Immobilière Dassault (IMDA) H2 2024 earnings summary

Executive summary

• Rental income increased by 7.7% to €29.8M in 2024, driven by lease indexation and renegotiations.

• Adjusted net asset value (NAV) per share rose to €87.5 from €85.3 at end-2023.

• Proposed cash dividend of €2.08 per share for 2024.

• Portfolio value (excl. duties) reached €877.1M, mainly in prime Paris locations.

Financial highlights

• Operating income was €26.8M, down from €28.2M in 2023, which included a €3.8M one-off gain.

• Operating result improved to €36.8M from -€15.3M in 2023, reflecting positive property revaluations.

• Net income (Group share) reached €27.3M for 2024.

• Recurring cash flow (excl. working capital changes) was €18.4M, stable year-over-year.

Outlook and guidance

• Focus remains on asset value enhancement and medium- to long-term yield optimization in 2025.

• Continued renovation and environmental upgrades planned, with selective acquisition strategy in prime Paris assets.