Whitestone Group Strong FY25 with double digit NAV growth and new alliances

Whitestone Group delivered solid FY25 results. Revalued NAV rose 21.7% to €129m (€18.1ps, +19.1%), driven by strong operational performance at core holdings, notably GFI. Consolidated revenue grew 55% to €349m, mostly due to GFI's €320m contribution (up from €220m in FY24). EBITDA rose to €9.8m from €2.2m, also mostly reflecting GFI's expansion and the full Treestone integration. All net result levels turned positive: €1.0m group share (vs -€2.3m), €2.9m statutory, and €2.6m restricted. Net cash stood at €3.4m pre-raise, with zero statutory debt and €15m credit lines available. The group launched a JV with Innesto Partners for SME co-investments and completed a €46m private placement in Jan'26 at €17.10ps, with a planned public offering up to €25m. Pro-forma NAV reached €175m post-placement. Portfolio remains diversified across its core sectors. Whitestone continues to make strong progress. As the capital base expands, we are looking forward to investments with larger ticket sizes.