Whitestone Group (ROCK) H1 2025 earnings summary

Executive summary

• NAV reached €121M at June 30, 2025, up 14.2% from December 2024; statutory net income was €589K, the first positive result since IPO.

• Portfolio revaluations, led by Gold & Forex International (GFI), drove NAV growth; portfolio income helped cover general expenses.

• Strategic allocation targets 80% private equity focused on Belgian SMEs, 10% listed special situations and 10% third-party asset management/co-investments.

• The five-year annual IRR target of 15% was reaffirmed, with a goal to grow NAV from €100M to €200M by 2030.

• B Corp certification was achieved after a two-year process.

Financial highlights

• Statutory revenue was €332K, up 100% YoY; EBITDA was -€219K, financial result €829K and net income €589K.

• Restricted consolidated (Wfin) revenue was €528K, up 24% YoY; financial result was €972K and net income €571K, versus a €325K loss a year earlier.

• Consolidated EBITDA was -€345K versus -€128K, reflecting higher operating costs to manage portfolio growth; no exceptional items were recorded in H1.

• Statutory revenues were mainly from services to participations; consolidated financial income was driven by portfolio dividends and interest.

Outlook and guidance

• Portfolio financial income is intended to exceed general expenses, supported by active management and sector diversification.

• Strategic portfolio rotation targets divestment of 50% of assets by 2030.