4 Annual Report 2024-2025 -0,2% -10,3% 2019-20 2021-22 2022-23 2020-21 2023-24 2024-25 2018-19 2017-18 2016-17 2015-16 27.0% 15.6% 16.2% 20.1% 18.8% 20.4% 19.1% -0.2% -10.3% 19.3% Turnover Ebitda 2023-24 2024-25 2020-21 2021-22 2022-23 12% 38% 24% 20% 15% 15% 13% -2% 24% 4% 2% Consolidated financial statements (in 000 EUR) 2024-2025 2023-2024 2022-2023 2021-2022 2020-2021 Equity 1,906,773 1,489,288 1,312,409 1,413,034 1,274,280 Portfolio 1,623,346 1,558,979 1,522,898 1,448,547 1,232,929 Cash and cash equivalents 668,824 346,835 194,416 377,828 517,480 Portfolio result 300,160 291,066 -3,592 251,348 274,815 Portfolio return 1 19.3% 19.1% -0.2% 20.4% 27.0% Net proﬁt 219,001 217,129 -59,467 174,285 205,724 Total gross dividend 72,467 70,774 69,302 65,073 63,567 Investments 336,068 115,823 260,649 193,830 211,129 Divestments 559,982 364,644 175,037 218,920 265,510 Number of employees 94 93 93 90 89 Total number of shares 35,767,300 27,872,041 27,220,734 26,654,508 26,047,134 Key ﬁgures per share Equity 53.3 53.4 48.2 53.0 49.0 Net proﬁt 7.47 7.79 -2.20 6.59 7.96 Gross dividend 2.6 2.6 2.6 2.5 2.5 1 (Realised capital gains + unrealised capital gains on ﬁnancial ﬁxed assets + dividends + interests) / portfolio at start of ﬁnancial year. Key figures Turnover and Ebitda growth in the portfolio (in %) Portfolio return (in %) Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

5 Annual Report 2024-2025 “We want to unlock extra growth and value by anchoring companies with exceptionally strong long-term growth potential.” Dear shareholder, 2024 was a transformative year of ambition and growth for Gimv. The continued solid performance of our companies and successful exits resulted once again in strong results. Following the entry of WorxInvest as Gimv's new reference shareholder in May 2024, we announced a reﬁned strategy with the ambition to accelerate our growth. We have the ambition to become a leading listed European mid-cap private equity investor and aim to realise this by doubling the size of the portfolio to EUR 3.5 billion, increasing the portfolio return target to 17.5% and extending the investment horizon to maximise value creation. To reinforce these growth ambitions, we successfully raised EUR 247 million of new capital, giving us the strength and capacity to realise our growth strategy. We want to unlock extra growth and value by anchoring companies with exceptionally strong long-term growth potential. We are delighted to collaborate with our new reference shareholder WorxInvest on this Anchor approach. We launched Gimv Anchor Investments in February 2025 and welcomed Cegeka as Anchor's ﬁrst investment. Its signiﬁcant expansion from an ICT service provider to a leading tech powerhouse at the heart of the digital transformation in Europe makes Cegeka a perfect ﬁrst match with our Anchor investment strategy. 1. Message from Chairman and CEO Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

6 Annual Report 2024-2025 Our platform portfolio is at the core of our strategy and is the key contributor to our results. Our companies continued their solid growth performance in 2024 with a total increase in turnover of 12.7% and a growth in operational proﬁtability of 14.7%. We realised vijf successful exits with a realised money multiple of 2.4x. For the second year in a row, we realise a portfolio return of 19%, signiﬁcantly above target. We invested more than EUR 300 million in our portfolio and welcomed eight new companies, across various countries and platforms. As per March 31st, 2025, Gimv’s portfolio consists of 61 companies with a total value of EUR 1.62 billion. Over the ﬁscal year 2024-25, Gimv realised a record net proﬁt of EUR 219 million, or EUR 7.5 per share, representing a 14.7% net return on equity, Gimv's net asset value per share amounts to EUR 53.3. We conﬁrm a dividend of EUR 2.6 per share for the 2024-25 ﬁnancial year. “Our solid and performing portfolio, our ambitious growth strategy and our significantly strengthened capital base bolster Gimv’s capacity to capture the momentum in the current complex and volatile markets and to continue delivering good results.” Today, we are confronted with a very challenging geopolitical and macroeconomic situation. Global fracture lines emerge due to the war between Ukraine and Russia, which unfortunately continues to claim victims, and to the abrupt and disruptive trade policy of the United States. This creates volatile and unpredictable market conditions that our companies must navigate on a daily basis. However, this complex and ambiguous context also oﬀers opportunities. The next phase of the 21st century will be about resilience and agility. The European Union must stand up to ensure its independence, prosperity and security. Continued digitisation and automation, with AI as a central theme, will allow and require us to adjust course and to realise the necessary productivity gains in changing circumstances. We are convinced that European private equity investors have an important role to play in this. Over the past year we have ensured that Gimv is well positioned to capitalise on both these challenges and opportunities. Our solid and performing portfolio, our ambitious growth strategy and our signiﬁcantly strengthened capital base bolster Gimv’s capacity to capture the momentum in the current complex and volatile markets and to continue delivering good results. We thank our colleagues and the teams of our companies for their excellent performance and their contribution to our strong results. We thank you, dear shareholders, for your trust. Thanks to you, we can do more than ever what we do best and love to do every day with Gimv: “Building Leading Companies”! Filip Dierckx Koen Dejonckheere Chairman CEO Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

2. Building leading companies in 2024-2025 Gimv and WorxInvest are joining forces through Infravest as long-term reference shareholders of TINC and TDP. Infravest June & September 2024 Corporate Belgium Gimv announces strategic investment in Curana, leading bicycle components manufacturer. Curana July 2024 Investment Germany SMG develops and manufactures advanced machines for the sport sector. SMG teams up with Gimv to further accelerate global expansion. SMG June 2024 Investment Acquisition of VPM’s stake in Gimv by WorxInvest ﬁnalised. Welkom WorxInvest May 2024 Corporate Projective Group accelerates expansion in DACH region with acquisition of Thede Consulting. Projective Group July 2024 Belgium Portfolio Gimv sells stake in Mega International to Bizzdesign, establishing a strong leadership position in the Enterprise Architecture and Digital Transformation space. Mega International September 2024 France Exits USA Gimv participates in a Series A ﬁnancing round at Kivu Bioscience to advance next-gen antibody-drug conjugates. Kivu Bioscience October 2024 Investment 7 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Köberl December 2024 Germany Gimv has sold its majority stake in KÖBERL Group, a leading German provider of facility management and building technology services, to the Hungarian company B+N Referencia Zrt. (“B+N”), the facility management market leader in Central and Eastern Europe. Exits rehaneo November 2024 Germany Gimv sells majority stake in rehaneo, German specialist in outpatient rehabilitation, to Fremman Capital. Exits FIRE1 secures USD 120 million ﬁnancing to revolutionise heart failure care. Fire1 January 2025 Ireland Portfolio Founded on a shared vision on brewery craftmanship, innovation and sustainability, Belgian based and family owned Brouwerij Martens acquires United Dutch Breweries from Gimv and management. UDB October 2024 The Netherlands Exits Gimv acquires Groupe Tibbloc, leader in rental of ready-to-use temporary energy solutions and related services, from Ciclad. Tibbloc December 2024 France Investment Gimv invests in the further growth and internationalisation of Lupine Lighting Systems, a true “Made in Germany” technology and recognised quality brand leader for premium high-performance portable light solutions. Lupine December 2024 Germany Investment 8 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Gimv invests in RoboJob, leader in CNC Automation, and teams up with the De Roovere family, to support RoboJob’s international growth. RoboJob February 2025 Belgium Investment Gimv becomes a minority partner of ILC, a leading group of radiation therapists, to support them in their focus on cancer treatments. ILC February 2025 France Investment The Spice Factory February 2025 Belgium Gimv fuels The Spice Factory’s next chapter, scaling its private label and foodservice brands across Europe. Investment Gimv launches strategy to accelerate its growth and successfully completes a capital increase of EUR 247 million. Accelerating growth January 2025 Corporate Anchor, an additional growth dimension at Gimv is being launched. Cegeka becomes the ﬁrst participation of Gimv Anchor and welcomes Bart Troubleyn to lead Anchor. Lancering Anchor February & March 2025 Corporate Homecare specialists Medi-Markt and Unizell merge to form Liveo Group. Medi-Markt March 2025 Germany Portfolio 9 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

3. Accelerating growth 10

Welcoming WorxInvest as Gimv’s new reference shareholder and partner for long-term growth The past year was characterised by several important developments at Gimv, starting with the completion of WorxInvest’s acquisition of the reference stake of the Flemish government in Gimv in May 2024. WorxInvest considers Gimv as a long-term strategic investment through which it will realise its direct private equity investment strategy. As an active reference shareholder, WorxInvest fully supports Gimv’s activities and provides continuity and anchorage in Flanders. This resulted in a change in chairmanship, with Ms. Hilde Laga being succeeded as Gimv’s chair by Mr. Filip Dierckx, Executive Chairman of WorxInvest. On the recommendation of WorxInvest, Gimv’s board of directors was further strengthened with seasoned private equity professionals with international experience, Mr. Marc Valentiny and Mr. Robert Van Goethem. Accelerating growth Gimv’s ambitions with this accelerated growth strategy are threefold: Doubling the size of the portfolio from EUR 1.7 bn to EUR 3.5 bn Increasing the portfolio return target from 15% to 17.5% Maximising value creation by extending the investment horizon through Anchor investments The realisation of this strategy will also allow Gimv to increase its operational eﬃciency, further scaling through the costs in combination with a growing portfolio. An accelerated growth strategy Based on Gimv and WorxInvest sharing the same values and investment philosophy and responding to a changing geopolitical and macro-economic context, Gimv wishes to fully embrace the opportunity and shift into a higher gear. As a result, an accelerated growth strategy for Gimv was presented on Gimv’s Capital Markets Day on January 22, 2025, consisting of three dimensions: Grow the Core, Anchor and Partnerships. This strategy should further strengthen Gimv’s position towards a leading European mid-market private equity investment company. Filip Dierckx Koen Dejonckheere 11 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

• Fast Moving Consumer Goods • Discretionary Consumer Spending • B(2B)2C and DTC Services • Construction & Infrastructure • Transport, Logistics & Mobility • Business Services • Energy, Environment & Materials • Biotech (therapeutics) • MedTech • Care Providers & Patient Services • Healthcare Products • Healthcare Services & Software Manufacturing Industry • Technology Products • Production Technology Technology • Software • ICT Services Consumer Healthcare Life sciences Smart industries Sustainable cities Grow the Core Starting from Gimv’s core activities, i.e. its sector-oriented investment approach through dedicated platforms with specialised investment teams, Gimv aims to leverage this approach by increasing investments in mid-market growth companies focused on key industrial, technological, and sustainability trends such as electriﬁcation, energy eﬃciency, digitisation, automation, healthy food, wellbeing, healthcare, and socio-demographic evolutions. This higher investment ambition level translates into gradually doubling the average ticket sizes from EUR 30 mio to EUR 60 mio and seizing signiﬁcant growth opportunities in DACH and France. Gimv’s ambition to grow the Core is founded on a conﬁrmed belief in Gimv’s 5 investment platforms with a thematic investment focus. Anchor Based on Gimv’s expertise and experience of building leading companies, Anchor wishes to embark on a long-term pathway for growth together with companies that have a promising compounding growth potential. They can count on Anchor as a strong reference shareholder providing capital and experience to support that further growth. Read more about Anchor on page 23. Partnerships Through strategic partnerships and collaborations, Gimv wishes to capitalise on the signiﬁcant opportunities available in building and enhancing Europe’s economy and infrastructure. Infravest is a ﬁrst example of such a partnership. Read more about it on page 24. Gimv’s very ﬁrst capital increase to fuel this growth strategy Early 2025, Gimv launched a EUR 247 mio capital increase in support of this accelerated growth strategy. With more than 82% of existing shareholders supporting the capital increase and the remaining shares easily placed with existing and new institutional investors, this successful capital increase marks an important milestone in Gimv’s history. 12 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Building leading companies responding to the needs and preferences of consumers who consciously choose active, healthy and ecologically responsible lifestyles. CONSUMER Portfolio activity The 2024-25 ﬁnancial year was one of portfolio expansion, value creation and value realisation for Gimv Consumer. Through its investments in Curana, Lupine Lighting Systems and The Spice Factory, Consumer welcomed three new companies. In addition, Consumer realised an important strategic exit with the sale of United Dutch Breweries to the Belgian family brewing group Martens. 2024 was a year of growth, innovation, and recognition for the Consumer portfolio. The Wallfashion House, a leading European wall decoration company backed by Down2Earth Capital and Gimv since 2020 and consisting of Grandeco, WALL! SUPPLY, and Holden, took an important step towards becoming the largest player in wall decoration in Europe by joining forces with Rasch Tapeten, Germany’s second-largest manufacturer of wallpaper and textiles. Dutch stroller manufacturer Joolz continued its mission to become a global brand and won several awards for its innovative designs, including the NY Product Design Award for the Aer+ stroller and multiple MadeForMums Awards. La Comtoise continued to focus on food innovation and R&D, introducing a range of award-winning clean label cheese sauces with no additives and made with natural ﬂavour and butter instead of palm oil. mio EUR in portfolio 284 portfolio companies 11 13 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

FY 2024-25, a busy investment year for Gimv Consumer with 3 new companies in portfolio The Spice Factory The Spice Factory (TSF), a Belgium-based producer of mainly private label dried culinary herbs and spices, has a market-leading position in the Benelux and a solid and growing footprint across Europe. TSF sets itself apart by combining deep category expertise, a relentless focus on quality, and tailored, value-added solutions to help its customers stand out in an increasingly competitive market. TSF generates revenues of around EUR 65 mio. Gimv’s investment aims to support TSF’s international expansion and strengthen its market position by building on its unmatched production ﬂexibility and ability to oﬀer innovative and customer-focused solutions. Curana Gimv invested in Curana to support the growth and innovation of this Belgian- based company, specialised in high-end bicycle components such as fenders, chain guards, and dress guards. Gimv aims to further professionalise Curana’s organisation and accelerate its international growth strategy, building upon its reputation as a go-to partner for top-tier bicycle manufacturers. Lupine Gimv acquired a majority stake in Lupine Lighting Systems, a German-based company specialised in high-performance portable light solutions for (e-)bikes, outdoor, and tactical applications. Founder and CEO Wolf D. Koch reinvests part of his proceeds to hold a minority stake. It is the ambition to bring Lupine’s unmatched products to more consumers and outdoor enthusiasts in additional markets. Brouwerij Martens acquires UDB: a strategic partnership for innovation and sustainability Based on a shared vision of brewing craftsmanship, innovation, and sustainability, Martens Brewery acquired United Dutch Breweries (UDB) from Gimv and the management of UDB in October 2024. The complementary nature of the two companies is expected to strengthen the future growth potential of both parties. Since Gimv’s investment in 2015, UDB has evolved from a primarily trading and volume-driven company into a more innovative and growth-oriented business. In 2023, UDB successfully launched its ‘Easy Brewing System’ in West Africa, a new and sustainable way to unlock local beer markets worldwide. Brouwerij Martens, founded in 1758, is Belgium’s largest family-owned brewery, located in Bocholt, Limburg. With a state-of- the-art brewery in terms of sustainability and eﬃciency, Brouwerij Martens produces and sells more than 4 million hectoliters of beer in over 100 countries worldwide. UDB’s strong commercial and route-to-market competencies complement Brouwerij Martens’ production and supply chain capabilities, enabling both companies to excel in quality, ﬂexibility, and innovation. “UDB and Martens Brewery are highly complementary, providing a unique opportunity to unlock synergies and create value for all stakeholders.” Patrick Franken, Partner 14 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Empowering the healthcare value chain with a focus on quality, accessibility and aﬀordability. Portfolio activity The 2024-25 ﬁnancial year was a year in which Gimv’s sustainable value creation eﬀorts at rehaneo and Medi-Markt successfully led to respectively substantial value realisation and continuation. In both cases, Gimv achieved returns above its long- term average target. Gimv sold its majority stake in rehaneo, a leading provider of outpatient rehabilitation, aftercare, prevention, and health management, to Fremman Capital. Since its establishment in 2020, with Gimv’s support for its Buy & Build strategy, rehaneo has grown into a company with 23 locations across the country, with more than 1,000 employees caring for more than 80,000 patients and customers annually. Gimv became majority shareholder of Liveo Group, a merger between Gimv portfolio company Medi-Markt Group and Unizell Medicare. Liveo Group will further strengthen its position in the German home care market by oﬀering a broader range of home care products and services. Gimv Healthcare welcomed ILC as its newest portfolio company. As a minority partner, Gimv will support ILC in its focus on cancer treatments based on the group’s radiotherapy, medical oncology, and clinical research activities and expertise. ILC operates four centers with state-of-the-art infrastructure and highly trained teams to deliver medical excellence for the beneﬁt of patients. With the support of Gimv, ILC intends to further invest in advanced technologies, expand its oﬀering and accessibility, while ensuring the quality of treatment and the autonomy of physicians. During FY 2024-25, Gimv Healthcare made follow-on investments in Apraxon, BioConnection, France Thermes and MVZ Holding. HEALTHCARE mio EUR in portfolio portfolio companies 273 10 15 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Liveo Group, two leading & complementary homecare suppliers joining forces to provide for even better care Since the start of their collaboration in 2018, Gimv and the management team have further expanded Medi-Markt’s oﬀering and market position, enabling the company to achieve strong growth. Unizell Medicare, led by Jürgen van der Smissen, is a successful full-service provider for home care patients. Through Liveo Group, both companies are combining their strengths, with the support of Gimv as the majority shareholder. Liveo Group’s oﬀering includes a wide range of products and services for home care and support, as well as nursing education, training, and emergency call systems. The Liveo Group employs more than 450 people and operates throughout Germany with a total combined turnover of approximately EUR 150 mio. The two merging companies will retain their existing brand names. This combination of forces will improve their performance and enable them to oﬀer innovative digital solutions that make life easier for their customers and care providers. Spineart, important progress in FDA approval process for BAGUERA® C and robotics innovation in spine surgery Early in 2025, Spineart completed an interim analysis for its Level 1 BAGUERA ® C 1 Investigational Device Exemption (IDE) study, a US clinical study to evaluate the safety and eﬀectiveness of a medical device that has not yet been approved for general use. The company also agreed on a timeline with the US FDA for the submission of a Premarket Approval (PMA). Under the heading “Enabling Technologies”, Spineart took several initiatives that demonstrate the company’s commitment to innovation and improving outcomes for patients undergoing spinal surgery. Investments were made in SpinEM Robotics, a startup specialising in robotic navigation solutions for spinal surgery. It opened an Innovation Center in Dallas, Texas, to help surgeons learn and collaborate using the latest technologies. Spineart has also entered into a collaboration with eCential Robotics. This has already resulted in 510k FDA approval for the Spineart PERLA ® TL app for use with eCential Robotics’ navigation platform. Finally, the company has recruited a CTO in the US, Laurent Nodé-Langlois, who will be responsible for various Enabling Technologies initiatives, among other things. “We are proud of Spineart’s progress in growing the business globally, consolidating production in a new ‘Mega Factory,’ and implementing its Enabling Technologies strategy for innovation in spinal surgery.” Bart Diels, Managing Partner Head Healthcare “The Liveo Group will give even more people greater control over their day-to-day lives while improving the quality, efficiency and cost- effectiveness of their care.” Philipp von Hammerstein, Partner 1 Spineart’s BAGUERA® C cervical disc prosthesis is designed to help people with symptomatic cervical disc disease – aﬀecting the neck region of the spine – to maintain or restore the natural movement and disc height in the cervical spine after surgery. Gautier Lefebvre, Partner 16 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Investing to positively impact human health. Portfolio activity With Kivu Bioscience, Gimv Life Sciences welcomed one new company in its portfolio during FY 2024-25. Furthermore, Life Sciences made follow-on investments in the existing portfolio for a total amount of EUR 22.4 mio. Several companies in the Gimv Life Sciences portfolio were able to report signiﬁcant achievements during FY 2024-25. A number of companies completed new ﬁnancing rounds. ImmunOs Therapeutics, developing ﬁrst-in-class therapeutics for the treatment of cancer and autoimmune diseases, closed a Series C ﬁnancing round of USD 11 mio co-led by Gimv and supported by both new and existing investors. FIRE1 successfully completed a USD 120 mio ﬁnancing round to accelerate the company’s mission to transform the lives of millions of people living with heart failure. In addition, several companies made signiﬁcant progress in their clinical research phase or approval processes with relevant regulatory authorities. Biotalys, which focuses on sustainable crop protection, received approval from the Dutch Board for the Authorisation of Plant Protection Products and Biocides for large-scale demonstration trials in greenhouses of its ﬁrst candidate biofungicide, EVOCA ™ . The FDA has granted special approval (fast track designation) to ImCheck Therapeutics for their new drug for the treatment of a type of blood cancer called acute myeloid leukemia (AML). Topas Therapeutics shared good news from their Phase 2a study for celiac disease. Their special nanoparticle technology shows promise in creating targeted treatments that help the body tolerate speciﬁc antigens. Kinaset Therapeutics received approval from the FDA to test its new drug frevecitinib. This drug is inhaled and is intended to help asthma patients who do not get enough relief from their regular inhalation treatments. LIFE SCIENCES mio EUR in portfolio portfolio companies 134 14 17 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

“We are excited about the use of the clinically derisked technology of Synaffix in Kivu’s first two programs that are aimed to show a robust clinical proof of concept.” Kivu Bioscience: advancing ADC technology for eﬀective cancer treatments In 2024, Gimv participated in a Series A ﬁnancing round of USD 92 mio at Kivu Bioscience, led by Novo Holdings. The company, headquartered in San Francisco, is a spin-oﬀ of Synaﬃx, a Dutch company that developed a unique technology in the ﬁeld of antibody-drug conjugates (ADC). ADCs consist of two main components: an antibody and a drug. The antibody searches speciﬁcally for cancer cells. Once it ﬁnds a cancer cell, it attaches itself to it. The drug attached to the antibody is then delivered to the cancer cell and kills it. They are among the fastest-growing treatment methods in oncology. They use Synaﬃx’s technology to create stable and accurate treatments that reduce side eﬀects and improve results. Kivu Biosciences focuses on the treatment of solid tumors and plans to begin clinical trials of its lead treatment in 2025. Michaël Vlemmix, Partner “The agreement between Mediar and Eli Lily exemplifies how life sciences investments can drive the advancement of novel treatments for debilitating diseases.” Andreas Jurgeit, Partner Mediar and Eli Lilly team up for lung disease breakthrough In early 2025, Mediar Therapeutics entered into an agreement with Eli Lilly to collaborate on a new drug for the treatment of idiopathic pulmonary ﬁbrosis (IPF). This is a serious lung disease in which scar tissue grows in your lungs. This tissue makes it diﬃcult for your lungs to function properly, leading to breathing diﬃculties. The term “idiopathic” means that the cause of the disease is unknown. This collaboration is an excellent example of valorisation in life science investments, as it emphasises the strategic collaboration between a clinical-stage biotechnology company and a large pharmaceutical company to bring innovative therapies to market. Mediar Therapeutics will receive signiﬁcant ﬁnancial support, including a combined upfront payment of USD 99 mio and short-term milestone payments, with potential additional payments of up to USD 687 mio. 18 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Partnering with entrepreneurs at the intersection of digital and industrial. Portfolio activity The Smart Industries team works with entrepreneurs to stimulate digitisation and technology in the sector through market expansion (or diversiﬁcation) and operational excellence. They work closely with portfolio companies and gain insight into the market, technology, and activities. By working with the people behind the machines and computers, the team can build leading companies. Smart Industries welcomed two new companies in the 2024-25 ﬁnancial year: SMG Sportplatzmaschinenbau, a German developer and manufacturer of high-tech specialised machines used for synthetic surfaces in sports and recreational environments, and Belgian company RoboJob, which develops, assembles, and distributes an unrivaled product portfolio of CNC automation solutions (the automation and robotisation of milling and turning machines). The French global software company Mega International, in which Gimv had been a strategic minority shareholder since 2016, was sold to Bizzdesign (Netherlands). This creates a strong business combination and an absolute leader in Enterprise Architecture and Digital Transformation. Furthermore, Gimv’s stake in CR2 was sold to HPS (Morocco), a leading global provider of payment software and solutions. Within the existing Smart Industries portfolio, Cegeka became Gimv Anchor’s ﬁrst portfolio company, given its strong long-term growth potential. In addition, Citymesh has become a sister company of Cegeka and will operate autonomously. After the end of the ﬁnancial year, Gimv entered into an agreement with the other shareholders of Citymesh regarding a repositioning of Gimv in the capital of Citymesh. communication that matters SMART INDUSTRIES mio EUR in portfolio portfolio companies 382 15 19 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

SMG Sportplatzmaschinenbau SMG is the global market leader in the development and production of advanced machines for the sports industry, which are used by top teams such as Real Madrid, FC Bayern Munich, and the Miami Dolphins. SMG has been a pioneer in synthetic sports ﬂooring and artiﬁcial turf for almost 50 years, with machines that mix components, apply underlays, and line surfaces. Tobias and Daniel Owegeser, who are following in the footsteps of the founder as family shareholders of SMG, are working with Gimv to accelerate the company’s growth and international expansion. RoboJob RoboJob develops and distributes CNC automation solutions for milling and turning machines. In 2024, RoboJob unveiled the ‘Wall’ as a central warehouse for CNC machines and demonstrated the ‘Pallet-Load Integrated’ with in-house developed AI vision technology, the ﬁrst AI-based vision system in the industry. Gimv is working with the De Roovere family to support international expansion and realise the full potential of RoboJob’s product oﬀering. Mega International Gimv partnered with the de Risi family and Mega International’s management, transforming the company into a mature global software provider with a presence in 10 countries and around 350 employees. In 2024, Gimv, the founders, and management sold their stake in Mega International to Bizzdesign, creating a leading business combination in the Enterprise Architecture and Digital Transformation space. A growing Smart Industries ecosystem in Germany SMG Sportplatzmaschinenbau is the sixth German Smart Industries company that Gimv invested in over a period of six years. The ‘Mittelstand’, the backbone of Germany’s economy, accounts for the largest share of the country’s economic output and employs about 60 percent of all workers. The strong compatibility between the Smart Industries team and ‘Mittelstand’ entrepreneurs forms the foundation of the emerging Smart Industries ecosystem in Germany, featuring a promising portfolio of innovative and high- tech smart industrial growth companies. Connected to our companies through a love of technology The investments in SMG Sportplatzmaschinenbau and RoboJob and the exit from Mega International in the past year are all characterised by a strong partnership between the Gimv Smart Industries team and entrepreneurial families, focused on growth and sustainable value creation. Ronald Bartel, Partner 20 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Portfolio activity In December 2024, Gimv invested in Groupe Tibbloc, the French leader in temporary energy rental solutions for heating, cooling, steam, compressed air, and dehumidiﬁcation, among other things. The company operates 11 platforms in France, Belgium, Austria, and Germany and oﬀers a comprehensive range of services, from project design and speciﬁcation to logistics and installation. Tibbloc serves a diverse customer base and generates revenues of approximately EUR 40 mio. Gimv’s investment aims to support Tibbloc’s growth in France and internationally, while continuing to invest in the expansion of its machinery and the further structuring of the group. Gimv sold its majority stake in KÖBERL Group, a leading German provider of facility management and technical building services, to Hungarian company B+N Referencia, a leader in facility management in Central and Eastern Europe. Since the start of their collaboration in 2020, Gimv and Köberl have expanded the company both organically and through acquisitions. The return achieved on this transaction signiﬁcantly exceeds Gimv’s long-term target for portfolio returns. In the existing portfolio, Projective Group, with the continued support of Gimv, acquired Thede Consulting, a leading German management consultancy specialising in payments and digitalisation strategy. This signiﬁcantly strengthens the capabilities of the Projective Group and represents a major expansion of the team in the DACH region. Itineris, a global leader in innovative SaaS solutions for utility companies, won three new contracts in the United States, including Dallas, the country’s ninth largest city. Teaming up with entrepreneurs to realise the sustainable economy of the future. SUSTAINABLE CITIES mio EUR in portfolio portfolio companies 331 10 21 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

The Baas-Verkley group helps modernising and expanding the Dutch grid Baas-Verkley is a leading national player in the Netherlands in the design, construction, and maintenance of essential underground infrastructure. The combination specialises in energy infrastructure, including the design of energy networks, horizontal directional drilling, charging stations, and battery storage. The company is uniquely positioned in the energy transition due to ongoing capacity issues on the Dutch electricity grid, which are expected to last until at least 2040. The Dutch government, together with local grid operators, is investing heavily in strengthening the energy network. In carrying out its activities, Baas-Verkley prioritises human capital, with training, employee development, and safety being of paramount importance and striving to deliver quality. Together with the management team, led by new CEO Robert Koole, who joined in September 2024, Gimv will continue to focus on sustainable value creation, including operational and ﬁnancial optimisation of project execution. “Baas-Verkley is the perfect example of the type of company we like to team up with, rolling up our sleeves together to create sustainable value while realising the energy transition.” Rombout Poos, Partner Gimv Sustainable Cities contributing to asset readiness in the energy transition The energy transition is crucial for mitigating climate change and ensuring a sustainable future and requires signiﬁcant changes in both public and business-to- business (B2B) assets. Fronnt runs the energy transition for its customers The need to achieve the energy transition and accelerating technological developments are driving increasing demand for HVAC, electrical engineering, automation, and technical installation services. To respond to this, Gimv created Fronnt in 2022, a one-stop shop that supports B2B customers with an integrated range of multi-technical installation services. Since then, Fronnt has grown into a group of 13 installation companies covering the whole of Flanders, with a combined turnover of around EUR 120 mio in 2024 and some 500 employees. Fronnt is an alliance of companies, each of which retains its unique identity and remains responsible for its own business and results, while still beneﬁting from the advantages of collaboration within a larger group, such as cross-selling, purchasing, and joint investments in technology and innovation. Gimv’s contribution will focus on further buy-and-build, developing sustainable growth plans with the Fronnt companies, operational improvements, and ﬁnancial reporting. At the beginning of 2025, K&F Group, a dynamic electrical engineering company based in Olen, joined the Fronnt group. This further strengthens Fronnt’s position as a leading player in integrated multi-technical solutions. “With Fronnt, we succeeded in a short period of time in responding to the high demand for integrated total solutions from companies that want to prepare their infrastructure for the energy transition.” Ruben Monballieu, Partner 22 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Anchor, an additional growth dimension for Gimv, strengthening focus on compounding growth and value creation Gimv launched this year its Anchor investment strategy, designed to unlock additonal growth and organised via a newly incorporated entity, Gimv Anchor Investments BV (“Anchor”). Based on Gimv’s expertise and experience of building leading companies, Anchor wishes to embark on a long-term pathway for growth together with companies that have a promising compounding growth potential. They can count on Anchor as a strong reference shareholder providing capital and experience to support that further growth. Gimv and WorxInvest are joining forces at the level of Anchor, combining their strength and ﬁrepower. This allows to substantially increase investment tickets and to be open for companies looking for long term capital to grow and to anchor them. Bart Troubleyn appointed as Head of Anchor Gimv’s Board of Directors has appointed Mr. Bart Troubleyn to head Gimv Anchor. As a Gimv Managing Partner, Bart has also joined Gimv’s Executive Committee. He will work closely with all Gimv Managing Partners and Gimv platform teams in terms of both deal sourcing and in further strengthening the active value creation across platforms. Bart has a solid track record as CEO, COO, and business consultant working for and with both large global corporations and entrepreneurial family-owned businesses, including Sea Invest, Manuchar and Roland Berger. Bart gained extensive international experience across diﬀerent continents. “I look forward to working with the Gimv Team in realising the mission of Gimv Anchor: supporting companies with a promising long-term growth potential by providing them with capital, knowledge and experience to boost that further growth.” Bart Troubleyn, Head of Anchor In 2017, Gimv acquired a strategic minority interest in the Belgian IT expert solutions provider Cegeka (www.cegeka.com) to provide additional resources to boost the ambitious growth trajectory of the company as set by the founding family Knaepen. Since the start of this collaboration and thanks to the expert guidance of CEO Stijn Bijnens, Cegeka has further evolved into a global tech powerhouse with a presence in 17 countries on 3 continents, around 10,000 employees and revenues in 2024 of EUR 1.3bn. It is a paragon of sustainable growth and Gimv and WorxInvest are proud to welcome Cegeka as the ﬁrst participation of Anchor. 23 Annual Report 2024-2025 Cegeka becomes ﬁrst Anchor investment Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Infravest, reshaping TINC’s reference shareholdership Gimv and WorxInvest join forces through Infravest as the long-term reference shareholder of TINC and TDP. With the expertise and experience built up over the past 17 years as a European infrastructure investor, the publicly traded TINC is extremely well placed to contribute with its board, management and shareholders to the ongoing upgrading of European infrastructure, an essential foundation for a future-proof economy and well-functioning society. As shareholders from the very beginning, Gimv and Belﬁus each held approximately 10% of TINC’s shares. In 2024, Gimv founded the company Infravest, into which it contributed its TINC shares and through which it acquired Belﬁus’ shares in TINC. Infravest consequently holds 21.32% of the shares in TINC. In a subsequent phase, Gimv and Belﬁus contributed their shares in TDP, the management company behind TINC, and simultaneously WorxInvest acquired half of Gimv’s shares in Infravest, resulting in WorxInvest and Gimv each holding 40.8% interest in Infravest NV and Belﬁus an interest of 18.4%. This reshaped partnership oﬀers a fruitful basis for further and continued support for TINC’s growth ambitions. Building leading Partnerships for sustainable growth and societal benefit Gimv has a strong track record in collaborating with a wide range of partners, leveraging their combined expertise to drive impactful projects. Through strategic partnerships and collaborations, Gimv wishes to capitalise on the signiﬁcant opportunities available in building and enhancing Europe’s economy and infrastructure across critical sectors such as energy, digital, and logistics. These partnerships are designed to align with and support Gimv’s broader growth objectives. 24 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

The time is now 25 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

4. Annual results 2024-2025

0 1,000 2,000 3,000 4,000 5,000 2023 2024 Consumer Healthcare Smart Industries Sustainable Cities Total +13% Annual Report 2024-2025 27 Continued strong growth performance at our companies  12.7% total sales growth in our portfolio, combined with some further increase in margins (+14.7% increase in operating proﬁtability)  Portfolio result of EUR 300.2 million (19.3% portfolio return)  Net proﬁt of EUR 219 million or EUR 7.5 per share Our companies again delivered an excellent growth performance over the past year. Overall, they have been able to increase their sales with 12.7%, while the operating proﬁtability even grew stronger with 14.7%, giving evidence of rising margins further to last year’s strong margin recovery. More than half of the proﬁtability growth resulted from organic expansion. The strong growth performance of our companies continues to be the key contributor to the positive valuation evolution of our portfolio. As was already the case in the ﬁrst half of the year, proﬁtability growth was most outspoken in the Sustainable Cities and Healthcare platforms. Due to the important slowdown in the European manufacturing industry, the Smart Industries platform started to notice some margin contraction throughout 2024, but still could realise double-digit growth. This continued solid growth shows the ﬁnancial, economic and strategic strength of our portfolio. We look forward with conﬁdence that our portfolio remains the engine of investment in innovation and of value creation for Gimv and its shareholders. Gimv is committed to use the diﬀerent levers of value creation, further strengthened by the new Anchor approach, which will enable us to confront an industrial slowdown in Europe and sluggish consumer consumption. Based on the current situation and internal analysis, the US tariﬀ policy is not expected to have a sizeable impact across the Gimv portfolio. We trust that our companies are experienced and agile to do the necessary to steer their performance through an era of many uncertainties by adapting their operations and product/market combinations. “Our companies again delivered an excellent growth performance over the past year.” 0 100 200 300 400 500 Consumer Healthcare Smart Industries Sustainable Cities Total +15% Revenue growth per platform (EUR millions) Ebitda growth per platform (EUR millions) “Gimv invests, grows and realises value.” Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Annual Report 2024-2025 28 The strong performance of our companies in 2024, combined with the considerable capital gains realised on a number of successful exits, have led to a record portfolio result of EUR 300.2 million, or a portfolio return of 19.3%, again well above our annual portfolio return target. The portfolio return on the platform portfolio was even higher at 20.9%. Thanks to the strong portfolio result, Gimv’s net proﬁt for the ﬁnancial year 2024-2025 amounts to EUR 219 million (slightly above the record result of last year of EUR 217.1 million) or EUR 7.5 per share (on a weighted basis). This translates into a net return on equity of 14.7%. Strong increase in investments to a level of more than EUR 300 million  Considerable step-up in investment activity  In an intensive exit year, portfolio value grows towards more than EUR 1.6 billion In line with the accelerated growth ambitions, Gimv considerably increased its investment rhythm to further expand its portfolio. During the past ﬁnancial year, EUR 336.1 million was invested (versus EUR 115.8 million in the previous year). This included an investment of EUR 267 million in new and roll-over portfolio companies. We welcomed eight new companies in our portfolio: Tibbloc (SC; FR), The Spice Factory (CO; BE), SMG (SI; DE), ILC (HC; FR), Kivu Bioscience (LS; USA/NL), Robojob (SI; BE), Lupine (CO; DE) and Curana (CO; BE). In addition, we realised two roll-over investments: Liveo Gruppe (from Medi-markt - HC; DE) and Acceo (SC; FR). Furthermore, strategic buy-and-build and add-on investments took place for a total amount of EUR 69 million, amongst others at Projective (SC; BE), Fronnt (SC; BE) and several Life Sciences companies. Total proceeds from the sale of portfolio companies in the ﬁnancial year 2024-2025 amounted to EUR 560 million, signiﬁcantly above the substantial exit proceeds of the previous ﬁnancial year (EUR 364.6 million). The exit proceeds of the ﬁscal year 2024-2025 include the proceeds of the exit of 25% of Gimv’s stake in Anchor (Cegeka) and 50% of Gimv’s stake in Infravest, both to WorxInvest. Five participations were sold during the ﬁscal year 2024-2025 (Mega, United Dutch Breweries, Köberl, rehaneo and Medi-markt). This had a total cumulative impact of EUR 170 million on the result and EUR 377 million on the cash position. The sold participations had a total book value of EUR 199.8 million as at 31 March 2024. Over the full term, the proceeds from the sale of these companies represented 2.4 times the original investment amount (resulting in a realised IRR of 14%). Despite the high level of exits, Gimv’s total investment portfolio increased with more than 4% to a level above EUR 1.6 billion at the end of March 2025. “We trust that our companies are experienced and agile to do the necessary to steer their performance.” The average Ebitda multiple used to measure the fair value of our companies under IFRS increased from 8.6x at the end of March 2024 to 9.2x at the end of March 2025 mainly as a result of a change in the composition of the underlying portfolio. Hence, the positive valuation result was almost exclusively determined by the strong operational results of our portfolio companies. Portfolio return (in %) -0,2% -10,3% 2019-20 2021-22 2022-23 2020-21 2023-24 2024-25 2018-19 2017-18 2016-17 2015-16 27.0% 15.6% 16.2% 20.1% 18.8% 20.4% 19.1% -0.2% -10.3% 19.3% In the past ﬁscal year, the success of our strategic value creation was conﬁrmed by the signiﬁcant capital gains on a number of exits, especially since these occurred in a continuously challenging economic context and a still selective European private equity market. The total realised result (net capital gains and dividends) earned over the ﬁnancial year 2024-25 amounts to EUR 191.4 million. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Annual Report 2024-2025 29 The investment portfolio consists of 61 participating interests, well distributed across the ﬁve platforms, Anchor and the four countries. Successful capital increase strengthens balance sheet and provides liquidity for growth acceleration  Successful capital increase strengthening equity position with almost EUR 250 million  Net equity value per share at EUR 53.3 (after the impact of the capital increase)  Record available liquidity to invest in current and new portfolio companies In February 2025, Gimv successfully realised an important capital increase in support of its accelerated growth strategy. Via a rights issue, Gimv could raise a net amount of EUR 243 million of additional capital. Adjusting for the impact of this capital increase and taking into account the dividend (2.60 EUR per share) for the previous ﬁnancial year 2023–2024 and the strong net proﬁt for the ﬁnancial year 2024-25 (EUR 7.5 per share), the net equity value grew with 14.6% (on a like-for-like basis) to EUR 53.3 per share at the end of March 2025. Gimv’s total net equity value amounts to EUR 1,906.8 million. Thanks to the signiﬁcant capital increase and the continued portfolio rotation generating important exit proceeds, Gimv’s liquidity position and hence its investment capacity was considerably strengthened during the past ﬁnancial year to a level of EUR 668.8 million at the end of March 2025. This provides record cash means to invest in existing and new portfolio companies and to accelerate the rollout of Gimv’s growth strategy. Gimv’s liquidity is partly ﬁnanced by long-term bonds (EUR 350 million). Gimv also has EUR 210 million of undrawn credit lines at banks. Portfolio composition (EUR millions) Infra and other Anchor Sustainable Cities Smart Industries Life Sciences Healthcare Consumer 31-03-2024 31-03-2025 227 311 131 495 300 95 1,559 284 273 134 382 331 54 165 1,623 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

30 Annual Report 2024-2025 Conﬁrmation of dividend of EUR 2.60 per share On 20 May 2025, the board of directors decided to propose paying a gross dividend of EUR 2.60 per share (unchanged compared to the previous year) at the ordinary general meeting on 25 June 2025. This dividend is consistent with Gimv’s dividend policy of not reducing the dividend – other than in exceptional circumstances – and increasing it sustainably, whenever possible. Including this dividend, the average pay-out ratio over the past 10 years amounted to 63% of the net proﬁt. Over the past 5 years, slightly less than half of the net proﬁt was paid out as a dividend (pay-out ratio of 49%). The board of directors has also decided to oﬀer the company’s shareholders a choice between receiving the dividend in the form of new ordinary shares, cash or a combination of both. The modalities of the distribution via the optional dividend will be published after the general meeting of 25 June 2025. Sustainability In a context of evolving European regulations, Gimv remains focused on the essentials of sustainability. In terms of climate, Gimv as a company is continuing its own CO 2 reduction program with a 46.5% reduction at the end of FY 2024-25 in its own scope 1 & 2 emissions compared to the base year. Gimv continues to actively support portfolio companies to start measuring their own CO 2 emissions and to formulate reduction targets. Today, 33% of surveyed portfolio companies has formulated such targets, demonstrating an increasing climate maturity. With well over 20,000 employees, it is key that the portfolio companies remain attractive and forward-looking employers able to attract and retain the right talent by creating a committed, safe, and pleasant working environment in which everyone can thrive. This translates into rising maturity levels in terms of both employee engagement and health & safety. Given the importance, cybersecurity is recognised as a separate material issue in Gimv’s sustainability approach, both at the level of the own organisation and through integration into the value protection and creation approach towards the portfolio. Gimv is pleased that this approach has also been recognised by Sustainalytics in the form of a sustained low ESG risk rating and top-rated labels at sector and geographical level, solid scores under the Principles of Responsible Investment, and continued valuable interaction with CDP on climate. Other signiﬁcant events during ﬁnancial year 2024-25  In February 2025, Gimv and WorxInvest joined forces, combining their strength and ﬁrepower around Gimv’s Anchor investing approach, Anchor is designed to build long-standing strategic partnerships with leading growth companies. This will allow these companies to attract long-term capital to further expand their business while being safely anchored. Global tech powerhouse Cegeka becomes the ﬁrst participation of Gimv Anchor, demonstrating our conﬁdence in their long-term growth potential. Cegeka reported impressive growth over 2024, reaching revenues of EUR 1.3 billion. In the coming years, Cegeka will continue to invest in two crucial growth and innovation areas: cybersecurity and artiﬁcial intelligence.  End June 2024, Gimv announced the acquisition of the TINC shares held by Belﬁus Insurance via a newly created company Infravest, laying the foundations for a future-oriented shareholdership of TINC in support of TINC’s further growth ambitions. In a second phase in September 2024, Gimv sold half of its participation in Infravest to WorxInvest, allowing to join forces as the long-term reference shareholder of TINC. At the same time, Gimv and Belﬁus Bank contributed their participation in TDP NV to Infravest in exchange for new shares in Infravest. Regulatory approval for this transaction was obtained in March 2025.  An updated remuneration policy will be presented to the AGM with a focus on an enhanced involvement of the Gimv executives and non-executives in the Gimv share and the LTIP structures, creating further alignment between the Gimv executives, non-executive directors and shareholders. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

31 Annual Report 2024-2025 Key events after 31 March 2025  The valuation of our portfolio is based on market multiples as at the end of March 2025. Since then, we have closely followed the evolution of the stock markets. To date, we have not noticed any evolution in market multiples that indicates that our valuation should be adjusted.  At the end of April 2025, with the convocation of an extraordinary shareholders’ meeting, Gimv announced its intention to change the ﬁnancial year. It is proposed to the shareholders that the ﬁnancial year starts on January 1st and ends on December 31st. In doing so, Gimv wishes to align itself with the ﬁnancial calendars of most companies listed on Euronext Brussels. For the current ﬁnancial year, this means that it will be a shortened ﬁnancial year of nine months, ending on December 31, 2025.  Early May 2025, Gimv announced its investment in the German Ambulantis Group, a fast-growing care provider with a focus on outpatient care in assisted living facilities and day care. With this investment, Gimv has the ambition to build, together with the company’s founders, a leading provider of comprehensive care services in assisted living facilities in Germany.  After the end of the ﬁnancial year, Gimv entered into an agreement with the other shareholders of Citymesh regarding a repositioning of Gimv in the capital of Citymesh. Gimv still holds an economic interest in Citymesh. However, the agreed reduced repositioning ﬁts better with Gimv Smart Industries’ investment strategy. Statement regarding risk The future performance of our companies and the value development of our portfolio depend on a number of external factors, such as: (i) the impact of the global economic instability on the growth and margins of our companies and how they are able to cope with its impact, (ii) the impact of geopolitical tensions and the potential impact on international trade. (iii) the impact of inﬂation on the policy of Central Banks and the related consequences for interest rate evolutions, (iv) the extent to which consumer conﬁdence is aﬀected by rising prices, (v) the evolution in the labour market and the availability of suﬃciently qualiﬁed personnel for our companies, (vi) the liquidity in the banking system to support the companies, including in case of possible further ﬁnancing needs, (vii) the stability of the regulatory and ﬁnancial environment in the markets in which both Gimv and our companies operate, (viii) the extent to which the market for investments and acquisitions remains active, accompanied by a suﬃcient level of liquidity and feasible ﬁnancing conditions, and (ix) the extent to which the ﬁnancial markets can maintain their stability. It is extremely diﬃcult to estimate the impact of all these factors in the coming period. Research and development Gimv and its consolidated subsidiaries did not undertake any research and development activities during the past year. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

