Reinet Investments (REINI) H1 2025 earnings summary

Executive summary

• Net asset value (NAV) at 30 September 2025 was €6.7 billion, down €257 million (3.7%) from 31 March 2025, mainly due to decreases in fair value of key investments and currency effects.

• NAV per share decreased to €36.62 from €38.04 over the same period.

• Ordinary and special dividends of €303 million were received from Pension Insurance Corporation Group Limited (PIC), and a €0.37 per share dividend (€67 million) was paid.

• Agreement reached to sell 100% of PIC holding to Athora Holding Ltd, expected to close in 2026.

Financial highlights

• NAV decreased by €257 million, reflecting declines in PIC, Trilantic Capital Partners, TruArc Partners, Asia Partners, NanoDimension, and other investments, partially offset by gains in Coatue and Prescient funds.

• Net loss attributable to shareholders for the six months ended 30 September 2025 was €190 million, compared to a profit of €470 million in the prior year period.

• Dividend income from PIC totaled €303 million for the period.

• Total investments at period end were €4.6 billion, with cash and liquid funds of €2.1 billion.

Outlook and guidance

• The sale of PIC is expected to close in early 2026, with the transaction subject to regulatory approval.

• Reinet maintains a cautious approach to liquidity and cash reserves amid ongoing geopolitical and economic uncertainties.