Société de la Tour Eiffel (EIFF) H2 2024 earnings summary

Executive summary

• EPRA earnings per share reached €1.3, with recurring cash flow per share at €1.5 for 2024.

• Portfolio value declined 5.8% like-for-like to €1.6bn, with occupancy rate at 76.3%.

• Major capital increase of €600m in 2024 and €598.8m in January 2025, mainly subscribed by SMABTP Group, rebalanced the financial structure and reduced LTV.

• Portfolio transformation included €85m in disposals and €83m in developments focused on sustainability.

• Dividend suspension proposed for 2024 and maintained, with future reinstatement dependent on distributive capacity.

Financial highlights

• Gross rental income fell to €79.0m from €83.1m year-over-year.

• EPRA earnings dropped to €21.9m (€1.32/share) from €32.4m (€1.95/share) year-over-year.

• EPRA NTA per share at €35.0, declining from €40.8, and further to €8.9 post-capital increase.

• Net financial debt at €719.1m, reduced to €302.6m post-capital increase.

• LTV reduced to 38.1% post-capital increase, and further to 18.7% after January 2025.

Outlook and guidance

• Focus on portfolio adaptation, regional diversification, and environmental performance.

• Target to reduce office share to two-thirds of portfolio and certify at least 80% of assets.

• Continued vigilance on tenant risk and rental collection amid fragile economic conditions.

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

• Strengthened financial structure to support sustainability and future growth.