Press release

Antwerp, November 23rd, 2023, 7:00 AM CET, Regulated information




Strong results confirm strategy of value
creation through growth
◼ The positive growth of our companies and value creation via exits lead to strong portfolio return
of 13.3% in the first half of the year
◼ Sustained growth of portfolio to more than EUR 1.6 billion
◼ Net profit of more than EUR 150 million increases the equity value per share to EUR 51.3



CEO Koen Dejonckheere:

“The first half of the current financial year proves the success of our strategy of value creation through
growth. After a cautious recovery in the second half of the previous year, our companies again realize
a strong growth in the first half of 2023. They clearly are fulfilling their role as the leaders and innovators
of our economy. Thanks to decreasing input prices, our companies have succeeded in recording
double-digit growth in profitability. Moreover, Gimv has also achieved significant capital gains via exits
in challenging market conditions. As a result, we are reaping the benefits of a successful execution of
our growth strategy.

The strong portfolio result has produced a significant net profit, leading to an increase in Gimv’s equity
to over EUR 51 per share.”


Interim consolidated key figures (first six months of Financial Year 2023-24)
Results H1 2023-2024 H1 2022-2023
Sales growth portfolio companies 16.6% 24.4%
EBITDA growth portfolio companies 13.1% 0.4%
Portfolio result (€mio) 202.8 -51.0
Portfolio return % (non-annualized) 13.3% -3.5%
Net result (€mio) 158.2 -75.1
Net return % (non-annualized) 12.1% -5.3%
Net result/share 5.8 -2.8
Balance sheet H1 2023-2024 FY 2022-2023
Investments (€mio) 84.5 260.6 (full year)
Exit proceeds (€mio) 158.0 175.0 (full year)
Portfolio (€mio) 1.642.4 1,522.9
NAV (€mio) 1.431.3 1,312.4
NAV/share 51.3 48.2
Available liquidity (€mio) 191.6 194.4

The results for the first half of financial year 2023-2024 relate to the consolidated figures for the period from 1 April 2023 to 30 September
2023.




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 1
Antwerp, November 23rd, 2023, 7:00 AM CET, Regulated information Press release




Notes to consolidated figures
Strong results in our portfolio companies
For the second half of the year, we remain cautious about
◼ Turnover growth of 16.6% combined with a whether there will be a continued strong growth in
13.1% increase in operating profitability profitability. It remains to be seen whether decreasing
input prices result in lower inflation. It is also not yet clear
◼ Portfolio return of 13.3% (non-annualised) how a possible slowdown in demand in certain sectors
might impact order books and growth.
◼ Net profit of EUR 158.2 million or EUR 5.8 per
share The strong performance of our companies, combined
The recovery of the margins that had started in the with the significant capital gains realised on a number of
second half of last year continued more strongly in the first successful exits, have led to a considerable portfolio result
half of 2023 thanks to decreasing raw material prices, of more than EUR 200 million. With a non-annualised
lower energy costs and transportation costs returning to portfolio return of over 13%, we are well within our long-
normal in a recovered logistics chain. Our companies term target of achieving an annual portfolio return of at
continued to grow at a significantly stronger pace than least 15%.
the overall economy which, thanks to the lower pressure
on margins in the first half of 2023, translated into a The average EBITDA multiple used to measure the fair
considerably higher profitability. Total portfolio EBITDA value of our companies under the IFRS decreased slightly
increased by 13.1%, where it remained flat in the first half from 8.8x at the end of March 2023 to 8.7x at the end of
of 2022. Most of this growth has resulted from an organic September 2023, an evolution which is in line with
expansion. Sales grew by more than 10% in all our financial markets over the same period.
platforms, and almost all of them also recorded a
significant increase in profitability. Only Healthcare saw
stronger inflationary margin pressure due to the relatively
high importance of personnel costs in a regulated
context.



