Société de la Tour Eiffel (EIFF) H2 2025 earnings summary

Executive summary

• EPRA earnings for 2025 were €17.4m, with recurring cash flow at €19.3m and a suspension of the dividend.

• The portfolio value declined 6.4% like-for-like to €1.6bn, with 132 buildings and a 74.5% occupancy rate.

• Strategic focus remained on rental activity (€18.2m signed/renewed), developments (€66.7m), and selective disposals (€2.8m).

• Maintained strategic momentum and rigorous operational management amid a polarized French real estate market, with office take-up down 9% year-over-year.

• Raised €598.8m in January 2025, strengthening the balance sheet and enabling further development and risk management.

Financial highlights

• Gross rental income fell to €74.7m from €79.0m year-over-year; net rental income was €58.8m.

• Consolidated net loss widened to -€63.9m from -€59.2m year-over-year.

• EPRA earnings dropped to €17.4m (€0.14/share) from €21.9m (€0.17/share) pro forma.

• EPRA NTA per share was €8.2, EPRA NDV per share €8.1, and EPRA NRV per share €8.9.

• EPRA cost ratio (including direct vacancy) increased to 45.5%.

Outlook and guidance

• The company is focusing on strengthening its financial structure, rebalancing the portfolio, and restoring sustainable distribution capacity.

• Management expects ICR ratio to remain close to or below the 2x covenant in 2026, with amendments already secured for compliance.

• Focus remains on ramping up recently delivered assets, continued divestments, and further portfolio diversification.

• Dividend suspension proposed to continue, with a long-term goal to restore and increase distributions as conditions allow.