Home Invest Belgium (HOMI) H2 2025 earnings summary

Executive summary

• Portfolio valued at €967 million as of 31 December 2025, with over 90% in residential real estate and a strong focus on sustainability and energy efficiency; 71.4% of assets are in Brussels and 92% in Belgium.

• Largest owner and manager of residential properties in Belgium, listed on Euronext Brussels since 1999, with 25 years of consecutive dividend growth and a €371 million market capitalization.

• Over 50% of the portfolio is younger than 10 years, with average primary energy consumption of 104 kWh/m²/year and a target to reduce below 100 kWh/m²/year by end of 2026.

• High occupancy rate of 98.2% and like-for-like rental growth of 4.0% in 2025, reflecting strong demand in the residential rental market.

• Major project completions and acquisitions include Jourdan 95 (48 units), City Dox (163 units), Jardin Leopold (56 units, delivery in 2026), and a Cityforward agreement for 8 projects in Brussels' European quarter (approx. 700 units).

Financial highlights

• Net rental result increased by 6.2% year-over-year to €38.6 million in FY 2025.

• EPRA earnings rose by 4.4% to €24.18 million, with EPRA earnings per share up 4.1% to €1.21.

• Net result (group share) was €59.8 million, or €3.00 per share, down from €80.9 million in FY 2024 due to lower portfolio result.

• Operating margin remained strong at 76.5%.

• IFRS NAV per share increased by 8% to €26.08; EPRA NTA per share up 8.8% to €25.63.

• Property sales generated €36.5 million, with net sales value 14.1% above latest fair value.

Outlook and guidance

• Expects EPRA earnings per share to rise to €1.23 in FY 2026.

• Plans to propose a distribution of €1.16 per share for FY 2025, marking 26 consecutive years of increases.

• Board aims for future distributions to grow at least in line with long-term inflation.