Fonciere Inea (INEA) H1 2025 earnings summary

Executive summary

• Achieved resilient operational growth in H1 2025 amid global economic and political uncertainty, with gross rental income up 8% and recurring net income up 5% year-over-year.

• Portfolio value remained stable at €1.24B, with only a -0.3% adjustment since December 2024.

• No new investments, but one business park delivered and several asset disposals executed or planned.

• Maintained a diversified, high-quality tenant base and continued progress on sustainability initiatives.

• Cash-flow per share growth target of at least 10% for 2025 reaffirmed, supported by ongoing asset disposals.

Financial highlights

• Gross rental income reached €41.1M, up 8% year-over-year, mainly due to strong like-for-like growth (+6.3%) and robust rent indexation (+4.4%).

• Recurring net income rose to €14.0M (+5% year-over-year); net profit for the semester reached €2.2M, reversing a prior loss.

• EPRA recurring net income per share rose 4% to €1.23.

• Dividend of €2.70 per share paid, yielding 8.2% on year-end share price.

• EPRA net asset values per share declined 3–7% over six months due to dividend distribution.

Outlook and guidance

• Targeting at least 10% growth in cash flow per share for 2025, confirmed at mid-year.

• Ongoing asset rotation strategy aims to reduce leverage below 50% medium-term.

• Asset sales program targets €22M by year-end, with completion subject to due diligence.