MKB Nedsense (NEDSE) H2 2025 earnings summary

Executive summary

• Report covers 2025, highlighting portfolio developments, financial results, and strategic events.

• Intended reverse listing of Treasury BV to become a bitcoin treasury holding company was cancelled due to regulatory disapproval.

• Focus remains on SME investments in the €1–10 million range, with a diversified portfolio and conservative risk profile.

Financial highlights

• Net loss of €305K in 2025, compared to a net profit of €64K in 2024.

• Total turnover from GNS Brinkman and Axess was €7.1 million (2024: €8.0 million); EBITDA €0.6 million (2024: €0.8 million).

• Equity decreased from €9.3 million to €9.0 million; NAV per share fell from 9.3 to 9.0 euro cents.

• Earnings per share for 2025 were -0.3 eurocents (2024: 0.00 euro).

• No dividend proposed for 2025.

Outlook and guidance

• Positive outlook for Axess and GNS Brinkman in 2026 despite market challenges.

• Continued focus on maximizing value from TIB-TEC and Almunda investments.

• Too early for quantified forward-looking statements for 2026.