Bleecker (BLEE) H1 25/26 earnings summary

Executive summary

• Revenue from rental activities increased by 2.4% year-over-year to €12.4M, driven by new acquisitions and lease indexation.

• Net loss narrowed to €1.96M from €2.62M year-over-year, reflecting stable operational performance despite higher financial costs.

• Dividend of €21.06 per share (€23.7M total) was distributed, in line with SIIC obligations.

• The company maintained a strong focus on prime Parisian office assets and continued its environmental certification efforts.

Financial highlights

• Rental income: €12.4M (up from €12.1M year-over-year).

• Operating income before asset disposals: €4.6M (vs. €5.1M year-over-year).

• Net loss: €1.96M (vs. €2.62M year-over-year).

• Total assets: €613M (vs. €589M year-over-year).

• Equity: €224M (vs. €257M year-over-year).

• Net cash: €1.4M (vs. €0.5M at prior year-end).

Outlook and guidance

• The company remains confident in its strategy, focusing on high-quality, well-located assets and selective new investments.

• Plans to continue asset repositioning, environmental certifications, and opportunistic refinancing.