Reinet Investments (REINI) H2 2024 earnings summary

Executive summary

• Net asset value (NAV) rose to €6.9 billion at 31 March 2025, up 11.8% year-over-year, driven by the sale of British American Tobacco (BAT) shares and increased value in Pension Insurance Corporation (PIC).

• NAV per share increased to €38.04 from €34.02, with total shareholder return since inception at 8.1% per annum.

• Significant liquidity generated from the sale of remaining BAT shares for €1,627 million, with €98 million in BAT dividends and €235 million in PIC dividends received.

• €144 million invested during the year, mainly in TruArc Partners and Coatue funds.

• Proposed dividend of €0.37 per share, a 5.7% increase, subject to shareholder approval.

Financial highlights

• NAV increased by €731 million year-over-year, reflecting gains from BAT and PIC, offset by declines in NanoDimension and other investments.

• Realised gain on BAT shares was €631 million; total income for the year was €1,004 million.

• Net profit attributable to shareholders was €795 million, up from €519 million in the prior year.

• Dividend paid in September 2024 was €0.35 per share; proposed dividend for 2025 is €0.37 per share.

• Cash and liquid funds increased to €1,819 million.

Outlook and guidance

• Management expects continued market volatility and global instability, maintaining a measured approach to capital deployment and prioritising support for current portfolio investments.

• Focus remains on long-term capital growth and selective new opportunities.