Sofina offers discounted access to premier private technology and AI assets, with an evergreen balance sheet and a 25.3% NAV discount supporting attractive five-year upside despite illiquidity and concentration risks.
Overview
Sofina Société Anonyme is a Brussels-listed evergreen investment holding company with more than 125 years of history, investing its own balance sheet in private funds, growth companies and mature minority positions. At June 30, 2026, its portfolio was valued at €11.831 billion and NAV was €11.534 billion, or €326.48 per share. The portfolio spans Private Funds (52% of NAV), Sofina Growth (26%) and Long-Term Minority investments (25%), with exposures across digital transformation, consumer, education, healthcare and sustainable supply chain. H1 2026 marked a recovery: NAV rose 6.4% from year-end 2025, portfolio value creation was 8.1% (6.0% excluding FX), and consolidated net income was €857 million versus a €394 million loss in H1 2025. Private Funds gained 16.1%, outperforming the Direct portfolio’s 0.9%. At approximately €243.80 in October 2026, the shares traded at a **25.3% discount to NAV**, with a 1.50% trailing dividend yield. **Premier venture access and AI exposure** support growth, while low 1.9% LTV and €1.375 billion of undrawn facilities support resilience. Near-term catalysts include IPO and M&A reopening, portfolio exits and further value creation in technology holdings.