ADC SIIC: reduced net loss in the first half, NAV at €0.3478 against a share price of €0.056
The Belgian listed real estate company closed its accounts on 30 June 2026 on 28 September 2026. The net loss attributable to the group narrows significantly compared to the first half of 2025, while the revalued net asset value and net equity remain virtually unchanged.
Group net loss reduced from -€1,834k to -€265k
On 30 June 2026, the consolidated net result attributable to the group stood at -€265k, compared with -€1,834k on 30 June 2025. The group's comprehensive result came in at -€7k, compared with -€1,859k a year earlier, with a positive exchange difference of €258k on the financial statements of foreign operations offsetting the period's loss. Net property revenues amounted to €332k, down €88k from €420k in the first half of 2025. According to the company, this decline is mainly explained by the non-indexation of occupation fees from tenant HFCE for the first half of 2026 only. The share of results from equity-accounted companies stood at -€148k, compared with -€1,406k a year earlier: Dual Holding contributed +€34k and Hillgrove Investments Group contributed -€182k (of which -€144k in fair value variation of the property).
A €477k credit to tenant HFCE offset by a provision reversal
Operating charges and income excluding properties came to -€935k, compared with -€426k in the first half of 2025. This line item mainly comprises the credit issued in favor of tenant HFCE for €477k excluding tax in respect of the non-indexation of rents, charged against tenant HFCE's rents until October 2026. The company indicates that this charge is offset by a provision reversal of €477k excluding tax, with the net result of this transaction therefore being nil for the period. The change in fair value of investment properties amounted to -€54k over the half-year. The real estate portfolio remained valued at €35.0m excluding rights on 30 June 2026, unchanged from 31 December 2025. It comprises mainly the majority of the walls of a 4-star hotel on Rue du Faubourg Saint-Honoré in Paris (8th arrondissement) valued at €31.1m and the bare ownership of a Parisian apartment (7th arrondissement) valued at €3.9m; the group also holds equity-accounted interests of €20.0m in Dual Holding and €5.0m in Hillgrove Investments Group.
A revalued net asset value of €0.3478 per share against a share price of €0.056
The consolidated net equity attributable to the group came in at €46.9m, stable compared with 31 December 2025. According to the company, this stability results from two offsetting effects: the period's result of -€0.26m and the exchange difference on equity-accounted interests of +€0.26m. The revalued net asset value stood at €0.3478 per share, compared with €0.3479 on 31 December 2025, based on 134,780,479 shares. The share price retained on 25 September 2026 was €0.056 per share. Regarding the ongoing tax dispute concerning the SIIC regime, which is formally contested, an additional €5k was recorded during the period, bringing non-current tax liabilities to €731k for €3.3m of contested adjustments. The group also adopted IFRS 18 on an early basis as of the interim accounts closed on 30 June 2026. The accounts were approved by the Board of Directors on 28 September 2026, with the limited review report currently being issued.
