Bleecker (BLEE) H1 24/25 earnings summary

Executive summary

• Revenue for the first half-year ended 28 Feb 2025 was €12.1m, down 20.8% year-over-year due to prior asset disposals; at constant scope, rental income rose 7.9% from new leases and indexation.

• Net loss (Group share) was €2.6m, a significant improvement from the €20.3m loss a year earlier, reflecting improved operational performance and lower negative adjustments.

• Operating income before asset disposals was €5.1m, a turnaround from a €10.7m loss in the prior year.

• The company operates exclusively in Paris, focusing on prime office and business assets, and maintains a high occupancy rate.

Financial highlights

• Rental income: €12.1m (vs. €15.3m prior year); at constant scope, +7.9%.

• Operating income before asset disposals: €5.1m (vs. -€10.7m prior year).

• Net loss: €2.6m (vs. €20.3m loss prior year).

• Investment property value: €560.1m (stable vs. 31 Aug 2024; down from €577.1m at Feb 2024).

• Net cash: €78k (vs. €5.1m at 31 Aug 2024; €766k at Feb 2024).

Outlook and guidance

• The company remains confident in its Paris-focused strategy, prioritizing high-quality, strategically located assets and ongoing asset enhancement through repositioning and environmental certification.

• Debt consolidation and refinancing are being pursued to secure existing liabilities.

• Asset arbitrage may continue to fund new, attractive real estate projects.