Banimmo (BANI) H1 2025 earnings summary

Executive summary

• Real estate market shows signs of stabilization after a turbulent start to the year, with increased leasing activity and the first new lease at NETWORKS Gent ATMOS on The Loop (1,270 m²).

• Major development focus on The Loop in Gent, including 22,000 m² retail and 25,000 m² public space, and ongoing construction of Farys headquarters (delivery Q2 2026).

• A Green Loan was secured for NETWORKS Gent ATMOS and Farys, underlining sustainability ambitions.

• Operational result remains positive despite a negative net result, mainly due to higher financing costs for ongoing projects.

Financial highlights

• Real estate portfolio valued at €162.1 million as of June 30, 2025, up from €151.6 million at year-end 2024.

• Net asset value per share at €5.90, down from €6.06 at December 31, 2024.

• Rental income for H1 2025 was €3.7 million, a 2.3% increase year-over-year, mainly due to indexation.

• Net result for H1 2025 was a loss of €2.0 million, compared to a profit of €2.5 million in H1 2024, driven by negative fair value adjustments and higher financing costs.

• Operational result for H1 2025 was €73k, down from €3.7 million in H1 2024.

Outlook and guidance

• Optimism for NETWORKS Gent ATMOS due to sustained demand for quality offices in Gent and strong sustainability credentials.

• Increased activity in the commercial market compared to the previous semester.

• Structural plans finalized in Charleroi and The Loop, enabling first building permit applications.

• Regular review of acquisition opportunities to maintain development pipeline.

• Sufficient project financing and shareholder support expected to enable repayment of €50 million bond at end of 2025.