With the exception of idiCo, which is consolidated in IDI’s accounts, IDI’s holdings are not consolidated, regardless of the size of the stake held (majority or co-controlled), hence the company’s accounts primarily reflect the activity at the holding company level. Based on its pure-play investment company structure, the P&L is not particularly elucidating and is thus of lesser importance compared to the NAV, which stands as the chief performance indicator for this type of structure.
Focusing on cash generation, as is the case for pure investment companies, the lion’s share of the cash stems from exits from investments and the capital gains realised from the sales. These capital gains are accounted for under ‘Changes in fair value of financial assets’, which comprise both realised and unrealised gains, which evidently carry very different cash implications.
In terms of recurring income, the main source comes from the dividend stream from portfolio companies that pay out dividends, which is usually the case for the more mature larger assets. However, this contribution remains limited and irregular.
Although marginal relative to capital gains, interest income provides another source of recurring earnings, mainly generated by the Group’s liquid financial assets and investments. In H1 2026, interest income amounted to €3.0m, down from €3.7m a year earlier, with the contribution recorded under liquid assets. While this provides some recurring income, it remains insufficient on its own to cover the holding company’s operating costs and shareholder distributions.
In addition, IdiCo’s third-party asset management activity provides management fee income, offering a more recurring revenue stream than capital gains from proprietary investments. However, its contribution to the Group’s cash generation must be assessed net of the personnel and operating costs required to manage third-party funds. This remains a complementary activity rather than the main driver of IDI’s investment returns.
Attractive dividend yield stands out from peers
IDI’s flexible investment approach supports its ability to identify the best time for exits, allowing the company to achieve high IRRs (averaging 15-25% for its PE Europe activity) and realise sizeable capital gains. This, combined with a disciplined stance on maintaining an average share of 20% of liquid assets & cash in the portfolio, is translated into a robust dividend policy that is able to withstand a volatile market environment (to the benefit of the family-owners and minority shareholders alike); which was the case in 2020. Despite the impact of the global pandemic, IDI was able to distribute a dividend of €1.50 per share (modestly cut from a pre-pandemic proposal of €1.90), which represented a solid 5.0% dividend yield.
When market conditions improve, IDI is also keen to follow with more generous dividend pay-outs, supporting its appeal to investors seeking regular shareholder returns. Following the strong 2023 results, IDI distributed an exceptional €5.00 per share, including a €2.25 special dividend. Distributions subsequently normalised, with a total dividend of €4.20 per share for FY2024, followed by €2.90 for FY2025. The latter represents a 3.6% increase in the ordinary dividend compared with FY2024, highlighting IDI’s commitment to maintaining regular shareholder distributions while preserving investment capacity. As of June 2026, the Group retained €230m in investment capacity, including €35m of undrawn credit facilities.