Total Portfolio Return

27,0%


20,1% 20,4% (6 months)
18,3% 18,8%
15,6% 16,2%
13,3%




3,1%

2013-2014 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 H1 2023-24
-0,1%

-10,3%
Long term objective




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 2
Antwerp, November 23rd, 2023, 7:00 AM CET, Regulated information Press release




Over the past six months, the success of our strategic Further portfolio growth
value creation was confirmed by the significant capital
gains on a number of exits, especially since this occurred ◼ Focus on value creation within the portfolio
in a challenging economic context. As announced, after
several years of growth resulting in a record portfolio, ◼ Sustained growth of the portfolio to more
there was an increased focus on maximising portfolio than EUR 1.6 billion
value through portfolio rotation. The total result (net
Gimv continued to invest further in expanding its portfolio.
capital gains on sales, interest and dividends) earned
During the first half of the current financial year, EUR 84.5
over the first half of the year amounts to EUR 87.1 million.
million was invested. This included an investment of EUR
It should be noted that the sale of Groupe Claire was not
43.1 million in three new portfolio companies: Witec (SI;
yet fully completed at the end of September 2023; hence
NL), ERS (SI; G) and Complement Therapeutics (LS; G). In
the significant upward revaluation of this transaction is still
addition, the focus on value creation within the portfolio
included in the unrealised result. At the end of October,
was concretised through the further development of a
this exit was finalized.
number of strategic buy-and-build projects. An amount
of EUR 41.4 million was invested in the existing portfolio to
Thanks to the strong portfolio result, Gimv’s net profit for
finance additional acquisitions at Fronnt (SC; BE),
the first half of financial year 2023-2024 amounts to EUR
Projective (SC; BE), Köberl (SC; G), Techinfra (SC; G) Olyn
158.2 million or EUR 5.8 per share. This translates into a net
(CO; FR) and Rehaneo (HC; G).
return on equity of 12.1% (non-annualised).

Excluding the cash not yet received on Groupe Claire,
the total proceeds from the sale of portfolio companies in
the first six months of financial year 2023-2024 amounted
to EUR 158 million, a figure that is in line with the total sales
proceeds of the previous financial year.




Portfolio growth (in millions of EUR)


1.642
1.523
1.449

1.233
1.082
1.014 1.017
931 920 964 960
814




03/2013 03/2014 03/2015 03/2016 03/2017 03/2018 03/2019 03/2020 03/2021 03/2022 03/2023 09/2023




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 3
Antwerp, November 23rd, 2023, 7:00 AM CET, Regulated information Press release




As reported earlier in the trading update of 5 September Strong equity growth and a solid liquidity
2023, four participations were sold during the summer position
(Coolworld, GPNZ, Groupe Claire and Impact). This had a
total cumulative impact of more than EUR 100 million on ◼ Net equity value per share grows to EUR 51.3
the result and more than EUR 250 million on the cash
position. The sold participations (incl. Groupe Claire) had ◼ Available liquidity stable at nearly EUR 200
a total book value of EUR 138.9 million as at 31 March million
2023. Over the full term, the proceeds from the sale of
these participations amounted to almost double the After payment of the dividend (EUR 2.60 per share) for the
original investment amount (achieved money multiple of previous financial year 2022–2023 and including the
1.9x or a realised IRR of 16.4%). Gimv’s total investment strong net profit for the first half of financial year 2023–
portfolio grew further to a new record level of EUR 1,642 2024 (EUR 5.8 per share), the net equity value is EUR 51.3
million (including Groupe Claire), representing an per share at the end of September 2023. Gimv’s total net
increase of 7.8% from EUR 1,523 million at the end of equity value is EUR 1,431 million, an increase of 15.3% over
financial year 2022-23. the equity at the end of March 2023 (net of dividends).


The investment portfolio consists of 59 participating Taking into account the payment of the dividend (cash
interests, well distributed across the five platforms and the impact of EUR 45.6 million) and after investments of nearly
four countries. More than two-thirds of the platform EUR 85 million, Gimv’s liquidity position at the end of the
portfolio has been invested since 2018, underlining its first half of the year remained at just under EUR 200 million,
promising growth potential. a stable amount compared to the end of the previous
financial year. The proceeds from the exit of Groupe
Claire are not yet included in this.

Portfolio composition (in millions of EUR) The available liquidity was partly financed by long-term
bonds (EUR 350 million). Gimv also has EUR 210 million of
1.642 undrawn credit lines at banks. Gimv will use the available
1.523
103 funds to continue investing in its position as a sector-
120 Infra and other oriented builder of leading mid-market growth
411 companies and in realising its companies’ growth
373 Sustainable Cities strategy.

