Eurocastle Investment (ECT) Q4 2024 earnings summary

Executive summary

• IFRS NAV rose to €22.08 million (€22.05/share) at year-end 2024, up from €21.77/share at YE 2023, driven by the first investment under the New Investment Strategy in Greece.

• Adjusted NAV increased to €11.35 million (€11.34/share) from €11.12/share at YE 2023, reflecting reserves for future costs and liabilities.

• The company launched a Luxembourg-regulated fund (EPIF) in August 2024, targeting €100 million, with an initial €8 million commitment and a €2 million JV partner commitment.

• The first investment was a boutique retail complex in Athens, acquired in October 2024, with Eurocastle investing €5.5 million.

• On April 23, 2025, EPIF secured €16 million in new commitments, reducing Eurocastle's stake from 80% to 31% and triggering a €3.5 million reimbursement.

Financial highlights

• Net profit for FY 2024 was €346,000 (€0.35/share), compared to a net loss of €635,000 (€-0.64/share) in FY 2023.

• Total assets at year-end 2024 were €22.54 million, with €12.28 million in net corporate cash and €5.77 million in the new Greek investment.

• Adjusted NAV per share rose to €11.34 at YE 2024 from €11.12 at YE 2023.

Outlook and guidance

• EPIF is being marketed to external investors, with further closes expected in 2025.

• The company anticipates earning management and incentive fees from EPIF as it grows.

• The board will review reserve levels as more clarity on EPIF commitments emerges.