Home Invest Belgium SaEURONEXT: HOMI

Half-Year Report 2025

· Issued by Home Invest Belgium Sa












03/09/2025 5.40 pm

Regulated information




  • Qualitative residential real estate portfolio

  • The fair value of the real estate portfolio is € 883.55 million on 30 June 2025.

  • The investment properties available for rent consist of 91.4% residential real estate.

  • More than 50% of the investment properties available for rent are younger than 10 years; more than 80% are younger than 20 years.

  • Completion of the Jourdan 95 residential project in Brussels (Saint-Gilles) with 48 sustainable residential units.

  • Acquisition of Jardin Léopold development project in Brussels (Laken) with 56 sustainable residential units.

    • Low average energy consumption of the residential portfolio

  • The units of Home Invest Belgium's property portfolio have an average primary energy consumption of 105 kWh/m²/year on 30 June 2025.

  • Home Invest Belgium's ambition is to further reduce the average primary energy consumption of its residential portfolio to <100 kWh/m²/year by 31 December 2026.

  • In comparison, the average energy consumption of the residential market is 294 kWh/m²/year in the Brussels Capital Region. Only 17% of the market is below 150 kWh/m²/year; only 6% of the market is below 95 kWh/m²/year.

    • Strong letting market results in a high occupancy rate

  • Strong residential letting market with high demand for qualitative housing.

  • An average occupancy rate of 98.3% in the first half of 2025.

  • Lfl (like-for-like) rental growth of 4.3% in the first half of 2025.

    • Further increase of the EPRA earnings

  • 2.7 % increase in the EPRA earnings to € 10.21 million in the first half of 2025 (compared to € 9.34 million in the first half of 2024).

  • 1.1 % increase in the EPRA earnings per share to € 0.51 in the first half of 2025 (compared to € 0.51 in the first half of 2024).

    • Completion of the City Gardens sale in Leuven

  • The net sales price of this sale transaction amounts to € 34.0 million and is 16.0% above the last estimated fair value (31 December 2024).

    • Increase of the Net Asset Value per share (NAV)

  • 0.8% increase in EPRA NTA per share to € 23.76 on 30 June 2025 (compared to € 23.56 on 31 December 2024).

    • Well balanced capital structure and strong liquidity position

  • The debt ratio amounts to 47.50% (RREC Royal Decree) and 46.64% (IFRS) on 30 June 2025.

  • The average cost of debt amounts to 2.14% in the first half year of 2025.

  • 88.1% of the financial debts have a fixed interest rate with a weighted average remaining duration of

    4.9 years.

  • Home Invest Belgium has € 108 million available credit lines.

  • The company has no credit lines or bonds maturing in 2025 and the first half of 2026. The ongoing development pipeline is fully funded.

    • Outlook 2025 and distribution to shareholders

  • For 2025, Home Invest Belgium expects an increase of the EPRA earnings per share to € 1.20 (compared to € 1.16 in 2024).

  • On 6 May 2025 the Ordinary General Meeting and the Extraordinary General Meeting approved a total distribution to shareholders of € 1.14 per share (compared to € 1.12 for 2023), an increase for the 25th consecutive year.

    The distribution to the shareholders consists of the combination of:

    • a gross dividend of € 1.02 per share (an increase of € 0.01 compared to € 1.01 for 2023); and;

    • a capital reduction by € 0.12 per share (an increase of € 0.01 compared to € 0.11 for 2023).

  • The board of directors foresees a distribution policy based on a yearly increase equal to or higher than the long-term inflation.

‌



  1. Real estate portfolio 3

  2. Consolidated key figures 5

  3. Notes to the consolidated key figures 7

  4. Activity Report 10

  5. Stock market activity 15

  6. Distribution to shareholders 18

  7. Outlook 19

  8. Summary of the consolidated financial statements of the first half of 2025 20

  9. APM - Alternative performance measures 38

  10. Shareholders' calendar 42



On 30 June 2025, Home Invest Belgium holds a real estate portfolio1 of € 883.55 million (compared to

€ 881.79 million on 31 December 2024).

REAL ESTATE PORTFOLIO

30/06/2025

31/12/2024

Fair value of investment properties

€ 854.92 m

€ 852.98 m

Investment properties available for rent

€ 793.60 m

€ 786.43 m

Development projects

€ 61.32 m

€ 66.55 m

Investments in associated companies and joint ventures

€ 28.63 m

€ 28.81 m

TOTAL

€ 883.55 m

€ 881.79 m

The fair value of the investment properties available for rent amounts to € 854.92 million across 45 sites.

The total contractual annual rents and the estimated rental value of vacant space is € 39.59 million as of 30 June 2025.

The investment properties available for rent are valued by independent real estate experts at an average gross rental yield2 of 4.99%.

Residential properties accounted for 91.4% of the investment properties available for rent on 30 June 2025. 68.7% of the investment properties available for rent are located in the Brussels Capital Region, 10.3% in the Walloon region, 12.3% in the Flemish Region and 8.7% in The Netherlands.

Investment properties available for rent Investment properties available for rent

- By type of property - Geographical distribution



‌1 The real estate portfolio includes (i) investment properties and (ii) investments in associated companies and joint ventures equity method.‌

‌2 Gross rental yield = (contractual gross rents on a yearly basis + estimated rental value on vacant spaces) / (fair value of the investment properties available for rent).



