CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2025 AND PROPOSED DIVIDEND

Key financial data

• Reinet’s net asset value of € 6.9 billion reflects a compound growth rate of 9.0 per cent per annum in euro terms, since March 2009, including dividends paid
   
• The net asset value at 31 March 2025 reflects an increase of € 731 million or 11.8 per cent from € 6 184 million at 31 March 2024
   
• Net asset value per share at 31 March 2025: € 38.04 (31 March 2024: € 34.02)
   
• Commitments totalling € 39 million in respect of new and existing investments were made during the year, with a total of € 144 million funded
   
• Sale of remaining 48.3 million British American Tobacco p.l.c. shares for gross proceeds of € 1 627 million
   
• Dividends from British American Tobacco p.l.c. during the year amounted to € 98 million
   
• Ordinary and special dividends from Pension Insurance Corporation Group Limited during the year amounted to € 235 million
   
• Reinet dividend of € 0.35 per share, amounting to some € 64 million (excluding treasury shares), paid during the year
   
• Proposed Reinet dividend of € 0.37 per share payable after the 2025 annual general meeting

CHAIRMAN’S COMMENTARY

Dear Shareholder,

Overview

During 2024, markets were relatively stable as compared to 2022 and 2023; interest rates and inflation generally declined despite the continued crises in Ukraine and the Middle East. In contrast, 2025 to date has seen much higher market volatility with the potential for changes in global trade tariffs. Such uncertainty is not good for capital markets and makes investing more challenging.

Reinet has disposed of its remaining interests in British American Tobacco and consequently has significant liquid funds, ensuring the ability to meet both existing and future investment commitments. Liquid funds are held in several currencies and placed with highly rated banks and short-term money market funds.

Capital invested during the year amounted to some € 144 million, being mostly in respect of funds managed by TruArc Partners and Coatue.

Since its inception in 2008, Reinet has generated an annualised return of 8.1 per cent for investors, based on the Reinet share price, with the underlying net asset value reflecting a 9.0 per cent compounded increase since March 2009.

Results

At 31 March 2025, Reinet’s net asset value amounted to some € 6.9 billion, an increase of € 731 million or 11.8 per cent from 31 March 2024. The increase reflects the increase in value of Pension Corporation, the gain on the sale of British American Tobacco shares, together with the receipt of significant dividends from both Pension Corporation and British American Tobacco.

Business developments

In March 2009, Reinet held some 84.3 million British American Tobacco shares following the spin-off from Richemont in 2008 and the subsequent capital increase which allowed Reinet shareholders to acquire further shares in exchange for British American Tobacco shares. Over the years, Reinet received dividends of over € 2 billion, used shares as collateral to secure borrowings and sold 36 million shares to provide liquidity when needed. At 31 March 2024, Reinet held some 48.3 million British American Tobacco shares which were sold between December 2024 and January 2025 realising gross proceeds of € 1 627 million. The gain on sale in the year together with dividends received amounted to € 366 million. Since March 2009, the investment in British American Tobacco has generated an annualised return for Reinet of over 11 per cent.

Pension Corporation’s new business premiums increased from £ 6.9 billion in 2023 to £ 8.1 billion in 2024, the largest ever total. The pension risk transfer market is dynamic and presents opportunities for many years to come. Pension Corporation is a long-term investor and to date has invested £ 30 million in the United Kingdom, including housing and infrastructure. In April 2024, the shareholders of Pension Corporation approved a dividend of 11 pence per ordinary share which was paid to shareholders in May 2024. In September 2024, the board of directors of Pension Corporation approved an interim dividend of 11.0 pence per ordinary share and a special dividend of 8.0 pence per ordinary share; Reinet’s share of these dividends amounted to some £ 198 million. The increase in value of Pension Corporation together with the dividends received in the year amount to over € 500 million, being the largest driver of the increase in Reinet’s net asset value this year.

Reinet is invested in five funds managed by Trilantic Capital Partners; four in the US and one in Europe. Three funds are in the process of realising investments and two funds are still actively investing in new investments and making add-on investments. Reinet’s total investment in the Trilantic funds to date amounts to € 522 million with total realisations of € 617 million and a remaining carrying value of € 424 million.

TruArc continued to perform well this year, exiting one significant investment and returning proceeds of € 55 million. Reinet committed some € 17 million to TruArc’s Structured Opportunities Fund as part of the first close in early 2024 and an additional € 38 million as part of the final close later in 2024, bringing its total commitment to € 55 million. At 31 March 2025, Reinet’s total outstanding commitment to TruArc’s managed funds amounted to € 139 million, with € 21 million invested in the year and some € 351 million invested to date. In May 2025, Reinet made a commitment of $ 345 million to TruArc Fund V.

