Gepubliceerd: 10-07-2026 08:05

PB Holding N.V. reports H1-2026 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. PBH is listed on the Amsterdam stock exchange (Euronext Amsterdam) and has no subsidiaries and/or business entities.

This report was approved by the Management Board on 10 July 2026. The financial statements are unaudited. The audited financial statements for the financial year 2025 are available on www.pb-holding.nl.

Financial results H1 2026

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 2026 was €4,475 thousand (H1 2025: nil), as depositary receipts were revalued from €31.31 (ultimo 2025) to €40.00 per depositary receipt. In addition, no dividend was received from Bovemij in H1 2026 (H1 2025: nil).

Operating expenses in H1 2026 amounted to €184 thousand (2025: €273 thousand). Personnel expenses totaled €44 thousand (H1 2025: €77 thousand), and other operating expenses amounted to €140 thousand (H1 2025: €196 thousand). The financial result before tax for H1 2026 was a profit of €4,271 thousand (H1 2025: loss of €275 thousand). The net after-tax profit was €4,271 thousand (H1 2025: €275 thousand).

Financial position ultimo H1 2026

The balance sheet as of 30 June 2026 shows shareholders’ equity of €19,849 thousand (FY 2025: €15,578 thousand). Cash and cash equivalents amounted to €11 thousand (FY 2025: €31 thousand). PBH has a credit facility of €700 thousand with Handelsbanken, of which €679 thousand was drawn (FY 2025: 397). Taking into account the 5,350 thousand shares outstanding and the financial result for H1 2026, the book value per share ultimo H1 2026 is equal to €3.71 per share.

Developments at Bovemij

On January 8, PB Holding N.V. announced the conditional transaction between ASR Nederland B.V. (ASR), BOVAG and Stichting Administratiekantoor Bovemij (STAK) pursuant to which ASR acquires all shares in the capital of Bovemij, and under which PB Holding would receive €20.6 million in aggregate proceeds. On July 1, 2026, PB Holding announced the closing of that transaction.

Under IFRS, the closing of the transaction on July 1, 2026 qualifies as a material non-adjusting event after the reporting period. Accordingly, the disposal and the related cash proceeds have not been recognized in the statement of financial position as at June 30, 2026. The investment in Bovemij remained recognized as a financial asset as at June 30, 2026 and was measured at fair value at the reporting date. The transaction price of €40 per certificate has been considered relevant evidence in determining the fair value of PB Holding’s investment in Bovemij as at June 30, 2026. The aggregate proceeds of €20.6 million were received on July 2, 2026 and held in cash and cash equivalents, short-term deposits, and may be invested in financial assets measured at fair value through profit and loss (FVTPL).

Strategy

Following the closing of the Bovemij transaction, PBH reached a natural moment to further develop its activities within its statutory objective as a holding company. The Management Board, under the supervision of the Supervisory Board, intends to allocate the Company’s available capital, for its own account and risk, towards the acquisition, holding, financing and management of interests in private and public businesses and other financial assets. PBH aims to compound intrinsic value per share over the long term through disciplined, research-driven capital allocation, focused on high-quality businesses with durable competitive positions, strong cash generation and identifiable value-creation potential.

In connection with the further development and implementation of this strategy, PBH continues to evaluate its corporate governance framework, including its corporate structure, board and committee structure, internal policies, investment and risk management framework, reporting procedures and other governance arrangements. Any proposed changes will be assessed in accordance with applicable laws and regulations, the Dutch Corporate Governance Code where applicable, and the Company’s articles of association. Where required or otherwise appropriate, PBH will submit such matters to the General Meeting of Shareholders for approval.

Risks

The 2025 annual report described the principal risks and uncertainties associated with its strategy, including strategic, financial and liquidity, valuation, operational and compliance and reporting risks. Following the closing of the Bovemij transaction, the associated risks are no longer applicable. In addition, following repayment and termination of the Handelsbanken credit facility, short-term liquidity risk has materially reduced.

PBH will continue to be exposed to risks inherent to its position as a listed holding company allocating capital for its own account and risk. These include, among others, risks relating to capital allocation, market volatility, valuation and liquidity of investments, concentration, execution and counterparty risks. The Management Board, under supervision of the Supervisory Board, will continue to monitor and manage these risks through disciplined capital allocation, maintaining a conservative balance sheet and periodically assessing the Company’s financial position.

Future

PBH does not express expectations with respect to net income or otherwise.

PB Holding N.V.

10 July 2026

Please find attached the complete report for your review and reference.

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