Eurocastle Investment
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Eurocastle Investment (ECT) investor relations material

Eurocastle Investment Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2024 earnings summary7 Aug, 2024

Executive summary

  • NAV per share at €21.56 as of Q2 2024, down from €21.66 in Q1 2024 and €21.77 at YE 2023.

  • Adjusted NAV per share at €11.07, reflecting reserves for future costs and liabilities.

  • Net corporate cash stands at €17.5 million, with €8 million committed to the new Greek real estate strategy.

  • First Greek investment, a retail complex in Athens, expected to close in Q3 2024; total investment ~€6.3 million.

  • Launched a Luxembourg fund in August 2024, targeting €100 million, with €8 million committed by Eurocastle.

Financial highlights

  • IFRS NAV at €21.6 million as of Q2 2024, stable from Q1 2024 and slightly down from €21.7 million at YE 2023.

  • Adjusted NAV at €11.1 million, after €10.5 million in additional reserves.

  • Net loss for H1 2024 was €149,000, compared to a €413,000 loss in H1 2023.

  • Interest income increased to €322,000 in H1 2024 from €210,000 in H1 2023.

  • Cash and cash equivalents rose to €17.9 million at 30 June 2024 from €13.9 million at YE 2023.

Outlook and guidance

  • Focus remains on executing the new Greek real estate strategy and expanding across Southern Europe.

  • The new Luxembourg fund aims to attract external investors and scale to €100 million.

  • Board will monitor capital needs and reserves as the new strategy progresses.

  • Implementation and performance of the new strategy are subject to market, economic, and execution risks.

Achieving €100M fund target
When is German tax asset appeal expected to resolve?
New strategy reserve adequacy review
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