RomReal (ROM) Q4 2024 earnings summary

Executive summary

• Net Asset Value (NAV) per share decreased 8.2% to EUR 0.37 in Q4 2024, mainly due to IFRS inventory adjustments at Oasis.

• Net loss for Q4 2024 was EUR 1.19m, widening from EUR 0.51m loss in Q4 2023, driven by higher operating expenses and inventory write-downs.

• Cash position at quarter-end was EUR 3.9m, with an additional EUR 1.9m in unsettled receivables from binding sales agreements.

• Key operational milestones included completion and initial sales of Oasis apartments and infrastructure investments totaling EUR 1.62m in 2024.

• Property sales included the last of four older Oasis houses and the first two apartments in the Oasis project.

Financial highlights

• Operating revenue rose to EUR 191k in Q4 2024 from EUR 131k in Q4 2023, mainly from asset disposals and rent.

• Operating expenses increased to EUR 1.50m from EUR 0.76m year-over-year, with a significant inventory write-off of EUR 1.18m.

• Pre-tax loss was EUR 1.12m, compared to EUR 0.49m loss in Q4 2023.

• Cash flow from operations was negative EUR 260k, down from positive EUR 157k in Q4 2023.

• NAV at quarter-end was EUR 15.4m, down from EUR 16.8m at Q3 2024.

Outlook and guidance

• No cash return to shareholders is planned; focus remains on cost control and risk management.

• Property sales are seen as the main catalyst for future performance.

• Political uncertainty persists due to the rescheduled presidential election in May 2025.