Whitestone Group (ROCK) H1 2025 earnings summary

Executive summary

• Achieved first positive net result since IPO, with net income of €589k for H1 2025, reflecting the growing contribution of investment portfolio income covering general expenses.

• Net Asset Value (NAV) reached €121M as of June 30, 2025, up 14% from December 2024, with NAV per share at €17.1 and a 28% discount to the market price at the end of September.

• Revenues reached €332k, mainly from services to participations, while financial income was driven by dividends and interest from portfolio companies.

• Strategic focus remains on Belgian SMEs (min. 80% of NAV), with diversification into special situations and third-party asset management (10% each).

• The main portfolio holdings grew, especially Gold & Forex International, which outperformed due to record gold prices and strong demand.

Financial highlights

• Statutory net income: €589k (vs. -€460k H1 2024); consolidated net income: €571k (vs. -€325k H1 2024).

• Statutory revenues: €332k (+100% YoY); consolidated revenues: €528k (+24% YoY).

• Financial income (consolidated): €972k, tripling YoY, mainly from dividends (€799k) and interest.

• EBITDA (consolidated): -€345k (vs. -€128k), reflecting higher operational costs due to portfolio growth.

• Net cash position (consolidated): €1.25M at June 2025, after full repayment of €2.8M credit line.

Outlook and guidance

• IRR target of 15% per year over five years reaffirmed, with a goal to grow NAV from €100M to €200M by 2030.

• The group aims to rotate 50% of its portfolio by 2030, with the ECP sale marking the start of this strategy.

• Continued focus on value creation through active management and sector diversification.