Press release

Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information




Solid growth performance in the first half of FY 2025
 The sustained performance of our companies leads to a HY portfolio return of 9.5% (non-annualized).
 H1 net profit of 126.9 mio EUR (EUR 3.4 per share) increases equity value per share with 6.3% to EUR 53.9.
 Accelerated growth strategy at work with total portfolio value reaching an all-time high of 2 billion EUR


CEO Koen Dejonckheere:
“Over the first 6 months of the current fiscal year, we successfully kicked off our accelerated growth
strategy. More than 300 mio EUR was invested in the expansion of our portfolio resulting in an all-time
high portfolio value of 2 billion EUR. In volatile and challenging economic headwinds, characterized
by sluggish consumer spending and an industrial slowdown in Europe, our companies showed
resilience and continued to deliver a solid performance, outpacing once again the overall economic
growth. This resulted in a solid portfolio return of 9.5% (non-annualized), in line with our increased
portfolio return target.
In the first half of the financial year 2025, Gimv generated a net profit of 126.9 mio EUR, or EUR 3.4 per
share, leading to a 6.3% growth in our Net Asset Value to EUR 53.9 per share.
Our solid investment capacity puts us in a strong position to support our companies in their growth
ambitions and to seize new investment opportunities.”




Interim consolidated key figures (first six months of Financial Year 2025)

Results H1 2025 H1 2024-25
Portfolio result (mio EUR) 154.0 186.8
Portfolio return % 9.5% 12.0%
Net result (mio EUR) 126,9 144.9
Net return on equity % 6,7% 9.7%
Net result/share 3.4 5.1
Balance sheet H1 2025 FY 2024-25
Investments (mio EUR) 317.0 336.1
Exit proceeds (mio EUR) 149.7 560.0
Portfolio (mio EUR) 1,942.4 1.623.3
NAV (mio EUR) 1.984.2 1.906.8
NAV/share 53.9 53.3*
Liquidity (mio EUR) 439.2 668.8



* Excluding dividend, the NAV/share as at end FY 2024-25 amounted to EUR 50.7

The first half of financial year 2025 relates to the consolidated figures for the period from 1 April 2025 to 30 September 2025. The full
financial year 2025 will be a short year, covering the 9 months between 1 April and 31 December 2025

Note: all financial data in this press release are based on the Investment basis (see explanatory note on page 2)




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 1
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release



Explanatory note
Gimv makes investments in portfolio companies directly, held by Gimv NV or its consolidated subsidiaries, and, as of this
current fiscal year, indirectly, held through intermediate holding companies (“Investment entity subsidiaries”). The
application of IFRS 10 requires us to fair value the intermediate holding companies instead of consolidating them line-by-
line. This fair value approach, applied at the intermediate holding company level, obscures the performance of our
portfolio companies, since the financial effect of the underlying portfolio companies is aggregated into a single (fair)
value of the investment entity subsidiary as included in our total investment portfolio (under IFRS 10). Other (income and
cost) items associated with the investment entity subsidiaries (which would be eliminated in a consolidation) are now
included separately.

To maintain transparency and help the understanding of the performance of our portfolio, we introduced a separate
non-GAAP “Investment basis” (in line with our previous financial reporting). This press release is prepared using the
Investment basis as we believe it provides a more understandable view of our performance. The net profit and the Net
Asset Value are equal under the Investment basis and IFRS. The Investment basis is simply a “look through” of IFRS 10 to
present the underlying performance and safeguards the consistency of our financial reporting with previous periods.

A detailed reconciliation from the Investment basis to IFRS basis of the Consolidated Statements can be found at the end
of this press release and in our Half-Year report, which will be available no later than December 1, 2025.

This new approach will be the subject of further technical analysis, the outcome of which will be presented in our full year
report.


