Bleecker (BLEE) H1 25/26 earnings summary

Executive summary

• Revenue from rental activities increased by 2.5% year-over-year to €12.44M, 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.

• The property portfolio value increased to €574.98M, up from €560.05M a year earlier.

Financial highlights

• Rental income for the semester was €12.42M, a 2.4% increase compared to the same period last year.

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

• Net financial debt cost was -€6.81M, compared to -€7.73M a year earlier.

• Consolidated equity stood at €224.20M, down from €256.64M year-over-year.

• Net cash position improved to €1.39M from €0.08M year-over-year.

Outlook and guidance

• Investment focus remains on Parisian office buildings and recent business parks in Ile-de-France, adapting to macroeconomic and international conditions.

• Strategy includes asset repositioning, environmental certification, and selective acquisitions for value creation.

• Ongoing debt consolidation and potential asset disposals to fund new projects with attractive returns.