Gepubliceerd: 15-07-2025 18:00

PB Holding N.V. reports H1-2025 results

Rotterdam, the Netherlands – PB Holding N.V. (‘PBH’ or the ‘Company’) is a public company with limited liability (Naamloze Vennootschap) incorporated under the laws of the Netherlands and with its corporate seat in Amsterdam. The Company is active in the holding and management of 515,000 certificates of shares in the capital of Bovemij N.V. PBH is listed on the Amsterdam stock exchange (Euronext Amsterdam) and has no other subsidiaries and/or business entities

This report was approved by the Management Board on 15 July 2025. The financial statements are unaudited. The audited financial statements for the financial year 2024 are available on www.pb-holding.nl.

Financial results H1 2025

The income from equity interests is income, which consists of a revaluation to fair value and dividend received, which is directly related to the 5.35% interest held by PB Holding N.V. in Bovemij N.V. The income from equity interests in H1 2025 was nil (H1 2024: nil), as no revaluation of the interest in Bovemij N.V. occurred. In addition, no dividend was received from Bovemij in H1 2025 (H1 2024: nil).

Operating expenses in H1 2025 amounted to €273 thousand (2024: €121 thousand). Personnel expenses totaled €76 thousand (H1 2024: €44 thousand), and other operating expenses amounted to €197 thousand (H1 2024: €77 thousand). The increase of the personnel expenses is attributable to the termination of the management agreement with Mr. H.H. van der Kwast – please also refer to Note 5 ‘Personnel expenses’. The significant increase in other operating expenses compared to H1 2024 is primarily attributable to the public offer of Nafimij B.V. and other associated costs. The financial result before tax for H1 2025 was a loss of €275 thousand (H1 2024: €122 thousand). The net after-tax result was €275 thousand (H1 2024: €122 thousand).

Financial position ultimo H1 2025

The balance sheet as of 30 June 2025 shows shareholders’ equity of €16,318 thousand (H1 2024: €16,593 thousand). The tax loss carryforward of €10.0 million has currently not been recognized as an asset. Cash and cash equivalents amounted to €53 thousand (H1 2024: €48 thousand). PBH has a credit facility of €300 thousand with Handelsbanken, of which €208 thousand was drawn (H1 2024: nil). On 18 February 2025, the 575,000 held treasury shares were cancelled [ingetrokken]. Taking into account the cancelled treasury shares and the financial result for H1 2025, the book value per share ultimo H1 2025 is equal to €3.05 per share.

Developments at Bovemij

On 24 June 2024 BOVAG had informed Bovemij N.V. of its intention to sell a minority stake in Bovemij N.V. (“Project Vaals”). On 11 September 2024 and 31 March 2025, the BOVAG updated the holders of certificates of shares in the capital of Bovemij N.V. on its progress. On 25 June 2025, BOVAG informed PBH to have terminated Project Vaals, as none of the bids met the expectations and criteria of BOVAG. PBH is actively engaging with BOVAG, Bovemij and the Stichting Administratiekantoor Bovemij Verzekeringsgroep (“STAK”). In line with the strategy, the STAK and Mr. Admiraal agreed that Mr. Admiraal joins the board of the STAK.

Risks

In the 2024 annual report, PBH included a description of associated risks with its strategy and its implementation such as, but not limited to, risks associated to the holding of the certificates of shares in the capital of Bovemij N.V. and liquidity risks. In the Company’s view, the nature of these risk factors has not materially changed during the first half of 2025 and anticipate these risks will continue to exist for the second half of 2025.

Future

Due to the fact that a significant part of the Company’s net income is determined by the result of Bovemij N.V., PBH does not express expectations with respect to net income or otherwise.

PB Holding N.V.

15 July 2025

This press release contains inside information relating to PB Holding N.V. within the meaning of Article 7(1) of the EU Market Abuse Regulation.