CONSOLIDATED KEY FIGURES (in k €)

CONSOLIDATED INCOME STATEMENT

H1 2025

H1 2024

NET RENTAL RESULT

18,282

18,064

OPERATING RESULT BEFORE PORTFOLIO RESULT

12,422

12,263

OPERATING MARGING3

67.9%,

67.9%,

XVI. Result on the sale of investment properties

4,691

2,230

XVIII. Changes in fair value of investment properties

10,354

49,787

XIX. Other portfolio result

-478

-208

PORTFOLIO RESULT

14,567

51,808

OPERATING RESULT

26,989

64,071

XX. Financial income

8

4

XXI. Net interest charges

-2,776

-2,918

XXII. Other financial charges

-45

-38

XXIII. Changes in fair value of financial assets and liabilities

-1,878

2,189

FINANCIAL RESULT

-4,690

-764

XXIV. Share in the profit of associated companies and joint ventures

1,053

991

TAXES

-163

-185

NET RESULT

23,189

64,114

Exclusion of portfolio result

-14,567

-51,808

Exclusion of changes in real value of financial assets and liabilities

1,878

-2,189

Exclusion of non-EPRA elements of the share in the result of associated companies and joint ventures

-294

-181

EPRA EARNINGS4

10,205

9,935

Average number of shares5

19,982,868

19,663,501

NET RESULT PER SHARE

1.16

3.26

EPRA EARNINGS PER SHARE

0.51

0.51

‌3 Operating margin = (operating result before portfolio result)/(net rental result).

‌4 EPRA earnings is the net result excluding the (i) portfolio result (ii) the changes in the fair value of financial assets and liabilities and (iii) the non-EPRA elements of the share in the result of associated companies and joint ventures. This term is used in accordance with the Best Practices Recommendations of EPRA.

‌5 The average number of shares is calculated excluding the own shares held by the company. Shares are counted pro rata temporis from the moment of issue or repurchase. The moment of issue may differ from the moment of profit sharing.

BALANCE SHEET

30/06/2025

31/12/2024

Shareholder's equity (attributable to shareholders of parent company)

481,969

484,437

Total assets

903,175

901,069

Debt ratio (RREC Royal Decree)6

47.50%

47.19%

Debt ratio (IFRS)7

46.64%

46.30%

PER SHARE

30/06/2025

31/12/2024

Number of shares at end of period8

19,895,902

20,066,379

Stock price at closing date

20.30

17.16

IFRS NAV per share9

24.22

24.14

Premium compared to IFRS NAV (at closing date)

-16.2%

-28.9%

EPRA NTA per share 10

23.76

23.56

Premium compared to EPRA NTA (at closing date)

-14.6%

-27.2%

‌6 The debt ratio (RREC Royal Decree) is the debt ratio calculated in accordance with RREC Royal Decree. This means that for the purposes of calculations of the debt ratio, participations in associated companies and joint ventures are processed following the proportional consolidation method.

‌7 The debt ratio (IFRS) is calculated like the debt ratio (RREC Royal Decree) but based on and conciliating with a consolidated balance in accordance with IFRS where participations in joint ventures and associated companies are processed following the equity method.

‌8 The number of shares at the end of the period is calculated excluding the own shares held by the company.

‌9 IFRS NAV per share = Net Asset Value or Net Value per share according to IFRS.

‌10 EPRA NTA per share = Net Asset Value or Net Value per share following the Best Practices Recommendations of EPRA.





  1. NOTES TO THE CONSOLIDATED INCOME STATEMENT

    Net rental result

    The net rental result amounts to € 18.28 million during the first half of 2025 (compared to € 18.06 million in the first half of 2024).

    Operating result before the portfolio result

    The operating result before the portfolio result amounted to € 12.42 million during the first six months of 2025 (compared to € 12.26 million during the first six months of 2024).

    The operating margin11 remained stable on 67.9% during the first half of 2025.

    Portfolio result

    During the first six months of 2025, Home Invest Belgium has recorded a portfolio result of € 14.57 million.

    The result on the sale of investment properties amounted to € 4.69 million during the first half of 2025. Home Invest Belgium sold investment properties in this period for a net sales price totalling € 34.03 million. The net sales value was 16.0% above the fair value as valued by the independent real estate expert.

    In addition, during the first half of 2025, Home Invest Belgium recorded a positive change in the fair value of its investment properties amounting to € 10.35 million. These variations consist of:

    • A positive variation of € 9.04 million in Belgium; and

    • A positive variation of € 1.31 million in the Netherlands.

    The other portfolio result amounts to € -0.48 million. In this item, the changes in deferred taxes are recorded.

    Financial result

    The net interest charges amounted to € -2.78 million in the first half of 2025. The average cost of debt12 amounted to 2.14% in the same period.

    The changes in the fair value of the financial assets and liabilities amounted to € 1.88 million during the first half of 2025. These changes are the consequence of a change in the fair value of the interest rate swaps.

    Taxes

    Taxes amounted to € -0.16 million during the first half of 2025 (compared to € -0.19 million during the first half of 2024).

    Net result

    The net result (group share) of Home Invest Belgium amounted to € 23.19 million during the first half of 2025, or € 1.16 per share.

    ‌11 Operating margin = (operating result before portfolio result)/(net rental result).

    ‌12 The average cost of debt = the interest costs including the credit margin and the cost of hedging instruments and increased by capitalized interests divided by the weighted average amount of financial debt over the period.

    EPRA earnings

    After adjustment of the net result before (i) the portfolio result, (ii) the changes in the fair value of the financial assets and liabilities and (iii) the non-EPRA elements of the share in the result of associated companies and joint ventures, EPRA earnings amount to € 10.21 million during the first half of 2025, an increase of 2.7% compared to € 9.94 million during the first half of 2024.

    EPRA earnings per share increased by 1.1% to € 0.51 during the first half of 2025.

  2. NOTES TO THE CONSOLIDATED BALANCE SHEET

    Shareholder's equity and NAV per share

    On 30 June 2025, the group's shareholder's equity stood at € 481.97 million, a decrease of 10.5% compared to 31 December 2024.

    De IFRS NAV per share increased by 0.3% to stand at € 24.22 on 30 juni 2025 (compared to € 24.14 on 31 December 2024).

    De EPRA NTA per share increased by 0.8% to stand at € 23.76 on 30 juni 2025 (compared to € 23.56 on 31 December 2024).