Reinet invested € 104 million in Coatue Structured Funds during the year and has remaining commitments of € 105 million. Coatue seeks to create value for investors in all market conditions, providing companies and founders with tactical solutions that are tailored to their unique financing needs, even in challenging markets.

Dividend

The Board of Directors of Reinet Investments Manager S.A. proposes a dividend of € 0.37 per share, payable in September 2025. This represents a 5.7 per cent increase over last year’s dividend.

Outlook

Recognising the potential for continued market volatility and global instability, we will maintain a measured approach to capital deployment, prioritising support for our current portfolio investments while selectively exploring new opportunities and partnerships that promise long-term capital growth.

As always, I am extremely grateful to all of Reinet’s employees, management, the Board of Overseers and the Boards of Directors for their commitment and continued support throughout the year.

Johann Rupert

Chairman

Reinet Investments Manager S.A.

Luxembourg, 23 May 2025

BUSINESS OVERVIEW

The Company has determined that it meets the definition of an investment entity in terms of International Financial Reporting Standards (‘IFRS’) 10. The net asset value, the income statement and the cash flow statement included in this business overview have however been presented in a more comprehensive format than required by IFRS in order to provide readers with detailed information relating to the underlying assets and liabilities.

All investments are held, either directly or indirectly, by Reinet Fund.

Information relating to current key investments AT 31 March 2025

PERFORMANCE

NET ASSET VALUE

The NAV comprises total assets less total liabilities, and equates to total equity under International Financial Reporting Standards. The increase in the NAV of € 731 million during the year reflects increases in the estimated fair value and gains realised on certain investments including British American Tobacco p.l.c. (‘BAT’), Pension Insurance Corporation Group Limited (‘Pension Corporation’), other listed investments, TruArc Partners, Coatue funds, United States land development and mortgages and Prescient China funds together with dividends received from BAT and Pension Corporation. Offsetting these increases are decreases in the estimated fair value of certain investments including NanoDimension funds and other investments together with the dividend paid by the Company and expenses in respect of management and performance fees. Details of the Company’s NAV and details of movements in key investments can be found on pages 4 and 5 of this report.

Reinet records its assets and liabilities in euro; the strengthening of sterling against the euro offset by the weakening of the US dollar against the euro has resulted in an overall increase in the value of certain assets and liabilities in euro terms. Applying current year-end exchange rates to the March 2024 assets and liabilities would have resulted in an increase in the March 2024 NAV of some € 99 million.

SHARE BUYBACK PROGRAMME

As at 31 March 2025, there was no share buyback programme in progress.

The Company repurchased 14 151 395 ordinary shares between November 2018 and May 2022 under five share buyback programmes. The cost of the ordinary shares repurchased amounted to € 222 million, plus transaction costs.

All ordinary shares repurchased are held as treasury shares.

NET ASSET VALUE PER SHARE

The NAV per share of the Company is calculated by dividing the NAV by the number of shares outstanding (excluding treasury shares) of 181 790 891 (31 March 2024: 181 790 891).

31 March 2025

31 March 2024

Shares in issue

195 942 286

195 942 286

Treasury shares

(14 151 395)

(14 151 395)

Net shares

181 790 891

181 790 891

€ m

€ m

NAV (see page 4)

6 915

6 184

€ per share

€ per share

NAV per share

38.04

34.02

SHARE PRICE

The Company’s indicative share price as quoted on the Luxembourg Stock Exchange increased by 3.6 per cent in the year from € 22.20 at 31 March 2024 to € 23.00 at 31 March 2025, with the highest trade being at € 26.80 during the year. The total shareholder return since inception (taking into account the initial price of € 7.1945 and including dividends paid) is 8.1 per cent per annum. The growth in NAV, including dividends paid, reflects a 9.0 per cent compounded increase since March 2009. The Company’s ordinary shares are listed on the Luxembourg Stock Exchange, Euronext Amsterdam and the Johannesburg Stock Exchange; the listing on the Johannesburg Stock Exchange is a secondary listing.

Share prices as at 31 March 2025 and 31 March 2024 were as follows:

31 March 2025

31 March 2024

ZAR

EUR

ZAR

EUR

Luxembourg

-

23.00

-

22.20

Amsterdam

-

22.60

-

22.20

Johannesburg

445.21

-

458.23

-

GLOBAL MARKETS BACKDROP

As 2025 progresses, geo-political tensions and economic risks are again heightened. Market uncertainty has been impacted by the continued effects of the Ukraine crisis, turmoil in the Middle East, the possibility of changes in global trade tariffs, relatively high interest rates and sticky inflation. Whilst inflation and interest rates have been trending downwards, there is the risk that they may increase again. The extent and impact of these on-going world-wide factors remain highly uncertain.

