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Immobel (IMMO) investor relations material
Immobel H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved a net result of EUR 48 million for FY2025, reversing a EUR -94 million loss in FY2024, driven by strong residential sales, project commercialization, and major office asset and permit disposals.
Sold 882 residential units and three prime office assets/buildings, including the largest office transaction in three years; secured 18,000 m² of new leases with notable tenants in Paris, Brussels, and Liège.
Obtained permits for projects with a GDV of EUR 207 million, bringing total permitted GDV to EUR 1.7 billion.
ESG performance improved, achieving a 97% GRESB rating and finalist nomination for a national sustainability/impact award.
No dividend proposed for FY2025 to prioritize balance sheet strength and long-term value.
Financial highlights
Operating income reached EUR 355 million (external view), down from EUR 379 million in FY2024; internal view at EUR 456 million (FY2024: EUR 445 million).
Result before financial results and taxes was EUR 57 million, up from EUR -83 million in FY2024.
Gearing ratio improved to 58.9% from 66.7% in FY2024; net financial debt reduced to EUR 651 million from EUR 801 million.
Liquidity position at EUR 175 million (EUR 202 million internal view), covering all financial obligations including a EUR 125 million bond maturing in June 2026.
Annualised rental income was EUR 16 million (FY2024: EUR 17 million); total assets at EUR 1.4 billion (FY2024: EUR 1.6 billion).
Outlook and guidance
Operating income for FY2026 expected to reach EUR 400–450 million, supported by robust residential sales and office asset disposals.
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