Notes to consolidated figures
Gimv companies continue to realise an above The sustained performance of our companies in the first
average growth half of FY 2025 has led to a total portfolio result of 154.0
mio EUR, or a non-annualized portfolio return of 9.5% (on
 6.8% total sales growth in our portfolio (H1 2025 an annualized basis, this represents a portfolio return
vs. H1 2024), combined with an equally rising above our increased target of at least 17.5%).
operating profitability (6.3% EBITDA increase) The average EBITDA multiple used to measure the fair
 Portfolio result of 154.0 mio EUR value of our companies under the IFRS increased slightly
from 9.2x at the end of March 2025 to 9.7x at the end of
(9.5% return – non-annualized)
September 2025 (mainly triggered by a shift in
 Net profit of 126.9 mio EUR or EUR 3.4 per share composition of our portfolio). The positive valuation result
was mainly determined by the strong operational results
Our companies continued their above average growth
of our companies, with growth in EBITDA being the main
performance in the first half of the current financial year
contributor to our unrealized result.
2025, proving the resilience of our portfolio in volatile and
challenging market circumstances. Overall, they have Our companies’ EBITDA growth, largely above the
been able to increase their sales with 6.8%, while the average European economic growth, underscores their
operating profitability grew equally with 6.3%. More than strategic and financial strength, their operational
half of the growth in profitability originates from organic discipline and entrepreneurial spirit. Their continued focus
expansion. Over the first half of 2025, we have seen a on innovation and sustainable growth gives us
continued double digit EBITDA growth in our Healthcare confidence about their ongoing outperformance and
and Sustainable Cities platforms. The growth in the provides a solid foundation for future expansion and
Consumer platform was impacted by sluggish consumer sustained value creation.
spending, while the Smart Industries platform was
confronted with the industrial slowdown in Europe in the Thanks to the strong portfolio result, Gimv’s net profit for
first half of this year. the first half of the financial year 2025 amounts to 126.9
mio EUR or EUR 3.4 per share. This translates into a net
return on equity of 6.7%.


Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 2
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release




Sales Growth by platform (in mio EUR) EBITDA Growth by platform (in mio EUR)

1.800
+7% +6%
1.600
200
1.400 180
1.200 160
140
1.000
120
800 100
600 80
60
400
40
200 20
0 0
CO HC SI SC Core CO HC SI SC Core

H1 2024 H1 2025 H1 2024 H1 2025




Total Portfolio Return

27,0%


(6 months)
20,4%
18,8% 19,1% 19,3%

15,6% 16,2%
9,5%




2016-2017 2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-24 2024-25 H1 2025
-0,1%

-10,3%
Long term objective




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 3
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release




Growth acceleration of the portfolio,
expanding to an all-time high of EUR 2 billion Portfolio composition (in mio EUR)

 More than 300 mio EUR invested in both new
and existing portfolio companies, matching the
investment level of the past full financial year in 1942
a period of 6 months 80 Infra and other
168
In the first six months of the current fiscal year, Gimv 1623
invested in Ambulantis (Healthcare, DE), Alpine 54 Anchor
165 394
(Consumer, NL), Hemink (Sustainable Cities, NL) and
Novicare (Healthcare, NL). The successful exit of Joolz Sustainable
331 Cities
after an impressive growth trajectory was combined with 428
Smart Industries
a new investment in the even stronger Bugaboo/Joolz
382
combination. End September 2025, Gimv announced an 128
Life Sciences
additional investment in Spineart, one of its largest 134
portfolio companies, to fuel its next phase of profitable 387
Healthcare
273
growth, to advance its innovation pipeline and to
strengthen its global footprint in delivering better 358 Consumer
284
outcomes for spine surgery patients. Additional capital
(for a total amount of 64 mio EUR) was invested to finance 31/03/2025 30/09/2025
strategic bolt-on acquisitions at existing portfolio
companies like Fronnt, Picot, and EGruppe and to
support the further expansion of TINC at the occasion of
its successful capital increase. The combination of a very active investment period and
the sustained value creation at our portfolio resulted in a
These transactions add up to a combined investment substantial rise in our total portfolio value with 20% over a
level of 317 mio EUR over a period of 6 months, in a period period of 6 months to a record level of 1.94 billion EUR. As
where mid-market private equity activity in Europe was at end September 2025, the investment in Novicare was
rather soft. As such, the new capital raised (250 mio EUR) not yet closed. Including this investment and the recently
has been fully invested, underscoring Gimv’s growth announced investment in Quality Guard, the Gimv
ambitions. portfolio reaches the 2 billion EUR milestone.

