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Immobel NV Earnings Release 2025
3964_er_2026-03-04_5f45fa7d-4f27-497e-a93d-70c0f8707bdb.pdf
Earnings Release
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IMMOBEL
SINCE 1863
PRESS RELEASE
Regulated information
Brussels, 04/03/2026,
at 07.00AM CET
Immobel delivers a strong performance with a EUR 48 million net result for FY2025
Brussels, 4 March 2026 – Immobel reports a EUR 48 million net result and an operating income of EUR 456 million (internal view) for the full year 2025, with a solid liquidity position of EUR 202 million (internal view). With close to 900 residential units and three office buildings sold, including the company's largest office transaction in the past three years, Immobel delivered a solid commercial and operational performance. These results show the resilience of the company's assets and the quality of Immobel's team. Immobel enters 2026 with confidence, expecting operating income to reach EUR 400-450 million (internal view), while remaining well positioned to benefit from improving market conditions.
Financial Highlights – Full Year 2025
- Net result of EUR 48 million, a turnaround from a EUR -94 million loss in FY2024. The improved result is driven by the successful commercialisation of projects such as Saint-Antoine in Le Marais Paris, Kiem2050 in Luxembourg, and Brouck'R and O'Sea in Belgium, alongside the sale of the Proximus Towers building permit, generating EUR 18 million.
- Operating income of EUR 355 million (EUR 456 million internal view) compared to EUR 379 million in FY2024 (EUR 445 million internal view).
- Result before financial results and taxes of EUR 57 million, a significant recovery from EUR -83 million in FY2024. This is due to the strong performance of residential developments and project launches.
- Financial cost of EUR -9.5 million, primarily due to average cost of debt of 4.2% (FY2024: 3.6%) and currency effects, compared to EUR -8.6 million in FY2024.
- Taxes of EUR 1 million, up from EUR -2 million FY2024, mainly reflecting the recognition of deferred tax assets, made possible by Immobel's strong results.
- Annualised rental income of EUR 16 million (FY2024: EUR 17 million).
-
Liquidity position of EUR 175 million; internal view EUR 202 million (FY2024 liquidity: EUR 182 million; internal view: EUR 209 million), ensuring coverage of all financial obligations, including the EUR 125 million bond maturity in June 2026.
-
Gearing ratio decreased to 58.9% from 66.7% FY2024, reflecting prudent financial management and selective capital allocation, with net financial debt down to EUR 651 million vs EUR 801 million in FY2024.
- Total assets of EUR 1.4 billion vs EUR 1.6 billion in FY 2024 (at cost).
- Portfolio composition of 73% residential, out of a EUR 3.8 billion GDV portfolio (FY2024: 71% out of a EUR 4.3 billion GDV).
- Permits obtained for projects representing a GDV of EUR 207 million including Gutenbergstraße in Germany, resulting in a total permitted GDV of EUR 1.7 billion (FY2024: EUR 2 billion).
- Underlying net result of EUR 24 million (EUR 6 million in FY2024), the difference with the net result being the sale of the Proximus Towers building permit and the recognition of a deferred tax asset related to the liquidation of the North entities.
- Dividend recommendation: The Board of Directors recommends not to declare a dividend for FY2025, in order to further strengthen the balance sheet and prioritise long-term shareholder value.
Business Highlights – Full Year 2025
- 882 residential units sold across markets in 2025, supported by strong sales in the Brouck'R, Îlot-Saint Roch, O'Sea, UNI, Slachthuissite, Kiem2050 projects and other residential schemes.
-
Three offices sold in prime, well-connected locations, including the Saint-Antoine asset, located in Le Marais Paris, as well as the Sainctelette office building and the last office component of Brouck'R in Brussels.
-
Leasing activity remained strong, with new lettings such as the Brunello Cucinelli flagship and Red Bull's French headquarters in Paris' most prestigious districts. Additional leases, including Bain & Company on the Sablon (Brussels), and the full leasing of the CALA building in Liège, contributed to a total of 18,000 m² of new leases across the portfolio (FY2024: 56,000 m²).
- ESG: Immobel received a 97% – 4 stars GRESB rating (up from 94% – 4 stars in 2024), and has been nominated as a finalist for the Family Business Network Belgium Impact Award.
