Whitestone Group (ROCK) investor relations material

Key events and strategic highlights

• Achieved B Corp certification, reflecting strong ESG commitments and governance improvements, and organized the first Investor Day to present a revised investment strategy focused on private equity in SMEs, special situations, and third-party asset management.

• Completed significant transactions: acquisition of Parmécanique SRL, sale of ECP SA with a 22% IRR and 2.7x MOIC, and capital increases in Newtree Impact SA and Tilman SA, increasing the latter's stake to 13.7%.

• Launched a major capital raise at €17.10 per share, securing €46M from key shareholders and Alcopa, followed by a public offering issuing 443,991 new shares for €7.6M.

• Post-2025, finalized the private placement, invested €4M in GFIN, provided a €1.25M subordinated loan to Tilman, acquired BV Capital Management SRL, and launched the Innesto Co I fund with a €5M commitment.

Financial performance and portfolio results

• Consolidated revenues reached €349.3M in 2025, with EBITDA at €9.8M and net profit at €1.0M; all reporting levels showed positive net results.

• Net Asset Value (NAV) rose by €23M to €129M (+21.7%), with NAV per share up 19.1% fully diluted; CAGR since IPO is 13% per share.

• GFI delivered record results: €321.8M revenue (+46%), €5.5M EBITDA (+120%), and €3.7M net profit, driven by gold price increases and operational expansion.

• Most value creation over the next four years is expected from top and medium-performing portfolio companies, with GFIN as a key NAV driver.

• Group maintained strict financial discipline: LTV at 7%, general expenses capped at 1% of NAV, and gross cash of €54M post-capital raise.

Governance, remuneration, and board changes

• Board remuneration increased, with the Chairman's cash compensation rising to €150k from 2026-2027, and 63,699 warrants issued to directors for the year.

• AGM approved the appointment of Damien Heymans as director, renewal of Olivier Pirotte's mandate, and accepted resignations and replacements as proposed.

• Board composition reflects strong shareholder representation, with Alcopa NV joining at 10% during the capital raise.