Fonciere Inea (INEA) H1 2025 earnings summary

Executive summary

• Achieved solid operational growth in H1 2025 with gross rental income up 8% and recurring net income up 5% year-over-year, despite a challenging economic and political environment.

• Portfolio value remained stable at €1.24 billion, demonstrating resilience with only a -0.3% adjustment since December 2024.

• Cash-flow per share growth target of at least 10% for 2025 reaffirmed, supported by ongoing asset disposals.

Financial highlights

• Gross rental income reached €41.1M, up 8% compared to H1 2024, mainly due to strong like-for-like growth (+6.3%) and robust rent indexation (+4.4%).

• Recurring net income rose to €14.0M (+5% year-over-year); net income improved to €2.2M from a €5.8M loss.

• EBITDA (EBITDA proxy: operating income) increased 4% to €24.2M.

• EPRA net asset values per share declined 3–7% over six months due to dividend distribution.

Outlook and guidance

• Cash-flow per share is expected to grow by at least 10% in 2025, with asset disposals underway to support deleveraging.

• Asset sales program targets €22M by year-end, with completion subject to due diligence.