Vitura: First-half 2026 Results

About this update from Vitura Sa

Regulatory News: Vitura (Paris:VTR): Tenants confirm loyalty with major leases The first few months of the year saw several first-rate tenants renew their leases for a total surface area of 16,000 sq.m in the Arcs de Seine building in Boulogne-Billancourt, demonstrating their satisfaction and loyalty. These renewals bring the average remaining lease term for the property to over seven years. Of these, Huawei, one of the world’s leading telecommunications providers, extended its lease for a fixed nine-year term. Thanks to its repositioning strategy, Vitura has successfully enhanced the appeal of its property portfolio, while remaining attentive to tenants’ expectations. Vitura continues to expand its range of services and curate experiences inspired by the highest standards in hospitality to create work environments that are higher quality, more flexible, and better adapted to changing needs. At 81%, the core portfolio occupancy rate remained stable with respect to December 31, 2025, with the average remaining lease term extended to over six years. An ambitious energy policy As part of its sustainable performance strategy, Vitura is pursuing a proactive energy policy and has rolled out an automated data collection and analysis platform across its entire portfolio. The platform centralizes energy consumption tracking for each building for more precise data, providing an accurate picture of buildings’ energy performance and areas for improvement. It also strengthens the Group’s ability to meet regulatory requirements and increasingly demanding expectations from stakeholders regarding ESG reporting. In parallel, Vitura is honing its energy consumption management through energy efficiency plans rolled out across the entire portfolio, while continuing to raise awareness among tenants. These initiatives, aimed at minimizing Vitura’s energy footprint in line with its pathway to carbon neutrality by 2050, have reduced the portfolio’s energy consumption by 37% since 2013, in line with France’s tertiary green energy decree. In a market where energy efficiency has become a key factor in property valuation, this approach helps to enhance the appeal of Vitura’s portfolio to both investors and tenants in the long term. First-half 2026 results In first-half 2026, rental income rose to €23.7 million, up 8% from €21.9 million in first-half 2025, driven by lease signings. EPRA earnings totaled €4.0 million in first-half 2026, a €2.1 million increase on the €1.9 million recorded in the prior-year period. Cash flow for the period also rose by 42% to €1.8 million. These increases are mainly due to growth in operating income. The estimated portfolio value (excluding transfer duties) came to €779 million, a slight decrease of 2% compared to December 31, 2025, resulting from a rise in capitalization rates. Including Hanami, the portfolio value (excluding transfer duties) was estimated at €840 million, down 3% from €865 million at December 31, 2025. The net loss under IFRS was €26.0 million in first-half 2026, compared with a net loss of €11.0 million in first-half 2025. This greater loss is mainly due to the decrease in value of investment properties over the first half. The Group's IFRS consolidated net debt stood at €591 million at June 30, 2026, down €2 million compared with December 31, 2025, due to the repayment of borrowings over the period. Some 85% of the Group's borrowings is made up of green loans. Vitura is actively seeking refinancing options with banking pools. The Group remains confident regarding the successful refinancing of Prothin, whose maturities have been extended to October 15, 2026, given the quality of its buildings and the portfolio’s rental performance. Hanami’s debt maturity (15% of the total outstanding borrowings) has been extended through September 30, 2026. EPRA NTA stood at €248 million at June 30, 2026, or €14.5 per share, down slightly from the previous period due to a decline in the value of investment properties during the first half of the year. The Statutory Auditors’ review report is under way. Key figures In millions of euros   June 30, 2026   June 30, 2025   Change Rental income (IFRS)   23.7   21.9   +8% EPRA earnings   4.0   1.9   +111% Cash flow   6.1   4.3   +42% Net income (loss) under IFRS   (26.0)   (11.0)   -137% In millions of euros   June 30, 2026   Dec. 31, 2025   Change Portfolio (excl. transfer duties)   840   865   -3% Core occupancy rate   81%   81%   - EPRA NTA (in €)   14.5   15.9   -11% Net debt (IFRS)   591   593   -1% About Vitura Created in 2006, Vitura is a listed real estate company (“SIIC”) that invests in prime office properties in Paris and Greater Paris. The total value of the portfolio was estimated at €840 million at June 30, 