Vitura: First-half 2026 Results

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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

PARIS--(BUSINESS WIRE)-- Regulatory News:

Vitura (Paris: VTR):

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

In millions of euros	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%

In millions of euros	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%

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: LinkedIn

APPENDICES

Reconciliation of Alternative Performance Measures (APM)

Recurring cash flow

In thousands of euros	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

In thousands of euros	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

In thousands of euros	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

(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. EPRA NTA has been adjusted accordingly.

LTV ratio

In millions of euros	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%
1) Consolidated gross debt, recorded in the statutory financial statements.

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)

In thousands of euros, except per share data
	June 30, 2026	Dec. 31, 2025	June 30, 2025
	6 months	12 months	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

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)

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

Other comprehensive income	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)

In thousands of euros
	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)

In thousands of euros
	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
* There were no cash liabilities for any of the periods presented above.