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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.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.
- Digital innovation and compliance drive growth in physical gold trading and secure storage.ROCK
Investor day Presentation 20256 Feb 2026 - NAV tripled to €99.7M after €59.7M capital raised and major new investments.ROCK
H1 20246 Feb 2026 - NAV up 14% to €121M, net income positive, and ECP sale generated €1.2M gain.ROCK
H1 20256 Feb 2026 - NAV up 6% to €106M; revenues rise, but EBITDA and net results decline on higher costs.ROCK
H2 20246 Feb 2026
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