Société de la Tour Eiffel: 2025 Results Marked by Asset Value Decline
The board of directors of Société de la Tour Eiffel approved the consolidated accounts for the fiscal year 2025 on Thursday, February 26, 2026. The real estate company recorded a contraction in its asset value and a negative net result, in a context of a polarized French market with sectoral and geographical disparities.
Portfolio Valuation and Income Analysis
The value of Société de la Tour Eiffel's real estate portfolio stood at 1,592 million euros as of December 31, 2025, down 6.4% on a like-for-like basis compared to the end of 2024. This decrease primarily reflects the rise in the average capitalization rate, from 6.04% to 6.18%, as well as a decrease in rental income and an increase in restatements and transfer rights. The portfolio consists of 75% office buildings worth 1,191 million euros, 12% logistics and commercial assets worth 190 million euros, and 11% mixed assets worth 177 million euros, all located in France with 75% in Île-de-France. Gross rental income amounted to 74.7 million euros, down 5.5%, while net rental income decreased by 9.3% due to unfavorable changes in rental expenses. The financial occupancy rate (EPRA) fell to 73.1% from 76.3% a year earlier, although the secured occupancy rate reached 74.5% including leases signed at the end of the year.
Financial Results and Capital Structure
The consolidated net result amounted to minus 63.9 million euros compared to minus 59.2 million euros in 2024. EPRA results (new method) reached 17.4 million euros, or 0.14 euro per share on a pro forma basis, compared to 0.17 euro in 2024. Recurring cash flow decreased to 19.3 million euros from 24.1 million euros the previous year. A capital increase of 598.8 million euros carried out in January 2025 helped strengthen the financial structure: net debt decreased to 372.5 million euros from 719.1 million euros at the end of 2024, while the financial leverage ratio (LTV) stood at 23.4% compared to 44.5% previously. The interest coverage ratio (ICR) reached 3.0x, respecting the covenant of a minimum of 2.0x, and the average cost of debt was 2.58%. The EPRA NAV per share went from 8.9 euros pro forma after the capital increase to 8.2 euros at the end of 2025.
Major Projects Illustrate Strategic Transformation and Diversification
Five major projects illustrate the strategy of transformation and diversification pursued since 2022, generating a potential of 11.0 million euros in additional annual rental income, of which 4.0 million is already secured by signed leases. EvasYon in Lyon combines 5,800 square meters of office space and 5,400 square meters of coliving, delivered at the end of 2024 and beginning of 2025. The Jade and Saphir buildings in Aix-en-Provence, totaling 4,190 square meters, were completed in March 2025 and are fully rented. The Rivage project in Puteaux, covering 9,800 square meters, is scheduled for delivery at the end of March 2026. Syrah, an 8,000 square meter building dedicated to last-mile urban logistics, is set to be delivered in March 2026 in the Vignes area in Bobigny. These developments demonstrate the intent to reduce the office portfolio to two-thirds and to strengthen regional presence. Since 2022, the company has completed over 210 million euros in asset disposals and invested nearly 200 million euros in acquisitions aligned with the strategy, totaling 134 million euros committed in developments and redevelopments.
