Fonciere Inea (INEA) Q3 2025 earnings summary

Executive summary

• Rental income increased by 6.1% year-over-year for the first nine months, reaching €61.2 million.

• Three new business parks were delivered in the third quarter, enhancing portfolio quality.

• Two non-strategic office buildings were sold for €3 million, generating a €1.1 million capital gain.

• The company is focused on active asset rotation and deleveraging to create sustainable value.

Financial highlights

• Rental income for Q1–Q3 2025: €61.2 million, up 6.1% from €57.7 million year-over-year.

• Growth at constant scope was 4.9%, with rental indexation contributing 3.6%.

• Q1 rental income rose 11%, Q2 by 5%, and Q3 by 3% compared to the same quarters last year.

Outlook and guidance

• The last asset under development, Nexus in Montpellier (8,825 m²), is expected to be delivered soon and is already 50% pre-leased.

• Management emphasizes continued value creation through portfolio quality and targeted disposals.