2026 (excluding transfer duties). Thanks to its strong commitment to sustainable development, the Company’s leadership position is recognized by ESG rating agencies. Vitura ranks in the top 20% of the 2025 Global Real Estate Sustainability Benchmark (GRESB) ranking, and has been ranked world number 1 four times. It has also received two Gold Awards from the European Public Real Estate Association (EPRA) for the quality and transparency of its financial and non-financial reporting. Vitura is a REIT listed on Euronext Paris in compartment B (ISIN: FR0010309096). Visit our website to find out more: www.vitura.fr/en Find us on: LinkedIn APPENDICES Reconciliation of Alternative Performance Measures (APM) Recurring cash flow         In thousands of euros 06/30/26 12/31/25 06/30/25 Net income (loss) under IFRS (25,958) (20,755) (10,962) Adjustment for changes in fair value of investment property 26,747 20,762 8,269 Restatement of the changes in fair value of financial instruments 3,256 8,494 4,609 EPRA earnings 4,044 8,502 1,916 Restatement of deferred lease incentives (IAS 17) 1,376 1,237 1,537 Restatement of deferred finance costs 685 1,543 858 Like-for-like cash flow 6,105 11,282 4,311             Other EPRA earnings indicators         In thousands of euros 06/30/26 12/31/25 06/30/25 Net operating income 16,721 32,892 14,938 Net financial expenses (12,677) (24,391) (13,022)       EPRA NTA             In thousands of euros 06/30/26 12/31/25 06/30/25 Shareholders’ equity under IFRS 222,190 248,147 257,949 Portion of rent-free periods (1) (11,739) (12,539) (13,550) Elimination of fair value of share subscription warrants 0 0 0 Fair value of diluted NAV 210,451 235,608 244,399 Transfer duties (2) 37,610 39,411 39,922 Fair value of financial instruments (214) (3,470) (7,356) EPRA NTA 247,848 271,549 276,965 EPRA NTA per share 14.5 15.9 16.2       (1) Lease incentives recorded in assets in the IFRS consolidated financial statements under “Non-current loans and receivables” and “Other operating receivables”. (2) Transfer duties of 5% applied to the net assets of the subsidiaries holding the properties to allow for the sale of the shares in these entities. EPRA NTA has been adjusted accordingly.   LTV ratio             In millions of euros 06/30/26 12/31/25 06/30/25 Gross amount of balance sheet loans (statutory financial statements) (1) 591 593 597 Fair value of investment property 840 865 877 LTV ratio (%) 70% 68% 68% 1) Consolidated gross debt, recorded in the statutory financial statements.       Occupancy rate The occupancy rate corresponds to the percentage of the total surface area (offices), for which the company receives (or will receive without condition precedent) rent under a lease agreement signed during the financial year. IFRS Income Statement (consolidated) In thousands of euros, except per share data     June 30, 2026   Dec. 31, 2025   June 30, 2025     6 months   12 months   6 months  Rental income   23,734   43,834   21,927  Income from other services   15,184   16,482   11,781  Building-related costs   (15,202)   (22,558)   (16,186)  Net rental income   23,716   37,757   17,522        Sale of building   0   0   0  Administrative costs   (2,421)   (4,865)   (2,584)  Net additions to provisions & depreciation and amortization   (4,574)   0   0  Other operating expenses   0   0   0  Other operating income   0   0   0  Total change in fair value of investment property   (26,747)   (20,762)   (8,269)               Net operating income (expense)   (10,026)   12,130   6,669 Financial income   1,184   9,731   5,215 Financial expenses   (17,117)   (42,617)    (22,847) Net financial expenses   (15,933)   (32,885)   (17,632)          Net income (expense) from discontinued operations   0   0   0          Corporate income tax   0   0   0               CONSOLIDATED NET LOSS      (25,958)   (20,755)   (10,962) of which attributable to owners of the Company   (25,958)   (20,755)   (10,962) of which attributable to non-controlling interests   0   0   0          Other comprehensive income   0   0   0         TOTAL COMPREHENSIVE EXPENSE   (25,958)   (20,755)   (10,962) of which attributable to owners of the Company            (25,958)            (20,755)            (10,962) of which attributable to non-controlling interests   0    0    0                Basic earnings (loss) per share (in euros)       (1.52)       (1.22)        (0.64) Diluted earnings (loss) per share (in euros)        (1.52)       (1.22)         (0.64) IFRS Balance Sheet (consolidated) In thousands of euros                 June 30, 2026   Dec. 31, 2025   June 30, 2025 Non-current assets       Property, plant and equipment   0   3   3 Investment property   839,513   865,230   871,910 Non-current loans and receivables   6,114   6,270   6,828 Financial instruments   3,911   3,911   