IMMOBEL 2026 PRESS RELEASE
Outlook 2026
The Group expects operating income to reach EUR 400-450 million (internal view) supported by continued solid residential sales in Belgium and the sale of several liquid office assets throughout Europe.
Statutory Auditor's note
The statutory auditor, KPMG Bedrijfsrevisoren - Réviseurs d'Entreprises, represented by Filip De Bock and Frederic Poesen, bedrijfsrevisor / réviseur d'entreprises, has confirmed that the audit procedures, which have been substantially completed, have not revealed any material misstatement in the accounting information included in the Company's annual announcement.
Annual Report 2025
The 2025 Annual Report, including statutory accounts and the ESG Report, will be published on 16 March 2026, ahead of the Annual General Meeting.
Correction of underlying net result as at 30 June 2025
For consistency in reporting, the Company has corrected its underlying net result for the period ended 30 June 2025 as presented in half-year 2025 results to exclude certain non-recurring items (Proximus Towers permit sale and certain deferred tax assets). Therefore, the underlying net result amounts to EUR 7 million at 30 June 2025 with no impact on the previously published net result of EUR 31,5 million as at 30 June 2025. (link to press release)
| IN KEUR | 31/12/2025 | 30/6/2025 CORRECTED | 30/6/2025 REPORTED | 31/12/2024 | 30/6/2024 | 31/12/2023 | REFERENCE IN ANNUAL REPORT |
|---|---|---|---|---|---|---|---|
| Share attributable to owners of the company | 48,449 | 31,512 | 31,512 | -93,704 | -89,138 | -38,423 | Consolidated statement of profit and loss |
| Proximus Towers | |||||||
| • Capital gain on sale building permit for the Proximus Towers | -18,000 | -18,000 | 0 | 0 | 0 | 0 | N/A (included in Revenues) |
| • total impairment of Proximus Towers project | 0 | 0 | 0 | 48,778 | 48,778 | 0 | (Included in) Segment reporting |
| Write down on other inventories | 1,668 | 1,668 | 1,668 | 44,837 | 44,665 | 10,413 | (Included in) Segment reporting |
| Impairment on investment properties | 0 | 0 | 0 | 5,807 | 0 | 20,000 | Segment reporting |
| Strategic cost-cutting measures | 0 | 0 | 0 | 0 | 0 | 10,200 | N/A (included in administration costs) |
| (De)recognition deferred tax assets | -8,409 | -8,409 | 0 | 0 | 0 | 9,950 | N/A (included in Income taxes) |
| UNDERLYING NET RESULT | 23,708 | 6,771 | 33,180 | 5,719 | 4,305 | 12,140 |
For further details:
Karel Breda*
Chief Financial Officer
+32 (0)2 422 53 11
[email protected]
*as permanent representative of KB Financial Services BV
Adel Yahia*
CEO
+32 (0)2 422 53 11
[email protected]
*as permanent representative of Adel Yahia Consult BV
About Immobel: Immobel, established in 1863, is a prominent Belgian real estate developer specializing in creating high-quality, sustainable urban environments in premium locations that positively impact how people live, work, and play. The company focuses on mixed-use real estate projects and operates in various countries across Europe, including Belgium, Luxembourg, Poland, France, Spain, Germany, and the United Kingdom.
