Bleecker (BLEE) Q3 24/25 TU earnings summary

Executive summary

• Consolidated rental income for Q3 2024/2025 was €6.85M, down from €8.24M in Q3 2023/2024, mainly due to asset disposals in the prior year.

• At constant scope, rental income increased by 14.51%, driven by rent indexation and new leases.

• All real estate assets are now located in Paris, following recent portfolio adjustments.

Financial highlights

• Q3 rental income: €6.85M, a 16.83% decrease year-over-year.

• Total rental income for the first three quarters: €18.98M, down 19.40% from €23.55M year-over-year.

• 100% of Q3 rental income originated from Paris assets.

Outlook and guidance

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

• Strategy includes asset value enhancement through repositioning works and environmental certification (BREEAM-IN-USE).

• Continues to seek opportunities for secured, high-quality assets and those with strong value creation potential.