Luxempart recorded an overall return of +11.3% for its shareholders in 2025, despite an environment marked by geopolitical and economic uncertainties. Net asset value (NAV) came to €2.526bn, up 9.3%, while net profit totalled €261m, driven mainly by dividends received and portfolio revaluations.
The group highlighted a return to momentum in the second half of the year, with solid performances from both direct investments and funds. Direct investments rose by 14.3%, driven by the operating performance of our holdings and a favourable environment in certain sectors, such as insurance. Investment funds also contributed to growth, with a return of 9.9%, rising to 12.2% excluding currency effects.
“Luxempart posted a solid performance in 2025, marking a year of renewed momentum for the group. While geopolitical uncertainties and mixed economic conditions continued to shape the global environment, improved investment activity and the resilience of our portfolio enabled us to generate attractive returns and further strengthen our investment platform,” said managing director John Penning.
Valeara, a strategic investment
In terms of capital allocation, the year was marked by a high level of activity, with €165.3m invested and €221.5m in proceeds from disposals. In particular, the group signed an investment in Valeara, a German outpatient mental health platform, strengthening its exposure to the healthcare sector.
The financial structure remains particularly solid, with €212m in cash and no financial debt. The board of directors will propose a gross dividend of €2.56 per share, up 10%, representing a yield of 4.1% on the year-end share price.
Despite this performance, the share price declined in 2025, ending the year at €63, down 10.6%, taking the discount to NAV to 49.7%, a level well above the 20-year historical average of 34%.
At the same time, the group has embarked on a succession process for its senior management, as part of a wider change in the governance of its reference shareholder, Foyer Finance. “At the same time, we have recently launched a succession process for my position as part of a wider evolution of governance within Foyer Finance, our reference shareholder, to ensure continuity of leadership. I will remain fully committed to Luxempart until my successor is appointed,” says John Penning.
For 2026, Luxempart intends to maintain an investment discipline focused on long-term value creation, targeting in particular the healthcare, industrial, business services and financial services sectors. The group also emphasises its ability to take advantage of an uncertain environment, backed by a diversified portfolio and a strong liquidity position. Against a backdrop of persistent geopolitical tensions and rapid technological transformations, particularly linked to artificial intelligence, the company favours a selective approach, based on identifying solid companies and valuations deemed reasonable.