  3. FUNDING STRUCTURE

Debt ratio

The debt ratio (RREC Royal Decree) is 47.50% on 30 June 2025. The debt ratio (IFRS) amounts to 46.64%.

Considering a maximum permitted debt ratio of 65%, Home Invest Belgium still has a debt capacity of € 453.13 million, as defined by the RREC Royal Decree, in order to fund new investments.

Considering Home Invest Belgium's strategy to keep the debt ratio in the medium and long term below 55%, Home Invest Belgium still has a debt capacity of € 151.04 million to fund new investments.

Debt composition

On 30 June 2025, Home Invest Belgium had € 405.00 million in financial debts, composed of:

  • Bilateral credit lines drawn for an amount of € 350.00 million with 7 different financial institutions, with well spread maturity dates until 2032. There are no maturity dates falling in 2025. The first coming maturity dates are in the second half of 2026;

  • Bond loans for an amount of € 49.00 million, maturing between 2028 and 2032;

  • Short trem treasury notes ("commercial paper") for an amount of € 6.00 million. Notwithstanding the short-term nature of the outstanding commercial paper, the outstanding amount is fully covered by available long-term credit lines (back-up lines).

    Maturity dates of the financial debts (in € million)

    160

    140

    120

    100

    8

    80

    60

    25

    35

    20

    20

    40

    89

    77

    20

    48

    35

    47

    40

    0

    2025

    2026

    2027

    9

    2028

    2029

    2030

    2031

    2032

    2033

    6

55



The weighted average remaining duration of the financial debts amounts to 4.1 years.

On 30 June 2025, Home Invest Belgium disposed of € 108.00 million of undrawn available credit lines of which:

  • € 6.00 million long-term back-up lines covering short-term outstanding treasury notes;

  • € 102.00 million available credit lines.

Hedges

On 30 June 2025, 88.1% of the financial debts (i.e. € 357.0 million) had a fixed interest rate, using Interest Rate Swaps as hedging instruments, among other things.

The fixed interest rates have a weighted average remaining duration of 4.9 years.

The total value of the hedges at closing date was positive for an amount of € 12.02 million due to an increase in interest rates after conclusion of the hedges.

Through its hedging policy, the board of directors to protect the company against potential increases in interest rate.

Type of debts Fixed / floating interest rates

12,1%

Bonds

‌Bank loans 86,4%

Treasury notes 1,5%

Fixed interest rate 88,1%

Floating interest rate 11,9%

Overview of fixed-rate debt, hedged variable-rate debt (SWAPS) and unhedged variable-rate debt.




  1. RENTAL ACTIVITY

    In the first half of 2025, Home Invest Belgium saw a healthy rental market with a strong demand for quality homes in the regions in which it is active. This resulted in a very high occupancy rate. The average occupancy rate13 of investment properties available for rent stands at 98.3% in the first half of 2025. The Lfl (like-for-like) rental growth was 4.3% in the first half of 2025.



  2. ACQUISITIONS

    Acquisition sustainable housing project Jardin Leopold - Brussels - Belgium

    Home Invest Belgium acquired the Jardin Leopold development project in Brussels (Laeken) in January 2025. The transaction concerns the acquisition of a site with 2 old warehouses and a building permit. Home Invest Belgium will realise a new build project consisting of 56 units. The total investment in the project will amount to approximately € 18.0 million. The gross initial yield is estimated at around 4.7%. The project is expected to be delivered by the end of 2026.

  3. RENOVATION AND DEVELOPMENT PROJECTS

    Delivery of Jourdan 95 - Brussels - Belgium

    In March 2025, Home Invest Belgium completed the Jourdan 95 residential project in Brussels (Saint-Gilles). The project consists of 48 sustainable rental residential units strategically located between Porte de Halle and Avenue Louise in Brussels.

    At the end of 2022, HOMI received a permit to transform an outdated office building into high-quality rental housing.14 The result is a modern complex of 48 units spread across six floors. The units range from efficient studios to spacious four-bedroom apartments, with many having private terraces. In addition, the building offers a communal gym, a laundry room, bicycle storage and 55 underground parking spaces. On the ground floor, residents have a communal garden, while a nursery is already in use, adding to the vibrancy of the neighborhood.

    The choice to renovate the existing building instead of demolishing it fits perfectly with HOMI's sustainability objectives. This approach significantly reduces the ecological footprint.

    This project was carried out in collaboration with the architectural firm A2RC.

    ‌13 The average occupancy rate represents the average percentage, over a given period, of the contractual rents of the leased premises, in relation to the sum of the contractual rents of the leased premises plus the estimated rental value of the unleased premises. The occupancy rate is calculated excluding (i) buildings under renovation, (ii) buildings that are being placed on the market for the first time and (iii) buildings for sale.

    ‌14 See press release dated 16 September 2022: "Home Invest Belgium obtains building permit for Jourdan project in Saint-Gilles".



    Sustainability and quality of life were at the heart of the renovation of Jourdan 95. The building is heated entirely without the use of fossil fuels. Domestic hot water and heating are produced by 3 collective air-water heat pumps. About 100 solar panels provide green electricity production. The houses have an estimated average primary energy consumption of 42 kWh/m²/year (energy label A).



    Progress City Dox (Lot 4) - Brussels - Belgium

    In November 2021, Home Invest Belgium purshased from Atenor building plot LOT 4 of the CITY DOX project in Brussels (Anderlecht).

    LOT 4 has an ideal location right next to the Vaartdijk in Anderlecht and is part of the large-scale CITY DOX project along the Brussels-Charleroi canal. LOT 4 will be developed into 163 residential units and 2,700 m² of space for production.

    The work is nearing completion and the final touches are being made ahead of delivery in the second half of 2025.



    Renovation building Charles Woeste - Brussels - Belgium

    Home Invest Belgium has started the thorough renovation of its building Charles Woeste located in Brussels (Jette).