32 Annual Report 2024-2025 Gimv’s 20 largest investments Based on NAV at 31-03-2025 5 largest investments Cegeka Independent European ICT service provider B Anchor Televic High-tech and high-quality communication systems B Smart Industries Spineart Medtech company, develops implants for spinal surgery CH Healthcare Picot Production of gates & fencing and provider of fencing solutions FR Smart Industries Liveo Gruppe Service provider in incontinence care DE Healthcare Subtotal 492 miljoen EUR 10 largest investments Baas-Verkley Cable and pipeline networks for energy and water NL Sustainable Cities Variass Electronic and mechatronic products and systems NL Smart Industries Tibbloc Rental of ready-to-use temporary energy solutions and related services FR Sustainable Cities Sofatutor Digital education platform DE Consumer Fronnt One-stop shop for technical installations, products & services B Sustainable Cities Subtotal 794 miljoen EUR 15 largest investments Joolz Premium baby strollers NL Consumer Itineris Utilities software solution BE Sustainable Cities The Spice Factory Leading Belgian manufacturer of herbs & spices BE Consumer La Comtoise Developer and supplier of cheese specialties FR Consumer BioConnection CDMO for injectable (bio) pharmaceutical products NL Healthcare Subtotal 1,004 miljoen EUR 20 largest investments E.GRUPPE End-to-end electrical engineering solutions DE Sustainable Cities AME Specialised producer of smart electronics NL Smart Industries SMG Development and manufacturing of cutting-edge machines for the sports industry DE Smart Industries ILC Private group of cancer treatment centers FR Healthcare Projective Group Consulting ﬁrm - specialist in delivering (digital) change trajectories BE Sustainable Cities Total 1,131 miljoen EUR Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

34 Annual Report 2024-2025 This statement reﬂects Gimv’s sustainability strategy and the way Gimv has implemented this strategy in its operations during the ﬁnancial year 2024-25. Gimv conscientiously uses the term sustainability throughout this report as a comprehensive term for the environmental, social, and governance aspects (ESG) of Gimv as a company and investor. 1. Sustainability reporting scope, strategy & governance This sustainability statement constitutes a voluntary disclosure. The scope of Gimv’s sustainability strategy and statement is aligned with that of Gimv’s consolidated ﬁnancial statements containing the ﬁnancial details of Gimv NV and its fully consolidated subsidiaries. Taking into account Gimv’s exemption from the consolidation obligation for investment entities (as indicated in the notes to the consolidated ﬁnancial statements), this sustainability statement contains aggregated information about Gimv's portfolio on a voluntary basis in order to adequately reﬂect Gimv's value chain. Note on the Omnibus proposal of the European Commission In February 2025, the European Commission presented a proposal to simplify EU rules for citizens and businesses. An important part of this proposal concerns an adjustment of the criteria for determining which companies are subject to the Corporate Sustainability Reporting Directive (CSRD), a European directive that requires companies to report on sustainability based on a double materiality analysis and to provide the information in a uniform and audited (limited assurance) manner in accordance with the European Sustainability Reporting Standards (ESRS). Based on the initial criteria and timeline of this directive, Gimv was required to provide sustainability disclosure in accordance with this directive by 2027 at the latest. However, following the European Commission's Omnibus proposal, which would mean that only companies with more than 1,000 employees and/or EUR 50 million in turnover and/or EUR 25 million in total assets will still be required to report in this way, Gimv no longer falls within the scope of this directive (subject to the unchanged approval of the Omnibus proposal by the European legislative bodies). During the past ﬁnancial year 2024-25, Gimv had already carried out a double materiality assessment in preparation for the aforementioned directive. The result of this analysis is included in this sustainability report. The recent Omnibus proposal from the European Commission does not aﬀect the conclusions of this double materiality assessment. We welcome any initiative that eases the regulatory and reporting obligations of our companies with a view to strengthening the competitiveness of the European economy and industry. However, this will not impact the extent to which Gimv focuses on sustainability as an integral part of the foundations that companies need to build and grow. Portfolio Investors Upward value chain Stakeholders of Gimv as a listed company Stakeholders of Gimv as an investor Downward value chain Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

35 Annual Report 2024-2025 Gimv chooses to focus on the essence of a sustainable company, both in its own operations and in the monitoring of and value creation eﬀorts in its portfolio:  climate and decarbonisation, because it matters for the planet and the next generations as well as for the strategic energy autonomy of the European economy and industry  human capital, because a healthy, happy and loyal workforce can turbocharge sustainable growth  good governance and business ethics as the cornerstone for building trust  cybersecurity as a crucial defense line for our companies in times of increasing digitisation, automation, robotisation, and use of AI Gimv will continue to work on this sustainability vision and strategy and will continue to ensure relevant, high-quality reporting. Gimv aligns certain components of its internal sustainability related processes with the ESRS, such as Gimv's own internally developed ESG due diligence framework. Audit scope Two speciﬁc elements in this sustainability statement have been subject to limited assurance by Gimv’s statutory auditor BDO, more speciﬁcally (i) Gimv's GHG emissions as a company (Gimv's own scope 1, 2 and operational scope 3 emissions) and (ii) the allocation reporting in connection with Gimv's Sustainable Finance Framework. The rest of this sustainability report has not been audited. Sustainability strategy Gimv approaches sustainability from an opportunity, risk and transparency perspective with the intended outcome (impact driven) of creating sustainable value for the economy, society and planet. During FY 2024-25, Gimv conducted a double materiality assessment determining the key areas of Gimv’s sustainability strategy, both as a responsible company and as a sustainable investor. In July 2024, the board of directors of Gimv validated the outcome of this assessment. The included infographic describes the process that Gimv applied to conduct its double materiality assessment. Opportunity New sustainable business models or futureproofing existing business across all 5 Gimv platforms Risk Mitigating ESG risks through responsible management and operations Transparency Building trust through increased transparency and providing reliable sustainability information to stakeholders across the value chain Sustainable value creation for the benefit of economy, society and planet Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

36 Annual Report 2024-2025 Sustainable investor Responsible company ESG integration Embedding ESG considerations in the selection and management of portfolio companies The outcome of the assessment underpins Gimv’s ambition to be a leading company and investor.  Gimv as a responsible company encompassing the way Gimv addresses the following material sustainability matters in its own daily operations.  Climate: implementing the Gimv climate plan and achieving the proposed reduction targets.  Human capital: ensuring that Gimv is a forward-thinking employer that can attract and retain the right talent.  Business conduct: enabling sound and eﬀective decision-making within Gimv through good governance and business ethics.  Cybersecurity: taking the right measures in terms of Gimv’s cyber resilience and security.  Gimv as a sustainable investor relates to the integration of sustainability in Gimv’s investor identity, investment processes and the continuous dialogue with its portfolio companies with value creation as a key deliverable. Neither pillar exists in isolation, they are highly interconnected. The main ingredients of Gimv's sustainability approach are (i) an intrinsic ambition of the Gimv team to lead by example, (ii) continuous evaluation and improvement and (iii) a hands-on approach resulting in concrete practical realisations. Climate Human capital Business conduct 2. Internal & external stakeholders engagement 1. Identification of sustainability issues 3. Assessment of sustainability issues 4. Validation of the assessment by ExCo & BoD E S G Cybersecurity C Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

37 Annual Report 2024-2025 Sustainability governance organisation Everyone at Gimv – the board of directors, the executive committee and all Gimv employees – is involved in Gimv’s sustainability journey. The coordination of all initiatives to implement Gimv sustainability strategy as well as for the reporting to all internal and external stakeholders across the Gimv value chain is entrusted to the Gimv Compliance & ESG Oﬃce, currently composed of:  Koen Dejonckheere, CEO  Kristof Vande Capelle, CFO (acting as representative of Hawoka BV)  Edmond Bastijns, CLO - Secretary General (acting as representative of Edmond Bastijns BV)  Vincent Van Bueren, Corporate Communications & Sustainability Manager The Compliance & ESG Oﬃce is operationally supported by Laura Sellenslagh (Compliance Associate). Given their mentioned roles and responsibilities, they are best placed within the Gimv organisation to enable maximum interaction and ensure progress. The Gimv Compliance & ESG Oﬃce reports at least once a year extensively to the board of directors on its activities. In addition, depending on the subject matter, speciﬁc topics are discussed on an ad hoc basis with the audit, risk & compliance committee or the entire board of directors. Edmond Bastijns and Vincent Van Bueren are also actively involved in the governance and sustainability work of Private Capital Belgium, the sector association for Belgian private equity and venture capital investors. Private Capital Belgium supports its members through a Tax & Legal Committee of which Edmond is the Co-Chair and an ESG Committee of which Vincent is the Deputy Chair. Board of directors Portfolio Business Services Compliance & ESG office Investment teams Shareholders Bondholders Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

38 Annual Report 2024-2025 2. ESG ratings & recognitions Sustainalytics: Gimv conducts since 2021 a periodic extensive rating exercise together with Sustainalytics. Today, Gimv has an ESG rating of 10.5 representing a very low ESG risk (the lower the rating, the lower the unmanaged ESG risk). Gimv is proud to have been identiﬁed for four consecutive years as an Industry and Regional top ESG performer. CDP: Since 2023, Gimv reports its sustainability data to CDP. In doing so, Gimv endorses CDP's mission that transparency is the key to action and change. For two consecutive years, Gimv obtained a level C score, representing a strong awareness level of climate issues and how they intersect with the business activities of the company. Although Gimv's overall total score remains stable at level C, Gimv made relevant progress on several of the underlying criteria. Principles of Responsible Investment (PRI): Since 2021, Gimv is a signatory to the PRI initiative, an international network created with the goal to understand the implications of sustainability for investors and support signatories to facilitate incorporating sustainability into their investment decision-making and ownership practices. In 2024, Gimv reported to PRI for the ﬁrst time, resulting in a public score. Gimv was assessed in three areas:  Policy, Governance and Strategy: This relates to the overall approach to responsible investment, including key themes that are applicable to most asset classes. Gimv scored 62% or 3 stars out of 5.  Responsible investing practices in the private equity asset class: This relates to a signatory’s overall responsible investment approach for private equity investments. Gimv scored 66% or 4 stars out of 5.  Conﬁdence building measures: This relates to a signatory's approach to the review and / or veriﬁcation of data reported to the PRI. Gimv scored 78% or 4 stars out of 5. Early 2025, PRI also published a case study on Gimv’s internal ESG due diligence framework. Euronext BEL ESG Index: Gimv is a proud member of the Euronext BEL ESG Index since two years. Policy, Governance & Strategy Responsible investing practices in private equity asset class Confidence building measures Negligible risk A C B D A- C- B- D- Low risk Medium risk High risk Severe risk Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

39 Annual Report 2024-2025 3. Stakeholder overview Realising a robust sustainability strategy is not possible without a proper dialogue and interaction with relevant stakeholders. The table below gives an overview of Gimv's main stakeholders across Gimv’s value chain and how Gimv engages with them. Position in the value chain Stakeholder Description of the relationship with stakeholders Financing of Gimv Shareholders Gimv values and maintains an active dialogue with its institutional and private shareholders and bondholders. Their trust and funding ensure Gimv’s continued ability to make investments aimed at creating sustainable, long- term value. Bondholders Sustainability rating agencies Gimvs investment activity Portfolio companies Gimvs engaged and networked investment teams intensively work together with the management of the portfolio companies on a daily basis. As an active investor, Gimv is involved in all decisions about the growth journey and strategy of its portfolio companies. An extensive network of entrepreneurs, M&A advisors, consultants and experts ensures that Gimv has access to suitable investment and exit opportunities. Constructive relationships with ﬁnancial institutions are necessary to ensure proper access to debt ﬁnancing for the portfolio companies. Entrepreneurs Gimv network of M&A advisors, consultants, etc. Financial institutions Gimvs organisation Board of directors Naturally, these internal stakeholders interact with each other on an ongoing basis. As both the board of directors and executive committee members are actively involved in investment and exit, interaction on Gimv’s investment activities occurs at all levels of the organisation. Executive Committee Gimv employees Gimv and society & the planet Government & regulators Gimv is committed to maintaining a good working relationship with the FSMA as its regulator. Gimv is also actively involved in national and European initiatives that bring together the private equity sector (Private Capital Belgium, BVK in Germany, France Invest in France, NVP in the Netherlands, and Invest Europe at EU level). Lastly, Gimv has a positive historical relationship with various knowledge institutes closely linked to its investment focus, such as the Flemish Institute for Biotechnology (VIB) or Imec. Gimv employees also share their knowledge and experience with young, up-and-coming talent through guest lectures, workshops, expert panels, juries and networking recruitment events. With respect to Diversity & Inclusion, Gimv is a sponsor of Level20. Relating to responsible investing, Gimv is a Principles of Responsible Investment (PRI) signatory since 2021. Knowledge institutes Sector and targeted associations Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

40 Annual Report 2024-2025 in tons CO 2 (initial assessment ﬁnancial year 2019-2020) 2024-2025 2023-2024 2022-2023 2019-2020 Scope 1 emissions 211.41 218.96 261.04 397.60 Scope 2 emissions 23.59 28.80 22.54 41.70 Scope 3 emissions (categories 1, 2, 3 & 6) 2,347.86 1,336.74 1,488.94 N/A Total emissions (scope 1, 2 & 3) 2,582.86 1,584.50 1,772.52 439.30 Total scope 1 & 2 235.00 247.76 283.58 439.30 Number of employees 94.00 93.00 93.00 91.00 Scope 1 & 2 per employee 2.50 2.66 3.05 4.83 Total emissions per employee 27.5 17.0 19.1 N/A Portfolio related emissions (scope 3 - category 15) 24,059.59 41,793.21 N/A N/A 4. Gimv as a responsible company By taking a step further each year on environmental, social and governance matters, we ensure that Gimv remains future proof. The lessons we learn from our own experiences in this regard are also incorporated into our daily dialogue with our portfolio companies. As a responsible company, Gimv focuses on continuously reducing its carbon footprint in the context of the climate plan deﬁned in 2022 (and updated in 2024), enhancing its role as a future-oriented employer and leading by example with respect to governance practices and compliance management. 4.1 Climate plan & GHG emissions In 2022, Gimv created a climate plan to serve as a framework for decarbonisation initiatives at Gimv in the context of Gimv’s ambition to maximally reduce its carbon emissions by 2030, with a reduction target of at least -40% as a guideline. The plan focuses on three pillars: sustainable mobility, sustainable infrastructure and sustainable operations. As per March 31st, 2024, Gimv had achieved a reduction of its Scope 1 & 2 GHG emissions of 42% compared to the ﬁrst measurement in 2020. In July 2024, the board of directors of Gimv approved an update of the climate plan, setting a more ambitious reduction target of -70% by 2030, compared to initial measurements in 2020. As per March 31st, 2025, Gimv has achieved a reduction of its own scope 1 & 2 GHG emissions of -46.5%. This annual report contains the full scope 1, 2 and 3 emission ﬁgures of Gimv’s operations for the three consecutive ﬁnancial years 2024-25, 2023-24 and 2022-23. The carbon emissions linked to Gimv’s operations with respect to FY 2024-25 and 2023-24 have been subject to limited assurance conducted by Gimv’s auditor. Additionally, the report contains unaudited emission ﬁgures from the portfolio companies (scope 3 category 15 emissions under the GHG Protocol). New Munich oﬃce Gimv moved this year into a new office in Munich. This is an important milestone highlighting Gimv’s commitment to expanding its presence in the German market. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

41 Annual Report 2024-2025 GHG emissions notes  Scope 1 emissions relate to Gimv’s consumption of gas and fossil fuels (i.e. diesel and gasoline consumption of the company cars).  The reported emissions are calculated based on real consumption data of invoices as available for the period April 1, 2025 until and including December 31, 2024. For the last quarter of FY 2024-25, an extrapolation is made based on the aforementioned invoice data.  A decreased gas consumption in the Antwerp oﬃce and the continued electriﬁcation of our ﬂeet across the diﬀerent Gimv oﬃces result in a continued decrease of the scope 1 GHG emissions.  Scope 2 emissions relate to the purchased electricity for both the oﬃces and the electrical vehicles in the ﬂeet.  It is Gimv’s policy to purchase green electricity for all oﬃces. An erroneous administrative adjustment of the contract to non-green electricity for the German oﬃce with the energy supplier in 2022 continued throughout the full ﬁscal year 2023-24 and the ﬁrst month of FY 2024-25. The necessary actions were taken to correct this back to a green electricity contract as of May 2024 and beyond. This resulted in a decrease of the scope 2 GHG emissions.  Scope 3 emissions linked to Gimv’s operations relate to purchased goods & services (category 1), capital goods (category 2), the upstream GHG emissions of consumed energy (category 3) and business travel (category 6). These are either calculated based on the emission data directly provided by suppliers (e.g. emission data from travel agencies in the context of business travel) or by multiplying accounting data (costs or investments) by the applicable emission factors.  The table contains full scope 3 emission data for FY 2022-23 (non-audited), FY 2023-24 and FY 2024-25 (audited – limited assurance).  The main elements of the scope 3 emissions linked to Gimv’s operations relate to:  Category 1 purchased goods & services (predominantly services for corporate and deal related consultants): Gimv's high level of activity during FY 2024-25, both in terms of investment activities and various corporate initiatives, is reﬂected in an increase in emissions, from 929 tons in FY 2023-24 to 1,232 tons in FY 2024-25.  Category 2 assets (newly leased cars, IT investments, oﬃce furniture etc.): an increase from 211 tons in FY 2023-24 to 873 tons in FY 2024-25, explained by investments in the energy infrastructure of Gimv’s Antwerp oﬃce, the lease of the new Gimv oﬃce in Munich and investments in IT equipment.  Category 3 upstream energy: a limited increase from 59 tons in FY 2023-24 to 68 tons in FY 2024-25, explained by increased electricity consumption for the ﬂeet.  Category 6 business travel: Gimv’s high level of activities also explain the increase in GHG emissions linked to business travel, from 138 tons in FY 2023-24 to 174 tons in FY 2024-25. The share of long-haul ﬂights remains very limited, accounting for only 5% of total emissions for business travel.  Scope 3 category 15 emissions relate to the scope 1 & 2 emissions of the portfolio companies calculated based on information collected from 36 companies (representing 76% of the NAV per March 31st, 2025) in the context of the annual ESG survey, more speciﬁcally emission data (if available) or energy consumption data alternatively. These ﬁgures have been adjusted according to the equity share owned by Gimv and each company subsequently. These ﬁgures are non-audited.  Scope 3, Category 15 emissions for FY 2024–25 are estimated at 24,060 tons, compared to 41,793 tons in FY 2023-24.  This reduction is primarily driven by the absence of data from ﬁve portfolio companies that in FY 2023-24 accounted for a combined 17,237 tons.  When comparing only the same peer group as last ﬁscal year, emissions account for 22,417 tons in FY 2024–25, versus 22,127 tons in FY 2023–24 – an increase of approximately 1%. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

42 Annual Report 2024-2025 We do not, however, issue a separate conclusion for each disclosure. As the assurance procedures performed in a limited assurance engagement are less comprehensive than in a reasonable assurance engagement, the level of assurance obtained is substantially lower. Within the scope of our engagement we performed, amongst others, the following procedures:  Inquiries of staﬀ who are responsible for the GHG emissions calculations and data collection  Reviewing the suitability of internally developed Reporting Criteria  Evaluation of the design and implementation of the systems and processes for determining, processing and monitoring GHG emissions included in the scope of this engagement  Reviewing the emission data and factors applied by the Company  Evaluation of selected internal and external documents  Analytical evaluation of data and trends of GHG emissions In our opinion, we obtained suﬃcient and appropriate evidence for reaching a conclusion for the assurance engagement. Statement related to independence Our audit ﬁrm and our network did not provide services which are incompatible with the deontological requirements of independence, and our audit ﬁrm remained independent of the Company during the terms of our engagement. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the scope 1, 2 and 3 (categories 1, 2, 3 and 6) GHG emissions for the reporting period 2024-2025, included in the Report have not been prepared, in all material respects, in accordance with the Reporting Criteria. Antwerp, 22 May 2025 BDO Réviseurs d’Entreprises SRL Statutory auditor Represented by David Lenaerts* Auditor * Acting for a company Report of the independent auditor to the administrative body of GIMV NV related to the limited assurance engagement on the GHG emissions We have performed an independent limited assurance engagement on the GHG emissions (excluding portfolio companies) published in the section “Climate at Gimv” in the annual report for ﬁnancial year 2024/2025 (further “Report”) of Gimv NV, (further “Company”) for the period from 1 April 2024 to 30 March 2025. It was not part of our engagement to review any information, other than the scope 1, 2 and 3 (categories 1, 2, 3 and 6) GHG emissions for the reporting period 2024-2025, included in the Report. Consequently comparative GHG emissions or emissions from portfolio companies were not subject to our review. Responsibilities of the administrative body The administrative body is responsible for the preparation of the Report that gives a true and fair view of the GHG emissions in accordance with the GHG Protocol (further “Reporting Criteria”). This responsibility of the administrative body includes the selection and application of appropriate methods to prepare the Report and the use of assumptions and estimates for individual disclosures which are reasonable under the given circumstances. Furthermore, the administrative body is responsible for the internal controls they deem necessary for the preparation of Report that is free of – intended or unintended – material misstatements. Auditor’s Responsibility It is our responsibility to express a conclusion on the scope 1, 2 and 3 (categories 1, 2, 3 and 6) GHG emissions for the reporting period 2024-2025, included in the Report based on our work performed within a limited assurance engagement. We conducted our work in the form of a limited assurance engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised): “Assurance Engagements other than Audits or Reviews of Historical Financial Information”, published by IAASB. Accordingly, we have to plan and perform the assurance engagement in such a way that we obtain limited assurance as to whether any matters have come to our attention that cause us to believe that the scope 1, 2 and 3 (categories 1, 2, 3 and 6) GHG emissions for the reporting period 2024- 2025 have not been prepared, in all material respects, in accordance with the Reporting Criteria. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

43 Annual Report 2024-2025 4.2 Building leading companies, a team eﬀort Gimv is well aware that building leading companies is not possible without having the right people on board. That is why efforts to attract and retain the right talent are central to Gimv's social strategy. The starting point for this strategy is to regularly survey the team about their job satisfaction at Gimv. Such employee engagement surveys were conducted in FY 2020-21 and FY 2023-24. Employee engagement survey FY 2023-24 FY 2020-21 Engagement rate i.e. level of engagement and commitment of employees towards the organisation 74% 72% Enablement rate i.e. to what extent have employees the necessary tools, resources and knowledge to eﬀectively carry out the job 82% 77% Following these surveys, Gimv took various initiatives in recent years to further shape and develop its HR strategy. This strategy was developed by Gimv’s Executive Committee together with An Dewaele, a seasoned HR professional with over 30 years of HR-experience at multiple international companies. Gimv’s employer identity provides the basic framework for its HR strategy. This identity acts as a compass and demonstrates what Gimv stands for as an employer. Freedom, Impact and Connection were identiﬁed as the elements that reﬂect the essence of the Gimv team and what is considered as important in the daily professional life of being a Gimv team member. These building blocks are used as a foundation for other employee engagement initiatives within Gimv.  Freedom: believing in the power of autonomy and initiative and embracing challenges as an opportunity for growth.  Impact: building leading companies, driving innovation and sustainability and staying ahead of the curve.  Connection: leveraging our expertise and diverse backgrounds to work together, challenging each other positively and building strong relationships to the beneﬁt of all our stakeholders. Based on these identity building blocks, multiple tools were developed and introduced to implement Gimv’s HR strategy. An elaborate career & development framework was introduced to optimise Gimv’s development, evaluation, appraisal and promotion approach. It consists of a career & development path describing the career progression for the different functional groups within Gimv and clarifying what is expected of everyone in the different job categories. Moreover, the framework wants to stimulate a further enhanced feedback culture within Gimv. In this context, the Evolution Talks were introduced, Gimv’s way of formally supporting the professional growth of its employees. The concept exists alongside the normal annual appraisal talk and consists of a two-way dialogue in which the employee explores with the manager how he/she can continue to add value in his/her work, broaden or deepen the challenges he/she faces, and continue his/her development and learning curve. A Gimv Employee Value Proposition (EVP) was introduced, a supportive tool in the context of the recruitment process for new hires. It consists of an extensive visualised presentation demonstrating all the diﬀerent facets of being a Gimv team member and thus provides a suitable guide for interviews with candidates from a certain stage onwards in the recruitment process. During the past ﬁnancial year, Gimv's HR strategy focused on further optimising a number of HR processes, such as the onboarding of new employees. In addition, a framework was created to give interested employees the opportunity to work in another Gimv oﬃce in a diﬀerent country for a certain period of time. Finally, tools were introduced that employees can use for their own professional development. To highlight the importance of personal development at Gimv, Gimv strives to work out a Personal Development Plan for each of its employees. A template was introduced to assist them in this process, adaptable to each individual situation. Additionally, extra tools for reﬂection are available to further enhance their development planning and self-assessment. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

44 Annual Report 2024-2025 Gimv emphasises the signiﬁcance of international mobility as a means for personal and professional growth, encouraging employees to engage in international assignments. During FY 2024-25, Stéphanie Massart, Senior Principal within the Sustainable Cities team, traded her permanent workplace in Gimv’s Antwerp oﬃce for several months for Paris, city of light. Why did you make the choice to work in the Paris oﬃce for a couple of months? Relocating to Paris allowed me to fully utilise mobility opportunities, work closely with a diﬀerent team, and experience cultural nuances of deal-making ﬁrsthand. Earlier that year, I worked on a similar project in Belgium, gaining sector knowledge useful for a project on which our French colleagues were working on. That made the situation a real win-win for everyone. Living in Paris was a bonus, and I'm grateful to our platform head for presenting this challenge at the right time. Was it diﬃcult to adjust from living and working in Antwerp to living and working in Paris? Adjusting from Antwerp’s spacious living standards to a Parisian apartment required some reorganisation, but as someone who thrives in city environments, it wasn’t diﬃcult at all. Starting my day with a commute that includes walking past the Seine and the Eiﬀel Tower is far from a hardship. While there are diﬀerences in work styles between the two locations, these variations made the experience all the more enriching. Would you recommend it to colleagues considering to do the same? Our work is largely local and revolves around building networks and relationships within speciﬁc geographies, which can be challenging to achieve within just a couple of months. However, if you’re involved in a speciﬁc project, collaborating with teams outside your usual environment oﬀers fresh perspectives and valuable insights. Personally, I also improved my French and got to know my French colleagues better – they’re an excellent team, and working with them has been truly rewarding. “By going to Paris, I got to experience the cultural nuances of deal-making firsthand.” Stéphanie Massart Senior Principal Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Annual Report 2024-2025 45 Building strong connections Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

46 Annual Report 2024-2025 Male Female Male Female Belgium Germany France The Netherlands Investment process teams Business services & support 65% 67% 35% 33% 19% 17% 51% 13% Gimv continues to actively contribute to raising awareness on diversity & inclusion at sector level. Gimv is a sponsor of Level20 and is actively involved in the working of Level20 Belgium. Stéphanie Massart, Senior Principal at Gimv, recently succeeded Charlotte Vanden Daele, former Gimv team member and initiator of the Belgian chapter of Level20, as chair of Level20 Belgium. In this context, Gimv also continues to actively encourage employees to participate in mentoring programs organised by Level20, both as mentors and mentees. Gimv human capital indicators 31-03-2025 31-03-2024 31-03-2023 Number of employees (headcount) 94 93 93 Hires 5 5 13 Departures 4 5 10 Average age (years) 41.0 40.6 40.3 Average seniority (years) 9.5 8.7 8.6 Average training spent per employee (in EUR) 1,774 2,637 1,438 Based on an initial in-house analysis in 2023 of the gender pay gap and subsequent monitoring, there do not appear to be any signiﬁcant diﬀerences (in either direction) at Gimv, except in terms of seniority in a position or the speciﬁcity of a position. Distribution by gender in teams involved in the investment process 31-03-2025 19% 81% 31-03-2023 31-03-2024 76% 24% 23% 77% Distribution by gender Distribution by country Distribution by activity Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

47 Annual Report 2024-2025 4.3 Corporate governance & Business ethics For a detailed description of how corporate governance is structured at Gimv (including a Gimv-tailored diversity policy), we refer to Chapter 6 of this annual report as well as to Gimv’s corporate governance charter. Gimv is pleased to note that consecutive monitoring studies conducted in 2021 and 2023 by Guberna and VBO on behalf of the Belgian Corporate Governance Committee showed that Gimv fully complies with the Belgian Corporate Governance Code for listed companies 2020. Gimv’s compliance & business ethics framework is reﬂected by a Code of Conduct and a Dealing Code. The Code of Conduct does not only contain Gimv’s key principles with respect to (i) proper conduct in the interactions with portfolio companies and (ii) an ethical, respectful and responsible internal work environment (covering topics such as conﬁdentiality, conﬂicts of interests, anti-bribery & -corruption or fair competition), but is also acts as a sort of umbrella framework for more speciﬁc internal policies such as a whistleblowing policy, a data protection framework, an IT user policy and an expense policy. Every employee (permanent or non-permanent) gets access to these documents for acknowledgement. Both the Dealing Code and the Code of Conduct are publicly available on the Gimv website. Based on a vision to continuously take steps forward in terms of compliance and business ethics, Gimv has launched last year a structural and digital compliance training approach, with regard to internal Gimv compliance as well as compliance knowledge sharing for investment professionals to allow them to properly monitor compliance at portfolio level. In FY 24-25, Gimv has implemented a compliance tool that not only allows it to organise all daily compliance activities (management and monitoring of the various Gimv codes and policies), but also to make compliance training content permanently available to employees via speciﬁc videos. Over the past year, Gimv launched a ﬁrst series of video training courses on the theme of fair competition, both in a transaction context and during the holding period of investments. Following this training was part of Gimv's STI objectives. This series was developed in collaboration with the law ﬁrm Freshﬁelds. Innovative governance practices at Gimv: the relationship agreement At the occasion of WorxInvest becoming Gimv's new reference shareholder in 2024, both parties concluded a relationship agreement, a governance instrument that provides the right framework for structuring the dialogue between listed company and reference shareholder in order to reach good understandings and contribute to good corporate governance. Gimv Chairman & WorxInvest Executive Chairman Filip Dierckx and Gimv Chief Legal Oﬃcer & Secretary General Edmond Bastijns, talked about the dynamics and beneﬁts of the relationship agreement with GUBERNA Executive Director Sandra Gobert. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

48 Annual Report 2024-2025 4.4 Cybersecurity Gimv recognises cybersecurity as one of the most important non-ﬁnancial topics that must be part of a company's integrated sustainability vision and strategy. The building blocks of Gimv cybersecurity approach are as follows:  Cyber risk mapping and management : This concerns a risk and impact analysis in the ﬁeld of cybersecurity based on a detailed mapping of Gimv IT environment and operations.  Operational measures: The risk analysis identiﬁes which operational measures are necessary and useful in terms of cybersecurity. This includes both preventive measures and foreseeable reactive measures to be taken if an incident occurs.  Awareness: Cybersecurity awareness is a critical building block in establishing a security-conscious culture. It equips employees with the knowledge and skills needed to recognise and respond to cyber threats. Gimv employees have access to tools that help them develop the right level of knowledge and awareness of cyber-related issues. Cybersecurity is also integrated in the monitoring of the portfolio. Partly inspired by regulatory developments such as the European NIS2 directive, cybersecurity is becoming an increasingly important topic that must be part of the basic knowledge and skills set of a company director. That is why Gimv is focusing on active internal knowledge sharing on cybersecurity. “Gimv is committed to strengthening the cyber resilience of its portfolio, helping protect the value that management teams have worked hard to build with our support.” Pieter Alliet, Kevin Klein & Sami Schyvinck (From left to right) Members of the Gimv cybersecurity working group But it goes further than that. Recognising the importance of addressing vulnerabilities in cybersecurity, Gimv has established a dedicated working group to proactively support the portfolio companies with practical tools and shared insights. This initiative includes experience-sharing across our portfolio companies, as well as framework agreements with trusted partners for maturity assessments, SOC services, and incident response. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

49 Annual Report 2024-2025 Based on model from Impact Management Project 5. Gimv as a sustainable investor Gimv is an investor in sustainability. To this end, Gimv has integrated sustainability in its investor identity and investment process. It is about building leading sustainable companies through investing in companies that have embedded sustainability or the contribution to solutions for important societal challenges into their business models or purpose. It is also about building sustainable leading companies by bringing the sustainability maturity level of portfolio companies to the next level during the holding period. Gimv has the clear ambition to act as a guide for its portfolio companies through a combination of knowledge sharing, the exchange of best practices, oﬀering tools and making its network available. Investor type Financial goals Sustainability- goals Description Limited or no regard for ESG practices or societal impact Mitigate risky ESG practices, often in order to protect value Adopt progressive ESG practices that may/are expected to enhance value Address societal challenges that generate competitive financial returns Address societal challenges that require a below-market financial return Traditional Responsible Sustainable investing Target competitive risk – adjusted financial returns Impact Below market returns Avoid harm and mitigate ESG risks Benefit all stakeholders Contribute to solutions Eligibility with Gimv Sustainable Finance Framework 5.1 ESG due diligence Gimv has fully internalised its ESG due diligence approach with the development of a proprietary framework. This framework consists of a two-step process that ﬁrst identiﬁes the material ESG domains for the investment opportunity and then, based on the available information, considers how maturely the target company manages these domains. The framework applies a quantiﬁed approach where the maturity analysis is done on the basis of a 4-layer questionnaire of which the content is aligned with the European Sustainability Reporting Standard (ESRS). A score is generated by weighing the materiality analysis and the maturity analysis in terms of relevance, a process carried out jointly by the sustainability team and the investment team. This analysis forms an integral part of the information provided to the investment committee and the board of directors (depending on which body is responsible for making investment decisions in accordance with the corporate governance charter) for the purpose of approving an investment. The result also serves as a starting point for action and improvements during the holding period of the investment. The results of the annual ESG survey (see below) are also used to monitor the progress of companies in the identiﬁed relevant areas under this framework. Gimv is honored that, in early 2025, the PRI published a case study on this ESG due diligence framework. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

50 Annual Report 2024-2025 “The ESG DD framework brings consistency to how we assess sustainability and helps us uncover opportunities to create lasting value.” Manfredi Agnello ESG Investment & Value Creation Advisor 5.2 Knowledge of biodiversity Gimv is keen to collaborate with students who can help strengthen Gimv's knowledge of various sustainability-related topics. This year, Gimv worked with a student from the Master's program in Sustainable Urban Biosciences Engineering, a program organised jointly by the University of Antwerp, Ghent University and KU Leuven and which aims to address rapid global urbanisation and its impact on the urban living environment. During her internship, she identiﬁed and studied relevant knowledge and application frameworks for Gimv as an investor in the ﬁeld of biodiversity and, based on peer benchmarking, formulated targeted recommendations for Gimv to further integrate biodiversity into its broader sustainability approach. 5.3 Annual ESG survey Gimv conducts an annual portfolio ESG survey as part of its continued and data- driven dialogue on sustainability with its companies. The process behind this annual survey consists of three steps.  The ﬁrst step involves selecting the companies that fall within the scope of this annual survey. Companies that have been added to the portfolio too recently at the time of the survey launch, are in an active exit process, or do not have suﬃcient bandwidth to complete the survey in a high-quality manner due to speciﬁc circumstances are excluded from the scope. This assessment is carried out jointly by the sustainability team and the investment teams.  45 companies, representing 82% of the total portfolio NAV per March 31, 2025, received the 2024 ESG survey.  The second step consists of compiling the questionnaire itself. The original content of the survey is based on the materiality indices of SASB and MSCI and is reﬁned annually on the basis of advancing insights, further focus areas of Gimv in the ﬁeld of sustainability, and other processes in the ﬁeld of sustainability, such as the aforementioned ESG due diligence framework.  No major changes were made to the content of ESG survey compared to last year. In the overview of maturity indicators further in this report, two new indicators were added: (i) the percentage of companies that have set a GHG emissions reduction target and (ii) the percentage of companies that have implemented measures to assess ESG risks in the supply chain. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

51 Annual Report 2024-2025  The third step is the launch of the ESG survey and the actual collection of data from our companies. This data is then processed for both internal reporting to the investment teams and companies and external reporting on an aggregated basis via this sustainability report.  Once again, a response rate of 100% was achieved.  A like-for-like comparison is also included in the reported information on ESG maturity indicators and governance composition. This compares the answers given by companies that participated in in the last two consecutive years. 39 companies completed the ESG survey in both FY 2023-24 and 2024-25 and form the basis for the like-for-like comparison. Process Material topics Portfolio companies in scope Climate & Waste Human Capital Governance & Business ethics Cybersecurity & Data protection Supply chain & stakeholder management Identification of material ESG topics Collect relevant ESG data and assess ESG maturity Consumer Healthcare Life Sciences Sustainable Cities Smart Industries Belgium DACH France the Netherlands Other 8 11 7 12 10 9 9 11 8 5 Distribution by platform Distribution by country Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

52 Annual Report 2024-2025 5.4 ESG maturity of the portfolio Total portfolio Like-for-like evolution 2024-25 survey 2024-25 survey 2023-24 survey Portfolio ESG maturity indicators Invest Europe ESG reporting indicator % of # of companies % of portfolio value % of # of companies Environmental indicators Has conducted a carbon footprint assessment (GHG emissions scope 1, 2 and/or 3) or it is under development x 55.6% 64.7% 56.4% 48.7% NEW - Has set a target to reduce GHG emissions (scope 1, 2 and/or 3) x 33.3% 42.0% N/A N/A Has taken key actions in the context of decarbonisation x 75.6% 86.9% 84.6% 79.5% Has implemented environmental management measures x 77.8% 88.4% 79.5% 76.9% Has systems and procedures in place to manage waste x 80.0% 87.0% 89.2% 79.5% Has taken key actions in the context of waste & water x 71.1% 82.3% 79.5% 71.8% Has implemented green IT initiatives 55.6% 64.7% 61.5% 56.4% Societal indicators Has initiatives in place to promote inclusion among the workforce x 71.1% 76.1% 74.4% 69.2% Conducts periodic employee satisfaction surveys x 64.4% 68.2% 69.2% 61.5% Has strategies and initiatives in place on employer branding 88.9% 91.8% 94.9% 82.1% Has an employee health & safety programme x 88.9% 93.0% 92.3% 82.1% Reports statistics on health & safety to the board of directors on a periodic basis 60.0% 65.8% 61.5% 61.5% Has quality control systems in place 68.2% 82.5% 83.3% 80.6% Measures client/patient satisfaction 63.6% 71.1% 64.1% 62.5% Measures the gender pay gap x 46.7% 58.2% 43.6% 37.0% Governance indicators Has implemented a code of conduct x 64.4% 75.4% 71.8% 66.7% Conducts compliance training on a regular basis 44.4% 50.8% 48.7% 46.2% Has a whistleblowing system in place x 66.7% 76.8% 74.4% 69.2% Has implemented data protection measures x 97.8% 94.9% 100.0% 89.7% Has cybersecurity related measures in place x 91.1% 95.5% 89.7% 66.7% Has appointed a responsible for sustainability (speciﬁc employee, member of management team or the board) x 88.9% 96.9% 89.7% 76.9% Has incentive schemes in place linked to sustainability performance x 17.8% 25.4% 17.9% 12.8% NEW - Has measures in place to assess ESG risks in the supply chain x 24.4% 28.5% N/A N/A Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

53 Annual Report 2024-2025 Comments on the results of the survey  Environmental:  Gimv actively encourages companies to calculate their emissions. To this end, it takes various initiatives, such as providing the right tools and advice. The number of companies in the portfolio that carry out this calculation or have initiated this process at the time of the survey is gradually increasing. As more companies do so, a fertile ground is created for encouraging companies to take the next step and formulate targets for reducing their emissions. This remains an evolving process, in which the ever-changing composition of Gimv’s portfolio as an evergreen investor must also be taken into account.  The number of companies taking concrete action on climate and decarbonisation continues to rise, although we are seeing a shift from more general measures in the area of energy eﬃciency to more speciﬁc measures such as the use of renewable energy or a focus on sustainable mobility.  Companies are also becoming increasingly mature in terms of waste management.  Social:  Gimv believes it is important for companies to position themselves as employers who provide a good and safe working environment. This translates into rising maturity levels in terms of both employee engagement and health & safety.  Last year, we surveyed companies for the ﬁrst time to ﬁnd out whether they measured the gender pay gap. Gradual progress is being made in this area, partly driven by relevant European legislation.  Governance:  Gimv's ambition is to work with company management to create an environment of good governance and business ethics. An increasing number of companies are putting the necessary frameworks in place, such as a code of conduct that reﬂects the ethical framework of a company or the introduction of a whistleblower policy, but regular training of employees on the compliance framework remains an active working point.  Companies are highly aware of both data protection and cybersecurity. Most companies therefore take measures in these areas, although the extent to which they do so can vary greatly.  Sustainability is clearly becoming increasingly important in the organisation of companies, often at the highest levels of management. The integration of sustainability into incentive mechanisms remains an area for further development.  In light of increasing responsibility and accountability for companies to consider ESG risks in their value chain, a quarter of the surveyed companies are taking measures in this area. Other Protection of biodiversity & ecosystems Supply-chain decarboisation Use of renewable energy Sustainable mobility Energy efficiency 7% 16% 22% 53% 44% 27% Portfolio climate change actions Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Annual Report 2024-2025 54 Workforce Managers Male Female Male Female 75% 67% 25% 33% Notes  Green IT is the practice of environmentally sustainable computing or IT, including green computing initiatives to reduce the environmental impact of IT operations (e.g. more digital/remote working, end-of-life management of company IT equipment such as computers, laptops, smartphones, installation of PCs/screens with low energy consumption, making documents paperless, and so forth). Portfolio human capital indicators 31-12-2024 31-12-2023 31-12-2022 Number of employees 21,406 19,766 19,912 Net job creation 3.9% 3.3% 3.2% Average training budget per employee (in EUR) 485 745 607 Notes  Net job creation is calculated by plotting the diﬀerence between the number of people recruited and the number of people leaving the company against the total corresponding workforce (in number of people) for those companies for which data on the evolution of the workforce are available.  The average training budget is calculated by dividing the total training budget by the total number of employees, for the companies for which both data points are available.  Managers refers to C-level minus 1 and 2. 5.5 Social composition of the portfolio Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

55 Annual Report 2024-2025 5.6 Governance composition of the portfolio Total portfolio Like-for-like evolution 2024-25 survey 2024-25 survey 2023-24 survey Portfolio governance compensation indicators Invest Europe ESG reporting indicator % of # of companies % of portfolio value % of # of companies Companies with independent board members x 62.2% 65.9% 64.1% 78.8% of which average % of independent board members x 32.4% 32.3% 37.5% Companies with female board members x 53.3% 40.3% 51.3% 54.5% of which average % of female board members x 27.7% 29.6% 30.4% Companies with female members of top level management x 51.1% 46.0% 51.3% 63.6% of which average % of female members of top level management x 31.2% 31.7% 32.1% Companies with board committees 33.3% 37.2% 38.5% 30.8% Notes  The table contains information relating to how the governance of Gimvs portfolio companies is organised. First, companies are asked to what extent there are independent directors on the board. Second, they are asked about diversity at the highest level of the companies, speciﬁcally whether there are any female directors or senior management members. Lastly, the companies are asked about the extent to which committees were organised in the board of directors.  In each case, the average percentage of independent directors, female directors or female senior management members shown is the average quotient of the number of independent directors, female directors or female senior management members divided by the corresponding total number. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

56 Annual Report 2024-2025 6. Gimv Sustainable Finance Framework 6.1 Allocation In 2021, Gimv launched its Sustainable Finance Framework (the ‘Framework’), a framework within which Gimv can issue sustainable ﬁnancing instruments such as green, social or sustainable bonds. It aims to raise funds to invest in companies whose activities are in line with the green and social activities listed in the Framework (the ‘Eligible Activities’). These are deﬁned to maximise alignment with internationally recognised green, social and sustainable ﬁnance guidelines such as the International Capital Markets Association, Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and the Loan Market Association Green Loan Principles. Sustainalytics has validated the Framework. Both the Framework and Sustainalytics’ opinion can be consulted on the Sustainability page of the Gimv website. Also in 2021, Gimv issued its ﬁrst institutional sustainable bond under the Framework. The next table shows the diﬀerent Eligible Activities and the extent to which Gimv’s portfolio corresponds to them and compares this with the sustainable ﬁnancing instruments that Gimv has issued. BDO, Gimv’s statutory auditor, has audited this allocation. The net evolution of plus EUR 58.9mio compared to 31 March 2024 is explained by (i) investments in new eligible portfolio companies and follow-on investments in existing eligible portfolio companies (plus EUR 168 mio), (ii) exits (at investment cost) from eligible portfolio companies (minus EUR 68.6 mio) and (ii) changed exposure of Gimv to a couple of eligible companies following transactions in the past year (minus EUR 40.6 mio). Sustainable Finance Framework Use of Proceeds (in EUR mio) 31-03-2025 31-03-2024 Green Use of Proceeds 273.2 267.0 Renewable energy (energy transition) 162.8 120.4 Energy eﬃciency 54.0 49.3 Eco-eﬃcient and/or Circular Economy Adapted Products, Production Technologies and Processes 0.0 0.0 Sustainable Water and Wastewater Management 0.0 0.0 Pollution Prevention and Control 0.0 0.0 Clean Transportation 38.1 36.6 Green Buildings 18.2 60.8 Social Use of Proceeds 561.2 508.5 Access to Essential Services 413.1 360.4 Socioeconomic Advancement and Empowerment 105.5 105.5 Healthy Sustainable Food 42.6 42.6 Total Portfolio of Sustainable Eligible Projects (A) 834.3 775.5 Total sustainable ﬁnance instruments (A) 100.0 100.0 - Sustainable bond 2021 (100 mio - 15/03/21-15/03/29 - 2,25% - ISIN BE0002774553) 100.0 100.0 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

57 Annual Report 2024-2025 6.2 Auditor’s report on the Gimv Sustainable Finance Framework allocation INDEPENDENT LIMITED ASSURANCE REPORT TO THE BOARD OF DIRECTORS OF GIMV NV REGARDING THE SUSTAINABLE BOND ALLOCATION FOR THE YEAR ENDED 31 MARCH 2025, IN ACCORDANCE WITH THE “GIMV SUSTAINABLE FINANCE FRAMEWORK”. Mission In accordance with the terms of our engagement letter dated 28 April 2025, we have been engaged to issue an independent limited assurance report regarding the allocation of the Sustainable Bond proceeds to Eligible Assets for the year ended 31 March 2025, in accordance with the Gimv Sustainable Finance Framework. Responsibilities of the board of directors The board of directors is responsible for the preparation and presentation of the data in the Sustainable Bond allocation report regarding the allocation of the Sustainable Bond proceeds to Eligible Assets for the year ended 31 March 2025, in accordance with the Gimv Sustainable Finance Framework as included in Chapter 5 of the Report. This responsibility includes selecting and applying the most appropriate methods for preparing the Subject Matter Information while ensuring the reliability of the underlying information. Moreover the use of assumptions and estimates must be in line and reasonable with the current circumstances. In addition, the responsibility of the board of directors includes the design, implementation and maintenance of relevant systems and processes relating to the preparation of the Subject Matter Information that are free from material misstatement, whether due to fraud or error. Responsibility of the auditor It is our responsibility, based on our work and evidence obtained, to express an independent conclusion about the Subject Matter Information. This assurance report has been drawn up compliant with the terms of our engagement contract. We have carried out our work in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised), “Assurance Engagements Other than Audits or Reviews of Historical Financial Information”. This standard requires that we comply with ethical requirements and plan and carry out the audit so as to obtain reasonable assurance about whether we have identiﬁed anything that causes us to believe that the Subject Matter Information has not been prepared, in all material respects, in accordance with the Gimv Sustainable Finance Framework. The choice of work performed depends on our judgment and assessment of the risk of material misstatement of the Subject Matter Information concerning the alignment with the Gimv Sustainable Finance Framework. The work that we carried out included, among other things, the following procedures:  Obtain an understanding of the Company’s processes for allocating the Sustainable Bond proceeds to Eligible Assets, in accordance with the Gimv Sustainable Finance Framework and relevant internal controls, with the aim of designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eﬀectiveness of internal controls, which are intended to provide limited assurance that the allocation of Sustainable Bond proceeds to Eligible Assets is, in all material respects, compliant with the Gimv Sustainable Finance Framework;  Hold interviews with responsible company staﬀ;  Obtain and Inspect suﬃcient evidence to verify the allocation of the Sustainable Bond proceeds to Eligible Assets for the year ended 31 March 2025, in accordance with the Gimv Sustainable Finance Framework. Our independence and quality control We have complied with the independence and other ethical requirements of the legislation and regulations in force in Belgium applicable within the context of our mission. These requirements are based on the fundamental principles of integrity, objectivity, professional competence and diligence, conﬁdentiality and professional conduct. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

58 Annual Report 2024-2025 Our audit ﬁrm applies International Standard on Quality Management (ISQM) 1, and accordingly, maintains a comprehensive system of quality management including documented policies, procedures and controls regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Conclusion Based on the work carried out, nothing has come to our attention that causes us to believe that the Subject Matter Information, marked with (A) does not comply, in all material respects, with the Gimv Sustainable Finance Framework. Other point This report is intended solely for the use of the company, in connection with their reporting on the allocation of the Sustainable Bond proceeds to Eligible Assets for the year ended 31 March 2025, in accordance with the Gimv Sustainable Finance Framework. We do not accept or assume any liability to any other party to whom this report may be shown or come into possession. Antwerp, 22 May 2025 BDO Bedrijfsrevisoren BV Statutory auditor Represented by David Lenaerts* Auditor * Acting for a company Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

6. Corporate Governance Remuneration report

60 Annual Report 2024-2025 Gimv applies the Belgian Corporate Governance Code for listed companies (2020) as its reference code (hereinafter the "Code 2020"). The text of the Code 2020 can be consulted publicly on the Belgian Corporate Governance Commission website (www.corporategovernancecommittee.be). The monitoring study carried out in 2023 by Guberna and VBO on behalf of the Belgian Corporate Governance Commission showed that Gimv fully complies with the Code 2020. The key aspects of Gimv’s corporate governance policy are explained in its Corporate Governance Charter. The text of this charter can be consulted publicly on the company's website (www.gimv.com/ nl/corporate-governance-charter). Gimv will also send a hard copy by regular mail upon request. The company updates this Corporate Governance Charter whenever relevant developments take place. The most recent version dates from 18 March 2025. The changes to the corporate governance policy and relevant events after the start of the last ﬁnancial year are explained in the corporate governance statement below. In order to obtain a complete picture, this chapter is best read together with the Corporate Governance Charter. 1. Board of Directors Gimv has a one-tier board structure. The board of directors will evaluate at least every ﬁve years whether the chosen governance structure remains suitable. The board of directors is the highest administrative body of the company. It is authorised to perform all acts that are necessary or useful for the realisation of the object of the company, except for those powers reserved by law to the general meeting. The board of directors decides on the strategy of the company. It also takes all important investment and divestment decisions. The board of directors consisted of eleven members during the past ﬁnancial year, and, in principle, convenes on a monthly basis to deﬁne the principles of Gimv's strategic policy. These strategic principles are then implemented by the Chief Executive Oﬃcer. 1.1. Composition during the FY 2024-25 Principles and composition Under Article 12 of Gimv's articles of association, the directors are appointed by the general meeting based on a proposal of the board of directors. Their appointments may be revoked at any time ad nutum by the general meeting. Since WorxInvest NV (hereinafter ‘WorxInvest’) became the new reference shareholder of the company on 21 May 2024 1 and for as long as WorxInvest 2 holds 25% or more of the shares, the board of directors is composed as follows:  one third of the total numbers of directors are proposed by WorxInvest 3 ;  at least a majority of the members of the board of directors are appointed based on a proposal by the board of directors by reason of their independence in accordance with the criteria stated in the corporate governance code referred to in article 7:87 of the Companies and Associations Code;  the other directors, if applicable, are appointed on the proposal of the board of directors from candidates not put forward by WorxInvest. Koen Dejonckheere has been appointed CEO by the board of directors. He is the only director having an executive function within Gimv. The other board members are all non-executive directors. 1 Reference is made to the 2023-24 annual report for the period from 1 April to 21 May 2024, during which Vlaamse Participatiemaatschappij NV was still the reference shareholder. 2 Together with its aﬃliated companies (for the deﬁnition of ‘aﬃliated company’, please refer to Article 1:20, 1° of the Companies and Associations Code). 3 Where fractions will be rounded to the nearest whole number. Candidate directors nominated by WorxInvest will follow the same selection and nomination procedure through the appointment committee as all other candidate directors. This means that the previous deviation from recommendation 4.21 of the Corporate Governance Code regarding directors appointed on the recommendation of the Flemish Region, for whom the procedure did not go through the appointment committee, has been terminated. Gimv therefore now also complies with the recommendations of the Corporate Governance Code with regard to this point. Corporate Governance Statement Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

61 Annual Report 2024-2025 Independent directors The board of directors of Gimv includes six directors, of whom the general meeting concluded at the time of their appointments that they meet the aforementioned independence criteria. These are Johan Deschuyﬀeleer, Manon Janssen, Luc Missorten, Frank Verhaegen, An Vermeersch and Hilde Windels (through their respective management companies). Extraordinary general meeting of 25 June 2025 At the extraordinary general meeting to be held on 25 June 2025, a proposal will be made to amend article 12 of the articles of association, among other things. This amendment to the articles of association anticipates the expiry of the maximum term of twelve years of Luc Missorten's mandate as independent director and the decision not to replace him in June 2026, and to reduce the total number of directors from eleven to ten. In order to align article 12 of the articles of association with this future reality, it is proposed that, as long as WorxInvest 4 holds 25% or more of the shares, the board of directors shall be composed as follows:  one third of the total numbers of directors are proposed by WorxInvest 5 ;  the members of the board of directors are appointed based on a proposal by the board of directors by reason of their independence in accordance with the criteria stated in the corporate governance code referred to in article 7:87 of the Companies and Associations Code, and in such numbers that there are always more independent directors than directors appointed on the proposal of WorxInvest;  the other directors, if applicable, are appointed on the proposal of the board of directors from candidates not put forward by WorxInvest. The board of directors of Gimv currently consists of the following 11 members:  Ginkgo Associates CommV, permanently represented by Filip Dierckx, chairman (hereinafter referred to as ‘Filip Dierckx’);  Koen Dejonckheere, managing director;  To Be Projects BV, permanently represented by Brigitte Boone, director (hereinafter referred to as ‘Brigitte Boone’);  The House of Value - Advisory & Solutions BV, permanently represented by Johan Deschuyﬀeleer, independent director (hereinafter referred to as ‘Johan Deschuyﬀeleer’);  MJA Consulting BV, permanently represented by Manon Janssen, independent director (hereinafter referred to as ‘Manon Janssen’);  Lubis BV, permanently represented by Luc Missorten, independent director (hereinafter referred to as ‘Luc Missorten’);  YX Partners BV, permanently represented by Marc Valentiny, director (hereinafter referred to as ‘Marc Valentiny’);  RGFin BV, permanently represented by Robert Van Goethem, director (hereinafter referred to as ‘Robert Van Goethem’);  ValHaeg BV, permanently represented by Frank Verhaegen, independent director (hereinafter referred to as ‘Frank Verhaegen’);  eMajor BV, permanently represented by An Vermeersch, independent director (hereinafter referred to as ‘An Vermeersch’); and  Hilde Windels BV, permanently represented by Hilde Windels, independent director (hereinafter referred to as ‘Hilde Windels’). 4 Together with its aﬃliated companies (for the deﬁnition of “aﬃliated company”, please refer to Article 1:20, 1° of the Companies and Associations Code). 5 Where fractional numbers are not whole numbers, they will be rounded up to the nearest whole number. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

62 Annual Report 2024-2025 Filip Dierckx (1955), Chairman Filip Dierckx is executive chairman of the holding and investment company WorxInvest and chairman of the board of directors of SD Worx. Filip also holds a number of mandates as chairman or member of the board of directors, including Siat and Infravest. He was also a member of the board of directors of Nasdaq Europe, Bancontact and BNP Paribas Fortis Private Equity Belgium, among others. Filip obtained a Master of Law from the University of Antwerp in 1978 and a Master of Laws from Harvard Law School in 1980. He also holds a degree in economics from KU Leuven. Filip has been chairman of the board of directors of Gimv since May 2024. Koen Dejonckheere (1969), CEO Koen Dejonckheere was appointed CEO of Gimv in 2008. Before that, he was managing director at KBC Securities. Prior to that, Koen was active in both Corporate Finance and Private Equity. Koen graduated in civil engineering at Ghent University and has an MBA from IEFSI-EDHEC in Lille (France). As CEO, Koen has been a member of the Gimv board of directors since 2008. Brigitte Boone (1960), Director Brigitte Boone has a master's degree in law and another in economic law. She is also an alumna of INSEAD and Harvard Business School. Between 1985 and 2009, Brigitte held various positions (legal counsel, head of tax department, CEO Fortis Private Equity, CEO commercial and investment banking) at Generale Bank, subsequently Fortis Bank. She was also member of the executive committee and of the board of directors of Fortis Bank until May 2009. Currently, Brigitte is managing director at 2B Projects. She also held several mandates as an independent director at Amonix OFP, VP Capital, de Werkvennootschap, Delhaize Management, Studio 100, Plopsaland, DS Textiles and Puilaetco Dewaay Private Bankers. Today, Brigitte holds several mandates at, among others, Imec, NN Insurance Belgium, SD Worx, WorxInvest and Wereldhave Belgium (as chairman). Brigitte has been a member of Gimv’s board of directors since June 2015. Johan Deschuyﬀeleer (1958), Director Johan Deschuyﬀeleer has more than 35 years of international experience in the IT and technology sector. After various positions at the start of his career - as an engineer and manager at Siemens and Hewlett-Packard - Johan became Managing Director Belux at Compaq. Subsequently, Johan returned to Hewlett-Packard to, among other things, lead the Technology Services division, ﬁrst within Europe and later globally from Silicon Valley. Today, Johan is chairman of the board of directors of Orange Belgium, and director at AE. An industrial engineer by training, Johan has also followed a Middle Management course at the Vlerick Management School. He has been a member of Gimv's board of directors since June 2018. 6 For the directors appointed on the recommendation of Vlaamse Participatiemaatschappij who were members of the board of directors from 1 April to 21 May 2024, reference is made to the 2023-24 annual report. 1.2. Curriculum vitae of directors active during the FY 2024-25 6 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

63 Annual Report 2024-2025 Manon Janssen (1961), Director Manon Janssen graduated as a commercial engineer at the Free University of Brussels/ Solvay Business School. She began her career at Procter & Gamble, working for 16 years in diﬀerent countries where she was responsible for major brands. In 2000, she became Vice President of Marketing & Innovation at Electrolux Europe and in 2005 took up the post of Chief Marketing Oﬃcer at Philips Lighting. From May 2010 until May 2015, Manon was CEO and Managing Director of Ecofys Group, a leading consulting ﬁrm in the ﬁeld of energy and climate. Since September 2015, she is CEO and chairman of the Board of Management of Ecorys. In addition, she has worked on various climate and energy-related assignments for the Dutch government, of which the most relevant are (i) as chair of the Topsector Energie, leader in innovation at national level from 2012 to 2021, and (ii) as chair of the industry table within the Dutch Climate Deal in 2019. She is also a member of various expert panels in the Netherlands and Belgium, advising the government on energy, sustainability and climate-related issues. Manon has been a member of Gimv's board of directors since January 2017. Luc Missorten (1955), Director Luc Missorten was CEO of Corelio until the end of September 2014. Previously, he held positions at law ﬁrm Linklaters and at Citibank, after which he was appointed chief ﬁnancial oﬃcer at AB Inbev and UCB. Luc holds various directors' mandates, including at listed company Recticel. Luc has been a member of Gimv’s board of directors since June 2014. Marc Valentiny (1964), Director Marc Valentiny has more than 30 years of experience in the private equity industry. He co-founded the innovative long term investment fund Core Equity Holdings and led the European Portfolio team at Bain Capital Europe. He also held various board positions, including at idverde Group, Portman Dental Care, FCI and Rexel. Marc graduated from École Polytechnique in France in 1987, and earned a Master in Engineering at the École Nationale des Ponts et Chaussées in 1990. He also obtained an MBA from Harvard Business School in 1992. Marc has been a member of the board of directors of Gimv since May 2024. Robert Van Goethem (1961), Director Robert Van Goethem is a seasoned private equity professional with shareholder, board and corporate governance experience in high growth companies and companies requiring strategic repositioning and organisational change. He gained experience in private equity as a partner at 3i Group (in the Amsterdam oﬃce) where among others he led 3i's global consumer sector. Before that he was a Partner at Permira. Robert currently serves as a member of the board of directors of Dentius and ORAC. Robert obtained a master’s degree in law, as well as in business administration. He is a graduate of the University of Antwerp, UCL and the University of Chicago. Robert has been a member of the board of directors of Gimv since May 2024. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

64 Annual Report 2024-2025 Frank Verhaegen (1960), Director Frank Verhaegen is an independent director at Bank J. Van Breda & C° NV, FinAx NV, Projective Holding NV and VDK Bank NV. Previously, he held various positions as Audit Partner and was chairman of Deloitte Belgium and chairman of the Institute of Auditors, accredited for ﬁnancial institutions. Frank holds a master's degree in Law and in Economic Sciences from KU Leuven and an executive MBA 'High Performance Boards' from IMD (Lausanne). Frank has been a member of Gimv's board of directors since July 2017. An Vermeersch (1971), Director An Vermeersch has 30 years of international experience in the Pharma and Healthcare sector as a consultant at McKinsey and pharma group GSK. At GSK An held world- wide senior management positions in Research and Development, Strategy and Transformation, Business Acquisition and Integration, Governmental Aﬀairs and Global Health. An also held several board mandates, a.o. at GSK Biologicals and the family group Floré. In 2025, An joined Gavi, a public-private global healthcare partnership based in Geneva, as Chief Vaccines Programmes and Markets Oﬃcer. An graduated as a Bio- Engineer in Microbiology and Biochemistry at the University of Ghent and obtained a master’s in Business Administration at the Vlerick Business School. An has been a member of Gimv's board of directors since June 2017. Hilde Windels (1965), Director Hilde Windels has more than 25 years of experience in the Biotechnology / Life Sciences sector, mainly in CFO, investor relations/ fundraising and general management roles. In 1998, following twelve years at ING, she decided to join Devgen, then a biotechnology company in its start-up phase. Between 2009 and 2011, she was an independent consultant and provided CFO services for Seps Pharma, Tigenix and Pronota. In 2011, she joined Biocartis where she has been CFO, deputy CEO and interim CEO in that order. She then became CEO of MyCartis, a spin out of Biocartis in 2017, after which she became CEO of Antelope Dx, a spin out of MyCartis, in 2019. Since September 2021, she has been a consultant and director in the life sciences industry. Hilde graduated as a Commercial Engineer from KU Leuven. She is currently a board member of MDx Health, Phaxiam, Celyad and Microphyt (private company). Hilde has been a member of Gimv’s board of directors since June 2022. The candidate directors nominated by WorxInvest follow the same selection and nomination procedure through the appointment committee as all other candidate directors. This means that the previous deviation from recommendation 4.21 of the Corporate Governance Code regarding directors appointed on the recommendation of the Flemish Region, for whom the procedure did not go through the appointment committee, has been terminated. Gimv therefore now also complies with the recommendations of the Corporate Governance Code in this respect. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

65 Annual Report 2024-2025 Mandate overview of current directors Below you can ﬁnd a full overview of all corporate mandates held by the current Gimv directors on 31 March 2025. Current board memberships Filip Dierckx Antwerp Symphony Orchestra VZW, Cofena VZW, De Warande VZW, HR Pay Solustions NV, Infravest BV, SD Private Stichting, SD Patrimonium private stichting, SD Worx NV, SD Worx Sociaal Secretariaat VZW, SD Worx for Society CV, Siat NV, WorxInvest NV, WorxInvest Holding NV, WorxInvest Horizon BV, WorxInvest Subholding NV, Youthstart Belgium VZW, J. Zinner NV, Ginkgo Associates CommV Koen Dejonckheere Various entities of the Gimv Group, AZ Delta VZW, Belgische Vereniging van Beursgenoteerde Vennootschappen VZW, Invest at Value NV, Noorderman NV, Roularta Media Group NV, Verbond van Belgische Ondernemingen VZW, Vlaams Netwerk van Ondernemingen VZW, Vlaams Economisch Verbond VZW Brigitte Boone Enabel NV, Fidimec NV, Imec VZW, NN Insurance Belgium NV, SD Worx NV, To Be Projects BV, Van Lanschot Kempen NV, Wereldhave Belgium NV, WorxInvest NV Johan Deschuyﬀeleer AE NV, EVS Broadcast Equipment NV, Orange Belgium NV, The House of Value – Advisory & Solutions BV Manon Janssen MJA Consulting BV, Puratos Group Luc Missorten Lubis BV, Recictel NV Marc Valentiny YX Partners BV Robert Van Goethem Dentcap NV, Orac Holding NV, RGFin BV Frank Verhaegen VDK Bank, Projective Holding, Bank J. Van Breda & Co NV, De Kathedraal VZW, De Kathedraal van Antwerpen-Kerkfabriek, Valhaeg BV, Vankajo Invest BVBA, FinAx NV An Vermeersch eMajor BV, The Bluesquare Hilde Windels Celyad NV, Phaxiam S.A., Hilde Windels BV, MDxHealth NV, Microphyt CV 1.2. Operations Activities report During FY 2024-25 the board of directors exercised its powers as described in the Corporate Governance Charter. In addition to its regular activities and investment decisions, the board of directors gave its attention during the past ﬁnancial year to the development of a renewed strategy, including (i) the establishment of Infravest BV (hereinafter ‘Infravest’) as the new reference shareholder of Tinc/TDP and the buy-out of Belﬁus Insurance, (ii) the establishment of Gimv Anchor Investments BV (hereinafter ‘Gimv Anchor Investments’), which will hold the participations in which Gimv wishes to participate for the long(er) term, with the stake in Cegeka as the ﬁrst participation, (iii) the establishment of an investment structure for the rotational private equity portfolio, (iv) a number of changes to the remuneration policy, and (v) the capital increase of EUR 247 million in the context of the rights issue that was successfully completed in February 2025. Number of meetings and attendance During FY 2024-25, the board of directors met twelve times, six times during the ﬁrst half and six times during the second half of the ﬁnancial year. Eleven of those meetings took place physically and one meeting was held by videoconference. The average attendance rate was 97%. Directors’ individual attendances are shown in the following table: Presences Board of Directors Remuneration Committee Audit & risk Committee Nomination Committee Filip Dierckx 11/11 7/7 5/5 1/1 Koen Dejonckheere 12/12 – – – Brigitte Boone 10/11 7/7 5/5 – Johan Deschuyﬀeleer 12/12 8/8 – 1/1 Manon Janssen 12/12 7/8 – 1/1 Luc Missorten 12/12 – 5/5 – Marc Valentiny 10/11 – – 1/1 Robert Van Goethem 10/11 7/7 – – Frank Verhaegen 12/12 8/8 5/5 – An Vermeersch 11/12 – – 1/1 Hilde Windels 12/12 8/8 5/5 – Hilde Laga 1/1 – – – Marc Descheemaecker 1/1 – – – Jan Desmeth 1/1 – – – Geert Peeters 1/1 1/1 – – Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

66 Annual Report 2024-2025 Conﬂicts of interest – Article 7.96 of the Companies and Associations Code (CAC) During the FY 2024-25, one situation arose in the board of directors that required the application of procedure for conﬂict of interest. During its meeting of 18 June 2024, the board of directors resolved on the CEO’s short-term incentive for FY 2023-24: “The evaluation and variable remuneration of the managing director is the next item discussed. As the managing director has, with respect to these decisions, an interest of a proprietary nature within the meaning of article 7:96 CAC he leaves the meeting and does not participate in the deliberation and decision-making on this item. The board of directors discusses the evaluation of the managing director, as well as the proposal of the remuneration committee to grant a short term incentive to the managing director in respect of the ﬁnancial year 2023-24 amounting to 45% of his ﬁxed remuneration (i.e. EUR 290,407) on the basis of a multiplier of 2. Resolution In the light of the Company’s record results for the past ﬁnancial year and the status of the set objectives, the board of directors approves – upon recommendation of the remuneration committee – a short-term incentive for the managing director of 45% of his ﬁxed remuneration.” Conﬂicts of interest – Article 7:97 of the CAC Listed companies are required to refer decisions that are the responsibility of the board and that relate to the company's relationship with its aﬃliates, to a committee of three independent directors. Article 7:97 of the Belgian Companies and Associations Code describes the procedure that needs to be followed. During the FY 2024-25, two situations arose that required the application of article 7:97, §3 WVV, more speciﬁcally, (i) the decision of the board of directors of 17 September 2024 to approve the transfer to WorxInvest of 50% of the shares in Infravest BV, and (ii) the decision of the board of directors of 18 February 2025 to approve the transfer to WorxInvest of 25% plus one of the shares in Gimv Anchor Investments BV. On 17 September 2024, the board of directors approved the sale by Gimv of half of its interest in Infravest BV to its reference shareholder WorxInvest (the “Decision”), in accordance with the opinion of the committee of independent directors pursuant to Article 7:97, §3 CAC. The board of directors hereby considered the following:  The weight of Tinc within the company's portfolio will be reduced and the company will be able to use the purchase price paid by its reference shareholder in the context of the implementation of its strategy, including the further support of Tinc's growth strategy.  Taking into account the method used to calculate the purchase price, which the committee of independent directors considers to be balanced and in line with market conditions, the committee is of the opinion that no particular disadvantage or advantage is being caused to the company or its shareholders.  The costs for the Company associated with the Decision are limited. They are expected to be substantially less than 1% of the Company's net assets. The decision of the committee of independent directors reads as follows: “On the basis of the considerations set out above, the assessment of the advantage or disadvantage of the Decision to the Company and its shareholders, and the budgeting of its pecuniary consequences, the committee, also on the basis of the opinion of the independent legal expert, concludes that the adoption of the Decision is in line with the Company’s policy and is not of a nature to cause the Company a disadvantage. Therefore, the analysis of whether such disadvantage is compensated by other elements in the Company's policy, or whether it would be manifestly unlawful, does not need to be carried out.” The auditor’s assessment reads as follows: “Based on our review, nothing has come to our attention that causes us to believe that the ﬁnancial and accounting information set forth in the opinion of the committee of independent directors as of date September 17, 2024 and in the minutes of the board of directors as of date September 17, 2024, justifying the proposed transaction, is not, in all material respects, consistent with the information available to us in connection with our engagement.” On 18 February 2025, the board of directors approved the sale by Gimv of 25% plus one of the shares of Gimv Anchor Investments BV to its reference shareholder WorxInvest (hereinafter the ‘Decision’), in accordance with the opinion of the committee of independent directors pursuant to Article 7:97, §3 CAC. The board of directors hereby considered the following: Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

67 Annual Report 2024-2025  The purchase price is the market value of the shares of Gimv Anchor Investments , which is in line with the net asset value of the Cegeka shares as stated in the company’s latest internal ﬁnancial reporting as at 31 December 2024.  The contribution of the Cegeka participation in Gimv Anchor Investments enables the company to partially anchor Cegeka, which has created a framework for holding other participations for a longer term and thus creating additional shareholder value. The transfer of a quarter of the shares in Gimv Anchor Investments to WorxInvest allows the weight of Cegeka within the total portfolio to be reduced, thereby freeing up resources for the growth strategy without diluting shareholders or increasing the debt ratio.  The Decision is consistent with the policy and strategy, as it reduces exposure to Cegeka, frees up cash to further support the growth strategy and minimises the impact of the transaction on the existing governance within the company. The costs for the company associated with the Decision are limited. They are expected to amount to substantially less than 1% of the company’s net assets. The transaction is not considered to entail any signiﬁcant disadvantages for which, for the purposes of Section 7:97 of the WVV, it must be examined whether these are adequately compensated by other elements in the company's policy. The advisory opinion of the independent board of directors was as follows: “Based on the considerations set out above, the assessment of the advantages or disadvantages of the Decision for the Company and its shareholders, and the estimate of its ﬁnancial consequences, the Committee, partly on the basis of the opinions of the Experts, that the approval of the Decision is in line with the Company's policy and is not of such a nature as to cause the Company any disadvantage. Therefore, the analysis of whether such disadvantage is compensated by other elements in the Company's policy, or whether it would be manifestly unlawful, does not need to be carried out. The Committee therefore unanimously recommends to the Board of Directors that it approve the Decision as of 10 February 2025.” The auditor's assessment reads as follows: “Based on our review, nothing has come to our attention that causes us to believe that the ﬁnancial and accounting information set out in the opinion of the committee of independent directors dated 18 February 2025 and in the minutes of the board of directors dated 18 February 2025, justifying the proposed transaction, is not, in all material respects, consistent with the information available to us in connection with our engagement.” Gimv shares held by the board of directors At the start of the FY 2024-25, the delegated director was the only current director who held shares in the company, speciﬁcally 16,752. At the end of the ﬁnancial year on 31 March 2025, all directors together hold 111,820 shares in the company for a total combined acquisition value of EUR 3,812,759, as follows: Gimv shares held by members of the board of directors Shares 31-03-2025 Koen Dejonckheere 45,205 Filip Dierckx 19,856 Robert Van Goethem 9,889 Marc Valentiny 7,139 Brigitte Boone 7,139 Frank Verhaegen 7,139 Luc Missorten 4,813 Johan Deschuyﬀeleer 642 Hilde Windels 5,290 Manon Janssen 3,208 An Vermeersch 1,500 This signiﬁcant change in the shareholdings of the members of the Board of Directors is the result of the introduction of shareholding guidelines for non-executive directors and the increase in the shareholding guidelines for members of the Executive Committee, including the Chief Executive Oﬃcer (see remuneration report). 1.3. Evaluation In principle every three years, the chairman organises an evaluation of the performance of the board of directors. This exercise consists of a digital questionnaire on various aspects of governance, plus individual interviews with directors. The aim of this exercise is to capture individual opinions and feedback by means of a quantitative instrument. The questions include:  to what extent is information presented in a timely and accurate manner to the directors and how does management respond to any questions and remarks;  how do discussions and decision-making work within the board and is there adequate opportunity to present all points of view; Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

68 Annual Report 2024-2025  to what extent do individual directors participate in the discussions and do directors suﬃciently contribute their speciﬁc expertise during discussions;  how is the chairman's leadership during meetings perceived, with particular attention to everybody’s right to speak, the conformity of decisions taken with the discussions and the consensus of the directors. The most recent evaluation of the functioning of the board of directors took place in the third quarter of FY 2021-22. A new evaluation is planned for the second half of 2025. 1.4. Remuneration The remuneration of the directors is set out in the remuneration report (cfr below). 1.5. Rules of conduct Gimv Dealing Code and Gimv Code of Conduct Gimv has a “Gimv Dealing Code” and a “Gimv Code of Conduct”, both of which apply to directors and employees of Gimv and its group companies. Both documents are available for public consultation on Gimv’s website. Code of Ethics Gimv takes its lead in its activities from, inter alia, the code of conduct of the Private Capital Belgium. This code aims to contribute to the lasting development of the private equity sector in Belgium. Its main points relate to sustainable creation of value by means of active shareholdership in investee companies and to the ethically responsible use of investment resources on the basis of integrity, conﬁdence and open communication. This code of conduct was integrated in the Gimv Code of Conduct and can also be found on the website of Private Capital Belgium. (www.privatecapital.be) Since the ﬁnancial year 2021-22, Gimv also endorses the Principles of Responsible Investment (developed by the United Nations). During the FY 2023-24, Gimv reported for the ﬁrst time under this UN PRI (cfr. infra). 2. Advisory committees within the board of directors During the FY 2024-25 three specialised advisory committees were active: the audit, risk & compliance committee, the remuneration committee and the nomination committee. However, in March 2025, the board of directors decided to merge the remuneration committee with the nomination committee into a single remuneration and nomination committee with eﬀect from 1 April 2025. The functioning of these committees is described in greater detail in the Corporate Governance Charter. After each meeting, the board of directors receives a report with recommendations in respect of decisions to be taken by the board. 2.1. Audit, risk & compliance committee Composition During the FY 2024-25 the audit, risk & compliance committee was composed of Luc Missorten (chairman), Filip Dierckx, Brigitte Boone, Frank Verhaegen and Hilde Windels. In this way the committee consisted entirely of non-executive board members, the majority of whom are independent. All audit, risk & compliance committee members meet the criteria of expertise with respect to bookkeeping and audit. The committee as a whole is balanced and possesses the necessary independence, competences, knowledge, experience and ability to perform its task eﬀectively. With eﬀect as from 1 April 2025, the composition of the audit, risk & compliance committee will be changed and the committee will consist of the following members: Luc Missorten (chairman), Brigitte Boone, Marc Valentiny, Frank Verhaegen and Hilde Windels. Following this change, the audit, risk & compliance committee will still consist entirely of non-executive directors and a majority of independent directors. Operations Activities report The main role of the audit, risk & compliance committee is to direct and supervise the ﬁnancial reporting, the bookkeeping process and the administration of the company. The ﬁnancial reporting is extensively discussed on a quarterly basis, with special attention to the valuation decisions relating to the shareholdings in the portfolio. The audit, risk & compliance committee also monitors the eﬃciency of internal control and risk management systems. The audit, risk & compliance committee reports systematically on its activities to the board of directors. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

69 Annual Report 2024-2025 During FY 2024-25, the audit, risk & compliance committee paid more speciﬁc attention, inter alia, to the following items:  The ﬁnancial reporting was discussed in detail at each of the four meetings, including the reporting process itself and the portfolio valuations and results. During the May and November meetings, the annual and half-yearly results respectively and the ﬁnancial communication were discussed in the presence of the statutory auditor. During the meeting in May 2024 the ﬁnancial report as included in the 2023-24 annual report was also discussed.  The valuation methods, as set out in Gimv’s valuation rules, were continuously monitored. Also during FY 2024-25, the committee examined more closely the evolution of the various components of the valuation, with speciﬁc attention to the impact of the results of the portfolio companies on the valuation, as well as the evolution of the valuation multiples applied and the consistent application of any valuation discounts.  The audit, risk & compliance committee analyses annually the ﬁscal situation of the Gimv group, along with any tax disputes. In addition, the audit, risk & compliance committee analyses at regular intervals the ongoing legal disputes, as well as Gimv's oﬀ-balance sheet obligations. Next to that, the group insurance and potential pension obligations are analysed and discussed at least once a year. All these subjects are discussed on the basis of internally and externally prepared reports. The committee is therefore of the opinion that there are no items that are not included in the annual accounts and the annual report.  The Gimv Compliance & ESG Oﬃce reports once a year on the compliance procedures within Gimv. With respect to risk management, the company again opted this year for an approach whereby the portfolio and the process risks with which Gimv is confronted in its activities are discussed and assessed on a regular basis in the audit, risk & compliance committee. A number of these risks (including market and economic risk, liquidity risk and exchange rate risk) are included in the recurrent ﬁnancial reporting. In addition, a number of other risks (ﬁscal risk, legal risks, provisions for group insurance obligations) are examined on an annual basis. Finally, a number of other risks are reviewed on an ad-hoc basis. This combination of recurrent monitoring and ad-hoc discussion of major risks is intended to allow Gimv’s management to guarantee the eﬃcient application of the control processes, so as to continuously enhance the eﬀectiveness of risk management. A more detailed description of the internal control approach and methodology can be found in the chapter on internal control and risk management (cfr item 6 below). The auditor’s management letter contained no recommendations leading to signiﬁcant adjustments. The statutory auditor therefore delivered an unqualiﬁed opinion. The audit, risk & compliance committee has no knowledge of facts or circumstances with a potentially signiﬁcant impact on Gimv that are not included in the annual accounts or the annual report. Number of meetings and attendance During FY 2024-25, the audit, risk & compliance committee met ﬁve times. All members were present at every meeting (attendance level of 100%). The audit, risk & compliance committee meets at least once a year without any executive committee member present and at least once without the auditor. 2.2. Remuneration Committee Composition During FY 2024-25 the remuneration committee was composed of Frank Verhaegen (chairman), Filip Dierckx, Brigitte Boone, Robert Van Goethem, Johan Deschuyﬀeleer, Manon Janssen and Hilde Windels. In this way the remuneration committee consists entirely of non-executive directors and a majority of independent directors. With eﬀect as from 1 April 2025, the remuneration committee was merged with the nomination committee to form the remuneration and nomination committee, with the following composition: Filip Dierckx (chairman), Robert Van Goethem, Johan Deschuyﬀeleer, Manon Janssen and Frank Verhaegen. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

70 Annual Report 2024-2025 Operations Activities report During FY 2024-25, the remuneration committee examined the recurrent subjects set out in the Corporate Governance Charter. In addition to its regular work on the remuneration policy and the preparation of the remuneration report, the remuneration committee focused in the past year on (i) the evaluation of executive management and setting their objectives and annual variable remuneration; (ii) the annual update of the HR policy; (iii) the implementation of the new investment structure for the vintage 2024; (iv) the introduction of a new incentive structure aimed at growing the market capitalisation and net asset value of Gimv (the ‘Gimv Share LTIP’) and the net asset value of Gimv Anchor Investments (the ‘Gimv Anchor NAV LTIP’); (v) the benchmarking and adjustment of the remuneration structure for non-executive directors; (vi) the benchmarking of the remuneration structure for members of the executive committee and the investment teams; and (vii) the annual share plan. Number of meetings and attendance During FY 2024-25, the remuneration committee met eight times. One member was unable to attend one meeting, resulting in an average attendance of 98%. The individual attendances of the committee members are shown in the table above (cfr. item 1.3 above). 2.3. Nomination Committee Composition During FY 2024-25 the nomination committee was composed of Filip Dierckx (chairman), Marc Valentiny, Johan Deschuyﬀeleer, Manon Janssen and An Vermeersch. In this way the remuneration committee consists entirely of non-executive directors and a majority of independent directors. With eﬀect as from 1 April 2025, the remuneration committee was merged with the nomination committee to form the remuneration and nomination committee (cf. supra). Operations During FY 2024-25, the nomination committee met once, speciﬁcally in March 2025 in order to decide on the proposal to appoint a new member of the executive committee responsible for Gimv Anchor Investments and value creation. This resulted in the appointment, on the recommendation of the nomination committee, of Integris BV, permanently represented by Bart Troubleyn. 3. Executive Committee The CEO is responsible for developing and implementing the strategic and investment decisions of the board of directors. The CEO is assisted in the execution of his duties by an executive committee. 3.1. Members Alongside the CEO, the executive committee consists of: Edmond Bastijns 7 , Chief Legal Oﬃcer & Secretary General Edmond Bastijns joined Gimv in September 2000. Since 2007, he has been responsible for the legal department in his capacity as Chief Legal Oﬃcer. In July 2016, he was appointed Secretary General and became a member of the executive committee. Before Gimv, he worked at Linklaters in Brussels (then De Bandt, van Hecke & Lagae) from 1996 until 2000. Edmond holds a master’s degree in Law from the University of Leuven (KU Leuven). He recently completed the Advanced Management Program at the Chicago Booth School of Business. 7 Acting as a director of Edmond Bastijns BV. From left to right: Kristof Vande Capelle, Bram Vanparys, Tom Van de Voorde, Erik Mampaey, Bart Troubleyn, Koen Dejonckheere, Bart Diels, Koen Bouckaert, Edmond Bastijns Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

71 Annual Report 2024-2025 Koen Bouckaert 8 , Managing Partner - Head Consumer Koen Bouckaert joined the Gimv team in July 2020 as Head Consumer. He started his career as a strategy consultant at AD Little and The Boston Consulting Group, where he worked for 8 years. He then joined the management committee of Alpro, the European market leader in plant-based dairy alternatives. For 16 years he worked as VP Strategy & Business Development on a growth strategy that enabled the company to achieve double-digit growth. More recently, Koen was responsible for Strategic Development and M&A in the executive committee of La Lorraine Bakery Group. Koen holds a master’s in business economics from the Catholic University of Leuven (Belgium), a master’s in business administration from the University of Chicago Booth School of Business (USA) and has taken Executive Education at INSEAD (France) and IMD (Switserland). Bart Diels 9 , Managing Partner – Head Healthcare During his more than 30 years at Gimv, Bart Diels has built a successful and broad full-cycle track record – in early and late stage investments, in business building, value creation in buy & and-build strategies and in exits (IPO & trade sale) – in various sectors. Bart has guided early stage companies such as BAI, Benedenti, Coreoptics, eXimius, Filepool, Metris and OTN Systems at each step of the growth process, from smart idea to successful exit. He has also achieved substantial capital gains on late stage investments such as Acertys, Almaviva FICS and LMS. This extensive experience has been vital in creating and continuing to expand Gimv’s Healthcare platform, which he has headed since late 2012. With the spin-oﬀ of the venture capital activities into the new Life Sciences platform in May 2022, Bart’s full focus is on expanding the private equity part of Gimv’s Healthcare business. Today, Bart is chairman of Arseus Medical and a board member of Spineart. Bart holds a master’s degree in Financial and Quantitative Economics and an MBA, both from the University of Antwerp and he followed diﬀerent executive education programs at IESE & Harvard. Erik Mampaey 10 , Managing Partner – Head Sustainable Cities Erik Mampaey joined Gimv as Head Sustainable Cities in early 2018. He was previously employed at ENGIE as Head of Acquisitions, Investments & Financial Advisory (AI & FA) Europe (business units in the Benelux, Northern, Eastern, Central and Southern Europe, and in the UK /Ireland). In this capacity, he was responsible for a whole series of strategic and ﬁnancial projects in Europe, where he was in charge of an M&A/ﬁnancial engineering team focused on a very wide range of energy and sustainable topics. Erik graduated as a Commercial Engineer from KU Leuven, after which he obtained an executive master's diploma in Corporate Finance from Solvay Brussels School. Kristof Vande Capelle, CFO Kristof Vande Capelle has been working at Gimv since 2007 and is CFO of Gimv since 2012. In this role, he has developed a new reporting and communication system for Gimv and its portfolio companies, based on a recurring and structured monitoring and valuation process. Before joining Gimv in September 2007, he worked at Mobistar (Orange) as Director of Strategic Planning and Investor Relations. He has also worked as a Credit Analyst at KBC and as an Academic Assistant at the University of Leuven. He holds a master’s in applied economics (specialisation in Corporate Finance) and an MA in Economics, both from KU Leuven. Kristof has also followed the Advanced Management Program (AMP) at IESE Business School and the High Performance Leadership Programme at IMD Lausanne. Tom Van de Voorde 11 , Managing Partner - Head Smart Industries Tom Van de Voorde joined the Gimv team in 2007, ﬁrst at Buyouts & Growth Belgium, where he completed several management buyouts and investments in growth companies, and then in the Smart Industries Platform. Today he is responsible for Gimv’s Smart Industries Platform, focused on value-creating investments in technology. He gained valuable experience in investment banking at Bank Degroof, as vice-president Investment Banking & Private Equity, and at NIBC Advisory in Brussels as head of M&A. He is a board member of, among others, Cegeka, Citymesh Holding, AME/ Variass, Stachel/Picot, Televic and Impression International. Since 2014 he has undertaken the exits from Trustteam, Xeikon, Hecht, Luciad, Mackevision, Vandemoortele, Summa and Mega. Tom is a commercial engineer (KULeuven) and holds an MBA from the University of Chicago (Booth). Bram Vanparys 12 , Managing Partner – Head of Life Sciences Bram Vanparys joined Gimv in 2018. He has more than 14 years of experience in international venture capital, most recently at Merck Ventures in Amsterdam. Bram has a successful track record in Life Science investments and was actively involved in the creation, ﬁnancing and/or exit of several start- ups across Europe and Israel, including arGEN-X (ARGX:EBR), Multiplicom (acquired by Agilent), Cartagenia (acquired by Agilent), Q-Biologicals (acquired by Amatsigroup, now Euroﬁns), Calypso (acquired by Novartis). Today, Bram is a Management Board member at portfolio companies ImCheck Therapeutics (France), iSTAR Medical (Belgium), Kinaset Therapeutics (US) and Topas Therapeutics (Germany). He holds a PhD in biotechnology (Ghent University, Belgium) and an executive MBA from Vlerick Business School (Belgium). 3.2. Remuneration For the remuneration of the members of the executive committee, the reader is referred to the remuneration report (cfr. Chapter 6 below) 8 Acting as a director of Koen Bouckaert BV. 9 Acting as a director of Candor Consult BV. 10 Acting as a director of Erik Mampaey BV. 11 Acting as a director of L2 Capital BV. 12 Acting as a director of Root BV. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

72 Annual Report 2024-2025 3.3. Termination rules CEO The compensation due in the event of termination of the mandate of the CEO is twelve months ﬁxed and short-term variable remuneration, unless the mandate is terminated after the age of 60, in which case no termination compensation is due. Other executive committee members The compensation due when the management agreement with an executive committee member is terminated is twelve months of ﬁxed and short-term variable remuneration. 3.4. Evaluation Executive committee members are evaluated every year by the CEO. The results are presented by the CEO and discussed in the remuneration committee. The remuneration committee assesses the CEO’s performance on an annual basis. This evaluation is prepared jointly by the chairman of the board of directors and the chairman of the remuneration committee. The remuneration committee reports to the board of directors on the above-mentioned evaluations. 3.5. Ownership of securities on 31 March 2025 The table below gives an overview of the numbers of Gimv shares and bonds held by current executive committee members at the start and end of FY 2024-25 (in their own name and/or through their management company, cf supra): Securities holding executive committee 2025 Shares Bonds 31-03-2024 31-03-2025 31-03-2024 31-03-2025 Koen Dejonckheere 16,752 45,205 - - Kristof Vande Capelle 7,718 18,085 16 16 Edmond Bastijns 6,271 17,195 - - Bart Diels 6,951 16,298 24 24 Tom Van de Voorde 7,395 19,286 - - Erik Mampaey 6,015 15,521 - - Koen Bouckaert 6,346 18,291 - - Bram Vanparys 3,000 7,219 - - 4. Diversity policy Gimv believes that diversity in various areas contributes to a better understanding of social developments and innovative trends and therefore also of Gimv's investment opportunities, risk management and organisation. Diversity of competences and opinions ensures an open and constructive discussion of strategic decisions on its turn leading to better decision-making. Diversity, at least in terms of gender and professional background, is also an explicit part of the procedure for the selection of new board of directors and executive committee members. More broadly within the organisation, Gimv is attentive, on a permanent basis, to investing in the recruitment, training, career guidance and retention of diverse talent. It goes without saying that Gimv does not tolerate any form of discrimination. Everyone must respect the diﬀerences in the individuality of each person and must achieve Gimv's objectives together without regard to race, ethnicity, religion, origin, gender, sexual orientation, disability, age, marital status or other characteristics. No form of illegal discrimination or inappropriate/ unacceptable (sexual) behavior will be tolerated (see also the Code of Conduct, 4.2). 4.1. Gender diversity Gender diversity promotes better understanding of the market, enhances creativity and provides more eﬀective leadership. Gimv strives to discover potential female talents at an early stage and to provide them with opportunities that enable them to develop their full potential. With four women out of eleven directors, Gimv met the legally required gender diversity in the composition of the board of directors (Article 7:86 CAC) again during FY 2024-25. In this way, Gimv already complies with the future requirement (coming into force in June 2026) that at least 40% of non-executive directors should be women. Gender diversity is a constant point of attention in the recruitment of new employees. While ﬁve new employees were recruited in FY 2023-24, of whom three were women (two of whom were investment professionals), ﬁve new employees were recruited in FY 2024-25, all of whom were men. In terms of gender diversity within the organisation, in FY 2019-20, Gimv subscribed to the France Invest Charter 'sur les engagements pour favoriser la parité femmes-hommes chez les acteurs du capital-investissement et dans leurs participations'. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

73 Annual Report 2024-2025 In addition, Gimv also took the initiative during FY 2021-22, as the ﬁrst private equity investor in Belgium, to become a member of Level20 (https://www.level20.org), a non-proﬁt organisation that promotes gender diversity in the European Private Equity sector. This led to the creation of the Belgian division of Level20 during FY 2022-23, with Charlotte Vanden Daele, legal counsel at Gimv, as the ﬁrst chairman. The chairmanship of Level20 has now been handed over to Stéphanie Massart, Senior Principal at Gimv. 4.2. Professional background Complementary professional knowledge and experience is another important part of Gimv's diversity policy in order to remain competitive in a constantly changing world. This applies equally to the board of directors, the executive committee and more broadly throughout the organisation. 4.3. Age Age diversity is also essential in the context of diversity policy. Attracting young talent with complementary knowledge and experience, with particular attention to 'digital natives' and creating a dynamic environment all contribute to Gimv's ability to remain at the forefront of insight into new technology and social evolutions. The combination of these with talented professionals having broader and more in-depth work experience leads to better outcomes, both in the selection of interesting investment opportunities and in guiding the participations on their way to success. Gimv is also keen to invest in the personal and professional development of young talent by providing maximum stimulation for following advanced courses, both in regular higher education and in the context of speciﬁc training courses for young professionals. 4.4. Geographic diversity Gimv's presence in four countries with local teams translates into a geographical diversity that provides signiﬁcant added value in a world characterised by increasing internationalisation. 5. Capital 5.1. Reference shareholder and relationship agreement Since 21 May 2024, WorxInvest has been the new reference shareholder of the company. Taking into account purchases on the stock exchange and participation in the capital increase in February 2025, WorxInvest currently holds 11,561,033 shares in the company, representing a 32.32% stake. During FY 2024-25, two situations arose leading to the application of article 7:91 of the Companies and Associations Code (cfr. above). Following WorxInvest's acquisition of a stake in Gimv, a relationship agreement was concluded between WorxInvest and Gimv in accordance with recommendation 8.7 of the Code 2020. The board of directors of Gimv believes that it was in the best interest of the company to make a number of clear agreements with the new reference shareholder, where some of which are binding on both parties and others are declarations of intent. The aim is to clarify the strategic objectives of the reference shareholder to create transparency around the (legal and factual) interactions between the company and its reference shareholder, and to lay down a number of agreements. The most important provisions of this relationship agreement concern:  The composition and functioning of the board of directors and advisory committees.  The strategic intentions, including (i) maintaining Gimv's decision-making centre in Flanders, (ii) the intention to be a long-term shareholder of Gimv, and (iii) the intention to participate in any future capital increases (subject, of course, to an analysis of the speciﬁc circumstances, terms and conditions and subject to a decision by the board of directors of WorxInvest).  The allocation of ‘corporate opportunities’, on the basis of which all opportunities for direct investments oﬀered to WorxInvest that fall within Gimv's investment objectives will ﬁrst be oﬀered to Gimv. This does not apply to (i) indirect investments (in investment funds or co-investment opportunities oﬀered by such funds); and (ii) investment opportunities pursued by SD Worx.  The circumstances and conditions under which the directors appointed on the recommendation of WorxInvest may share information that comes to their knowledge as directors of Gimv with the reference shareholder.  The organisation of an informative dialogue between the management of Gimv and the reference shareholder. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

