Bleecker: Rental Income Up 2.4% in H1, Net Loss Reduced
On Friday, real estate group Bleecker released its semi-annual financial statements for the period ending February 28, 2026, showing a modest increase in rental income (2.4%) and an improved net result, despite a financial burden of €6.8 million continuing to weigh heavily on the income statement. Concurrently, the group distributed dividends of €23.7 million, while its net cash position significantly improved.
Increased Revenue, Improved Net Result but Still in Deficit
Rental income for the first half amounted to €12.417 million, compared to €12.129 million as of February 28, 2025, marking a 2.4% increase. This rise is primarily due to the acquisition, during the previous fiscal year, of an office complex in Paris 11th district and 50% of the shares in SCI Bussy Fl, owning a commercial building for business activities in Île-de-France. At a constant scope, revenues grew due to rent indexing and the effect of new leases.
The operating result excluding asset disposals reached €4.599 million as of February 28, 2026 (compared to €5.105 million for the comparative period). However, the group's net result improved from (€2.622) million to (€1.964) million: although still negative, this recovery indicates a reduction in loss. Interest expenses accounted for €6.805 million for the semester, a key factor in the net result remaining negative.
Real Estate Assets on the Rise, Equity Down
Investment properties amounted to €574.975 million as of February 28, 2026, up from €560.050 million recorded on February 28, 2025. This €15 million increase reflects the real estate acquisitions made during the previous fiscal year.
However, the consolidated group equity decreased to €224.198 million as of February 28, 2026, down from €256.639 million on February 28, 2025, representing a decrease of €32.4 million. During the semester, Bleecker distributed dividends of €21.06 per share, totaling €23.7 million.
Adjusted Investment Strategy, Debt Refinancing
Bleecker is adjusting its investment policy in Parisian office buildings and business parks in Île-de-France, considering the macroeconomic and international environment. The group remains attentive to opportunities involving high-quality, strategically located secure assets that synergize with its current portfolio or offer significant value creation.
The group continues its asset enhancement strategy through repositioning work programs and the development of BREEAM-IN-USE environmental certification on its major assets. Financially, Bleecker is consolidating its debt by seizing bank refinancing opportunities to secure existing debt. The group also reserves the possibility of carrying out arbitrations of mature or non-strategic assets to redeploy capital towards new real estate projects offering attractive returns or medium to long-term revaluation potential.