The investment portfolio consists of 64 companies, well
Next to the exit of Joolz (combined with the re-investment
in Bugaboo), Gimv turned the long growth trajectory of distributed across the five platforms and the four
countries.
Itineris towards a leading international technology
company into realized capital gains with a successful exit
to Cobepa. Total proceeds from the sale of portfolio
companies in the first half of the financial year 2025
amounted to 149.7 mio EUR. Over the full term, the total
proceeds from the sale of Joolz and Itineris amounted to
2.6x the original investment cost.




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 4
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release




Portfolio growth (in mio EUR)




1.942

1.559 1.623
1.523
1.449
1.233




03/2021 03/2022 03/2023 03/2024 03/2025 09/2025




Persistent strong equity growth Sustainability

 Net equity value per share grows with 6.3% in Gimv reaffirms its commitment to sustainability as a core
six months to EUR 53.9 driver of resilience, competitiveness and long-term value
creation across its portfolio. In a rapidly evolving
 Available liquidity of more than 600 mio EUR (of landscape, Gimv continues to take a visible stance on the
which 439 mio EUR available as cash on the ESG themes that matter most to our companies and
balance sheet) stakeholders.
After payment of the dividend (EUR 2.60 per share) for the
previous financial year 2024–2025 and including the net Our sustainability objectives for 2025 underscore the
profit for the first half of the financial year 2025 (EUR 3.4 increasing relevance of competitiveness, productivity,
per share), the net equity value grew with 6.3% to EUR 53.9 and resilience. We remain firmly committed, guided by
per share at the end of September 2025. Gimv’s total net robust risk management, recognizing that failure to
equity value amounts to 1,984.2 mio EUR. address climate risks jeopardizes long-term value, and by
proactive value creation, as sustainability continues to
Taking into account the cash impact of the dividend (57.5 generate significant business opportunities.
mio EUR), cash investments of 317 mio EUR and exit
proceeds of 149.7 mio EUR, Gimv’s liquidity position and To further embed sustainability, we are streamlining ESG
robust investment capacity remained intact at a total data collection. With about 50% of our portfolio already
level of 650mio EUR, of which 439 mio EUR available cash measuring their greenhouse gas emissions today, it
on the balance sheet and 210 mio EUR undrawn bank remains our ambition that nearly all portfolio companies
credit lines. This liquidity is partly financed by bonds (350 will eventually measure GHG emissions annually,
mio EUR), resulting in a net cash on the balance sheet of embedding this practice in their processes.
89 mio EUR.

Gimv aims to continue its current dividend policy.




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 5
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release




Other significant events during the first half of Statement regarding risk
the financial year 2025
The future performance of our companies and the value
development of our portfolio depend on a number of
In the context of the optional dividend for the financial
external factors, such as: (i) the impact of the global
year 2024-2025, 64.2% of the dividend rights were
economic instability on the growth and margins of our
contributed against the issue of 1,043,633 new ordinary
companies and how they are able to cope with its
shares, resulting in a capital increase of EUR 41.8 mio. On
impact, (ii) the impact of geopolitical tensions and the
25 July 2025, the new shares were issued and admitted to
potential impact on international trade. (iii) the impact of
trading on Euronext Brussels.
inflation on the policy of Central Banks and the related
consequences for interest rate evolutions, (iv) the extent
In June 2025, Gimv, together with WorxInvest and Belfius
to which consumer confidence is affected by rising
via Infravest, backed the successful capital increase at
prices, (v) the evolution in the labour market and the
TINC, supporting the ambitious growth trajectory of the
availability of sufficiently qualified personnel for our
listed specialized infrastructure investor. This raised
companies, (vi) the liquidity in the banking system to
Infravest’s stake in TINC above 25%, solidifying its role as a
support companies, including in case of possible further
reference shareholder.
financing needs, (vii) the stability of the regulatory and
financial environment in the markets in which both Gimv
Key events after 30/09/2025 and our companies operate, (viii) the extent to which the
market for investments and acquisitions remains active,
• The valuation of our portfolio is based on market accompanied by a sufficient level of liquidity and feasible
multiples as at the end of September 2025. Since financing conditions, and (ix) the extent to which the
then, we have closely followed the evolution of the
financial markets can maintain their stability. It is
stock markets. To date, we have not noticed any
extremely difficult to estimate the impact of all these
evolution in market multiples that indicates that our
factors in the coming period.
valuation should be adjusted.
• End October 2025, Gimv Life Sciences realized a
successful exit with the sale of its stake in Imcheck Management declaration in accordance with
Therapeutics to Ipsen, marking a significant milestone the Royal Decree of 14 November 2007
for both companies. As a result of this transaction,
In accordance with Article 13 §2 3° of the Royal Decree
Gimv will receive an upfront cash payment that
of 14 November 2007, CEO Koen Dejonckheere and CFO
represents a realized money multiple of 2.6x on the
Kristof Vande Capelle declare the following in the name
investment and a positive impact of approximately
of and on behalf of Gimv and to the best of their
0.15 euro per share compared to the NAV as at end
knowledge:
September 2025. Should all regulatory and sales-
a) The half-yearly financial statements on 30 September
based milestones be achieved, this could result in a
2025 have been prepared in accordance with the IFRS
potential total money multiple of 7.1x, subject to the
and IAS 34 “Interim Financial Reporting” as approved by
successful completion of these milestones.
the European Union, and they provide a true and fair view
• Early November, Gimv announced its minority
of the assets, financial position and results of Gimv and
investment in Quality Guard (Consumer; BE) to
the companies included in the consolidation.
establish a leading software platform for food safety
b) The half-yearly report gives a fair overview of the main
compliance across Europe. With more than 5,000
events of the first half of the financial year, their impact
customers in Belgium, the Netherlands, and France,
on the financial statements, the main risk factors and
Quality Guard is a fast-growing Belgian food tech
uncertainties for the remaining months of the financial
company that is redefining how businesses in
year, as well as the main transactions with related parties
foodservice and food retail manage food safety and
and their impact, if any, on the summarised financial
compliance.
statements.




