Banimmo (BANI) H2 2025 earnings summary

Executive summary

• Achieved a positive net result of €52k for 2025, with rental income up 2% year-over-year to €7.5 million.

• Property portfolio value increased 18% to €178.7 million, driven by investments and revaluations.

• Delivered NETWORKS Gent ATMOS (16,666 m²) with BREEAM Outstanding certification; first tenant installed.

• No property disposals or acquisitions in 2025; focus remains on ongoing and future developments.

Financial highlights

• Rental income rose from €7.3 million in 2024 to €7.5 million in 2025, mainly due to indexation.

• Net rental income increased 2.1% to €6.6 million.

• Operating result reached €3.7 million; net financial charges up slightly to €3.5 million.

• Net asset value (NAV) per share increased 1.2% to €6.13; share price at year-end was €2.84, a 54% discount to NAV.

• Net debt ratio rose from 45.3% to 52.2% year-over-year.

Outlook and guidance

• Completion and transfer of Farys headquarters in 2026 expected to positively impact results.

• Pipeline includes over 110,000 m² of development at The Loop, with investment potential exceeding €400 million.

• New leases signed post-year-end bring occupancy of ONE and TWO buildings to 100%.