New Amsterdam Invest (NAI) H1 2024 earnings summary

Executive summary

• Net profit of €2.0 million achieved in H1 2024, including a €1.0 million revaluation gain on Somerset House.

• Net rental income for H1 2024 was €3.5 million, with operational results in line with expectations.

• First interim dividend of €0.225 per share paid, totaling €1.18 million, aligning with a targeted annual payout of 4.5%-6.5% of equity.

• Portfolio consists of five UK properties and one US property, with stable occupancy and no major changes except for Somerset House.

Financial highlights

• Rental income for H1 2024 was €4.5 million; net rental income €3.5 million.

• Profit before tax (excluding revaluation) was €1.3 million; including revaluation, €2.2 million.

• Earnings per share for H1 2024 was €0.38.

• Cash from operations reached €1.1 million; cash position at period end was €5.4 million.

• Total investment property valued at €80.3 million; total equity at €46.0 million.

Outlook and guidance

• Full-year 2024 net rental income expected at €6.8 million; profit before tax (excluding revaluation) forecasted at €2.2 million.

• Company intends to maintain dividend policy and may acquire additional property if opportunities and financing arise.

• No material changes in risk profile anticipated for H2 2024; continued focus on operational optimization.