Reinet has no direct exposure to Russia, Ukraine or the Middle East through its underlying investments or banking relationships and has not experienced any significant direct impacts in respect of interest rate fluctuations or inflation.

It is too early to estimate the full impact of any changes in global trade tariffs on Reinet’s underlying investments.

Reinet recognises the importance of cash reserves in uncertain times, it has relationships with numerous highly rated banking institutions, and a well-diversified approach to cash and liquidity management.

Reinet continues to value its investments in line with the International Private Equity and Venture Capital Valuation (‘IPEV’) guidelines and its approved valuation procedures and methodologies. All investment valuations have been prepared using latest available data, including exchange rates and listed share prices as at 31 March 2025. Discussions have taken place with fund managers and investee companies to determine any significant changes in value and any impacts related to the various geo political areas of conflict, volatility in stock and currency markets, interest rates, inflation and exposure to certain financial institutions. Future valuations will take into account any new impacts of the above, which could affect the valuation of underlying investments.

INVESTMENTS

Reinet seeks, through a range of investment structures, to build partnerships with other investors, specialised fund managers and entrepreneurs to find and develop opportunities for long-term value creation for its shareholders.

Since its formation in 2008, Reinet has invested some € 3.8 billion and at 31 March 2025 committed to provide further funding of € 417 million to its current investments. Details of the funding commitments outstanding are given in the table on page 15 of this report. New commitments during the year under review amounted to € 39 million, and a total of € 144 million was funded during the year.

LISTED INVESTMENTS

BRITISH AMERICAN TOBACCO P.L.C.

BAT has been one of Reinet’s largest investments from its inception in 2008 to 2025.

At 31 March 2009, Reinet held some 84.3 million BAT shares following the restructuring of Richemont in 2008. Over the last 16 years, Reinet has used BAT shares as collateral to secure borrowings and sold 36 million shares to provide liquidity when needed to fund other investment opportunities.

At 31 March 2024, Reinet held some 48.3 million BAT shares of which 5 million were sold in December 2024 for gross proceeds of € 179 million (£ 149 million) with the remaining 43.3 million shares being sold in January 2025 through an after market accelerated bookbuild process for gross proceeds of € 1 448 million (£ 1 221 million).

The value of Reinet’s investment in BAT amounted to € 1 359 million (£ 1 162 million) at 31 March 2024, and comprised some 22.0 per cent of Reinet’s NAV at the time. The increase in value of € 268 million up to the date of the respective sales in December 2024 and January 2025 reflects the increase in the BAT share price on the London Stock Exchange from £ 24.06 at 31 March 2024 together with the strengthening of sterling against the euro during the period.

During the year under review, dividend income recorded from BAT amounted to € 98 million (£ 82 million), being BAT’s second, third and fourth 2024 quarterly dividends.

Further information on BAT is available in its combined Annual and Sustainability report at www.bat.com

OTHER LISTED INVESTMENTS

Other listed investments comprised:

31 March 2025

31 March 2024

€ m

€ m

Grab Holdings Limited

44

31

Cartesian Therapeutics, Inc.

1

1

Soho China Limited

3

3

SPDR Gold shares

61

44

Twist Bioscience Corporation

16

14

125

93

GRAB HOLDINGS LIMITED

Grab Holdings Limited (‘Grab’) is a leading superapp platform in Southeast Asia, providing everyday services that matter to consumers, including deliveries, mobility and financial services. Grab offers a wide range of on demand services across over 800 cities in eight Southeast Asian countries.

Reinet holds 10 573 666 shares in Grab with a market value of € 44 million (31 March 2024: € 31 million). The increase in value mainly reflects the increase in Grab’s share price during the year.

Further information on Grab is available at www.grab.com

CARTESIAN THERAPEUTICS, INC.

Cartesian Therapeutics, Inc. (‘Cartesian’) is a clinical stage biotechnology company pioneering mRNA cell therapies for the treatment of autoimmune diseases.

Reinet holds 1 395 460 shares with a market value of € 1 million as at 31 March 2025 (31 March 2024: € 1 million). The carrying value reflects Cartesian’s share price.

