Vitura: First-half 2025 Results
Vitura (Paris:VTR):
Assets attracting prestigious tenants
First-half 2025 saw the arrival of prestigious tenants at Rives de Bercy. Following on from the arrival of Air Liquide in 2024, BPCE Group will soon be moving into 15,500 sq.m of space at the property, representing 50% of its surface area. The bank's return to the fully renovated campus is one of the largest transactions of the period in Greater Paris.
The Company's asset management teams are also working alongside Paris-Dauphine University – PSL as it prepares to bring the Dauphine Executive Education program to the Europlaza tower, in the heart of Europe's leading business district, starting from the fourth quarter of 2025.
With these leases signed with renowned tenants, Vitura continues to demonstrate its ability to meet the needs of international groups for medium and large surface areas, with buildings that respond to latest trends such as direct access to low-impact mobility solutions and private gardens.
Since 2017, leases have been extended or renewed on 75% of leased space, testifying to tenant satisfaction and loyalty.
The asset repositioning strategy is reaping its rewards. Vitura boasts an occupancy rate of over 77%, up 8 points compared with December 31, 2024, with the average remaining lease term extended to almost six years.
A determined CSR policy
Vitura remains committed to achieving carbon neutrality by 2050, with rigorous management of energy consumption in line with the objectives of France's tertiary green energy decree. Through energy efficiency plans drawn up for each building in the portfolio, Vitura continues to track the data collected and to raise awareness and train stakeholders in energy issues.
First-half 2025 results
Rental income totaled €21.9 million in the first half of 2025, stable compared to €21.8 million a year earlier.
IFRS consolidated net debt came to €597 million at June 30, 2025, with an average loan-to-value ratio of 68.4%. Discussions are underway with Hanami's banking pool to extend the maturity of the debt of €90 million (representing 15% of Group debt).
The Group is maintaining its policy to hedge against changes in the Euribor using interest rate hedging instruments. At June 30, 2025, 85% of debt was hedged at a rate of 0.50%, keeping financial expenses under control.
EPRA earnings represented €1.9 million at June 30, 2025 vs. €0.4 million at June 30, 2024 on a like-for-like basis (excluding the companies holding the Passy Kennedy and Office Kennedy assets, which were deconsolidated in July 2024). This €1.5 million increase is mainly due to growth in operating income.
The estimated portfolio value (excluding transfer duties) was €872 million, stable compared with December 31, 2024.
The net loss under IFRS was €11.0 million in first-half 2025, compared with a net loss of €45.2 million in first-half 2024 like for like. This improvement is mainly due to the value of investment properties remaining stable in 2025 so far compared with a decrease over 2024.
EPRA NTA stood at €277 million, or €16.2 per share, stable compared to the prior-year period.
The Statutory Auditors' review report is under way.
Key figures
In millions of euros
H1 2025
H1 2024
like for like
H1 2025
as reported
Change
like for like
Rental income (IFRS)
21.9
21.8
21.8
+1%
EPRA earnings (loss)
1.9
0.4
(7.1)
>+100%
Net loss under IFRS
(11.0)
(45.2)
(54.6)
+76%
Expand
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 €872 million at June 30, 2025 (excluding transfer duties).
Thanks to its strong commitment to sustainable development, the Company's leadership position is recognized by ESG rating agencies. Vitura ranks second among France's listed office property companies in the 2024 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 ISO 14001-certified.
Vitura is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096).
Visit our website to find out more: www.vitura.fr/en
Find us on: Linked In and X
APPENDICES
Reconciliation of Alternative Performance Measures (APM)
Recurring cash flow
In thousands of euros
First-half 2025
First-half 2025
Net income (loss) under IFRS
(10,962)
(54,588)
Adjustment for changes in fair value of investment property
8,269
46,116
Restatement of the changes in fair value of financial instruments
4,609
1,335
EPRA earnings
1,916
(7,137)
Contribution of Kennedy to EPRA earnings
0
7,586
Like-for-like EPRA earnings
1,916
448
Other EPRA earnings indicators – on a like-for-like basis
In thousands of euros
First-half 2025
First-half 2024
Net operating income
14,938
12,754
Net financial expense
(13,022)
(12,306)
EPRA NTA
In thousands of euros
June 30, 2025
Dec. 31, 2024
Shareholders' equity under IFRS
257,949
268,907
Portion of rent-free periods (1)
(13,550)
(17,617)
Elimination of fair value of share subscription warrants
0
0
Fair value of diluted NAV
244,399
251,290
Transfer duties (2)
39,922
35,903
Fair value of financial instruments
(7,356)
(11,965)
EPRA NTA
276,965
275,228
EPRA NTA per share
16.2
16.1
(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. 2020 EPRA NTA has been adjusted accordingly.
LTV ratio
In millions of euros
June 30, 2025
Dec. 31, 2024
Gross amount of balance sheet loans (statutory financial statements) (1)
597
600
Fair value of investment property
872
877
LTV ratio (%)
68%
68%
(1) Consolidated gross debt recorded in the statutory financial statements.
Expand
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.
Expand
IFRS Income Statement (consolidated)
IFRS Balance Sheet (consolidated)
IFRS Statement of Cash Flows (consolidated)
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