MKB Nedsense (NEDSE) H2 2024 earnings summary

Executive summary

• Investments in portfolio companies GNS Brinkman and Axess showed improved operational performance in 2024, with total turnover rising to €8.0 million and EBITDA doubling to €0.8 million year-over-year.

• Net profit for 2024 was €0.1 million, down from €0.2 million in 2023, mainly due to a 50% devaluation of the TIB-TEC investment and lower Almunda share price.

• Equity increased slightly to €9.3 million, and net asset value per share rose to 9.3 euro cents.

• No new SME investments were made in 2024, and no dividend is proposed for the year.

Financial highlights

• Total assets at year-end 2024 were €9.6 million, with equity of €9.3 million.

• Operating income was negative at -€22k, with operational costs of €56k and net finance income of €142k.

• Earnings per share remained at €0.00.

• Cash flow from operating activities was negative at -€62k, with cash and cash equivalents at €3k at year-end.

Outlook and guidance

• Management remains positive about the prospects for Axess and GNS Brinkman in 2025, despite challenges in the Dutch construction market and global trade tensions.

• The company will focus on maximizing value from existing investments and continue seeking new opportunities, but does not plan to expand the investment team.

• No quantified forward-looking statement for 2025 was provided.