from VITURA (EPA:VTR)
Inside Information / Other news releases
Press release
Regulatory information
Paris, July 24, 2026 – 7:30 a.m.
\ Vitura: First-half 2026 results \
- Rental income up by 8% to €23.7 million, driven by letting activity
- Portfolio value of €840 million
- Core portfolio occupancy rate of 81%
- EPRA NTA of €248 million or €14.5 per share
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
| 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% |
| 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% |
For more information, please contact:
Investor relations
Charlotte de Laroche
info@vitura.fr \ +33 1 42 25 76 38
Media relations
Aliénor Miens
alienor.miens@margie.fr \ +33 6 64 32 81 75
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:
APPENDICES
Reconciliation of Alternative Performance Measures (APM)
Recurring cash flow
| 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
| 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
| 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 |
LTV ratio
| 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% |
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)
| June 30, 2026 6 months | Dec. 31, 2025 12 months | June 30, 2025 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 |
| 0 | 0 | 0 | 0 |
| 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) |
| 0 | 0 | 0 | 0 |
| 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 |
| 0 | 0 | 0 | 0 |
| Other comprehensive income | 0 | 0 | 0 |
| 0 | 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)
| 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)
| 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 |
Notes
- Lease incentives recorded in assets in the IFRS consolidated financial statements under “Non-current loans and receivables” and “Other operating receivables”.
- 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.
- Consolidated gross debt, recorded in the statutory financial statements.
- There were no cash liabilities for any of the periods presented above.