Banimmo (BANI) H1 2025 earnings summary

Executive summary

• The first half of 2025 was marked by market stabilization after a turbulent start, with renewed interest in office leasing and the first significant lease for NETWORKS Gent ATMOS at The Loop in Ghent.

• Construction of the new Farys headquarters is progressing, with delivery expected in Q2 2026.

• A 'Green Loan' was secured for NETWORKS Gent ATMOS and Farys, underlining sustainability ambitions.

• Despite a negative net result, operational results remain positive, with financing costs mainly related to ongoing development projects.

Financial highlights

• Net rental income for H1 2025 was €3.7 million, up 2.3% year-over-year due to rent indexation.

• Net consolidated result (IFRS) was a loss of €2.0 million, compared to a profit of €2.5 million in H1 2024, mainly due to negative fair value adjustments and higher financing costs.

• Net asset value per share was €5.90 at June 30, 2025, down from €6.06 at December 31, 2024.

• The real estate portfolio was valued at €162.1 million, with €103.2 million in investment properties and €53.9 million in stock properties.

• No property sales were completed in H1 2025.

Outlook and guidance

• Optimism remains for the NETWORKS Gent ATMOS project, with strong demand for quality office space in Ghent.

• Structural plans for Charleroi and The Loop in Ghent have been finalized, enabling permit applications.

• Project financing and support from the majority shareholder will allow repayment of the €50 million bond at the end of 2025.