Eurocastle Investment (ECT) Q2 2026 earnings summary

Executive summary

• NAV increased to €22.0 million at 30 June 2026, up from €21.1 million at Q1 2026 and €20.6 million at YE 2025, with NAV per share rising to €21.81.

• Q2 2026 NAV rose 4%, driven by a significant premium sale in EPIF and a 26% quarter-on-quarter increase in Eurocastle's EPIF interest.

• The company has shifted its investment focus from Italian assets to opportunistic real estate in Greece and Southern Europe, primarily via the European Properties Investment Fund (EPIF).

• EPIF completed five investments, including two new Greek assets in H1 2026, and realized a major Italian asset at a 3.8x multiple, resulting in significant distributions.

Financial highlights

• H1 2026 net profit was €1.37 per share, reversing a loss of €0.86 per share in H1 2025.

• Q2 2026 profit was €894,000 (€0.89 per share); H1 2026 profit was €1.37 million (€1.37 per share).

• Total income for H1 2026 was €1.76 million, up from €0.23 million in H1 2025; Q2 2026 income was €1.09 million, with €995,000 from investment movements.

• Net corporate cash stood at €14.4 million, with €6.7 million as uncalled commitment to EPIF.

Outlook and guidance

• The company continues to focus on deploying capital through EPIF, with a pipeline of over €40 million in potential investments, mainly in Greece.

• Plans to launch additional funds to expand its investment platform and generate management and incentive fees.

• Management highlights risks and uncertainties in scaling the new strategy and achieving targeted returns due to market and economic conditions.