    The building, part of Home Invest Belgium's property portfolio since 1999, consists of 2 blocks with a total of 92 units and 30 parking spaces.

    The renovation is in 2 phases: block 1 consists of 48 apartments; block 2 consists of 42 apartments. With the renovation, Home Invest Belgium aims to improve both the energy performance of the building and the living comfort in the apartments.

    Completion of the renovation project is scheduled for Q1 2026.

  4. SALES

    On 29 January 2024, Home Invest Belgium announced to have entered into an agreement, under usual conditions precedent, for the sale of the City Gardens building located in Leuven.15 Home Invest Belgium executed the notary deed on 17 January 2025, thus successfully completing the sale.

    The net sale price amounts to € 34.0 million and is 16% above the last fair value as estimated by the property expert on 31 December 2024.

    This investment is a good illustration of Home Invest Belgium's business model, in which the entire value chain is controlled (from construction or renovation, through management, letting and maintenance, to the eventual sale of a building).

    The City Gardens building consists of 138 apartments, 2 shops and 92 parking spaces. Home Invest Belgium acquired the building in 2009 and completely renovated it in 2010. Home Invest Belgium then held the building in its portfolio for 15 years and operated it on the rental market. In 2025, Home Invest Belgium sold the building and realised a capital gain of € 15.6 million (i.e. 85%) compared to the historical purchase price (plus Capex expenditure).

  5. ENERGY EFFICIENCY OF THE RESIDENTIAL PORTFOLIO

    Home Invest Belgium's s property portfolio has an average primary energy consumption of 105 kWh/m²/year on 30 June 2025.

    Home Invest Belgium's ambition is to further reduce the average primary energy consumption of the residential portfolio to <100 kWh/m²/year by 31 December 2026.

    By comparison, the average energy consumption of the residential market is 294 kWh/m²/year in the Brussels Capital Region. Only 17% of the market is below 150 kWh/m²/year; only 6% of the market is below 95 kWh/m²/year.16

  6. EXPIRY OF LEASEHOLD RIGHTS IN LOUVAIN-LA-NEUVE ON 7 JUNE 2026

    On 25 January 2013, Home Invest Belgium acquired leasehold rights on buildings CV9, CV10 and CV18 in Louvain-La-Neuve17. The building rights have a residual term until 7 June 2026.

    At the end of the leasehold rights, UCL (as the grantor) has the option to:

    1. Either pay HOMI the market value of the structures;

    2. Or extend the building rights for a term of 49 years in the form of a leasehold.

      UCL has informed HOMI that it will not extend the leasehold rights and will therefore opt for payment of the market value of the structures. Based on external valuation reports, the market value of the structures is estimated at approximately € 50 million.

      On 7 June 2026, the contractual rents from the leasehold rights will lapse and HOMI will have a claim against UCL for the market value of the structures. The annual contractual rents on these buildings amount to € 4.2 million on 30 June 2025.

      The decline in rental income resulting from the expiry of the building rights has already been offset by the investment programme that HOMI has implemented in recent years, in particular (i) the completion of 119

      ‌15 See press release 'Home Invest Belgium sells City Gardens in Leuven' dated 29 January 2024.

      ‌16 Source: Bruxelles Environnement, "Certification PEB des habitations individuelles" (données 2021).

      ‌17 See press release "Acquisition de l'ensemble des droits réels du certificat immobilier - Louvain La Neuve 1976 - » dated 4 December 2012

      additional rental properties in 2024 and the first half of 202518 (€ 1.9 million in annual rental income19), (ii) the construction of 219 additional licensed rental properties currently under development20 (€ 3.5 million in annual rental income21, and (iii) the investment in the Cityforward project.

  7. SIGNIFICANT EVENTS AFTER BALANCE SHEET DATE

On 5 March 2025, Home Invest Belgium reached an agreement in principle with Cityforward regarding the future acquisition of a residential development portfolio in the European district of Brussels.

On 5 August 2025, Home Invest Belgium signed a final agreement with Cityforward for the acquisition of 8 projects (spread over 3 major clusters), representing a development programme of approximately 70,000 m². All projects are located in prime locations in the centre of Brussels, more specifically in the European district. The agreement concerns the development of a property portfolio on which Cityforward took over the long lease rights from SFPIM in 2024.22



‌ILO-cluster

HOMI will acquire full ownership23 of the projects (each separately) after obtaining a final and enforceable building permit and the realisation of a number of conditions precedent. Subsequently, HOMI will convert the office buildings into residential projects for long-term holding and letting.

In connection with the future acquisition of the projects, HOMI has made an advance payment to Cityforward of € 50.0 million. The acquisition price for the individual projects will be set off against the advance paid, increased with an annual capitalised remuneration of 8.6% on the (outstanding) advance payment.

Depending on the final permit applications, HOMI estimates the total investment amount for the projects (including the advance payment) at circa € 280 million. Its realisation is expected to be spread over a period of 7 to 9 years. The estimated rental income at full occupancy is expected to amount to approximately € 14 million. The gross initial yield (Yield on Cost) is expected to be approximately 5.0%. HOMI expects to internalise

‌18 In 2024 and the first half of 2025, the following three projects were completed: Den Dam (Antwerp), Blue Quarter (Hasselt) and Jourdan 95 (Sint-Gillis - Brussels).

‌19 Contractual gross rents on an annual basis + estimated rental value of vacant spaces as at 30 June 2025.

‌20 The approved pipeline consists of the following two projects: City Dox (Anderlecht - Brussels) and Jardin Leopold (Laken - Brussels).

‌21 Estimated rental value on 30 June 2025.

‌22 The long lease rights on the portfolio were transferred from SFPIM to Cityforward; SFPIM retained the residual rights.

‌23 HOMI will also take over the residual rights of the properties from SFPIM.

a development on this investment in line with the market, which will contribute to the company's equity and EPRA NTA.



