100 – 200m Majority or minority Always active, including co-investments 10+ years Evergreen capital, no fund clock ▪ Structurally attractive markets ▪ Four Gimv platforms as starting point ▪ Defensible competitive moat ▪ Established and profitable ▪ Growth ambition ▪ Alongside those who built it ▪ Benelux, DACH or France HQ preferred Markets & sectors Company profile Ownership & geography Our investment parameters Our investment focus
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Portfolio | Two investments done so far, a third in sight Different industries and set-up, while sharing the same long term investment rationale H1 2026 RESULTS25 Context Family partnership Long-term minority Signing expected shortly Market IT services & digital infra; Europe and North America Specialty chemicals & food ingredients services and global distribution Technical services for industry and infrastructure Moat & cash Leading expertise and delivery at scale. Deep & enduring client relations Global scale and density, formulation/digital capability, asset-light, cash conversion Specialist know-how, deep customer integration, recurring service revenue Growth EUR 1.3bn revenue, 9,000+ people, 17+ countries; organic growth and M&A EUR 4.1bn revenue, 65 countries; proven buy-and-build track record Mid-sized and profitable; organic growth plus buy-and- build Anchor's role Strategy & governance guidance. Stable ownership. Capital for M&A and Stable long-term reference shareholder; constructive sounding board for Long-term owner stability, strategy and capital allocation 3rd investment pending
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Anchor extends Gimv’s proposition Same “building leading companies” engine with an additional compounding layer H1 2026 RESULTS26 A wider addressable market Tickets of EUR 50–400m extend the reach of companies we can invest in Long term compounding alongside rotation Anchor adds a compounding long-term segment. Operating leverage on the cost base Supports the path towards a EUR 3.5bn portfolio: “scaling through the cost” “Combining Intelligence” through a combined engine We collaborate closely with platform teams: M&A capability, governance, …
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SUSTAINABLE CITIES HEALTHCARE SMART INDUSTRIES CONSUMER ANCHOR Cegeka presentation Koen Deryckere, CEO André Knaepen, Founder & Chairman
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Belgium Gimv nv Karel Oomsstraat 37 2018 Antwerpen T +32 3 290 21 00 The Netherlands Gimv Nederland Holding BV WTC The Hague Prinses Margrietplantsoen 87 2595 BR Den Haag T +31 70 3 618 618 France Gimv France Participations SAS 83, rue Lauriston 75116 Paris T +33 1 58 36 45 60 Germany Gimv Germany Holding GmbH Karlstraße12 80333 München T +49 89 442 327 50 Contact Gimv Kristof Vande Capelle, CFO – kristof.vandecapelle@gimv.com Vincent Van Bueren, Corporate Communications Director – vincent.vanbueren@gimv.com Contact Cegeka Sergio Destino, Brand and Communications Director – sergio.destino@cegeka.com
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SUSTAINABLE CITIES HEALTHCARE SMART INDUSTRIES CONSUMER ANCHOR Annex Details on Portfolio reporting Gimv
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Company Activity Platform Location Entry Independent European ICT service provider Belgium 2025 Supplier of high-tech/high-quality communication systems Belgium 2020 Medical device company active in spine surgery Switzerland 2025 Complementary electronics companies, each contributing their unique expertise/capabilities to produce complex electronics for the products of tomorrow The Netherlands 2020 Passive consumer hearing protection: perfect sound, carefree enjoyment The Netherlands 2025 Subtotal NAV 5 largest investments (in mio EUR) 723 Five largest investments make up 30% of portfolio value (based on NAV of 30 June 2026) > rank 1 to 5 – all platforms represented H1 2026 RESULTS30
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Company Activity Platform Location Entry Specialist contractor in cable and pipeline networks for energy and water The Netherlands 2021 Production of gates and fencing & provider of fencing solutions France 2022 Specialty chemical suppliers / Innovation through formulation Belgium 2026 A growing B2B energetic renovation & maintenance specialist The Netherlands 2025 Leader in rental of ready-to-use temporary energy solutions and related services France 2024 Subtotal NAV 10 largest investments (in mio EUR) 1.210 Twenty largest investments (ctd) > rank 6 to 10 H1 2026 RESULTS31
