Eurocastle Investment (ECT) Q2 2025 earnings summary

Executive summary

• IFRS NAV at 30 June 2025 was €21.2 million (€21.19/share), down from €22.1 million at year-end 2024 and €22.0 million (€22.01/share) at Q1 2025.

• Adjusted NAV rose to €15.2 million (€15.19/share) at Q2 2025, up from €11.3 million at Q4 2024 and €11.1 million (€11.43/share) at Q1 2025, driven by reserve releases and new strategy.

• The company is executing a new investment strategy focused on opportunistic real estate in Greece and Southern Europe via the EPIF fund.

• EPIF secured over €61.3 million in commitments by July 2025, targeting €100 million.

• All resolutions at the 2025 AGM were approved, and 3,000 new shares were issued to independent directors.

Financial highlights

• Q2 2025 IFRS NAV per share: €21.19; Adjusted NAV per share: €15.19.

• Net corporate cash at 30 June 2025: €15.2 million, with €6.3 million committed to EPIF.

• H1 2025 net loss: €864,000 (EPS: -€0.86); Q2 2025 loss: €822,000 (EPS: -€0.82).

• Total assets at 30 June 2025: €22.2 million; total liabilities: €1.0 million.

• EPIF investment contributed €1.8 million to NAV, with an 8% NAV increase relative to capital called.

Outlook and guidance

• The company expects to grow its investment platform and continue expanding EPIF, with a strong pipeline of over €50 million in potential investments.

• Management highlights risks and uncertainties in scaling the new strategy and achieving targeted returns.