Fonciere Inea (INEA) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 gross consolidated rental income was €57.3M, down 6.4% YoY; constant-scope billed rents rose 0.7% despite a persistently subdued regional market.

Financial highlights

• Gross consolidated rental income (IFRS) was €57.3M vs. €61.2M in 9M 2025, a €3.9M decrease.

• At constant scope, billed rents were €41.6M vs. €41.3M; recharged rental expenses were €12.9M vs. €14.0M, down €1.1M due mainly to annual expense adjustments.

• Constant-scope rental income was supported by 1.1% indexation; non-constant-scope income declined €2.0M, mainly from rental guarantee expirations.

Segment performance

• Nearly 28,000 m² was leased, including 9,500 m² of renewals, compared with 21,000 m² of tenant departures to date.

• New leases included 2,764 m² for Ionis Group at Atravaia in Aix-en-Provence, 2,037 m² for Veolia Environnement at Window in Rennes, and 2,576 m² across three leases at OLEA in Bordeaux.

• Leasing activity covered both offices and business parks, with transactions involving major corporate tenants.