Slides
Page 1
Investor Presentation Half-year 2026 2 SEPTEMBER 2026
Page 2
2 P a r t n e r w i t h l e a d i n g e n t r e p r e n e u r s a n d f a m i l i e s t o b a c k t h e s u s t a i n a b l e g r o w t h o f t h e i r b u s i n e s s e s w i t h p a t i e n t c a p i t a l a n d s u p p o r t i v e a d v i c e . O u r p u r p o s e i s t o c r e a t e e n d u r i n g v a l u e , f o r e v e r y o n e . Our mission
Page 3
33 Highlights HY 2026
Page 4
44 Who we are 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.
Page 5
55 HY26 in summary Return to growth with value creation across stages Market environment • Market momentum for deals continues • Long-term, permanent capital in demand • Sustained growth and value of innovation and entrepreneurship, across geographies and sectors Investment activity • Active deal flow, both investments and divestments o Additions include Eye Security, FirstClub, Creature Comforts, Supabase, Primer, Hypershell, Ji Xiang Ju, XBow, Cerealis o Exits include Honasa Consumer and SES + Salto Systems post-closing • Additional disclosure of Top 10 indirect holdings, includes: SpaceX, Stripe, Anthropic, OpenAI • Deployments and increased commitments, as planned Portfolio performance • NAV at EUR 11.5 bn • Value creation across most assets, progress in growing scale-ups and momentum in early-stage companies (Sofina Private Funds) • Macro environment for mature companies not easiest
Page 6
66 € 10.0 Bn € 10.5 Bn € 11.8 Bn -€ 0.1 Bn € 0.4 Bn -€ 0.2 Bn -€ 0.1 Bn -€ 0.1 Bn -€ 0.1 Bn -€ 1.0 Bn € 1.0 Bn € 3.0 Bn € 5.0 Bn € 7.0 Bn € 9.0 Bn € 11.0 Bn 2025 Q2 2025 Q4 2026 Q2 Portfolio Value Net cash (+)/Net debt (-) Other HY 2026 Key figures 172 194 227 265 338 279 274 312 306 326 131 166 193 277 432 206 225 218 247 223 2017 2018 2019 2020 2021 2022 2023 2024 2025 HY 2026 NAV per share Sofina stock price Global NAV €9,8 bn €11,5 bn€10,8 bn NAV & portfolio NAV evolution (1) Mostly composed of Private Funds uncalled commitments (€ 1,449 m) (2) Composed of 2 bonds: €700m issued in 2021 (maturity in 2028) and €600m issued in 2025 (maturity in 2033). LTV and net cash (€ m) € 1,456 m(1) Uncalled commitments 1.9% LTV € 1,375 m Undrawn RCF Sofina Price & NAV per share (€) Premium/discount (-) +28% -26% -18% -30% -19% Total Direct investments € 5.9 bn 51% The sum of the individual components may differ from the actuals due to rounding. 1,080 0 -219 -1,299 Gross Cash Bonds Credit Lines usage Net cash (+)/Net debt (-) -32% NAV € 11.5 bn Total NAV Attention: Sofina Private Funds and hence the Investment Portfolio NAV are presented net of derivative instruments used to de-risk certain listed positions held within the Sofina Private Funds portfolio. More details in the Private Funds Section. Long-Term Minority Investments € 2.9 bn 25% Sofina Growth € 3.0 bn 26% Sofina Private Funds € 6.0 bn 52% Net cash/(Net debt) - € 0.2 bn -2% Other - € 0.1 bn -1% (2)
Page 7
77 Sofina NAV across geographies, stages, sectors and vintages 12% 88% Listed Unlisted 17% 48% 18% 17% 0-3 years 4-7 years 8-10 years >10 years 75% 22% 3% 0% Venture Capital Growth Capital Leverage Buyout Special Situation 9% 70% 21% Europe North America Asia 26% 42% 23% 9% 0-3 years 4-7 years 8-10 years >10 years 61% 13% 26% Europe North America Asia 27% 36% 12% 12% 9% 4% Consumer and retail Digital transformation Education Healthcare and life sciences Other Long-Term Minority Investments - Unlisted 22% Long-Term Minority Investments - Listed 2% Sofina Private Funds - Unlisted 45% Sofina Private Funds - Listed 6% Sofina Growth - Unlisted 25% Sofina Growth - Listed 0% Europe 35% North America 42% Asia 23% VINTAGE SPLIT (2) SOFINA DIRECT >90 growth investments starting from Series A € 5.9 bn as of 30/06/2026 (1) Vintage based on date of first investment. Follow-on investments considered in same vintage as initial investment. (2) Vintage based on date of first capital call. Source: Company information, based on the look-through portfolio. Note: Portfolio NAV is presented net of