The company operates in investment properties abroad.
Living Stone enters 2026 with a larger portfolio, stronger equity, and better liquidity, but the recurring economics of the business still have not proved that they comfortably cover the funding burden and the valuation sensitivity embedded in the balance sheet.
The Hamm portfolio still validates Living Stone's ability to create value, but by the end of 2025 it already looks much more like a partly stabilized low-yield portfolio than like an unusual acquisition opportunity with another major valuation step-up ahead.
Living Stone enters 2026 with real funding room, but that room still depends on property value as much as on operating cash generation. The key test this year is whether the company can fund the NRW transaction without tightening liquidity or covenant headroom too aggressively.
