CVC discussed EUR 1.8 billion food deal: Sofina stock trades 20.85 percent below NAV

Published on 10/20/2026 at 10:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

CVC discussed a EUR 1.8 billion Panzani-Cerealis combination on October 16, 2026. Sofina stock costs EUR 258.40, 0.39 percent above the Xetra close.

Portfolio valuation and leverage

CVC discussed a EUR 1.8 billion Panzani-Cerealis combination on October 16, 2026.
Sofina reported NAV per share of EUR 326.48 for June 30, 2026.
Sofina stock trades at EUR 258.40 at 10:08 a.m. CEST at Lang & Schwarz on October 20, 2026, 0.39 percent above the Xetra close of October 19, 2026.
Sofina reported a loan-to-value ratio of 1.9 percent for the first half of 2026.

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Sofina stock (ISIN BE0003717312) was trading at EUR 258.40 at Lang & Schwarz at 10:08 a.m. CEST on October 20, 2026, 0.39 percent above the Xetra close of October 19, 2026 at EUR 257.40. CVC discussed a EUR 1.8 billion combination involving Sofina-backed Panzani and Cerealis on October 16, 2026, as MarketScreener reported.

Food talks add a portfolio angle

The talks concern a possible European food group valued at EUR 1.8 billion. Sofina's exposure to Cerealis gives the discussion a direct portfolio connection, but the report describes talks rather than a completed transaction.

Sofina's investor page puts Net Asset Value at EUR 11.5 billion and NAV per share at EUR 326.48 as of June 30, 2026. The Lang & Schwarz price is therefore 20.85 percent below that NAV per share, a valuation gap that remains central to the investment case.

Three dates explain the recovery

On September 1, 2026, Sofina reported half-year results for the period ended June 30, 2026, according to MarketScreener. On September 3, 2026, management said the investment portfolio had reached EUR 11.5 billion and NAV per share EUR 326 in the half-year call, as transcribed by Yahoo Finance. The October 16, 2026 food-industry talks are the latest dated event in this sequence.

What does leverage mean for value?

Management reported a loan-to-value ratio of 1.9 percent for the first half of 2026. The call also described value creation of 8 percent in the portfolio, with the private-funds business contributing most while the direct portfolio was broadly flat excluding currency effects.

Upcoming reporting date

MarketScreener lists March 22, 2027 as the date for Sofina's annual 2026 earnings release.

Stock price and NAV gap

Sofina stock was trading at EUR 258.40 at Lang & Schwarz on October 20, 2026 at 10:08 a.m. CEST, 0.39 percent above the Xetra close of October 19, 2026 at EUR 257.40. The price remained 20.85 percent below the EUR 326.48 NAV per share reported for June 30, 2026. The further course of trading is shown by the continuously updated real-time quote of Sofina stock.