Smart Industries
Gimv aims to continue its current dividend policy.
477
403
Life Sciences

123 128
Healthcare
298 306
Consumer

207 217

31/03/2023 30/09/2023




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 4
Antwerp, November 23rd, 2023, 7:00 AM CET, Regulated information Press release




Sustainability Key events after 30 September 2023

The successful ESG efforts led to a further improvement in • The valuation of our portfolio is based on market
Gimv’s ESG Risk Rating by Sustainalytics to 10.6 in 2023 multiples as at the end of September 2023. Since
compared to 11.0 in 2022 (the lower the rating, the lower then, we have closely followed the evolution of the
the unmanaged ESG risk). stock markets. To date, we have not noticed any
evolution in market multiples that indicates that our
As a sustainable investor, Gimv focuses on maximising the valuation should be adjusted.
portfolio’s potential value. Sustainability is seen as an
important lever to create value. The ESG experience built Statement regarding risk
up by Gimv in recent years, together with the available
The future performance of our companies and the value
ESG data of the portfolio companies, form a solid basis for
development of our portfolio depend on a number of
further integrating sustainability in both the strategic and
external factors, such as: (i) the impact of the inflationary
operational decision-making within the companies with a
environment on the growth and margins of our
view to maximising sustainable value creation.
companies and how they are able to cope with its
impact, (ii) further developments in the war in Ukraine and
As a responsible company, Gimv has expanded its
the impact of other geopolitical tensions on the stability
horizons in the area of sustainability by, for example,
of the international economic fabric, (iii) the way in which
reporting our sustainability data to CDP for the first time
inflation may weigh on economic growth prospects and
this year. This organisation, set up as the Carbon
potentially lead to a recession, (iv) the extent to which
Disclosure Project, encourages companies to be more
consumer confidence is affected by rising prices, (v) the
transparent about their impact on the climate. With this,
evolution in the labour market and mainly the availability
Gimv endorses CDP’s mission, which believes that
of sufficiently qualified personnel for our companies, (vi)
transparency is the key to action and change. On 14
the liquidity in the banking system to support the
September 2023, partly spurred on by Gimv, Level20
companies, including in case of possible further financing
Belgium was launched. This is a non-profit organisation
needs, (vii) the stability of the regulatory and financial
founded with the aim of improving gender diversity in the
environment in the markets in which both Gimv and our
private equity sector.
companies operate, (viii) the extent to which the market
for investments and acquisitions remains active,
Other significant events during financial year
accompanied by a sufficient level of liquidity and feasible
2023–2024 financing conditions, and (ix) the extent to which the
financial markets can maintain their stability. It is
Optional dividend result during financial year 2022-2023: extremely difficult to estimate the impact of all these
in total, 50.8% of the dividend rights were contributed factors in the coming period.
against the issue of 658,576 new ordinary shares for a total
amount of EUR 25.2 million. On 28 July 2023, the new
shares were issued and admitted to trading on Euronext
Brussels. The balance of the dividend was paid out in cash
on the same day, for a total gross amount of EUR 45.6
million.




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 5
Antwerp, November 23rd, 2023, 7:00 AM CET, Regulated information Press release




Management declaration in accordance with Statutory auditor’s report on the accounting
the Royal Decree of 14 November 2007 information included in the half-yearly press
release of Gimv NV
In accordance with Article 13 §2 3° of the Royal Decree
of 14 November 2007, CEO Koen Dejonckheere and CFO
We have compared the accounting information
Kristof Vande Capelle declare the following in the name
included in the half-yearly press release of Gimv NV with
of and on behalf of Gimv and to the best of their
the interim consolidated financial statements for the six
knowledge:
months ended 30 September 2023, where this period
closed with a balance sheet total of EUR 1,844,873k and
a) The half-yearly financial statements on 30 September
a net profit of EUR 158,165k. We confirm that this
2023 have been prepared in accordance with the IFRS
accounting information does not contain any apparent
and IAS 34 “Interim Financial Reporting” as approved by
inconsistencies with the interim consolidated financial
the European Union, and they provide a true and fair view
statements.
of the assets, financial position and results of Gimv and
the companies included in the consolidation.
We have issued a review report on these interim
consolidated financial statements as at 30 September
b) The half-yearly report gives a fair overview of the main
2023 in which we conclude that nothing has come to our
events of the first half of the financial year, their impact
attention during our review that causes us to believe that
on the financial statements, the main risk factors and
the accompanying interim consolidated financial
uncertainties for the remaining months of the financial
statements have not, in all material respects, been
year, as well as the main transactions with related parties
prepared in accordance with IAS 34 “Interim Financial
and their impact, if any, on the summarised financial
Reporting”, as approved by the European Union.
statements.

