Eurocastle Investment (ECT) Q3 2025 earnings summary

Executive summary

• Adjusted NAV at €15.1 million (€15.01 per share) as of Q3 2025, down slightly from €15.2 million in Q2 2025.

• Pro forma NAV rises to €20.3 million (€20.20 per share) after release of €6.0 million reserve for legacy German tax matter.

• Assets include €13.5 million net corporate cash, €4.1 million German tax asset, €2.7 million in new Luxembourg real estate fund, and residual Italian real estate interests.

Financial highlights

• Q3 2025 loss of €111,000 (€0.11 per share); nine-month loss of €975,000 (€0.97 per share).

• EPIF investment generated €49,000 in unrealized fair value movement in Q3 and €212,000 for the nine months.

• Total income for Q3 was €68,000; operating expenses totaled €166,000.

• Adjusted NAV per share increased to €15.01 at Q3 2025 from €11.34 at year-end 2024.

Outlook and guidance

• Focus remains on opportunistic real estate investments in Southern Europe, especially Greece and Italy.

• Active pipeline of investment opportunities exceeding €30 million under review.

• Forward-looking statements caution on risks related to asset disposals, investment opportunities, and performance.