Sofina slips as FX impact hits investments value in H1

Sofina SA

05/09/2025 08:50

** Sofina's SOF.BR shares are down 2%, trailing at the bottom of Belgium's BEL20 .BFX index, after the holding company's net asset value declined in H1

** H1 NAV stands at 9.8 billion euros, down from 10.3 billion a year ago

** Sofina's CEO blames currency headwinds for the drop, mainly dollar exposure

** Portfolio companies are doing rather well despite the U.S. weakness dampening NAV, says ING analyst Hans D'Haese

** "Most recent transactions point to increasing exposure to financials in Europe vs. the US," he says

** However, with the US dollar relatively flat so far, the FX impact is expected to be neutral in H2, says Degroof Petercam while reiterating its "hold" rating on the shares

** Sofina shares were up 17.9% this year as of Thursday's close

 (Reporting by Gianluca Lo Nostro)

 ((gianluca.lonostro@thomsonreuters.com;))