Its projects are defined by their innovative design, sustainability, and strategic placement in prime urban areas, ensuring long-term value and a positive contribution to the cities they transform. Immobel is committed to sustainable urban growth, integrating forward-thinking solutions into its developments across multiple markets. For more information, please go to: immobelgroup.com
IMMOBEL 2026 PRESS RELEASE
Consolidated statement of profit and loss and other comprehensive income (in thousand EUR)
| 31/12/2025 | 31/12/2024 | |
|---|---|---|
| OPERATING INCOME | 354,824 | 379,386 |
| Revenues | 328,682 | 370,539 |
| Rental income | 5,187 | 6,967 |
| Other operating income | 20,955 | 1,880 |
| OPERATING EXPENSES | -303,261 | -460,449 |
| Cost of sales | -280,297 | -348,734 |
| Write down on inventories | -1,668 | -86,143 |
| Impairment on investment properties | -5,807 | |
| Administration costs | -21,295 | -19,765 |
| OPERATING RESULT | 51,564 | -81,063 |
| SALE OF SUBSIDIARIES | 175 | 259 |
| Gain (loss) on sales of subsidiaries | 175 | 259 |
| JOINT VENTURES AND ASSOCIATES | 5,688 | -2,381 |
| Share of result of joint ventures and associates, net of tax | 5,688 | -2,381 |
| RESULT BEFORE FINANCIAL RESULT AND TAXES | 57,427 | -83,185 |
| Interest income | 6,349 | 6,832 |
| Interest expense | -15,284 | -17,252 |
| Other financial income | 1,516 | 2,902 |
| Other financial expenses | -2,082 | -1,111 |
| FINANCIAL RESULT | -9,501 | -8,629 |
| RESULT BEFORE TAXES | 47,926 | -91,815 |
| Income taxes | 1,000 | -1,774 |
| RESULT OF THE PERIOD | 48,926 | -93,589 |
| Share of non-controlling interests | 477 | 115 |
| SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY | 48,449 | -93,704 |
| RESULT OF THE PERIOD | 48,926 | -93,589 |
| Other comprehensive income - items that are or may be reclassified subsequently to profit or loss | 3,547 | -4,564 |
| Currency translation | 1,143 | 504 |
| Cash flow hedging | 3,112 | -6,095 |
| Income tax relating to these items | -708 | 1,027 |
| TOTAL OTHER COMPREHENSIVE INCOME | 3,547 | -4,564 |
| COMPREHENSIVE INCOME OF THE PERIOD | 52,473 | -98,153 |
| Share of non-controlling interests | 691 | 46 |
| SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY | 51,782 | -98,199 |
IMMOBEL 2026 PRESS RELEASE
Consolidated statement of financial position (in thousand EUR)
| ASSETS | 31/12/2025 | 31/12/2024 |
|---|---|---|
| NON-CURRENT ASSETS | 339,311 | 330,536 |
| Intangible assets | 1,363 | 1,648 |
| Property, plant and equipment | 2,155 | 2,883 |
| Right-of-use assets | 6,917 | 8,175 |
| Investment property | 49,580 | 53,017 |
| Investments in joint ventures and associates | 176,306 | 170,838 |
| Advances to joint ventures and associates | 80,984 | 76,112 |
| Deferred tax assets | 20,183 | 16,187 |
| Other non-current financial assets | 552 | 349 |
| Cash guarantees and deposits | 1,270 | 1,328 |
| CURRENT ASSETS | 1,040,145 | 1,239,125 |
| Inventories | 826,585 | 952,669 |
| Trade receivables | 33,324 | 33,945 |
| Contract assets | 5,891 | 11,389 |
| Income Tax receivables | 754 | 848 |
| Prepayments and other receivables | 26,057 | 31,428 |
| Advances to joint ventures and associates | 22,196 | 25,918 |
| Other current financial assets | 0 | 1,126 |
| Cash and cash equivalents | 125,339 | 181,802 |
| TOTAL ASSETS | 1,379,456 | 1,569,661 |
| EQUITY AND LIABILITIES | 31/12/2025 | 31/12/2024 |
| --- | --- | --- |
| TOTAL EQUITY | 454,221 | 400,167 |
| EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | 433,481 | 381,461 |
| Share capital and share premium | 103,678 | 103,678 |
| Retained earnings | 326,256 | 277,692 |
| Reserves | 3,547 | 92 |
| NON-CONTROLLING INTERESTS | 20,740 | 18,706 |
| TOTAL LIABILITIES | 925,235 | 1,169,494 |
| NON-CURRENT LIABILITIES | 370,078 | 460,735 |
| Employee benefit obligations | 243 | 243 |
