Vitura (VTR) H1 2026 earnings summary

Executive summary

• Rental income increased to €23.7m for H1 2026, up 8.2% year-over-year, driven by new leases and major tenant renewals, including Huawei, which signed a fixed nine-year lease.

• Core portfolio occupancy rate stable at 81% as of June 30, 2026, with overall portfolio at 75% and average lease term extended to over seven years.

• Portfolio value stands at €840 million, reflecting a 3% decrease due to higher capitalization rates.

Financial highlights

• Net loss for H1 2026 was €26.0m, compared to €11.0m loss in H1 2025, mainly due to a €26.7m negative change in fair value of investment property.

• Rental income rose to €23.7m from €21.9m year-over-year.

• EPRA earnings rose 111% year-over-year to €4.0m in H1 2026.

• Cash flow from operations was €13.75m for H1 2026; cash flow increased by 42% to €6.1m compared to H1 2025.

• EPRA NAV per share at June 30, 2026: €16.3 (NRV), €14.5 (NTA), €11.2 (NDV); EPRA NTA per share declined from €15.9 at year-end 2025.

Outlook and guidance

• Management confident in ongoing refinancing negotiations for Prothin and Hanami debt maturities, with extensions secured for key loans through late 2026.

• Continued focus on sustainable performance and energy efficiency to enhance long-term portfolio value.