CVC explores investment in Belfius ahead of possible IPO – report

Group 1 - CVC is considering an investment in Belgian state-owned bank Belfius, with the Belgian government planning to sell 20% to 30% of its stake to raise funds for defense [1][2] - The projected net profit for Belfius in 2025 is €1.16 billion ($1.3 billion), suggesting a valuation of approximately €10 billion [2][4] - Lazard is advising the Belgian government on strategic options for Belfius, which may include a potential initial public offering (IPO) [3][4] Group 2 - The Belgian government aims to increase defense spending to 2% of GDP by 2029, currently at 1.3%, in line with NATO requirements [3] - NATO member states have agreed to target a total defense spending increase to 5% of GDP by 2035 [3] - At an estimated valuation of €10 billion, Belfius' book value would be 0.8 times its shareholder equity of €12.5 billion as of December 2025 [4]