Brederode (BREB) H2 2024 earnings summary

Executive summary

• Net profit for 2024 reached €413.26 million, up from €233.65 million in 2023, driven by a strong rebound in Private Equity and solid listed securities performance.

• Shareholders' equity per share increased to €141.36, an 11% rise year-over-year, factoring in a €1.29 per share distribution in May 2024.

• Proposed distribution for 2024 is €1.37 per share, marking a 6.2% increase and the 22nd consecutive annual rise.

Financial highlights

• Shareholders' equity rose to €4,142.66 million from €3,767.21 million year-over-year.

• Return on equity improved to 10.4% from 6.4% in 2023.

• Share price at year-end was €111.00, up from €101.60.

• Net asset value per share increased from €128.55 to €141.36.

• Long-term (10-year) IRR of shareholders' equity stands at 13.2% per annum.

Outlook and guidance

• Management remains confident in the Private Equity portfolio's resilience and future cash flows, but notes ongoing geopolitical and economic uncertainties.

• Selectivity in new General Partners and focus on growth sectors are emphasized.

• Listed securities portfolio is expected to continue yielding attractive long-term returns.