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Eurocastle Investment Limited (ECT) investor relations material
Eurocastle Investment Limited Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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