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Edge12 Jun 2026
Set in Stone: The Story of Richemont
From a South African tobacco company to Cartier, a deep dive into how Richemont built one of the world's leading hard luxury empires.
Reinet Investments
Reinet Investments (REINI) investor relations material
Reinet Investments H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary27 May, 2026
Executive summary
Net asset value (NAV) at 31 March 2026 was €6.6 billion, down 4.5% from €6.915 billion at 31 March 2025, reflecting fair value decreases in key investments and currency impacts.
Major portfolio de-risking achieved through the sale of Pension Insurance Corporation Group Limited and British American Tobacco, resulting in €5.5 billion in cash and liquid funds (83% of NAV).
Total shareholder return since inception is 8.8% per annum; NAV compounded growth since March 2009 is 8.3% per annum.
Proposed dividend of €0.435 per share, a 17.6% increase over the prior year, payable after the 2026 AGM.
Financial highlights
NAV per share at 31 March 2026 was €36.31, down from €38.04 a year earlier.
Share price rose 20% year-over-year to €27.60.
Dividend income from Pension Insurance Corporation totaled €303 million; proceeds from its sale were €3.3 billion.
Realised gain on Pension Insurance Corporation sale was €2.075 billion.
Cash and liquid funds increased to €5.477 billion, up from €1.819 billion.
Performance fee provision of €117 million recognized due to share price performance.
Outlook and guidance
Strong liquidity enables selective evaluation of new investment opportunities, with a focus on long-term value creation and capital preservation.
Management remains cautious amid ongoing geopolitical and economic uncertainties.
Share price hurdle for 2026 performance fee
Currency impact on 2025 NAV at year-end rates
Return on investment multiple for PIC exit
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Latest events from Reinet Investments
- NAV up 6.6% to €6.6bn, profit €470m, and NAV/share at €36.25; €412m in commitments.REINI
H1 202427 Mar 2026 - NAV up 11.8% to €6.9bn, net profit €795m, and proposed dividend €0.37 per share.REINIH2 202427 Mar 2026
- NAV fell 3.7% to €6.7bn, with a €190m loss and a pending sale of the PIC stake.REINIH1 202527 Mar 2026
Next Reinet Investments earnings date
H1 202626 Nov, 2026
Reinet Investments
Next Reinet Investments earnings date
H1 202626 Nov, 2026
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