Business
Press release - Société de la Tour Eiffel - 2025 Half-Year Results: an adjusted approach while maintaining the property company's roadmap targets
Press release - Société de la Tour Eiffel - 2025 Half-Year Results: an adjusted approach while maintaining the property company's roadmap
About this update from Societe De La Tour Eiffel Sa
[{"type":"text","content":"2025 HALF-YEAR RESULTS\n AN ADJUSTED APPROACH WHILE MAINTAINING THE PROPERTY COMPANY'S ROADMAP TARGETS\n The Board of Directors of Société de la Tour Eiffel, meeting on 23 July 2025, approved the financial statements for the half-year ended 30 June 2025. The audit procedures for these financial statements have been completed, and the corresponding report is in the process of being issued.\n \"The first half of 2025 saw a continuation of our efforts to bring our portfolio in line with market expectations, with the rebalancing of our balance sheet and the delivery of assets that reflect our strategy, in both type and quality of certification. While the market environment remains challenging, our teams are fully committed to commercialising our portfolio and the projects under development. We are moving forward with determination and vigilance to recreate the conditions for the long-term growth of the property company.\" said Christel Zordan, Chief Executive Officer of Société de la Tour Eiffel.\n The Company continues to implement its roadmap on an adjusted basis\n \n Capital increase of €598.8m in January 2025\n \n \n Asset value down 3.7% on a like-for-like basis to €1.6bn\n \n \n €24m in developments of assets with sound fundamentals\n \n \n Loan-to-value ratio (LTV) at 20.9% (covenant < 50%) and EPRA LTV at 28.5%\n \n \n ICR (EBITDA/Financial costs) at 2.9x (covenant > 2x)\n \n \n €540m in drawdown capacity\n \n \n EPRA NTA of €8.4/share\n \n \n EPRA Topped-up Net Initial Yield: 4.3%\n \n … essential to the sustainable transformation of its assets in response to the challenges of the property market\n \n Gross rental income of €36.4m, down 5.9% on a like-for-like basis\n \n \n 96% of rents collected by mid-July 2025\n \n \n EPRA occupancy rate down to 71.1% (vs. 76.3%) and 74.8% for the secure occupancy rate\n \n \n Cost of debt low at 1.94%, benefiting from the investment proceeds of the capital increase\n \n \n Consolidated net loss of -€46.0m (vs. -€39.1m)\n \n \n EPRA earnings (new method) of €4.3m, or €0.04/share (vs. €0.07 pro forma)\n \n \n Recurring cash flow of €5.1m (vs. €9.6m)\n \n Continued disposal of buildings unsuited to the Group's challenges\n During the first half, the Group was able to finalise the sale of an asset in Orvault, near Nantes, for €2.8m excluding transfer duties, in line with the appraised...