Message to our shareholders

The good news is that 2024 was another year that confirmed our profitable growth path. It has been a very intense year that has brought us great satisfaction. Our NAV has exceeded the 5 billion euros mark for the first time, with a return of 10.1%. Our restricted consolidated result stands at €100.7m, compared to €19.7m in 2023. This strong performance allows us to increase the dividend paid to our ultimate shareholders by 7.8%.

2024 was also a year in which we strengthened our growth potential for the years ahead. We expanded our talent pool through highly selective new hires and changes to our internal governance bodies. We have also invested in three new promising companies for a total of €484.7m and signed our exit from Climater, which will deliver a total net return of 33%. 

Equally important, we have continued to actively support the growth of our portfolio investments, which at their level have made 40 acquisitions. We have also worked on improving our technology stacks with the aim of increasing our own productivity and effectiveness. These different elements give us confidence that Cobepa is well positioned for further profitable growth in the years to come.

Geopolitical movements, economic instability and a private equity sector that is gradually adopting the operating codes of the asset management sector are factors that will put pressure on the returns of the private equity industry. These factors lead us to remain as demanding and focused as in the past, as we have no intention of allowing our future returns to follow a downward path. In fact, the opposite is what drives our ambition for the next 20 years. Just like in sports, art or science, there is no place anymore for the average performer. And there is a simple reason for this: the gap between the high performers and the average performers has widened to such an extent that the latter category has become almost irrelevant in terms of driving positive changes and taking on the future challenges of their respective disciplines. This explains why our ambitions for and at Cobepa will continue to be set at the highest possible level. 

We cannot stress enough the deep commitment and intense dedication of our team. Once again, we would like to express them, on behalf of our shareholders, our gratitude for their achievements and energy.