derivative instruments used to de-risk certain listed positions held within the Sofina Private Funds portfolio. For the relevant portion, the value reflects the level locked in through those instruments rather than the prevailing market price. The sum of the individual components may differ from the actuals due to rounding SOFINA PRIVATE FUNDS >90 top tier GPs € 6.0 bn as of 30/06/2026 VINTAGE SPLIT (1)GEOGRAPHIC SPLITSECTOR SPLIT GEOGRAPHIC SPLITSTRATEGY SPLIT BY INVESTMENT STYLE BY GEOGRAPHY TOTAL PORTFOLIO € 11.8 bn as of 30/06/2026 LISTED/UNLISTED SPLIT LISTED/UNLISTED SPLIT Total listed (including Private Funds listed assets) at 8% and unlisted of 92%. 4% 96% Listed Unlisted
Page 8
8 (1) Presentation under the Investment Entity status in application of which direct subsidiaries of Sofina SA are stated at fair value, including the fair value of their equity investments and other assets and liabilities (mainly intra-group debts and receivables), through profit and loss, unless mentioned as presented “in look-through”. Portfolio NAV is presented net of derivative instruments used to de-risk certain listed positions held within the Sofina Private Funds portfolio. For the relevant portion, the value reflects the level locked in through those instruments rather than the prevailing market price. (2) Calculation based on the number of outstanding shares at closing date (35,328,731 shares as at 30 June 2026 and 35,461,125 shares as at 31 December 2025). (3) Calculation based on the weighted average number of outstanding shares (35,436,648 shares as at 30 June 2026 and 33,070,430 shares as at 30 June 2025). OVERVIEW OF HALF YEAR 2026 (1) Key financial indicators – 30 June 2026 BALANCE SHEET (in million €) 30/06/2026 31/12/2025 Investment portfolio 11,831 10,509 Sofina Direct 5,862 5,616 Long-term minority investments 2,901 2,954 Sofina Growth 2,961 2,662 Sofina Private Funds 5,969 4,893 Net cash -219 430 Gross cash 1,080 1,723 Financial liabilities -1,299 -1,293 Other -78 -96 NAV 11,534 10,843 30/06/202631/12/2025 Net Asset Value (in million €) 11,534 10,843 Net Asset Value per share (in €) (2) 326.48 305.77 1st semester 2026 1st semester 2025 Net result (share of the group) (in million €) 857 -394 Net result (share of the group) per share (in €) (3) 24.20 -11.91
Page 9
9 (1) Presentation under the Investment Entity status in application of which direct subsidiaries of Sofina SA are stated at fair v alue, including the fair value of their equity investments and other assets and liabilities (mainly intra-group debts and receivables), through profit and loss, unless mentioned as presented “in look-through”. (2) The small difference between the net result and the total comprehensive income comes from income and expenses recognised directly in the shareholders’ equity and subsequently reclassified in the net result. OVERVIEW OF HALF YEAR 2026 (1) Key financial indicators – 30 June 2026 KEY FIGURES IN LOOK-THROUGH (in million €) 30/06/2026 31/12/2025 Net debt (+) / Net cash (-) 219 -430 Investment portfolio 11,831 10,509 Loan-to-value 1.9% -4.1% KEY COMPREHENSIVE INCOME FIGURES IN LOOK-THROUGH (in million €) 1st semester 2026 1st semester 2025 Dividends received 31 18 Net result of the investment portfolio 875 -379 Total comprehensive income (2) 857 -394 KEY CASH FLOW STATEMENT FIGURES IN LOOK-THROUGH (in million €) 1st semester 2026 1st semester 2025 Investments in portfolio -733 -650 Divestments from portfolio 237 384
Page 10
10 10,509 11,831 721 681 226- 306 Total investment portfolio 31/12/2025 Acquisitions Disposals & Revenues Market Impact Currency Impact Total investment portfolio 30/06/2026 HY26 Portfolio Financial Performance Value Creation (1) – Total portfolio Total Portfolio Fair Value bridge per investment style (€ m) Total Portfolio Fair Value bridge (€ m) 10,509 11,831 299 1 075 - 53 Total Investment portfolio 31/12/2025 Long-Term Minority Investments Sofina Growth Sofina Private Funds Total Investment portfolio 30/06/2026 Value creation: +8.1% Value creation excluding currency impact: +6.0% Note: Sofina Private Funds and hence the Investment Portfolio NAV are presented net of derivative instruments used to de -risk certain listed positions held within the Sofina Private Funds portfolio. More details in the Private Funds Section. (1) Value creation definition: (Fair value at the end of the year + Divestments and revenues of the year) divided by (Fair value at the beginning of the year + Investments of the year)
