from VITURA (EPA:VTR)
Inside Information / News release on accounts, results
Press release 2025 Annual Results – Regulated Information Paris, April 2, 2026 – 7:30 a.m.
\ Vitura: 2025 Annual Results \
- 34,000 sq.m of offices let in 2025
- Core portfolio occupancy rate of 81%, up 12 points
- EPRA earnings of €8.5 million (vs negative €5,1million in 2024)
- EPRA NTA of €15.9/share (vs €16.1/share in 2024)
- 5-star rating in the GRESB ranking (top 20% globally)
- 37% reduction in portfolio energy consumption since 2013
Appeal of the portfolio confirmed by leases signed with major names
As part of an ambitious strategy to reposition its property portfolio, Vitura has chosen to reinvent its offices to design workplaces that combine a welcoming atmosphere, flexibility and a commitment to sustainability. Its properties are faithful to the latest trends – with direct access to low-impact mobility solutions and private gardens – and are perfectly suited to the needs of international groups, which require medium to large units.
Over the course of 2025, Vitura welcomed a number of prestigious tenants, testifying to its appeal. BPCE Group took up space at Rives de Bercy, a 31,000 sq.m redesigned campus in CharentonLe-Pont, bringing its occupancy rate to 71%. The Dauphine Executive Education program's teams moved into Europlaza, a tower located in the heart of La Défense, Europe’s leading business district.
Thanks to these signings, the Group has extended the average remaining lease term to over six years, posting an EPRA yield of over 5% for the portfolio.
The overall core portfolio occupancy rate was 81% at December 31, 2025, compared with 69% at December 31, 2024, an increase of 12 points.
The start of 2026 was also marked by the renewal of a number of leases with first-rate tenants at Arcs de Seine in Boulogne-Billancourt, for a total of 16,000 sq.m, representing a third of the building. For example, Huawei, one of the world's leading telecommunications providers, extended its lease for a non-cancelable term of nine years. These transactions have increased the average remaining lease term for the property to over seven years, with an occupancy rate of 80%.
The satisfaction and loyalty of the Company's tenants are also important performance indicators. Since 2017, leases have been extended or renewed on 87% of leased space.
Key financial figures
Rental income remained stable at €43.8 million, up almost 2% year on year, with index-linked rent increases contributing 3.5%.
EPRA earnings represented €8.5 million at December 31, 2025 vs. €2.7 million at December 31, 2024 on a like-for-like basis (excluding the companies holding the Passy Kennedy and Office Kennedy assets, which were deconsolidated). The €5.8 million increase corresponds to higher operating income (positive €3.1 million impact) and lower financial expenses (positive €2.8 million impact).
The estimated value (excluding transfer duties) of the core portfolio stood at €794 million, up 1.7% year on year. With Hanami, the estimated value (excluding transfer duties) of the portfolio stood at €865 million, down 1.3%.
Net income (expense) progressed to an expense of €21 million vs. an expense of €104 million in 2024 (excluding the gain on the disposal of the companies holding the Passy Kennedy and Office Kennedy properties), driven by an improvement in the change in fair value of properties and financial instruments.
EPRA NTA stood at €271.6 million at December 31, 2025, representing €15.9 per share, stable compared with €275 million one year earlier.
The Group's IFRS consolidated net debt stood at €593 million at December 31, 2025, down €7 million compared with 2024, due to the repayment of borrowings over the period. 85% of the Group's borrowings is made up of green loans.
Prothin's outstanding loans amounted to €506 million at December 31, 2025. The refinancing process for debt maturing in July 2026 has been initiated with the existing banking pool as well as prospective new lenders. The Group is confident that the refinancing will have a positive outcome, given the quality of the assets, the rental performance and the portfolio's 81% occupancy rate.
Vitura is taking various steps to improve the rental situation at the Hanami campus. Discussions are underway with the banking pool to extend the maturity of the debt due in June 2026 (representing 15% of Group debt).
On April 1, 2026, the Board of Directors approved the parent company and consolidated financial statements as at December 31, 2025 and the statutory audit reports are currently being issued.
A recognized proactive CSR commitment
In 2025, Vitura remained committed to achieving carbon neutrality by 2050, posting a 56% reduction in CO2 emissions since 2013, exceeding the 53% reduction target set for 2030.
Thanks to a concerted, on-the-ground approach, and the close relationship Vitura has with its tenants, energy consumption has fallen by 37% since 2013.
This ongoing, committed approach has been recognized. Vitura has once again received a 5-star rating in the 2025 Global Real Estate Sustainability Benchmark (GRESB). Each year, the GRESB assesses and compares the performance of real estate companies worldwide, providing reliable information for the financial markets.
This year, Vitura once again received two Gold Awards from the European Public Real Estate Association (EPRA) for the quality and transparency of its financial and non-financial reporting.