| Deferred tax liabilities | 25,985 | 23,307 |
| Financial debts | 341,203 | 430,580 |
| Derivative financial instruments | 2,647 | 6,605 |
| CURRENT LIABILITIES | 555,157 | 708,759 |
| Provisions | 2,032 | 2,364 |
| Financial debts | 435,284 | 552,047 |
| Trade payables | 54,455 | 55,398 |
| Contract liabilities | 12,302 | 44,889 |
| Income Tax liabilities | 2,360 | 4,719 |
| Social debts, VAT and other tax payables | 20,333 | 15,897 |
| Accrued charges and other amount payable | 11,106 | 12,775 |
| Advances from joint venture and associates | 17,285 | 20,669 |
| TOTAL EQUITY AND LIABILITIES | 1,379,456 | 1,569,661 |
IMMOBEL 2026 PRESS RELEASE
Oxy, Brussels (Belgium)
Summary of the consolidated comprehensive income (internal view)(in thousand EUR)
| CONSOLIDATED INCOME STATEMENT | EUR ('000) | 31/12/2025 | 31/12/2024 |
|---|---|---|---|
| OPERATING INCOME | 456,379 | 445,449 | |
| Revenues | 408,614 | 415,773 | |
| Rental income | 18,323 | 20,762 | |
| Other operating income | 29,442 | 8,914 | |
| OPERATING EXPENSES | -384,147 | -517,253 | |
| Cost of sales | -351,108 | -388,060 | |
| Write down on inventories | -1,668 | -93,615 | |
| Impairment on investment properties | -5,807 | ||
| Administration costs | -31,370 | -29,771 | |
| OPERATING RESULT | 72,232 | -71,804 | |
| SALE OF SUBSIDIARIES | 175 | 259 | |
| Gain (loss) on sales of subsidiaries | 175 | 259 | |
| RESULT BEFORE FINANCIAL RESULT AND TAXES | 72,407 | -71,547 | |
| Interest income | 4,749 | 4,735 | |
| Interest expense | -24,345 | -26,746 | |
| Other financial income / expenses | -842 | 2,906 | |
| FINANCIAL RESULT | -20,439 | -19,106 | |
| RESULT BEFORE TAXES | 51,968 | -90,653 | |
| Income taxes | -3,042 | -2,936 | |
| RESULT OF THE PERIOD | 48,926 | -93,589 | |
| Share of non-controlling interests | 477 | 115 | |
| SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY | 48,449 | -93,704 |
IMMOBEL 2026 PRESS RELEASE
Summary of the consolidated statement of financial position (internal view)(in thousand EUR)
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | EUR ('000) | 31/12/2025 | 31/12/2024 |
|---|---|---|---|
| NON-CURRENT ASSETS | 218,652 | 215,260 | |
| Intangible assets and property, plant and equipment | 3,518 | 4,530 | |
| Right-of-use assets | 6,917 | 8,175 | |
| Investment property | 109,684 | 118,710 | |
| Advances to joint ventures and associates | 65,471 | 54,172 | |
| Deferred tax assets | 26,850 | 24,130 | |
| Other non-current assets | 6,212 | 5,542 | |
| CURRENT ASSETS | 1,587,428 | 1,734,635 | |
| Inventories | 1,305,680 | 1,386,769 | |
| Trade receivables | 37,803 | 38,131 | |
| Contract assets | 18,241 | 20,895 | |
| Tax receivables and other current assets | 57,350 | 56,569 | |
| Advances to joint ventures and associates | 16,180 | 22,961 | |
| Cash and cash equivalents | 152,173 | 209,310 | |
| TOTAL ASSETS | 1,806,080 | 1,949,895 | |
| TOTAL EQUITY | EUR ('000) | 454,221 | 400,167 |
| --- | --- | --- | --- |
| TOTAL LIABILITIES | 1,351,859 | 1,549,728 | |
| NON-CURRENT LIABILITIES | 593,766 | 585,725 | |
| Financial debts | 560,675 | 551,735 | |
| Deferred tax liabilities | 29,371 | 25,812 | |
| Other non-current liabilities | 3,720 | 8,177 | |
| CURRENT LIABILITIES | 758,093 | 964,004 | |
| Financial debts | 515,433 | 698,134 | |
| Trade payables | 72,321 | 70,270 | |
| Contract liabilities | 37,875 | 57,818 | |
| Tax payables and other current liabilities | 123,137 | 127,181 | |
| Advances from joint venture and associates | 9,326 | 10,601 | |
| TOTAL EQUITY AND LIABILITIES | 1,806,080 | 1,949,895 |
IMMOBEL 2026 PRESS RELEASE
Alternative Performance Measures (APM's)
External view
External view refers to the Company's published consolidated financial statements, which have been prepared in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union.
