Fonciere Inea (INEA) H2 2025 earnings summary

Executive summary

• Achieved solid operational growth in 2025 with recurring net income up 5.4% and resilient asset values despite a challenging office real estate market.

• Outperformed 2025 guidance, delivering cash flow per share of €4.7, up 53% year-over-year.

• Proposed dividend of €2.70 per share, yielding 7.9%, subject to shareholder approval.

• Voluntarily adopted CSRD extra-financial reporting framework, highlighting strong ESG performance.

Financial highlights

• Gross rental income rose 4.5% to €81.5M; 80% of growth at constant scope, mainly from rent indexation.

• EBITDA increased 4% to €50.6M; recurring net income reached €28.0M (+5.4%).

• Cash flow per share surged 53% to €4.7; recurring net income per share at €2.6 (+5.4%).

• Asset value (including duties) at €1,210M; 79% offices, 21% business parks.

• EPRA NRV per share at €54.7, down 1.4% year-over-year but up 1–2% in H2 2025.

Outlook and guidance

• 2026 cash flow guidance set between €4.6 and €5.0 per share.

• Focus on reducing debt and improving occupancy to enhance profitability.

• Commercial momentum expected to benefit from a potential office market rebound and limited new supply in regional markets.