Key figures
| In millions of euros | 2025 | 2024 | Change |
|---|---|---|---|
| Rental income (IFRS) | 43.8 | 43.1 | +1.7% |
| EPRA earnings | 8.5 | (5.1) | +268% |
| EPRA earnings on a like-for-like basis | 8.5 | 2.7 | +219% |
| Like-for-like cash flow | 11.3 | 6.5 | +73% |
| Portfolio (excl. transfer duties) | 865 | 877 | -1.3% |
| Core occupancy rate | 81% | 69% | +12 pts |
| Net income (expense) for the period | (20.8) | (104.4) | +80% |
| EPRA NTA (in €) | 15.9 | 16.1 | -0.01% |
| Net debt (IFRS) | 593 | 600 | -7 |
For more information, please contact:
Investor relations
Charlotte de Laroche
info@vitura.fr
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 €865 million at December 31, 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 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 since 2006, in compartment B (ISIN: FR0010309096).
Visit our website to find out more: www.vitura.fr/en
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APPENDICES
Reconciliation of Alternative Performance Measures (APM)
Recurring cash flow
| In thousands of euros | 2025 | 2024 |
|---|---|---|
| Net income under IFRS | (20,755) | (243,003) |
| Restatement of changes in fair value of investment property | 20,762 | 87,322 |
| Restatement of changes in fair value of financial property | 8,494 | 11,972 |
| Restatement of net income/expense from discontinued operations | 0 | 138 645 |
| EPRA Earnings | 8,502 | (5,064) |
| Kennedy contribution to EPRA earnings (1) | 0 | 7 727 |
| Like-for-like EPRA earnings | 8, 502 | 2, 662 |
| Restatement of deferred lease incentives (IAS 17) | 1,237 | 2,130 |
| Restatement of deferred finance costs | 1,543 | 1,724 |
| Like-for-like cash flow | 11,282 | 6,517 |
(1) Deconsolidation of CGR Propco and Office Kennedy (the companies holding the Passy Kennedy and Office Kennedy assets) on July 9, 2024.
Other indicators of recurring EPRA earning
| In thousands of euros | 2025 | 2024 |
|---|---|---|
| Net operating income | 32,892 | 29,841 |
| Net financial expenses | (24,391) | (27,179) |
EPRA NTA
| In thousands of euros | 2025 | 2024 |
|---|---|---|
| Shareholders’ equity under IFRS | 248,147 | 268,907 |
| Portion of rent-free periods (1) | (12,539) | (17,617) |
| Elimination of fair value of share subscription warrants | 0 | 0 |
| Fair value of diluted NAV | 235,608 | 251,290 |
| Transfer duties (2) | 39,411 | 35,903 |
| Fair value of financial instruments | (3,470) | (11,965) |
| EPRA NTA | 271,549 | 275,228 |
| EPRA NTA per share | 15.9 | 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.
Debt ratio
The debt ratio is defined as the percentage of financial debt (as shown in the balance sheet of the statutory accounts) relative to the value of investment properties, excluding transfer duties.
The core debt ratio is 63%.
Occupancy rate
The occupancy rate is the ratio of space for which the Company receives rent under a lease agreement to the total amount of available space.
The core occupancy rate of 81% includes strategic assets (excluding Hanami).
IFRS Income Statement (consolidated)
In thousands of euros, except per share data
| 2025 12 months | 2024 12 months | |
|---|---|---|
| Rental income | 43,834 | 43,103 |
| Income from other services | 16,482 | 14,768 |
| Building-related costs | (22,558) | (24,960) |
| Net rental income | 37,757 | 32,911 |
| Sale of building | 0 | 0 |
| Administrative costs | (4,865) | (6,365) |
| Other operating expenses | 0 | 298 |
| Other operating income | 0 | 0 |
| Total change in fair value of investment property | (20,762) | (87,322) |
| Net operating income | 12,130 | (60,478) |
| Financial income | 9,731 | 8,502 |
| Financial expenses | (42,617) | (52,383) |
| Net financial expenses | (32,885) | (43,880) |
| Net income (expense) from discontinued operations | 0 | (138,645) |
| Corporate income tax | 0 | 0 |
| CONSOLIDATED NET INCOME | (20,755) | (243,003) |
| of which attributable to owners of the Company | (20,755) | (243,003) |
| of which attributable to non-controlling interests | 0 | 0 |
| Other comprehensive income | ||
| TOTAL COMPREHENSIVE INCOME | (20,755) | (243,003) |
| of which attributable to owners of the Company | (20,755) | (243,003) |
| of which attributable to non-controlling interests | 0 | 0 |
