Reinet Investments (REINI) H2 2025 earnings summary

Executive summary

• Net asset value (NAV) at 31 March 2026 was €6.6 billion, down 4.5% from €6.915 billion at 31 March 2025, reflecting fair value decreases in key investments and currency impacts.

• Major portfolio de-risking achieved through the sale of Pension Insurance Corporation Group Limited and British American Tobacco, resulting in €5.5 billion in cash and liquid funds (83% of NAV).

• Total shareholder return since inception is 8.8% per annum; NAV compounded growth since March 2009 is 8.3% per annum.

• Proposed dividend of €0.435 per share, a 17.6% increase over the prior year, payable after the 2026 AGM.

Financial highlights

• NAV per share at 31 March 2026 was €36.31, down from €38.04 a year earlier.

• Share price rose 20% year-over-year to €27.60.

• Dividend income from Pension Insurance Corporation totaled €303 million; proceeds from its sale were €3.3 billion.

• Realised gain on Pension Insurance Corporation sale was €2.075 billion.

• Cash and liquid funds increased to €5.477 billion, up from €1.819 billion.

• Performance fee provision of €117 million recognized due to share price performance.

Outlook and guidance

• Strong liquidity enables selective evaluation of new investment opportunities, with a focus on long-term value creation and capital preservation.

• Management remains cautious amid ongoing geopolitical and economic uncertainties.