Bleecker (BLEE) H2 24/25 earnings summary

Executive summary

• Operational income rose to €5.2M from a loss of €7.1M year-over-year, driven by improved property valuations and lower financial costs.

• Net loss narrowed significantly to €9.4M from €41.3M year-over-year.

• Portfolio value increased due to acquisitions in Paris and Bussy-Saint-Georges.

Financial highlights

• Operating revenues fell to €24.6M from €30.2M year-over-year, mainly due to lower rental income.

• Rental income decreased to €24.5M from €30.0M year-over-year.

• Net financial debt increased, with net cash dropping to €0.5M from €5.1M year-over-year.

• Equity declined to €249.8M from €259.3M year-over-year.

• Total assets rose to €609.1M from €592.3M year-over-year.

Outlook and guidance

• Focus remains on Parisian office assets and recent activity parks in Ile-de-France.

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

• Cautious investment approach due to macroeconomic and geopolitical uncertainties.