| Basic earnings per share (in euros) | (1.22) | (14.25) |
| Diluted earnings per share (in euros) | (1.22) | (14.25) |
IFRS Balance Sheet (consolidated)
In thousands of euros
| Dec. 31, 2025 | Dec. 31, 2024 | |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipment | 3 | 3 |
| Investment property | 865,230 | 876,750 |
| Non-current loans and receivables | 6,270 | 12,357 |
| Financial instruments | 3,911 | 13,197 |
| Total non-current assets | 875,414 | 902,308 |
| Current assets | ||
| Trade accounts receivable | 13,899 | 12,153 |
| Other operating receivables | 9,636 | 6,674 |
| Prepaid expenses | 321 | 379 |
| Total receivables | 23,856 | 19,206 |
| Financial instruments | 5,348 | 5,470 |
| Cash and cash equivalents | 16,297 | 13,488 |
| Total cash and cash equivalents | 21,645 | 18,958 |
| Total current assets | 45,502 | 38,164 |
| TOTAL ASSETS | 920,916 | 940,472 |
| Shareholders' equity | ||
| Share capital | 64,933 | 64,933 |
| Legal reserve and additional paid-in capital | 60,047 | 60,047 |
| Consolidated reserves and retained earnings | 143,923 | 386,930 |
| Net attributable income | (20,755) | (243,003) |
| Total shareholders’ equity | 248,147 | 268,907 |
| Non-current liabilities | ||
| Non-current borrowings | 0 | 498,591 |
| Other non-current borrowings and debt | 7,559 | 7,275 |
| Non-current corporate income tax liability | 0 | 0 |
| Financial instruments | 0 | 0 |
| Total non-current liabilities | 7,559 | 505,866 |
| Current liabilities | ||
| Current borrowings | 600,018 | 105,777 |
| Financial Instruments | 0 | 0 |
| Other non-current borrowings and debt | 37,112 | 32,560 |
| Trade accounts payable | 6,605 | 5,177 |
| Corporate income tax liability | 0 | 0 |
| Other operating liabilities | 7,598 | 7,628 |
| Prepaid revenue | 13,877 | 14,558 |
| Total current liabilities | 665,208 | 165,699 |
| Total liabilities | 672,768 | 671,565 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 920,916 | 940,472 |
IFRS Statement of Cash Flows (consolidated)
In thousands of euros
| 2025 | 2024 | |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Consolidated net income | (20,755) | (243,003) |
| Elimination of items related to the valuation of buildings: | ||
| Fair value adjustments to investment property | 20,762 | 87,322 |
| Annulation des dotations aux amortissement | 0 | 0 |
| Indemnité perçue des locataires pour le remplacement des composants | 0 | 0 |
| Elimination of other income/expense items with no cash impact: | ||
| Depreciation of property, plant and equipment (excluding investment property) | 0 | 0 |
| Free share grants not vested at the reporting date | 0 | 0 |
| Fair value of financial instruments (share subscription warrants, interest rate caps and swaps) | 9,408 | 14,081 |
| Adjustments for loans at amortized cost | 1,543 | 2,443 |
| Contingency and loss provisions | 0 | 0 |
| Corporate income tax | 0 | 0 |
| Penalty interest | 0 | 0 |
| Cash flows from operations before tax and changes in working capital requirements | 10,959 | (512) |
| Other changes in working capital requirements | 420 | 13 122 |
| Working capital adjustments to reflect changes in the scope of consolidation | ||
| Change in working capital requirements | 420 | 13 122 |
| Net cash flows from operating activities | 11,379 | 12,610 |
| INVESTING ACTIVITIES | ||
| Acquisition of fixed assets | (7,393) | (7,119) |
| Impact of changes in the scope of consolidation | 0 | 6,093 |
| Net increase in amounts due to fixed asset suppliers | (116) | (1,664) |
| Net cash flows used in investing activities | (7,509) | (2,690) |
| FINANCING ACTIVITIES | ||
| Capital increase | 0 | 0 |
| Capital increase transaction costs | 0 | 0 |
| Change in bank debt | (3,926) | (12,577) |
| Issue of financial instruments (share subscription warrants) | 0 | 0 |
| Refinancing/financing transaction costs | 0 | 0 |
| Net increase in liability in respect of refinancing | 0 | 0 |
| Purchases of hedging instruments | 0 | 0 |
| Net increase in current borrowings | (1,967) | (2,475) |
| Net decrease in current borrowings | 0 | 0 |
| Net increase in other non-current borrowings and debt | 4,836 | 6,898 |
| Net decrease in other non-current borrowings and debt | 0 | 0 |
