Brederode (BREB) AGM 2026 presentation summary

Financial performance and key figures

• Shareholders' equity at year-end 2025 was €4,226.92 million, with a profit of €124.40 million and €40.15 million distributed to shareholders.

• Equity per share rose to €144.24 at the end of 2025, with distributions per share at €1.37.

• The 10-year NAV growth rate was 10.6%, and the 10-year IRR combining NAV and distributions reached 11.8% per annum.

• Private equity delivered a 10-year IRR of 13.5%, while listed investments achieved 9.8%.

Portfolio composition and performance

• The investment portfolio at the end of 2025 was 63% private equity and 37% listed securities.

• Private equity portfolio ended 2025 at €2,653.21 million, with a negative annual IRR of -3.7% for the year but 13.5% over 10 years.

• Listed portfolio closed 2025 at €1,565.91 million, with a strong 1-year IRR of 17.6%.

• Private equity investments are diversified by strategy (buyout, growth, co-investments, secondary, venture) and geography (USA, Europe, Asia Pacific).

• Listed portfolio is diversified across technology, financial services, electricity, consumer goods, healthcare, and industrials, with significant EUR and USD exposure.

Market trends and outlook

• Global buyout distributions as a share of NAV are at multidecade lows, indicating tight liquidity.

• Easing interest rates in the US and Europe are reducing debt costs and improving buyer confidence.

• Buyout valuation multiples reached record highs in 2025, especially for large transactions.

• Exit discounts are narrowing as the gap between held and exited asset valuations converges.

• Software and AI sectors face a wider range of growth outcomes, with innovation and execution as key drivers.