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 rose 1.7% to €18.4.

• Statutory recurring net profit increased to €2.1m from €0.6m in H1 2025, driven mainly by portfolio dividends and interest income.

Financial highlights

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

• Statutory net profit was €3.24m versus €589k; adjusted for a €1.7m intra-group transfer gain and €0.6m capital-raising costs, recurring net profit was €2.1m.

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

Outlook and guidance

• Expected full-year expense level implies 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.