MKB Nedsense (NEDSE) H2 2024 earnings summary

Executive summary

• MKB Nedsense is a listed investment company focused on SMEs with enterprise values between €1m and €10m, primarily in the Benelux region.

• The 2024 portfolio included 100% stakes in GNS Brinkman and Axess, and minority interests in Almunda Professionals and TIB-TEC.

• No new investments were made in 2024; the company remains positioned for long-term value creation and seeks further growth in 2025.

Financial highlights

• Net profit for 2024 was €0.1 million, down from €0.2 million in 2023.

• Total turnover from GNS Brinkman and Axess rose to €8.0 million (2023: €7.4 million); EBITDA doubled to €0.8 million (2023: €0.4 million).

• Equity increased to €9.3 million (2023: €9.2 million); net asset value per share rose to 9.3 euro cents.

• Earnings per share were 0.1 euro cents (2023: 0.2 euro cents).

• No dividend proposed for 2024.

Outlook and guidance

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

• Focus will be on maximizing value from TIB-TEC and Almunda, and seeking new investment opportunities, possibly with external financing.

• No expansion of the investment team is planned; costs expected to remain stable.

• No quantified forward-looking statement for 2025.