Vitura (VTR) H1 2024 earnings summary

Executive summary

• Rental income for H1 2024 was €21.7 million, down from €25.6 million in H1 2023, mainly due to the full vacancy of Passy Kennedy and Office Kennedy buildings.

• 11,000 sq.m were let in H1 2024, including a significant lease at the newly renovated Rives de Bercy campus.

• Portfolio value at June 30, 2024, was €1,266 million, down from €1,307 million at December 31, 2023.

Financial highlights

• EPRA NTA at June 30, 2024, was €465 million (€27.3 per share), down from €523 million (€30.7 per share) at year-end 2023.

• EPRA earnings showed a loss of €7.8 million in H1 2024 versus a profit of €8.3 million in H1 2023.

• IFRS consolidated net debt was €809 million at June 30, 2024, with a loan-to-value (LTV) ratio of 63.9%.

• Basic and diluted earnings per share were (€3.20) for H1 2024.

Outlook and guidance

• 100% of debt is hedged against Euribor fluctuations for the next 12 months at an average rate of 0.50%.

• The sale of controlling interests in Passy Kennedy and Office Kennedy will finance repositioning works and is expected to result in a capital loss of €139 million in H2 2024.