Acanthe Développement: net loss of €2.4 million in first half 2026, dividend maintained
The Paris-based real estate investment company Acanthe Développement published its first half 2026 accounts on September 29, 2026. The group's net result stands at -€2.4 million, compared to -€0.4 million a year earlier, a difference primarily attributable to the fair value variation of real estate assets in a context of elevated interest rates.
At the same time, the group remains debt-free from banks and maintains the payment of a dividend.
Net result at -€2.4 million impacted by fair value of buildings
In the first half of 2026, Acanthe Développement recorded an operating result of -€2.9 million, compared to -€0.6 million over the same period in 2025. This result includes net income from buildings (+€1.0 million), current structural expenses (-€1.2 million) and the fair value variation of investment properties (-€2.7 million).
The group's net result stands at -€2.4 million, compared to -€0.4 million a year earlier. Revenue amounts to €1.7 million (of which €1.5 million in rental income and €0.2 million in rental charges), down. According to the company, this decline is mainly due to tenant departures totaling -€0.2 million, which are not entirely offset by new tenants for an amount of +€0.1 million.
Asset portfolio at €105.6 million, down 2.6% on a constant scope basis
The global expert valuation of the real estate portfolio stands at €105.6 million, on a constant scope basis. The company attributes this decline in value to the increase in yield rates expected by investors in the first half of 2026, with the real estate portfolio declining by 2.6% compared to 2025.
The portfolio remains unchanged, with a surface area of 9,374 m², with no acquisitions or disposals during the period. It is composed essentially of offices and retail spaces, of which 96.0% in value are located in Paris in the Central Business District. Valuations were primarily carried out by the VIF Expertise firm as of June 30, 2026.
Consolidated net equity stands at €103.2 million. The Net Asset Value (group share) amounts to €0.6242 per share, compared to a price of €0.20 on September 28, 2026.
Debt-free group, dividend of €0.01 and disputed SIIC regime
The group indicates that it is completely debt-free from credit institutions. Following the General Meeting of June 16, 2026, each of the 165,354,886 shares comprising the share capital as of December 31, 2025 will receive a dividend of €0.01 per share, payable on September 30, 2026, representing an amount identical to that of fiscal year 2025.
With regard to the questioning of the SIIC regime, the company indicates that it has challenged and continues to challenge the position of the tax administration. Going forward, the group states it will continue its policy of asset valuation and management in 2026 and the following year, with particular attention to rental risks.
