Whitestone Group (ROCK) H2 2024 earnings summary

Executive summary

• NAV increased by 6% in H2 2024 to €106M (€15.2/share), fully offsetting dilution from capital raises; over 90% of raised funds invested in Belgian SMEs.

• Major investments included raising GFIN stake to 100% and acquiring Lambda-X Ophthalmics, Telemis, and TKMI.

• Main holdings performed broadly in line with expectations; 2024 marked by accelerated deployment and new governance.

Financial highlights

• Consolidated revenues rose 6% year-over-year to €226M, with GFI as the main contributor.

• EBITDA declined to €2.2M (from €2.8M), EBIT to -€0.6M (from €1.5M), and group net result to -€2.3M (from -€0.8M).

• Statutory net loss was €0.7M, up €0.2M due to higher operating costs.

• Shareholders' equity increased to €73.5M (from €14.5M), mainly from €59.7M in capital increases.

• Financial debt rose to €23.6M (from €5.3M); cash increased to €16.3M (from €5.9M).

Outlook and guidance

• Portfolio companies expect further growth in 2025, though management remains cautious due to geopolitical and macroeconomic uncertainties.

• Integration of TKMI in 2025 expected to support EBITDA improvement.

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