Immobel (IMMO) H1 2026 earnings summary

Executive summary

• Delivered solid H1 2026 results, with disciplined execution across a diversified European portfolio and a net result of €13.2 million, down from €31.5 million in H1 2025 due to non-recurring items; underlying net result rose to €19.0 million from €6.8 million, driven by office sales and steady residential activity.

• Completed major office transactions in Warsaw and Brussels, advanced residential sales momentum with over 200 units commercialized, and achieved key milestones in Spain, securing land for the Four Seasons Marbella project.

• Started construction on 596 residential units across four major Belgian projects.

• Operating income reached €127 million (external view) and €239 million (internal view), with liquidity at €110 million (€168 million internal view), supported by new financing arrangements.

• The group remains focused on disciplined balance-sheet management and portfolio optimization amid macroeconomic and geopolitical uncertainty.

Financial highlights

• Net result for H1 2026: €13.2 million (H1 2025: €31.5 million), with prior year boosted by €24.7 million in non-recurring items.

• Underlying net result (excluding non-recurring items): €19.0 million, up from €6.8 million in H1 2025.

• Operating income: €127 million (external view), €239 million (internal view), compared to €149 million (internal: €211 million) in H1 2025.

• Financial result improved to €-2.6 million (H1 2025: €-4.7 million), reflecting reduced net debt.

• Earnings per share (basic) was €1.29, compared to €3.08 in H1 2025.

Outlook and guidance

• Full-year operating income guidance revised to €375–400 million (internal view), down from €400–450 million, due to delayed disposal of the Isala office building.

• Annualized rental income on track to reach €14 million in 2026.