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

Executive summary

• 2024 was a year of transition with a challenging real estate market, a major capital increase of €598.8M–€600M in January 2025, mainly subscribed by SMABTP, raising its stake to 93.8% and supporting financial stability and transformation.

• The company continued its strategic roadmap, focusing on asset diversification, geographic rebalancing, and environmental performance, with 83% of assets certified and major development projects delivered or underway.

• Portfolio value declined 5.8%–5.9% year-over-year to €1.62B, with a focus on ESG and sustainable objectives.

Financial highlights

• Gross rental income: €79.0M; net rental income: €64.8M (down from €70.9M in 2023); net consolidated result: -€59.2M (vs. -€47.2M in 2023).

• EPRA earnings: €21.9M or €1.3/share; cash flow per share: €1.45; EPRA NTA per share: €35.0 (post-capital increase: €8.9).

• Portfolio value: €1.62B, down 5.8%–5.9%; net financial debt: €719M; LTV: 44.5% (post-capital increase: 18.7%–38.1%).

• EPRA topped-up yield: 4.7%; EPRA vacancy rate: 23.7%; cost ratio (incl. vacancy): 39.0%.

• Dividend payment suspended for 2024.

Outlook and guidance

• The company aims to improve occupancy, accelerate asset diversification, and maintain high environmental standards.

• Priorities for 2025: increase occupancy, continue disposals of non-strategic assets, and accelerate development to reach one-third diversified assets and one-third in regional cities.

• Financial structure reinforced to seize market opportunities and restore sustainable distribution capacity.