IDI posted quality returns in 2025, expanding its NAV by 8% and adding a good dividend on top. Money back in PE-type investment is a rare event these days. With €222m in dry powder and continued disciplined deployment, the group enters 2026 with serene objectives. IDI is about alignment between its staff’s wealth and its shareholders. We buy into this investment concept.
NAV Growth: Standing Out Despite Sector Pressure
After a muted 2024, IDI delivered a strong rebound in 2025, with NAV per share rising +8.1% to €97.1. This is above trend in a sector under pressure. Wendel reported a c.-11.6% decline in NAV. Eurazeo continues to face valuation pressure. The sector is adjusting, not compounding.
IDI stands apart. Not because it avoided the cycle, but because its portfolio proved more resilient and its valuation discipline more consistent. The group is not relying on multiple expansion to grow its NAV, it is delivering through underlying operational performance and healthy exit prices.
With only their money at stake, partners have no incentive to leverage or exit early. The illusion of growth through third-party money management was pricked by IDI managers ages ago, which avoided that trap. IDI shareholders benefit from an experienced, tight investment team, under no time pressure. This helps invest in small size firms, frequently in niche businesses, and build up.
Admittedly, peers such as Wendel or Eurazeo often trade at deeper discounts to NAV, close to ~50%, compared to IDI’s narrower discount (24%). However, we continue to favour IDI given the higher quality of its portfolio and the consistency of its execution.
Profitability: Strong Recovery Driven by Investment Income
Investment income more than doubled to €80.9m, driving net profit to €59m, three times higher than in 2024. This reflects a clear restart in activity after a subdued 2024. IDI completed six transactions over the year, signalling a return to deployment, but on its own terms. The portfolio mix is telling. Forsk brings exposure to telecom infrastructure with software aimed at optimising networks. Intersoft Electronics adds positioning in fixed circular array radar antennas and systems, for civil and defence, with obvious clear tailwinds from defence spending.
Execution remains the key signal. The exit of CDS/S4BT delivered a 6.5x multiple and a 46% IRR, then IDI reinvested alongside management. Monetise, then redeploy selectively.
In short, earnings are recovering because the engine is running well, selectively, but effectively.
Balance Sheet: Strong and Flexible
IDI maintains a solid financial position, with €740m in equity and €222m of investment capacity. This level of firepower is a differentiator. It allows the group to stay selective and avoid forced deployment in a still uncertain environment. In private equity, timing drives returns. IDI can afford to wait.
The proposed dividend stands at €2.90 per share, representing 3% of the NAV and a dividend yield of 4.4%.
Early 2026: Continued Execution
Momentum carries into 2026. IDI has already completed two operations since the start of the year. The acquisition of HotelHub (via S4BT) strengthens its positioning in corporate travel technology and illustrates the scalability of its platform investments. At the same time, exclusive negotiations for the sale of Winncare point to potential value crystallisation after a long holding period.
Concluding Remarks
2025 confirms that the model works across cycles: selective deployment, active ownership, and untimed exits. The balance sheet remains superb. The group is not under pressure to invest. That matters in a market where many players still are. In our view, IDI offers what the sector lacks: visibility and quiet execution. This should drive long-term compounding and ultimately, a continuing steady rerating.
We will incorporate the FY25 results into our model, roll forward our estimates to 2028, and update our NAV valuation.
