Sofina's shares fell 1.4% in Brussels after the investment holding company reported a decelerating net asset value return for the second half. Preliminary, unaudited results showed NAV per share edging up just 1% to €299, a marked slowdown from the first half's 4.1% return. The €545 million equity capital raise had a slightly dilutive impact.

Analyst Jon Perez at Kepler Cheuvreux noted the 2.5% H2 return on an absolute basis may disappoint investors expecting stronger momentum. The company's gross cash swelled to €1.7 billion from €0.6 billion, supported by a combined €1.1 billion in equity and debt raises. This leaves substantial capital available for deployment, though the slower NAV growth is the focus.

The market reaction reflects concerns about Sofina's ability to maintain its historical performance. With a negative loan-to-value ratio of 4.2%, the firm has significant financial firepower. Investors will now scrutinize how quickly it can deploy this capital to generate returns and reverse the negative share price trend in the coming quarters.