IDI exemplifies a conservative approach to leverage relative to its private equity peers, relying primarily on equity capital to finance acquisitions, rather than structural debt at the holding company level. It also carefully monitors leverage across its portfolio companies, with average net debt/EBITDA declining to 2.97x at year-end 2025, from 3.41x a year earlier, supported by EBITDA growth and lower net debt at several holdings. This remains below European LBO market standards. Note that portfolio investments are generally ring-fenced, limiting the direct financial impact on IDI and its other holdings should one portfolio company encounter difficulties, although losses would still affect the Group’s NAV.
IDI has a €30m revolving credit facility and an additional €5m overdraft facility, both undrawn as of June 2026. The €16m investment loan was fully repaid during H1 2026. These credit facilities are subject to financial covenants, including gross debt below 25% of NAV and a minimum NAV of €400m, with the shares of Financière Bagatelle pledged as collateral. At the holding company level, IDI maintains substantial financial flexibility, with €230.4m in investment capacity as of June 2026, including €35m of undrawn credit facilities. This compares with the exceptionally high liquidity position reached following the disposal of Flex Composite Group in 2023. Generally speaking, IDI maintains a significant liquidity buffer to fund new investments and withstand less favourable exit conditions.