Antwerp, 22 November 2023

BDO Bedrijfsrevisoren BV
Statutory Auditor
Represented by David Lenaerts
Company Auditor




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 6
Antwerp, November 23rd, 2023, 7:00 AM CET, Regulated information Press release




Financial calendar About Gimv

◼ Annual results for FY 2023-2024 Gimv is a European investment company, listed on
(period 01/04/2023-31/03/2024) Euronext Brussels. With over 40 years' experience in
May 23rd, 2024 private equity, Gimv currently has EUR 1.5 billion of
assets under management. The portfolio contains
◼ Annual General Meeting FY 2023-2024 around 60 portfolio companies, with combined
June 26th, 2024 turnover of EUR 3.7 billion and more than 20,000
employees.

◼ Half-yearly results for FY 2024-2025
As a recognized market leader in selected investment
November 21st, 2024
platforms, Gimv identifies entrepreneurial, innovative
companies with high growth potential and supports
them in their transformation into market leaders. Gimv's
five investment platforms are Consumer, Healthcare,
Life Sciences, Smart Industries and Sustainable Cities.
Discover the renewed Gimv website on Each platform works with an experienced team across
Gimv’s home markets of Benelux, France and DACH,
www.gimv.com
supported by an extended international network of
experts.

Further information can be found on www.gimv.com.




For further information please contact:

Kristof Vande Capelle, Chief Financial Officer
T +32 3 290 22 17 – kristof.vandecapelle@gimv.com




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 7
Antwerp, November 23rd, 2023, 7:00 AM CET, Regulated information Press release




Gimv Group – Interim consolidated balance sheet per 30/9/2023


Assets (in 1,000 EUR) 30-09-2023 31-03-2023
Non-current assets 1.651.107 1.532.054
Intangible assets 134 207
Property, plant and equipment 8.573 8.950
Investment portfolio 1.642.399 1.522.897
Financial assets: equity investments at fair value through P&L (FVPL) 1.228.535 1.130.545
Financial assets: debt investments at fair value through P&L (FVPL) 114.308 117.522
Financial assets: debt investments at amortised cost 299.556 274.830

Current assets 193.766 196.495
Trade and other receivables 1.529 1.846
Cash and cash equivalents 184.250 191.521
Marketable securities 7.352 2.895
Other current assets 636 233
Total assets 1.844.873 1.728.549



Equity and liabilities (in 1,000 EUR) 30-09-2023 31-03-2023
Equity 1.431.575 1.325.135
Equity - group share 1.431.302 1.312.409
Issued capital 264.665 258.414
Share premium 136.282 117.362
Reserves 1.030.355 936.633
Minority interests 273 12.726
Liabilities 413.298 403.414
Non-current liabilities 393.739 371.905
Financial debts - bonds 350.000 350.000
Financial debts - lease liabilities 1.531 1.626
Provisions 42.208 20.279

Current liabilities 19.558 31.509
Financial debts - lease liabilities 1.104 1.084
Trade and other payables 5.352 5.184
Income tax payables 312 9.367
Other liabilities 12.790 15.874
Total equity and liabilities 1.844.873 1.728.549




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 8
Antwerp, November 23rd, 2023, 7:00 AM CET, Regulated information Press release




Gimv Group – Interim consolidated income statement for the first six months to 30/9/2023


Consolidated income statement for the six months ending (in EUR 1,000) 30-09-2023 30-09-2022

Dividend income 10.104 963
Interest income 17.360 14.775
Realised gains on disposal of investments 67.161 5.673
Unrealised gains on financial assets at fair value through P&L 155.413 77.414
Reversal of impairments on debt investments via amortised cost 3.503 10.074
Portfolio profit 253.541 108.899
Realised losses on disposal of investments -7.503 -
Unrealised losses on financial assets at fair value through P&L -40.984 -142.579
Impairments on debt investments via amortised cost -2.208 -17.362
Portfolio losses -50.695 -159.940
Portfolio result: profit (loss) 202.846 -51.041
Management fees 429 421
Other operating income 224 3.124
Operating income 653 3.545
Selling, general and administrative expenses -6.674 -6.852
Personnel expenses -11.323 -10.704
Amortisation and depreciation expenses -1.209 -1.289
Other operating expenses -21.922 -1.281
Operating expenses -41.128 -20.126
Operating result 162.371 -67.622
Finance income 1.470 30
Finance costs -5.660 -5.968
Result before tax: profit (loss) 158.181 -73.561
Tax expenses -15 -1.852
Net profit (loss) of the period 158.165 -75.413
Minority interests 0 -363
Share of the group 158.165 -75.050

