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Immobilière Dassault (IMDA) investor relations material
Immobilière Dassault H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
The period was marked by macroeconomic and geopolitical instability, leading to lower transaction volumes, rent pressure, and rising vacancy and operating costs.
Rental income increased by 8.9% to €18.2M, driven by acquisitions and leasing efforts.
The group maintained resilience due to the quality of its assets and tenants.
Temporary suspension from the SIIC regime led to significant deferred tax recognition and a shift in tax treatment for 2026.
Dividend of €2.07 per share was distributed, totaling €15.6M.
Financial highlights
Rental income rose 8.9% year-over-year to €18.2M, mainly due to a new acquisition.
Operating income increased to €15.9M from €13.7M year-over-year.
Net result swung to a loss of €-118.8M from a profit of €19.4M, mainly due to €124.2M in deferred tax.
Cash flow from operations (before working capital changes) was €8.8M, down from €10.4M; adjusted for tax, it rose to €11.2M.
Adjusted NAV per share fell to €66.6 from €84.5 at year-end 2025.
Outlook and guidance
No significant post-closing events; the group does not anticipate financing difficulties for upcoming maturities.
Focus remains on property value enhancement and yield optimization through renovations and environmental upgrades.
Financial discipline and prudent investment will be maintained amid economic and geopolitical uncertainty.
If the main shareholder retains over 60% by year-end, the company will exit the SIIC regime, triggering further tax impacts.
- Rental income grew 17.4% to €9.3M in Q1 2026, driven by a new property acquisition.IMDA
Q1 2026 TU - Rental income rose 7.7% in 2024, with occupancy reaching 93.1% after a new lease.IMDA
Q4 2024 TU - Q3 2024 rental income grew 8.8% year-over-year to €7.5M, with occupancy at 93.62%.IMDA
Q3 2024 TU - Q3 2025 rental income rose 17.2% year-over-year to €8.7M, driven by portfolio expansion.IMDA
Q3 2025 TU - Q4 2025 rental income rose 20.9% year-over-year to €9.1M, with occupancy at 93.2%.IMDA
Q4 2025 TU - Strong rental growth and robust financials, with a major Paris acquisition and higher dividend.IMDA
H2 2025 - Net income doubled to €19.4M, rental income rose 12.6%, and portfolio strength persisted.IMDA
H1 2025 - Net income up to €10M on 7.4% rental growth; portfolio value reached €860.9M.IMDA
H1 2024 - Q1 2025 rental income up 8.5% to €7.9M, with occupancy at 93.1% and new leases signed.IMDA
Q1 2025 TU
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