Vitura (VTR) H2 2025 earnings summary

Executive summary

• Portfolio valued at €865 million, comprising 170,000 sq.m across four large office properties, all fully certified for sustainability standards.

• 34,000 sq.m let in 2025, with major tenants such as BPCE Group and Dauphine Executive Education moving in, representing 22% of the portfolio.

• Core portfolio occupancy rate increased to 81% at year-end 2025, up from 69% in 2024.

• Recognized for sustainability, achieving a 5-star GRESB rating and two EPRA Gold Awards.

• Energy consumption reduced by 37% since 2013, aligning with regulatory targets.

Financial highlights

• Rental income reached €43.8 million in 2025, up from €43.1 million in 2024, supported by 3.5% index-linked rent increases.

• Net rental income rose to €37.8 million from €32.9 million year-over-year.

• Consolidated net loss narrowed significantly to €20.8 million from €243 million in 2024.

• EPRA earnings improved to €8.5 million from a loss of €5.1 million in 2024.

• Like-for-like cash flow increased to €11.3 million from €6.5 million year-over-year.

Outlook and guidance

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

• Confident in refinancing debt maturing in July 2026, supported by asset quality and rental performance.

• Ongoing efforts to improve Hanami campus rental situation and extend debt maturity due in June 2026.

• Continued emphasis on value creation and environmental initiatives.