Crosswood: Asset Value Rises to €99.7M, but Net Income Falls to €4.3M
Crosswood has released its annual results for 2025, showing an increase in total assets to €99.7M, driven by the accounting revaluation of its stake in SCBSM. However, net income has decreased to €4.3M, reflecting the absence of contributions from the major real estate asset sold in October 2024. The transition towards a model focused on supporting its listed participation is occurring alongside a reduction in its direct activity.
Revalued Assets, but Net Income Impacted by Real Estate Sale
Crosswood's total assets increased by €4.8M in 2025, reaching €99.7M compared to €94.9M in 2024. This increase primarily stems from the accounting revaluation of the SCBSM shareholding, valued at €95.0M based on an equity method at €20.08 per share (Crosswood holds 35.15% of SCBSM's capital). The direct real estate assets, consisting of three chalets in Praz-sur-Arly, are valued at €4.7M. In contrast, net income has decreased to €4.3M from €5.5M in 2024, a decline of €1.2M. This decrease is due to two factors: SCBSM's contribution decreased by approximately €0.4M between 2024 and 2025, and other net income and expenses decreased by €0.8M, mainly due to a drop in operating income following the sale of the Republic 2000 shopping center in Champigny-sur-Marne in October 2024.
Book NAV Increases, Market Valuation NAV Declines
The book net asset value (NAV) per share stands at €8.24 as of December 31, 2025, up from €7.87 a year earlier. This improvement reflects the growth in total assets and the revaluation of the SCBSM participation under the equity method. However, the NAV based on the market valuation of the SCBSM stake slightly declined to €4.09 per share, compared to €4.12 in 2024. This discrepancy highlights the gap between the book value of the stake (€20.08) and its market price as of December 31, 2025 (€9.40). The group's equity amounts to €88.0M, while net cash stands at €4.3M.
Portfolio Management and Support for SCBSM at the Core of the Strategy
Crosswood is shaping its strategy around two main pillars: firstly, the management of the remaining real estate portfolio, which has been reduced following the sale of the shopping center in October 2024; secondly, the support of its participation in SCBSM, now a central element of its business model. Given the significance of SCBSM in Crosswood's assets, the evolution of this participation and its valuation is now a crucial factor for the group's NAV.