Earnings per share for the six months ending (in EUR) 30-09-2023 30-09-2022

Basic earnings per share 5,81 -2,80
Diluted gains earnings per share 5,81 -2,80

Consolidated statement of the comprehensive income for the six months ending (in EUR 1,000) 30-09-2023 30-09-2022

Net profit (loss) of the period 158.165 -75.413
Other comprehensive income - -

Total comprehensive income 158.165 -75.413
Minority interests 0 -363
Share of the group 158.165 -75.050




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 9
Antwerp, November 23rd, 2023, 7:00 AM CET, Regulated information Press release
Gimv Group – Interim statement of changes in consolidated equity for the first six months to 30/9/2023



Actuarial gains
Share (losses) DB pension Treasury
First six months ended 30-09-2023 (in 1,000 EUR) Issued capital premium Retained earnings plans Shares Equity - Group share Minority interests Total equity

01-04-2023 258.414 117.362 935.465 1.284 -116 1.312.409 12.726 1.325.135
Net Result for the period - - 158.165 - - 158.165 -0 158.165
Total comprehensive income - - 158.165 - - 158.165 -0 158.165
Capital increase / decrease 6.251 18.920 - - - 25.171 -997 24.174
Dividends to shareholders - - -70.774 - - -70.774 - -70.774
Net purchase / sale own shares - - - - 49 49 - 49
Other changes - - 6.282 - - 6.282 -11.456 -5.174
30-09-2023 264.665 136.282 1.029.138 1.284 -67 1.431.302 273 1.431.575




Actuarial gains
Share (losses) DB pension Treasury
First six months ended 30-09-2022 (in 1,000 EUR) Issued capital premium Retained earnings plans Shares Equity - Group share Minority interests Total equity

01-04-2022 253.020 96.903 1.063.953 -605 -238 1.413.034 11.730 1.424.765
Net Result for the period - - -75.050 - - -75.050 -363 -75.413
Total comprehensive income - - -75.050 - - -75.050 -363 -75.413
Capital increase / decrease 5.394 20.459 - - - 25.853 - 25.853
Dividends to shareholders - - -69.290 - - -69.290 - -69.290
Net purchase / sale own shares - - -9 - 53 44 - 44
Other changes - - 63 - - 63 -57 6
30-09-2022 258.414 117.362 919.666 -605 -185 1.294.653 11.311 1.305.964




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 10
Antwerp, November 23rd, 2023, 7:00 AM CET, Regulated information Press release




Gimv Group – Interim consolidated cash flow statement for the first six months to 30/9/2023


Cash flow statement (direct method) for the six months ending (in 1,000 EUR) 30-09-2023 30-09-2022
Cash flow from operating activities -29.220 -24.075
Management fees from managed funds 154 235
Remuneration and other benefits to employees and directors -14.172 -13.288
Other operating expenses -6.219 -7.406
Paid/recovered CIT and other taxes -8.983 -3.616

Cash flows from investing activities 80.345 -141.445
Investments in financial assets: equity investments -56.793 -139.253
Investments in financial assets: debt investments -26.767 -34.008
Proceeds from divested financial assets: equity investments 137.912 33.084
Proceeds from repaid financial assets: debt investments 17.184 7.573
Interest received from the investment portfolio 2.392 426
Dividend received from the investment portfolio 9.997 814
LTIP payments -2.249 -8.770
Other cash flows from investment activities -1.332 -1.312

Cash flows from financing activities -53.939 -52.000
Interest received on cash deposits 1.309 1
Paid interest and fees on cash deposits and credit lines -8.547 -8.735
Dividends to shareholders -45.608 -43.440
Purchase Own Shares -828 -
Sales Own Shares 732 174

Change in cash during period -2.814 -217.520
Cash at beginning of period 194.416 377.828
Cash at end of period 191.602 160.308




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 11