Immobel (IMMO) H1 2025 earnings summary

Executive summary

• Achieved a net profit of €31.5 million in H1 2025, reversing a €89.1 million loss in H1 2024, driven by strong project commercialization and key asset sales.

• Operating income rose to €149 million (external view), up from €114 million in H1 2024, with residential developments and project launches as main contributors.

• Over 588 residential units sold in H1 2025, progressing toward a 2025 target of 900+ units.

• Major transactions included the sale of the Sainctelette office building and all office and retail units in Brussels, with post-closing sales expected to further boost H2 2025 results.

• Red Bull and Brunello Cucinelli established flagship locations in Paris properties; construction started on Kiem2050 in Luxembourg.

Financial highlights

• Net result: €31.5 million profit in H1 2025 vs. €-89.1 million loss in H1 2024.

• Operating income: €149 million (external), €211 million (internal), up from €114 million and €137 million respectively in H1 2024.

• Result before financial result and taxes: €26 million, up from €-88 million in H1 2024.

• Impairments limited to €-1.7 million, down from €-86 million in H1 2024.

• Annualized rental income exceeds €8 million, on track for €16 million in 2025.

Outlook and guidance

• FY2025 revenues expected at the upper end of €300–400 million guidance.

• Over 900 residential unit sales targeted for 2025, with 588 sold in H1.

• Permits for projects with GDV of €200–400 million are on track, mainly in Luxembourg and Germany.

• Early signs of market improvement support continued efforts for sustainable, long-term value creation.