This is a press release by ER Capital N.V. (previously Titan N.V. and currently listed under the name ER Capital N.V. at Euronext Amsterdam), a public limited liability company incorporated under Dutch law. This press release is issued pursuant to Section 17, paragraph 1 of the European Market Abuse Regulation (596/2014)
Results financial year 2025
ER Capital N.V. closed the financial year 2025 with a net loss after tax attributable to shareholders of approximately EUR 6.7 million (financial year 2024: approximately EUR 1.9 million negative).
The operating result amounted to approximately EUR 3.5 million negative (2024: approximately EUR 1.0 million positive), primarily driven by listing service expenses (IFRS 2), costs related to the listing of ER Capital N.V. on Euronext Amsterdam, further investments in governance and the operational structure, and negative fair value adjustments on the investment property portfolio.
Gross rental income increased to approximately EUR 4.7 million (2024: approximately EUR 3.2 million), mainly due to the expansion of the property portfolio and the full-year contribution of assets acquired in prior periods.
Changes in the fair value of investment properties resulted in a net decrease of approximately EUR 0.9 million (2024: increase of approximately EUR 1.6 million).
Financial expenses increased to approximately EUR 3.7 million (2024: approximately EUR 2.2 million), mainly due to additional financing obtained to support the growth of the property portfolio.
Investment property portfolio
The investment property portfolio as of 31 December 2025 was valued at approximately EUR 90.9 million based on an external valuation of the entire portfolio. The portfolio increased compared to the prior year (approximately EUR 58.5 million at year-end 2024), primarily reflecting acquisitions and investments made during the year.
Balance sheet and financial position
Total assets as of 31 December 2025 amounted to approximately EUR 96.6 million (2024: approximately EUR 66.3 million). Shareholders' equity at year-end amounted to approximately EUR 3.0 million (2024: approximately EUR 9.7 million). Interest-bearing debt increased to approximately EUR 79.4 million (2024: approximately EUR 47.0 million), in line with the expansion of the Company's real estate activities. Cash and cash equivalents amounted to approximately EUR 1.7 million as of 31 December 2025 (2024: approximately EUR 1.8 million).
2025 highlights
The year 2025 was characterised by the further positioning of ER Capital N.V. as a listed real estate company. Key developments included:
● the reverse listing and legal restructuring effective 30 June 2025;
● the appointment of members of the Supervisory Board to strengthen corporate governance in connection with the stock exchange listing;
● further expansion of real estate activities through property acquisitions.
Outlook 2026
The Executive Board expects the financial performance of ER Capital N.V. to improve in 2026. The one-off costs related to the reverse listing and organisational build-up that burdened the 2025 result are not expected to recur. The Company will continue to focus on expanding its real estate portfolio, the initiation and structuring of real estate investment funds, and generating recurring fee-based income. The Executive Board has a reasonable expectation that the Company will have sufficient liquidity to meet its obligations for at least twelve months following the approval of the annual accounts.
Note
The financial information in this press release has been derived from the 2025 annual accounts of ER Capital N.V. as prepared by the Executive Board and audited by GCP Auditors Ltd. The financial statements as presented in this press release should be read in conjunction with the full annual accounts and the accompanying auditor's report. The full annual accounts for the financial year 2025 are available on the company's website (www.ercapital.nl) as of 29 April 2026. The annual accounts will be submitted to the General Meeting of Shareholders for adoption.
Rotterdam, 29 April 2026
ER Capital N.V.
This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed on 29 April 2026 at [17:30] CET.
Forward-looking statements
This press release contains forward-looking statements, including statements regarding the expected financial performance and liquidity position of ER Capital N.V. for the financial year 2026. These statements are based on current expectations, estimates and assumptions of the Executive Board and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. Factors that could cause actual results to differ include, among others, changes in general economic and market conditions, developments in the Dutch real estate market, interest rate movements, the availability of financing, the timing and successful completion of planned transactions and fund activities, and regulatory changes. ER Capital N.V. undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law or regulation.