Société de la Tour Eiffel (EIFF) H1 2026 earnings summary

Executive summary

• Completed the first development cycle with delivery of Syrah in Bobigny and upcoming Rivage in Puteaux, confirming strategic positioning and long-term asset management.

• Entered a new transformation phase focused on developments, redevelopments, and disposals for sustainable value creation.

• Tender offer and squeeze-out initiated by SMABTP Group, now holding up to 97% ownership, resulting in delisting from Euronext Paris.

• Dividend suspended for the period to strengthen the financial structure.

• Operational priority is letting to reduce vacancy and secure rental income in a selective and challenging market.

Financial highlights

• Gross rental income rose 4.3% year-over-year to €38.0m; like-for-like rents declined 1.1%.

• Net consolidated loss improved to -€23.0m from -€46.0m year-over-year.

• EPRA earnings for H1 2026: €8.7m (€0.07/share); recurring cash flow: €10.1m.

• EPRA NTA per share: €7.72 (down from €8.16 at year-end 2025); EPRA NDV per share: €7.6.

• Portfolio value: €1,563m, with a like-for-like decrease of 2.9% over six months.

Outlook and guidance

• Focus on letting recently delivered assets, reducing vacancy, and adapting the portfolio to market conditions.

• Continued roadmap execution with asset disposals, developments, and selective acquisitions.

• Delivery of major projects scheduled for late 2026, including Rivage in Puteaux.

• Anticipates ICR ratio may approach or fall below 2x covenant by year-end 2026; amendments to financing agreements obtained.