| Purchases and sales of treasury shares | (4) | 2 |
| Dividends paid | 0 | 0 |
| Net cash flows from financing activities | (1,061) | (8,152) |
| Change in cash and cash equivalents | 2,809 | 1,769 |
| Cash and cash equivalents at beginning of period* | 13 488 | 11 720 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 16,297 | 13,488 |
| * There were no cash liabilities for any of the periods presented above. | ||
French GAAP Income Statement
In thousands of euros
| Dec. 31, 2025 12 months | Dec. 31, 2024 12 monhs | |
|---|---|---|
| Sales of services | 490 | 263 |
| NET REVENUE | 490 | 263 |
| Reversal of depreciation and amortization charges, impairment and expense transfers | 0 | 0 |
| Other revenue | 34 | 59 |
| Total operating revenue | 524 | 322 |
| Purchases of raw materials and other supplies | 0 | 0 |
| Other purchases and external charges | 1,555 | 3,085 |
| Taxes, duties and other levies | 71 | 70 |
| Wages and salaries | 399 | 555 |
| Social security charges | 226 | 226 |
| Fixed assets: depreciation and amortization | 0 | 0 |
| Contingency and loss provisions | 0 | 0 |
| Other expenses | 83 | 215 |
| Total operating expenses | 2,336 | 4,153 |
| OPERATING LOSS | (1,812) | (3,831) |
| Financial income from controlled entities | 315 | 514 |
| Other interest income | 0 | 0 |
| Reversals of impairment and provisions, and transferred charges | 272 | 0 |
| Total financial income | 587 | 514 |
| Interest expenses | 4,552 | 3,947 |
| Depreciation, amortization, provisions for impairment and other provisions | 6,477 | 20,424 |
| Carrying amount of non-current financial assets sold | 204 | 0 |
| Other financial expenses | 101 | 0 |
| Total financial expenses | 11,334 | 24,371 |
| NET FINANCIAL INCOME | (10,746) | (23,858) |
| RECURRING LOSS BEFORE TAX | (12,557) | (27,689) |
| Non-recurring income on capital transactions | 0 | 6,093 |
| Reversal of impairment, provisions and non-recurring expense transfers | 0 | 0 |
| Total non-recurring income | - | 6,094 |
| Non-recurring expenses on management transactions | 0 | 6 |
| Non-recurring expenses on capital transactions | 0 | 89,731 |
| Total non-recurring expenses | - | 89,736 |
| NET NON-RECURRING INCOME | - | (83 643) |
| Corporate income tax | 0 | 0 |
| TOTAL INCOME | 1,111 | 6,929 |
| TOTAL EXPENSES | 13,668 | 118,261 |
| NET LOSS | (12,557) | (111,332) |
French GAAP Balance Sheet
In thousands of euros
| ASSETS | Gross amount | Depr., amort & prov. | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|---|---|
| Property, plant and equipment | ||||
| Other property, plant and equipment | 34 | (31) | 3 | 3 |
| Financial fixed assets | ||||
| Receivables from controlled entities | 215,174 | (43,117) | 172,057 | 173,961 |
| Loans | - | - | - | - |
| Other financial fixed assets | 970 | (769) | 202 | 230 |
| FIXED ASSETS | 216 178 | (43 917) | 172 262 | 174 194 |
| Receivables | ||||
| Trade accounts receivable | 1,693 | - | 1,693 | 1,127 |
| Other receivables | 7,909 | - | 7,909 | 8,136 |
| Prepaid expenses | 81 | - | 81 | 98 |
| Cash and cash equivalents | ||||
| Cash and cash equivalents | 754 | - | 754 | 7,118 |
| Short-term investment securities | - | - | - | - |
| CURRENT ASSETS | 10,438 | - | 10,438 | 16,479 |
| TOTAL ASSETS | 226,616 | (43,917) | 182,699 | 190,674 |
In euros
| PASSIF | 31/12/25 | 31/12/24 |
|---|---|---|
| Capital | ||
| Share capital (including paid-up capital: 66,862,500) | 64,933 | 64,933 |
| Additional paid-in capital | 54,814 | 54,814 |
| Revaluation reserve | 152,342 | 152,342 |
| Reserves | ||
| Legal reserve | 6,694 | 6,694 |
| Other reserves | - | - |
| Retained earnings | ||
| Retained earnings | (121,854) | -10,522 |
| Net loss for the year | (12,557) | (111,332) |
| SHAREHOLDERS’ EQUITY | 144,373 | 156,930 |
| OTHER EQUITY | - | - |
| Loss provisions | - | - |
| CONTINGENCY AND LOSS PROVISIONS | - | - |
| Non-current borrowings and debt | ||
| Miscellaneous borrowings and debt | 37,112 | 32,560 |
| Trade accounts payable and other current liabilities | ||
| Trade accounts payable | 539 | 451 |
| Tax and social liabilities | 675 | 733 |
| Amounts owed to fixed asset suppliers | - | - |
| Other debts | - | - |
| LIABILITIES | 38,326 | 33,744 |
| TOTAL EQUITY AND LIABILITIES | 182,699 | 190,674 |