Brederode (BREB) H2 2025 earnings summary

Executive summary

• Net income for 2025 was €124.40 million, down from €413.26 million in 2024, mainly due to currency effects and a sharp decline in Private Equity performance.

• Proposed distribution to shareholders is €1.46 per share, a 6.6% increase and the 23rd consecutive annual rise.

• The portfolio of listed equities performed strongly, offsetting some of the negative impact from Private Equity.

• Net asset value per share rose from €141.36 to €144.24, reflecting a 3% growth including distributions.

Financial highlights

• Equity at year-end: €4,226.92 million, up from €4,142.66 million.

• Return on average equity was 3.0% for 2025, compared to 10.4% in 2024.

• Earnings per share fell to €4.25 from €14.10 year-over-year.

• Total distribution to shareholders in 2025 was €40.15 million (€1.37 per share).

Outlook and guidance

• 2026 expected to see moderate growth, controlled inflation, and more predictable monetary policy.

• Private Equity market expected to benefit from stabilizing multiples and improved financing conditions, though geopolitical risks remain.

• Company maintains a disciplined investment approach, focusing on selectivity, diversification, and prudent financial structure.