Fiducial Real Estate Maintains Operational Profitability in 2024-2025

Financial Performance Overview

For the fiscal year 2024/2025, Fiducial Real Estate recorded a consolidated revenue of 87.1 million euros, an increase of 0.6 million euros compared to the previous year. The group identifies two main activities: the Real Estate division, which saw a revenue increase of 1.9 million euros from 70.6 million euros to 72.5 million euros, and the Service Providers activity, which decreased by 1.4 million euros, from 15.9 million euros to 14.5 million euros. This decline in the Service Providers activity is mainly due to fees from subscriptions and transactions, affected by the observed hesitancy in real estate investments. Within the Real Estate division, rental income increased by 0.5 million euros, while sales of inventory lots rose by 1.4 million euros. The current operating income stood at 39.5 million euros compared to 38.3 million euros the previous year. The profit margin rate improved from 44% to 45%. The pre-tax net income amounted to 34.5 million euros compared to 33.4 million euros in the previous fiscal year. The consolidated net value of investment properties reached 647.7 million euros compared to 644.4 million euros as of September 30, 2024.

Significant Tax Integration Convention Change

The fiscal year 2024/2025 was marked by a major change in the tax integration convention. Until September 30, 2024, the tax was the responsibility of the head group company. From the current fiscal year, companies within the integration perimeter are now liable for their own corporate taxes. For 2024/2025, the tax charge, including deferred taxes, amounted to 10.9 million euros compared to 0.7 million euros the previous year, with 11.6 million euros in corporate taxes for the companies within the perimeter. This change led to a revaluation of equity by an amount of 66 million euros in deferred tax liabilities. The group's net income attributable to shareholders thus amounted to 23.4 million euros compared to 32.5 million euros the previous fiscal year. The net income per share was 9.71 euros compared to 13.56 euros last year. During the fiscal year, the group made real estate investments totaling 39.9 million euros and asset disposals for 22 million euros. Total debt increased from 161.6 million euros to 182.1 million euros, with new loans totaling 42.1 million euros aimed at financing investments. The group's equity attributable to shareholders stood at 452.6 million euros.

Stable Financial Structure

The group's financial structure remains healthy with a Loan To Value ratio of 19.6%, well below the 50% covenants. The group has maneuvering room through its available cash, ongoing credit lines, and borrowing capacity. After the close of the fiscal year, the SCI Dame de l'Ouest Lyonnais finalized on October 1, 2025, the acquisition of a building located in Lyon 9th district, with a total area of 7,300 sqm, fully leased to third parties with long-term leases. This transaction, for which an advance of 27.1 million euros was paid on September 30, was refinanced by a mortgage financing of 27 million euros over 12 years at the Euribor rate plus a 1.60 percentage point margin. Additionally, the Board of Directors recorded on November 28, 2025, the resignation of Mr. Bertrand Côté from his roles as Chairman, CEO, and Director, and unanimously appointed Mr. Guirec Penhoat as his replacement effective from that date.