Breaking Down Gimv NV Financial Health: Key Insights for Investors

Investors tracking Gimv NV will want to bookmark recent hard facts: annual revenue rose to €300.94 million in the year ending 31 March 2025 (up 3.07% from €291.96m), while half‑year revenue exploded to €113.63 million - a 135.72% jump year‑over‑year; TTM revenue stood at €270.68m with a P/S of 5.51, TTM EPS was €6.05 with a P/E of 7.21, and revenue per employee was €3.20m; balance‑sheet and valuation anchors include €668.82 million in cash, a market cap of €1.60 billion (36.81m shares), NAV per share of €53.9 (up 6.3%), H1 net profit of €126.9m, a ROE of 14.7%, gross portfolio return of 19.3% and operating margin of 65.66%, an all‑time portfolio value of €2.0bn, €336.1m deployed in the year, an average EBITDA multiple rising to 9.2x, EV/revenue of 3.47 and EV/EBITDA of 4.74 - all concrete datapoints that frame Gimv's liquidity, profitability, valuation and growth runway and set the table for a deeper read.

Gimv NV (GIMB.BR) - Revenue Analysis

• FY 2025 revenue: €300.94 million, up 3.07% from €291.96 million in FY 2024.
• H1 (ending Mar 31, 2025) revenue: €113.63 million, up 135.72% year-over-year, indicating acceleration in the most recent period.
• TTM revenue (as of Dec 12, 2025): €270.68 million, yielding a P/S ratio of 5.51 based on market cap.
• Revenue per employee: €3.20 million, signifying high revenue productivity per staff member.
• Market capitalization (Dec 12, 2025): €1.60 billion with 36.81 million shares outstanding.
• TTM EPS: €6.05 with a P/E ratio of 7.21, indicating a relatively modest valuation relative to earnings.

Gimv NV (GIMB.BR) Profitability Metrics

Gimv NV delivered solid profitability in the fiscal period around FY 2025, driven by strong portfolio performance and efficient operations. Key headline figures highlight growth in NAV per share, robust margins, and continued asset productivity.

• Net profit (H1 FY2025): €126.9 million - €3.4 per share.
• NAV per share growth: +6.3% to €53.9.
• Net return on equity (FY ended 31 Mar 2025): 14.7% (previous year: 16.5%).
• Gross return on portfolio (FY): 19.3% (prior year: 19.1%).
• Operating margin (FY): 65.66%.
• Profit margin (FY): 72.77%.
• Return on assets (TTM): 6.39%.

Key implications for investors:

• Strong NAV growth and a €3.4 per-share contribution in H1 underline capital appreciation potential and realized value generation.
• ROE of 14.7% remains attractive for an investment company, though slightly below last year - monitor leverage, realized gains, and valuation shifts.
• Gross portfolio returns (19.3%) show continued portfolio-level outperformance, supporting future NAV upside if realized.
• High operating and profit margins (65.66% and 72.77%) point to tight cost control and recurring fee/earnings quality.
• ROA at 6.39% signals reasonable asset productivity; compare with peers and historical trend for context.

For further investor-focused context and shareholder composition, see: Exploring Gimv NV Investor Profile: Who's Buying and Why?

Gimv NV (GIMB.BR) Debt vs. Equity Structure

• Equity per share as of March 31, 2025: €53.9 (up 6.3% YoY).
• Implied total equity (equity per share × shares outstanding): €53.9 × 36.81 million ≈ €1,983.2 million (~€1.98 billion) as of March 31, 2025.
• Net profit (first half FY2025): €126.9 million - a near-term earnings injection that strengthens equity.
• Net return on equity (FY ended March 31, 2025): 14.7% - indicating effective deployment of equity capital.
• Total portfolio fair value (first half FY2025): €2.0 billion - an all-time high and a key asset-value driver.
• IFRS valuation signal: average EBITDA multiple rose from 8.6x (Mar 2024) to 9.2x (Mar 2025), reflecting higher peer/transaction valuations applied to portfolio companies.
• Market capitalization (Dec 12, 2025): €1.60 billion with 36.81 million shares outstanding - showing investor valuation relative to reported equity.

• Equity-dominant profile: Implied total equity (~€1.98bn) is broadly in line with the portfolio fair value (€2.0bn), underscoring equity-driven net asset strength.
• Profitability supporting capital: H1 net profit (€126.9m) and a 14.7% ROE underpin organic growth of equity rather than reliance on incremental leverage.
• Valuation tailwinds: Rising IFRS EBITDA multiples (8.6x → 9.2x) lift portfolio valuations, improving asset-backed equity metrics.
• Market vs. book: Market cap (€1.60bn) is below implied book equity (~€1.98bn), indicating a potential discount to NAV that investors should evaluate relative to liquidity, exit prospects and leverage.

Gimv NV (GIMB.BR) - Liquidity and Solvency

Gimv NV exhibits solid near-term liquidity and several indicators of improving solvency driven by strong earnings and equity growth. Key figures as of recent reporting periods highlight available cash, profitability and market valuation that investors should weigh when assessing balance-sheet strength.