74 Annual Report 2024-2025 The relationship agreement has an initial term of ﬁve years and will be automatically renewed for successive periods of ﬁve years, unless terminated by either party with six month’s notice. The full text of the relationship agreement is available on the website (https://www.gimv.com/nl/ corporate-governance). 5.2. Evolution of capital Gimv's share capital amounts to EUR 339,505,416.07 and is represented by 35,767,300 shares without nominal value. All shares have the same rights and fractional value and are fully paid up. The following capital increases have taken place since 1995 (converted into EUR): Evolution of capital Date Capital Issue premium Total number of shares Increase Total 31-01-1995 672,262.43 102,756,848.70 1,021,820.48 4,145,201 31-07-1995 1 12,146,782.71 114,903,631.00 37,436,384.32 4,635,201 27-05-1997 1 103,240,216.30 218,146,301.80 - 23,176,005 05-12-2000 2 1,853,698.20 220,000,000.00 - 23,176,005 03-08-2012 3 7,478,071.40 227,478,071.40 17,130,237.58 23,963,786 02-08-2013 3 7,223,793.74 234,701,865.10 17,946,082.81 24,724,780 01-08-2014 3 6,662,763.59 241,364,628.60 16,552,314.41 25,426,672 28-07-2020 3 5,889,797.58 247,254,426.20 22,341,223.42 26,047,134 29-07-2021 3 5,765,544.49 253,019,970.70 22,932,877.01 26,654,508 28-07-2022 3 5,393,577.86 258,413,548.56 20,459,021.64 27,222,697 28-07-2023 3 6,251,583.42 264,665,131.98 18,919,191.30 27,881,273 26-07-2024 3 6,953,948.69 271,619,080.67 22,378,033.99 28,613,840 11-02-2025 4 67,886,335.40 339,505,416.07 178,908,034.60 35,767,300 1 Incorporation of issue premium and 1:5 share split (1:5). 2 Capital increase and conversion into EUR. 3 Capital increase via stock dividend option. 4 Capital increase 2025. Apart from the above-mentioned shares the company has not issued any securities that on exercise or conversion would produce an increase in the number of shares. All shares of the Company are listed on the First Market of Euronext Brussels, with share code GIMB, ISIN code BE0003699130, Reuters code Gimv.BR and Bloomberg code GIMB BB. 5.3. Authorised capital Based on the articles of association (article 9) as approved by the extraordinary general meeting on 24 June 2020, the board of directors is authorised to increase the share capital in one or more instalments by (i) an amount of up to the capital for capital increases with application of the preferential subscription right of existing shareholders, and (ii) an amount of no more than twenty percent (20%) of the capital for capital increases with suspension of the preferential subscription right of existing shareholders. The special report of 17 March 2020 of the board of directors to the general meeting (in application of article 7:199 CAC) sets out the special circumstances in which the board of directors can make use of this authorisation. The board of directors has used this authorisation for authorised capital on four occasions:  In July 2020 in the context of the optional dividend approved by the annual general meeting of 24 June 2020. The statutory capital was increased with EUR 5,889,797.58 by issuing 620,462 new shares with an issue price of EUR 45.50 per share. The diﬀerence between the fractional value and the issue price, i.e. EUR 22,341,223.42, was recorded as an issue premium.  In July 2021 in the context of the optional dividend approved by the annual general meeting of 30 June 2021. The statutory capital was increased with EUR 5,765,544.49 by issuing 607,374 new shares with an issue price of EUR 47.25 per share. The diﬀerence between the fractional value and the issue price, i.e. EUR 22,932,877.01, was recorded as an issue premium.  In July 2022 in the context of the optional dividend approved by the annual general meeting of 28 June 2022. The statutory capital was increased with EUR 5,393,577.86 by issuing 568,189 new shares with an issue price of EUR 45.50 per share. The diﬀerence between the fractional value and the issue price, i.e. EUR 20,459,021.64, was recorded as an issue premium.  In July 2023 in the context of the optional dividend approved by the annual general meeting of 28 June 2023. The statutory capital was increased with EUR 6,251,583.42 by issuing 658,576 new shares with an issue price of EUR 38.22 per share. The diﬀerence between the fractional value and the issue price, i.e. EUR 18,919,191.30, was recorded as an issue premium. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

75 Annual Report 2024-2025  In July 2024 in the context of the optional dividend approved by the annual general meeting of 26 June 2024. The statutory capital was increased with EUR 6,953,948.69 by issuing 732,567 new shares with an issue price of EUR 40.04 per share. The diﬀerence between the fractional value and the issue price, i.e. EUR 22,378,033.99 was recoded as an issue premium. At the extraordinary general meeting of 25 June 2025, it will be proposed to withdraw the existing authorisation regarding authorised capital and to grant a new authorisation for a new period of ﬁve years to increase the share capital in one or more times by (i) an amount that may not exceed the capital for capital increases with preferential subscription rights of the existing shareholders, and (ii) an amount that may not exceed twenty percent (20%) of the capital for capital increases with the waiver of the preferential subscription rights of the existing shareholders. In particular, the report of 15 April 2025 from the board of directors to the general meeting (in accordance with Article 7:199 of the WVV) will clarify the special circumstances in which the board of directors may exercise this authorisation. 5.4. Repurchase of own shares Based on the articles of association (Article 11) as approved by the extraordinary general meeting on 24 June 2020, the board of directors is authorised to acquire its own securities up to a maximum of twenty percent (20%) of the capital or to pledge them at a unit price that may not be lower than twenty percent (20%) below the average closing price of the last twenty trading days prior to the transaction and that may not be higher than twenty percent (20%) above the average closing price of last twenty trading days prior to the transaction. This authorisation has been granted for a ﬁve-year period until June 2025. Following the previous repurchases in ﬁnancial years 2020-21 (of 40,000 own shares), 2021-22 (of 32,000 own shares) and 2023-24 (20,000 own shares in July 2023 and 30,000 in February 2024), one new repurchases took place during ﬁnancial year 2024-25, namely in February 2025 (of 160,000 own shares). All these repurchases took place within the framework of the share purchase plan (see remuneration policy 5). At the extraordinary general meeting of 25 June 2025, it will be proposed to withdraw the existing authorisation to buy back own shares and to grant a new authorisation for a new period of ﬁve years until June 2030 to acquire or pledge its own securities up to a maximum of twenty percent (20%) of the capital at a unit price that may not be lower than twenty percent (20%) below the average closing price of the last twenty trading days prior to the transaction and which may not exceed twenty percent (20%) above the average closing price of the last twenty trading days prior to the transaction. 5.5. Threshold for convening the general meeting Shareholders who, independently or jointly, represent 3% of the authorised capital, are entitled to place items on the agenda of the general meeting and to submit proposals for resolutions. Apart from this, the board of directors will consider any reasonable proposal from a shareholder, regardless of his shareholding. If the proposal is of interest to Gimv and its shareholders, the board of directors will place the item on the agenda of the General Meeting.

External audit

The external audit of Gimv and of most of its subsidiaries was entrusted by resolution of the general meeting of 29 June 2022 to BDO Bedrijfsrevisoren BV, having its registered oﬃce at Antwerp- Berchem, Uitbreidingstraat 72 box 1, for a renewable period of three years ending after the general meeting that will be invited to approve the accounts for FY 2024-25. BDO Bedrijfsrevisoren has appointed David Lenaerts, auditor, as permanent representative. During FY 2024-25, Gimv paid a total of EUR 458,073 (VAT excluded) to BDO. This amount is composed of:  EUR 120,445 for the statutory audit of Gimv’s ﬁnancial statements;  EUR 149,420 for the statutory audit of the annual accounts of Gimv’s subsidiaries, for which BDO is appointed as statutory auditor;  EUR 182,783 for other audit assignments, mostly assignments in connection with the capital increase and the preparation of the LTIP 2024, in addition to other advisory assignments relating to Gimv investee companies;  EUR 0 for tax advice relating to Gimv’s investee companies;  EUR 5,425 for assignments outside the scope of auditing, including verifying the variable remuneration and checking the valuation of share options or warrants of co-investment companies;  EUR 0 for various due diligence assignments.

Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

76 Annual Report 2024-2025

The remuneration for the statutory audits of the annual accounts of Gimv and its (direct or indirect) subsidiaries is adjusted annually based on the evolution of the consumer price index.

Article 3:65 of the Belgian Companies and Associations Code requires the Company to state in the notes to the ﬁnancial statements the fees associated with exceptional activities or special assignments performed by the statutory auditor or a person associated with the statutory auditor, within (i) Gimv, (ii) Belgian companies or persons aﬃliated with Gimv and (iii) its foreign subsidiaries. Since Gimv, as an investment company, has dozens of shareholdings, in Belgium and abroad, it has agreed the following procedures with its statutory auditor:  The additional statutory tasks and the other services provided by the statutory auditor (and companies aﬃliated to or cooperating with BDO) are subject to strict monitoring and, on occasions, approval procedures carried out by the audit, risk & compliance committee.  Gimv requires a speciﬁc report of the assignments undertaken by BDO or (legal) persons aﬃliated to it for Belgian aﬃliates or foreign subsidiaries where Gimv holds more than 50% of the shares.  For all other participating interests, whether or not companies aﬃliated with Gimv, Gimv inquires of its statutory auditor (or companies aﬃliated to or cooperating with BDO) whether tasks, mandates or assignments have been carried out. However, as Gimv's management is generally not involved in appointing service providers for its investee companies, it does not always have this information.  BDO also has internal systems for detecting conﬂicts of interest in a timely manner. Although Gimv has no reason to doubt the completeness and accuracy of the information obtained in this way, it is unable to give any guarantees in this respect. 7. Internal control and risk management Internal control can be deﬁned as a system, developed by the governing body, which contributes to the governance of the Company’s activities, its eﬃcient performance and an optimal use of its assets, taking into account the objectives, size and complexity of the activities. The ever-increasing complexity of today’s society and of Gimv’s investment projects in general, as well as changing laws and regulations, necessitate a greater degree of risk awareness. Risk management is the process of identifying, assessing, controlling and communicating about risk from an integrated and organisation-wide perspective. This is an ongoing process, imposed on us by a changing world and measures introduced in changing circumstances. The main features of the internal control and risk management systems are described below. 7.1. Control environment The Company’s control environment - the way the organisation deals with risk management - is deﬁned by its corporate culture:  the mission and values, organisational culture, philosophy, management style and corporate structure;  the deﬁnition of integrity and ethics in the Gimv Code of Conduct for the board of directors and employees (www.gimv.com/en/about-gimv/corporate-governance);  the roles and responsibilities of the board of directors and the various committees as deﬁned in the Corporate Governance Charter (http://www.gimv.com/en/about-gimv/corporate- governance). This shows that each department within Gimv operates with a high level of independence, but that, at the same time, Gimv has also developed a powerful and centralised decision process for new investments. 7.2. COSO-model based approach The company is convinced that risk management is an essential part of good governance and the development of sustainable corporate performance. By maintaining an appropriate balance between risks and returns, the company seeks to maximise business success and shareholder value. Optimal risk management also needs to contribute to the realisation of the (strategic) objectives by:  optimising operational business processes in terms of eﬀectiveness and eﬃciency;  reliable ﬁnancial reporting;  monitoring its activities in accordance with regulations, laws and codes of conduct. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

77 Annual Report 2024-2025 This approach concords with that of the COSO model. This is an international frame of reference for an integrated system of internal control and risk management as developed by the Committee of Sponsoring Organisations of the Treadway Commission ("COSO"). This COSO reference framework is built around ﬁve components: (i) control environment, (ii) risk management process, (iii) control activity, (iv) information and communication and (v) supervision and monitoring. This model is until now acknowledged as the standard framework for internal control. 7.3. Management measures and internal control This risk analysis serves to update the risk and control matrix, showing the risks and the corresponding management measures for each process. This includes both the operating risks and risks that impact the ﬁnancial reporting.  During an initial phase, Gimv evaluates whether the internal control mechanisms are structured in a suﬃciently eﬀective and eﬃcient manner. Where shortcomings are detected, remedial measures are taken by the persons responsible for the relevant process and control mechanisms.  In a second phase, all controls are tested in terms of structure and of eﬀectiveness and eﬃciency. In this way we check whether the controls are operating correctly in the daily activities. Where shortcomings are detected, recommendations are formulated and a second round of tests follows to determine whether all recommendations have been implemented. Departure from best principle 4.14 of the Code 2020 Gimv does not have a separate internal audit function. As such it departs from best principle 4.14 of the Code 2020. The audit, risk & compliance committee assesses on an annual basis the need to set up an independent internal audit function and advises the board of directors on this. To date, the board of directors and the audit, risk & compliance committee have always considered that an internal audit function is not strictly necessary, as the evaluation of the internal control systems is embedded in the ﬁnancial department and the external audit. From time to time, external parties are also brought in to provide specialised advice on speciﬁc risk areas. The main internal control risks are linked to the management of the company portfolio and are mainly transaction related. Thorough substantive control of transactions initiated by the business is carried out by the central functions. This second-line control is supplemented by the external audit. Additional reasons for the absence of an internal audit function include the fact that Gimv has a relatively small staﬀ, that an internal audit function would not be a full-time assignment, that a segregation of duties increases independence and, moreover, makes it possible to test against external experiences. Moreover, the rigorous internal and external control systems in place lead to a comparable result. 7.4. Assessment of the approach applied For risk control, Gimv has opted for an approach in which the portfolio and process risks confronting Gimv in its activities are assessed on a regular basis. The monitoring of a number of these risks (including market and economic risk, liquidity risk and currency risk) is included in the recurrent ﬁnancial control. In addition, a number of other risks (ﬁscal risk, legal risks, provisions for group insurance obligations, etc.) are monitored by the audit, risk & compliance committee on an annual basis. Finally, there are a number of further risks handled on an ad-hoc basis. For instance, the audit, risk & compliance committee focused this year on the action plan to be ready in time for the reporting under the Corporate Sustainable Reporting Directive (CSRD) and group insurance provisioning. This combination of recurrent monitoring and ad-hoc discussion of major risks is intended to allow Gimv’s management to guarantee the eﬃcient application of the control processes, so as to continuously enhance the eﬀectiveness of risk management. 7.5. The most signiﬁcant risks The most signiﬁcant risks facing the company are set out in Chapter 7. Financial Statements. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

78 Annual Report 2024-2025 A. Remuneration report 1. Introduction 1.1 Gimv results and link with remuneration In the past FY 2024-25, portfolio companies again showed continued strong growth in revenue (+12.7%) and EBITDA (+14.7%). It was also a year with many exits totaling EUR 560 million and investments totaling EUR 336.1 million. The capital gains realised on some successful exits (notably EUR 188.8 million, with a realised money multiple of 2.4x times the amount invested and an IRR of 14%) contributed positively to the strong portfolio result of EUR 300.2 million (of which EUR 188.8 million realised result, including interest). Taking into account the operating expenses, the net result amounted to EUR 219 million. This means that there was at least on-target performance and generally a strong over-performance for all ﬁnancial performance criteria for the FY 2024-25. In addition, most of the non-ﬁnancial performance criteria were also met. Taking into account the substantial overperformance on the ﬁnancial performance criteria, the board of directors decided to grant a budget for the short-term incentive for the FY 2024-25 equal to 30% of the ﬁxed remuneration mass of the beneﬁciaries concerned, in application of the principles set out in the Remuneration Policy (cf. infra A.5). The board of directors is of the opinion that the total remuneration paid to the beneﬁciaries in or relating to the FY 2024-25 is consistent with the pre-established principles and the remuneration policy as approved by the general meeting on 30 June 2021 (and last amended by decision of the board of directors on 21 May 2024):  there was no signiﬁcant increase in the total cost of ﬁxed remuneration (other than indexation) during the last ﬁnancial year;  the variable remuneration paid during the past ﬁnancial year relates, on the one hand, to the short-term incentive for the FY 2023-24 (cf. infra A.3.3) and, on the other hand, to the 2018 long-term incentive plan under which an initial payment was made (cf. infra A.3.4). 1.2 General meeting and stakeholder engagement The remuneration policy applicable for the FY 2024-25 was approved by the general meeting on 30 June 2021 with 98% of the votes cast. In addition, the general meeting on 26 June 2024 approved the remuneration report with 99.93% of the votes cast. As detailed in the proposed 2025 remuneration policy, the remuneration policy was thoroughly reviewed during the FY 2024-25 to lay the foundations for the successful implementation of the ambitious growth plans. As part of this process, a holistic review of the remuneration policy was conducted, with historical voting behavior as well as the views of proxy advisors and shareholders identiﬁed as one of the perspectives to be taken into account in the review of the policy. During the FY 2024-25, Gimv also proactively consulted proxy advisors and shareholders on the proposed changes. Remuneration report Structure of the report Chapter A Includes the remuneration report, setting out the remuneration paid to the non-executive directors and the members of the executive committee in FY 2024-25, including among others the annual ﬁxed remuneration (A.3.2), the variable short-term remuneration (A.3.3) and the long-term incentives (A.3.4). Chapter B Reporting on the historical co-investment structures (2013-2016 and 2016-2018). Chapter C Reporting on the new investment structure 2024-2027. Chapter D Summary tables of (i) all payments made to the members of the executive committee (including the CEO) in FY 2024-25 under chapter A, B and C, and (ii) all provisions made per 31 March 2025 for future payments to the members of the executive committee (including the CEO) under chapters A, B and C. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

79 Annual Report 2024-2025 1.3 Looking ahead to FY 2025-26 The holistic review of the policy as described above has resulted in the following proposed changes, among others (see more details in the proposed 2025 remuneration policy; subject to approval by the general meeting on 25 June 2025):  Non-executive directors  In line with local market practice, the approval of the new remuneration principles by the general meeting will replace the system of approving an annual envelope to be distributed by the board of directors.  Abolition of attendance fees to reﬂect responsibility and contribution throughout the year.  Increases in ﬁxed remuneration, taking into account the ambitious growth targets to double in size, the aspiration to attract international proﬁles, the limited pool of PE-experienced talent and the required time commitment and involvement of non-executive directors. The increases bring remuneration more in line with the median of the continental European private equity and investment peer group as well as the Bel-20.  Introduction of substantial shareholding guidelines as well as the obligation to annually invest half of the total remuneration in Gimv shares to further align the interests of the non-executive directors with those of the shareholders, in accordance with principle 7.6 of the Belgian Corporate Governance Code.  Executive committee  Short-term incentive: possibility to increase the total maximum annual budget from 30% to 45% of the total ﬁxed remuneration of the executive committee, only in case of overperformance against group ﬁnancial performance criteria. The aim of this change is to reward exceptional performance based on predeﬁned targets per KPI, as well as bring the quantum more in line with the market.  Long-term incentives:  implementation of a new carried interest structure by means of a co-investment plan for the vintage 2024-2027 (see chapter C).  creation of a new long-term incentive structure (without increase of the overall total cost of the long-term incentive schemes to Gimv, see below A.3.4) to further align, among others, the members of the executive committee with the interests of the Gimv shareholders, on the one hand through a long-term incentive plan linked to the growth of the market capitalisation and net asset value (the 'Gimv Share LTIP') and on the other hand through a long-term incentive plan linked to the growth of the net asset value of the portfolio companies held by Gimv Anchor Investments (the 'Gimv Anchor LTIP').  Shareholding guidelines: increase from EUR 500,000 to EUR 1,600,000 for the managing director and from EUR 250,000 to EUR 800,000 for each of the other members of the executive committee, with the aim of further aligning the interests of the members of the executive committee with the interests of shareholders, in accordance with principle 7.9 of the Belgian Corporate Governance Code.  Finally, the structure, readability and narrative of both the proposed remuneration policy and the current remuneration report were also improved to align with stakeholder expectations and leading market practice. 2. Remuneration of the non-executive directors in FY 2024-25 2.1 Implementation of policy in ﬁnancial year 2024-25 The total budget for the remuneration of the non-executive directors, as approved by the general meeting on 26 June 2024, amounts to EUR 900,000. The total remuneration relating to the FY 2024- 25 paid to the non-executive directors amounts to EUR 818,498 and is therefore within the approved budget. This budget has been translated into the following levels of fees per role: Fixed annual fee Fee per meeting Chairman board of directors* EUR 175,000 - Member of the board of directors EUR 40,000 EUR 1,250 Chairman committee EUR 7,500 EUR 1,250 Committee member EUR 3,750 EUR 1,250 * The chairman of the board of directors does not receive any additional remuneration for attending meetings of the board of directors or any committee, nor for chairing or being a member of any committee. During FY 2024-25, non-executive directors did not receive any remuneration in the form of shares. Apart from the above-mentioned ﬁxed annual remuneration and fees, the non-executive directors also did not receive any other remuneration (neither variable nor in kind), nor did they participate in any group insurance scheme of the Company. The remuneration of the non-executive directors during the FY 2024-25 was based on the latest benchmark by WTW in the ﬁrst quarter of 2023 based on a reference group that included the 50% largest Bel-Mid companies as well as a relevant selection of Bel-20 companies. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

80 Annual Report 2024-2025 2.2 Individual remuneration of non- executive directors paid in FY 2024-25 The following table details all remuneration paid or owed by the Company to the non-executive directors in respect of the FY 2024-25 in application of the principles set out in the 2021 Remuneration Policy (sub 3.1). Remuneration of non-executive directors (in EUR) Director Fixed remuneration Remuneration attendance fees Total amount received Since Until board of directors remuneration committee audit & risk committee nomination committee board of directors remuneration committee audit & risk committee nomination committee Filip Dierckx 2024 2028 151,008 - - - - - - - 151,008 Koen Dejonckheere 2008 2025 - - - - - - - - - Brigitte Boone 2015 2027 40,000 3,236 3,750 - 12,500 8,750 6,250 - 74,486 Johan Deschuyﬀeleer 2018 2026 40,000 3,750 - 3,750 15,000 10,000 - 1,250 73,750 Manon Janssen 2017 2024 40,000 3,750 - 3,750 15,000 8,750 - 1,250 72,500 Luc Missorten 2014 2026 40,000 - 7,500 - 15,000 - 6,250 - 68,750 Marc Valentiny 2024 2028 34,516 - - 3,236 12,500 - - 1,250 51,502 Robert Van Goethem 2024 2028 34,516 3,236 - - 12,500 8,750 - - 59,002 Frank Verhaegen 2017 2025 40,000 7,500 3,750 - 15,000 10,000 6,250 - 82,500 An Vermeersch 2017 2025 40,000 - - 3,750 13,750 - - 1,250 58,750 Hilde Windels 2022 2026 40,000 3,750 3,236 514 15,000 10,000 6,250 - 78,750 Hilde Laga 2015 2024 23,992 - - - - - - - 23,992 Marc Descheemaecker 2014 2024 5,484 - 514 514 1,250 - - - 7,762 Jan Desmeth 2023 2024 5,484 - - 514 1,250 - - - 7,248 Geert Peeters 2016 2024 5,484 514 - - 1,250 1,250 - - 8,498 2.3 Shareholding guidelines for non-executive directors The board of directors has established in January 2025 shareholding guidelines for the non-executive directors, which are EUR 612,500 for the chairman of the board of directors and EUR 222,500 for each other non-executive director. Each non-executive director has ﬁve years to purchase this position in the Gimv share with personal ﬁnancial resources 1 . As per 31 March 2025, non-executive directors jointly owned 66,615 Gimv shares for a total combined acquisition value of EUR 2,095,280 (of which mainly 62,701 shares in the context of the yearly share purchase plan and 3,709 shares through the stock exchange). This position was built up entirely from their own resources 1 . 1 With personal ﬁnance in their own name and/or through their management company. Number of Gimv shares Acquisition value Minimum threshold 31-03-2025 31-03-2025 31-03-2025 Filip Dierckx 19,856 614,216 100% Robert Van Goethem 9,889 323,497 145% Marc Valentiny 7,139 222,523 100% Brigitte Boone 7,139 222,523 100% Frank Verhaegen 7,139 222,523 100% Luc Missorten 4,813 150,021 67% Johan Deschuyﬀeleer 642 20,011 9% Hilde Windels 5,290 173,218 78% Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

81 Annual Report 2024-2025 3. Remuneration of the executive committee The remuneration of the managing director and other members of the executive committee is based on the principles set out in the 2021 remuneration policy (sub 4). There is a direct connection between the Company's performance and the remuneration of the executive committee members, both in the form of the short-term incentive (which is based, inter alia, on clearly deﬁned ﬁnancial and non-ﬁnancial performance criteria), and in the form of the long- term incentives (which are based on sustainable value creation in the portfolio and as a result are directly linked to the interests of the shareholders). Taking into account the performance criteria applied (see below), this remuneration also contributes to the long-term performance of the Company. The total remuneration package and the relative ratios between the ﬁxed annual remuneration, the short-term incentive, the long-term incentive and other remuneration components are in line with the established remuneration policy. The remuneration of the executive committee during the FY 2024-25 was determined on the benchmark by WTW in the FY 2022-23, which was based on a peer group that included private equity/investment companies in the Benelux, France and Germany. 3.1 Remuneration of the executive committee members paid in FY 2024-25 Remuneration of executive committee members (in EUR) Position FY Yearly ﬁxed remuneration Variable remuneration in cash Total Ratio ﬁxed / variable One year Multiple years Fixed Variable 2024-2025 793,563 290,407 293,344 1,377,314 57.6% 42.4% CEO 2023-2024 764,997 192,212 - 957,209 79.9% 20.1% 2024-2025 2,919,981 698,479 1,998,600 5,617,060 52.0% 48.0% Executive committee members 2023-2024 2,850,594 615,325 - 3,465,919 82.2% 17.8% 1 For the managing director, the ﬁxed remuneration also includes beneﬁts in kind (such as hospitalisation insurance and the use of a company car, i.e. EUR 5,219 in 2023-24 and EUR 5,296 in 2024-25) and the contribution to group and accident insurance (i.e. EUR 114,430 in 2023-24 and EUR 131,450 in 2024-25). The total ﬁxed annual remuneration of the other members of the executive committee comprises, on the one hand, a ﬁxed remuneration for the exercised mandate (the so-called ﬁxed annual remuneration sensu stricto) and, on the other hand, an additional remuneration (for insurance, mobility, etc.). However, this additional remuneration is not taken into account when determining the short-term incentive, which is only a certain percentage of the ﬁxed annual remuneration for the exercised mandate. 2 The short-term incentive (variable remuneration in cash, measured over one year) paid in FY 2024-25 on performance year 2023-24 is reported here. This is further explained in section 3.3. 3 The amounts disbursed in the FY 2024-25 under the LTIP 2018 are reported here. This is further explained in section 3.4. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

82 Annual Report 2024-2025 Pay ratio I FY Total remuneration of the managing director Average total remuneration Pay ratio 2024-2025 1,377,314 156,659 8.8 2023-2024 957,209 143,779 6.7 Pay ratio II Boekjaar Total remuneration of the managing director Total remuneration of lowest-paid FTE Pay ratio 2024-2025 1,377,314 46,878 29.4 2023-2024 957,209 33,375 28.7 3.2 Annual ﬁxed remuneration Fixed remuneration The ﬁxed remuneration (sensu stricto) of the managing director is increased by 1.78% (from EUR 645,348 in 2023-24 to EUR 656,817 in 2024-25). For the other members of the executive committee, the ﬁxed remuneration is increased by 2.43% (from EUR 2,850,594 in FY 2023-24 to EUR 2,919,981 in FY 2024-25). In accordance with the policy, consideration was given to market performance (including indexation), the role and responsibilities of the individuals concerned, as well as their talent, experience and contribution to the Company. Fees The managing director does not receive any annual ﬁxed remuneration in his capacity as a member of the board of directors. Nor does he receive any additional remuneration for attending meetings of the board of directors or advisory committees. All other directorships at group companies, both for the managing director and other executive committee members, are also unremunerated. Group and accident insurance contribution The Company oﬀers to the managing director and to the other members of the executive committee an individual pension commitment (or equivalent compensation) under the Company’s deﬁned contribution plan, under which the beneﬁciaries are entitled to an amount determined on the basis of the contributions paid on the date of their retirement. The contribution to this plan is determined as a percentage of ﬁxed annual remuneration. In addition to the pension contribution, the group insurance also covers the risk of death and the risk of loss of income due to disability. 3.3 Variable remuneration – short term Payout in FY 2024-25 based on performance in FY 2023-24 The ﬁgures given in the present annual report relate to the short-term incentive paid in FY 2024-25, i.e. with respect to the objectives for FY 2023-24. The group objectives for FY 2023-24 consisted of the ﬁnancial and non-ﬁnancial performance criteria stated below, aimed at the achieving of the strategic medium-term plan. The weighting of each objective is given in the summary table. If a ﬁnancial performance criteria is not fully met, that particular component is prorated with a linear interpolation between 0% and 100% and a lower limit of 2/3, below which there is no bonus budget for the relevant objective. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

83 Annual Report 2024-2025 Performance criterion Weighting Realised Financial group criteria Growth in ebitda and turnover in portfolio companies Ebitda growth of at least 10% Turnover growth of at least 10% 70% 11.66% 11.66% +15% +20% 150% 200% 17.49% 23.32% Investment volume EUR 100 million more revenue from exits than investments 23.33% 248.8 mio EUR 248.8% 58.05% Net operation result EUR 140 million 23.33% 217.1 mio EUR 155.1% 36.18% Non- ﬁnancial group criteria FPM 2.0 Developing and delivering a framework for realising the full potential for value creation in the portfolio 30% 10% Yes 100% 10% HR MLT Plan Further implementation of the approved HR MLT plan 10% Yes 100% 10% ESG @Gimv Obtained ESG rating MSCI and/or Vigeo Eiris 2.5% Yes 100% 2.5% ESG @Portfolio (i) Preparing relevant portfolio companies for CSRD implementation, and (ii) setting appropriate ESG targets in consultation with the management of the relevant portfolio companies based on the ESG Survey 2023 and monitoring progress with a view to the ESG Survey 2024. 7.5% Yes 100% 7.5% Total 100% 100% 165% The application of the performance criteria for the FY 2023-24 led to the conclusion that these were achieved, amounting to 165%, which resulted in the maximum short-term incentive budget of 30% of the total ﬁxed remuneration mass of the participating beneﬁciaries, including the executive committee members. The mathematical application of the formula led, according to the board of directors, to a balanced outcome of long-term elements (turnover and ebitda growth of the portfolio companies) and short-term elements. Starting from the 30% budget, the individual amounts granted to the members of the executive committee were determined. Half of the 30% was individually vested and the other half was subject to individual performance criteria. An individual multiplier between 0 and 2 could be applied to the latter half. In concrete terms, this has led to the following results: Budget set based on group criteria (see table above) Half automati- cally captured based on group criteria Half subject to individual perfor- mance criteria Total short- term incentive Managing director 30% of ﬁxed remuneration 15% of ﬁxed remuneration 30% of ﬁxed remuneration (multiplier of 2) 45% of ﬁxed remuneration Other members of the executive committee 30% of ﬁxed remuneration 15% of ﬁxed remuneration 15% of ﬁxed remuneration on average (multiplier between 0 and 2) 30% of ﬁxed remuneration on average Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

84 Annual Report 2024-2025 The individual performance criteria considered for performance over the FY 2023-24 ﬁnancial year included:  For the managing director: the successful completion of the change in reference shareholding and the ﬁnancial results;  For the other members of the executive committee: for the ﬁve platform heads, the ﬁnancial performance of the platform in the relevant year, measured against the same criteria as at group level, plays a signiﬁcant role in determining the individual multiplier. In addition, there may be personal objectives for certain members of the executive committee that play a role in determining the individual multiplier (e.g. driving speciﬁc work streams related to the implementation of the strategic plan or personal development initiatives), which are however not disclosed for conﬁdentiality reasons. Payout in FY 2025-26 based on performance in FY 2024-25 The group targets for the FY 2024-25 consist of the ﬁnancial and non-ﬁnancial performance criteria listed below aimed at achieving the medium-term strategic plan. The weighting of each objective is shown in the summarising table. Where a ﬁnancial performance criterion is not fully met, it is in principle prorated with a linear interpolation between 0% and 100% and a lower limit at 2/3 (below which there is no bonus budget for the relevant target). Performance criterion Weighting Realised Financial group criteria Proﬁtability and turnover growth in portfolio Ebitda growth of at least 10% Turnover growth of at least 10% 70% 11.66% 11.66% +14.7% +12.7% 147% 127% 15.14% 14.81% Investment volume At least EUR 200 million investments 11.66% EUR 336.1 mio 168% 19.59% Divestment volume At least EUR 200 million divestments 11.66% EUR 560 mio 280% 32.65% Net result (IFRS) At least EUR 160 million (based on 15% return on portfolio minus costs) 23.33% EUR 219 mio 137% 31.96% Non-ﬁnancial group criteria FPM 2.0 Screening of entire portfolio based on FPM 2.0 and deﬁning actions to realise the full potential in the portfolio 30% 7.50% Yes 100% 7.50% HR MLT-plan Elaboration of a personal development plan by and for each employee 7.50% Yes 100% 7.50% ESG @ Gimv (i) >5% improvement of Sustainalytics score and/or CDP-score from C to B (ii) 95% of all employees has followed all available compliance trainings 2.50% 2.50% No Yes 0% 100% 0% 2.50% ESG @ Portfolio (i) GHG assessment (scope 1, 2 & 3) completed or ongoing for at least 50% of the portfolio companies and deﬁning target and roadmap for decrease of GHG emissions for at least 25% of portfolio companies (excl. life sciences) (ii) Execution of a double materiality analysis and determining relevant ESRS for all portfolio companies in scope of CSRD 5.00% 5.00% Yes 123% 70% 5.00% 3.50% Total 100% 100% 140.15% Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

85 Annual Report 2024-2025 The application of the performance criteria for the FY 2024-25 has led to the conclusion that there was a substantial overperformance on the ﬁnancial performance criteria and that most of the non-ﬁnancial performance criteria have been met. Taking into account the signiﬁcant overperformance on the ﬁnancial performance criteria, the board of directors in its professional judgement decided to grant a budget for the short-term incentive of 30% of the total ﬁxed remuneration mass of the participating beneﬁciaries, including the members of the executive committee. This leads, according to the board of directors, to a balanced outcome of ﬁnancial and non-ﬁnancial performance targets. Starting from the 30% budget, the individual amounts granted to the members of the executive committee were determined. Half of the 30% was individually vested and the other half was subject to individual performance criteria. For the latter half, an individual multiplier between 0 and 2 could be applied. The evaluation of the members of the executive committee, and consequently the determination of the individual multiplier, will only take place after the completion of this annual report and this will consequently be reported in the annual report for the FY 2025-26. Performance targets for FY 2025-26 With the entry of WorxInvest as the new reference shareholder of Gimv and the development by the board of directors and management of a new strategic plan focused even more on shareholder value creation, the board of directors has decided to apply a diﬀerent approach in the transition year 2025-2026 and to put forward a very ambitious net result target (IFRS). If reached, the total budget for the short term incentive would amount to 45% of the total ﬁxed remuneration mass of the participating beneﬁciaries, including the members of the executive committee. The board of directors takes the view that if reached, such a substantial overperformance should result in a win-win for the shareholders and for management and the teams, hence the increased budget for the short-term incentive. If this very ambitious net result target would not be reached, the total budget for the short term incentive will be reduced to maximum 30% of the total ﬁxed remuneration mass of the participating beneﬁciaries, including the members of the executive committee. The actual percentage will be based on ﬁnancial and non-ﬁnancial performance criteria which will be set out in more detail in the annual report relating to FY 2025-2026. 3.4 Long-term incentives Introduction: 14% sharing of value creation between shareholders and management In order to align the interests of management and shareholders as much as possible, Gimv has had for the past quarter of a century diﬀerent long-term incentive schemes leading to value sharing, based on successive three year investment periods ('vintages') followed by a holding and divestment period of approximately 10 years. Members of the executive committee and a signiﬁcant group of investment professionals have participated in and will continue to participate in such long-term incentives, provided that they are able to successfully create shareholder value. The proceeds after repayment of the investment cost to Gimv and a cost hurdle of 4% 2 (without catch-up) are being shared between Gimv (86%) and the beneﬁciaries (14%). The exact percentages and the way in which the long-term incentives have been structured have evolved throughout time (see also chapters B and C), but the principle has always remained that the total cost to Gimv of this upside sharing mechanism could never exceed 14% of the proceeds after repayment of the investment cost and the hurdle to Gimv. At the occasion of the set-up of the carried interest structure for the vintage 2024-2027, the board of directors has decided that the members of the executive committee will participate partly in the vintage 2024-2027 and partly in a new long-term incentive structure with a focus on the growth of the market capitalisation and net asset value of Gimv (the Gimv Share LTIP, see below for more details), in order to align even further the interests of management with the interests of Gimv and its shareholders. 3 With the recent inception of Gimv Anchor Investments, the ambition to create a portfolio of growth compounding long-hold investments over time has materialised, including as a ﬁrst investment the acquisition of Gimv’s stake in Cegeka. As part of the overall long-term incentive structure, Gimv has put into place a reward mechanism for the relevant group of beneﬁciaries on the growth of the net asset value of Cegeka (and other potential future portfolio companies) (the Gimv Anchor LTIP, see below). The board of directors has decided to allocate the incentive to a more limited group of beneﬁciaries, as a result of which the total cost of this Gimv Anchor LTIP will amount to approximately 3.5% of the increase in net asset value of Cegeka (which is substantially lower than the typical 14% sharing of value creation). 2 Except for the vintages 2018-2021 and 2021-2024 which had no hurdle. 3 For CEO, CFO, CLO and the Head of Anchor, the split is 50% in the vintage 2024-2027 and 50% in the Gimv Share LTIP. For the platformheads, the split is 75% in the vintage 2024-2027 and 25% in the Gimv Share LTIP. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

86 Annual Report 2024-2025 In summary, it can be concluded that the long-term incentive structures that Gimv has put in place are designed to align as much as possible the interest of management with those of the company and its shareholders (with a clear focus on shareholder value creation) and that in principle the cost to Gimv is under all circumstances limited to maximum 14% of the value that has been created (taking into account the cost hurdle of 4%). LTIP 2018-2021 and 2021-2024 As described in greater detail under 4.6.B of the 2021 remuneration policy, Gimv has introduced a long-term remuneration plan for the three-year investment period from 1 April 2018 to 31 March 2021 and for the three-year investment period from 1 April 2021 to 31 March 2024. Each plan covers all investments made during the relevant three-year period. This LTIP provides that 10% of the cash proceeds arising from the investment portfolio accumulated during the respective three-year period, after repayment of the entire investment cost of the relevant portfolio, will be shared with a predeﬁned group of beneﬁciaries. That group of beneﬁciaries includes the members of the executive committee, as well as the partners and principals in the investment platforms. Each beneﬁciary is obliged to buy Gimv shares with an acquisition value of EUR 25,000 for every per cent to which they are entitled under the LTIP. This investment obligation applies cumulatively across the various LTIPs for the members of the executive committee. Allocation during FY 2024-25: In FY 2024-25, there was no new allocation to executive committee members under the LTIP 2018-2021 or LTIP 2021-2024. Vesting during FY 2024-25: during FY 2024-25, the board of directors decided to introduce vesting rules as a result of which the rights under the LTIP 2018-2021 are fully vested by 31 March 2025. Based on the same rules, vesting under the LTIP 2021-2024 will begin at 40% on 1 April 2025 and increase by 5% per quarter thereafter. Payout during FY 2024-25: under the LTIP 2018-2021, a ﬁrst disbursement of EUR 293,344 for the managing director and EUR 1,998,600 in total for the other executive committee members took place during FY 2024-25. Under the LTIP 2021-2024, no disbursement has yet taken place. Changes during FY 2024-25: next to the introduction of vesting and leaver provisions, the board of directors decided to allow the Consolidated Premium (which used to be fully conditional upon the entire investment amount of the vintage being returned) to be paid for 50% simultaneously with the Platform Premium, with the other half remaining conditional upon the entire investment amount of the vintage being returned. Provisions: As at 31 March 2025, the provision under the current long-term incentive plans for the managing director amounts to EUR 1,932,316 and for the other members of the executive committee the provision together amounts to EUR 9,845,042 (see also Chapter D for a summary table on the outstanding provisions for payments to the executive committee as per 31 March 2025), compared to EUR 1,358,761 for the managing director and EUR 6,377,686 in total for the other members of the executive committee as of 31 March 2024. The aforementioned provision amounts are subject to change in the coming years, inter alia, due to (i) the evolution of the value of the underlying, not yet realised investment portfolios, and (ii) the cash realisation of the accrued capital gains on the underlying investment portfolio and its timing. The allocation percentages of individual members of the executive committee under the LTIP 2018- 2021 and the LTIP 2021-2024 as of 31 March 2025 are as follows: the chief executive oﬃcer 5%, the chief ﬁnancial oﬃcer and the chief legal oﬃcer 2.75% each and each of the ﬁve platform heads 4.25% 4 . Gimv had no reason to exercise any clawback right under the LTIP during the past ﬁnancial year. Gimv Share LTIP and Gimv Anchor LTIP The Company also developed a new incentive plan during the FY 2024-25 to further align the interests of the members of the executive committee with those of the shareholders, speciﬁcally by granting an incentive on the growth of the market capitalisation and net asset value of the Company (the Gimv Share LTIP) and on the growth of the net asset value of the underlying portfolio companies of Gimv Anchor Investments BV (the Gimv Anchor LTIP). The Gimv Share LTIP is a long-term incentive plan that will remunerate executive committee members if (i) Gimv's market capitalisation increases by more than 5% per year in the subsequent three-year period, and/or (ii) Gimv's total net asset value increases by more than 5% per year in the subsequent three-year period 5 . 4 With the exception of Root BV, which holds a 2.75% stake in the LTIP 2018-2032. 5 These amounts will of course be adjusted for dividend payments as well as for any increases or decreases in capital. To determine the ﬁnal outcome of a given three-year Gimv Share LTIP, a negative score (below zero) on one parameter will be subtracted from the score on the other parameter. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

87 Annual Report 2024-2025 The Gimv Anchor LTIP is a long-term bonus plan that will compensate the members of the executive committee if the net asset value of the underlying portfolio companies of Gimv Anchor Investments BV (on a deal-by-deal basis) increases above the minimum cost hurdle of 4% (no catch-up) in the subsequent three-year period. 6 The actual percentage will be determined by the board of directors on a deal-by-deal basis, but the cost is likely to be approximately 3.5% (i.e. 25% of 14%) (taking into account a lower percentage of value creation sharing in case of long-hold portfolio companies that are transferred from the existing portfolio and a more limited group of beneﬁciaries). If the performance criteria are met, a certain percentage of the growth, of respectively the market capitalisation of the Company, the net asset value of the Company and/or the net asset value of the underlying portfolio companies of Gimv Anchor Investments BV (on a deal-by-deal basis), will be shared with the beneﬁciaries. The performance period is therefore three years, and a vesting of 8.33% per quarter (with full vesting after three years) is attached to both plans. It should be noted, however, that this is linked to strict good/bad leaver provisions, with the bad leaver provisions (resulting in the full loss of vested rights) in principle also applying to all cases of voluntary departure. Both plans involve a rolling three-year investment plan where each year the board of directors, on the proposal of the remuneration and nomination committee, will set the precise targets, as well as the group of beneﬁciaries and their respective share. Beneﬁciaries of the Gimv Share LTIP and the Gimv Anchor LTIP respectively will be obliged to invest half of the gross amount so received in Gimv shares under the annual share purchase plan and to hold the shares so acquired for at least three years. 6 These amounts will of course be adjusted for dividend payments as well as for any increases or decreases in capital. To determine the ﬁnal outcome of a given three-year Gimv Anchor LTIP, a negative score (below zero) or one parameter will be subtracted from the score on the other parameter. Grant during the FY 2024-25  For the ﬁrst three-year period of the budget for the Gimv Share LTIP from 1 January 2025 to 31 December 2027 7 will be composed for respectively 50% each of (i) 0.19% of the increase in the market capitalisation of Gimv, and (ii) 0.19% of the increase in the total net asset value of Gimv will be shared with the group of beneﬁciaries consisting essentially of the members of the executive committee, provided that the market capitalisation and the total net asset value respectively increase by at least 5% per year (capitalised). Three elements that diﬀer from the carried interest arrangement (a three-year term with a distribution of 14% after a cost threshold of 4%) explain this 0.19%: (i) a more limited group of beneﬁciaries (i.e. approximately 13% of the allocation, mainly to members of the executive committee), (ii) a longer period (i.e. nine years) and (iii) a higher underlying value (i.e. the total NAV and market capitalisation, which on average represent approximately three consecutive vintages). The introduction of the Gimv Share LTIP does not increase the total cost of the Company in the context of the long-term incentive structures. Within this group, the share of the managing director is (maximum) 19%, the share of each of the ﬁve platformheads is (maximum) 8.10% and the share of the Head of Anchor, the CFO and the CLO is each (maximum) 10.50%. As a theoretical example:  If the net asset value of EUR 1,639 million as at 1 January 2025 were to increase to EUR 2,301 million as at 31 December 2027, taking into account the capital increase of EUR 247 million and assuming a constant dividend payment of EUR 2.6 per share or EUR 279 million over three years, the adjusted delta in net asset value would amount to EUR 695 million.  This would translate into an annual return of 12.5%, which means that the hurdle of 5% is exceeded, resulting in a payout in accordance with the plan.  50% of the adjusted delta in net asset value is subject to a proﬁt share of 0.19%, resulting in an amount of EUR 659,894.  The above steps are repeated for the market capitalisation and the sum of both results (net asset value and market capitalisation) forms the total amount, i.e. EUR 1,210,934. 7 Subject to the approval of the change in accounting year from 31 March to 31 December. Share LTIP ﬁgurative example (in EUR) Performance testing: hurdle Performance test achieved: allocation of 50% of the adjusted delta for each Gimv Share LTIP (0.19%) 01/01/2025 31/12/2027 Adjustment for capital increase Adjustment for dividends (3 years) Adjusted delta Annual return Was the 5% hurdle achieved? NAV 1,638,995,504 2,301,430,029 -246,794,370 + 278,984,940 694,625,095 12.5% Yes 347,312,548 659,894 Market cap 1,147,414,984 1,695,266,630 -246,794,370 + 278,984,940 580,042,216 13.6% Yes 290,021,108 551,040 Total Gimv Share LTIP Budget 1,210,934 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

