Reinet Investments reports net asset value decline amid market uncertainties

Reinet Investments’ €6.7 billion net asset value (NAV) at September 30, 2025, reflects a 3.7% decrease from March 31, primarily due to lower fair value estimations held by the investment holding company.

The company, which is listed in Amsterdam, Luxembourg, and on the JSE, and which is chaired by well-known South African businessman Johann Rupert, stated in its interim results on Tuesday that the estimated fair value had declined in investments in Pension Insurance Corporation Group, Trilantic Capital Partners, TruArc Partners, Asia Partners funds, NanoDimension funds, and other investments.

The decline in NAV also reflects a dividend paid and expenses for management and performance fees.

“Offsetting these decreases are increases in the estimated fair value of certain investments, including Coatue funds and Prescient funds, gains on certain investments including Trilantic Capital Partners, TruArc Partners, and Coatue funds, together with dividends received from Pension Corporation,” Reinet's directors said.

The impact of a weakening of sterling and the US dollar against the euro was also included in the decrease of the NAV.

They said that the NAV reflects a compound growth rate of 8.6 percent per year in euro terms since March 2009, including dividends paid of €6.7bn.

The NAV per share at September 30, 2025, came to €36.62 (R724.74) versus €38.04 at March 31, and €36.25 at September 30 last year. JSE, Reinet’s share price increased by 1.01% to R567.56 on Tuesday on the JSE.

Some €298 million of commitments for new and existing investments were made during the six month, with a total of €7m funded.

Ordinary and special dividends received from Pension Insurance Corporation Group during the period amounted to €303m.

Reinet reached an agreement to sell 100 percent of its holding in unlisted Pension Insurance Corporation Group, to Athora Holding, expected to close in 2026. Reinet’s investment in Pension Corporation was an estimated fair value of €3.34bn (£2.91bn) at September 30, 2025. The investment in Pension Corporation represents some 50.1% of Reinet’s NAV at September 30, 2025, compared to 53.7 percent at March 31, 2025.

Reinet paid a dividend of €0.37 (€0.35) per share in the period, amounting to some €67m.

The directors said that geopolitical tensions, economic risks, and market uncertainties remain in place. “The ongoing Ukraine crisis, the situation in the Middle East, and ongoing global trade tariff negotiations continue to cause concern,” they said.

While interest rates were trending downwards, there was a risk that inflation may increase again. “The extent and impact of these worldwide factors remain uncertain,” they added.

They noted that Reinet had no direct exposure to Russia, Ukraine, or the Middle East through its investments or banking relationships and had not experienced significant impacts from interest rate fluctuations or inflation. Nonetheless, “Reinet recognises the importance of cash reserves in uncertain times…” they concluded.

BUSINESS REPORT