Brederode S.A.

BREB

Equity

ISIN LU1068091351 / Valor 24552426

Euronext - Euronext Brussels (2026-03-31)

EUR 101.60+0.59%

Brederode S.A.
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About company

Brederode S.A. is an investment company publicly traded on the Brussels Euronext and Luxembourg Stock Exchanges. The company focuses on creating long-term value for its shareholders through a diversified portfolio comprising two main sectors: private equity investments and listed securities. The private equity segment involves investing in unlisted companies, offering the potential for higher returns compared to traditional stock market investments. Meanwhile, the listed securities portfolio serves as a financial reserve to support private equity ventures, managed with a focus on maintaining a balance between defensive strategies and the pursuit of profitability, liquidity, and growth. This dual approach allows Brederode to leverage the strengths of both private and public market investments to achieve its financial objectives.

Summarized from source with an LLMView SourceSector: Finance

Net result

Net loss for Q2/H1 2025: -€141.68 million (operating result -€141.04m; net financial expenses -€0.62m; taxes -€0.01m). Return on average equity: -3.5% for the period.

Shareholders’ equity

Total shareholders’ equity at 30/06/2025: €3,960.83 million (per share €135.16), down from €4,142.66m at 31/12/2024 (-3.4% over the first six months, including the May 2025 distribution).

Private Equity portfolio

Private Equity result: loss of €164.68 million in H1 2025 (vs. gain €139.14m in H1 2024). Portfolio fair value at 30/06/2025: €2,700.65m (beginning of period €2,873.57m). Investments €142.95m; disposals -€167.60m; change in fair value -€148.27m.

Currency impact

Brederode reports a significant negative impact from the US dollar’s depreciation vs the euro on the Private Equity portfolio. The company does not hedge balance‑sheet currency exposure and argues exchange‑rate effects balance out over time.

Listed securities portfolio

Listed portfolio generated a gain of €24.94 million (including net dividends €17.07m) and closed at €1,350.86m (up 1.9% over the period). Key holdings and movements included strengthened Experian exposure, reduced Nestlé position, and receipt of an Iberdrola stock dividend.

Liquidity and financial structure

Net financial debt at 30/06/2025: €78.59 million (up from €69.91m at 31/12/2024). Confirmed credit lines: €350 million (unchanged).

Cash flows, commitments and activity

Private Equity cash flows remained positive in H1 2025. Uncalled commitments at period end: €1,145.76 million (vs €1,194.59m at 31/12/2024). The top 25 GPs account for ~75% of total commitments; valuations are largely based on fund managers’ June 30 reports (coverage >90% of portfolio value).

Share performance

Brederode share price rose 6.5% during the period; total return including the €1.37 distribution was 7.7%. Traded on Euronext Brussels and Luxembourg; average daily volume increased to 6,756 shares in H1 2025.

Long‑term performance & outlook

10‑year IRR of shareholders’ equity: 11.4% per annum (based on equity €51.52 at 30/06/2015 to €135.16 at 30/06/2025). Management notes improving Private Equity cash flows and a pick‑up in M&A activity (excluding FX effects), and continued selective strengthening of growth exposure in the listed portfolio.

Summarized from source with an LLMView Source

Key figures

-7.64%1Y

-4.87%3Y

4.21%5Y

Performance

15.8%1Y

17.5%3Y

22.9%5Y

Volatility