88 Annual Report 2024-2025  As the portfolio of Gimv Anchor Investments BV as per 31 March 2025 is still limited to its stake in Cegeka, the board of directors has decided to implement a ﬁrst long term incentive which is linked only to the evolution of the net asset value of Cegeka. The principles and allocation will be reevaluated by the board of directors upon further investments being made by Gimv Anchor Investments BV. With regard to Cegeka, the Gimv Anchor LTIP has the following characteristics: for the ﬁrst three year period from 1 January 2025 to 31 December 2027, sharing of 4.9% of the average yearly increase in the net asset value of Cegeka, above the minimum hurdle of 4%, with the group of beneﬁciaries consisting essentially of the members of the executive committee and the team that monitors the management of Cegeka. Within this group, the relative weight of the share of the Head of Anchor and the platformhead responsible for Cegeka will be greater than that of the other members of the executive committee (with a maximum of 20% each), the share of the CEO should not exceed 15% and the share of any other member of the executive committee should not exceed 10%. By way of a theoretical example:  If the net asset value of EUR 165 million as at 1 January 2025 were to increase by a compound annual return of 17%, it would rise to EUR 264 million as at 31 December 2027. This implies a delta in the net asset value of EUR 99.3 million.  The hurdle of 4% on a compound basis, calculated on the initial net asset value (1 January 2025) of EUR 165 million, would amount to EUR 20.6 million. This results in a delta in NAV above the hurdle of EUR 78.7 million.  Spread over a period of three years, this would result in an amount of EUR 26 million.  Finally, if we apply the value creation split of 4.9%, this would result in a pool of EUR 1,284,838. Vesting during the FY 2024-25: the vesting of the Gimv Share LTIP and the Gimv Anchor LTIP started on 1 January 2025 at 8.33% per quarter. Provisions: no provisions have been made yet under these plans as per 31 March 2025. Payout during FY 2024-25: there was no payout under these plans in FY 2024-25. The ﬁrst disbursement will only be possible in the ﬁrst quarter of 2028 if and to the extent that the aforementioned targets will have been achieved. Gimv had no reason to exercise any clawback right under the LTIP during the past ﬁnancial year. 3.5 Extraordinary elements No shares, share options or other rights to acquire shares were oﬀered to, granted to or exercised by the managing director and the other members of the executive committee during the FY 2024- 25, with the exception of (i) the acquisition under the share purchase plan in March 2025 of 20,180 Gimv shares by the managing director and 53,864 Gimv shares by the other members of the executive committee at EUR 31.17 per share with a three-year lock-up period (see 2021 remuneration policy sub 4.10), and (ii) the payment by Gimv of an earn-out to one member of the executive committee in the context of the 2016 (historical) co-investment structure (cf. infra B.3). No share options or other rights to acquire shares expired either. Nor were any extraordinary fees or any severance payments paid to the managing director or any other member of the executive committee. Anchor LTIP ﬁgurative example (in EUR) NAV Applied hurdle Average delta above hurdle (over 3 years) Cegeka LTIP (4.9%) 01/01/2025 31/12/2027 Delta Straight hurdle 4% Delta above hurdle 165,000,000 264,266,145 99,266,145 20,602,560 78,663,585 26,221,195 1,284,838 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

89 Annual Report 2024-2025 3.6 Shareholding guidelines As described under item 4.9 of the 2021 remuneration policy, the board of directors has established shareholding guidelines for the members of the executive committee, which are EUR 500,000 for the managing director and EUR 250,000 for each other member of the executive committee. Each executive committee member has ﬁve years to purchase this position in the Gimv share with personal ﬁnancial resources 8 . Executive committee members (including the managing director) jointly acquired 93,256 Gimv shares 9 during the FY 2024-25, further increasing their combined position to 157,100 Gimv shares with a total combined acquisition value of EUR 5.77 million. This position was built up entirely from their own resources. As of 31 March 2025, the members of the executive committee had the following positions in the Gimv share with the stated acquisition values and ratios with respect to the above-mentioned minimum threshold 10 : Number of Gimv shares Acquisition value Minimum threshold I Minimum threshold II 31-03-2025 31-03-2025 31-03-2025 31-03-2025 Koen Dejonckheere 45,205 1,717,502 344% 107% Edmond Bastijns 17,195 620,296 248% 78% Koen Bouckaert 18,291 651,953 261% 81% Bart Diels 16,298 607,247 243% 76% Erik Mampaey 15,521 561,348 225% 70% Kristof Vande Capelle 18,085 642,684 257% 80% Tom Van de Voorde 19,286 697,392 279% 87% Bram Vanparys 7,219 269,174 108% 34% 8 With personal ﬁnance in his own name and/or through the management company. 9 Speciﬁcally, 2,620 shares under the optional dividend, 16,592 shares under the capital increase dated 11 February 2025, 74,044 under the annual share plan and 2,400 shares through the stock exchange. 10 Minimum threshold I is the one applicable during the past ﬁnancial year 2024-25 based on the 2021 remuneration policy, namely EUR 500,000 for the managing director and EUR 250,000 for each of the other members of the executive committee. Minimum threshold II is the one applicable from the 2025-2026 ﬁnancial year on the basis of the 2025 remuneration policy that will be submitted to the general meeting for approval on 25 June 2025, namely EUR 1,600,000 for the managing director and EUR 800,000 for each of the other members of the executive committee. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

90 Annual Report 2024-2025 4. Comparative information on the change in remuneration and salary ratio The table below shows (i) the annual change in the remuneration of the managing director and other members of the executive committee 11 , (ii) the annual change in the average staﬀ remuneration based on a full-time equivalent 12 , and (iii) the company's performance. To properly understand the table below, it is still important to note that the reported short-term incentive ﬁgures always refer to the amounts paid in the relevant ﬁnancial year based on the performance in the previous ﬁnancial year. Change in remuneration executive committee 2024-25 2023-24 2022-23 2021-22 2020-21 Managing director Fixed remuneration 1.8% 8.1% 6.6% 1.7% 0.8% Short term incentive 51.1% 7.3% 8.6% 55.7% -18.5% LTIP PM* 0.0% 0.0% 0.0% 0.0% Other members executive committee Fixed remuneration 2.4% 4.4% nvt* 11.6% 5.6% Short term incentive 13.5% -11.3% nvt* 143.8% -60.9% LTIP PM* 0.0% nvt* 0.0% 0.0% Average remuneration employees (FTE) 2024-25 2023-24 2022-23 2021-22 2020-21 % change vs. previous year 9.0% 3.6% 5.7% 9.5% -6.6% Company performance 2024-25 2023-24 2022-23 2021-22 2020-21 Net company result (IFRS) (in k EUR) 219,001 217,121 -59,371 174,285 205,724 % change net company result vs. previous year 0.9% 465.7% -134.1% -15.3% 235.7% RoE (Return on equity) (in %) 14.7% 16.5% -4.2% 13.7% 18.8% % change RoE vs. previous year -10.9% 492.9% -130.7% -27.2% 264.1% PM*: 2024-25 was the ﬁrst year in which a payment has been made in the context of the LTIP2018. A percentage increase coming from 0 would provide a distorted view. The ratio for the FY 2024-25 is 29:1 between (i) the managing director's total remuneration package (see table 3.1), and (ii) the total remuneration of the lowest-earning employee of Gimv (expressed on a full-time basis). 11 Taking into account (i) ﬁxed remuneration, (ii) short-term incentive, (iii) group insurance contributions, and (iv) the long-term incentive plan. These amounts do not consider payments under the historical co-investment structures (see B below). When reading and interpreting the ﬁgures on the evolution of the remuneration of the other Executive Committee members (excluding the managing director), it is important to take into account that the executive committee members have become self-employed during the FY 2022-23, which means that the ﬁgures of the FY 2022-23 are not comparable with those of previous years. However, comparisons can of course be made again between the ﬁgures for FY 2022-23. 12 Excluding the members of the board of directors, the managing director and the other executive committee members. The reference group includes both Belgian employees employed by Gimv NV and employees employed by its direct subsidiaries in Germany, France and the Netherlands. The calculation is expressed as a full-time equivalent and includes the ﬁxed remuneration (based on twelve months), holiday pay and short-term incentive. However, this calculation excludes beneﬁts in kind as these are not material in the comparison, as well as the contribution to group insurance or similar systems in the other countries, as this remuneration component does not allow for a correct basis of comparison across countries. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

91 Annual Report 2024-2025 B. Reporting on the historical co-investment structures 1. Principles In line with private equity practice in closed-end funds, Gimv implemented a co-investment structure (also known as ‘carried interest’) for investments made up to 31 March 2018, which was based on successive investment periods of two to three years ('vintage'). As of 31 March 2025, there are still two active 'vintages', namely the 2013 vintage (expiring 31 March 2026) and 2016 vintage (expiring 31 March 2028) 13 . The members of the executive committee and a signiﬁcant group of employees and other beneﬁciaries share, for the remaining term of these co-investment structures, in the net capital gains realised on the respective investment portfolio and participate in this way in Gimv's long-term results. It is only to the extent that a portfolio of companies can be successfully sold, after oﬀsetting all proﬁtable shareholdings with any loss-making ones and settling the ﬁnancing and management costs, that participants can share in the realised capital gains, pro rata to their investment. In this way, interests of the participants are directly aligned with those of Gimv and its shareholders, that is the maximisation of realised net capital gains on the portfolio and consequently the creation of shareholder value. Through the co-investment companies, the participants co-invest in the basket of companies in which Gimv also invests during the particular vintage. The co-investments are therefore not carried out per individual participation, but per group (basket or vintage) of companies. In this manner, proﬁtable and loss-making investments oﬀset each other. The relevant co-investment company always invested pro rata with Gimv and at the same conditions. Any investment returns can be realised by participants at the earliest eight years after the start of the vintage. The realised investment income is based on any net capital gains realised at that time in cash on the total investment portfolio of the relevant co-investment company, and after settlement of the costs. 13 These expiry dates will be extended with one quarter (from 31 March 2026 to 30 June 2026 respectively from 31 March 2028 to 30 June 2028) if the accounting year of Gimv is changed from 31 March to 31 December, in order for any payments to be based on audited half year ﬁgures. In year eight, Gimv buys the shares held by the participants. This is followed by a ﬁve-year earn-out period, during which further cash realisations of the investment portfolio may lead to additional payments (in principle once a year). At the end of this 13-year period, that part of the investment portfolio which has not been realised in cash by means of sales to third parties can no longer give rise to any payment under the co-investment structure, and therefore inures to Gimv. For the current vintages, the co-investment percentage is 12.5%. The ﬁnal percentage can be inﬂuenced downwards if certain warrants are not vested or exercised or certain shares are not transferred by Gimv to individual participants, since any such non-allocated portion ﬂows back to Gimv (see below). These historical co-investment structures each include around 50 participants and feature a high degree of solidarity between the various investment platforms. This solidarity is achieved by setting up a co-investment company at group level (Adviesbeheer Gimv Groep) that participates in each of the four platforms. Of the total co-investment structure, approximately 30 to 40% falls to the members of the executive committee (including the CEO) and approximately 60 to 70% to other staﬀ members and beneﬁciaries. 2. The historical co-investment structures in practice Instrument - For each vintage, Gimv incorporated a co-investment company for each of the four investment platforms, as well as an umbrella co-investment vehicle. Belgian participants in the 2013 and 2016 co-investment structures have received warrants free of charge on shares of these co-investment companies, while foreign beneﬁciaries acquired shares of these co-investment companies. Vesting - The co-investment structures incorporated a rule by which participants acquire their rights gradually over a period of time ('vesting') as follows: no vesting in year 1, 18.75% per year in years 2 and 3, subsequently 7.5% per year as from year 4 up to and including year 8, and a ﬁnal 25% at the start of year 9. Thus the ﬁrst date at which a participant can potentially realise any investment income is after year 8, followed by a 5-year earn-out period. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

92 Annual Report 2024-2025 Clawback - The 2016 and earlier co-investment structures do not contain any provisions whereby a beneﬁciary may be required to reimburse any payment received. Exercise and transfer - Under the 2016 vintage and earlier co-investment structures, Belgian participants acquired warrants (or options) and, upon exercise, each warrant (or option) gives the right to one share in the particular co-investment company. These can be sold to Gimv at the earliest eight years after the commencement of the vintage (the ﬁrst time potential investment returns can be realised), followed by a 5-year earn-out period. The amount of the sale price is determined by any realised net capital gains on the basket of investments in the relevant co-investment company. 3. Evolution of the total value accrued in the historical co-investment structures As per 31 March 2025 the total accrued value for all beneﬁciaries together amounts to EUR 26,456,561 compared to EUR 19,818,641 as at 31 March 2024. Over the past ﬁnancial year no payments took place under the 2013 co-investment structure. Payments totaling EUR 1,488,670 were made under the co-investment structure in 2016. The breakdown on 31 March 2025 of the outstanding provisions for earn-out payments (2013 and 2016 vintage) is as follows: Vintage Total provision for earn-outs per 31-03-2025 2013-2016 9,342,015 2016-2018 17,114,546 Total 26,456,561 The above-mentioned amounts for provisions and accrued value are subject to changes over the coming years for various reasons:  the evolution of the value of the underlying, as yet unrealised investment portfolio (as stated before, the vintage relates to several companies);  the cash realisation of accrued capital gains on the underlying investment portfolio and the timing thereof;  the increase or decrease in the number of outstanding options/warrants and/or the number of outstanding shares. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

93 Annual Report 2024-2025 The share of the executive committee members in the total accrued value of the co-investment structure per 31 March 2025, are shown in the table below: No options or warrants lapsed, nor did executive committee members transfer any options or warrants. During FY 2024-25 no other transactions took place involving executive committee members. Overview executive committee share in co-investment structure (in EUR) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Gross amount paid in 2024-25 Granted in 2023-24 Koen Dejonckheere Edmond Bastijns Koen Bouckaert Bart Diels Erik Mampaey Kristof Vande Capelle Tom Van de Voorde Bram Vanparys First settlement and start earn-out period (5 years) End of the earn-out period 708,860 404,278 425,038 593,343 323,462 1,144,931 686,702 686,702 629,185 1,904,947 619,182 2016-18 2016-18 2016-18 2016-18 2016-18 2016-18 477,483 2016-18 164,298 2016-18 384,603 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

94 Annual Report 2024-2025 C. Reporting on the new 2024 investment structure 1. Principles In order to realise the ambitious strategic objectives and align the interests of management and shareholders to the maximum extent, Gimv implemented - in line with private equity practice in closed-end funds - an investment structure (also known as ‘carried interest’) for investments from 1 April 2024 to 31 March 2027, based on a three-year investment period ('vintage') and a holding and divestment period of 11 years. The investment period will be extended by three quarters until 31 December 2027 if Gimv's ﬁnancial year is aligned with the calendar year. In that case the holding and divestments periods will be extended accordingly. Members of the executive committee and a signiﬁcant group of other beneﬁciaries will invest in the acquisition of shares in this investment structure and will thus share in the results of the underlying investment portfolios per platform (mainly) through dividend payments. These investments are not per individual holding but per group (basket or vintage) of companies, so that proﬁtable and loss- making investments oﬀset each other per platform. It is only to the extent that a platform is able to successfully sell this portfolio of companies that, after repayment of the investment cost to Gimv and the participants and after realisation by Gimv of a cost hurdle of 4% (without catch-up), 86% of the proceeds will accrue to Gimv and 14% to the participants 14 . This directly aligns the interests of the participants with the interests of Gimv and its shareholders, namely the maximisation of realised net capital gains on the portfolio and consequently the creation of shareholder value. After repayment of the original investment to Gimv and the respective participants, the investment proceeds can only be distributed from the sixth year after the start of the vintage. The part of the investment portfolio not sold on 31 December 2038 can no longer give rise to any payment under the investment structure and consequently beneﬁts Gimv, unless the board of directors would decide to extend the divestment period. Of the aforementioned 14%, approximately 25% will accrue to the members of the executive committee (including the managing director) and about 60% to other beneﬁciaries. The remainder of approximately 15% is held by Gimv and will not be allocated 15 . 14 This percentage of 14% may be lower if not all shares are transferred to the participants or if shares are bought back by Gimv, e.g. upon departure of a participant, and are not reallocated to one or more other participants. 15 The reason hereof is that the executive committee participates for 50% in the carried interest plan and for 50% in the Gimv Share LTIP, ensuring that the introduction of the latter is cost neutral to Gimv (see above, chapter A.3.4). 2. The 2024 investment structure in practice Timing - As of 31 March 2025, the 2024 investment structure was not yet fully implemented. The respective companies were established, but the portfolio since 1 April 2024 was not yet contributed and the shares were not yet transferred to the participants. As a result, this will not be reported until the annual report for the ﬁnancial year 2025-2026. Instrument - An investment company has been set up for each investment platform. The Belgian, German and Dutch participants will acquire shares in a pooling company that holds directly or indirectly the shares in each of the ﬁve investment companies. The French participants will directly acquire shares in the underlying investment company(ies). Vesting ("malus") - The investment structure includes a scheme whereby the participant acquires a portion of his or her rights staggered over time ("vesting") as follows: no vesting during the three- year investment period, 40% at the start of the fourth year, increased by 5% per quarter. Consequently, the rights are fully vested at the end of the sixth year after the start of the vintage. Participants must also have been associated with Gimv through an employment or service contract for at least ﬁve years before they can acquire rights. The ﬁrst moment at which a participant can receive dividends, if any, does not occur until the sixth year. Clawback - The shareholders' agreement with participants contains provisions whereby a beneﬁciary may be required to make a clawback upon receipt of any payment. Ultimate transfer - At the end of the term of the investment companies (after 31 December 2038), Gimv will buy back the outstanding shares held by the participants. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

95 Annual Report 2024-2025 D. Summary tables 1. Summary table on all payments made to the executive committee The following table brings together all payments that have been made to the executive committee in the FY 2024-25, both in terms of ﬁxed and (short and long term) variable remuneration (chapter A), as in terms of payments in the context of the historical co-investment structures (chapter B) and in terms of payments in the context of the investment structure 2024 (chapter C). Remuneration Payments under investment structure 2024-2027 Payments under historical co-investment structures 2013-2016 or 2016-2018 Total amount paid in FY 2024-2025 Yearly ﬁxed remuneration Other remuneration components Variable remuneration in cash One year Multi-year STI LTIP 2018-2021 LTIP 2021-2024 Gimv Share LTIP Gimv Anchor LTIP Managing director 656,817 136,746 290,407 293,344 - - - - - 1,377,314 Executive committee members 2,919,981 - 698,479 1,998,600 - - - - 384,603 6,001,663 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

96 Annual Report 2024-2025 2. Summary table on the provisions for future payments to the executive committee The following table brings together all provisions relating to future payments to the executive committee, both in terms of variable long term remuneration (chapter A), as in terms of the historical co-investment structures (chapter B) and the investment structure 2024 (chapter C). Remuneration Provision for investment structure 2024-2027 Provisions for his- torical co-invest- ment structures 2013-2016 or 2016-2018 Total provision end FY 2024-2025 Yearly ﬁxed remuneration Other remuneration components Variable remuneration in cash One year Multi-year STI LTIP 2018-2021 LTIP 2021-2024 Gimv Share LTIP Gimv Anchor LTIP Managing director NA NA NA 1,857,492 74,824 - - - 2,069,739 4,002,055 Executive committee members NA NA NA 8,989,292 855,750 - - - 8,610,569 18,455,611 On behalf of the board of directors, 20 May 2025 Filip Dierckx 16 , Chairman of the remuneration and nomination committee 16 Acting as permanent representative of Ginkgo Associates CommV, director. Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

7. Financial statements

Jaarverslag 2022-2023 General information Name

Gimv

Legal form

NV (public limited company)

Country of domiciliation

Belgium

Registered oﬃce

Karel Oomsstraat 37, 2018 Antwerp

Date of incorporation: 25 February 1980 Country of incorporation

Belgium

LEI code 549300UFHGFY5IOON989 Enterprise number BE 0220.324.117 Main geographic area of activity

Belgium – Netherlands – France – DACH Region

Description of main activities

Investment company

Website www.gimv.com Name of parent company

Gimv

Name of the ultimate parent of the group

Gimv

Change in name or other identiﬁers since end of the previous reporting period

None

Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results 7. Financial statements

1. Consolidated balance sheet Assets (in 1,000 EUR) Note 31-03-2025 31-03-2024 Non-current assets

1,640,271

1,567,370

Intangible assets 14

155

213

Property, plant and equipment 14

16,770

8,178

Investment portfolio 4

1,623,346

1,558,979

Financial assets: equity investments at fair value through P&L (FVPL) 5

1,360,924

1,222,800

Financial assets: debt investments at fair value through P&L (FVPL) 6

85,950

88,176

Financial assets: debt investments at amortised cost 6

176,472

248,003

Current assets

724,771

349,856

Trade and other receivables 15

55,534

2,577

Cash and cash equivalents 16

538,102

307,019

Marketable securities 16

130,722

39,816

Other current assets

413

444

Total assets

2,365,042

1,917,226

Equity and liabilities (in 1,000 EUR) Note 31-03-2025 31-03-2024 Equity

1,906,773

1,489,289

Equity - group share

1,906,773

1,489,289

Issued capital 17;18

335,554

264,665

Share premium 17;18

337,568

136,282

Reserves 17

1,233,651

1,088,342

Minority interests

Liabilities

458,269

427,937

Non-current liabilities

409,271

393,665

Financial debts - bonds 20

350,000

Financial debts - lease liabilities 20

9,657

1,431

Provisions 21;22

49,614

42,234

Current liabilities

48,998

34,272

Financial debts 23

1,733

7,188

Trade and social debt 23

33,644

16,296

Income tax payables 13;23

1,039

483

Other liabilities 23

12,582

10,305

Total equity and liabilities

2,365,042

1,917,226

Consolidated financial statements 99 | Consolidated financial statements Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

2. Consolidated income statement Consolidated income statement (in 1,000 EUR) Note 2024-2025 2023-2024 Dividend income 7

2,668

10,709

Interest income 7

33,609

33,864

Realised gains on disposal of investments 8

196,519

155,968

Unrealised gains on financial assets at fair value through P&L 9

267,319

196,722

Reversal of impairments on debt investments via amortised cost 9

281

Portfolio profit

500,396

397,336

Realised losses on disposal of investments 8 -7,761-7,503Unrealised losses on financial assets at fair value through P&L 9 -156,194-81,612Impairments on debt investments via amortised cost 9 -36,281-17,155Portfolio losses -200,236-106,270Portfolio result: profit (loss)

300,160

291,066

Management fees 10

778

895

Other operating income 10

855

606

Operating income

1,633

1,501

Personnel expenses - salaries 11 -24,892-23,207Personnel expenses - LTIP remuneration 11;22 -25,027-9,182Total personnel expenses -49,919-32,389Selling, general and administrative expenses 11 -17,775-13,243Amortisation and depreciation expenses 11 -2,485-2,313Other operating expenses 11;22 -12,530-23,091Operating expenses -82,709-71,036Operating result

219,084

221,531

Finance income 12

11,847

7,010

Finance costs 12 -11,455-11,358Result before tax: profit (loss)

219,476

217,183

Corporate income tax expenses 13 -475-63Net profit (loss) of the period

219,001

217,121

Minority interests

-8Share of the group

219,001

217,129

Earnings per share (in EUR) Note 2024-2025 2023-2024 Basic earnings per share 19

7.47

7.85

Diluted gains earnings per share 19

7.47

7.85

100 | Consolidated financial statements Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

3. Consolidated statement of comprehensive income Consolidated statement of the comprehensive income (in 1,000 EUR) Note 2024-2025 2023-2024 Net profit (loss) of the period

219,001

217,121

Other comprehensive income Actuarial gains (losses) DB pension plans 21;22 -86-475Items that cannot be reclassiﬁed to proﬁt or loss in subsequent periods (i) -86-475Items that can be reclassiﬁed to proﬁt or loss in subsequent periods (ii) - - Total other elements of the comprehensive income (i + ii) -86-475Total comprehensive income

218,915

216,646

Minority interests

-8Share of the group

218,915

216,654

101 | Consolidated financial statements Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

4. Consolidated statement of changes in equity 2024-2025 (in 1,000 EUR) Note Issued capital Share premium Retained earnings Actuarial gains (losses) DB pension plans Treasury Shares Equity - Group share Minority interests Total equity 01-04-2024

264,665

136,282

1,087,940

809

-407

1,489,289

Net Result for the period

219,001

Other comprehensive income 21

-86

-86Total comprehensive income

219,001

-86

218,915

Capital increase 17

67,886

178,908

246,794

Cost of capital increase 17 -3,951

-3,951

-3,951Dividends to shareholders 18

-72,467

-72,467Capital increase related to optional dividend 17;18

6,954

22,378

29,332

Net purchase / sale own shares 17;19

-968

-171-1,139

-1,139Other changes - - - - - - - - 31-03-2025

335,554

337,568

1,233,506

723

-578

1,906,773

2023-2024 (in 1,000 EUR) Note Issued capital Share premium Retained earnings Actuarial gains (losses) DB pension plans Treasury Shares Equity - Group share Minority interests Total equity 01-04-2023

258,414

117,362

935,465

1,284

-116

1,312,409

12,726

1,325,135

Net Result for the period

217,129

-8

217,121

Other comprehensive income 21;22

-475

-475Total comprehensive income

217,129

-475

216,654

-8

216,646

Capital increase 17

6,252

18,919

25,171

-1,262

23,909

Cost of capital increase 17 - - - - - - - - Acquisition / disposal of subsidiaries 22

6,432

-11,456-5,024Dividends to shareholders 18

-70,774

-70,774Net purchase / sale own shares 17;18

-298

-291-589

-589Other changes 17;19

-14

-1431-03-2024

264,665

136,282

1,087,940

809

-407

1,489,289

102 | Consolidated financial statements Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

5. Consolidated cash flow statement (direct method) Cash flow statement in 1,000 EUR Note 31-03-2025 31-03-2024 Cash flow from operating activities -50,954-44,960Interest received on cash deposits 12

9,540

4,284

Management fees from managed funds

156

301

Remuneration and other beneﬁts to employees and directors 11;22;24 -29,004-25,070LTIP remuneration to employees 22 -11,321

Other operating expenses 11 -20,622-14,523Paid/recovered CIT and other taxes

297

-9,952Cash flows from investing activities

179,063

254,044

Investments in ﬁnancial assets: equity investments 5 -235,663-80,747Investments in ﬁnancial assets: debt investments 6 -35,438-32,745Proceeds from divested ﬁnancial assets: equity investments

426,397

265,011

Proceeds from repaid ﬁnancial assets: debt investments

41,502

69,804

Interest received

12,501

25,651

Dividend received 7

2,668

10,513

Earnout payments related to historical co-investment structures 22 -1,489-2,249Short term bridge loan investment 15 -30,266

Other cash ﬂows from investment activities -1,149-1,194Cash flows from financing activities

191,593

-59,028Capital and share premium increase, gross 17 246,794 - Paid costs related to capital and share premium increase 17 -3,951

Paid interest and fees on cash deposits and credit lines 20 -11,124-11,086Dividends to shareholders 7 -36,853-45,608Dividends to minorities

-997Purchase Own Shares 17 -6,008-2,153Sales Own Shares 17

2,661

879

Other cash ﬂow from ﬁnancing activities

-63Change in cash during period

319,702

150,056

Cash at beginning of period

346,835

194,416

Acquired not yet received interest on deposits and other investments 16

2,287

2,363

Cash at end of period

668,824

346,835

103 | Consolidated financial statements Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Notes to the consolidated financial statements Note 1:

Valuation rules and accounting principles 1.

Declaration of Conformity and Accounting Standards Gimv NV is a public limited liability company under Belgian law and listed on Euronext Brussels. The registered office is located at Karel Oomsstraat 37 in 2018 Antwerp. The consolidated statements of Gimv cover a period of 12 months ended on 31 March 2025. They were approved by the Board of Directors on 21 May 2025. Pursuant to article 13 § 2,3 of the Royal Decree of 14 November 2007, CEO Koen Dejonckheere and CFO Kristof Vande Capelle declare, on behalf of and for the account of Gimv that, as far as is known to them: a) the consolidated financial statements have been drawn up in accordance with the International Financial Reporting Standards (IFRS) as adopted in the European Union and that they give a true and fair view of the equity and financial situation of the Group at 31 March 2024, and of its results and cash flows for the financial year ending on that date. b) the annual report gives a true and fair view of the development and results of the Group, as well as a description of the main risks and uncertainties with which it is confronted. The consolidated financial statements are presented in euros, which is also the functional currency. Amounts are rounded to the nearest thousand, unless otherwise stated. The consolidated financial statements have been prepared on a historical cost basis, with the exception of the following items:  Financial instruments – fair value through profit or loss  Net value of defined benefit pension obligations Applied new and changed standards During the current period, the Group has applied all the new and revised Standards and Interpretations issued by the International Accounting Standards Board (IASB) and the Inter- national Financial Reporting Interpretations Committee (IFRIC) of the IASB, as endorsed by the European Union, which are effective for the financial year beginning on 1 April 202. Gimv has not applied any new IFRS guidelines that are not yet effective as of 31 March 2025. The following new and revised Standards and Interpretations, issued by the IASB and IFRIC and as endorsed by the EU, are in force for the current period:  Amendments to IAS 1: Presentation of Financial Statements for classification of liabilities as current or non-current (issued January 2020);  Amendments to IAS 1: Presentation of Financial Statements regarding the classification of debt with covenants (issued October 2022);  Amendments regarding disclosures for IAS 7: Cash Flow Statements and IFRS 7: Financial Instruments relating to supplier finance arrangements (issued May 2023). The application of these new standards, interpretations and amendments has had no material influence on Gimv’s consolidated financial statements. The adoption of these new standards, interpretations and amendments did not have a material impact on the consolidated financial statements of Gimv. Standards effective after the balance sheet date The group has not adopted in advance the following new and amended standards, which come into effect after 31 March 2025:  Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (issued May 2024)  New standard IFRS 18: Presentation and Disclosure in Financial Statements (issued April 2024) The group is still assessing the impact of IFRS 18. The future application of the other new and amended standards is not expected to have a material impact on the group’s consolidated financial statements.

Consolidation principles The consolidated financial statements contain the financial details of the parent Gimv NV and its fully consolidated subsidiaries (the “group”). All subsidiaries close their annual accounts on 31 March. Exemption from the consolidation obligation for investment entities The general application of IFRS 10 'Consolidated financial statements' requires entities to consolidate participations over which they exercise de facto control. IFRS 10 § 27 grants investment entities an exemptionto the general principle that a parent must consolidate all of its subsidiaries. Given that Gimv meets the definition of an investment entity, the group measures all shareholdings in portfolio companies at fair value through profit and loss, in accordance with IFRS 9 'Financial Instruments'. IFRS 10 defines an investment entity as an entity that:  acquires funds from one or more investors for the purpose of providing investment management services to these investors;  undertakes to its investor(s) to achieve capital gains or other investment income or a combination of both (corporate purpose);  measures and evaluates the performance of substantially all of its investments on a fair value basis.

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Resources As a publicly listed investment company Gimv obtains its funds from a wide variety of investors who are shareholders of the listed company. In addition to a number of institutional investors, there are also a large number of (mainly Belgian) retail investors who via their shares in Gimv gain access to a portfolio of unlisted growth companies. Gimv also carries out investments in the form of co-investment partnerships, using funds provided by external parties. The co-investment partnerships are currently in the divestment phase. Corporate objective Gimv’s stated aim is to ‘achieve double-digit returns and implement an attractive dividend policy through the performances of our portfolio companies and through successful exits’. Gimv invests in companies with a view to a achieving a financial return on exit and not to developing products and services in cooperation with the investee companies. Gimv strives first of all to build strongly performing companies, with the potential to grow on the basis of, among other things, competitive advantage, dominant market position, strong management and potential scalability in other markets. Starting from carefully selected macro trends, Gimv's vision for the future is translated into five core investment platforms, each with a specific investment approach: Consumer, Healthcare, Life Sciences, Smart Industries and Sustainable Cities. Since current financial year, Anchor has been an additional growth dimension for companies with promising long-term growth potential. This is structured through a separate entity, Gimv Anchor Investments, 75% owned by Gimv and 25% by WorxInvest. Infrastructure is also a new segment since the 2024-2025 financial year, organised through Infravest. Infravest is a strategic partnership between Gimv, WorxInvest and Belfius with the aim of becoming a long-term reference shareholder of the listed infrastructure investment company TINC. Infravest also owns 100% of the shares in TDP, the joint venture established by Gimv and Belfius to develop and manage a wide range of infrastructure projects. Fair value Gimv management assesses the performance of the investments on the basis of fair value. The results of the portfolio valuation (by reference to fair value) are explained in detail in the external financial communication to investors, analysts and the press.

Scope of consolidation Subsidiaries and associated companies Given that Gimv meets the definition of an investment entity (IFRS 10), it measures all shareholdings in portfolio companies (both subsidiaries with majority participations and associated companies) at fair value through profit and loss. Associated companies are undertakings in which Gimv has significant influence over the financial and operating policies, but which it does not control. The shares of subsidiaries and associated companies are presented in the balance sheet as “financial assets at fair value through profit and loss”. Changes in fair value are taken into profit or loss in the period in which the change takes place. See below (‘determination of fair value’) for more information about the measurement procedure. Subsidiaries of an investment entity that provide asset management services to third parties have, however, to be consolidated according to IFRS 10 §32. All subsidiaries and associated companies

and their consolidation methods are listed in Note: 3

Non-controlling interests Non-controlling interests represent that part of the net results and of the net assets of a subsidiary that is attributable to interests which are not owned, directly or indirectly through subsidiaries, by the group.

Foreign currencies Foreign currency transactions are stated at the exchange rate applicable at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange prevailing at the balance sheet closing date. Non-monetary assets and liabilities expressed in foreign currency are converted at the exchange rate at the transaction date. The exchange rate and currency translation differences resulting from these transactions are included in the income statement under operating result.

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Intangible and tangible non-current assets Tangible and intangible non-current assets, excluding goodwill, are taken into in the balance sheet at acquisition cost and depreciated/amortised on a straight-line basis over their expected useful lives. At the balance sheet date, the group reviews the carrying values of intangible and tangible non-current assets with finite useful lives to determine whether there is any indication of an impairment of these assets.

The expected useful life of intangible and tangible non-current assets has been set at:  software and licences: 5 years  buildings: 30 years  buildings maintenance: 3 years  furniture and equipment: 9 to 13 years  hardware: 5 years Land is not depreciated. Depreciation is calculated from the date the asset is available for use.

All leases are accounted for in accordance with IFRS 16 Leases.

Financial assets The financial assets mainly consist of (i) equities measured at fair value, (ii) debt investments measured at fair value, (iii) debt investments measured at amortised cost, (iii) trade and other receivables, (iv) cash and cash equivalents and (v) marketable securities. Financial assets are recorded on balance sheet on the date of payment of the investment amounts. Investments contracted before the end of the financial year for which Gimv manages the related contractual rights, and for which the investment amounts are paid shortly after the closing date, are also recognised in the financial assets on the closing date of the financial year. Purchases and sales of financial assets settled by standard market conventions are recognised at settlement date. Renegotiated credits are the result of a longer-than-expected holding period and not a deteriorating credit position of the company. Renegotiated credits do not lead to a cancellation of the receivable. The book value of the renegotiated receivable is measured at amortised cost. There are no material changes in contractual cash flows. Classification and valuation When acquiring or investing in a financial asset, the contractual terms determine whether it is an equity instrument (shares) or a debt instrument (debt investment).

The shares measured at fair value are the equity instruments belonging to the group’s investment portfolio, including associated participations, which, in accordance with item 2 “Consolidation principles”, are measured at fair value with the fair value changes taken through profit and loss (FVPL). Initially, these shares are recorded at their fair value at acquisition date. Subsequent unrealised gains and losses resulting from revaluations at the end of each reporting period are recognised in the income statement under the headings “Unrealised gain on financial assets measured at fair value through profit or loss (FVPL)” and “Unrealised loss on financial assets measured at fair value through profit or loss (FVPL)”.

The debt investments measured at fair value and at amortised cost relate to loans to portfolio companies with fixed or determinable payments that are not quoted on an active market. The properties of the contractual cash flows are assessed at initial recognition on an individual basis by application of the SPPI (“Solely Payments of Principal and Interest”) test. An assessment is made as to whether the instrument generates cash flows on specified dates that are only payments of principal and interest on the outstanding capital. In addition, an assessment is made as to how these cash flows fit within the business model. Gimv's business model consists exclusively of holding the debt investments to maturity.  Debt investments that meet the SPPI test and the business model are measured at amortised cost. On initial recognition, they are measured at fair value, plus transaction costs directly attributable to their acquisition. Subsequently, the effective interest method is applied whereby the difference between the valuation at initial recognition and the redemption value is recognised in the income statement based on the effective interest rate.  Debt investments that do not pass the SPPI test, such as convertible debt instruments, are initially measured at fair value and subsequently, at each reporting period, at fair value with the fair value changes recognised in the income statement under the headings: “Unrealised gain on financial assets measured at fair value through profit or loss (FVPL)” and “Unrealised loss on financial assets measured at fair value through profit or loss (FVPL)”. Any transaction costs paid on the acquisition of these instruments are recognised directly in the income statement under purchases of goods and miscellaneous services.

The trade and other receivables mainly relate to trade receivables with a maximum term of one year. These trade and other receivables are measured at amortised cost.

106 | Notes Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Cash and cash equivalents Cash and cash equivalents include cash held either in cash or on bank deposit with a maturity of up to six months, or invested in liquid products with a maturity of up to three months. These products are used to meet short-term cash needs, are not subject to valuation fluctuations and can be converted into cash at any time without paying an additional fee. These products are recognised in the balance sheet at nominal value including accrued interest not yet received.

Marketable securities These include treasury resources invested in marketable securities with a maturity of more than three months that may be subject to market valuation. These investments are initially recognised at fair value, which equals cost on the recognition date. Thereafter, these products are measured at fair value, with any fluctuations recognised in the financial result. These products are recognised in the balance sheet at fair value including accrued interest not yet received.

Derecognition of financial assets Financial assets are derecognised whenever the group no longer manages the contractual rights attached to them. It does this whenever the financial assets are sold or whenever the cash flows attributable to these assets are transferred to an independent third party. Capital gains or losses on disposal of investments are calculated at the time of sale as the difference between the selling price after any selling costs to be borne by Gimv and the carrying amount of the investment at the beginning of the financial year and are presented under the heading "capital gains or losses on disposal of investments". Any unrealised capital gains or losses booked in the current financial year before the financial assets are derecognised and the total realised result compared to the book value at the beginning of the financial year is presented. Selling costs are in most cases included in the selling price, with all shareholders contributing to the selling costs. In exceptional cases, Gimv bears part of the sales costs. These are then deducted from the sales proceeds.

Impairment losses on financial assets Expected credit losses on financial assets measured at amortised cost are evaluated and recognised at the end of each reporting period. When determining expected credit losses, the financial assets are divided into three categories, grouped by investment. The expected credit losses are determined as follows:  Category 1 – performing assets – these are assets in portfolio companies that are performing as expected at the time of granting the loan. In this case, a “12-month expected credit loss” is applied to the probability of events arising within 12 months leading to payment default.  Category 2 – underperforming assets – these are assets in portfolio companies that are performing significantly less well than expected at the time of granting the loan. In this case, the credit risk is judged to have increased significantly compared to that on initial recognition and a lifetime expected credit loss is determined.  Category 3 – non-performing assets (credit-impaired assets) – these are assets held in portfolio companies that have failed to make contractual payments. At the time of initial recognition, investments always fall into category 1 and the expected credit loss in the next 12 months is not considered to be material. When assessing whether assets are performing, underperforming or non- performing, the evolution of the equity value of the portfolio company is determined. In the event of non-performance, facts and circumstances are also taken into account, such as - but not limited to - contractual payments not made (on time). The change in credit risk is determined on the basis of the changes in the equity value of the portfolio company, whereby an evolution towards a negative equity value (due to a decrease in operating results and/ or an increase in the net debt position) is regarded as an increase of the credit risk. The lifetime expected credit loss is then recognised, determined based on the repayment capacity of the portfolio company. The determination of the repayment capacity takes into account the repayment in full of the portfolio company’s other more senior financial debt. In addition, whenever more forward-looking information is available without undue cost or effort, this information will be used to determine whether the credit risk has increased significantly since initial recognition.

Determining the fair value of the investment portfolio

In determining the fair value of the investment portfolio, the group applies the following hierarchy that reflects the importance of the data used to establish valuations:  level 1: listed (unadjusted) prices in active markets for identical assets or liabilities;  level 2: other methods in which all variables have a significant effect on the calculated fair value and are observable, either directly or indirectly;  level 3: methods using variables which significantly affect the calculated fair value, but are not based on observable market data.

Listed companies For investments that are actively traded in organised financial markets, fair value is determined by reference to the stock exchange bid prices on the balance sheet closing date. Any limitations on the negotiability or the share, or situations where the share price is not representative given the size of the shareholding, are taken into account in the valuation. Generally no discounts are applied to listed prices, except where contractual, governmental or other legally enforceable limitations exist that can influence the value, or in the scenarios below:  when a stock price is available on an active market, but this stock price is not a representative measure of fair value as a result of information occurring after the balance sheet date but before the measurement date. The stock price used will be adjusted to reflect the post-balance sheet information;  in determining the fair value of an obligation or equity instrument belonging to the group based on the stock price used for identical asset components in an active market and when adjustments are required due to specific factors that apply. Adjusting publicly available information means that the assets or liabilities to which these adjustments are applied will be classified lower than level 1.

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Instruments for which no stock market price is available In accordance with IFRS13 Fair Value Measurement, fair value is defined as the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction. In the absence of an active market for a financial instrument, various valuation models are used. These are considered level 3 in the fair value hierarchy. Gimv follows here the International Private Equity and Venture Capital Valuation Guidelines. The valuation methodologies are applied consistently from one period to the next, except where a change would result in a better estimate of fair value. Valuation methods for unlisted portfolio companies (level 3) Unlisted investments are valued, at each balance sheet date, following the International Private Equity and Venture Capital Guidelines (IPEV Guidelines) as explained below. The most recent version of these guidelines was published in December 2022. These guidelines comply with IFRS 13 Fair Value Measurement, The valuation methods used are further discussed in Note 4.4. Price of a recent transaction The price of any recent investment in the company provides a good indication for the fair value. By using the ‘recent transaction price’ method, Gimv takes the costs of the investment itself or the price at which a significant new investment was made in the company for determining the fair value of the investment. Gimv does this only for a limited period following the date of the relevant transaction. The length of this period will depend on the specific features of the investment in question. During the period following the date of the relevant transaction, Gimv assesses whether changes or events subsequent to the relevant transaction would imply a change in the investment’s fair value. Where Gimv decides that an indication exists that the fair value has changed (on the basis of objective data or the particular investment team's experience), it will adjust the price of the recent investment based on the most appropriate valuation method, such as the market multiples method (see below). The price of a recent transaction is specifically also applied for recent investments in companies with no significant revenues or positive cash flows. For starting enterprises, there are usually no existing earnings or positive cash flows in the short-term future. It is difficult to gauge the probability and financial impact of the success or failure of development or research activities and to make reliable cash flow forecasts. Consequently the most appropriate approach for determining fair value is a methodology that is based on market data, that being the price of a recent investment. In the event of an internal round involving only existing investors proportionally to their existing investments, it is important to examine whether specific conditions exist that could reduce the reliability of this financing round as an indication of fair value. Nevertheless a financing with investors at a lower price than the valuation at the most recent reporting date may indicate a decrease in value and is taken into consideration. The objectives of investors in making an internal down round may vary. Although a down round evidences that the company was unable to raise funds from investors at a higher valuation, the purpose of such a round may be, among others, the dilution of the founders or of investors not participating in the financing round. Similarly when a financing is done at a higher valuation (internal up round), in the absence of new investors or other significant factors which indicate that value has been enhanced, the transaction alone is unlikely to be a reliable indicator of fair value. Market multiples This method is applied to investments in an established business with an identifiable stream of turnover or profit that can be considered to be maintainable. In using the market multiples method to determine the fair value of an investment, a multiple is applied that is appropriate and reasonable (given the risk profile and earnings growth prospects of the company) to the company’s sustainable turnover or profit. Depending on the circumstances the multiple will be determined by reference to one or more comparable companies. This is done in consultation with the deal team and with the aim of identifying companies that are comparable in terms of risk characteristics and profit or revenue growth prospects. More specifically, companies that are comparable in terms of business activities, market, size and geographical location are considered relevant comparable companies. It is important that the market-based multiple derived from the group of comparable listed companies (the 'peer group’) be corrected for the differences between the peer group and the company to be valued. Account is taken here of the difference in liquidity of the shares being valued against that of listed shares. Other reasons for correcting multiples can be size, growth, diversity, type of activities, differences in markets, competitive position, etc. Recent transactions involving the sale of similar companies may also serve as a basis for determining an appropriate multiple. In order to objectively determine the difference with comparable listed companies, the calibration technique is applied provided that the original transaction price is representative of the fair value at the time of the transaction and provided that the transaction can be effectively calibrated. The calibration principle makes it possible to derive from the entry price the discount or premium from the multiple of the peer group. This, in combination with adjusted market data for the relevant reporting period, results in a fair value at reporting date. The calibration effect may be adjusted in a subsequent reporting period in the event of changes in the risk profile, profit forecasts, revenue growth, activities, the markets in which the company operates or market conditions, the company's competitive position or Gimv's interest in the company. From this market multiples based enterprise value the following amounts are deducted relating to financial instruments ranking ahead of the Group’s highest ranking instrument in the event of a liquidation and taking into account the effect of any instrument that may dilute the Group’s investment in order to derive the net equity value. The net equity value is duly apportioned between the relevant financial instruments. The data used are based on the most recent reliable information available to Gimv (historical, current or forecast), and are adjusted for exceptional or non-recurring items, the impact of discontinued operations, acquisitions and expected profit downturns.

