Immobel (IMMO) H2 2024 earnings summary

Executive summary

• Demonstrated financial strength and strategic agility with increased sales activity, strong cash reserves, and disciplined management despite challenging real estate markets.

• Operating income rose 133% year-over-year to €379 million, with liquidity at €182 million at year-end.

• Handover of 1,315 residential units and sale of non-strategic landbanks for €44.5 million.

• Secured over €430 million in project refinancing and new facilities in 2024, plus a €135 million corporate financing extension in early 2025.

• Focused on high-potential developments, discontinuing select projects and obtaining key permits for major projects.

Financial highlights

• Operating income reached €379 million (external view), up 133% from 2023; EBITDA at €34 million and underlying net result of €6 million.

• Net result was -€94 million, impacted by €99 million in asset impairments (6% of total assets), mainly from discontinued projects.

• Liquidity position at €182 million; annualized rental income at €17 million.

• Overhead costs reduced to €30 million; average cost of debt at 4.3%, with over 90% hedged or fixed until end of 2026.

• Total assets at €1.6 billion (recorded at cost); gearing ratio improved to 67% at year-end compared to June 2024.

Outlook and guidance

• 2025 revenues projected between €300 million and €400 million.

• Board recommends no dividend for FY 2024 to strengthen the balance sheet.

• Anticipates steady residential sales in Belgium and signs of recovery in office transactions under €100 million.

• Strategic focus remains on premium locations and sustainable developments.