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 6
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release




Review of the condensed interim consolidated
financial statements About Gimv

We confirm that the review procedures, which have been Gimv is a European investment company listed on
performed in relation to the condensed interim Euronext Brussels and a member of the Euronext BEL
consolidated financial statements for the six-month ESG Index. With over 45 years of private equity
period ended 30 September 2025 in accordance with the experience, Gimv currently manages around EUR 2
International Standards on Review Engagements 2410, billion of assets across a portfolio of some 60
are substantially completed and have not revealed any companies, representing combined turnover of EUR 4.5
material corrections required to be made to the financial billion and more than 20,000 employees.
information included in the Company’s press release.
As a recognised market leader in five sector-focused
Antwerp, 19 November 2025 investment platforms (Consumer, Healthcare, Life
Sciences, Smart Industries and Sustainable Cities) as
well as through Gimv Anchor Investments, Gimv
BDO Bedrijfsrevisoren BV partners with entrepreneurial, innovative businesses
Statutory auditor with strong growth potential and supports their
Represented by Veerle Catry* transformation into market leaders. Each platform
*Acting for a company operates with an experienced local team across
Gimv’s home markets (Benelux, France and DACH),
backed by an international network of experts.

www.gimv.com.

For further information please contact:

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


Financial calendar * acting on behalf of a company


Annual results for FY 2025 (covering 9 months)
19 February 2026

Annual report FY 2025
30 March 2026

Annual General Meeting FY 2025
27 May 2026




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 7
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release
Reconciliation of Investment basis and IFRS


Reconciliation of the interim consolidated statement of comprehensive income for the first six months of fiscal year 2025

