Banimmo (BANI) H1 2024 earnings summary

Executive summary

• Net profit for H1 2024 reached €2.5 million, a significant increase from €160k in H1 2023, driven by higher rental income and positive revaluation of investment properties.

• Rental income rose 38% year-over-year to €3.6 million, supported by new leases, indexation, and the extension of usufruct on a key property.

• The company maintains a low net debt ratio of 37.99% and strong financial flexibility, with no major refinancing pressures.

• Major development projects in Ghent (NETWORKS Gent ATMOS, Farys HQ) are progressing, with handovers expected in 2025 and 2026.

• The real estate market remains challenging, but demand for sustainable, high-quality office space supports prime rents.

Financial highlights

• Investment property portfolio valued at €137.7 million as of June 30, 2024, up from €118.7 million at year-end 2023.

• Net asset value per share increased to €6.20 from €5.94 at December 31, 2023.

• Operating result rose to €3.7 million (vs. €0.9 million in H1 2023); net result per share was €0.17 (vs. €0.00 in H1 2023).

• Rental income: €3.6 million (+38% year-over-year); operating result: €3.7 million; net result: €2.5 million.

• Positive fair value adjustment of €2.6 million on investment properties, mainly from the NETWORKS Gent ATMOS project.

Outlook and guidance

• Optimism for NETWORKS Gent ATMOS as demand for sustainable offices in Ghent remains strong.

• Structural plans for Charleroi and The Loop (Ghent) are nearing completion, with permit applications expected from 2025.

• Acquisition opportunities are regularly reviewed to maintain development potential.