Immobilière Dassault (IMDA) H1 2025 earnings summary

Executive summary

• Net income reached €19.4M for H1 2025, nearly doubling year-over-year, driven by higher rental income and positive property revaluations.

• Rental income increased 12.6% to €16.7M, supported by lease revisions and favorable tenant negotiations.

• Portfolio value rose to €888.9M, with 14 prime Paris assets and a 92.4% occupancy rate.

• Dividend of €2.08 per share distributed in June 2025, totaling €14.3M.

• No significant post-closing events reported as of July 24, 2025.

Financial highlights

• Operating income increased to €23.3M from €11.8M year-over-year, mainly due to €9.7M in positive property revaluations.

• Net financial debt stood at €267.2M, with 81% at fixed rates or hedged.

• Cash flow from operations (before working capital) rose to €10.4M, up 12% year-over-year.

• Share price at June 30, 2025 was €52.6, up 2% YTD, trading at a 40.4% discount to adjusted NAV.

• Net asset value per share increased to €87.83 from €87.07 at year-end 2024.

Outlook and guidance

• Management does not anticipate financing difficulties for upcoming debt maturities in H2 2025.

• Ongoing asset enhancement, environmental upgrades, and selective acquisitions in prime Paris locations are planned.

• Maintains disciplined investment approach due to scarcity and high valuation of prime assets.