Internal view
'Internal view' refers to financial information in which joint ventures and associates are consolidated using the proportional method. This is where a company records its share of a joint arrangement's assets, liabilities, income and expenses, in line with its ownership percentage. It is distinct from the equity method applied in the published consolidated financial statements, as included in Note 1 of the consolidated financial statements and Note 6 of the condensed intermediate financial statements (included within the segment reporting).
Underlying EBITDA internal view
Underlying EBITDA internal view (Earnings Before Interest, Depreciation and Amortisation) refers to the result before financial result and taxes, before amortisation, depreciation, write down on inventories and impairment on investment properties and provisions (as included in Administration Costs), and excluding adjustments. It is based on the internal view, in which joint ventures and associates are consolidated using the proportional method. This is where a company records its share of a joint arrangement's assets, liabilities, income and expenses, in line with its ownership percentage. It is distinct from the equity method applied in the published financial statements.
| IN KEUR | 31/12/2025 | 30/6/2025 CORRECTED | 30/6/2025 REPORTED | 31/12/2024 | 30/6/2024 | 31/12/2023 | REFERENCE IN ANNUAL REPORT | |
|---|---|---|---|---|---|---|---|---|
| Result before financial result and taxes | 72,232 | 35,158 | 35,158 | -71,547 | -81,110 | -11,840 | Segment reporting | |
| Depreciations & provisions | 6,290 | 2,843 | 2,843 | 5,921 | 1,797 | 6,733 | N/A (included in administration costs segment reporting) | |
| Total impairment of Proximus Towers project | 0 | 0 | 0 | 48,778 | 48,778 | 0 | (Included in) Segment reporting | |
| Write down on other inventories | 1,668 | 1,668 | 1,668 | 44,837 | 44,665 | 10,413 | (Included in) Segment reporting | |
| Impairment on investment properties | 0 | 0 | 0 | 5,807 | 0 | 20,000 | Segment reporting | |
| EBITDA internal view | 80,190 | 39,669 | 39,669 | 33,796 | 14,130 | 25,305 | ||
| Strategic cost cutting measures | 0 | 0 | 0 | 0 | 0 | 10,200 | N/A (included in administration costs segment reporting) | |
| Capital gain on sale building permit for the Proximus Towers | -18,000 | -18,000 | 0 | 0 | 0 | 0 | N/A (included in revenues) | |
| UNDERLYING EBITDA INTERNAL VIEW | 62,190 | 21,669 | 39,669 | 33,796 | 14,130 | 35,505 |
IMMOBEL 2026 PRESS RELEASE
Underlying EBITDA External view
Underlying EBITDA external view (Earnings Before Interest, Depreciation and Amortisation) refers to the result before financial result and taxes before amortisation, depreciation, write down on inventories and impairment on investment properties (including also those in equity accounted investees) and provisions (as included in Administration Costs), and excluding adjustments.
| IN KEUR | 31/12/2025 | 30/6/2025 CORRECTED | 30/6/2025 REPORTED | 31/12/2024 | 30/6/2024 | 31/12/2023 | REFERENCE IN ANNUAL REPORT |
|---|---|---|---|---|---|---|---|
| Result before financial result and taxes | 57,427 | 25,951 | 25,951 | -83,185 | -87,984 | -23,374 | Consolidated statement of profit and loss |
| Impairment on investment property | 0 | 0 | 0 | 5,807 | 6,229 | 20,000 | Note Write down on inventories and impairment on investment properties |
| Total impairment of Proximus Towers project | 48,778 | 48,778 | N/A (Included in note Write down on inventories and impairment on investment properties) | ||||
| Write down on inventories and other assets | 1,668 | 1,668 | 1,668 | 37,365 | 30,963 | 10,413 | (Included in) Note Write down on inventories and impairment on investment properties |
| Amortisation of intangible and tangible assets, and of investment property | 3,246 | 1,545 | 1,545 | 3,416 | 1,719 | 4,890 | Note administration costs |
| Provisions | -168 | 9 | 9 | -1,438 | -1,272 | -278 | Note administration costs |
| EBITDA | 62,173 | 29,173 | 29,173 | 10,743 | -1,567 | 11,651 | |
| Strategic cost cutting measures | 0 | 0 | 0 | 0 | 0 | 10,200 | N/A (included in administration costs segment reporting) |
| Write down on inventories and impairment on investment properties in equity consolidated companies | 0 | 0 | 0 | 7,472 | 7,473 | 0 | N/A (included in share of results of joint ventures and associates, net of tax) |
| Capital gain on sale building permit for the Proximus Towers | -18,000 | -18,000 | 0 | 0 | 0 | 0 | N/A (included in revenues) |
| UNDERLYING EBITDA EXTERNAL VIEW | 44,173 | 11,173 | 29,173 | 18,215 | 5,906 | 21,851 |
Net result
Share attributable to owners of the Company.