Evolution of the stock market price

Home Invest Belgium's shares have been listed on the Euronext Brussels continuous market since 16 June 1999 and are part of the BEL Small Index. Since 19 September 2022, HOMI shares have been included in the FTSE EPRA NAREIT Global Real Estate Index.

On 30 June 2025, Home Invest Belgium's shares closed at € 20.30 (compared to € 17.18 on 30 June 2024).

The liquidity of the share increased to an average of 11,755 share transactions per trading day, during the first half of 2025 (compared to 10,317 shares during the first half of 2024).

Evolution of the share

1H 2025 1H 2024

Share price (in €)

On the last day

€ 20.30

€ 17.18

Highest

€ 20.75

€ 18.88

Lowest

€ 16.76

€ 14.54

Average

€ 18.78

€ 16.24

Volume

Average daily volume

11,755

10,317

Total volume (6 months)

1,492,888

1,300,000

Total number of shares on June 30 th

20,200,136

20,200,136

Market capitalisation on June 30 th

€ 410 miljoen

€ 347 miljoen

Free float24

47.7%

48.8%

‌24 Free float = [(total number of shares on the last day) - (total number of shares held by parties who have made themselves known by a transparency declaration in accordance with the Law of 2 May 2007) / [total number of shares outstanding].

Evolution of the share price and gross distribution per share

Share price HOMI

Gross distribution per share



Shareholder structure

The table below lists shareholders in Home Invest Belgium who hold more than 3% of the company's shares. Notifications under the Belgian Transparency Law (Law of 2 May 2007 regarding the disclosure of major holdings) can be found on the company's website.

Based on the transparency declarations received, information from the shareholder register and information received from shareholders at the date of this half-year report, Home Invest Belgium's shareholder structure is as follows:

SHAREHOLDERS

NUMBER OF SHARES

% OF THE CAPITAL

Van Overstraeten Group* 25

6,122,785

30.3%

AXA Belgium SA* 26

3,507,465

17.4%

Spouses Van Overtveldt - Henry de

Frahan*

628,748

3.1%

Own Shares

304,234

1.5%

Other aandeelhouders

9,636,904

47.7%

Total

20,200,136

100.0%

* Based on the last information received by the shareholder.



‌25 Stavos Real Estate BV is 100% controlled by the partnership BMVO 2014.

The partnership BMVO 2014 is controlled 100% by Stichting Administratiekantoor Stavos.

Stichting Administratiekantoor Stavos is 100% controlled by Liévin, Hans, Johan and Bart Van Overstraeten.

‌26 AXA Belgium SA is a subsidiary of AXA Holdings Belgium SA who in turn is a subsidiary of AXA SA.





On 6 May 2025, the General Meeting and the Extraordinary General Meeting approved the total distribution to the shareholders of € 1.14 per share (compared to € 1.12 for 2023), an increase for the 25th consecutive year.

The distribution to the shareholders consists of the combination of:

  • a gross dividend of € 1.02 per share (an increase of € 0.01 compared to € 1.01 for 2023)

  • a reduction of shareholders' equity of € 0.12 per share. This distribution will in turn consist of a part reduction of capital and a part distribution from the reserves (in accordance with Article 18, paragraph 7 of the WIB).

    The amounts and dates of the distributions to the shareholders are presented schematically below:

    Distribution to shareholders: Dividend

    € 1.02 gross

    Calendar

    Dividend financial year 2024 (coupon n°8) - Ex date Dividend financial year 2024 (coupon n°8) - Record date

    Dividend financial year 2024 (coupon n°8) - Payment date

    € 1.02 gross

    Monday 12 May 2025

    Tuesday 13 May 2025

    Wednesday 14 May 2025

    Distribution to shareholders: Reduction of equity

    € 0.12 gross

    Calendar

    Capital decrease (coupon n°9) - Ex date Capital decrease (coupon n°9) - Record date

    Capital decrease (coupon n°9) - Payment date

    € 0.10 gross

    Monday 12 May 2025

    Tuesday 13 May 2025

    Thursday 24 July 2025

    Distribution from reserves (coupon n°10) - Ex date

    Distribution from reserves (coupon n°10) - Record date Distribution from reserves (coupon n°10) - Payment date

    € 0.02 gross

    Monday 12 May 2025

    Tuesday 13 May 2025

    Thursday 24 July 2025

    For the coming years, the board of directors foresees a distribution policy based on an annual increase equal to or higher than the long-term inflation. The Board of Directors bases this on:

  • the constant indexed rental flow from existing investment properties;

  • monitoring the operational costs of the company;

  • the company's hedging policy, which provides good visibility on interest charges and makes them assessable in the medium term;

  • the existing pipeline of project developments.

    The board of directors also points to the significant reserves that the company has built up over the years as a safety cushion for the future.



    During the first half year of 2025, the operational results of Home Invest Belgium continued to developed positivly.

    The residential rental market continues to grow steadily in those cities where Home Invest Belgium is active, mostly thanks to:

  • a long-term urbanisation trend, marked by demographic growth in big cities, including both young and older people, leading to increased demand for housing;

  • an increasing number of tenants in big cities, due to factors including an increasing need for flexibility and a change in attitudes towards private property and concepts of urban sharing.

Home Invest Belgium owns a sustainable portfolio given its young age. More than 50% of the investment properties available for rent are younger than 10 years. Given the quality and the location of the properties in predominantly large urban areas, Home Invest Belgium is well positioned to take on a leading role in the favourable trends of the residential market.

Given this background, The Board of Directors confirms its confidence in the long-term perspectives of the company.

For 2025, Home Invest Belgium expects an increase of the EPRA earnings per share to € 1.20 (compared to

€ 1.16 in 2024).









