Fiducial Real Estate: Revenue Up to €45M, Net Income Stable Due to Tax Effects
Fiducial Real Estate reports a consolidated revenue of €45M for the first half of 2025-2026, an increase of €2.3M from the same period in the previous fiscal year. However, a substantial increase in tax expenses, particularly due to a new additional tax introduced by the 2025 Finance Law, has kept the net income nearly stable at €10M. This announcement comes in a context where real estate activity continues to show resilience, while the service provider segment is hindered by real estate investors' wait-and-see approach.
Revenue Growth Across Both Business Segments
The revenue for the first half stands at €45M, up from €42.7M a year earlier, marking an increase of €2.3M. The real estate activity (property leasing and management) remains the core revenue generator with €37.4M, up €2M from the previous semester. This increase is attributed to three factors: rent indexation, the leasing of the Lyon Murano building, and the full-year effect of rents generated by deliveries made in 2025. These elements offset the end of rental income from Lotus in December 2024, although this building is still under construction and expected to generate future revenues from its delivery in 2028. The service provider activity, including technical management fees and property management, modestly increased by €0.3M to reach €7.6M. Subscriptions to Forecial 3 forest fund shares supported this segment, but overall, investors maintain a cautious stance on real estate investments.
Stable Operating Income, Significant Increase in Tax Expenses
The current operating income stands at €19.7M compared to €19.4M in the first half of 2024-2025, reflecting operational stability despite the challenging real estate market context. The cost of financial debt slightly increased to €2.7M from €2.6M in the previous first semester. A favorable exchange rate difference of €0.9M (linked to the appreciation of the Swiss franc) brings the pre-tax income to €18.6M compared to €16.5M a year earlier. However, the tax expense reached €8.4M compared to €6.2M previously, an increase of €2.2M. This rise includes a new additional corporate income tax of €2M, established by the 2025 Finance Law for fiscal years ending from December 31, 2025. The effective tax rate is now 30.15% compared to 25% a year earlier. Ultimately, the net income attributable to the group remains nearly stable at €10M compared to €10.2M, as the operational improvement is offset by the increased tax burden.
Solid Balance Sheet, Moderate Outlook
The financial structure remains robust with gross financial debts (excluding security deposits) of €188M and equity of €454M. The group has a net active cash position of €20.4M and €47M in available credit lines, providing flexibility for development. The Loan To Value (LTV) ratio is around 20%, well below alert thresholds. For the current fiscal year, the group anticipates revenue between €89M and €90M, indicating a moderate range that suggests continuity without significant acceleration. This guidance is contingent on no significant deterioration in the real estate market. The challenge remains the execution of the order book of over 37,000 sqm and the scheduled delivery of Lotus in Courbevoie in 2028, which is expected to generate additional revenues.
