IDI invests exclusively its own funds, with success.
PUBLICATION RES./CA
IDI recorded a quality performance in 2025, with an 8% increase in its NAV, to which is added a significant dividend. In the current context, the return of liquidity on private equity type investments constitutes an event that has become rare. With €222 million in dry powder and an investment rate that remains rigorous and disciplined, the group is approaching 2026 with calm objectives.
IDI also stands out for its close alignment between the enrichment of its teams and the interests of its shareholders. We fully subscribe to this investment thesis.
actuality
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IDI closed the financial year with an NAV per share up +8.1%, to €97.1.
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Consolidated equity stood at €740 million, compared to €696 million in 2024.
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The investment result increased significantly to €80.9 million (compared to €35 million in 2024). Net income increased significantly to €59 million (compared to €19.6 million in 2024).
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Proposed dividend of €2.90 per share, reflecting a stable distribution policy.
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Robust investment capacity of €222 million, guaranteeing increased flexibility for future operations.
ANALYSE
NAV growth: standing out despite sectoral pressure
After a sluggish 2024, IDI recorded a clear rebound in 2025, with an NAV per share up +8.1% to €97.1. This performance stands out above the trend in a sector under pressure. Wendel published a drop in NAV of around -11.6%. Eurazeo continues to experience pressure on valuations. The sector is in a phase of adjustment, more than capitalization.
IDI stands out. Not because it escaped the cycle, but because its portfolio proved more resilient and its valuation discipline remained more constant. The group does not rely on an expansion of multiples to increase its NAV: value creation comes from underlying operational performance and solid sale prices.
With only their own capital at stake, partners have no incentive to over-leverage or exit prematurely. The illusion of growth driven by third-party capital management was identified and discarded by IDI’s leaders a long time ago, which allowed them to avoid this pitfall. IDI shareholders thus benefit from an experienced and tight investment team, without time constraints. This facilitates investment in small companies, often positioned in niches, and their rise to power.
Certainly, peers such as Wendel or Eurazeo frequently trade with steeper discounts on NAV, close to ~50%, compared to a more limited discount for IDI (24%). Nevertheless, we continue to favor IDI given the superior quality of its portfolio and the regularity of its execution.
Profitability: strong recovery driven by investment products
Investment income more than doubled to €80.9 million, bringing the net result to €59 million, a level three times higher than that of 2024. This dynamic reflects a clear recovery in activity after a lackluster 2024. IDI carried out six operations during the financial year, signaling a return to deployment, but according to its own criteria. The composition of the portfolio is revealing: Forsk provides exposure to telecoms infrastructure via software aimed at optimizing networks. Intersoft Electronics is strengthening its positioning on fixed circular array radar antennas and systems, aimed at the civil and defense markets, benefiting from obvious tailwinds linked to the increase in defense spending.
Execution remains the key signal. The sale of CDS/S4BT resulted in a multiple of 6.5x and an IRR of 46%, then IDI reinvested alongside management. Monetize, then redeploy selectively.
In summary, the results are recovering because the engine is running again: selectively, but efficiently.
Results: solid and flexible
IDI maintains a robust financial situation, with €740 million in equity and €222 million in investment capacity. This firepower constitutes a differentiating factor. It allows the group to remain selective and avoid any forced deployment in a still uncertain environment. In private equity, timing determines returns. IDI can afford to wait.
The proposed dividend is €2.90 per share, representing 3% of the NAV and a yield of 4.4%.
Beginning of 2026: continued execution
The dynamic continues into 2026. IDI has already finalized two operations since the start of the year. The acquisition of HotelHub (via S4BT) strengthens its positioning in business travel technology and illustrates the scalability of its platform investments. At the same time, the exclusive negotiations for the sale of Winncare suggest a crystallization of potential value after a long holding period.
Conclusion
The 2025 financial year confirms the robustness of the model across cycles: selective deployment, active management of participations and exits not constrained by time. The results remain remarkable. The group is not under pressure to invest, which is decisive in a market where many players still are. In our eyes, IDI offers what the sector is lacking: visibility and discreet but rigorous execution. This should support long-term capitalization and, ultimately, a continued gradual revaluation of the stock.
IMPACT
We will incorporate FY 2025 results into our model, extend our estimates to 2028 and update our NAV (net asset revalued) valuation.