Underlying net result
Net result excluding write down on inventories and impairment on investment properties (including also those in equity accounted investees) and adjustments.
| IN KEUR | 31/12/2025 | 30/6/2025 CORRECTED | 30/6/2025 REPORTED | 31/12/2024 | 30/6/2024 | 31/12/2023 | REFERENCE IN ANNUAL REPORT |
|---|---|---|---|---|---|---|---|
| Share attributable to owners of the company | 48,449 | 31,512 | 31,512 | -93,704 | -89,138 | -38,423 | Consolidated statement of profit and loss |
| Proximus Towers | |||||||
| • Capital gain on sale building permit for the Proximus Towers | -18,000 | -18,000 | 0 | 0 | 0 | 0 | N/A (included in Revenues) |
| • total impairment of Proximus Towers project | 0 | 0 | 0 | 48,778 | 48,778 | 0 | (Included in) Segment reporting |
| Write down on other inventories | 1,668 | 1,668 | 1,668 | 44,837 | 44,665 | 10,413 | (Included in) Segment reporting |
| Impairment on investment properties | 0 | 0 | 0 | 5,807 | 0 | 20,000 | Segment reporting |
| Strategic cost-cutting measures | 0 | 0 | 0 | 0 | 0 | 10,200 | N/A (included in administration costs) |
| (De)recognition deferred tax assets | -8,409 | -8,409 | 0 | 0 | 0 | 9,950 | N/A (included in Income taxes) |
| UNDERLYING NET RESULT | 23,708 | 6,771 | 33,180 | 5,719 | 4,305 | 12,140 |
IMMOBEL 2026 PRESS RELEASE
Gearing
Gearing ratio is calculated by dividing net financial debt by the sum of net financial debt and equity.
| IN KEUR | 31/12/2025 | 30/6/2025 | 31/12/2024 | 30/6/2024 | REFERENCE IN ANNUAL REPORT |
|---|---|---|---|---|---|
| Cash and cash equivalents | 125,339 | 155,433 | 181,802 | 100,034 | Consolidated statement of financial position |
| Non-current financial debt | -341,203 | -444,573 | -430,580 | -647,943 | Consolidated statement of financial position |
| Current financial debt | -435,284 | -474,537 | -552,047 | -322,702 | Consolidated statement of financial position |
| Net financial debt | -651,148 | -763,677 | -800,825 | -870,611 | |
| Total Equity | -454,211 | -431,696 | -400,167 | -411,131 | Consolidated statement of financial position |
| Sum of net financial debt and equity | -1,105,359 | -1,195,373 | -1,200,992 | -1,281,742 | |
| GEARING | 58.9% | 63.9% | 66.7% | 67.9% |
Liquidity
Liquidity is composed of cash and cash equivalents and undrawn corporate credit lines.
| IN KEUR | 31/12/2025 | 30/6/2025 | 31/12/2024 | 30/6/2024 | REFERENCE IN ANNUAL REPORT |
|---|---|---|---|---|---|
| Cash and cash equivalents | 125,339 | 155,433 | 181,802 | 100,034 | Consolidated statement of financial position |
| Undrawn corporate credit lines | 50,000 | 0 | 0 | 65,400 | N/A |
| LIQUIDITY | 175,339 | 155,433 | 181,802 | 165,434 |
Liquidity internal view
Liquidity internal view is composed of cash and cash equivalents and undrawn corporate credit lines. It is based on the internal view, in which joint ventures and associates are consolidated using the proportional method (where a company records its share of a joint arrangement's assets, liabilities, income and expenses, in line with its ownership percentage) rather than the equity method applied in the published financial statements.
