Whitestone Group (ROCK) H1 2024 earnings summary

Executive summary

• Two placements raised €59.7M at €13.00/share; €34.5M was invested in new and existing holdings, and NAV reached €99.7M at June 30, 2024.

• Shareholders’ equity rose to €73.8M from €14.5M at December 31, 2023, reflecting the capital increases.

• H1 results at main holdings were in line with expectations; the portfolio had more than 15 holdings.

Financial highlights

• H1 2024 operating loss was €268K, improving from €292K in H1 2023; recurring income was €12K versus a €191K loss.

• Net loss was €460K, including exceptional fundraising costs; EPS was -€0.07.

• Available liquidity at June 30, 2024 was €26M.

Outlook and guidance

• NAV will be presented twice yearly, as of June 30 and December 31, except following exceptional transactions.

• Focus remains on deploying new capital into growth sectors and pursuing international expansion.