Whitestone Group (ROCK) H2 2024 earnings summary

Executive summary

• NAV rose 6% in H2 2024 to €106M, or €15.2 per fully diluted share, matching end-2023 per-share NAV and offsetting capital-raise dilution.

• Around €20M was invested in H2, including raising the GFIN stake to 100% and acquiring Lambda-X Ophthalmics, Telemis and TKMI.

• Audited consolidated net loss was €2.3M; statutory and restricted-consolidation net losses were €0.7M and €0.6M, respectively, for 2024.

Financial highlights

• Consolidated 2024 revenue was €225.7M, up 6% YoY; EBITDA was €2.2M, EBIT was -€0.6M and net result attributable to shareholders was -€2.3M.

• Consolidated EBITDA declined €0.6M, reflecting €0.6M higher holding and subsidiary costs and €0.4M lower GFIN and Treestone contributions, partly offset by €0.4M from four months of Lesna consolidation.

• Consolidated shareholders’ equity reached €73.5M versus €14.5M at end-2023; financial debt was €23.6M and cash, including treasury shares, was €16.3M.

• €0.9M of corporate income tax was paid for FY2024 at the consolidated level.

• Statutory net loss was €0.7M, €0.2M worse YoY; €0.5M of exceptional capital-raise costs was offset by higher financial income.

Outlook and guidance

• EBITDA is targeted to increase in 2025, notably through TKMI integration.

• Most holdings delivered results broadly in line with expectations and anticipate further growth in 2025.

• Some holdings are approaching maturity and may be candidates for exit.