Whitestone Group (ROCK) H2 2025 earnings summary

Executive summary

• Revalued NAV rose 21.7% in 2025 to €129M, or €18.10 per fully diluted share; consolidated revenue increased 55% to €349.3M and EBITDA reached €9.8M.

• Net result attributable to the group was €1.0M, versus a €2.3M loss in 2024; statutory and restricted consolidated net results were €2.9M and €2.6M, respectively.

Financial highlights

• Consolidated revenue was €349.3M versus €225.7M; EBITDA was €9.8M versus €2.2M, EBIT €3.0M versus a €0.6M loss, and current result before tax €1.9M versus a €1.0M loss.

• Consolidated equity was €74.0M, financial debt €26.2M, and cash including treasury shares €12.8M at year-end 2025.

• Statutory net result was €2.9M versus a €0.7M loss; the financial result of €3.2M included €2.9M in dividends and €0.3M in interest income.

• Restricted consolidated net result was €2.6M versus a €0.6M loss; revenue was €1.5M and EBITDA was a €0.3M loss, or a €0.7M loss excluding performance fees.

Outlook and guidance

• A public offering without preemptive rights is intended for Q2 2026, subject to market conditions and other considerations, at €17.10 per share; the planned offer may raise up to €25M.

• The planned offer follows a €46M private placement completed in January 2026; pro forma NAV after that phase was €175M, or €17.80 per fully diluted share, with 1.4% dilution versus year-end NAV.

• The public offering and admission of new shares are not guaranteed and remain subject to customary conditions and market developments.