Immobel (IMMO) H2 2025 earnings summary

Executive summary

• Achieved a net result of EUR 48 million for FY2025, reversing a EUR -94 million loss in FY2024, driven by strong residential sales, project commercialization, and major office asset and permit disposals.

• Sold 882 residential units and three prime office assets/buildings, including the largest office transaction in three years; secured 18,000 m² of new leases with notable tenants in Paris, Brussels, and Liège.

• Obtained permits for projects with a GDV of EUR 207 million, bringing total permitted GDV to EUR 1.7 billion.

• ESG performance improved, achieving a 97% GRESB rating and finalist nomination for a national sustainability/impact award.

• No dividend proposed for FY2025 to prioritize balance sheet strength and long-term value.

Financial highlights

• Operating income reached EUR 355 million (external view), down from EUR 379 million in FY2024; internal view at EUR 456 million (FY2024: EUR 445 million).

• Result before financial results and taxes was EUR 57 million, up from EUR -83 million in FY2024.

• Gearing ratio improved to 58.9% from 66.7% in FY2024; net financial debt reduced to EUR 651 million from EUR 801 million.

• Liquidity position at EUR 175 million (EUR 202 million internal view), covering all financial obligations including a EUR 125 million bond maturing in June 2026.

• Annualised rental income was EUR 16 million (FY2024: EUR 17 million); total assets at EUR 1.4 billion (FY2024: EUR 1.6 billion).

Outlook and guidance

• Operating income for FY2026 expected to reach EUR 400–450 million, supported by robust residential sales and office asset disposals.