Banimmo (BANI) H1 2026 earnings summary

Executive summary

• Net profit for H1 2026 reached €8.2 million, a significant turnaround from a €2.0 million loss in H1 2025, mainly due to the sale of the Farys headquarters in Ghent for €47.7 million.

• The sale enabled a substantial reduction in net debt, lowering the net debt ratio to 41.3% from 52.2% at year-end 2025.

• Despite a negative market sentiment impacting the fair value of investment properties, the company remains focused on diversifying into retail, hotel, and residential projects, especially at The Loop in Ghent.

Financial highlights

• Rental income for H1 2026 was €3.8 million, up 3.6% year-over-year due to rent indexation.

• Operating result from properties surged to €19.8 million from €3.2 million in H1 2025, driven by the Farys sale.

• Net asset value per share increased to €6.70 at June 30, 2026, from €6.13 at December 31, 2025.

• The fair value of investment properties declined by 3.3% (€3.5 million), mainly due to market conditions and shorter lease durations.

• Administrative expenses were €2.2 million, in line with budget.

Outlook and guidance

• Optimism remains for the NETWORKS Gent ATMOS project, with ongoing commercial efforts and positive sustainability credentials.

• Continued focus on retail, hotel, and residential developments at The Loop, Ghent, and a mixed-use project in Charleroi.

• Lower leverage post-Farys sale enables pursuit of new acquisition opportunities.