Further information on Cartesian is available at www.cartesiantherapeutics.com

SOHO CHINA LIMITED

Soho China Limited (‘Soho’) is a Chinese office developer focused on developing and leasing properties in the central business districts of Beijing and Shanghai. Soho developments are known for their modern architecture, with designs from architects such as Zaha Hadid and Japanese architect Kengo Kuma.

Reinet holds 47 million shares with a market value of € 3 million as at 31 March 2025 (31 March 2024: € 3 million). The carrying value reflects Soho’s share price.

Further information on Soho is available at www.sohochina.com

SPDR GOLD SHARES

SPDR Gold shares (‘GLD’) is the largest physically backed gold exchange traded fund in the world. Over the long term, gold can provide a hedge against inflation and offer some protection against value changes in turbulent economic and political times.

Reinet holds 230 000 shares with a market value of € 61 million as at 31 March 2025 (31 March 2024: € 44 million). The increase in value mainly reflects the increase in the value of gold during the year.

Further information on GLD is available at www.spdrgoldshares.com/usa

TWIST BIOSCIENCE CORPORATION

Twist Bioscience Corporation (‘Twist’) is a leading synthetic biology and genomics company that has developed a disruptive DNA synthesis platform to industrialise the engineering of biology. Twist leverages its unique technology to manufacture a broad range of synthetic DNA-based products which are used across many industries including healthcare, industrial chemicals, agriculture and academic research.

Reinet holds 444 497 shares in Twist with a market value of € 16 million as at 31 March 2025 (31 March 2024: € 14 million). The increase in value mainly reflects the increase in Twist’s share price during the year.

Further information on Twist is available at www.twistbioscience.com

UNLISTED INVESTMENTS

Unlisted investments are carried at their estimated fair value. In determining fair value, Reinet Fund Manager S.A. (the ‘Fund Manager’) relies on audited and unaudited financial statements of investee companies, management reports and valuations provided by third party experts. Valuation methodologies applied include the NAV of investment funds, discounted cash flow models and comparable valuation multiples, as appropriate. The third party valuation reports and key assumptions used within these reports are reviewed by the external auditors.

PENSION INSURANCE CORPORATION GROUP LIMITED

Pension Corporation’s wholly owned subsidiary, Pension Insurance Corporation plc (‘Pension Insurance Corporation’), is a leading provider in the UK pension risk transfer market.

During 2024, Pension Insurance Corporation concluded new business with premiums of £ 8.1 billion (2023: £ 6.9 billion).

At 31 December 2024, Pension Corporation reported it held £ 50.9 billion in assets (31 December 2023: £ 46.8 billion) and insurance liabilities amounted to £ 44.3 billion (31 December 2023: £ 41.2 billion). The increase in value of both assets and liabilities is primarily driven by new business written in the year, partly offset by payments made to policyholders and rising interest rates.

To date, Pension Insurance Corporation has insured 397 100 pension fund members (31 December 2023: 339 900). Clients include FTSE 100 companies, multinationals and the public sector.

Pension Insurance Corporation raised £ 500 million of Tier 2 debt in 2024, using £ 224 million to redeem existing debt ahead of schedule. As at 31 December 2024, a total of £ 2.0 billion (31 December 2023: £ 1.8 billion) Tier 2 subordinated notes and £ 450 million (31 December 2023: £ 450 million) Tier 1 restricted notes were outstanding. In August 2024, Fitch affirmed its Insurer Financial Strength rating at A+ (Strong) and Long Term Issuer Default rating at A. The reported Solvency II capital ratio as at 31 December 2024 was 237 per cent (31 December 2023: 211 per cent).

In March 2024, the shareholders of Pension Corporation approved a dividend of 11.0 pence per ordinary share. Reinet’s share of the dividend amounting to some € 85 million (£ 73 million) was received in May 2024. In September 2024, the board of directors of Pension Corporation approved an interim dividend of 11.0 pence per ordinary share and a special dividend of 8.0 pence per ordinary share. Reinet’s share of these dividends amounting to some € 150 million (£ 125 million) was received in September 2024.

In March 2025, the shareholders of Pension Corporation approved a final dividend of 12.0 pence per ordinary share and a special dividend of 15.0 pence per ordinary share. Reinet’s share of the dividends amounting to some € 212 million (£ 178 million) was received in May 2025. Reinet has not recorded a receivable as at 31 March 2025, as the record date of 24 April 2025 falls outside this financial year.

Reinet’s shareholding in Pension Corporation remained at 49.5 per cent in the year under review.

Tracy Blackwell, Chief Executive Officer and Dom Veney, Chief Financial Officer of Pension Insurance Corporation, commented: