ER Capital (ERC) H1 2025 earnings summary

Executive summary

• Titan N.V. has had no business activities or staff since September 13, 2023, following the transfer of all operations to SPS International Inc.

• An all-cash public offer for all shares at €1.01 per share (excluding €1.38 dividend) is pending publication and shareholder vote.

• Shareholders approved a €1.38 per share cash dividend for FY 2024, paid in April 2025.

• Interim financial statements are prepared on a going concern basis, with sufficient liquidity until the offer's expected execution.

Financial highlights

• Net loss for HY 2025 was €442,000, compared to a €251,000 loss in HY 2024.

• Basic and diluted EPS for HY 2025 was (€0.22), down from (€0.12) in HY 2024.

• Cash and cash equivalents increased to €3,018,000 as of March 31, 2025, from €583,000 at September 30, 2024.

• Total equity decreased to €245,000 as of March 31, 2025, from €3,516,000 at September 30, 2024, mainly due to the dividend declaration.

• Dividend liability of €2,829,000 recognized and paid in April 2025.

Outlook and guidance

• The company expects the all-cash offer to be published soon, with an Extraordinary General Meeting to follow for shareholder approval.

• Interim statements continue under the going concern assumption, with adequate liquidity for ongoing costs until the offer's execution.