Page 11
1111 HY 2026 Portfolio Financial Performance Value Creation (1) – Direct / Private Funds Direct and Private Funds positive value creation, including FX impact. Note: Sofina Private Funds are presented net of derivative instruments used to de-risk certain listed positions held within the Sofina Private Funds portfolio. (1) Value creation definition: (Fair value at the end of the year + Divestments and revenues of the year) divided by (Fair value at the beginning of the year + Investments of the year) -1 (2) Private Funds / Portfolio NAV is presented net of derivative instruments used to de -risk certain listed positions held within the Sofina Private Funds portfolio. For the relevant portion, the value reflects the level locked in through those instruments rather than the prevailing market price. 5,616 5,862 314 61-120 -10 Total Sofina Direct 31/12/2025 Acquisitions Disposals & Revenues Market Impact Currency Impact Total Sofina Direct 30/06/2026 DIRECT Fair Value bridge (€ m) Value creation: +0.9% Value creation excluding currency impact: -0.2% 4,893 5,969 407 691 164 -186 Total Sofina Private Funds 31/12/2025 Capital Calls Distributions Market Impact Currency Impact Total Sofina Private Funds 30/06/2026 PRIVATE FUNDS Fair Value bridge (€ m) (2) Value creation: +16.1% Value creation excluding currency impact: +13.0% -52 -265 307 + + Listed impact Peers / multiples Performance related Non-listed impact
Page 12
12 The 5 largest investments of Sofina Direct represent more than 15% but less than 20% of the look-through portfolio whereas the 7 largest investment within Sofina Direct represent more than 20% of the look-through portfolio. Top 10 Direct investments and GPs SOFINA DIRECT - THE 10 LARGEST INVESTMENTS REPRESENT 27% OF THE LOOK-THROUGH PORTFOLIO (1) 1 BYTEDANCE 2 CAMBRIDGE ASSOCIATES 3 PROEDUCA 4 NUXE 5 DRYLOCK TECHNOLOGIES 6 COGNITA 7 MÉRIEUX NUTRISCIENCES 8 VINTED 9 SALTO (2) 10 CLEO AI SOFINA PRIVATE FUNDS - THE 10 LARGEST GENERAL PARTNERS REPRESENT 24% OF THE LOOK-THROUGH PORTFOLIO (3) 1 SEQUOIA CAPITAL 2 LIGHTSPEED 3 HONGSHAN 4 THRIVE CAPITAL 5 ANDREESSEN HOROWITZ 6 THE FOUNDERS FUND 7 PEAK XV 8 BATTERY 9 ICONIQ CAPITAL 10 INSIGHT PARTNERS Out of the above-listed investments taken individually, ByteDance is the sole asset representing more than 5% of the fair value of the look-through portfolio(4). (1) Largest investments in terms of representation in the fair value of the look-through portfolio and following the valuation principles set in point 2.3. of the “Notes to the interim consolidated financial statements” section. Listed in decreasing order of fair value at 30 June 2026. The ranking of our Sofina Direct investments does not take into consideration indirect holdings in the se entities through certain investments of Sofina Private Funds (2) Subsequent to 30 June 2026, Sofina signed an agreement for the transfer of its entire shareholding in Salto. Following comple tion of this disposal, Salto will no longer be part of Sofina's Top 10 portfolio companies within Sofina Direct. (3) Largest General Partners in terms of estimated representation of their funds in the fair value of Sofina’s look-through portfolio. Listed in decreasing order of fair value as at 30 June 2026. (4) Sofina values its holding in HSG Co-Investment 2016-A on the basis of the market multiples valuation method with an illiquidity discount. Its holding in ByteDance at Sofina Private Funds level is valued on the basis of the latest reports obtained from the General Partners up to 20 August 2026.
