Société de la Tour Eiffel (EIFF) H1 2025 earnings summary

Executive summary

• Major capital increase of €598.8m in January 2025 rebalanced the balance sheet and triggered SIIC status suspension.

• Portfolio realignment and sustainability initiatives advanced, with 83% of assets certified for environmental performance.

• Net result at -€46.0m, EPRA earnings at €4.3m, and recurring cash flow at €5.1m for H1 2025.

• Board-backed strategy focuses on regional network expansion, asset diversification, and environmental quality.

• Dividend suspended for 2025 to strengthen financial structure and restore sustainable distribution capacity.

Financial highlights

• Gross rental income at €36.4m, down 11.7% year-over-year and 5.9% like-for-like; net rental income at €25.5m.

• Net financial debt reduced to €331.7m (from €719.1m at end-2024); LTV at 20.9%.

• EPRA NTA per share at €8.4 as of June 2025 (down from €8.9 pro forma post-capital increase).

• Net result at -€46.0m (vs. -€39.1m year-over-year); EPRA result at €4.3m.

• Portfolio value at €1,585.5m, down 3.7% like-for-like over six months.

Outlook and guidance

• Roadmap continues with focus on urban transformation, asset adaptation, and market opportunities.

• Targeting two-thirds office assets, one-third in major French cities, and at least 80% environmental certification.

• Ongoing vigilance on financial covenants and flexibility for medium-term recovery.