SCBSM: Net Asset Value Reaches a Record High of €19.90 per Share
The Parisian real estate company SCBSM reports solid half-year results with a 3% increase in its revalued net asset value per share to €19.90. Concurrently, the company has reduced its debt and accumulated resources to seize strategic real estate opportunities in the capital.
Financial Performance in the First Half of the Fiscal Year
From July 1 to December 31, 2025, SCBSM recorded a net result of €10.3 million, up by €2.5 million compared to the previous semester. EBITDA increased by 5% to €9.3 million, supported by a rent increase of €0.9 million, of which €0.5 million came from acquisitions made in 2024-2025 (Haussmann Boulevard and Capucines Boulevard). The net self-financing capacity improved by 6% to €6.1 million, confirming the robustness of the business model. Meanwhile, net financial debt decreased by €1.5 million to €196.8 million, bringing the LTV ratio down by one point to 38.84% over six months.
Appreciation of Asset Portfolio
The valuation of the asset portfolio appreciated by 1% over six months to reach €473.8 million, with an increased focus on the prime Parisian segment, accounting for 92% of the total value. This performance notably reflects the major restructuring works carried out on the building on rue de Ponthieu, where facades were replaced and common areas completely renovated. The revalued net asset per share reached €19.90, setting a new historical high and signaling a revaluation of 3% over six months. The operating result showed an increase of 4% to €13.2 million, benefiting from the reduction in net allocations for depreciation and provisions and an appreciation of the fair value of the assets by €3.9 million.
Strategic Positioning in an Uncertain Environment
In an environment described as uncertain, SCBSM stands in a position of strength to seize strategic opportunities. The company has a cash reserve of €26.2 million and potential liquidity reserves estimated at €29.7 million, resulting from possible arbitrage of the 8% of the portfolio still held outside Paris. Coupled with an unsaturated leverage and no major financial deadlines until June 2028, these elements position SCBSM to continue its long-term property strategy. The management indicates it continues to search for Parisian real estate assets and to examine available arbitrage opportunities.
