Whitestone Group: NAV of €189.9 million at June 30, €18.4 per share following capital increases

A NAV of €189.9 million, of which €53.8 million from capital increases

Capital increases were split between €46.2 million raised through private placement in January and €7.6 million through public offering in April, at €17.1 per share. Portfolio revaluation of €7.6 million corresponds to a 5.5% increase in the portfolio invested at end-2025; it is driven primarily by Laboratoire Tilman and Lambda-X Ophthalmics.

These capital raises widened the shareholder base: the number of non-diluted shares increased from 6,874,565 to 10,022,169 (+45.7%). Based on fully diluted shares, NAV reaches €18.4, compared to €18.1 at end-2025 (+1.7%) and €17.1 at end-June 2025 (+7.6%), the value that had served as reference for the capital raises. Compared to the share price of €18.0 on September 30, the discount stands at 2.2%.

The Specific Materials & Industries segment represents 52% of NAV, Technologies 24% and Transitions 18%, with the remaining 6% corresponding to net cash and other items. The five leading holdings (GFI, Mäder, BMS, Treestone, ESG) account for 63% of NAV.

Net operating income of €2.1 million, driven by dividends

In Whitestone Group SA's unaudited statutory accounts, net operating income reached €2.1 million in the first half of 2026, compared to €0.6 million a year earlier. Financial income amounts to €4.3 million, including €2 million in GFI dividends, €0.2 million from Sibelco and €0.4 million in interest. Net income of €3.2 million includes two non-recurring items: an intragroup gain of €1.7 million related to the transfer of Whitestone Partners to Whitestone Asset Management, and €0.6 million in exceptional charges linked to the capital raise.

Restricted consolidated accounts (Wfin), which group operating subsidiaries held 100% and now include the new third-party asset management subsidiary, show revenues of €698k (+32%). EBITDA stands at -€574k, compared to -€345k a year earlier, which the group attributes to increased costs necessary to manage a portfolio of assets growing 50% over a year. According to the group, the expected charge level for the financial year represents a total expense ratio (TER) of 0.6% of NAV, below the 1% threshold it has set itself.

Wfin's financial income of €2.7 million covers this operating loss; net income stands at €1.5 million and net operating income at €2.1 million. Net cash position reaches €7.9 million (€9.0 million in gross cash for €1.1 million in mortgage debt), compared to €3.4 million at end-2025, excluding €15 million in available credit lines.

€51.8 million invested, followed by the sale of Sibelco after closing

Over the semester, €51.8 million was invested, with no divestments. The majority was devoted to two transactions finalized in June: €24.1 million for 44% of the Mäder group, a specialist in paints, resins and composites for industry based in Villeneuve-d'Ascq, and €16.7 million for 40% of B Medical Systems, as part of an LBO led by its manager. In accordance with the valuation charter, these two lines are maintained at their investment value.

Holdings' results over the semester are in line with or exceed those of 2025, but more mixed against budgets: Laboratoire Tilman and Lambda-X Ophthalmics are performing better, while GFI, BMS, ESG, Treestone, Freedelity, Emulco and Probiotic Group are lagging. Freedelity saw its business plan revised downward following disputes with the Data Protection Authority, and the estimated value of Sibelco was reduced.

Since closing, the group repurchased in July 141,108 of its own shares for €2.4 million at €17.1 per share, and brought its stake in Treestone to 83.5% at end-August by repurchasing 10.9% of capital. The complete half-yearly report will be published on October 23. In early October, all Sibelco shares were sold, an operation which will have, according to the group, an accretive effect of approximately 2% on NAV calculated at June 30, 2026.