10,368 Total non-current assets   849,538   875,414   889,109         Current assets       Trade accounts receivable   15,002   13,899   9,087 Other operating receivables   10,112   9,636   11,277 Prepaid expenses   218   321   268 Total receivables   25,332   23,856   20,632         Financial instruments   1,398   5,348   3,237 Cash and cash equivalents   25,216   16,297   23,355 Total cash and cash equivalents   26,614   21,645   26,592         Total current assets   51,946   45,502   47,224 TOTAL ASSETS   901,484   920,916   936,333 Shareholders' equity       Share capital   17,088   64,933   64,933 Legal reserve and additional paid-in capital   55,061   60,047   60,047 Consolidated reserves and retained earnings   176,000   143,923   143,932 Net attributable loss   (25,958)   (20,755)   (10,962) Total shareholders’ equity   222,190   248,147   257,949         Non-current liabilities       Non-current borrowings   0   0   503,710 Other non-current borrowings and debt   7,661   7,559   7,517 Non-current corporate income tax liability   0   0   0 Financial instruments   0   0   0 Total non-current liabilities   7,661   7,559   511,227         Current liabilities       Current borrowings   595,439   600,018   97,189 Financial instruments   0   0   0 Other non-current borrowings and debt   38,379   37,112   34,780 Trade accounts payable   6,981   6,605   7,939 Current corporate income tax liability   0   0   0 Other operating liabilities   16,308   7,598   13,447 Prepaid revenue   14,525   13,877   13,802 Total current liabilities   671,632   665,208   167,157         Total equity and liabilities   679,293   672,768   678,384         TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES   901,484   920,916   936,333   IFRS Statement of Cash Flows (consolidated) In thousands of euros                 June 30, 2026   Dec. 31, 2025   June 30, 2025 OPERATING ACTIVITIES             Consolidated net income (loss)   (25,958)   (20,755)   (10,962)               Elimination of items related to the valuation of buildings:             Change in fair value of investment property   26,747   20,762   8,269 Reversal of depreciation and amortization   0   0   0 Indemnity received from lessees for the replacement of components   0   0   0               Elimination of other income/expense items with no cash impact:             Depreciation of property, plant and equipment (excluding investment property)   0   0   0 Free share grants not vested at the reporting date   0   0   0 Fair value of financial instruments (share subscription warrants, interest rate caps and swaps)   3,950   9,408   5,063 Adjustments for loans at amortized cost   685   1,543   858 Contingency and loss provisions   0   0   0 Corporate income tax   0   0   0 Penalty interest   0   0   0 Elimination of gains and losses on disposals   0   0   0               Cash flows from operations before tax and changes in working capital requirements   5,424   10,959   3,228 Other changes in working capital requirement   8,964   420   11,332 Working capital adjustments to reflect changes in the scope of consolidation                     Change in working capital requirement   8,964   420   11,332               Net cash flows from operating activities   14,387   11,379   14,559 INVESTING ACTIVITIES             Acquisition of fixed assets   (1,575)   (7,393)   (1,987) Impact of changes in the scope of consolidation   0   0   0 Net increase (decrease) in amounts due to fixed asset suppliers   0   (116)   (845)               Net cash flows used in investing activities   (1,575)   (7,509)   (2,832) FINANCING ACTIVITIES             Capital increase   0   0   0 Capital increase transaction costs   0   0   0 Change in bank debt   (5,049)   (3,926)   (3,052) Issue of financial instruments (share subscription warrants)   0   0   0 Refinancing/financing transaction costs   0   0   0 Net change in liability in respect of refinancing   0   0   0 Purchases of hedging instruments   0   0   0 Net increase in current borrowings   0   (1,967)   0 Net decrease in current borrowings   (215)   0   (1,275) Net increase in other non-current borrowings and debt   1,369   4,836   2,462 Net decrease in other non-current borrowings and debt   0   0   0 Purchases and sales of treasury shares   1   (4)   5 Dividends paid   0   0   0               Net cash flows used in financing activities   (3,893)   (1,061)   (1,861)               Change in cash and cash equivalents   8,919   2,809   9,867 Cash and cash equivalents at beginning of period*   16,297   13,488   13,488 CASH AND CASH EQUIVALENTS AT END OF PERIOD   25,216   16,297   23,355 * There were no cash liabilities for any of the periods presented above.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260723797134/en/

View stock analysis, news, and events for Vitura Sa