| IN KEUR | 31/12/2025 | 30/6/2025 | 31/12/2024 | 30/6/2024 | REFERENCE IN ANNUAL REPORT |
|---|---|---|---|---|---|
| Cash and cash equivalents | 152,173 | 179,451 | 209,310 | 100,034 | Segment reporting |
| Undrawn corporate credit lines | 50,000 | 0 | 0 | 65,400 | N/A |
| LIQUIDITY INTERNAL VIEW | 202,173 | 179,451 | 209,310 | 165,434 |
Annualised rental income
Annualised rental income refers to income, calculated on a 12-month basis, from the long-term leases of rented office buildings classified as investment properties and inventories in equity-consolidated entities. It is included in rental income in the segment reporting.
| IN KEUR | 31/12/2025 | 30/6/2025 | 31/12/2024 | 30/6/2024 | REFERENCE IN ANNUAL REPORT |
|---|---|---|---|---|---|
| Rental income | 18,323 | 9,202 | 20,762 | 10,855 | Segment reporting |
| Non-recurring rental income | -2,021 | -716 | -3,006 | -1,670 | N/A |
| ANNUALISED RENTAL INCOME | 16,302 | 16,972 | 17,756 | 18,370 |
Adjustments
Adjustments include valuation driven, nonoperational or exceptional items that are not indicative of normal, recurring business activities. These relate, among other things, to prudential valuation corrections, nonrecurring elements, and oneoff structural measures that do not provide a representative view of the operational performance for the period.
IMMOBEL 2026 PRESS RELEASE
Total portfolio
Total portfolio refers to the total of all projects classified as investment property or inventory in the internal view.
Gross development value (GDV)
Sales value or gross development value is the total expected future turnover (group share) of a project or all projects in the current portfolio. This includes projects subject to conditions precedent for which the management judges there is a high likelihood of closing.
Average cost of debt
The average cost of debt is defined as the (annualised) interest expense under the effective interest method divided by the average total financial debt position (current and non-current) over the period.
| 31/12/2025 | 30/6/2025 | 31/12/2024 | 30/6/2024 | REFERENCE IN ANNUAL REPORT | |
|---|---|---|---|---|---|
| Financial debt at the beginning of the period | |||||
| Non-current financial debt | 430,580 | 430,580 | 787,946 | 787,946 | Consolidated statement of financial position |
| Current financial debt | 552,047 | 552,047 | 176,182 | 176,182 | Consolidated statement of financial position |
| Total financial debt at the beginning of the period | 982,627 | 982,627 | 964,128 | 964,128 | |
| Financial debt at the end of the period | |||||
| Non-current financial debt | 341,203 | 444,573 | 430,580 | 647,943 | Consolidated statement of financial position |
| Current financial debt | 435,284 | 474,537 | 552,047 | 322,702 | Consolidated statement of financial position |
| Total financial debt at the end of the period | 776,487 | 919,110 | 982,627 | 970,645 | |
| Average total financial debt over the period | 879,557 | 950,869 | 973,378 | 967,387 | |
| Interest expense under the effective interest method | 37,380 | 19,211 | 35,019 | 16,342 | Note Net financial costs |
| Annualised interest expense under the effective interest method | 37,380 | 38,422 | 35,019 | 32,684 | |
| AVERAGE COST OF DEBT | 4.2% | 4.0% | 3.6% | 3.4% |
The calculation method has changed. It used to be defined as the total interest expense incurred, adjusted for the impact of financial hedge instruments (proceeds or costs), divided by the outstanding debt position at the end of the reporting period. The change in the calculation method was driven by the intention to create a clearer link with the IFRS figures, in order to enhance transparency for the reader. Under the previous calculation method, the average cost of debt would have amounted to 4.4%, unchanged compared to H1 2025 and yearend 2024, and 3.8% in H1 2024.
