Eurocastle Investment (ECT) Q3 2024 earnings summary

Executive summary

• IFRS NAV at €21.37 million (€21.34 per share) as of 30 September 2024, down from €21.59 million (€21.56 per share) at Q2 2024.

• Adjusted NAV at €10.93 million (€10.91 per share), reflecting reserves for future costs and potential liabilities.

• Pro forma Adjusted NAV could rise to €16.32 per share if the German tax reserve is released.

• New investment strategy launched with a Luxembourg fund targeting Southern European real estate.

Financial highlights

• Q3 2024 loss of €222,000 (€0.22 per share); nine-month loss of €371,000 (€0.37 per share).

• Total assets at €21.37 million as of 30 September 2024.

• Net corporate cash of €15.97 million available for new investments.

Outlook and guidance

• Fund is being marketed to external investors with a target size of €100 million.

• Board to review reserve levels after clarity on fund commitments and German tax matter outcome.