108 | Notes Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

The following methods are in use at Gimv:  comparable multiples: price/earnings, price/cash flow, enterprise value/Ebit(da) (earnings before interest, taxes (depreciation and amortisation)) and enterprise value/revenues;  reference to relevant and applicable transaction multiples;  multiples paid on entry. Investments in third-party funds and co-investment partnerships For investments in third-party funds (which are not managed by the Gimv group) and investments in co-investment partnerships, the fair value of the investment is derived from the net assets of the fund. Depending on market circumstances it can be decided to base the valuation of the funds on individual valuations of the underlying shareholdings, based on the Gimv valuation methodology. Although the reported fund value provides a relevant starting point for determining the fair value of the fund, it may be necessary to adjust this value on the basis of the best available information at reporting date. Elements that can give rise to an adjustment are: a timing difference between the fund's and Gimv’s reporting dates, major valuation differences or any other element that can impact the value of the fund. Specific considerations at the valuation of unlisted portfolio companies (level 3)  Exchange rate movements that may impact the value of the investments are taken into account.  Where the reporting currency differs from the currency in which the investment is denominated, the translation into the reporting currency uses the exchange rate at reporting date.  Significant positions in options and warrants are valued separately from the underlying investments, using an option valuation model. The fair value is based on the assumption that options and warrants will be exercised whenever the fair value exceeds the exercise price.  Other rights such as conversion options and ratchets, which may impact the fair value, are reviewed on a regular basis to assess the likelihood of their being exercised and to determine the potential impact on the value of the investment.  Differential allocation of proceeds, such as liquidation preferences, may impact the valuation. Where this occurs, these differences are reviewed to assess whether they provide a benefit to the Gimv group or to third parties and are applied to the measurement.  Many financial instruments used in private equity accumulate the interest, which is paid out in cash only at redemption of the instrument. In measuring these, Gimv takes into account the total amount receivable, including the increase in accumulated interest.  Indicative offers are not used in isolation but need to be corroborated by one of the valuation methodologies.  For the real estate-intensive portfolio companies, separate valuations are applied to the income- generating real estate assets (PropCo) and the operating company (OpCo). The valuation of the PropCo is based on market interest rates and notional net rental income, while the OpCo is valued using the earnings multiple method after rental cost.  Where there is the possibility of payments subsequent to the sale of a participation (earn-outs), these may be measured using a discounted cash flow model, based on the estimated probability of receiving these payments. This methodology involves determining the value by calculating the present value of the expected future cash flows of the underlying business.

109 | Notes Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

Cash flow statement Gimv uses the direct method for the cash flow statement. This provides the best and most relevant insight into Gimv's actual cash flows. The cash flow statement includes movements in both 'cash and cash equivalents' and 'marketable securities' as shown under current assets in the balance sheet. The cash flow statement is based on Gimv and its fully consolidated subsidiaries. Gimv has no claim on the cash and deposits of its investee companies. Gimv is responsible solely for the value of the group's investment in the company in question.

Equity Capital comprises the net cash obtained upon incorporation, merger or capital increase, with direct external transaction costs (such as registration fees, legal and notary fees, etc.) being deducted from the capital. If necessary, transaction costs are deferred and recognised in a subsequent period when the capital increase is completed. Dividends are recognised as a short-term liability in the period in which they are determined.

10.

Own shares When buying (or selling) own shares, equity is reduced (or increased) by the amount paid (or received). The movements related to these securities are presented in the consolidated statement of changes in equity. The purchase or sale of own shares is recognised as a decrease or increase in equity respectively. Gains and losses related to a subsequent sale or cancellation are recognised directly in equity.

11.

Financial liabilities The financial liabilities consist mainly of bonds, lease obligations and trade and other payables. The financial liabilities are stated at amortised cost, being measured on initial recognition at fair value (taking into account discount or premiums), less transaction costs directly attributable to their issue. At each reporting period, financial liabilities are measured at amortised cost using the effective interest method.

12.

Provisions Provisions are recognised when the group has a legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle these obligations and a reliable estimate of the amounts can be made. The provisions consist mainly of provisions in the context of the earn-out arrangements of the historical co-investment structures, of the LTIP (long-term incentive plan), of provisions for litigation, and of pension obligations (see item 13). Provisions in the context of the historical co-investment structures For detailed reporting on the functioning of the historical co-investment structures, we refer to the remuneration report item B.1 and B.2. Until 31 March 2018, Gimv implemented a co-investment structure based on successive two-to-three-year investment periods ('vintages'). For each vintage, Gimv incorporated a co-investment company for each of the four investment platforms, along with an umbrella co-investment vehicle. For the still current vintages (2013 and 2016), the co-investment percentage is 12.5%. Belgian beneficiaries obtained, for the 2013 and 2016 vintages, warrants on shares of these co-investment companies, while foreign beneficiaries could acquire shares of these co-investment companies. As a general rule, participants’ rights under the co-investment structure are only finally acquired after a period of eight years (the "vesting period"). The co-investment company shares acquired by exercising the warrants may be sold to Gimv at the earliest eight years after the start of the two to three-year investment period, based on the cash gains realised on that date on the relevant total investment portfolio and after payment of all management and financing expenses. For this reason, the first settlement date is only after eight years, followed by a five-year earn-out period in which further cash realisations from the investment portfolio can lead to additional payments. For the 2013 and 2016 vintages the earn-out period is running. Future earn-out payments (based on capital gains already realised in cash) and future potential earn-out payments (based on capital gains not yet realised in cash) are recognised through provisions. The changes in the provisions are recognised in the income statement under operating result, with payments processed directly through equity. Provisions in the context of the LTIP Gimv has introduced a long-term incentive plan (LTIP) which started on 1 April 2018. This LTIP provides that 10% of the cash proceeds arising from the investment portfolio accruing over the three-year period from 1 April 2018 to 31 March 2021 and in the three-year period from 1 April 2021 to 31 March 2024 will, after reimbursement of the full investment cost of the relevant portfolio, be shared with a predefined group of beneficiaries. This group of beneficiaries includes the members of the executive committee as well as the partners and principals in the investment platforms. We refer to item A.3.4 of the remuneration report for a detailed description.

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As of 31 March 2025, there are two long-term incentive plans, LTIP 2018-2032 and LTIP 2021-2035. Payouts under this LTIP are made in cash and paid out through the payroll. Based on the valuation at the closing date of the respective investment portfolio, a provision is set up in the event that the current valuation exceeds the full investment cost of the respective portfolio. The amounts recognised in provisions are subject to changes in the carrying amount of the underlying unrealised assets in the investment portfolio, the cash realisation of accrued capital gains on the investment portfolio and their timing. Changes in provisions are presented in the income statement under operating income (reversal) and other operating expenses (provision). Once cash realisations have occurred and these are sufficient to repay the full investment cost of the relevant portfolio, 10% of the proceeds in excess of the investment cost are paid to beneficiaries through payroll processing. This payment to beneficiaries is no longer a commission but employee remuneration, and this is also reflected in the income statement in this way. At the end of the financial year 2024-2025, the group companies were established under the new LTIP 2024-2038. At the closing date, these companies were all still fully owned by Gimv NV. More information about the LTIP 2024-2038 can be found in chapter 6 – Remuneration report.

13.

Employee remuneration Employee remuneration includes short-term fixed and variable staff remuneration, payments under the LTIP plans from 2018, and post-employment benefits. Post-employment benefits include pension plans, life insurance and health care. Pension plans Employee benefits under defined contribution and defined benefit plans are provided through separate funds or insurance plans.  Defined contribution plans: Gimv has mainly “defined contribution” pension plans for its active employees via a “branch 21” pension plan. These plans provide for a lump sum for pensions and death-in-service cover with employer contributions, calculated as a percentage of a reference salary. There are no employee contributions in the plans. Under Belgian law, defined contribution pension plans are subject to a guaranteed minimum return based on an average yield on 10-year government bonds with a minimum of 1.75% and a maximum of 3.75%. This guaranteed minimum return was increased from 1.75% to 2.50% on 1 January 2025. Due to these minimum guaranteed returns, these pension plans are considered a ‘target plan’ under IFRS and are accounted for as described below.



Defined benefit plans: Gimv has defined benefit plans for a very small number of employees, entitling them, at pension date, to an amount set as a function of their final salary. The costs of the defined benefit pension plans are actuarially determined using the projected unit credit method (PUC). Revaluations, consisting of actuarial gains and losses, the effect of the asset ceiling and the return on fund investments, are recognised directly in the balance sheet, with a corresponding amount credited or debited to retained earnings through other elements of comprehensive income in the period in which they occur. Revaluations are not transferred to the income statement in subsequent periods. Pension costs are recognised in the income statement on the earlier of: (i) the date of the amendment or curtailment of the plan, and (ii) the date that Gimv recognises the related restructuring costs. The net interest is calculated by applying the discount rate to the net liability or net asset arising from the defined benefit pension rights. Gimv recognises the following changes in the net defined benefit liability in the consolidated income statement:  Service costs include current service costs, past service pension costs, gains and losses on curtailments and non-routine settlements  Net interest expense or income

14. Recognition of portfolio profit and operating income The operating profit consists primarily of portfolio profits (dividend income, interest income, capital gains on realisation of investments, unrealised capital gains on financial assets measured at fair value through profit or loss) and operating income (management fees and other operating income).

Dividends allocated to the group are recorded as income once the general meeting of shareholders of the investee company has approved the dividend.

Interest income is recognised as income using the effective interest method.

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We refer to the section ‘financial assets’ for information on the treatment of capital gains on realisation of investments and of unrealised capital gains on financial assets measured at fair value through profit or loss.

Management fees are the fees charged to portfolio companies and funds under management.

15.

Significant judgements and estimates In preparing the consolidated financial statements, estimates and assumptions are made that affect the amounts recorded in the financial statements. The significant judgements relate mainly to:  the determination of whether or not there is control in a portfolio company (note 2);  the presentation of the receivable as financial assets measured at fair value through profit or loss or as financial assets measured at amortised cost as a result of meeting or not meeting the SPPI test (note 6). The significant estimates mainly concern:  the determination of the fair value of shares and debt receivables in the investment portfolio which are measured at fair value through profit or loss (notes 5 and 6);  the determination of expected credit losses on debt receivables measured at amortised cost (note 6);  the valuation of "defined benefit" pension liabilities (note 21). These estimates assume that the continuity of the business activities is guaranteed and are made on the basis of the information available at that time. The estimates may be revised whenever the circumstances on which they are based evolve or when new information becomes available. Actual results may differ from these estimates.

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Note 2:

Subsidiaries and portfolio companies Given that Gimv meets the conditions of an investment entity (IFRS 10 §27), it measures all shareholdings in portfolio companies (both subsidiaries with majority participations and associated companies) at fair value through profit and loss. Subsidiaries of an investment entity that provide asset management services to third parties have, nonetheless, to be consolidated. These subsidiaries are fully consolidated. Regardless of the participation percentages, Gimv has control over these companies under the contractual provisions. The first table contains the fully consolidated subsidiaries. The second table provides an overview of the active shareholdings.

2.1 Fully consolidated subsidiaries For these fully consolidated subsidiaries the beneficial interest percentage corresponds to the percentage of voting rights held. Name of subsidiary Registered office Registration number Beneficial interest (%) Changes to previous year Adviesbeheer Gimv Consumer 2013 Antwerp, Belgium BE518.892.392 100.00% 0.00% Adviesbeheer Gimv Consumer 2016 Antwerp, Belgium BE649.473.594 100.00% 0.00% Adviesbeheer Gimv Group 2013 Antwerp, Belgium BE515.977.741 100.00% 0.00% Adviesbeheer Gimv Group 2016 Antwerp, Belgium BE649.467.260 100.00% 0.00% Adviesbeheer Gimv Health Care 2013 Antwerp, Belgium BE518.890.018 100.00% 0.00% Adviesbeheer Gimv Health Care 2016 Antwerp, Belgium BE649.474.782 100.00% 0.00% Adviesbeheer Gimv Sustainable Cities 2013 Antwerp, Belgium BE518.894.273 100.00% 0.00% Adviesbeheer Gimv Sustainable Cities 2016 Antwerp, Belgium BE649.474.188 100.00% 0.00% Adviesbeheer Gimv Smart Industries 2013 Antwerp, Belgium BE518.893.085 100.00% 0.00% Adviesbeheer Gimv Smart Industries 2016 Antwerp, Belgium BE649.472.705 100.00% 0.00% Dutch Participants Sub-Holding 2013 BV The Hague, The Netherlands 59420286 100.00% 0.00% Dutch Participants Holding 2013 BV The Hague, The Netherlands 59418583 100.00% 0.00% Dutch Participants Sub-Holding 2016 BV The Hague, The Netherlands 66483042 100.00% 0.00% Dutch Participants Holding 2016 BV The Hague, The Netherlands 66478839 100.00% 0.00% Gimv 2024 NL Holding BV Antwerp, Belgium BE1019.840.182 100.00% 100.00% Gimv 2024 NL Poolco BV Antwerp, Belgium BE1019.841.568 100.00% 100.00% Gimv 2024 Poolco BV Antwerp, Belgium BE1019.842.954 100.00% 100.00% Gimv Consumer Invest 2024 BV Antwerp, Belgium BE1019.844.241 100.00% 100.00% Gimv France Investissements Paris, France 879 916 476 0.00% -100.00%

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Name of subsidiary Registered office Registration number Beneficial interest (%) Changes to previous year Gimv France Participations Paris, France 840 172 910 100.00% 0.00% Gimv Germany Holding München, Germany HRB 269510 100.00% 0.00% Gimv Healthcare Invest 2024 BV Antwerp, Belgium BE1019.845.924 100.00% 100.00% Gimv Investments Consumer Netherlands 2016 The Hague, The Netherlands 65881702 100.00% 0.00% Gimv Investments Consumer Netherlands 2013 The Hague, The Netherlands 62731521 100.00% 0.00% Gimv Investments H&C Netherlands 2013 The Hague, The Netherlands 57093156 100.00% 0.00% Gimv Investments H&C Netherlands 2016 The Hague, The Netherlands 68071167 100.00% 0.00% Gimv Investments Sustainable Cities Netherlands 2013 The Hague, The Netherlands 59482583 100.00% 0.00% Gimv Investments Smart Industries Netherlands 2013 The Hague, The Netherlands 65423445 100.00% 0.00% Gimv Investments Smart Industries Netherlands 2016 The Hague, The Netherlands 68071272 100.00% 0.00% Gimv Life Sciences Invest 2024 BV Antwerp, Belgium BE1019.848.694 100.00% 100.00% Gimv Nederland The Hague, The Netherlands 27162749 100.00% 0.00% Gimv Nederland Holding The Hague, The Netherlands 27258597 100.00% 0.00% Gimv Smart Industries Invest 2024 BV Antwerp, Belgium BE1019.850.575 100.00% 100.00% Gimv Sustainable Cities Invest 2024 BV Antwerp, Belgium BE1019.852.159 100.00% 100.00% Gimv-XL Antwerp, Belgium BE820.802.914 100.00% 0.00% Halder Investments The Hague, The Netherlands 27127858 100.00% 0.00% Changes in consolidation scope New entrants At the end of the current reporting period eight new subsidiaries were added related to the LTIP 2024-2038. These companies are currently still fully owned by Gimv NV. As of next financial year, after the offer to the beneficiaries, non-controlling interests will again be reported. On the closing date of current fiscal year there are no non-controlling interests. Exits Gimv France Investissements was dissolved without liquidation at the end of the current financial year, with all assets and liabilities being transferred to the sole shareholder Gimv France Participations.

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2.2

Unconsolidated affiliated companies

The following table provides an overview of all active investments (majority and minority investments) held by Gimv, valued at fair value in accordance with IFRS 9. In addition to the name of the investment group, the table lists the name and unique company number of the subsidiary in which Gimv invests. The beneficial interest stated in the table is the interest that Gimv holds in the company in which it invests. Name of investee group Name of subsidiary Registered office Registration number Beneficial interest % Changes to previous year Platform: Consumer Agrobiothers Pet Invest Cuisery, France 834 423 162 57.6% 2.7% Blendwell Blendwell Food Group B.V. Giessen, The Netherlands 69 247 668 70.6% 0.0% Curana Curana Holding Ardooie, Belgium BE 1010.918.954 94.0% 94.0% Grandeco The Wallfashion House Tielt, Belgium BE 0745.385.810 34.2% 0.0% Groupe Delineo Financière LGN Paris, France 832 998 181 32.5% 0.8% Joolz Joolz Holding Amsterdam, The Netherlands 65 884 914 42.0% 3.7% La Comtoise Financière de l'Echourgnac Paris, France 843 848 698 58.5% 0.1% Lupine Bright Light GmbH München, Germany HRB 296654 67.7% 67.7% Olyn Olyn Management Neuilly-sur-Seine, France 893 683 425 34.8% 0.5% Sofatutor EdTech Holding Berlin, Germany HRB 112531 0.2% 0.0% The Spice Factory TSF Holding SRL Braine-l'Alleud, Belgium BE 1020.542.443 83.5% 83.5% United Dutch Breweries United Investments Breda, The Netherlands 81 579 292 0.0% -83.9% Platform: Healthcare Apraxon Apraxon Holding Hofbieber, Germany HRB121220 70.0% 0.0% Arseus Medical Medcare Partners Bornem, Belgium 677 862 724 54.3% 0.0% BioConnection BioConnection Investments The Hague, The Netherlands 85 610 658 58.4% 0.0% France thermes Codex 324 Holding Paris, France 832 074 017 61.9% 0.0% ILC LibRT SAS Le Mans, France 933 956 468 69.3% 69.3% Les Psy Réunis Les Psy Réunis Anières, Switzerland CHE 311740605 57.1% 0.0% Liveo Gruppe Liveo Holding GmbH München, Germany HRB 296149 67.9% 67.9% Medi-Markt Medi-Markt Holding Mannheim, Germany HRB 732359 0.0% -97.6% MVZ Holding MVZ Holding AG Zug, Switserland CHE 114678485 51.0% 0.0% rehaneo Rehaneo Verwaltungs München, Germany HRB 257271 0.0% -94.3% SGH Medical Pharma MXG Lyon, France 834 427 429 45.1% 0.0% Spineart Spineart SA Plan-Les-Quates, Switserland CHE 112355249 32.1% 0.0%

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Name of investee group Name of subsidiary Registered office Registration number Beneficial interest % Changes to previous year Platform: Life Sciences Anjarium Anjarium Biosciences AG Schlieren, Switserland CHE 451654651 0.0% -11.7% Biotalys Biotalys NV Sint-Denijs-Westrem, Belgium 508 931 185 4.8% 0.0% Complement Therapeutics Complement Therapeutics GmbH München, Germany HRB 281972 11.6% 0.0% FIRE1 Foundry Innovation & Research 1 Dublin, Ireland 535014 8.5% 0.0% Imcheck Therapeutics Imcheck Therapeutics SAS Marseille, France 812 428 142 9.1% 0.0% ImmunOs Therapeutics Immunos Therapeutics AG Schlieren, Switserland CHE 456329046 11.7% 2.1% iSTAR Medical Istar Medical SA Waver, Belgium 828 058 712 14.5% 0.0% Kinaset Therapeutics Kinaset Theraputics Inc. Medﬁeld, USA 7953581 20.4% 1.7% Kivu Bioscience Kivu Biosciences Inc. Dover, USA 4277380 9.5% 9.5% Mediar Therapeutics Mediar Therapeutics Inc. Cambridge, USA 7197945 7.3% 2.0% Onera Health Onera Technologies BV Eindhoven, The Netherlands 68 559 690 8.3% 8.3% ONWARD Onward Medical BV Lausanne, Switserland CHE 64598748 9.1% -1.4% Paleo Paleo BV Diest, Belgium 756 986 614 6.8% 2.9% Precirix Precirix NV Jette, Belgium 564 736 473 8.6% 0.0% Topas Therapeutics Topas Therapeutics GmbH Hamburg, Germany HRB 129330 12.9% 0.0% Platform: Smart Industries Alro Group Alro International Dilsen-Stokkem, Belgium BE729.709.917 75.0% 0.0% ALT Technologies Advanced Safety Technologies Utrecht, The Netherlands 68 218 737 66.7% 0.0% AME AME Investments Eindhoven, The Netherlands 77 271 335 65.2% 0.0% Arplas Advanced Joining Technologies Amersfoort, The Netherlands 65 528 247 60.0% 0.0% Cegeka Cegeka Holding NV Hasselt, Belgium BE680.947.918 0.0% -24.2% Citymesh Citymesh Holding Oostkamp, Belgium BE1012153923 24.2% 24.2% ERS Silicon Hill Holding Germering, Germany HRB 283391 77.0% 0.0% Laser 2000 L2K Wessling, Germany HRB 239577 75.0% 0.0% Mega International Mega Holding SAS Paris, France 821 746 955 0.0% -40.7% Picot Stachel NV Sint-Eloois-Winkel, Belgium BE677.778.689 29.3% 0.0% RoboJob RoboJob Group NV Heist-op-den-Berg, Belgium BE1019.308.365 42.0% 42.0% Smart Battery Solutions Smart Battery Solutions Kleinostheim, Germany HRB 11439 58.9% 0.0% SMG Iller Valley GmbH Vöhringen, Germany HRB 21142 80.0% 80.0% Televic Danver NV Izegem, Belgium BE737.989.955 40.0% 0.0% Variass Variass Investments Gravenhage, The Netherlands 85 898 449 82.5% 0.0% Variotech Kap Nordhorn Holding GmbH Nordhorn, Germany HRB 218144 82.0% 0.0% WDM-Deutenberg Group WDM Deutenberg Holding GmbH Gros Pankow, Germany HRB 12104 26.5% 0.0% Witec Witec Investments Stadskanaal, The Netherlands 89 447 174 60.0% 0.0%

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Name of investee group Name of subsidiary Registered office Registration number Beneficial interest % Changes to previous year Platform: Sustainable Cities Acceo Acceo Group Gémenos, France 822 110 433 6.5% -59.9% Baas/Verkley Konnektor Investments Drachten, The Netherlands 81 990 669 63.7% 0.0% Castelein Sealants CS Topco Antwerp, Belgium BE1003.053.145 51.0% 0.0% E.Gruppe E.Gruppe Holding Rheinau, Germany HRB726186 65.1% 0.0% Fronnt Cristallo Topco Antwerp, Belgium BE787.628.419 57.6% 0.0% GSDI GSDI Covering Holding Massy, France 907 722 581 66.0% 0.0% Itineris Itineris NV Gent, Belgium BE474.964.260 23.8% 0.0% Köberl GMGT Holding Munchen, Germany HRB 252274 0.0% -57.3% Projective Group Projective NV Machelen, Belgium BE885.932;969 22.0% 5.5% Techinfra Techinfra Holding GmbH München, Germany HRB 273904 75.1% 0.0% Tibbloc Tibbco SAS Paris, France 840 172 910 79.6% 79.6% Anchor Gimv Anchor Gimv Anchor Investments BV Antwerp, Belgium BE1020.386.451 75.0% 75.0% Infrastructure Infravest Infravest BV Antwerp, Belgium BE1011.576.376 40.8% 40.8% TINC Infravest BV Antwerp, Belgium BE0894.555.972 0.0% -10.7% TDP Infravest BV Antwerp, Belgium BE0891.786.920 0.0% -50.0% DG Infra Yield DG Infra Yield Comm.V Antwerp, Belgium BE0833.921.767 4.5% 0% Changes in composition During the financial year, Gimv added the following new participations to its investment portfolio: Curana (CO; B), Lupine (CO; D), The Spice Factory (CO; B), ILC (HC; F), Liveo Gruppe (HC; D), Kivu Bioscience (LS; US), Tibbloc (SC; F), Robojob (SI; BE), SMG (SI; D), Infravest (IN; B) and Gimv Anchor (AN; B). In addition, Citymesh was spun off from Cegeka in August 2024 and valued and reported as a separate investment. Infravest BV was established in September 2024 with Gimv as the majority shareholder. The shares in TINC, the European infrastructure investment company listed on Euronext, held by Gimv were transferred to Infravest and Infravest acquired the shares in TINC held by Belfius Insurance, financed by Belfius Bank. This transaction consolidated the stability of TINC's shareholding structure, with Infravest becoming the largest shareholder in TINC with a 21.32% stake. Gimv and Belfius Bank then also transferred their interest in TDP, the joint venture established by Gimv and Belfius to develop and manage a wide range of infrastructure projects, to Infravest BV. Finally, 50% of Gimv's interest in Infravest was sold to WorxInvest. WorxInvest and Gimv now each hold a 40.8% stake in Infravest. Infravest is valued at fair value within the investment portfolio. Gimv Anchor Investments BV was established in March 2025 by Gimv NV with the aim of building long-term strategic partnerships with leading growth companies. This enables these companies to attract long-term capital to further expand their activities while remaining securely anchored. Cegeka became Gimv Anchor's first participation. The Cegeka shares held by the Gimv group were transferred to Gimv Anchor Investments. Subsequently, 25% plus one share of Gimv Anchor Investments was sold to WorxInvest. Gimv Anchor Investments does not provide asset management services to third parties and meets the definition of a portfolio investment. Gimv Anchor Investments wordt is therefore valued at fair value within the investment portfolio.

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The following participations were sold during the 2024-2025 financial year: United Dutch Breweries (CO; NL), Medi-Markt (HC; D), rehaneo (HC; D), Cegeka (SI; B), Mega International (SI; FR), Acceo (SC; FR) and Köberl (SC; D). Cegeka was transferred to Gimv Anchor Investments (see above), TINC and TDP were transferred to Infravest (see above). The remaining changes in beneficial interest are due to add-on investments or partial divestments.

Note 3:

Segment information IFRS 8 Operating Segments requires the identification of segments based on internal records and reports regularly submitted to the key operating decision maker for decision-making and performance evaluation. Consequently, Gimv divides the consolidated income statement in five segments, supplemented by a breakdown of the investment portfolio and investments during the reported period. Additional reporting is provided on a geographic basis. The portfolio result is broken down by geographical area, supplemented by a breakdown of the investment portfolio and the investments during the reported period. Gimv's three growth dimensions – Core, Anchor and Partnerships – are translated into seven segments. The five core segments relate to the five investment platforms:  Consumer, focusing on companies that respond to the needs and preferences of consumers who consciously choose active, healthy and ecologically responsible lifestyles;  Healthcare, focusing on healthcare providers and patient services, on leading B2B service & software companies and on medical products;  Life Sciences, focusing on venture capital investments in R&D-driven companies that are not yet generating revenue and have a positive impact on human health;  Smart Industries, focusing on companies that excel in their sectors through innovative engineering and intelligent technologies; and  Sustainable Cities, focusing on leading companies in the energy & environment, and construction & materials sector clusters, including chemicals, infrastructure installation and transport & logistics. Climate change and urbanisation are essential drivers for the growth of companies in these sectors. Since the financial year 2024-2025, these segments have been supplemented by the Anchor segment and the Infra segment. The Anchor segment comprises Gimv's interest in Gimv Anchor Investments. With Anchor, Gimv aims to build long-term strategic partnerships with leading growth companies. This enables these companies to attract long-term capital to further expand their activities while remaining securely anchored. The Infra segment mainly comprises Gimv's interest in Infravest, which includes the listed companies TINC and Tinc Development Partners. Infravest has helped to stabilise TINC's shareholding structure. Through Infravest, Gimv aims to develop and manage a wide range of infrastructure projects in partnership with Worxinvest and contribute to the ongoing upgrading of European infrastructure. The additional segment 'Other' consists mainly of investments in third-party funds (3F) and the Business Services. The comparative figures for segment reporting for the previous financial year 2023-2024 (five platforms) have been restated to take account of the new segments Infra and Anchor.

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3.1 Segment information by platforms Segment information on the consolidated financial statements by platform for the period ended 31 March 2024 Year 2024-2025 per platform (in 1,000 EUR) Consumer Healthcare Life Sciences Smart Industries Sustainable Cities Anchor Infra Business Services & General Total Dividend income - 414 - 955 - - 1,246 53 2,668 Interest income 9,540 7,462 493 9,514 5,992 - 608 - 33,609 Realised gains on disposal of investments 8,105 96,261 9,855 41,074 38,742 - 1,569 913 196,519 Unrealised gains on financial assets at fair value through P&L 22,536 19,712 6,152 143,050 72,965 - 1,569 1,335 267,319 Reversal of impairments on debt investments via amortised cost 214 41 - 26 - - - - 281 Portfolio profit 40,395 123,890 16,500 194,619 117,699 - 4,992 2,301 500,396 Realised losses on disposal of investments -5 - -6,485 -169 -56 -25 -495 -526 -7,761 Unrealised losses on financial assets at fair value through P&L -12,614 -45,392 -26,913 -36,732 -22,825 -34 -4,007 -7,677 -156,194 Impairments on debt investments via amortised cost -218 -5,204 - -30,859 - - - - -36,281 Portfolio losses -12,837 -50,596 -33,398 -67,760 -22,881 -59 -4,502 -8,203 -200,236 Portfolio result: profit (loss) 27,558 73,294 -16,898 126,859 94,818 -59 490 -5,902 300,160 Management fees 45 - - 246 - - -58 545 778 Other operating income 52 142 39 68 49 - 132 373 855 Operating income 97 142 39 314 49 - 74 918 1,633 Selling, general and administrative expenses -1,069 -1,626 -379 -481 -1,863 - -18 -12,339 -17,775 Personnel expenses -3,923 -3,989 -1,665 -3,315 -4,924 - - -7,076 -24,892 Personnel expenses - LTIP remuneration -1,358 -9,856 -1,767 -1,640 -8,729 - - -1,677 -25,027 Amortisation and depreciation expenses - - - - - - - -2,485 -2,485 Other operating expenses 450 1,802 421 -2,657 -2,015 - - -10,531 -12,530 Operating expenses -5,900 -13,669 -3,390 -8,093 -17,531 - -18 -34,108 -82,709 Operating result 21,755 59,767 -20,249 119,080 77,336 -59 546 -39,092 219,084 Financial result - - - - - - - - 392 Tax expenses - - - - - - - - -475 Net profit (loss) of the period 219,001

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Segment information on the consolidated financial statements by platform for the period ended 31 March 2024 Year 2023-2024 per platform (in 1,000 EUR) Consumer Healthcare Life Sciences Smart Industries Sustainable Cities Anchor Infra Business Services & General Total Dividend income - - - 3,152 - - 7,550 7 10,709 Interest income 8,895 6,801 6 8,609 9,155 - 398 - 33,864 Realised gains on disposal of investments 4,230 28 - - 149,436 - 80 2,194 155,968 Unrealised gains on financial assets at fair value through P&L 23,547 23,407 2,549 76,581 69,329 - - 1,309 196,722 Reversal of impairments on debt investments via amortised cost 30 42 1 - - - - - 73 Portfolio profit 36,702 30,278 2,556 88,342 227,920 - 8,028 3,510 397,336 Realised losses on disposal of investments - -5,064 - - - - -35 -2,404 -7,503 Unrealised losses on financial assets at fair value through P&L -14,310 -21,740 -13,150 -7,751 -12,611 - -4,485 -7,565 -81,612 Impairments on debt investments via amortised cost -349 - - -16,315 -491 - - - -17,155 Portfolio losses -14,659 -26,804 -13,150 -24,066 -13,102 - -4,520 -9,969 -106,270 Portfolio result: profit (loss) 22,043 3,474 -10,594 64,276 214,818 - 3,508 -6,459 291,066 Management fees 45 - - 285 - - - 565 895 Other operating income 36 30 48 14 16 - - 462 606 Operating income 81 30 48 299 16 - - 1,027 1,501 Selling, general and administrative expenses -341 -1,221 -144 -1,553 -1,069 - - -8,915 -13,243 Personnel expenses -2,785 -4,258 -1,598 -3,339 -3,968 - - -7,259 -23,207 Personnel expenses - LTIP remuneration - - - - -9,182 - - - -9,182 Amortisation and depreciation expenses - - - - - - - -2,313 -2,313 Other operating expenses -866 -1,811 -174 -4,123 -2,410 - - -13,707 -23,091 Operating expenses -3,992 -7,290 -1,916 -9,015 -16,629 - - -32,194 -71,036 Operating result 18,132 -3,786 -12,462 55,560 198,205 - 3,508 -37,626 221,531 Financial result - - - - - - - - -4,347 Tax expenses - - - - - - - - -63 Net profit (loss) of the period 217,121

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Segment information on the assets by platform for the period ended 31 March 2025 Year 2024-2025 per platform (in 1,000 EUR) Consumer Healthcare Life Sciences Smart Industries Sustainable Cities Anchor Infra Business Services & General Total Segment assets Investment portfolio 284,239 273,076 134,014 382,375 330,752 165,041 30,903 22,946 1,623,346 Financial assets: equity investments at fair value through P&L (FVPL) 169,021 239,607 127,252 324,459 285,670 165,041 26,928 22,946 1,360,924 Financial assets: debt investments at fair value through P&L (FVPL) 54,320 21,715 6,757 - 3,158 - - - 85,950 Financial assets: debt investments at amortised cost 60,898 11,754 5 57,916 41,924 - 3,975 - 176,472 Segment information on the assets by platform for the period ended 31 March 2024 Year 2023-2024 per platform (in 1,000 EUR) Consumer Healthcare Life Sciences Smart Industries Sustainable Cities Anchor Infra Business Services & General Total Segment assets Investment portfolio 226,751 310,671 130,910 495,072 299,994 - 62,911 32,670 1,558,979 Financial assets: equity investments at fair value through P&L (FVPL) 127,144 228,334 130,371 415,160 238,459 - 50,662 32,670 1,222,800 Financial assets: debt investments at fair value through P&L (FVPL) 50,814 31,728 532 - 5,102 - - - 88,176 Financial assets: debt investments at amortised cost 48,793 50,609 7 79,912 56,433 - 12,249 0 248,003

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3.2 Segment information by geographic area Segment information on the portfolio result by geographic area for the period ended 31 March 2025 Year 2024-2025 per region (in 1,000 EUR) Belgium The Netherlands Germany France Rest of Europe Other countries Total Dividend income 2,625 43 - - - - 2,668 Interest income 5,658 1,753 17,763 7,963 212 260 33,609 Realised gains on disposal of investments 29,760 7,772 135,216 23,086 70 615 196,519 Unrealised gains on financial assets at fair value through P&L 150,056 60,053 9,720 25,818 612 21,060 267,319 Reversal of impairments on debt investments via amortised cost 214 26 - - - 41 281 Portfolio profit 188,313 69,647 162,699 56,867 894 21,976 500,396 Realised losses on disposal of investments -539 122 -384 -5 -470 -6,485 -7,761 Unrealised losses on financial assets at fair value through P&L -43,472 -18,689 -43,813 -38,154 -1,608 -10,458 -156,194 Impairments on debt investments via amortised cost -25,502 -909 -4,448 -5,204 -218 - -36,281 Portfolio losses -69,513 -19,476 -48,645 -43,363 -2,296 -16,943 -200,236 Portfolio result: profit (loss) 118,800 50,171 114,054 13,504 -1,402 5,033 300,160 Segment information on the portfolio result by geographic area for the period ended 31 March 2024 Year 2023-2024 per region (in 1,000 EUR) Belgium The Netherlands Germany France Rest of Europe Other countries Total Dividend income 10,403 306 - - - - 10,709 Interest income 4,388 1,432 17,949 9,778 317 - 33,864 Realised gains on disposal of investments 4,261 61,776 22,660 65,001 2,242 28 155,968 Unrealised gains on financial assets at fair value through P&L 53,827 43,141 30,792 65,404 3,461 97 196,722 Reversal of impairments on debt investments via amortised cost 42 - 1 - 30 - 73 Portfolio profit 72,921 106,655 71,402 140,183 6,050 125 397,336 Realised losses on disposal of investments -35 - -5,064 - -403 -2,001 -7,503 Unrealised losses on financial assets at fair value through P&L -18,307 -6,954 -16,412 -29,525 -10,366 -48 -81,612 Impairments on debt investments via amortised cost -12,529 -2,946 -1,527 - -153 - -17,155 Portfolio losses -30,871 -9,900 -23,003 -29,525 -10,922 -2,049 -106,270 Portfolio result: profit (loss) 42,050 96,755 48,399 110,658 -4,872 -1,924 291,066

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Segment information on the segment assets by geographic area for the period ended 31 March 2025 Year 2024-2025 per region (in 1,000 EUR) Belgium The Netherlands Germany France Rest of Europe Other countries Total Segment assets Investment portfolio 577,328 301,570 303,581 299,064 17,098 124,705 1,623,346 Financial assets: equity investments at fair value through P&L (FVPL) 547,501 277,287 170,342 229,638 15,792 120,364 1,360,924 Financial assets: debt investments at fair value through P&L (FVPL) 7,444 - 55,351 23,155 - - 85,950 Financial assets: debt investments at amortised cost 22,383 24,283 77,888 46,271 1,306 4,341 176,472 Investments in financial assets via 96,803 32,266 124,585 100,741 5,894 8,714 369,003 Equity investments 82,273 16,023 108,335 98,830 5,894 8,181 319,536 Debt investments 14,530 16,243 16,250 1,911 - 533 49,467 Segment information on the segment assets by geographic area for the period ended 31 March 2024 Year 2023-2024 per region (in 1,000 EUR) Belgium The Netherlands Germany France Rest of Europe Other countries Total Segment assets Investment portfolio 480,086 271,094 374,608 303,852 111,704 17,635 1,558,979 Financial assets: equity investments at fair value through P&L (FVPL) 435,105 255,018 194,512 213,908 106,717 17,540 1,222,800 Financial assets: debt investments at fair value through P&L (FVPL) 2,060 1,877 48,936 35,303 - - 88,176 Financial assets: debt investments at amortised cost 42,921 14,199 131,160 54,641 4,987 95 248,003 Investments in financial assets via 38,077 18,136 37,097 6,765 9,345 6,403 115,823 Equity investments 29,801 14,165 19,335 3,715 7,784 6,403 81,203 Debt investments 8,276 3,971 17,762 3,050 1,561 - 34,620

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Note 4:

Investment portfolio

4.1 Composition The total investment portfolio has increased by EUR 64,367 thousand (+4.1%) compared to the previous financial year. The total investment portfolio amounts to EUR 1,623,346 thousand at the end of FY 2024-2025 and consists of the following financial assets. Investment portfolio (in 1,000 EUR) 31-03-2025 31-03-2024 Financial assets: equity investments at fair value through P&L (FVPL) 1,360,924 1,222,800 Financial assets: debt investments at fair value through P&L (FVPL) 85,950 88,176 Financial assets: debt investments at amortised cost 176,472 248,003 Total 1,623,346 1,558,979 of which listed investments 17,695 64,213 1% of the total portfolio value comprises investments in the following listed companies listed below. Last year, the share of listed companies was 4%. The change is due to the interest in the listed company TINC, which is held through Infravest since the current financial year. At the end of March 2025, Infravest had a 21.3% interest in TINC and Gimv held 40.8% of Infravest. Company Ticker Stake in % Number of shares Biotalys BTLS 4.84% 1,812,580 Onward ONWD 9.14% 3,166,470 To increase transparency on concentration risk, Gimv applies the following approach:  Insofar as valid, Gimv will explicitly state that no portfolio company represents more than 10% of the total portfolio value.  As soon as a portfolio company crosses the threshold of 10% of the total portfolio value, this will be communicated and the name of the company or companies concerned will be disclosed.  As soon as a portfolio crosses the threshold of 15% of the total portfolio value, additional qualitative information will provided on the main value drivers and risks of the company(s) concerned, along with quantitative information on the potential valuation impact of developments in key value determinants. In line with this approach, Gimv can report that at the end of March 2025, one portfolio company represents more than 10% of the total portfolio value: Cegeka, via Anchor. 4.2 Evolution of the investment portfolio The following table shows the evolution of the entire investment portfolio during the financial year. Notes 5 and 6 show the evolution per instrument: equity investments, debt investments measured at fair value through profit or loss, and debt investments measured at amortised cost. Evolution investment portfolio (in 1,000 EUR) 31-03-2025 31-03-2024 Opening balance 1,558,979 1,522,898 Investments 369,003 115,823 Divestments (-) / Repayments (-) -421,832 -212,892 Unrealised gains in fair value (+) / Reversal of expected credit losses (+) 267,600 196,795 Unrealised losses in fair value (-) / Expected credit losses (-) -192,475 -98,767 Accrued Interest (+) 32,204 34,140 Other increase (+) or decrease (-) 9,867 983 Closing balance 1,623,346 1,558,979 Investments during the past financial year amounted to EUR 369,003 thousand. The most significant investments were made in Liveo Gruppe (HC; D), Tibbloc (SC; FR), The Spice Factory (CO; B), SMG (SI; D) and ILC (HC; FR). The investment amount included in the annual report differs from the investment amount stated in the publication for analysts and investors, as the annual report states the gross investments. The publication for investors and analysts offsets the amount of vendor loans and bridge financing (which was already repaid during the financial year).

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The most significant investments during the previous financial year were made in Fronnt (SC; B), Castelein Sealants (SC; B), Witec (SI; NL) and ERS (SI; D). Investments per platform (in 1,000 EUR) 31-03-2025 31-03-2024 Consumer 80,843 7,639 Healthcare 103,204 9,397 Life Sciences 30,866 19,003 Smart Industries 55,234 39,437 Sustainable Cities 96,931 33,254 Core platforms 367,078 108,730 Anchor - - Infrastructure 807 5,922 Other 1,118 1,171 Other segments 1,925 7,093 Total 369,003 115,823 The most significant divestments were Acceo (SC; FR), rehaneo (HC; D), Medi-Markt (HC; D), United Dutch Breweries (CO; NL), Köberl (SC; D) and Mega International (SI; FR). The most significant divestments during the previous financial year were Coolworld (SC; NL), Groupe Claire (SC; FR) and the Genesis IV fund (Other). Equity Divestments and loan repayments per platform (in 1,000 EUR) 31-03-2025 31-03-2024 Consumer 42,490 5,645 Healthcare 117,339 5,064 Life Sciences 7,493 - Smart Industries 50,990 8,680 Sustainable Cities 122,306 172,867 Core platforms 340,618 192,256 Anchor 37,067 - Infrastructure 39,649 5,074 Other 4,498 15,562 Other segments 81,214 20,636 Total 421,832 212,892 The net unrealised result following valuation changes and expected credit losses show a net income of EUR 75,125 thousand, compared to EUR 98,027 thousand in the previous financial year. Note 9 ‘Unrealised valuation result’ provides more insight. The capitalised interest income on debt investments is in line with last year. Note 6 ‘Financial investments – debt investments’ provides more information about the various debt investments and note 7 ‘Interest income’ provides more insight into the interest income.

4.3

Classification of financial instruments and hierarchy of fair values

The following table compares the carrying amounts and the fair value of the financial instruments. Gimv believes that the carrying value of the financial assets is a reliable approximation of the market value for short-term assets and short-term liabilities. The fair value of the financial debt - bond loan is determined on the basis of the stock market quotation on the reporting date. The following section details the methods applied in accordance with IFRS 13 to determine the fair value of unlisted level 3 investment portfolio assets.

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For the financial year ended on 31 March 2025 Carrying value Fair value Classification in 1,000 EUR 31-03-2025 Classification IFRS 9 Level 1 Level 2 Level 3 Investment portfolio 1,623,346 - 17,695 1,597,417 Financial assets: equity investments at fair value through P&L (FVPL) 1,360,924 Fair value through profit and loss - 17,695 1,343,229 Financial assets: debt investments at fair value through P&L (FVPL) 85,950 Fair value through profit and loss - - 85,950 Financial assets: debt investments at amortised cost 176,472 Amortised cost - - 168,237 Cash, deposits and cash equivalents 538,102 Amortised cost - 538,102 - Marketable securities and other instruments 130,722 Fair value through profit and loss - 130,722 - Financial debts - bonds 350,000 Amortised cost 350,275 - - For the financal year ended 31 March 2024 Carrying value Fair value Classification in 1,000 EUR 31-03-2024 Classification IFRS 9 Level 1 Level 2 Level 3 Investment portfolio 1,558,979 45,415 18,798 1,479,964 Financial assets: equity investments at fair value through P&L (FVPL) 1,222,800 Fair value through profit and loss 45,415 18,798 1,158,587 Financial assets: debt investments at fair value through P&L (FVPL) 88,176 Fair value through profit and loss - - 88,176 Financial assets: debt investments at amortised cost 248,003 Amortised cost - - 233,200 Cash, deposits and cash equivalents 307,019 Amortised cost - 307,019 - Marketable securities and other instruments 39,816 Fair value through profit and loss - 39,816 - Financial debts - bonds 350,000 Amortised cost 348,753 - -

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4.4 Valuation methods applied for level 2 The following table explains the valuation methods applied pursuant to IFRS 13 to determine the fair value of level 2 shareholdings in the investment portfolio. Valuation method Use of the method Significant non-observable variables Link between non-observable variables and the fair value Adjusted stock price Applied if any limitations exist on the trading of the share, or in situations where the share price is not representative given the size of the shareholding. The calibration eﬀect (diﬀerence from the stock price) is considered a non-observable variable. An increase in a negative calibration eﬀect causes the fair value to decrease. 4.5 Valuation methods applied for level 3 The following table explains the various measurement methods applied pursuant to IFRS 13 to determine the fair value of non-listed (level 3) shareholdings in the investment portfolio. Valuation method Use of the method Significant non-observable variables Link between non-observable variables and the fair value Price of a recent transaction Applied to investments in enterprises without signiﬁcant proﬁts or signiﬁcant positive cash ﬂows. Applied to a recent and signiﬁcant arm's length transaction. Used only for a limited period following the date of the relevant transaction. The fair value of the last recent transaction is considered a non-observable variable. The fair value increases with a rise in the non- observable variable. Market multiples Applied to investments in companies with identiﬁable, constant ﬂows of revenues or proﬁts that can be considered sustainable and where suﬃciently recent information is available. The principle of calibration is used to objectively determine the diﬀerence from the multiple of the group of comparable listed companies. The calibration eﬀect (diﬀerence from the group of comparable listed companies) is viewed as a non- observable variable. An increase in a negative calibration eﬀect causes the fair value to decrease. Fair value derived from the net asset value of the fund Applied for investments in third-party funds (not managed by Gimv) and for investments in co-investment partnerships. The fair value based on the fund reporting is viewed as a non-observable variable. The fair value increases with a rise in the non- observable variable. Other In exceptional cases, a diﬀerent valuation technique is used with the aim of better reﬂecting the fair value of the shareholding or a part thereof. Applied based on an external report or signed agreement, for example: imminent sale, IPO, post-exit payments. The fair value based on the available information is viewed as a non-observable variable. The fair value increases with a rise in the non- observable variable.

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4.6 Classification of the investment portfolio by fair value hierarchy The following tables show the entire investment portfolio by platform and by fair value hierarchy, expressed in book value. For the financial year ending on 31 March 2025 Investment portfolio split by investment platform 31-03-2025 Level 1 Level 2 Level 3 Consumer 284,239 284,239 Healthcare 273,076 273,077 Life Sciences 134,014 17,695 124,735 Smart Industries 382,375 382,375 Sustainable Cities 330,752 330,750 Anchor 165,042 165,042 Infra 30,903 30,903 Subtotal platform portfolio 1,600,401 17,695 1,591,121 Other 22,945 22,945 Total investment portfolio 1,623,346 - 17,695 1,614,066 Following the contribution of TINC in Infravest there are no longer investments in level 1. There were no further transfers in the fair value hierarchy.