Investment IFRS Investment IFRS
basis adjustments IFRS Basis basis adjustments IFRS Basis
Consolidated statement of comprehensive income (in EUR 1,000) 30/09/2025 30/09/2025 30/09/2025 30/09/2024 30/09/2024 30/09/2024
Realised gains/(losses) on disposal of investments 38.032 0 38.032 318 - 318
Unrealised gains/(losses) on financial assets at fair value trough P&L 110.084 -45.537 64.548 184.838 - 184.838
Reversal / (additional) impairments on debt investments via amortised cost -11.032 - -11.032 -17.256 - -17.256
Fair value movements on investment entity subsidiaries - 39.273 39.273 - - -
Dividend income 1.080 - 1.080 2.228 - 2.228
Interest income 15.794 -56 15.737 16.639 - 16.639
Portfolio result: profit (loss) 153.959 -6.320 147.638 186.767 - 186.767
Income from investment entity subsidiaries - 2.361 2.361 - - -
Management, director and other fees 7.052 - 7.052 541 - 541
Other operating income 749 - 749 330 - 330
General and administrative expenses -10.178 2.911 -7.267 -7.298 - -7.298
Personnel expenses - salaries -12.493 - -12.493 -12.251 - -12.251
Personnel expenses - LTIP payments -810 - -810 -1.846 - -1.846
Amortisation and depreciation expenses -1.394 - -1.394 -1.185 - -1.185
Other operating expenses -9.959 1.056 -8.903 -20.628 - -20.628
Operating result 126.925 7 126.933 144.430 - 144.430
Finance income 6.433 8 6.441 6.262 - 6.262
Finance costs -5.735 -15 -5.750 -5.636 - -5.636
Result before tax: profit (loss) 127.623 - 127.623 145.056 - 145.056
Tax expenses -696 - -696 -184 - -184
Net profit (loss) of the period 126.927 - 126.927 144.872 - 144.872
Other comprehensive income - - - - - -
Re-measurements of defined benefit plans - - - - - -
Other comprehensive income for the period - - - - - -
Total comprehensive income for the period 126.927 - 126.927 144.872 - 144.872




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 8
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release
Reconciliation of the interim consolidated balance sheet per 30/9/2025


Investment IFRS Investment IFRS
basis adjustments IFRS Basis basis adjustments IFRS Basis
Consolidated balance sheet (in 1,000 EUR) 30/09/2025 30/09/2025 30/09/2025 31/03/2025 31/03/2025 31/03/2025
Non-current assets 1.959.031 -717 1.958.314 1.640.271 - 1.640.271
Intangible assets 367 - 367 155 - 155
Property, plant and equipment 16.233 - 16.233 16.770 - 16.770
Investment portfolio 1.942.430 -717 1.941.713 1.623.346 - 1.623.346
Financial assets: equity investments at fair value through P&L (FVPL) 1.679.386 -773.137 906.249 1.360.924 - 1.360.924
Financial assets: debt investments at fair value through P&L (FVPL) 87.616 - 87.616 85.950 - 85.950
Financial assets: debt investments at amortised cost 175.429 0 175.429 176.472 - 176.472
Investments in investment entity subsidiaries - 772.419 772.419 - - -
Current assets 447.535 1.306 448.841 724.771 - 724.771
Trade and other receivables 7.539 1.511 9.050 55.534 - 55.534
Cash and cash equivalents 236.587 -205 236.382 538.102 - 538.102
Marketable securities 202.628 - 202.628 130.722 - 130.722
Other current assets 781 - 781 413 - 413
Total assets 2.406.566 589 2.407.155 2.365.042 - 2.365.042
Equity 1.984.208 - 1.984.208 1.906.773 - 1.906.773
Issued capital 345.460 - 345.460 335.554 - 335.554
Share premium 369.449 - 369.449 337.568 - 337.568
Reserves 1.269.299 - 1.269.299 1.233.651 - 1.233.651
Non-current liabilities 333.731 42 333.773 409.271 - 409.271
Financial debts - bonds 275.000 - 275.000 350.000 - 350.000
Financial debts - lease liabilities 8.979 - 8.979 9.657 - 9.657
Provisions 49.752 42 49.794 49.614 - 49.614
Current liabilities 88.627 547 89.174 48.998 - 48.998
Financial debts - bonds 75.000 - 75.000 - - -
Financial debts - lease liabilities 1.739 - 1.739 1.733 - 1.733
Trade and other payables 6.710 900 7.610 33.644 - 33.644
Income tax payables 353 - 353 1.039 - 1.039
Other liabilities 4.825 -353 4.472 12.582 - 12.582
Total equity and liabilities 2.406.566 589 2.407.155 2.365.042 - 2.365.042




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 9
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release
Reconciliation of the interim consolidated cash flow statement for the first six months of fiscal year 2025


Investment IFRS Investment IFRS
basis adjustments IFRS Basis basis adjustments IFRS Basis
Consolidated cash flow statement (in EUR 1,000) 30/09/2025 30/09/2025 30/09/2025 30/09/2024 30/09/2024 30/09/2024

