Home Invest Belgium (HOMI) H1 2025 earnings summary

Executive summary

• Portfolio valued at €884 million as of June 2025, with over 91% in residential assets and more than 50% of properties under 10 years old, emphasizing sustainability and energy efficiency.

• Market capitalization at €410 million as of June 2025.

• High occupancy rate of 98.3% and like-for-like rental growth of 4.3% in H1 2025.

• Key projects include acquisition of Jardin Léopold (56 units), delivery of Jourdan 95 (48 units, 92% let), and sale of City Gardens in Leuven for €34 million, 16% above last fair value.

• Strong sustainability focus: average energy consumption of 105 kWh/m²/year, well below Brussels market average.

Financial highlights

• Net rental result for H1 2025 was €18.3 million, up 1.2% year-over-year; property result rose 1.6% to €15.9 million.

• EPRA earnings increased by 2.7% to €10.21 million in H1 2025; EPRA earnings per share stable at €0.51.

• Net result (group share) was €23.2 million or €1.16 per share, down from €64.1 million or €3.26 per share in H1 2024, reflecting lower portfolio revaluation gains.

• EPRA NTA per share at €23.76 as of June 2025, up 0.8% from December 2024; share price at €20.30, trading at a 14.6% discount to EPRA NTA.

• Operating margin stable at 67.9%.

Outlook and guidance

• FY 2025 EPRA earnings per share expected at €1.20, up from €1.16 in 2024.

• Distribution to shareholders approved at €1.14 per share for 2024, marking 25 consecutive years of increases.

• Board maintains a policy of annual distribution increases at or above long-term inflation, supported by indexed rents and cost control.