Fonciere Inea (INEA) Q1 2025 TU earnings summary

Executive summary

• Consolidated gross rental income for Q1 2025 reached €20.9M, up 10.7% year-over-year.

• Growth driven 67% by like-for-like rental increases and 33% by new property deliveries.

Financial highlights

• Gross rental income increased by €2.0M compared to Q1 2024.

• Like-for-like net rents rose 4.9%, mainly due to 4.6% indexation.

• New deliveries in 2024 added 37,210 m² and €5.6M in annualized rents.

Outlook and guidance

• Upcoming deliveries in 2025 include Nexus (Montpellier) and several business parks, adding 25,957 m² and €3.8M in potential annual rent.

• New assets will be partially leased at delivery, with rental guarantees of 9–12 months.