Brederode (BREB) H1 2025 earnings summary

Executive summary

• Shareholders' equity per share stood at €135.16 as of June 30, 2025, down 3.4% in the first half, including a €1.37 per share distribution in May 2025.

• Net loss for the period was €141.68 million, compared to a profit of €221.48 million in the same period last year.

• Private Equity portfolio posted a loss of €164.68 million, while the listed securities portfolio gained €24.94 million.

• The dollar's depreciation against the euro significantly impacted Private Equity valuations.

Financial highlights

• Shareholders' equity at period end: €3,960.83 million, down from €4,142.66 million at year-end 2024.

• Return on equity for the period: -3.5% (vs. 10.4% in H2 2024 and 5.7% in H1 2024).

• Net financial debt increased to €78.59 million, with €350 million in confirmed credit lines.

• Annualized 10-year performance of shareholders' equity per share: 11.4%.

Outlook and guidance

• Excluding exchange rate effects, Private Equity portfolio activity and cash flows remain positive, with increased M&A activity and resilient U.S. economic growth.

• Listed portfolio strategy focuses on growth stocks while maintaining quality and liquidity.