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Company Activity Platform Location Entry Service provider in incontinence care @home Germany 2025 High-quality medical equine care: clinical services, ambulatory care, reproductive & fertility solutions, supplements and lab services Belgium 2025 One-stop shop for technical installations, products & services Belgium 2022 Online learning platform Germany 2021 Pipeline construction, cable laying networks and specialized civil engineering Germany 2022 Subtotal NAV 15 largest investments (in mio EUR) 1.530 Twenty largest investments (ctd) > rank 11 to 15 H1 2026 RESULTS32
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Company Activity Platform Location Entry Leading Belgian manufacturer of herbs & spices Belgium 2025 End-to-end electrical engineering solutions Germany 2021 Machinery for the installation and maintenance of synthetic surfaces in the sports industry Germany 2024 A CDMO for injectable (bio)pharmaceutical products The Netherlands 2022 Medical care services provider in the Dutch elderly & disability care markets The Netherlands 2025 Subtotal NAV 20 largest investments (in mio EUR) 1.748 Twenty largest investments make up 73% of total portfolio value (ctd) > rank 16 to 20 H1 2026 RESULTS33
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-1,1 -28,6 10,4 80,5 EBITDA or Sales Multiples Net financial debt Write downs -1,6 -11,2 -6,9 32,2 36,6 EBITDA or Sales Multiples Net financial debt Write downs Other -2,6 -1,5 3,6 -18,9 37,1 EBITDA or Sales Multiples Net financial debt Write up Other -3,7 6,6 -4,2 42,0 EBITDA or Sales Multiples Net financial debt Write downs In all platforms, growth is the key value creation driver H1 2026 RESULTS34 H1 drivers of valuation: H1 drivers of valuation: Consumer • Soft discretionary consumer demand countered by EBITDA improvement • 12.4% total portfolio return for H1 2026 Healthcare • Organic growth remains the main contributor to the unrealized result • 6.1% total portfolio return for H1 2026 H1 unrealised result of 40.8mio EUR H1 unrealised result of 17.8mio EUR H1 drivers of valuation:H1 drivers of valuation: Smart Industries • EBITDA growth above or in line with expectations driven by both organic growth and buy-and-build • 12.6% total portfolio return for H1 2026 Sustainable Cities • Continued good growth performance (both organic as through buy-and- build) remains the key contributor to the unrealized result • 15.4% total portfolio return for H1 2026 H1 unrealised result of 61.3mio EURH1 unrealised result of 49.1mio EUR
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FY 2025 Leverage of active portfolio (# 48) • The current average leverage (NSFD/EBITDA) of our portfolio is 2.1x vs. 1.8x end Dec 2025. The evolution is mainly linked to the financing of the execution of buy-and-build strategies at some of our companies. • The number of highly levered portfolio companies with a leverage ratio in excess of 4x amounts to 10 versus 9 FY 2025, in total representing a limited 5% of the portfolio value • About half of our portfolio (22 out of 48) has none to a limited leverage (below 2x) H1 2026 Leverage of active portfolio (# 48) #9 #14 #16 #3 #6 unlevered 0-2x 2-4x 4-6x >6x Leverage risk profile: moderate portfolio leverage of 2.1x H1 2026 RESULTS35 5% of total portfolio value #8 #14 #16 #5 #5 unlevered 0-2x 2-4x 4-6x >6x
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Portfolio grows to a record level of more than 2.4billion EUR H1 2026 RESULTS36 (in mio EUR)
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Portfolio by platform 59 portfolio companies with a value of 2.41 billion EUR H1 2026 RESULTS37 Portfolio by region CO 17% HC 21% SI 21% SC 20% Anchor 11% LS 5% IF 4% 3F 1% NA 0% Belgium 35% The Netherlands 27% France 14% DACH 22% Rest of the world 2%
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Price last round 20% Multiples 47% Discounted cash flow 26% Other 2% Listed 5% Platform portfolio by valuation method Platform portfolio by ageing* Portfolio breakdown according to valuation method and vintage H1 2026 RESULTS38 Weighted average EV/EBITDA-ratio: 9.7x (after 16% negative calibration effect) * related to the year of initial investment ≤ 2015 1% 2016-2017 4% 2018-2020 18% 2021-2023 27% ≥ 2024 50%
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Portfolio with 59 companies and a value of 2.41 billion EUR H1 2026 RESULTS39