(in k €) 1H 2025 1H 2024

CONSOLIDATED INCOME STATEMENT

I. Rental income

18,287

18,054

III. Rental-related expenses

-5

10

NET RENTAL RESULT

18,282

18,064

IV. Recovery of property charges

96

104

V. Recovery of charges and taxes normally payable by the tenant on let properties

858

930

VII. Charges and taxes normally payable by the tenant on let properties

-3,359

-3,464

VIII. Other incomes and expenses related to letting

0

0

PROPERTY RESULT

15,877

15,634

IX. Technical costs

-671

-706

X. Commercial costs

-319

-324

XI. Taxes and charges on unlet properties

-89

-97

XII. Property management costs

-767

-723

XIII. Other property costs

0

0

Property costs

-1,845

-1,851

PROPERTY OPERATING RESULT

14,032

13,783

XIV. General corporate expenses

1,737

-1,647

XV. Other operating incomes and expenses

127

128

OPERATING RESULT BEFORE PORTFOLIO RESULT

12,422

12,263

XVI. Result sale investment properties

4,691

2,230

XVIII. Changes in fair value of investment properties

10,354

49,787

XIX. Other portfolio result

-478

-208

Portfolio result

14,567

51,808

OPERATING RESULT

26,989

64,071

XX. Financial income

8

4

XXI. Net interest charges

-2,776

-2,918

XXII. Other financial charges

-45

-38

XXIII. Changes in fair value of financial assets and liabilities

-1,878

2,189

Financial result

-4,690

-764

XXIV. Share in the result of associated companies and joint ventures

1,053

991

PRE-TAX RESULT

23,352

64,299

XXV. Corporation tax

-163

-185

XXVI. Exit taks

0

0

Taxes

-163

-185

NET RESULT

23,189

64,114

NET RESULT ATTRIBUTABLE TO THE PARENT COMPANY

23,189

64,114

Exclusive portfolio result

-14,567

-51,808

Exclusive changes in the real value of the financial assets

1,878

-2,189

Exclusive non-EPRA earnings in the share of the result of associated companies and joint ventures

-294

-181

EPRA EARNINGS 10.205 9,935

Average number of shares27

19,982,868

19,663,501

NET RESULT PER SHARE

1.16

3.26

EPRA EARNINGS PER SHARE

0.51

0.51

1H 2025

1H 2024

NET RESULT

23,189

64,114

Other elements of the global result

0

0

GLOBAL RESULT

23,189

64,114

‌27 The average number of shares at the end of period was calculated excluding own shares held by the company. Shares are counted pro rata temporis from the moment of issue or redemption. The time of issue may differ from the time of profit-sharing.

SUMMARY OF THE CONSOLIDATED BALANCE SHEET

(in k €) 30/06/2025 31/12/2024

ASSETS

I. Non-current assets

896,223

896,507

B. Intangible assets

502

570

C. Investment properties

854,924

852,978

D. Other tangible assets

30

45

E. Non-current financial assets

12,138

14,103

F. Lease receivables

0

0

I. Investments in associated companies and joint ventures

28,629

28,811

II. Current assets

6,952

4,562

B. Current financial assets

157

388

C. Lease receivables

73

73

D. Trade receivables

3,070

1,283

E. Tax receivables and other current assets

14

1

F. Cash and cash equivalents

1,491

1,252

G. Deferred charges and accrued income

2,147

1,566

TOTAL ASSETS 903,175 901,070

SHARESHOLDER'S EQUITY

481,969 484,437

I. Shareholder's equity attributable to the shareholders of the mother company

481,969

484,437

A. Capital

99,988

102,042

B. Share premium account

70,475

70,441

C. Reserves

288,317

230,981

D. Net result of the financial year

23,189

80,973

II. Minority interests

0

0

LIABILITIES

421,207

416,633

I. Non-current liabilities

402,309

402,108

A. Provisions

0

0

B. Non-current financial debts

398,723

398,691

a. Financial debts

349,930

349,914

b. Financial leasing

0

0

c. Others

48,793

48,777

C. Other non-current financial liabilities

0

731

F. Deferred taxes-liabilities

3,164

2,686

a. Exit Tax

0

0

b. Others

3,164

2,686

II. Current liabilities

18,898

14,525

B. Current financial debts

6,727

7,809

a. Financial debts

0

0

b. Financial leasing

0

0

c. Others

6,727

7,809

C. Other current financial liabilities

0

0

D. Trade debts and other current debts

7,516

3,873

a. Others

7,516

3,873

E. Other current liabilities

2,524

132

F. Accrued charges and deferred income

2,132

2,711

TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES

903,175

901,070

Variations due to sales of buildings

-14,457

3,520

Results first half year of financial year 2025

Acquisition/sale of own shares

Share-based payments

Other increases (decreases)

-34

34

Capital decrease

-20,020

Capital increase

BALANCE ON 30/06/2025

102,031

-2,043

70,475

99

288,629

-42,670

STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY

(in k €)

Capital

Capital increase expenses

Share premium

Reserve from

the chages in Reserve from fair value of estimates

Legal investment transfer costs

reserve properties

and righs

BALANCE ON 31/12/2023

103,508

-1,698

64,633

99

241,134

-22,983

Allocation of net result 2023

0

0

0

0

-21,090

0

Allocation of operational distributable result

Changes in deferred taxes

Changes in fair value of investment properties

-21,090

-3,102

Changes in fair value of hedging instruments

Dividends financial year 2023 (balance paid in June 2024)

0

0

0

0

0

0

Variation due to sales of buildings

-1,546

1,152

Result of the financial year 2024

Acquisition/sale of own shares

Share-based payments

Other increases (decreases)

Capital decrease

-1,988

Capital increase

2,531

-311

5,807

BALANCE ON 31/12/2024

104,051

-2,009

70,441

99

218,497

-24,934

BALANCE ON 31/12/2024

104,051

-2,009

70,441

99

218,497

-24,934

Allocation of net result 2024

0

0

0

0

84,589

-21,257

Allocation of operational distributable result

Changes in deferred taxes

Changes in fair value of investment properties

84,589

-21,257

Changes in fair value of hedging instruments

Dividend financial year 2024 (balance paid in June 2025)

