Reinet Investments (REINI) H1 2024 earnings summary

Executive summary

• Net asset value (NAV) increased by €407 million (6.6%) to €6.6 billion at 30 September 2024, reflecting a compound growth rate of 9.0% per annum since March 2009, including dividends paid.

• NAV per share rose to €36.25 from €34.02 at 31 March 2024; indicative share price increased 14.4% to €25.40.

• Dividend of €0.35 per share (€64 million total) paid in September 2024.

• No share buyback programme in progress; 14.15 million treasury shares held.

Financial highlights

• Profit attributable to shareholders for the six months ended 30 September 2024 was €470 million, compared to a loss of €49 million in the prior year period.

• Earnings per share were €2.59, up from a loss per share of €0.27 year-over-year.

• Dividend income: €68 million from British American Tobacco (BAT), €235 million from Pension Insurance Corporation Group Limited.

• Realised loss on sale of investments was €41 million; total income €276 million.

• Management and performance fees totaled €38 million for the period.

Outlook and guidance

• BAT expects 3-5% revenue growth and mid-single digit adjusted profit growth by 2026.

• Pension Insurance Corporation continues to focus on UK pension risk transfer market and infrastructure investments.

• Reinet maintains a long-term capital growth strategy, with €412 million in outstanding investment commitments.