• Total cash: €668.82 million (as of March 31, 2025), providing substantial short-term liquidity.
• Net profit (H1 FY2025): €126.9 million, supporting retained earnings and solvency.
• Equity per share: €53.9 (as of March 31, 2025), indicating increased book-value backing per share.
• Market capitalization: €1.60 billion (as of December 12, 2025), reflecting investor confidence.
• TTM revenue: €270.68 million (as of December 12, 2025) with a P/S ratio of 5.51, implying efficient revenue generation relative to market value.

Notes and caveats:

• Total assets and total liabilities are not specified in the available data, limiting precise solvency ratio calculations (e.g., debt-to-equity, current ratio, interest coverage).
• Positive net profit and rising equity per share materially improve solvency outlook, but full balance-sheet disclosure would be required for complete assessment.

For additional context on shareholder composition and investor interest, see: Exploring Gimv NV Investor Profile: Who's Buying and Why?

Gimv NV (GIMB.BR) Valuation Analysis

Key valuation metrics for Gimv NV (GIMB.BR) show a company trading at relatively low multiples on an earnings and book-value basis while still commanding premium pricing relative to sales and enterprise-level measures. Below are the core figures driving investor assessment as of the stated dates.

• P/E of 7.21 vs. EPS €6.05 implies a theoretical share price around €43.7 (6.05 × 7.21), highlighting an earnings-supported valuation.
• P/B of 0.77 signals the market values Gimv below net asset value, a potential indicator of undervaluation or conservative risk pricing.
• P/S at 5.51 shows investors pay a premium for each euro of sales - typical for investment companies with high expected future returns.

• EV/Revenue 3.47 and EV/EBITDA 4.74 suggest enterprise-level value is modest relative to peers in private equity/venture segments.
• IFRS average EBITDA multiple rising from 8.6x to 9.2x (Mar 2024 → Mar 2025) points to improving fair values for portfolio companies, supporting potential mark-to-market uplifts.

For contextual background on Gimv NV's business model, portfolio approach and how it generates returns, see: Gimv NV: History, Ownership, Mission, How It Works & Makes Money

Gimv NV (GIMB.BR) - Risk Factors

• Market and economic cycle risk: Gimv's performance swings with macroeconomic conditions that affect valuations, exit markets and fundraising.
• Geographic concentration: A significant portion of Gimv's portfolio and realizations are tied to European economies, making it sensitive to regional GDP, industrial activity and consumer demand.
• Regulatory and policy risk: Changes in EU/Belgian financial regulation, taxation, or incentives for private equity and VC can alter deal economics and reporting.
• Currency and translation risk: Euro-denominated reporting masks FX impacts on non‑euro portfolio companies and cross-border exits.
• Operational risk in portfolio companies: Underperformance, management turnover, supply-chain disruptions or sector shifts at portfolio holdings can reduce valuations or delay exits.
• Competitive market for deals: Intense competition from other PE/VC firms, corporates and secondary buyers can compress entry valuations and limit attractive opportunities.

• Valuation volatility - Unrealized gains/losses can materially alter NAV and reported results from quarter to quarter; monitor portfolio revaluations and exit cadence.
• Concentration by stage/sector - Heavy exposure to certain sectors (e.g., Health/Tech or Smart Industries) increases sensitivity to sector downturns; review segment weightings in interim reports.
• Exit market cyclicality - IPO windows, M&A appetite and high-yield credit conditions affect timing and pricing of disposals; prolonged illiquidity can depress returns.
• FX exposure management - While Gimv reports in euros, non‑euro revenues/earnings of portfolio companies can lead to translation gains or losses; track currency breakdowns.
• Regulatory shifts - Changes to EU private placement rules, carried interest taxation, or investor disclosure requirements could alter net returns and operating costs.
• Competitive pricing pressure - Higher entry multiples reduce upside; assess Gimv's deal sourcing differentiation and co-investment capability.

Gimv NV (GIMB.BR) - Growth Opportunities

• Investment activity: €336.1 million invested in the past financial year, including €267.0 million into new and roll-over portfolio companies.
• Portfolio scale: Total portfolio value reached an all-time high of €2.0 billion in H1 FY2025.
• Market valuation: Market capitalization stood at €1.60 billion as of 12 December 2025.
• Reporting watch: Full-year results for FY2025 (period 1 Apr 2025-31 Dec 2025) due to provide further data on deployment, realizations and NAV movements.

• Healthcare: Continued allocation to healthcare platforms, where portfolio companies have posted double-digit EBITDA growth.
• Sustainable Cities: Targeted investments in urban tech and infrastructure with double-digit EBITDA expansion in underlying assets.
• Selective industry exposure: BioTech, MedTech, PropTech and Climate Tech positions intended to capture structural demand and premium exit multiples.

• Active portfolio management-follow-on funding and roll-overs (€267.0M) to accelerate scale and exits.
• Operational acceleration-management teams supported to drive EBITDA improvement (double-digit in key sectors).
• Balanced realizations-timed exits to convert NAV into distributable value while maintaining growth investments.

• Scale of capital deployment (€336.1M) suggests confidence in sourcing and conviction to back growth companies.
• €2.0B portfolio valuation provides breadth and upside potential if sector momentum continues.
• Market cap of €1.60B vs portfolio NAV highlights potential rerating opportunities tied to successful realizations and updated FY2025 results.