0

0

0

0

0

0

Reserve of the

Reserve of the

balance of

balance of

changes in fair

changes in fair

value of the

value of the

authorised

authorised

heding

heding

instruments to

instruments to

which hedge

which hedge

accounting as

Reserve

Reserve

Result carried

accounting as

defined in IFRS

for

for

Reserve for

forward from

Net result

defined in IFRS

is not applied

fiscal

treasury

share based

Other

previous

of the

is applied (+/-)

(+/-)

deferral

shares

payments

reserves

financial years

financial year Total

0

32,097

-2,583

-2,108

414

1,259

18,269

-14,281

417,761

0

-11,660

363

0

0

0

1,391

14,281

-2,674

1,398

-1,398

0

363

-363

0

24,193

0

-11,660

11,660

0

0

0

0

0

0

0

-6

-19,811

-19,817

395

0

80,973

80,973

-722

-722

63

310

373

0

-170

-2,158

8,027

0

20,437

-2,220

-2,767

724

1,259

19,885

80,973

484,437

0

20,437

-2,220

-2,767

724

1,259

19,885

80,973

484,437

0

-7,120

-463

0

0

0

4,930

-80,973

-20,293

4,756

-4,756

0

-463

463

0

-63,332

0

-7,120

7,120

0

0

0

0

0

0

0

173

-20,468

-20,294

10,937

0

23,189

23,189

-3,222

-3,222

110

137

274

0

-367

-2,388

0

0

13,317

-2,683

-5,879

862

1,259

35,384

23,189

481,969

SUMMARY OF THE CONSOLIDATED CASH FLOW STATEMENT

(in k €)

1H 2025

1H 2024

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

1,251

2,609

1. Cash flows from operating activities

14,520

13,633

Result of the financial year

23,189

64,113

Result of the financial year before interest and taxes

26,989

64,071

Interests received

8

4

Interests paid

-2,820

-2,956

Change in fair value of financial assets and liabilities

-1,878

2,189

Share in the result of associated companies and joint ventures

1,053

991

Taxes

-163

-185

Adjustment of profit for non-cash transactions

-9,358

-50,514

Depreciation and impairments

103

112

- Depreciation and impairments on non-current assets

103

112

Other non-monetary elements

-7,537

-51,310

- Depreciation of previously capitalised financing costs

32

41

- Changes in fair value of investment properties (+/-)

-10,354

-49,789

- Changes in fair value of financial non-current assets (+/-)

182

244

- Changes in fair value of hedging instruments and other portfolio results

2,356

-1,981

- Other non-monetary elements

247

174

Gain on realization of assets

-4,691

-2,230

- Capital gains realized on sale of non-current assets

-4,691

-2,230

Reversal of financial income and expenses

2,768

2,914

Changes in working capital needs

688

34

Movements in asset items:

-2,381

-749

- Current financial assets

0

0

- Trade receivables

-1,786

28

- Tax receivables and other short-term assets

-13

0

- Deferred charges and accrued income

-581

-778

Movements in liabilities items

3,069

783

- Trade debts and other current debts

3,643

2,004

- Other current liabilities

4

-198

- Accrued charges and deferred income

-579

-1,023

2. Cash flow from investment activities

13,087

-13,013

Investment properties - capitalized investments

-5,042

-3,901

Investment properties - new acquisitions

-3,355

0

Sales of investment properties

34,025

7,354

Development projects

-12,529

-16,364

Other intangible assets

-19

-94

Other tangible assets

0

-8

Non-current financial assets

7

0

Lease receivables

0

0

Long-term financial fixed assets

0

0

3. Cash flow from financing activities

-27,367

607

Increase (+) / Decrease (-) in bank debts

0

15,000

Increase (+) / Decrease (-) in financial debts

-1,083

0

Purchase and sale of treasury shares

-3,222

0

Other long-term financial debts

0

0

Interest received

8

4

Interest paid

-2,776

-2,918

Paid financial charges

0

0

Dividend of the previous financial year

-20,294

-11,479

Capital increase

0

0

CASH AND CASH EQUIVALENTS AT END OF PERIOD

1,491

3,837



NOTE 1: BASIS OF FINANCIAL REPORTING NOTE 2: SEGMENTED INFORMATION NOTE 3: INVESTMENT PROPERTIES

NOTE 4: FINANCIAL LIABILITIES NOTE 5: DEBT RATIO

NOTE 6: FINANCIAL ASSETS AND LIABILITIES NOTE 7: CONSOLIDATED SCOPE

NOTE 8: OFF-BALANCE SHEET RIGHTS AND OBLIGATIONS NOTE 9: EVENTS AFTER THE BALANCE SHEET DATE

NOTE 10: AUDITOR'S REPORT

NOTE 11: STATEMENT OF RESPONSIBLE PERSONS

NOTE 1: BASIS OF FINANCIAL REPORTING

The consolidated half-year results have been prepared in accordance with the International Financial Reporting Standards (IFRS) and with IAS 34 on "Interim financial reporting". The accounting methods and principles used to draw up these interim summary financial statements are identical to those used to prepare the annual financial statements for the financial year ending 31 December 2024.

NOTE 2: SEGMENTED INFORMATION

The investment strategy of Home Invest Belgium focuses on residential real estate in a broad sense of the word (apartments, holiday homes, etc.). The segmentation of the company is consequently determined by the geographical location of its buildings. Home Invest Belgium distinguishes between 4 geographical segments: The Brussels Capital Region, The Flemish Region, the Walloon Region and The Netherlands.

