Whitestone Group
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Whitestone Group (ROCK) investor relations material

Whitestone Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary1 Apr, 2026

Executive summary

  • Net Asset Value (NAV) rose by 21.7% in 2025 to €129M, or €18.1 per share (+19.1%), with positive net results at all reporting levels.

  • Consolidated revenue increased by 55% to €349M, and EBITDA surged to €9.8M from €2.2M in 2024, mainly due to GFI's growth and full integration of Treestone.

  • A joint venture was created with Innesto Partners to co-invest in European SMEs, and a new fund, Innesto Co I, was launched with a €5M seed commitment.

  • Following a €46M private placement in January 2026, a public offering is planned for up to €25M at €17.10 per share.

Financial highlights

  • Consolidated net result attributable to the group reached €1.0M (vs. -€2.3M in 2024); statutory net result was €2.9M (vs. -€0.7M); restricted consolidated net result was €2.6M (vs. -€0.3M).

  • Net cash as of December 31, 2025, was €3.4M, bolstered by the fundraising.

  • Equity remained stable at €74M; financial debt increased to €26.2M, mainly due to the Parmécanique acquisition.

  • Financial fixed assets rose to €72.1M, reflecting new investments in Newtree Impact and Tilman.

Outlook and guidance

  • Intention to proceed with a public offering in Q2 2026, subject to market conditions, to allow broader investor participation.

  • The company aims for balanced capital growth and a Total Shareholder Return above the weighted average cost of capital.

Explain the 1.4% NAV dilution post-fundraising
Strategic goals for the new Pillar 3 activities
Factors behind GFI's EBITDA doubling in 2025
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