QfG annual results 2025

CHALLENGING PHASE IN VENTURE AND GROWTH CAPITAL LARGELY COMPENSATED BY LISTED PORTFOLIO

At 31 December 2025

• Net asset value per share: € 7.05* (see explanation p. 4) (at 31 December 2024: € 7.17)
  Due to an additional depreciation, the net asset value per share differs from the value published in the press release of 8 January 2026 (€ 7.09).

• Share price: € 4.19 (at 31 December 2024: € 3.98)

• Discount of share price versus net asset value: 40.5% (at 31 December 2024: 44.5%)

Financial year 2025

• Net loss for the financial year: € -2,418,231 (€ -0.13 per share) against a loss of € -6,338,360 (€ -0.34 per share) for financial year 2024

• The listed portfolio achieved a nice return of 18%.

• Wolters Kluwer, Nexus, and Tubize were sold at a considerable profit, and De’Longhi, Arcadis, Mensch und Maschine, Beijer Alma and Norbit were added to the portfolio. The latter two were among the best-performing positions in 2025.

• Our direct investments included participation in a major capital round in the Dutch company Gradyent. Among the indirect investments the sale of Icometrix, a portfolio company of Capricorn ICT Arkiv, resulted in a good return, and new investments were made in Aspect Analytics (via the Capricorn Healthtech Fund II) and Azumuta (via the Capricorn Digital Growth Fund).

• A strategic reorientation has brought Quest for Growth back to its original mission of offering every shareholder tax-efficient, tradable access to a portfolio of diversified investments in unlisted growth companies (directly and through funds) and in successful listed small- and mid-caps.

• In implementation of the new strategy, equity positions in larger listed companies were reduced, and the general meeting decided at the end of December to carry out a capital reduction through a net repayment of € 1 per share to all shareholders. The payout will take place on 23 March 2026.

• Co-founder Jos Peeters became the new reference shareholder in Quest for Growth after acquiring the shares of Belfius Insurance.