KBC Ancora Reports a Semi-Annual Profit of 74.4 Million Euros, Slightly Up
KBC Ancora recorded a profit of 74.4 million euros in the first six months of the 2025/2026 fiscal year, according to its semi-annual financial report published on Monday, January 30, 2026. This result, an increase from 73.9 million euros in the same period of the previous fiscal year, mainly stems from dividends paid by its stake in KBC Group.
Financial Performance in the First Half of 2025/2026
KBC Ancora achieved a profit of 74.4 million euros during the first half of the 2025/2026 fiscal year, equivalent to 0.97 euros per share, compared to 73.9 million euros for the same period in the 2024/2025 fiscal year. This 0.5 million euro increase reflects the operational stability of the holding structure. Revenue was primarily composed of 77.5 million euros in dividends from its stake in KBC Group and 0.4 million euros in interest income on term accounts. Meanwhile, operational expenses were recorded at 1.5 million euros and interest expenses on financial debts at 2.0 million euros. For the full 2025/2026 fiscal year, KBC Ancora estimates its total expenses to be around 7.6 million euros. According to its dividend policy, the company intends to distribute 90% of its distributable recurring profit in the form of an interim dividend. The Board of Directors is set to make a decision in May 2026 regarding an interim dividend to be distributed in June 2026, particularly in light of KBC Group's decisions regarding its final dividend for the 2025 fiscal year.
Balance Sheet as of December 31, 2025
As of December 31, 2025, KBC Ancora's total balance sheet stood at 3.7 billion euros, an increase of 76.4 million euros compared to the end of the 2024/2025 fiscal year. This increase is entirely attributable to the rise in equity, which grew by 74.4 million euros due to the results of the first semester, while current assets increased by a total of 76.4 million euros to 105.7 million euros. Liabilities increased by 2.0 million euros due to the rise in the prorated interest expenses for the first semester. The number of KBC Group shares held by KBC Ancora remained unchanged at 77,516,380 shares, with a book value of 46.44 euros per share. At the semester's closing date, KBC Group's share was trading at 111.25 euros and had an IFRS equity book value of 60.8 euros per share as of September 30, 2025. Based on these elements, the intrinsic value of a KBC Ancora share was 112.02 euros as of December 31, 2025, while the market price was 73.30 euros, revealing a discount of 34.6% compared to this intrinsic value. KBC Ancora's net debt stood at -0.04 euros per share.
Upcoming Financial Information Releases
KBC Ancora will continue to publish its financial information according to the established schedule, with an annual release scheduled for August 28, 2026, the 2025/2026 annual report available on September 29, 2026, and the General Assembly convened on October 30, 2026. KBC Group will publish its results for the 2025 fiscal year on February 12, 2026, information that will be crucial for KBC Ancora's dividend distribution decisions in the first half of 2026.
