Bassac: Net Income Jumps 13%, but Bookings Mask a Worrisome Decline
The real estate development group Bassac released its 2025 results on Thursday, showing a 6% increase in revenue to 1,488 million euros and an improvement in gross margin. However, this business momentum largely relies on the consumption of a stable order book, while bookings are stagnant and the European context remains challenging.
Financial Performance in Detail
Bassac achieved a revenue of 1,488 million euros in 2025, up 6% compared to 2024. This growth was driven by an increase in revenue from Real Estate Development in France (+5% to 1,105 million) and Abroad (+14% to 313 million). The group recorded a net income attributable to the group of 93 million euros, up 11 million from 2024, while the gross margin increased by 27 million to reach 320 million euros. The operating income stood at 153 million euros, representing an operating margin rate of 10% compared to 9% in 2024. However, these figures conceal a less dynamic reality: total bookings only slightly decreased by 1% to 1,848 million euros in value, masking a significant contraction abroad (-24%) due to the cancellation of a block sale in Germany.
Order Book and Land Portfolio
The order book stands at 2,188 million euros, up 5%, representing about 18 months of activity, a level stable compared to the end of 2024. The land portfolio increased by 10% to 10,610 million euros, covering 7 years of activity, also stable on an annual comparison. These two indicators provide a decent visibility on future activities, but they mainly reflect the consumption of sales signed in the recent past rather than a new commercial acceleration. In France, bookings increased by 5% to 1,543 million euros, supported by an increase in the offering for sale, but the average reserved price decreased due to commercial efforts. Abroad, the situation is more concerning: bookings fell by 24% due to the withdrawal of the block sale in Germany and a contraction of the offering in Spain.
Long-term Visibility and Financial Health
Bassac has a visibility of 8.5 years of activity combining order book and land portfolio, which is an asset to navigate through cyclical difficulties. However, the group acknowledges that the European real estate context remains very challenging in 2025, except for the Spanish market, and that economic difficulties continue to weigh on demand. Net debt increased by 58 million euros to reach 310 million excluding IFRS 16 (+344 million with lease liabilities), mainly due to an increase in working capital needs which stands at 1,078 million euros. The average cost of debt decreased from 5.9% in 2024 to 5.0% in 2025 thanks to lower interest rates, but this gain may be mitigated by ongoing tensions in accessing real estate financing for clients. Bassac will propose a dividend of 1.0 euro per share at its General Meeting on May 22, 2026, identical to the previous year.
