18
September 2025
Reinet Investments
Pierre Muller
Equity Analyst, PSG Wealth
- Latest company and market insights: Key highlights In this report, we review the latest management statement released for the first quarter that ended 30 June 2025.
- Financial results at a glance:
- Net asset value (NAV) as of 30 June 2025: €6.6 billion, reflecting a compound growth rate of 8.6% per annum in euro terms since March 2009, inclusive of dividends paid. This is higher than the 5.2% average rate of South Africa inflation over the same period, positioning RNI as a long-term, inflation-beating investment and also being a Rand hedge.
- Quarter-on-quarter change: NAV decreased by 4.6% due to declines in the estimated fair value of larger investments and currency weakness in sterling and the US dollar, reducing the euro value of certain assets and liabilities.
- NAV per Share: €36.30 as of 30 June 2025, a 24% discount (previous: €38.04 as at 31 March 2025, a discount of 40%).
- Listed investments: €121 million, making up 1.8% of NAV.
- Unlisted investments: €4 682 million, not considering the PICG transaction, making up 70% of NAV, with €3 432 million (52%) in PICG. Note: The unlisted section will appear materially different once the PICG transaction is completed, as the cash received will be transferred from unlisted investments to liquid cash holdings.
- Cash and liquid funds: €1 941 million, making up 29% of NAV, up from €1 819 million as at 31 March 2025.
- Investment activity: €293 million committed to new/existing investments in the quarter, with €21 million funded.
- Post 30 June 2025 highlights: Agreement reached to sell 100% holding in Pension Insurance Corporation Group Limited to Athora Holding Ltd, expected to close in early 2026.