Vitura (VTR) H2 2024 earnings summary

Executive summary

• Portfolio valued at €877m, comprising 170,000 sq.m across four large office properties, all fully certified for sustainability standards.

• 21,500 sq.m let in 2024 (14% of portfolio); 15,500 sq.m leased in Q1 2025, reflecting strong leasing activity and tenant loyalty.

• Sale and deconsolidation of controlling interests in Passy Kennedy and Office Kennedy in July 2024, resulting in a €142 million loss.

• Energy consumption reduced by 36% since 2013, aligning with 2030 targets and ongoing focus on energy efficiency and carbon neutrality by 2050.

• Leadership changes announced, with Michael Profenius to become Chairman after the 2025 Shareholders' Meeting.

Financial highlights

• Rental income rose 9% year-over-year on a like-for-like basis, reaching €43.1m in 2024, driven by new leases and index-linked rent increases.

• Net rental income on a like-for-like basis was €37.8m in 2024, nearly flat versus 2023.

• EPRA earnings on a like-for-like basis declined to €2.7m from €7.8m in 2023 due to higher financial expenses.

• EPRA NTA at Dec. 31, 2024, was €275.3m (€16.1/share), down from €523.0m (€30.7/share) at end-2023, mainly due to the Kennedy sale.

• IFRS consolidated net debt decreased by €217m to €600m, mainly from loan repayments linked to asset sales.

Outlook and guidance

• Focus on portfolio expansion, proactive asset management, leasing vacant units, and value creation.

• Increasingly proactive environmental approach planned, with a target to increase green loans from 85% to 100% of borrowings.

• Discussions ongoing to extend the maturity of €90m in debt (15% of total debt).

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