Vitura (VTR) H1 2025 earnings summary

Executive summary

• Rives de Bercy attracted major tenants, including BPCE Group leasing 50% of the property, boosting occupancy rates and validating the asset repositioning strategy.

• Portfolio occupancy rate rose to 77% as of June 30, 2025, up 8 points from December 31, 2024, with an average remaining lease term of nearly six years.

• Net rental income for H1 2025 was €17.5 million, up from €13.6 million in H1 2024, despite a slight decrease in portfolio value.

• Net loss for H1 2025 was €10.96 million, a significant improvement from the €54.6 million loss in H1 2024.

• Prestigious tenants, including BPCE Group and Paris-Dauphine University, signed significant leases, supporting asset repositioning and tenant retention strategies.

Financial highlights

• Rental income for H1 2025 reached €21.9 million, nearly flat year-over-year.

• Net rental income increased to €17.5 million from €13.6 million year-over-year.

• Net financial expense for H1 2025 was €17.6 million, slightly lower than €18.2 million in H1 2024.

• Net loss per share improved to €0.64 from €3.20 year-over-year.

• EPRA earnings for H1 2025 were €7.7 million, up from €1.9 million in H1 2024.

Outlook and guidance

• The Group is confident in refinancing Prothin's debt maturing July 2026, citing strong asset quality and occupancy.

• Hanami Rueil SCI's LTV covenant breach has been temporarily resolved, with further extensions under negotiation.

• Expected compliance with LTV ratios by October 2025, supported by asset value improvements and loan repayments.

• Ongoing discussions to extend €90 million in debt maturities.

• Continued focus on energy efficiency and carbon neutrality by 2050.