Immobilière Dassault (IMDA) H2 2025 earnings summary

Executive summary

• Cash flow from operations increased by 17.8% to €21.7M for 2025, driven by higher rental income.

• Rental income rose 15.8% year-over-year to €34.5M, supported by new acquisitions and favorable lease indexation.

• Adjusted NAV per share stood at €84.5 at year-end 2025, with a proposed dividend of €2.07 per share, fully in cash.

• Portfolio expanded with the acquisition of a prime office and retail building at 88 rue de Rivoli, Paris, and continued asset enhancement initiatives.

Financial highlights

• Net rental income reached €34.5M, up 15.8% from 2024, with like-for-like growth of 9%.

• Operating income rose 19.1% to €31.9M, while net income attributable to the group increased 3.6% to €28.3M.

• Cash flow from operations (excluding working capital changes) was €21.7M, up 17.8% year-over-year.

• Portfolio value (excluding duties) increased to €990.4M from €877.1M at end-2024.

Outlook and guidance

• Investment strategy remains focused on selective acquisitions of prime office and retail assets.

• Ongoing asset management and renovation to maintain competitiveness and comply with environmental standards.