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For the financial year ending on 31 March 2024 Investment portfolio split by investment platform 31-03-2024 Level 1 Level 2 Level 3 Consumer 226,751 226,751 Healthcare 310,671 310,671 Life Sciences 130,910 18,798 112,112 Smart Industries 495,072 495,072 Sustainable Cities 299,994 299,994 Anchor - - Infra 62,911 45,415 17,496 Subtotal platform portfolio 1,526,309 45,415 18,798 1,444,600 Other 32,670 32,670 Total investment portfolio 1,558,979 45,415 18,798 1,494,766 There were no transfers in hierarchy in fair value during the previous financial year. 4.7 Changes in valuation The graphs below (in EUR millions) show the sources of changes in the valuation of the unlisted portfolio companies (level 3). The difference with 'Unrealised value movements' (Note 9) can be explained by the unrealised value movements of the listed portfolio companies. Valuation changes for the financial year ending on 31 March 2025: EUR 75.1 million The chart below (in EUR million) provides an insight into the sources of valuation evolution for the financial year ended 31 March 2025 for the unlisted portfolio companies (level 3). It shows that our portfolio companies again showed their agility and confirmed their growth performance. More specifically, the growth performance of our portfolio companies contributed significantly to the positive valuation result. This impact is calculated based on the evolution of Ebitda or sales over the past year at constant multiple. The average Ebitda multiple used for the valuations at the end of March 2025 is 9.2x after a calibration impact of -21%.The change from 8.6x at the end of March 2024 is mainly due to a change in the composition of the portfolio. Consequently, multiples have a slightly positive contribution to the valuation result, as shown in the chart below. This impact is calculated based on the evolution of the multiple over the past year multiplied by the Ebitda or turnover at year-end. Furthermore, a decrease in net financial debt, mainly driven by a focus on cash generation and working capital optimalisation at our portfolio companies, had a slightly positive impact on the valuation result. This is reflected in an decrease or positive impact of net debt at portfolio companies. The negative impact of 'Other changes' is mainly due to the lower estimates related to expected earn outs from historical divestments and the third party fund investments also performed poorly over the past year. Finally, some selective write-downs (at some portfolio companies in Healthcare, Life Sciences and Smart Industries platforms) have a negative impact on the valuation result as indicated in the chart below. For a further description of the valuation methods applied for Level 3 and underlying this chart, as well as the sensitivity analysis on the significantly unobservable variables of the valuation methods used, please refer to 4.5 and 4.8 respectively. 11.7 163.9

-6.3 0.3 -10.1 -98.7 15.4 129 | Notes Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

The graphs below (in EUR millions) provide an insight into the sources of valuation changes for the financial year ended 31 March 2025 for the unlisted portfolio of the five different platforms. Valuation changes for the financial year ending on 31 March 2024: EUR 104.6 million The chart below (in EUR million) provides an insight into the sources of valuation evolution for the financial year ended 31 March 2024 for the unlisted portfolio companies (level 3). It shows that after a year of inflationary cost pressure, our portfolio companies were able to recover their margins during 2023. More specifically, the growth performance of our portfolio companies contributed significantly to the positive valuation result. This impact is calculated based on the evolution of Ebitda or sales over the past year at constant multiple. The positive impact of 'Other changes' is mainly due to the fact that the sale of Acceo as at 31 March 2024 had not yet been completed, but the fair value was already based on the expected sale proceeds. The sale of Acceo was finalised on 3 April 2024. The average Ebitda multiple used for the valuations at the end of March 2024 is 8.6x after a calibration impact of -22%.The change from 8.8x at the end of March 2023 is mainly due to a change in the composition of the portfolio. Consequently, multiples have a slightly negative contribution to the valuation result, as shown in the chart below. This impact is calculated based on the evolution of the multiple over the past year multiplied by the Ebitda or turnover at year-end. Furthermore, an increase in net financial debt, mainly driven by financing add-on acquisitions, had a negative impact on the valuation result. This is reflected in an increase or negative impact of net debt at portfolio companies. Finally, some selective write-downs (at some portfolio companies in Life Sciences, Smart Industries and Sustainable Cities platforms, among others) have a negative impact on the valuation result as indicated in the chart below. For a further description of the valuation methods applied for Level 3 and underlying this chart, as well as the sensitivity analysis on the significantly unobservable variables of the valuation methods used, please refer to 4.5 and 4.8 respectively. 17.5 0.2 -0.2 1.1 -8.7 Consumer 10.4 -1.7 -41.4 30.4 77.8 Smart Industries -4.1 21.2 -6.7 -41.7 0.4 Healthcare 6.9 1.4 47.3 -2.1 -36.4 -3.3 Sustainable Cities Ebitda or sales Other movements Exchange rate Third-party funds & co-investment partnerships Multiples Write downs Net financial debt -7.4 -0.2 -12.3 Life Sciences -37.8 151.3

44.9 0.8 -6.7 -31.4 -16.5 130 | Notes Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

-5.5 0.5 -3.8 6.6 5.9 3.7 -7.3 -0.7 2.0 0.4 -8.2 -10.4 69.9 45.6 -36.4 -12.5 -6.0 69.9 -0.7 -10.6 Consumer Life Sciences Sustainable Cities Healthcare Smart Industries

The graphs below (in EUR millions) provide an insight into the sources of valuation changes for the financial year ended 31 March 2024 for the unlisted portfolio of the five different platforms. Ebitda or sales Other movements Exchange rate Third-party funds & co-investment partnerships Multiples Write downs Net financial debt 131 | Notes Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

4.8 Sensitivity analysis of the level 3 investment portfolio The following tables give an indication of a sensitivity analysis on the significant non-observable variables of the measurement methods applied to level 3 of the investment portfolio. Valuation method on 31-03-2025 Fair value (1.000 EUR) Significant unobservable inputs Sensitivity Impact on fair value (1.000 EUR) Sensitivity Impact on fair value (1.000 EUR) Recent transaction price 463,921 The transaction price of the most recent transaction is considered unobservable input Increase of 10% in the fair value 46,392 Decrease of 10% in the fair value -46,392 Market multiples 902,278 The calibration-effect is considered unobservable input Increase of 10% in the calibration-effect -29,040 Decrease of 10% in the calibration-effect 29,040 Fair value derived from the value of the fund's net assets 48,655 Fair value based on fund reporting is considered unobservable input Increase of 10% in the fair value 4,865 Decrease of 10% in the fair value -4,865 Other (*) 14,325 Fair value is considered unobservable input Increase of 10% in the fair value 1,432 Decrease of 10% in the fair value -1,432 Total niveau 3 1,429,179 (*) In some of our investee companies, certain future payments are linked to milestones. These expected payments are discounted based on probabilities and taking into account our internal cost of capital. During the financial year ended 31 March 2025, four investments were valued for the first time or revalued at market-based multiples (previously at the price of a recent transaction). In addition, five transfers took place, one of which related to possible additional payments, with the aim of better reflecting the fair value of the investments or part thereof. Valuation method on 31-03-2024 Fair value (1.000 EUR) Significant unobservable inputs Sensitivity Impact on fair value (1.000 EUR) Sensitivity Impact on fair value (1.000 EUR) Recent transaction price 234,580 The transaction price of the most recent transaction is considered unobservable input Increase of 10% in the fair value 23,458 Decrease of 10% in the fair value -23,458 Market multiples 859,773 The calibration-effect is considered unobservable input Increase of 10% in the calibration-effect -31,827 Decrease of 10% in the calibration-effect 31,827 Fair value derived from the value of the fund's net assets 32,649 Fair value based on fund reporting is considered unobservable input Increase of 10% in the fair value 3,265 Decrease of 10% in the fair value -3,265 Other (*) 119,762 Fair value is considered unobservable input Increase of 10% in the fair value 11,976 Decrease of 10% in the fair value -11,976 Total niveau 3 1,246,763 (*) In some of our investee companies, certain future payments are linked to milestones. These expected payments are discounted based on probabilities and taking into account our internal cost of capital.

The value under the ‘other’ valuation method is mainly explained by the valuation of several investments within the Life Sciences platform. 132 | Notes Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results

The high value under the ‘other’ valuation method was mainly explained by the sale of Acceo, which had not yet been fully realised at the end of the financial year. During the financial year ended 31 March 2024, six investments were valued for the first time at market-based multiples (initially at the price of a recent transaction). In addition, four transfers took place, one of which related to possible additional payments, with the aim of better reflecting the fair value of the investment or part thereof.

Note 5:

Financial assets: equity investments at fair value through P&L

Capital investments measured at fair value through profit and loss include Gimv's investments in capital instruments. These investments increased by EUR 138,124 thousand to EUR 1,360,924 thousand. During FY 2024-2025 no debt investments were converted into capital instruments. The other increase of EUR 9,032 thousand relates to the internal transfer of the loan granted to TDP to a capital instrument as a result of the contribution to Infravest. Equity investments at fair value through P&L (FVPL) (in 1,000 EUR) 31-03-2025 31-03-2024 Opening balance 1,222,800 1,130,545 Investments 319,536 81,203 Divestments (-) -318,570 -126,694 Unrealised gains in fair value (+) 267,307 196,722 Unrealised losses in fair value (-) -139,181 -68,823 Converted debt instruments (+) - 9,847 Other increase (+) or decrease (-) 9,032 - Closing balance 1,360,924 1,222,800 of which listed investments 17,695 64,213 The most significant investments were made in Liveo Gruppe (HC; D), Tibbloc (SC; FR), The Spice Factory (CO; B), SMG (SI; D) and ILC (HC; FR). The most significant investments during the previous financial year were made in Fronnt (SC; B), Castelein Sealants (SC; B), Witec (SI; NL) and ERS (SI; D). The most significant divestments were Acceo (SC; FR), rehaneo (HC; D), Medi-Markt (HC; D), United Dutch Breweries (CO; NL), Köberl (SC; D) and Mega International (SI; FR). The most significant divestments during the previous financial year were Coolworld (SC; NL), Groupe Claire (SC; FR) and the Genesis IV fund (Other). Net unrealised changes in value showed a positive result of EUR 128,126 thousand. The net unrealised changes showed previous financial year a positive result of EUR 127,899 thousand. Reconciliation with the consolidated cash flow statement Reconciliation to consolidated cash flow statement (in 1,000 EUR) 31-03-2025 31-03-2024 Equity investments according to cash ﬂow statement 235,663 80,747 Equity investments according to movement schedule 319,536 81,203 Difference to explain 83,873 456 Investment netted with partial divestment 79,938 456 Share deal 856 - Carve out 3,079 - A number of investments were netted with simultaneous partial divestments. The most significant of these was the simultaneous divestment of Medi-Markt and the investment in Liveo Gruppe. Finally, during a divestment, a spin-off took place in which Gimv remains invested; the investment was financed with the proceeds from the divestment. During the previous financial year 2023-2024, an amount of EUR 456 thousand was financed with a simultaneous repayment of a loan.

Note 6:

Financial assets: Debt investments Debt investments that meet the SPPI test and the business model are measured at amortised cost. Expected credit losses are reviewed and recorded during each reporting period. Expected credit losses are recognised in the income statement under “Impairments on debt investments via amortised cost”. Reversals of these expected credit losses are recorded in the income statement under “Reversal of impairments on debt investments via amortised cost”. Debt investments that do not pass the SPPI test, such as convertible debt instruments, are initially measured at fair value and subsequently, at each reporting period, at fair value with the fair value changes recognised in the income statement under the headings: “Unrealised gains on financial assets at fair value through P&L” and “Unrealised losses on financial assets at fair value through P&L”. The tables below show the evolution of the various debt investments.

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6.1 Debt investments measured at amortised cost During financial year 2024-2025 debt investments valued at amortised cost decreased with EUR 71,531 thousand to EUR 176,472 thousand. In the previous financial year, an amount of EUR 9,847 thousand were transferred to the classification debt investments measured at fair value through profit or loss by an addendum to the loan agreement. Debt investments at amortised cost (in 1,000 EUR) 31-03-2025 31-03-2024 Opening balance 248,003 274,830 Investments (+) 43,017 32,547 Repayments (-) -101,286 -57,280 Accrued Interest (+) 21,903 23,853 Reversal of impairment (+) 281 73 Impairments (-) -36,281 -17,155 Transfer of classiﬁcation (+) or (-) - -9,847 Converted debt instruments (-) - - Other increase (+) or decrease (-) 835 983 Closing balance 176,472 248,003 Gimv invested EUR 43,017 thousand in new debt investments valued at amortised cost. The most significant investments in debt investment valued at amortised cost are SMG (SI; G), United Dutch Breweries (CO; NL) and Projective (SC; B). The most significant investment in debt investment valued at amortised cost previous financial year was ERS (SI; G). In the current financial year, debt investments were repaid in the amount of EUR 101,286 thousand. The most significant repayments were made by Medi-Markt (HC; G), Köberl (SC; G) and SMG (SI; G). The debt investment to TDP was contributed in kind in Infravest. In the previous financial year, receivables were repaid in the amount of EUR 57,280 thousand. The most significant repayments were made by Wemas (SC; G), E.Gruppe (SC; G) and ERS (SI; G). During the current financial year, capitalised interest income of EUR 21,903 thousand was recognised, compared with EUR 23,584 thousand in the previous financial year. Expected net credit losses increased by EUR 36,000. The most significant increase was at Alro (SI, B). In the previous financial year, expected net credit losses increased by EUR 17,083 thousand. The most significant increase previous year was at Alro (SI, B). 6.2 Debt investments at fair value through profit and loss Debt investments not meeting the SPPI test decreased by EUR 2,226 thousand to EUR 85,950 thousand. In the previous financial year debt investments at amortised cost in the amount of EUR 9,847 thousand were transferred to the classification debt investments measured at fair value through profit or loss by an addendum to the loan agreement. Afterwards, the conversion option was exercised. Debt investments at fair value through p&L (FVPL) (in 1,000 EUR) 31-03-2025 31-03-2024 Opening balance 88,176 117,522 Investments (+) 6,450 2,073 Divestments (-) -1,977 -28,917 Accrued interest (+) 10,301 10,287 Unrealised gains in fair value (+) 13 - Unrealised losses in fair value (-) -17,013 -12,789 Transfer of classiﬁcation (+) or (-) - 9,847 Converted debt instruments (-) - -9,847 Other increase (+) or decrease (-) - - Closing balance 85,950 88,176 The most significant investment during the current financial year was made in iStar (LS, B). The most significant divestment during the previous financial year was made in Groupe Claire (SC, FR). Capitalised interest income is in line with that of the previous financial year. During the financial year, a further write-down of EUR 17,000 thousand was made. This mainly concerned investments in France Thermes (HC, FR) and GSDI (SC, FR). In the previous financial year, additional write-downs of EUR 12,789 thousand were recorded, mainly in investments in France Thermes (HC, FR) and GSDI (SC, FR).

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6.3 Reconciliation with the consolidated cash flow statement Reconciliation to consolidated cash flow statement (in 1,000 EUR) 31-03-2025 31-03-2024 Debt investments according to cash ﬂow statement 35,438 32,745 Debt investments valued at fair value according to movement schedule 6,450 2,073 Debt investments valued at amortised cost according to movement schedule 43,017 32,547 Difference to explain -14,029 -1,875 Vendor loan granted related to sale of portfolio companies 14,000 - Investment netted with partial divestment 29 500 Historical earn out asset converted into debt receivable 1,375 6.4 Expected credit losses for debt investments measured at amortised cost by category The expected credit losses increased by EUR 35,285 thousand, mainly due to the additional expected net credit losses on debt investments measured at amortised cost (see 6.1). The total exposure amounted to EUR 237,855 thousand as at 31 March 2025.

Expected credit losses split per category 31-03-2025 (in 1.000 EUR) Category 1 Category 2 Category 3 Total Principal 122,884 46,960 5,137 174,981 Capitalised interest 31,480 26,182 5,213 62,874 Nominal value 154,364 73,142 10,350 237,855 Expected credit losses 53,049 8,334 61,384 Carrying value 154,364 20,093 2,016 176,471 At the end of the previous financial year the total credit risk exposure amounted to EUR 274,102 thousand.

Expected credit losses split per category 31-03-2024 (in 1.000 EUR) Category 1 Category 2 Category 3 Total Principal 162,139 40,714 4,394 207,247 Capitalised interest 42,508 19,474 4,873 66,856 Nominal value 204,523 60,188 9,267 274,102 Expected credit losses 18,867 7,232 26,099 Carrying value 204,523 41,321 2,035 248,003 6.5 Additional information about the debt investments The table below provides additional information about the total debt investments in the investment portfolio. The carrying amount is broken down by residual term, currency and effective interest rate applied on a weighted average basis. Additional information on loans |to portfolio companies (in 1,000 EUR) 31-03-2025 31-03-2024 Remaining term Less than one year 43,060 18,764 Between one and five years 152,942 205,636 More than five years 66,420 111,779 Currency (translated to EUR) EUR 257,597 332,419 CHF 4,825 3,760 Type interest rate Fixed 230,770 304,237 Variable 31,652 31,942 Weighted average fixed rate 8.34% 8.50% Weighted average variable rate 9.89% 9.90%

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Note 7:

Dividend and interest income Dividend and interest income for financial year 2024-2025 amounts to EUR 36,277 thousand, a decrease of EUR 8,296 thousand compared to financial year 2023-2024. Dividend and interest income (in 1,000 EUR) 2024-2025 2023-2024 Dividend income 2,668 10,709 Interest income 33,609 33,864 Total 36,277 44,573 In terest income includes both capitalised interest-income recognised in the valuation of debt investments and non-capitalised interest income paid periodically. Such non-capitalised interest income is included in other current assets if not yet received at the end of the reporting period. The non-capitalised interest income explains a possible discrepancy with segment reporting by platform (note 3). Interest income per platform (in 1,000 EUR) 31-03-2025 31-03-2024 Consumer 9,540 8,895 Healthcare 7,462 6,801 Life Sciences 492 6 Smart Industries 9,514 8,609 Sustainable Cities 5,992 9,155 Core platforms 33,000 33,466 Anchor - - Infrastructure 608 398 Other - - Other segments 608 398 Total 33,608 33,864 Dividend income decreased by EUR 8,041 thousand to EUR 2,688 thousand. In the previous financial year a significant dividend was received from TDP (IN, BE). Dividend income per platform (in 1,000 EUR) 31-03-2025 31-03-2024 Consumer - - Healthcare 414 - Life Sciences - - Smart Industries 955 3,152 Sustainable Cities - - Core platforms 1,369 3,152 Anchor - - Infrastructure 1,246 7,550 Other 53 7 Other segments 1,299 7,557 Total 2,668 10,709

Note 8:

Gains and losses on the disposal of investments For the financial year 2024-2025, the net realised result amounts to EUR 188,758 thousand, an increase of EUR 40,293 thousand compared to the previous financial year. The sale price of the divestments included in the annual report differs from the amount stated in the publication for analysts and investors, as the annual report takes into account the gross sale price. The publication for investors and analysts settles the amount of vendor loans and bridge financing that were already repaid during the financial year. Realised gains and losses on disposal of investments (in 1,000 EUR) 2024-2025 2023-2024 Realised gain on disposal of investments 196,519 155,968 Realised losses on disposal of investments -7,761 -7,503 Total 188,758 148,465 Breakdown: Sales price of the divestments 606,925 365,554 Received deferred payments historical exits (escrows) 949 73 Sales expenses -6,316 -4,270 Opening value at start of the reporting period -412,800 -212,892 Total 188,758 148,465 The main contributors to the realised result on sales of investments for the current financial year are rehaneo (HC, G), Medi-Markt (HC, G), Köberl (SC, G) and Mega International (SI, FR).

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Realised gains and losses on disposal of investments for the year 2024-2025 by platform (in 1,000 EUR) Consumer Healthcare Life Sciences Smart Industries Sustainable Cities Anchor Infra Business Services & General Total Realised gains on disposal of investments 8,105 96,261 9,855 41,074 38,742 - 1,569 913 196,519 Realised losses on disposal of investments -5 - -6,485 -169 -56 -25 -495 -526 -7,761 Total 8,100 96,261 3,370 40,905 38,686 -25 1,074 387 188,758 Listed companies - - 98 - - - 98 Funds - - - - - 387 387 Shareholdings 8,100 96,261 3,272 40,905 38,686 -25 1,074 - 188,273 Total 8,100 96,261 3,370 40,905 38,686 -25 1,074 387 188,758 The main contributors to the realised result on sales of investments for the previous financial year were Coolworld (SC, NL), Groupe Claire (SC, FR) and Wemas (SC, D). Realised gains and losses on disposal of investments for the year 2023-2024 by platform (in 1,000 EUR) Consumer Healthcare Life Sciences Smart Industries Sustainable Cities Anchor Infra Business Services & General Total Realised gain on disposal of investments 4,230 28 - - 149,436 - 80 2,194 155,968 Realised losses on disposal of investments - -5,064 - - - - -35 -2,404 -7,503 Total 4,230 -5,036 - - 149,436 - 45 -210 148,465 Listed companies - - - - - - - - - Funds - - - - - - 45 -210 -165 Shareholdings 4,230 -5,036 - - 149,436 - - - 148,630 Total 4,230 -5,036 - - 149,436 - 45 -210 148,465

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Note 9:

Unrealised valuation results The unrealised valuation result reflects the periodic revaluation of the entire investment portfolio: equity investments measured at fair value through profit or loss, debt investments measured at fair value through profit or loss, and debt investments measured at amortised cost. The underlying drivers of the unrealised value movements are explained in item 4.7 Valuation evolution. The accounting principles applied to the investment portfolio are described in Note 1.8. The unrealised valuation result amounted to EUR 75,125 thousand in the current financial year, a decrease of EUR 22,903 thousand compared to the previous financial year. Unrealised gains and losses (in 1,000 EUR) 2024-2025 2023-2024 Unrealised gains on ﬁnancial assets at fair value through P&L 267,319 196,722 Unrealised losses on ﬁnancial assets at fair value through P&L -156,194 -81,612 Reversal expected credit losses on debt assets via amortised cost 281 73 Expected credit losses on debt assets via amortised cost -36,281 -17,155 Total 75,125 98,028 The portfolio companies Televic (SI, B), Cegeka (SI, B), Baas-Verkley (SC, NL), Itineris (SC, B), Spineart (HC, B), Variass (SI, G) and Picot (SI, B) made the largest positive contribution to the net unrealised valuation result. The portfolio companies Alro (SI, B), France Thermes (HC, FR), Projective (SC, B), iStar (LS, B) and SGH (HC, G) experienced the most significant negative valuation changes.

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Unrealised gains and losses for the year 2024-2025 by platform (in 1,000 EUR) Consumer Healthcare Life Sciences Smart Industries Sustainable Cities Anchor Infra Business Services & General Total Unrealised gains on ﬁnancial assets at fair value through P&L 22,536 19,712 6,152 143,050 72,965 - 1,569 1,335 267,319 Unrealised losses on ﬁnancial assets at fair value through P&L -12,614 -45,392 -26,913 -36,732 -22,825 -34 -4,007 -7,677 -156,194 Reversal expected credit losses on debt assets via amortised cost 214 41 - 26 - - - - 281 Expected credit losses on debt assets via amortised cost -218 -5,204 - -30,859 - - - - -36,281 Total 9,918 -30,843 -20,761 75,485 50,140 -34 -2,438 -6,342 75,125 Listed companies - - -952 - - - - - -952 Funds - - - - - - - -5,894 -5,894 Shareholdings 9,918 -30,843 -19,809 75,485 50,140 -34 -2,438 -448 81,971 Total 9,918 -30,843 -20,761 75,485 50,140 -34 -2,438 -6,342 75,125 During the previous financial year 2023-2024, Cegeka (SI, BE), Variass (SI, G), Acceo (SC, FR), Rehaneo (HC, G), Joolz (CO, NL), Fronnt (SC, B) and Televic (SI, B) made the largest positive contribution to net unrealised valuation result. Precirix (LS, B), Biotalys (LS, B), Alro (SI, B), Smart Battery Solutions (SI, G) and GSDI (SC, FR) experienced the most significant negative valuation changes. Unrealised gains and losses for the year 2023-2024 by platform (in 1,000 EUR) Consumer Healthcare Life Sciences Smart Industries Sustainable Cities Anchor Infra Business Services & General Total Unrealised gains on ﬁnancial assets at fair value through P&L 23,547 23,407 2,549 76,581 69,329 - - 1,309 196,722 Unrealised losses on ﬁnancial assets at fair value through P&L -14,310 -21,740 -13,150 -7,751 -12,611 - -4,485 -7,565 -81,612 Reversal expected credit losses on debt assets via amortised cost 30 42 1 - - - - - 73 Expected credit losses on debt assets via amortised cost -349 - - -16,315 -491 - - - -17,155 Total 8,918 1,709 -10,600 52,515 56,227 - -4,485 -6,256 98,028 Listed companies - - -4,761 - - - -1,863 - -6,624 Funds - - - - - - -515 - -515 Shareholdings 8,918 1,709 -5,839 52,515 56,227 - -2,107 -6,256 105,167 Total 8,918 1,709 -10,600 52,515 56,227 - -4,485 -6,256 98,028

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Note 10:

Operating income

Operating income consists of management and other fees charged to portfolio companies. Gimv also receives a management fee for managing Gimv Health & Care Co-Investment Partnership. Management fees and other operating income are in line with the previous financial year. Operating income (in 1,000 EUR) 2024-2025 2023-2024 Management fees 778 895 Other operating income 855 606 Total operating income 1,633 1,501 Other operating income (in 1,000 EUR) 2024-2025 2023-2024 Foreign exchange income 9 3 Recharge of operating expenses 846 603 Total other operating income 855 606

Note 11:

Operating expenses

Operating expenses include the purchase of goods and various services, remuneration,staff remuneration (fixed and variable salaries and LTIP payments for vintages 2018 and 2021); depreciation and amortisation of (in)tangible assets, and other operating costs. During the financial year 2024-2025, operating expenses rose by EUR 11,673 thousand to EUR 82,709 thousand. The increase is attributable, on the one hand, to the rise in ‘Purchase of goods and miscellaneous services’, mainly due to one-off effects, and, on the other hand, to the Long Term

Incentive Plans paid out as a result of the strong portfolio result.

The purchase of goods and

various services increased by EUR 4,532 thousand compared to the previous financial year due to increased due diligence costs in an intensive investment year and one-off consultancy fees for strategic decisions.

Payments made and payments due under the LTIP (vintages 2018 and 2021) are included in personnel expenses. These payments increased by EUR 15,845 thousand due to the cash realisation of the underlying investments in the investment portfolio during the past financial year. Under the LTIPs 2018 and 2021, provisions are recognised as long as no cash realisation has occurred. This provision is subject to changes in the carrying amount of the underlying unrealised assets in the investment portfolio and the timing of the cash realisation of the accumulated capital gains on exits. For more information on provisions, please refer to note 22. Once the cash realisation has occurred and is sufficient to repay the full investment cost of the relevant portfolio, 10% of the proceeds in excess of the investment cost will be paid to the beneficiaries via payroll. This payment to beneficiaries is no longer a provision but a personnel expense. This payment is reported on a separate line ‘Personnel expenses – LTIP remuneration’. During the previous financial year 2023-2024, the increase in operating costs from EUR 28,888 thousand to EUR 71,036 thousand was explained by the combination of the increase in provisions (EUR 19,452 thousand) and the payment of the LTIP remuneration (EUR 9,182 thousand). The personnel expenses - salaries increased by 4%, explained by wage inflation and wage increases granted. Operating expenses (in 1,000 EUR) 2024-2025 2023-2024 Selling, general and administrative expenses -17,775 -13,243 Personnel expenses - salaries -24,892 -23,207 Personnel expenses - LTIP remuneration -25,027 -9,182 Amortisation and depreciation expenses -2,485 -2,313 Other operating expenses -12,530 -23,091 Total operating expenses -82,709 -71,036 Other operating expenses Other operating expenses decreased by EUR 10,561 thousand compared to the previous financial year. The most significant decrease was in provisions. This can be explained by the cash realisation of several divestments during the current financial year. In previous financial years, the increased valuation of these investments was translated into an LTIP provision since the cash realisation had not yet taken place. The cash realisation meant that the LTIP could be paid out as remuneration, resulting in a decrease in the provision. For more information about the provisions, please refer to note 22. Other operating expenses (in 1,000 EUR) 2024-2025 2023-2024 Foreign exchange losses -7 -4 Provisions -9,578 -18,676 Local taxes -170 -146 Non recoverable VAT -2,818 -2,022 Claims and legal disputes 43 -345 Losses on sold marketable securities - -1,898 Total other operating expenses -12,530 -23,091

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Note 12:

Financial result

The financial result increased by EUR 4,740 thousand due to higher interest income on cash and cash equivalents, mainly thanks to increased remuneration on a higher amount of cash and cash equivalents on the balance sheet. Financing income is disclosed by cash category; cash and cash equivalents consist of working accounts and overnight deposits. Finance costs consist mainly of interest expenses on financial debt - bond loan. In addition, finance costs include reserve charges on unused bank financing lines. Financial result (in 1,000 EUR) 2024-2025 2023-2024 Finance income 11,847 7,010 Bank deposits 8,476 5,117 Short term investments 1,629 1,418 Marketable securities 722 - Cash and cash equivalents 1,020 431 Insurance products - 44 Finance costs -11,455 -11,358 Interest expenses financial debt -10,531 -10,531 Availability fee credit lines -593 -552 Tax on secuirities -149 -100 Interest expenses lease liabilities -112 -68 Other banking costs -70 -107 Total 392 -4,348

Note 13:

Income tax

Income tax relates only to the tax expense or income of the financial year. Corporate income taxes (in 1,000 EUR) 2024-2025 2023-2024 Income taxes Current tax expense (+) / income (-) 475 63 Deferred tax expense (+) / income (-) - - Total income taxes 475 63 Reconciliation current tax expense (+) / income (-) and accounting result Accounting result before taxes 219,001 217,183 Taxes calculated at 25% 54,750 54,296 Impact of different tax rates in other countries 7,764 3,982 Impact of tax adjustments related to prior years - - Impact of the exemption of dividend income -667 -2,677 Impact of tax exemption of realised capital gains and non-deductibility of unrealised capital losses -89,075 -54,463 Impact of tax exemption of unrealised gains and reversal of impairments, and non-deductibility of unrealised capital losses and impairments 18,443 -6,464 Impact of other tax adjustments (disallowed expenses, other) 9,260 5,389 Current tax expense (+) / income (-) 475 63 Transferable deﬁnite taxable income for which no deferrred tax asset is booked 465,020 421,230 The tax rate applicable to Belgian companies was 25% in 2024, as in 2023.

Gimv's core activity is to invest in shareholdings in order to sell them after a certain period with a capital gain. Belgian realised capital gains on shares are fully exempt if the participation, permanence and valuation conditions are met. The shares must represent 10% of the total number of shares or have an acquisition value of at least EUR 2,500 thousand to meet the participation condition. All Belgian realised capital gains on shares that do not meet any of the above participation, permanence and taxation conditions are taxable at a basic rate of 25% in tax year 2024. In the other countries where Gimv operates, capital gains on sale of shares are almost completely tax exempt if similar conditions are met. Consequently, under IFRS no provision is made for the deferred tax arising on unrealised capital gains on shareholdings. The same conditions apply to dividend income. Only interest income is considered taxable income.

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Gimv has a total of fiscal losses carried forward of EUR 465,020 thousand for which no deferred tax asset is recognised.

Note 14:

Intangible and tangible fixed assets

Overview of the (in)tangible non-current assets for the financial year ending on 31 March 2025 Immaterial fixed assets and Property, plant and equipment for the period 2024-2025 (in 1,000 EUR) Intangible assets Land and buildings Furniture and vehicles Right-of-use Assets IFRS 16 Lease Total Opening balance, net carrying amount 213 4,650 1,102 2,426 8,391 Gross carrying amount 1,834 15,355 4,759 5,874 27,822 Accumulated depreciation and impairment (-) -1,621 -10,705 -3,657 -3,448 -19,431 Investments - 249 315 7,683 8,247 Depreciations (-) -58 -537 -317 1,199 287 Impairment losses recognised (reversed) through P&L (+) - - - - - Transfer from (to) - - - - - Other increase (decrease (-)) - - - - - Closing balance, net carrying amount 155 4,362 1,100 11,308 16,925 Gross amount 1,834 15,604 5,074 13,557 36,069 Accumulated depreciation and impairment (-) -1,679 -11,242 -3,974 -2,249 -19,144 The investments in IFRS 16 Right-of-use-assets are attributable to the new lease agreement for the office in Munich. There are no assets with ownership restrictions or assets pledged as collateral for liabilities.There are no assets with ownership restrictions or assets pledged as security for liabilities.

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Overview of the (in)tangible non-current assets for the financial year ending on 31 March 2024 Immaterial fixed assets and Property, plant and equipment for the period 2023-2024 (in 1,000 EUR) Intangible assets Land and buildings Furniture and vehicles Right-of-use Assets IFRS 16 Lease Total Opening balance, net carrying amount 207 5,100 1,278 2,571 9,157 Gross carrying amount 1,699 15,303 4,582 5,152 26,736 Accumulated depreciation and impairment (-) -1,492 -10,203 -3,304 -2,581 -17,580 Investments 135 52 177 722 1,086 Depreciations (-) -130 -502 -353 -867 -1,852 Impairment losses recognised (reversed) through P&L (+) - - - - - Transfer from (to) - - - - - Other increase (decrease (-)) - - - - - Closing balance, net carrying amount 213 4,650 1,102 2,426 8,391 Gross amount 1,834 15,355 4,759 5,874 27,822 Accumulated depreciation and impairment (-) -1,621 -10,705 -3,657 -3,448 -19,431 There were no assets with ownership restrictions or assets pledged as security for liabilities last financial year.

Note 15:

Trade and other receivables

During the 2024-2025 financial year, receivables increased by EUR 52,957 thousand to EUR 55,534 thousand. The increase is attributable to short-term bridge financing granted for a recent investment to bridge the approval of external bank financing with the aim of finalising the investment. This bridge financing was already fully repaid at the beginning of April 2025. Trade and other receivables (in 1,000 EUR) 31-03-2025 31-03-2024 Maximum 1 year Trade receivables 75 155 Tax receivable 180 1,443 Other receivables 153 979 Short term bridge ﬁnancing 55,126 - Closing balance 55,534 2,577

Note 16:

Cash, cash equivalents and marketable securities

As a result of the intensive divestment activity and the successful capital increase in February 2025, the total cash position at the end of the 2024-2025 financial year amounted to EUR 668,824 thousand, an increase of EUR 321,989 thousand compared to the end of the previous financial year. Bank deposits are used to meet short-term cash needs. They have a maturity of up to six months, are immediately available without additional penalties and are not subject to market fluctuations. Short-term investments meet the same conditions but have a maturity of up to three months. Marketable securities are investment instruments with a maturity of more than three months and may be subject to valuation fluctuations. The valuation fluctuations of these securities are recognised in the income statement. These securities can be converted into cash liquidity without significant compensation.

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Cash and marketable securities (in 1,000 EUR) 31-03-2025 31-03-2024 Cash and cash equivalents 538,102 307,019 Bank deposits 389,352 271,581 Short term investments 34,834 19,959 Cash and other equivalents 113,916 15,479 Marketable securities 130,722 39,816 Total 668,824 346,835

Note 17: Issued capital, share premium and reserves

Issued Capital and share premium In May 2024, the transaction for the sale of Gimv shares held by Vlaamse Participatiemaatschappij (VPM) to diversified investment company Worxinvest was completed. Worxinvest is Gimv's new reference shareholder with a 32.32% stake following the completion of the capital increase. On 26 June 2024, the ordinary general meeting decided to distribute a dividend of EUR 72,491 thousand (EUR 2.60 per share) for the 2023-2024 financial year in the form of an optional dividend. The shareholders' choice led to the issue of 732,567 new shares with an issue price of EUR 40.04 per share. This capital increase of EUR 29,332 thousand consisted of a capital increase under the authorised capital of EUR 6,954 thousand and an issue premium of EUR 22,378 thousand. The issue premium is the difference between the fractional value of each share and the issue price. In February 2025, a public offering to subscribe to a capital increase and the private placement of scrips was successfully completed. Both existing and new investors subscribed to 100% of the offer, resulting in a total capital increase (issued capital and share premium) of EUR 246,794 thousand (before costs). At the end of the 2024-2025 financial year, the issued capital amounted to EUR 335,554 thousand, represented by 35,767,300 fully paid-up ordinary shares with no nominal value. All shares have the same rights and fractional value. The share premium amounts to EUR 337,568 thousand. Gimv has not issued any securities that could give rise to an increase in the number of shares upon exercise or conversion. Capital and share premium (in 1,000 EUR) 31-03-2025 31-03-2024 Number of issued shares at start of period 27,881,273 27,222,697 Changes during the period 7,886,027 658,576 Number of issued shares at end of period 35,767,300 27,881,273 Capital at start of the period 264,665 258,414 Changes during the period 74,840 6,252 Cost of capital increase -3,951 - Capital at end of the period 335,554 264,665 Share premium at start of the period 136,282 117,362 Changes during the period 201,286 18,920 Share premium at end of the period 337,568 136,282

Own shares Gimv held 9,232 treasury shares at the end of the previous financial year 2023-2024. During the current financial year 2024-2025, Gimv repurchased 160,000 additional treasury shares for a total amount of EUR 5,988 thousand, at an average purchase price of EUR 37.43. During the financial year 2024-2025, 154,933 shares were sold to employees and directors for an amount of EUR 4,830 thousand. The average sale price after discount was EUR 31.17 per share. The difference (EUR 171 thousand) between the actual purchase value and the average purchase value of the shares offered is included in the column ‘Own shares’ in the table showing the changes in consolidated equity. The discount offered to employees and directors (968 thousand EUR) is borne by the group and is included in the column ‘result carried forward’ in the table showing the evolution of consolidated equity. As a result, Gimv still has 14,299 treasury shares as at 31 March 2025. This number represents a limited capital amount (including share premium) of EUR 271 thousand, which corresponds to the fraction of the number of own shares at year-end in relation to the total number of shares issued, multiplied by the sum of the capital and share premium at year-end. Treasury shares 31-03-2025 31-03-2024 Number of own shares at start of period 9,232 1,963 Changes during the period 5,067 7,269 Number of own shares at end of period 14,299 9,232 Own shares: capital size at start of period 133 27 Changes during the period 136 106 Own shares: capital size at end of period (in 1,000 EUR) 269 133

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Reserves At the end of the 2024-2025 financial year, reserves amounted to EUR 1,233,651 thousand. In addition to the retained earnings, these include treasury shares and other elements of the result. Retained earnings increased by EUR 145,566 thousand, which corresponds to the group's net result of EUR 219, 001 thousand, less the dividend of 72,467 thousand EUR allocated for the 2024-2025 financial year and less 968 thousand EUR, mainly as a result of changes in treasury shares. Reserves (in 1,000 EUR) 31-03-2025 31-03-2024 Own shares -578 -408 Retained earnings 1,233,506 1,087,940 Other comprehensive income 723 810 Total 1,233,651 1,088,342

Note 18:

Paid and proposed dividends

The board of directors will be proposing to the ordinary general meeting of shareholders a gross dividend of EUR 2.60 per share in respect of financial year 2024-2025. Payment will in principle take the form of an optional dividend to further finance Gimv's investment ambitions. After 30% investment withholding tax, the net dividend amounts to EUR 1.82 per share. The effective amount paid out will be adjusted for the number of treasury shares held by Gimv at the time of the dividend payment, as these are not dividend-entitled. Their number was 14,299 at the end of March 2025. Proposed and distributed dividends (in 1,000 EUR) 2024-2025 2023-2024 Determined and paid out during the year 72,467 70,774 Final dividend 72,467 70,774 Interim dividend - - Proposed for approval by AGM 92,958 72,467 Number of issued shares 35,767,300 27,881,273 Number of treasury shares 14,299 9,232 Number of dividend entitled shares 35,753,001 27,872,041 Proposed gross dividend per share (in EUR) 2.60 2.60

Note 19:

Net earnings per share

Earnings per share is obtained by dividing the net result attributable to the holders of ordinary shares of the parent company by the weighted average number of shares outstanding during the financial year. The diluted net earnings per share is equal to the net earnings per share because, as of 31 March 2025, no instruments exist that have a dilutive effect on the holders of ordinary shares. Net result per share (in 1,000 EUR) 2024-2025 2023-2024 Net result of the period, share of the group 219,001 217,129 Weighted average number of shares 29,318,135 27,667,218 Earnings (loss) per share (in EUR) 7.47 7.85 Net result of the period, share of the group 219,001 217,129 Weighted average number of shares 29,318,135 27,667,218 Impact dilution eﬀect - - Adjusted weighted average number of shares 29,318,135 27,667,218 Diluted earnings (loss) per share (in EUR) 7.47 7.85

Note 20:

Non-current financial debt

Long-term financial liabilities consist mainly of bonds totalling EUR 350,000 thousand, of which EUR 75,000 thousand have a remaining term until June 2026. Besides the bonds, Gimv also has a lease obligation of EUR 11,390 thousand. This amount is the result of the IFRS 16 Leases standard. The resulting non-current lease obligation amounts to EUR 9,657 thousand on 31 March 2025. The bonds are valued at amortised cost for a nominal amount of EUR 350,000 thousand, increased by EUR 6,202 thousand in accrued interest as at 31 March 2025. These interests are reported under other short-term debt (note 23). The fair value of the bond loans as at 31 March 2025 is EUR 350,275 thousand.

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Remaining term

31-03-2025 (in 1,000 EUR) < 1 year 1 to 5 years > 5 years Total Financial debts Bonds - 175,000 175,000 350,000 Lease liabilities (IFRS 16) 1,733 9,657 - 11,390 Total 1,733 184,657 175,000 361,390 In the first half of FY 2019-2020, Gimv successfully placed its first public bond, in the form of 7 and 12-year bonds in amounts of EUR 75 million (nominal interest rate of 2.875%) and EUR 175 million (nominal interest rate of 3.50%) respectively. In the second half of FY 2020-2021, an 8-year sustainable bond in an amount of EUR 100 million was placed at a nominal interest rate of 2.25%. The sustainable bond issue has been made possible by the establishment of a sustainable financing framework which confirms Gimv's ambition as a responsible investor. With this framework Gimv wants to align its financing policy with its sustainable investment ambitions and further increase its impact on society. The framework will make it possible to attract sustainable financing in the future as well. The issue was largely oversubscribed and placed with a wide group of institutional investors, a significant majority of which have sustainable profiles. The following table summarises the contractual nominal payments of the three current bond debt by future accounting period, broken down into the principal repayment and the annual interest payments. The annual payment date is stated in the table of the bond's specifications. Period (in 1,000 EUR) Principal Interest Total From 01-04-2025 to 31-03-2026 - 10,531 10,531 From 01-04-2026 to 31-03-2027 75,000 10,531 85,531 From 01-04-2027 to 31-03-2028 - 8,375 8,375 From 01-04-2028 to 31-03-2029 100,000 8,375 108,375 From 01-04-2029 to 31-03-2030 - 6,125 6,125 From 01-04-2030 to 31-03-2031 - 6,125 6,125 From 01-04-2031 to 31-03-2032 175,000 6,125 181,125 The table below gives the main specifications of the various bonds. Bond characteristics (in EUR) 2031 12 year (175m) 2029 8 year (100m) 2026 7 year (75m) Trade date 21-06-2019 08-03-2021 21-06-2019 Value date 05-07-2019 15-03-2021 05-07-2019 Maturity date 05-07-2031 15-03-2029 05-07-2026 Nominal value (100%) 175,000,000 100,000,000 75,000,000 Denomination 1,000 100,000 1,000 Issue Price 102.000% 100.000% 101.875% Issue Value 178,500,000 100,000,000 76,406,250 Interest rate - nominal 3.500% 2.250% 2.875% Interest rate - actuarial 3.296% 2.250% 2.579% Payment date 05-07-20xx 15-03-20xx 05-07-20xx Non-current financial debt for the year ended 31 March 2024 Remaining term 31-03-2024 (in 1,000 EUR) < 1 year 1 to 5 years > 5 years Total Financial debts Bonds - 175,000 175,000 350,000 Lease liabilities (IFRS 16) 986 1,431 - 2,417 Total 986 176,431 175,000 352,417

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Note 21:

Pension obligations

Gimv grants pension and death cover financed through group insurance contracts of the "defined benefit" and "defined contribution" types. The large majority of active employees are affiliated to the "defined contribution" type. The "defined contribution" type plans are subject to a legally guaranteed minimum return and are considered "defined benefit" type plans in accordance with the IAS 19 standard. These plans are evaluated annually using the projected unit credit method (PUC). Plan assets are measured as the discounted value of reserves taking into account the insurer's rate guarantees. Actuarial gains and losses are recognised in equity through other elements of comprehensive income. Only in the event that the return on plan assets guaranteed by the insurer is lower than the legally guaranteed return, the employer has to make up the shortfall. There are no specific risks in these pension plans. The weighted average remaining life of the plans is 10.8 years. The increase in the discount rate from 3.12% to 3.26% and the increase in the wage growth rate (including inflation) for employees under the age of 50 from ‘5.00% (for 2024) and 4.00% thereafter’ to ‘7.00% (for 2025) and 4.00% thereafter’ will result in a limited decrease in the overestimation of the current net value of the pension obligations. The overestimation of the current net value of the pension liability of EUR 606 thousand from the previous financial year will evolve at the end of this financial year to a lower overestimation of EUR 566 thousand. The inflation forecast of ‘3.00% for the coming year and 2.00% thereafter’ remains unchanged from the previous financial year. The ‘defined contribution’ plan currently has 34 active employees, compared to 33 last year. The average term of the obligations is 24.9 years. The number of beneficiaries in the ‘defined benefit’ plan is limited to seven active beneficiaries. The average term of the obligations is 9.7 years. Amounts recognised in the balance sheet (in 1,000 EUR) 31-03-2025 31-03-2024 “Defined benefit” plan Present value of the pension obigations 8,838 9,337 Fair value of the assets 9,489 9,968 Net present value of the pension obligations -651 -631 “Defined contribution” plan Present value of the pension obigations 27,741 27,176 Fair value of the assets 27,656 27,151 Net present value of the pension obligations 85 25 Total of the plans Present value of the pension obigations 36,579 36,513 Fair value of the assets 37,145 37,119 Net present value of the pension obligations -566 -606 Fair value of the assets (in 1,000 EUR) 31-03-2025 31-03-2024 Heritage collective investment fund 2,263 2,346 Assets managed by the insurer 34,882 34,773 Fair value of the assets 37,145 37,119 Movement of the liabilities during the year (in 1,000 EUR) 31-03-2025 31-03-2024 Net liabilities at the beginning of the year -606 -1,109 Amount recognised in equity (via OCI) 86 475 Net income or expense recognised in the income statement 182 212 Contributions paid -228 -184 Amount recognised at the end of the year -566 -606

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Pension cost recognised in the income statement (in 1,000 EUR) 31-03-2025 31-03-2024 Current service cost 188 238 Net interest on pension obligations -16 -37 Administration costs 10 11 Net expense 182 212 Main actuarial assumption used 31-03-2025 31-03-2024 Discount rate 3.26% 3.12% Expected return on assets 3.26% 3.12% Inﬂation rate 3,00% (2025) - 2,00% (> 2025) 3,00% (2024) - 2,00% (> 2024) Salary increase rate (inﬂation included) < 50 year 7,00% (2025) - 6,00% (> 2025) 5,00% (2024) - 4,00% (> 2024) > 50 year 2.00% 2.00% Mortality table MR-5 / FR-5 MR-5 / FR-5 Change of the present value of pension benefits (in 1,000 EUR) 31-03-2025 31-03-2024 Present value of beneﬁts at thebeginning of the year 36,513 39,420 Service cost 188 238 Interest cost 1,131 1,377 Administration costs 10 10 Beneﬁts paid during the year -1,136 -4,923 Actuarial gain (-) or loss (+) for the year -128 392 Present value of promised benefits at the end of the year 36,578 36,513 Change in fair value of the assets in the plans (in 1,000 EUR) 31-03-2025 31-03-2024 Fair value of the assets in the plans at the beginning of the year 37,119 40,528 Contributions received during the year 229 184 Beneﬁts paid during the year -1,136 -4,923 Interest income 1,147 1,413 Return in excess of interest income -214 -83 Present value of the assets in the plan at the end of the year 37,145 37,119 Sensitivity analysis (in 1,000 EUR) 31-03-2025 31-03-2024 Discount rate Increase of 50 base points 36,279 36,228 Decrease of 50 base points 36,953 36,855 Decrease of 370 base points 40,261 39,888 Salary increases index Increase of 50 base points 36,602 36,523 Decrease of 50 base points 36,556 36,504 Expected payments within 3 years 19,700 12,419 between 3 and 8 years 11,871 18,063 after 8 years 17,127 18,571

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Note 22:

Provisions

During the 2024-2025 financial year, outstanding provisions increased by EUR 7,380 thousand to EUR 49,614 thousand, mainly in connection with the Long Term Incentive Plan (LTIP) and historical co-investment structures. In addition to the provisions for the LTIP, an amount of EUR 2,500 thousand was recorded as potential compensation in relation to the remediation of a site that was part of a historical investment that was fully divested several years ago. Finally, there was an increase of EUR 40 thousand in the provision for future pension obligations via ‘other comprehensive income’ in accordance with IAS 19 (note 21). 2024-2025 (in 1,000 EUR) Litigation or warranties In respect of the LTIP Remeasurement pension plans Total Opening Balance - 42,840 -606 42,234 Additional provisions (+) 2,500 32,881 40 35,421 Use of provisions (-) - -28,041 - -28,041 Acquisition of subsidiaries (+) - - - - Reversal of unused provisions (-) - - - - Closing balance 2,500 47,680 -566 49,614 The increase in provisions relating to the LTIP and historical co-investment structures is due to the strong performance of the portfolio and can be further explained by vintage:  An increase in the provision of EUR 2,322 thousand in respect of potential future earn-out payments under the historical co-investment structure vintage 2013; recognised in the income statement.  A utilisation of previous provisions of EUR 1,489 thousand in connection with the historical co-investment structures: an earn-out payment to the beneficiaries of the historical co-investment structure vintage 2016.  An increase in the provision of EUR 5,804 thousand in connection with potential future earn-out payments under the historical co-investment structure vintage 2016; recognised in the income statement.  A use of previous provisions of EUR 26,552 thousand relating to the LTIP 2018: EUR 2,139 thousand was paid out in the second half of the current financial year and EUR 24,413 thousand will be paid out in the first quarter of the next financial year and was recognised as a liability in the consolidated balance sheet as at 31 March 2025. Both appropriations were recognised in the income statement under ‘remuneration – LTIP compensation’ for the beneficiaries and under ‘purchase of services and miscellaneous goods’ for the managing director.  A decrease of EUR 3,277 thousand resulting from the use of EUR 26,552 thousand in the context of the LTIP vintage 2018, recognised in the income statement. This provision does not take into account the personnel costs to be paid ‘Remuneration – LTIP compensation’ amounting to EUR 24,413 thousand.  An increase of EUR 1,480 thousand in connection with the LTIP vintage 2021, included in the income statement. During the current financial year 2024-2025, an amount of EUR 11,321 thousand was paid to the beneficiaries of the LTIP 2018. An amount of EUR 9,182 thousand was paid during the first quarter (and accounted for at the end of the previous financial year) and an amount of EUR 2,139 thousand was paid during the third quarter.

