Home Invest Belgium (HOMI) H2 2024 earnings summary

Executive summary

• Achieved strong 2024 results with a net result of €81.0 million, 9.3% EPRA earnings growth, and a €347 million market cap.

• Portfolio valued at €882 million, with over 90% in residential assets and 66% in Brussels.

• Record 98.2% occupancy rate and 3.3% like-for-like rental growth.

• Completed major sustainable projects in Antwerp and Hasselt, both fully let and energy efficient.

• Board proposes €1.14 dividend per share, marking 25 consecutive years of increases.

Financial highlights

• Net rental result rose 5.1% year-over-year to €36.4 million; operating margin increased to 76.8%.

• Net result (group share) was €81.0 million, up from a €14.3 million loss in 2023, driven by €62.8 million positive fair value changes.

• EPRA earnings increased 9.3% to €23.2 million (€1.16 per share); NAV per share (IFRS) rose 13.4% to €24.14.

• Debt ratio at 47.2% (RREC-Act), with €406 million in financial debts and average financing cost of 2.18%.

• Shareholders' equity increased to €484.44 million; €61–68 million in undrawn credit lines.

Outlook and guidance

• Expects EPRA earnings per share of €1.16 for FY 2025, at least flat year-over-year.

• Board confident in long-term prospects, supported by a young, sustainable portfolio and favorable urban rental trends.

• Positive demographic and urbanization trends support continued demand for quality rental housing.