Cash flow from operating activities -49.698 1.900 -47.797 -22.729 - -22.729
Interest received on cash deposits 5.494 - 5.494 6.961 - 6.961
Management fees from managed funds - - - - - -
Remuneration and other benefits to employees and directors -16.583 - -16.583 -15.696 - -15.696
LTIP remuneration to employees -24.413 - -24.413 -9.181 - -9.181
Other operating expenses -12.175 1.626 -10.549 -5.320 - -5.320
Paid/recovered CIT and other taxes -2.021 275 -1.746 506 - 506

Cash flows from investing activities -121.019 -2.060 -123.079 31.750 - 31.750
Investments in financial assets: equity investments -299.900 254.008 -45.892 -63.634 - -63.634
Investments in financial assets: debt investments -17.147 - -17.147 -24.567 - -24.567
Proceeds from divested financial assets: equity investments 135.520 - 135.520 92.815 - 92.815
Proceeds from repaid financial assets: debt investments 9.935 - 9.935 20.559 - 20.559
Investments in investment entity subsidiaries - -256.067 -256.067 - - -
Interest received from investment portfolio 5.443 - 5.443 4.453 - 4.453
Dividend received from investment portfolio 762 - 762 2.175 - 2.175
Earnout payments related to historical co-investment structures -7.057 - -7.057 - - -
Short term bridge financing (repayment) to investment portfolio 51.337 - 51.337 - - -
Other cash flows from investment activities 87 - 87 -52 - -52

Cash flows from financing activities -62.159 - -62.159 -44.680 - -44.680
Paid interest and fees on cash deposits and credit lines -8.581 - -8.581 -8.577 - -8.577
Dividends to shareholders -57.490 - -57.490 -36.853 - -36.853
Purchase / sale of own Shares 3.227 - 3.227 675 - 675
Other cash flow from financing activities 685 - 685 75 - 75

Change in cash and marketable securities during period -232.875 -160 -233.035 -35.660 - -35.660
Cash and marketable securitiesat beginning of period 668.869 -45 668.824 344.472 - 344.472
Acquired not yet received interest on deposits and other investments 3.221 0 3.221 1.470 - 1.470
Cash and marketable securities at end of period 439.215 -205 439.010 310.283 - 310.283




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 10
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release




The interim consolidated financial statements as of 30 September 2025 and the comparative figures as of 30 September
2024 have not been audited. The statutory auditor has conducted a review of these interim consolidated statements, a
review being less extensive than a full year-end audit. The comparative figures as of 31 March 2025 have been audited.

Gimv Group – Interim Consolidated balance sheet per 30/09/2025


Consolidated balance sheet (in 1,000 EUR) 30/09/2025 31/03/2025
Non-current assets 1.958.314 1.640.271
Intangible assets 367 155
Property, plant and equipment 16.233 16.770
Investment portfolio 1.941.713 1.623.346
Financial assets: equity investments at fair value through P&L (FVPL) 906.249 1.360.924
Financial assets: debt investments at fair value through P&L (FVPL) 87.616 85.950
Financial assets: debt investments at amortised cost 175.429 176.472
Investments in investment entity subsidiaries 772.419 -
Current assets 448.841 724.771
Trade and other receivables 9.050 55.534
Cash and cash equivalents 236.382 538.102
Marketable securities 202.628 130.722
Other current assets 781 413
Total assets 2.407.155 2.365.042
Equity 1.984.208 1.906.773
Issued capital 345.460 335.554
Share premium 369.449 337.568
Reserves 1.269.299 1.233.651
Non-current liabilities 333.773 409.271
Financial debts - bonds 275.000 350.000
Financial debts - lease liabilities 8.979 9.657
Provisions 49.794 49.614
Current liabilities 89.174 48.998
Financial debts - bonds 75.000 -
Financial debts - lease liabilities 1.739 1.733
Trade and other payables 7.610 33.644
Income tax payables 353 1.039
Other liabilities 4.472 12.582
Total equity and liabilities 2.407.155 2.365.042




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 11
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release




Gimv Group – Interim Consolidated income statement for the first six months to 30/09/2025




Consolidated statement of comprehensive income (in EUR 1,000) 30/09/2025 30/09/2024