Page 13
1313 Private Funds - Top 10 underlying holdings SOFINA PRIVATE FUND – THE 10 LARGEST UNDERLYING HOLDINGS REPRESENT 10% OF THE LOOK-THROUGH PORTFOLIO (See note) 1 SPACEX 2 BYTEDANCE 3 STRIPE 4 ANTHROPIC 5 OPENAI 6 DATABRICKS 7 ANDURIL INDUSTRIES 8 DOORDASH 9 RAMP 10 PROMETHEUS • The top 10 exposure is determined on the basis of the most recent GP report that includes sufficient look-through detail, received up to 19 August, typically as at 31 December 2025 or 31 March 2026, since most 30 June 2026 reports do not yet include this level of detail. Hence, the figures used do not reflect financing rounds, IPO-related events or other events occurring or becoming public after the relevant GP report, and may therefore differ materially from current economic exposure. • Based on such GP reports, the values for each underlying company, as reported by the GPs, converted into euro at the closing exchange rate as at 30 June 2026, are aggregated and the top 10 exposure is presented as a single aggregate figure across the ten companies. • For listed assets, the share price as at 30 June 2026 is used. • The top 10 determination does not take into account the weight of any direct investment Sofina may hold in the same company t hrough its Sofina Direct portfolio. • Different GPs may apply different valuation methodologies, and may retain different valuations, for the same company. The objective of this disclosure is to provide an aggregated indication of economic exposure rather than a single homogeneous or precise valuation. • Exposures are shown net of estimated carried interest in respect of the underlying funds. • Sofina may use derivative instruments in respect of all or part of certain listed positions. Such instruments have the effect of derisking the position while also limiting Sofina’s participation in any subsequent appreciation in the market price of the underlying listed shares. In such cases, the value used for the relevant portion reflects the value locked in through those instruments, rather than the prevailing market price.
Page 14
1414 Investments in HY26
Page 15
1515 Divestments in HY26
Page 16
1616 Events post-closing HY26 (1) (1) (1) (1) Transactions subject to closing conditions.
Page 17
17 Important legal information and cautionary statements concerning forward-looking statements and non-IFRS financial measures Certain statements contained herein may be forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause Sofina SA’s actual results to differ materially from those expressed or implied in such forward- looking statements. Such forward-looking statements are made as of the date hereof and Sofina SA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations. This presentation contains certain non-IFRS financial measures, or alternative performance measures, used by Sofina SA in analysing its operating trends, financial performance and financial position and providing investors with additional information considered useful and relevant regarding the results of Sofina SA. These alternative performance measures are not recognised measures under IFRS or any other generally accepted accounting standards, and they generally have no standardised meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these alternative performance measures should be considered in isolation from, or as a substitute for, the financial statements and related notes prepared in accordance with IFRS. For a definition of these alternative performance measures and a reconciliation from such alternative performance measures to the relevant line item, subtotal or total presented in the financial statements, please refer to the section “Alternative performance measures and other terms” of the Half-year report of Sofina SA for the period ended on 30 June 2026, available on Sofina SA’s website (www.sofinagroup.com). Certain calculated figures (including data expressed in thousands or millions) and percentages presented herein have been rounded. Where applicable, the totals presented herein may slightly differ from the totals that would have been obtained by adding the exact amounts (not rounded) for these calculated figures.
Page 18
SOFINA SA Rue de l’Industrie, 31 B – 1040 Brussels Tel.: +32 2 551 06 11 info@sofinagroup.com – www.sofinagroup.com S O F I N A