INCOME STATEMENT PER GEOGRAFICAL SEGMENT

1H 2025

(in k €)

Consolidated

total

Brussels

Region

Flemish

Region

Walloon

Region

The

Netherlands

Unatributed

I. Rental income

18,287

10,694

2,122

3,382

2,089

0

III. Rental-related expenses

-5

12

-38

21

0

0

NET RENTAL RESULT

18,282

10,706

2,084

3,403

2,089

0

IV. Recovery property charges

96

75

13

8

0

0

V. Recovery of charges and taxes normally payable by the 858

271

86

424

77

0

VII. Charges and taxes normally payable by the tenant on let properties (+)

-3,359

-2,098

-354

-801

-107

0

VIII. Other incomes and expenses related to letting (+/-)

0

0

0

0

0

0

PROPERTY RESULT

15,878

8,955

1,829

3,034

2,060

0

IX. Technical costs (-)

-671

-573

-29

-43

-26

0

X. Commercial costs (-)

-319

-225

-28

-36

-29

0

XI. Taxes and charges on unlet properties (-)

-89

-40

-16

-33

0

0

XII. Property management costs (-)

-767

0

0

0

0

-767

XIII. Other property costs (-)

0

0

0

0

0

0

PROPERTY COSTS

-1,845

-838

-73

-112

-55

-767

PROPERTY OPERATING COSTS

14,033

8,117

1,756

2,921

2,005

-767

XIV. General corporate expenses (-)

-1,737

0

0

0

0

-1,737

XV. Other operating incomes and expenses (+/-)

127

0

0

0

0

127

OPERATING RESULT BEFORE PORTFOLIO RESULT

12,423

8,117

1,756

2,921

2,005

-2,376

XVI. Result sale investment properties (+/-)

4,691

0

4,691

0

0

0

XVIII. Variations in the fair value of property investments (+/-)

10,354

705

109

8,230

1,312

0

XIX. Other portfolio result

-478

0

0

0

0

-478

OPERATING RESULT

26,991

8,822

6,556

11,151

3,316

-2,854

XX. Financial income (+)

8

0

0

0

0

8

XXI. Net interest charges (-)

-2,776

0

0

0

0

-2,776

XXII. Other financial costs (-)

-45

0

0

0

0

-45

XXIII. Variations in the fair value of financial assets and liabilities

-1,878

0

0

0

0

-1,878

FINANCIAL RESULT

-4,690

0

0

0

0

-4,690

tenant on let properties (+)

(+/-)

XXIV. Share in the result of associated companies

joint ventures

and 1,053

0

0

0

0

1,053

PRE-TAX RESULT

23,353

8,822

6,556

11,151

3,316

-6,492

XXV. Corporate Tax (-/+)

-163

0

0

0

0

-163

XXVI. Exit tax

0

0

0

0

0

0

TAXES

-163

0

0

0

0

-163

NET RESULT

23,189

8,822

6,556

11,151

3,316

-6,655

INCOME STATEMENT PER GEOGRAFICAL SEGMENT

1H 2024

(in k €)

Consolidated

total

Brussels

Region

Flemish

Region

Walloon

Region

The

Netherlands

Unatributed

I. Rental income

18,054

10,478

2,312

3,260

2,004

0

III. Rental-related expenses

10

-5

-4

19

0

0

NET RENTAL RESULT

18,064

10,472

2,308

3,279

2,004

0

IV. Recovery property charges

104

74

24

5

0

0

V. Recovery of charges and taxes normally payable by the 930

307

115

433

76

0

VII. Charges and taxes normally payable by the tenant on let properties (+)

-3,464

-2,141

-408

-812

-102

0

VIII. Other incomes and expenses related to letting (+/-)

0

0

0

0

0

0

PROPERTY RESULT

15,634

8,712

2,040

2,905

1,978

0

IX. Technical costs (-)

-706

-431

-88

-135

-51

0

X. Commercial costs (-)

-324

-201

-67

-56

0

0

XI. Taxes and charges on unlet properties (-)

-97

-93

-5

0

0

0

XII. Property management costs (-)

-723

0

0

0

0

-723

XIII. Other property costs (-)

0

0

0

0

0

0

PROPERTY COSTS

-1,851

-725

-160

-191

-51

-723

PROPERTY OPERATING COSTS

13,783

7,987

1,879

2,714

1,927

-723

XIV. General corporate expenses (-)

-1,647

0

0

0

0

-1,647

XV. Other operating incomes and expenses (+/-)

128

0

0

0

0

128

OPERATING RESULT BEFORE PORTFOLIO RESULT

12,264

7,987

1,879

2,714

1,927

-2,243

XVI. Result sale investment properties (+/-)

2,230

0

2,039

190

0

0

XVIII. Variaties in de reële waarde van vastgoedbeleggingen (+/-

)

49,787

37,258

11,777

132

620

0

XIX. Ander portefeuilleresultaat

-208

0

0

0

0

-208

OPERATIONEEL RESULTAAT

64,072

45,245

15,696

3,036

2,547

-2,451

XX. Financiële inkomsten (+)

4

0

0

0

0

4

XXI. Netto interestkosten (-)

-2,918

0

0

0

0

-2,918

XXII. Andere financiële kosten (-)

-38

0

0

0

0

-38

XXIII. Variations in the fair value of financial assets and liabilities

2,189

0

0

0

0

2,189

FINANCIAL RESULT

-764

0

0

0

0

-764

tenant on let properties (+)

(+/-)

XXIV. Share in the result of associated companie

joint ventures

s and 991

0

0

0

0

991

PRE-TAX RESULT

64,300

45,245

15,696

3,036

2,547

-2,224

XXV. Corporate Tax (-/+)

-185

0

0

0

0

-185

XXVI. Exit tax

0

0

0

0

0

0

TAXES

-185

0

0

0

0

-185

NET RESULT

64,114

45,245

15,696

3,036

2,547

-2,409

Earlier from Home Invest Belgium Sa

All Home Invest Belgium Sa news releases