Realised gains/(losses) on disposal of investments 38.032 318
Unrealised gains/(losses) on financial assets at fair value trough P&L 64.548 184.838
Reversal / (additional) impairments on debt investments via amortised cost -11.032 -17.256
Fair value movements on investment entity subsidiaries 39.273 -
Dividend income 1.080 2.228
Interest income 15.737 16.639
Portfolio result: profit (loss) 147.638 186.767
Income from investment entity subsidiaries 2.361 -
Management, director and other fees 7.052 541
Other operating income 749 330
General and administrative expenses -7.267 -7.298
Personnel expenses - salaries -12.493 -12.251
Personnel expenses - LTIP payments -810 -1.846
Amortisation and depreciation expenses -1.394 -1.185
Other operating expenses -8.903 -20.628
Operating result 126.933 144.430
Finance income 6.441 6.262
Finance costs -5.750 -5.636
Result before tax: profit (loss) 127.623 145.056
Income tax expense -696 -184
Net profit (loss) of the period 126.927 144.872
Other comprehensive income - -
Re-measurements of defined benefit plans - -
Other comprehensive income for the period - -
Total comprehensive income for the period 126.927 144.872




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 12
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release
Gimv Group – Interim Statement of changes in consolidated equity for the first six months to 30/09/2025


Actuarial gains
Share (losses) DB pension Treasury Equity - Group
30/09/2025 (in 1,000 EUR) Issued capital premium Retained earnings plans Shares share

01/04/2025 335.554 337.568 1.233.506 723 -578 1.906.773
Net Result for the period - - 126.927 - - 126.927
Other comprehensive income - - - - - -
Total comprehensive income - - 126.927 - - 126.927
Capital increase related to optional dividend 9.906 31.881 - - - 41.787
Dividends to shareholders - - -92.995 - - -92.995
Net purchase / sale own shares - - -90 - 578 489
Other changes - - 1.228 - - 1.228
30/09/2025 345.460 369.449 1.268.576 723 - 1.984.208



Actuarial gains
Share (losses) DB pension Treasury Equity - Group
30/09/2024 (in 1,000 EUR) Issued capital premium Retained earnings plans Shares share

01/04/2024 264.665 136.282 1.087.940 809 -407 1.489.289
Net Result for the period - - 144.872 - - 144.872
Other comprehensive income - - - - - -
Total comprehensive income - - 144.872 - - 144.872
Capital increase related to optional dividend 6.954 22.378 - - - 29.332
Dividends to shareholders - - -72.466 - - -72.466
Net purchase / sale own shares - - - - - -
Other changes - - - - - -
30/09/2024 271.619 158.660 1.160.346 809 -407 1.591.027




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 13
Antwerp, November 20th, 2025, 7:00 AM CET, Regulated information Press release




Gimv Group – Interim Consolidated cash flow statement for the first six months to 30/09/2025



Cash flow statement (direct method) (in 1,000 EUR) 30/09/2025 30/09/2024
Cash flow from operating activities -47.797 -22.729
Interest received on cash deposits 5.494 6.961
Remuneration and other benefits to employees and directors -16.583 -15.696
LTIP remuneration to employees -24.413 -9.181
Other operating expenses -10.549 -5.320
Paid/recovered CIT and other taxes -1.746 506

Cash flows from investing activities -123.079 31.750
Investments in financial assets: equity investments -45.892 -63.634
Investments in financial assets: debt investments -17.147 -24.567
Proceeds from divested financial assets: equity investments 135.520 92.815
Proceeds from repaid financial assets: debt investments 9.935 20.559
Investments in investment entity subsidiaries -256.067 -
Interest received from investment portfolio 5.443 4.453
Dividend received from investment portfolio 762 2.175
Earnout payments related to historical co-investment structures -7.057 -
Short term bridge financing (repayment) to investment portfolio 51.337 -
Other cash flows from investment activities 87 -52

Cash flows from financing activities -62.159 -44.680
Paid interest and fees on cash deposits and credit lines -8.581 -8.577
Dividends to shareholders -57.490 -36.853
Purchase / sale of own Shares 3.227 675
Other cash flow from financing activities 685 75

Change in cash and marketable securities during period -233.035 -35.659
Cash and marketable securitiesat beginning of period 668.824 344.472
Acquired not yet received interest on deposits and other investments 3.221 1.470
Cash and marketable securities at end of period 439.010 310.283




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 14