Eurocastle Investment (ECT) Q4 2025 earnings summary

Executive summary

• NAV increased to €20.60 million (€20.51 per share) at year-end 2025, up from €11.34 per share at YE 2024, driven by the release of all remaining Additional Reserves and a strengthened financial position.

• The New Investment Strategy progressed, with EPIF securing €81.3 million in capital commitments and Eurocastle's interest diluted to 10% after a successful capital raise.

• Legacy German Tax Matter addressed through a contractual arrangement, reducing risk exposure and supporting the release of reserves.

Financial highlights

• Net loss for FY 2025 was €1.48 million, compared to a net profit of €346,000 in FY 2024, mainly due to incentive and contractual arrangement fees.

• Excluding incentive and contractual arrangement fees, net profit for FY 2025 was €31,000.

• Total income for FY 2025 was €935,000, down from €1.19 million in FY 2024.

• Operating expenses rose to €2.42 million in FY 2025 from €848,000 in FY 2024, reflecting higher incentive and contractual arrangement fees.

Outlook and guidance

• The Board expects Eurocastle to grow as a sustainable platform, shielded from historic liabilities, with future expansion anticipated.

• EPIF maintains an active pipeline of potential investments totaling approximately €30 million.

• Management and advisers remain optimistic about a favorable resolution to the Legacy German Tax Matter.