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Overview of LTIP and historical co-investment structures (CIV) 31-03-2025 31-03-2024 Change Paid / Payable Provision change (via IS) Provisions for historical CIV structures 26,456 19,819 6,637 1,489 8,126 Vintage 2013-2015 9,342 7,020 2,322 - 2,322 Vintage 2016-2017 17,114 12,799 4,315 1,489 5,804 Provisions LTIP 21,224 23,021 -1,797 26,552 -1,797 Vintage 2018-2020 15,305 18,582 -3,277 26,552 -3,277 Vintage 2021-2023 5,919 4,439 1,480 - 1,480 Total via provisions 47,680 42,840 4,840 28,041 6,329 During the previous financial year 2023-2024, outstanding provisions increased by EUR 21,956 thousand to EUR 42,234 thousand, mainly related to the Long Term Incentive Plan (LTIP) and historical co-investment structures. The increase in provisions was due to:  a use of accrued provisions of EUR 2,249 thousand under the historical co-investment structures: an earn-out payment to the beneficiaries of the historical co-investment structure vintage 2010;  a decrease in recorded provision of EUR 70 thousand under potential future earn-out payments under the historical co-investment structure vintage 2013; recognised in the income statement;  an additional provision of EUR 12,799 thousand for potential future earn-out payments to the beneficiaries of the historical co-investment structure vintage 2016. Part of this provision, EUR 5,024 thousand was transferred from equity following the repurchase of the shares held by the beneficiaries (see below). The increase in this initial provision by EUR 7,775 thousand to EUR 12,799 thousand for remaining potential earn-out payments was recognised in the income statement;  an increase of EUR 7,320 thousand under the LTIP vintage 2018, recognised in the income statement. This provision does not take into account the personnel expense to be paid 'Remuneration - LTIP remuneration' amounting to EUR 9,182 thousand (note 25);  an increase of EUR 3,653 thousand under the LTIP vintage 2021, recognised in the income statement;  an increase of EUR 503 thousand on the provision accrued for future pension liabilities through 'other comprehensive income' in accordance with IAS 19 (note 23). The increase in provisions recognised through equity was EUR 5,024 thousand (decrease in equity), this amount was included in the consolidated statement of changes in equity. The line 'investments in subsidiaries' under column 'retained earnings' showed a positive amount of EUR 6,432 thousand. The difference of EUR 11,456 thousand was mainly explained by a transfer of EUR 11,456 thousand from non-controlling interests to group equity due to the purchase of shares held by the beneficiaries of the historical co-investment structure vintage 2016. These shares were bought back free of charge as there were not sufficient cash realised capital gains, after paying all management and financing costs, on the relevant total investment portfolio. Of this, EUR 5,024 thousand was recognised in provisions.

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2023-2024 (in 1,000 EUR) Litigation or warranties In respect of the LTIP Remeasurement pension plans Total Opening Balance - 21,387 -1,109 20,278 Additional provisions (+) - 18,677 503 19,180 Use of provisions (-) - -2,248 - -2,248 Acquisition of subsidiaries (+) - 5,024 - 5,024 Reversal of unused provisions (-) - - - - Closing balance - 42,840 -606 42,234

Note 23:

Short-term financial liabilities and debt

During the 2024-2025 financial year, total current liabilities increased by EUR 14,726 thousand to EUR 48, 998 thousand, mainly due to an increase in the LTIP remuneration payable for vintage 2018 of 16,914 thousand EUR and a deferred dividend payment of 6,281 thousand EUR. The debt related to portfolio companies of EUR 9,796 thousand was written off during the current financial year. This amount consisted of an option premium received from a potential future acquirer of a portfolio company. As the potential acquirer has cancelled the option, the option premium received was recognised in profit or loss as a gain on disposal of investments. Short term liabilities (in 1,000 EUR) 31-03-2025 31-03-2024 Financial debts Lease liabilities (IFRS 16) 1,733 986 Accrued interest related to ﬁnancial debt - bonds 6,202 6,202 Total 7,935 7,188 Trade and other payables Trade payables 2,052 906 Social debts 5,488 6,208 LTIP remuneration 26,096 9,182 Income taxes 298 180 Various taxes 740 303 Liabilities related to investment portfolio - 9,796 Other payables 108 509 Deferred dividend liabilty 6,281 - Total 41,063 27,084

Note 24:

Related parties

In accordance with IAS 24, the table below reports on the transactions and outstanding debt investments with related parties of Gimv. Gimv has a significant influence in each active portfolio company regardless of the voting rights percentage. The entire investment portfolio is split into affiliated companies, that is portfolio companies in which Gimv holds more than 50% of the voting rights; and into associated companies, that is portfolio companies in which Gimv exercises a significant influence through voting rights or through a mandate in the board of directors. Worxinvest is also a related party as a reference shareholder. During the financial year, 25% of the interest in Gimv Anchor and 50% of the stake in Infravest were sold to Worxinvest.

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Information regarding related parties (in 1,000 EUR) 31-03-2025 31-03-2024 Long term receivables 262,422 336,179 Long term receivables from non-consolidated related companies 113,337 199,556 Long term receivables from non-consolidated associated companies 149,085 136,623 Result from transactions 54,632 44,138 Dividend income from non-consolidated related companies 457 7,556 Dividend income from non-consolidated associated companies 1,264 3,146 Intrest income from non-consolidated related companies 21,299 19,795 Intrest income from non-consolidated associated companies 11,341 12,948 Services provided to non-consolidated related companies 135 228 Services provided to non-consolidated associated companies 634 465 Capital gains or losses on sale of shareholders' interest in Gimv Anchor and Infravest to Worxinvest 19,502 - Remuneration / Provision of executives 8,293 5,889 Fixed remuneration to members of executive comité (incl. managing director) 3,586 3,466 Variable remuneration to members of executive comité (incl. managing director) 1,036 807 Group insurance, hospitalisation and healthcare 175 151 LTIP payments to members of executive comité (incl. managing director) 2,677 644 Fixed remuneration to non-executive board members 601 636 Attendance fees to non-executive board members 218 185 LTIP Provision for executives 13,404 13,490 LTIP provision to members of executive comité (incl. managing director) 13,404 13,490 LTIP liabilities to members of executive comité (incl. managing director) 7,141 1,114 Signiﬁcant oﬀ-market transactions between related parties - - Reconciliation with the consolidated balance sheet Reconciliation to consolidated balance sheet (in 1,000 EUR) 31-03-2025 31-03-2024 Financial assets: debt investments at fair value through P&L (FVPL) 85,950 88,176 Financial assets: debt investments at amortised cost 176,472 248,003 Total financial assets: debt investments on balance sheet 262,422 336,179 Total long term receivables related parties 262,422 336,179 Difference to explain - - Reconciliation with the consolidated income statement Reconciliation to consolidated income statement (in 1,000 EUR) 31-03-2025 31-03-2024 Dividend income 2,668 10,709 Interest income 33,609 33,864 Management fees 778 895 Total income on income statement 37,055 45,468 Result from transactions with related parties 54,632 44,138 Difference to explain -17,577 1,330 Income from investee companies without signiﬁcant control -17,577 1,330 The difference includes income from portfolio companies over which Gimv has no significant influence. The difference is mainly explained by fees received from companies that are not part of the investment portfolio or fees that are not part of the portfolio result.

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Note 25:

Off-balance sheet obligations and major pending litigation

Off-balance sheet obligations The text below gives an overview of off-balance sheet obligations as of 31 March 2025 linked to investments representing a material portion of the Gimv group’s non-current financial assets, in which:  Gimv's interest in just over 40% of the investment files may be diluted, albeit usually to a relatively limited extent, as a result of stock option plans or securities entitling their holder to shares upon exercise or conversion;  there are agreements in just over 70% of the files which could result in a disproportionate distribution of the proceeds in the event of a divestment, whereby this could work to Gimv's advantage or disadvantage depending on the file and/or the circumstances;  slightly less than 40% of the files include an anti-dilution clause which comes into effect when additional capital is raised at a lower price per share and which usually, but not always, works to Gimv's advantage;  there are enforceable co-sale obligations towards Gimv in 28% of the files, usually together with the other members of the financial consortium;  in 3 files one or more third parties have a put option of their shares in respect of Gimv;  there are 16 files in which Gimv has agreed to cede on exit part of its capital gain above a certain return to one or more other shareholders (mostly management);  taking into account the 7 complete divestments during the past financial year, there are currently still 23 files in which representations and warranties have been given whose terms are still running (including limitation periods that have not yet expired);  there are 12 files in the regular portfolio with certain or potentially enforceable financial commitments totalling EUR 77,089 thousand. Below is an overview of the types of commitments entered into and their conditionality. Conditionality is understood to mean: the achievement of certain milestones in the event of investments in tranches, Gimv approval, etc. Share capital Conditionally EUR 72,360 thousand EUR 75,063 thousand Unconditionally EUR 2,703 thousand Loans Conditionally - EUR 2,026 thousand Unconditionally EUR 2,026 thousand

Pending litigation As at 31 March 2025, there is one earlier investment file in which Gimv was held liable under the representations and warranties. A settlement was reached and appropriate provisions amounting to EUR 2,500 thousand were made based on a substantiated risk analysis. Otherwise, at the end of the financial year, there is no indication that any significant claims could be made in the future against the representations and warranties provided by Gimv in connection with its exits. The pending disputes in which the Gimv group is involved as at 31 March 2025 do not require the recognition of any provision, taking into account the assessment of the risks based on the information available at the end of the financial year. For the sake of completeness, it should be noted that the dispute brought in December 2020 by Mr Naets against the former co-shareholders of Sureca NV, claiming damages of €302 million in connection with the sale in August 2020 of all outstanding securities of Sureca NV, was successfully concluded. Both the Court of First Instance and the Court of Appeal in Antwerp dismissed Mr Naets' claim. The judgment has since become final after Mr Naets allowed the cassation period to expire without taking further action. This dispute has thus been fully settled.

Note 26:

Risk factors

Gimv is - just like any other company - exposed to a number of risks. The increasing complexity of society and of the investment projects in which Gimv is involved, along with the changing laws and regulations, as well as the potential impact of the recent pandemic crisis and the war in Ukraine and the Middle East, call for a high degree of risk awareness. In addition, the geopolitical and global economic context remains highly uncertain and volatile, partly due to the unpredictable tariff policy of the United States of America. Risk management is the process of identification, assessment, management and communication of risk from an integrated and organisation-wide perspective. This is is a continuous process, if only because the current situation and the fact of taking measures in changing circumstances require this of us. Gimv is convinced that risk management is an essential part of good governance and the development of a sustainable business. By maintaining an appropriate balance between risks and returns, Gimv seeks to maximise business success and shareholder value. Optimal risk management needs to contribute to the realisation of the strategic objectives:  optimising operational business processes in terms of effectiveness and efficiency;  ensuring the reliability of financial reporting;  monitoring its activities in accordance with regulations, laws and codes of conduct.

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This section describes the risks with which Gimv is confronted as an investment company, along with the operational and financial risks associated with Gimv's investment activities. 1. Risks related to economic, political and social circumstances Gimv's portfolio companies are exposed to specific risks associated with the sector in which these companies operate. These risks are managed at the level of the portfolio company concerned. Difficult economic circumstances can have negative consequences not only for the valuation of the existing portfolio, but also for the quantity and quality of new investment opportunities and of exit opportunities for existing participations (and therefore for generating cash). It follows that Gimv's revenue, profit and cash flow statement are subject to many different elements and can therefore fluctuate considerably. Such fluctuations can have a material adverse effect on Gimv's ability to redeem its bonds. The evolution of the general economic situation can potentially impact the results of the shareholdings and by extension the valuation of these shareholdings on Gimv's balance sheet. Given Gimv's highly differentiated portfolio, spread over 61 different shareholdings operating in different sectors and countries, fluctuations in the economic situation can have very varied impacts. More information about Gimv's portfolio can be found on the website. Changes in general political and social conditions can also have a material adverse effect on Gimv's activities and prospects. Gimv can be influenced by political events beyond its control. In addition, global geopolitical tensions including, among others, the the war in Ukraine and the unstable situation in the Middle-East, can also affect the operating conditions and thereby the performance of Gimv's portfolio companies. The concentration in the portfolio is limited. One participation (Cegeka via Anchor) represents more than 10% of the total value of the investment portfolio, and the largest five holdings together represent 30.3% of the total portfolio, compared with a 27.1% at the end of March 2024 (see table below). Difficult economic conditions may not only have an adverse effect on the valuation of the existing portfolio of Gimv, but also on the quantity and quality of available new investment opportunities, and on the exit opportunities for existing shareholdings (and by extension on cash generation). Therefore, Gimv can not guarantee to maintain its current dividend policy under all circumstances. Investment portfolio 31-03-2025 Investment portfolio 31-03-2024 1. Cegeka 1. Cegeka 2. Televic 2. Acceo 3. SpineArt 3. Medi-Markt 4. Picot 4. Picot 5. Liveo Gruppe 5. SpineArt Share of total portfolio 30.3% Share of total portfolio 27.1% 6. Baas/Verkley 6. Televic 7. Variass 7. rehaneo 8. Tibbloc 8. Sofatutor 9. Sofatutor 9. Variass 10. Fronnt 10. Baas/Verkley Combined share of total portfolio 48.9% Combined share of total portfolio 42.8%

2. Market risk Following International Financial Reporting Standards (IFRS), Gimv values its portfolio at fair value based on certain market data, valuation models, estimates and assumptions. The portfolio is initially recognised at cost, with unrealised gains and losses arising from periodic revaluations subsequently recognised in the income statement. The value of the listed portion of the portfolio depends directly on the stock market prices of the companies concerned and on the fluctuations thereof. Under IFRS, the valuation of unlisted investments depends also on a number of market-related elements (inter alia through comparison with a peer reference group of listed companies. However, the volatility of such market data does not necessarily reflect the performance of the shareholding in question. This means that the unrealised capital gains and losses on the unlisted part of Gimv's portfolio (and therefore Gimv's earnings) are also determined to a large extent by market developments. A 10% change in the market prices of the listed part of the portfolio and in the value of the unlisted part of the portfolio measured using multiples has, as at end-March 2025, an impact of EUR 1,769 thousand and EUR 102,822 thousand respectively (at end-March 2024 this impact was EUR 6,421 thousand and EUR 102,019 thousand respectively). The unrealised gains and losses on Gimv's portfolio (and therefore Gimv's profit) are therefore largely determined by market developments. In the absence of directly observable market data, certain investments are measured by methods that use non-observable measurements/inputs that may have an effect on fair value. The valuation is also based on a number of estimates and assumptions (based on specific data).

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The interest rate risk (item 9) and exchange rate risk (item 11) are part of the market risk. The value of the portfolio may therefore not reflect the performance of the shareholdings concerned. A significant change in the value of Gimv's portfolio can have a material adverse effect on Gimv's business, operating results, financial condition and prospects. An overview of the various measurement methods and inputs that are applied to Gimv's portfolio can be found in Note 1 of the 2024-2025 annual report. 3. Risks in relation to anti-trust legislation Gimv generally invests on a non-recourse basis. This implies that the financial risk is limited to the amount of the investment in the shareholding concerned. In recent years, however, private equity companies themselves have been directly fined for violation of anti-trust legislation by their investee companies. These violations were committed by shareholdings in which private equity firms held controlling stakes. The anti-trust authorities are of the opinion that maintaining a controlling interest constitutes sufficient grounds for direct liability for the fines imposed, even if the private equity firm itself was in no way involved in the anti-trust offence. If such a situation were to occur in relation to Gimv, this could have a material adverse effect on Gimv's activities, operating results, financial situation and prospects. 4. Competition risk Gimv operates in a competitive market of both local and international private equity players and a rapidly changing competitive landscape. Gimv's success is largely determined by its ability to maintain a strong competitive and differentiated position. If Gimv cannot maintain such a position, this can have a material adverse effect on Gimv's activities, operating results, financial situation and prospects. 5. Tax risk Currently, Gimv has offices in Belgium, the Netherlands, France and Germany. As such, Gimv falls under the jurisdiction of various tax authorities. Its results may therefore be affected by changes in the tax legislation of the countries in question or in the interpretation and application of existing tax legislation in these countries. Capital gains on shares represent the largest share of Gimv's result. Since 2018, the definitively taxed income conditions (more than 10% of capital or an investment above EUR 2.5 million) must be met in Belgium in order to be exempt from capital gains tax and dividend income. In the other countries where Gimv operates, capital gains on sale of shares are almost completely tax exempt if similar conditions are met. The same applies for dividend income. Another measure that can possibly influence Gimv's tax situation is the limitation of the use of loss carryforwards and other tax reserves (also referred to as 'minimum corporation tax'). In addition to these existing measures, any future adjustments in the corporate income tax treatment of capital gains on shares can have a material impact on Gimv's results. 6. Regulatory risk Gimv's key activity consists of private equity investments, a sector that has, in recent years, been increasingly subject to European and national regulations (e.g. in certain cases via Directive 2011/61/ EU on Alternative Investment Fund Managers). As a listed company, Gimv is also subject to various legal provisions and disclosure obligations. The ever-changing regulatory environment is closely monitored at Gimv, the impact on the organisation, administration or reporting is evaluated on a regular basis, and any necessary adjustments are made. With the rules differing from one type of private equity firm to another and from country to country, Gimv risks suffering competitive disadvantage from a changing regulatory framework. Were such a risk situation to arise, this could have a material adverse effect on Gimv's activities, operating results, financial situation and prospects.

7. Liquidity risk With a substantial liquidity position and unused credit lines, Gimv is not exposed to risks associated with debt financing. Gimv monitors, however, that the portfolio companies build in sufficient margins and do not incur debt that could exceed their repayment capacities. The average external debt ratio for Gimv's portfolio companies is 1.7 times operating cash flow (or EBITDA) at end-March 2025. For this reason the Board considers the liquidity risk a limited one.

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Gimv's portfolio consists of investments that are generally high risk, unsecured and unlisted and therefore illiquid. The realisation of capital gains on its investments is uncertain, can be slow in coming and is at times legally or contractually restricted during certain periods (lock-up, stand still, closed period, etc.). These capital gains depend, among other things, on the earnings evolution of the specific shareholding, on the general economic situation, on the availability of buyers and financing, and on the possibility of IPOs. As a result, the illiquid nature of its assets presents a risk for Gimv's results and cash flow generation. In addition, Gimv does not always control the timing or the course of the sales process, which can possibly lead to a suboptimal return. Note 6 provides more insight into the remaining term of the financial assets: debt investments. In addition to the available liquidity on the balance sheet, Gimv has EUR 210 million in undrawn credit lines with the banks.

8. Credit risk Gimv incurs credit risk (or counterparty risk) both in respect of its cash position and as a result of the loans in the investment portfolio. At treasury level this risk is managed through distributing this cash sensibly across a sufficiently large number of banks and other financial institutions with good ratings. This cautious approach to its treasury policy does not, however, give any cast iron guarantee against adverse changes in the financial institutions in question and may potentially have a significant impact on Gimv's cash position. Debt investments from portfolio companies are financial assets with fixed or determinable payments that are not listed in an active market. A more detailed description of the treatment of these financial assets is provided in Note 1 section 8 to the financial statements. In financial year 2024-2025 there was a negative net impact of value fluctuations of EUR 53,013 thousand (compared to a negative net impact of EUR 29,872 thousand in financial year 2023-2024). The credit risk from the loans in the investment portfolio is diversified over a large number of holdings. Total loans as end-March 2025 amount to 262,422 thousand (16.2% of the total investment portfolio), with the largest loan equal to 3.3% of the total investment portfolio. At end-March 2025, 0.7% of the loan portfolio was in arrears (compared to 0.4% at end-March 2024). The loans that Gimv makes available to its shareholdings are often subordinated to the investments of other parties. This subordination applies generally vis-à-vis funds made available by financial institutions, with the risk of there being insufficient proceeds from the sale or liquidation of the company in question to repay the loans from Gimv. Should a shareholding get into financial difficulties, Gimv's influence can also decrease to the benefit of the secured creditors.

9. Interest and refinancing risk In July 2019, Gimv issued a EUR 250 million bond. The maturities of this bond are 7 years (EUR 75 million) and 12 years (EUR 175 million) respectively. In addition, in March 2021, Gimv issued a EUR 100 million sustainable bond with an 8-year term. Given the long terms of the outstanding bonds, the refinancing risk is limited and the fixed interest coupon means that there is no interest risk. Gimv does not currently have any other debt financing. Gimv's investee companies obviously make frequent use of debt financing. For some of them this means that an interest and/or refinancing risk exists when existing loans mature and need to be refinanced. Leveraged buyouts bear the inherent risk of the company getting into serious trouble in the event that a drastic fall in earnings erodes its repayment capacity. Moreover, a particular outcome in one shareholding (e.g. bankruptcy) can have a (direct or indirect) impact on the attitude of interested third parties towards one or more other shareholdings. Were such a risk situation to arise, this could have a material adverse effect on Gimv's activities, operating results, financial situation and prospects. 10. Human resources risk For achieving its objectives, Gimv is largely dependent on the experience, commitment, reputation, deal-making skills and networks of its senior employees. Human capital is a key asset. The departure of senior employees and any resulting negative perception of the same from the market or related industry can therefore have a negative impact on Gimv's activities and results. In addition, Gimv may have potential difficulties in recruiting suitable employees, both for expanding its activities and for replacing resigning employees. Recruiting such suitable employees can also entail considerable costs, in terms of both salaries and other incentive programs.

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11. Currency risk As of 31 March 2025, Gimv group has foreign currency assets with a countervalue of EUR 66,718 thousand. The breakdown by currency is shown in the table below: Portfolio in foreign currencies on 31-03-2025 in thousand foreign currency in thousand EUR USD 51,729 47,831 CHF 18,001 18,887 Total 66,718 Portfolio in foreign currencies on 31-03-2024 in thousand foreign currency in thousand EUR USD 29,185 26,995 CHF 31,710 32,469 Total 59,464 This shows that Gimv's direct exchange rate risk is rather limited (at 3.5% of the Group's equity). A 10% change in the USD and CHF exchange rate against the EUR has an impact of about EUR 6,672 thousand or 0.3% of Gimv's equity. Besides the direct foreign exchange risk through the holding of foreign currency denominated participating interests, Gimv also has an indirect exchange rate risk from the activities and, potentially, the financing of the portfolio companies. Any hedging against this latter currency risk takes place at the level of the respective portfolio companies. 12. Risk associated with fund commitments Gimv has in the past invested in private equity funds managed by third parties. These investment commitments must be paid in proportionally to the investments that are decided and implemented. Gimv has no further control or power of decision over these investments. The amount of outstanding commitments fund has fallen sharply in recent years since Gimv has chosen in principle not to make any new commitments to external funds. At end-March 2025, Gimv still had a limited amount of EUR 4,081 thousand of such outstanding commitments to funds managed by third parties (equal to 0.6% of its available liquidity). The greatly reduced amount of these fund commitments means that there is no risk of investment calls limiting the capacity to make direct investments. 13. Risk related to off-balance sheet commitments and significant pending litigation As part of its investment activities, Gimv has a series of commitments that are not expressed on its balance sheet. In a number of cases, for example, Gimv is committed to follow-up investments. These commitments total EUR 77,089 thousand at end-March 2025 (EUR 52,576 thousand at end-March 2024). There are also a series of agreements or commitments that can directly impact the shareholdings and/or their value. The Company's shareholding may be diluted by exercise of share options and the effect of anti-dilution clauses; there can be agreements concerning the division of the proceeds of any sale or obligations to co-sell with other investors. When selling shareholdings, the company has in certain cases to provide warranties with respect to these. At the end of March 2025, there were 23 files (29 at end-March 2024) for which representations and warranties were still outstanding. In addition, the Company is involved in a limited number of judicial proceedings, both as defendant and as plaintiff. The costs of such claims, disputes or lawsuits can - insofar as they become reality - have a material adverse effect on Gimv's activities, financial situation, operating results and prospects. Where deemed necessary, the requisite provisions are set up, based on an assessment of these risks using the available information. A more detailed description can be found in Note 25 to the financial statements. 14. Risk related to GIMV's IT systems and cyber security Gimv uses information and communication technologies that may be subject to information security risks, such as confidentiality, availability and integrity. Reliable IT systems are an integral part of Gimv's activities. Moreover, Gimv operates in an increasingly connected world and is therefore also vulnerable to possible external cyber attacks on the integrity of its systems and data. Despite the measures taken by Gimv, including those relating to cyber security, its IT systems can be breached or damaged by computer viruses and system attacks (such as malware attacks, natural incidents or human errors and disasters). Any malfunction can negatively affect Gimv's reputation.

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15. Risks related to the implementation of the strategy Gimv's investment strategy is based on certain estimates and assumptions regarding economic, market and other circumstances, including estimates regarding the value or potential value of a company and the potential return on investment. These estimates may differ from reality, making Gimv's strategy inappropriate/unsuitable, with adverse consequences for Gimv's business activities, operating results, financial situation and prospects. 16. Risks related to the possibility of internal controls not being effective Preparing financial information in terms of adequate systems, reporting and compiling financial information - taking into account changes in the scope or changes in accounting standards - is a challenge for Gimv, especially given the complexity arising from the activities in Belgium, the Netherlands, France and Germany. Effective internal controls on financial reporting are built in and necessary for Gimv to provide reasonable assurance as to the reliability of both internal and external financial reports. Given the inherent limitations of the system (such as human error or circumvention of internal control measures), the existing financial reporting control mechanism may not always prevent certain deviations in the financial reporting. Internal control measures may also become ineffective due to changes in circumstances and in applicable monitoring procedures. If Gimv fails to maintain adequate internal control systems or to implement new or improved control procedures or faces problems with internal controls, this may adversely affect Gimv's activities and operating results. Gimv may furthermore be liable for unauthorised transactions where signing authority and delegation of authority have not been correctly defined or are not being observed. Were such a risk situation to occurs, this could have a material adverse effect on Gimv's activities, operating results, financial situation and prospects.

Note 27:

Events after the balance sheet date

 The valuation of our portfolio is based on market multiples as at the end of March 2025. Since then, we have closely followed the evolution of the stock markets. To date, we have not noticed any evolution in market multiples that indicates that our valuation should be adjusted.  At the end of April 2025, Gimv announced its intention to change its financial year at an extraordinary general meeting of shareholders. It will be proposed to the shareholders that the financial year should start on 1 January and end on 31 December. This will bring Gimv into line with the financial calendars of most companies listed on Euronext Brussels. For the current financial year, this means that it will be a shortened financial year of nine months, ending on 31 December 2025.  In early May 2025, Gimv announced its investment in the German Ambulantis Group, a fast- growing healthcare provider focusing on outpatient care in assisted living and day care. With this investment, Gimv aims to grow, together with the company's founders, into a leading provider of integrated care services in assisted living in Germany.  After the end of the financial year, Gimv entered into an agreement with the other shareholders of Citymesh on a repositioning of Gimv in the capital of Citymesh. Gimv will retain an economic interest in Citymesh, but the agreed repositioning is more in line with Gimv Smart Industries' investment strategy.

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Statutory auditor’s report STATUTORY AUDITOR’S REPORT TO THE GENERAL MEETING FOR THE YEAR ENDED 31 MARCH 2025 (CONSOLIDATED FINANCIAL STATEMENTS) In the context of the statutory audit of the consolidated financial statements of Gimv NV (‘the Company’) and its subsidiaries (together referred to as 'the Group'), we hereby present our statutory auditor’s report. It includes our report of the consolidated financial statements and the other legal and regulatory requirements. This report is an integrated whole and is indivisible. We have been appointed as statutory auditor by the general meeting of 29 June 2022, following the proposal formulated by the administrative body issued upon recommendation of the Audit Committee. Our statutory auditor’s mandate expires on the date of the General Meeting deliberating on the financial statements closed on 31 March 2025. We have performed the statutory audit of the consolidated financial statements of the Group for six consecutive years. REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS Unqualified opinion We have performed the statutory audit of the Group’s consolidated financial statements, which comprise the consolidated statement of financial position as at 31 March 2025, and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and notes, comprising material accounting policy information and other explanatory information, and which is characterised by a consolidated statement of financial position total of 2.365.042 kEUR and for which the consolidated income statement shows a profit for the year of 219.001 kEUR. In our opinion, the consolidated financial statements give a true and fair view of the Group’s net equity and financial position as at 31 March 2025, as well as of its consolidated financial performance and its consolidated cash flows for the year then ended, in accordance with the IFRS Accounting Standards as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium. Basis for unqualified opinion We conducted our audit in accordance with International Standards on Auditing (ISA) as applicable in Belgium. Our responsibilities under those standards are further described in the 'Statutory auditor's responsibilities for the audit of the consolidated financial statements' section in this report. We have complied with all the ethical requirements that are relevant to the audit of consolidated financial statements in Belgium, including those concerning independence. We have obtained from the administrative body and company officials the explanations and information necessary for performing our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Valuation of the investment portfolio Description of the key matter As an investment company, the Group participates in various portfolio companies, which are valued at fair value and are presented in the header “investment portfolio” of the consolidated statement of financial position for an amount of 1,623,346 kEUR. These represent 69% of the consolidated statement of financial position. The fair value of the assets involved often depends to a large extent on management's assumptions and estimates. As disclosed in note 4 to the consolidated financial statements, the use of a different valuation method on the one hand and/or a change in the underlying assumptions and estimates on the other hand could lead to a significant change in the fair value. The current volatile socio-economic situation is causing uncertainty in the market regarding the current and future performance of companies, which can also translate into increased volatility in market multiples. This increases the risk of a significant deviation from the fair value of the portfolio companies. 159 Annual Report 2024-2025 Foreword & Highlights Financial Statements Governance & Remuneraton Sustainability Accelerating growth Results

Summary of procedures performed With regard to the aforementioned key audit matter, we have performed the following procedures among others:  We have engaged our internal valuation specialists for the purpose of:  Assessing the assumptions and estimates used by management. The adequacy and consistency of the applied valuation method was assessed, as well as the multiples used and the discounts applied. The correctness of the calculation was also checked. In addition, it was assessed that management took sufficient account of the impact of the current volatile socio-economic situation on the valuation of the portfolio companies;  Assessing the valuation methodologies used by management in accordance with the “International Private Equity and Valuation guidelines” and with IFRS;  We discussed and analyzed the valuation method used for the investments;  We have reconciled the source data used with, where available, audited data and the published annual accounts;  We have investigated potential indications of impairment of the fair value by analyzing the performance of the underlying investment files;  We have audited the disclosures of the consolidated financial statements for content and completeness in accordance with IFRS 7 “Financial Instruments: Disclosures” and IFRS 13 “Fair Value Measurement”. Responsibilities of administrative body for the drafting of the consolidated financial statements The administrative body is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with the IFRS Accounting Standards as adopted by the European Union and with the legal and regulatory provisions applicable in Belgium, and for such internal control as the administrative body determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatements, whether due to fraud or error. In preparing the consolidated financial statements, the administrative body is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the administrative body either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Statutory auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a statutory auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. When executing our audit, we respect the legal, regulatory and normative framework applicable for the audit of the consolidated financial statements in Belgium. However, a statutory audit does not guarantee the future viability of the Group, neither the efficiency and effectiveness of the management of the Group by the administrative body. Our responsibilities regarding the continuity assumption applied by the administrative body are described below. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:  Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control;  Evaluate the appropriateness of accounting policy information used and the reasonableness of accounting estimates and related disclosures made by the administrative body;  Conclude on the appropriateness of the administrative body’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our statutory auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our statutory auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern; 160 | Statutory auditor’s report Annual Report 2024-2025 Foreword & Highlights Financial Statements Governance & Remuneraton Sustainability Accelerating growth Results

 Evaluate the overall presentation, structure and content of the consolidated financial statements and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation;  Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the management, the supervision and the performance of the Group audit. We assume full responsibility for the auditor’s opinion. We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control identified during the audit. We also provide the Audit Committee with a statement that we respected the relevant ethical requirements relating to independence, and we communicate with them about all relationships and other issues which may influence our independence, and, if applicable, about the related measures to guarantee our independence. From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current year, and are therefore the key audit matters. We describe these matters in our statutory auditor’s report, unless law or regulation precludes public disclosure about the matter. OTHER LEGAL AND REGULATORY REQUIREMENTS Responsibilities of the administrative body The administrative body is responsible for the preparation and the contents of the director’s report on the consolidated financial statements and for the other information included in the annual report on the consolidated financial statements. Responsibilities of the statutory auditor In the context of our mission and in accordance with the Belgian standard (draft version 2025) which is complementary to the International Standards on Auditing (ISA) as applicable in Belgium, it is our responsibility to verify, in all material aspects, the director’s report on the consolidated financial statements and the other information included in the annual report on the consolidated financial statements, and to report on these elements. Aspects relating to the director’s report on the consolidated financial statements and to the other information included in the annual report on the consolidated financial statements In our opinion, after having performed specific procedures in relation to the director’s report, this director’s report is consistent with the consolidated financial statements for the same financial year, and it is prepared in accordance with article 3:32 of the Code of companies and associations. In the context of our audit of the consolidated financial statements, we are also responsible for considering, in particular based on the knowledge we have obtained during the audit, whether the director’s report on the consolidated financial statements and the other information included in the annual report on the consolidated financial statements, namely:  Chapter 1 ’Word from the chairman and CEO’  Chapter 5 ‘Annual results 2024-2025’  Chapter 7 ‘Corporate governance & Remuneration report’ contain a material misstatement, i.e. information which is inadequately disclosed or otherwise misleading. Based on the procedures we have performed, there are no material misstatements we have to report to you. Statement concerning independence  Our audit firm and our network did not provide services which are incompatible with the statutory audit of the consolidated financial statements and our audit firm remained independent of the Group during the term of our mandate.  The fees related to additional services which are compatible with the statutory audit as referred to in article 3:65 of the Code of companies and associations were duly itemised and valued in the notes to the consolidated financial statements. European single electronic format (ESEF) In accordance with the Draft standard of the Instituut van Bedrijfsrevisoren concerning the audit of the compliance of the annual report with the European Single Electronic Format (hereinafter “ESEF”), we are required to verify whether the ESEF format complies with the regulatory technical standards established by the European Delegated Regulation 2019/815 of 17 December 2018 (hereinafter: “Delegated Regulation”) and with the royal decree of 14 November, 2007, concerning the obligations of issuers of financial instruments that are admitted to trade on a regulated market. The administrative body is responsible for preparing an annual report in accordance with ESEF requirements, including the consolidated financial statements in the form of an electronic file in ESEF format (hereinafter "digital consolidated financial statements"). 161 | | Statutory auditor’s report Annual Report 2024-2025 Foreword & Highlights Financial Statements Governance & Remuneraton Sustainability Accelerating growth Results

It is our responsibility to obtain sufficient and appropriate supporting information to conclude that the format of the annual report and mark-up language XBRL of the digital consolidated financial statements comply in all material aspects with the ESEF requirements under the Delegated Regulation and with the royal decree of 14 November, 2007. We have not received the digital annual report and the translated and unofficial digital consolidated financial statements from the administrative body of the Company as of the date of this report. As a consequence, we are unable to express a conclusion if the digital format of the annual report and the tagging of information in the digital consolidated financial statements are in all material respects in accordance with the ESEF requirements. Nevertheless, based on our work on the official Dutch version of the annual report with the digital consolidated financial statements, we believe the digital format of the annual report and the tagging of information in the consolidated financial statements, which will be available in the Belgian official mechanism for the storage of regulated information (STORI) of the FSMA, have been prepared in all material respects in accordance with the ESEF requirements pursuant to the Delegated Regulation. Other statements This report is in compliance with the contents of our additional report to the Audit Committee as referred to in article 11 of regulation (EU) No 537/2014. Antwerp, 22 May, 2025 BDO Réviseurs d’Entreprises SRL Statutory auditor Represented by David Lenaerts* Auditor * Acting for a company 162 | Statutory auditor’s report Annual Report 2024-2025 Foreword & Highlights Financial Statements Governance & Remuneraton Sustainability Accelerating growth Results

Unconsolidated financial statements

Under this heading we give abridged versions of the statutory balance sheet and income statement of Gimv NV. The full financial statements, audited by BDO and for which they have issued an unqualified opinion, will be filed electronically with the National Bank of Belgium. This filing will be made within thirty days of the Annual General Meeting of 25 June 2025. 1. Balance sheet Assets (in 1,000 EUR) 31-03-2025 31-03-2024 Formation expenses 2,326 2,881 Non-current assets 1,141,034 1,036,522 Intangible assets 155 213 Property, plant and equipment 4,379 4,619 Investment portfolio 1,136,500 1,031,690 Financial assets: equity investments 971,527 550,116 Financial assets: debt investments 164,973 481,573 Current assets 680,759 309,814 Trade and other receivables 55,348 1,454 Cash, deposits and cash equivalents 577,490 303,989 Marketable securities 45,290 1,839 Other current assets 2,631 2,530 Total assets 1,824,119 1,349,216 Liabilities (in 1,000 EUR) 31-03-2025 31-03-2024 Equity 1,258,248 846,778 Issued capital 339,505 264,665 Share premium 337,568 136,282 Reserves 332,415 324,931 Proﬁt carried forward 248,760 120,901 Liabilities 565,871 502,438 Non-current liabilities 363,460 363,542 Financial debts - bonds 352,079 352,571 Provisions 11,381 10,971 Current liabilities 202,411 138,896 Trade and social debt 15,947 7,048 Income tax payables 58 53 Other liabilities 180,218 122,666 Accrued charges and deferred income 6,188 9,129 Total equity and liabilities 1,824,119 1,349,216

163 Annual Report 2024-2025 Foreword & Highlights Financial Statements Governance & Remuneraton Sustainability Accelerating growth Results

Income statement (in 1.000 EUR) 2024-2025 2023-2024 Dividend income 76,459 12,033 Interest income 8,519 7,193 Realised gains on disposal of investments 204,062 14,630 Unrealised gains on financial assets at fair value through P&L 58,986 49,837 Reversal of impairments on debt investments via amortised cost 225 - Portfolio profit 348,251 83,693 Realised losses on disposal of investments -7,388 -5,413 Unrealised losses on financial assets at fair value through P&L -51,242 -21,216 Impairments on debt investments via amortised cost -35,465 -19,409 Portfolio losses -94,095 -46,037 Portfolio result: profit (loss) 254,156 37,656 Turnover & management fees 1,068 1,333 Other operating income 3,331 3,454 Operating income 4,399 4,787 Personnel expenses - salaries -13,722 -11,147 Personnel expenses - LTIP remuneration -8,508 -2,887 Personnel expenses -22,230 -14,034 Selling, general and administrative expenses -16,924 -9,302 Amortisation and depreciation expenses -643 -676 Other operating expenses -3,206 -9,154 Operating expenses -43,003 -33,166 Operating result 215,552 9,277 Finance income 26,854 32,250 Finance costs -14,060 -13,298 Result before tax: profit (loss) 228,346 28,229 Tax expenses -8 -9 Net profit (loss) of the period 228,338 28,220

Income statement

164 | Unconsolidated financial statements Annual Report 2024-2025 Foreword & Highlights Financial Statements Governance & Remuneraton Sustainability Accelerating growth Results

Appropriation account

The following appropriation of the profit of EUR 228,338 thousand for the financial year is proposed to the ordinary general meeting of Gimv NV: Result to be appropriated (in 1,000 EUR) 2024-2025 2023-2024 Result to be appropriated 349,239 194,533 Result or the period available for appropriation 228,338 28,220 Result of the preceding period brought forward 120,901 166,313 Addition to equity 7,484 1,165 To the legal reserves 7,484 1,165 Result to be carried forward 248,760 120,901 Profit to be distributed 92,995 72,467 Compensation for contributions 92,995 72,467 The appropriation of the result includes the payment of a gross dividend of EUR 2.60 per share. The payout will be via an optional dividend, to further finance Gimv's investment ambitions. After deduction of 30% withholding tax, the net dividend amounts to EUR 1.82 per share. The effective amount to be distributed as dividend will be adjusted for the number of treasury shares held by Gimv at the time of dividend payment, as these are not entitled to dividends. This number was 14,299 at the end of March 2025.

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Alternative Performance Measures Alternative Performance Measures - Gimv Description Pay-out ratio The payout ratio is calculated, for the ﬁnancial year N, by dividing (i) the dividends paid in N+1 for the ﬁnancial year N by (ii) the net proﬁt of the ﬁnancial year N (as reﬂected in the consolidated income statement as “Net proﬁt – share of the group”). Ebitda Earnings before Interests, Taxes, Depreciations and Amortisations. Net return on equity The net return on equity for the ﬁnancial year N is calculated by dividing (i) the net proﬁt - share of the group of the ﬁnancial year N (as reﬂected in the consolidated income statement) by (ii) the net asset value at the end of the ﬁnancial year N-1 (as reﬂected in the consolidated balance sheet as “Equity – group share”). Portfolio result The portfolio result of the ﬁnancial year N is the sum of (i) the portfolio proﬁt of the ﬁnancial year N (as reﬂected in the consolidated income statement) and (ii) the portfolio losses of the ﬁnancial year N (as reﬂected in the consolidated income statement). Portfolio return The portfolio return for the ﬁnancial year N is calculated by dividing (i) the portfolio result of the ﬁnancial year N by the (ii) fair value of the portfolio at the end of the ﬁnancial year N-1. Premium / discount on equity The percentage diﬀerence (expressed in relation to the net asset value) between the market capitalisation and the net asset value (as reﬂected in the consolidated balance sheet as “Equity – group share”) (+ = premium; - = discount). Duration Period in which Gimv is invested in a portfolio company, weighted by the timing of the cash investments in the portfolio company. Investment portfolio As reﬂected in the consolidated balance sheet, the investment portfolio consists of the sum of (i) de ﬁnancial assets: equity investments at fair value through P&L (FVPL), (ii) the Financial assets: debt investments at fair value through P&L (FVPL) and (iii) the Financial assets: debt investments at amortised cost. 166 Annual Report 2024-2025 Foreword & Highlights Financial Statements Governance & Remuneraton Sustainability Accelerating growth Results

Contact information Offices Belgium Gimv NV Karel Oomsstraat 37, 2018 Antwerp Tel: +32 3 290 21 00 info@gimv.com The Netherlands Gimv Nederland Holding BV WTC The Hague Prinses Margrietplantsoen 87, 2595 BR The Hague Tel +31 70 3 618 618 info@gimv.nl France Gimv France Participations SAS 83, rue Lauriston, 75116 Paris Tel +33 1 58 36 45 60 info@gimv.fr Germany Gimv Germany Holding GmbH Karlstraße 12, 80333 München Tel +49 89 44 23 27 50 info@gimv.de Sustainability As a sustainable company, Gimv pursues not only a financial return, but also a social return. For this reason, only a limited number of copies of the full 2024-2025 annual report are printed. Otherwise the annual report is available as a PDF on our website www.gimv.com. Investor relations Shareholders and interested investors having questions about the annual report, the annual accounts of Gimv NV or other information about the Gimv group are invited to contact: Kristof Vande Capelle CFO Tel: +32 3 290 22 17 kristof.vandecapelle@gimv.com On the Gimv website www.gimv.com (investors) you will find previous annual reports, press releases, the portfolio, the stock price and other information on the Gimv-group. English language translation The present translation into English is intended as a faithful translation of the original Dutch language text and is provided as a courtesy to investors and other stakeholders. In the event of any divergence with the original Dutch text, the Dutch text prevails. 167 Annual Report 2024-2025 Foreword & Highlights Financial statements Governance & Remuneraton Sustainability Accelerating growth Results