Whitestone Group (ROCK) H1 2026 earnings summary

Executive summary

• NAV reached €189.9m at 30 June 2026, up 47.2% in six months; fully diluted NAV per share was €18.4, up 1.7% since year-end 2025 and 7.6% YoY.

• Two capital increases raised €53.8m; excluding the capital raise, NAV per fully diluted share was €18.9, up 4.5% in H1 and 10.6% YoY.

• Portfolio revaluation added €7.6m, or 5.5% of the end-2025 invested portfolio; portfolio exposure was 52% Specialty Materials & Industries, 24% Technologies, 18% Transitions and 6% net cash and other items.

• Statutory recurring net profit rose to €2.1m from €0.6m, driven mainly by portfolio dividends and interest income.

Financial highlights

• Statutory H1 revenue was €309k, down 7% YoY; EBITDA was -€508k versus -€219k, while the financial result rose to €4.3m from €829k.

• Statutory net profit was €3.24m; it included a €1.7m intra-group transfer gain and €0.6m exceptional capital-raising costs, leaving recurring net profit of €2.1m.

• Wfin H1 revenue rose 32% to €698k; EBITDA was -€574k versus -€345k, recurring net profit was €2.084m and net profit was €1.524m.

• Wfin net financial result rose 182% to €2.739m, including €2.228m in dividends and €342k in cash-placement income.

• Statutory equity rose 75% to €133.5m after the capital raise; financial investments reached €125.7m, including €103.3m in participations and €22.4m in loans and convertible bonds.

Outlook and guidance

• Full-year expense expectations implied a TER of 0.6% of NAV, below the 1% cap and the 2% management fee typically charged by private-equity funds.

• Portfolio-company H1 results were in line with or above 2025; versus budget, Tilman and Lambda-X outperformed, several holdings lagged, and Telemis, Mäder, Battri and Whitestone Partners were on track.

• B Medical Systems expected a weaker H2, with projects deferred to 2027 and international cold-chain orders delayed by new standards.

• Probiotic Group sales were expected to accelerate in H2 and 2027 as delayed projects start; Battri planned a second processing line in 2027 for wet EV batteries.

• Emulco anticipated significant revenue potential from a seven-year contract by 2033 and larger US bio-emulsion volumes from 2027.