Home Invest Belgium: recurring profit up 7.4% over nine months, to €18.63M
Home Invest Belgium published its results for the first nine months of the year on 12 November 2026. The Belgian real estate group recorded a 7.4% increase in its EPRA result, a recurring profit indicator, to €18.63M, compared with €17.35M a year earlier. EPRA earnings per share rose 7.6% to €0.94, while consolidated net income reached €31.16M, compared with €28.79M. This growth is based on higher rental income and an improvement in operating margin. However, it is accompanied by a decline in accounting operating income, to €31.72M from €33.61M, due to a smaller contribution from results linked to the property portfolio.
Rising rental income and an operating margin at 76.2%
For the first nine months of 2026, net rental income rose 14.7% to €32.41M, compared with €28.26M in the same period of 2025. Operating result before portfolio result reached €24.70M, compared with €20.91M, an increase of 18.1%.
The operating margin improved by 2.2 points, rising from 74.0% to 76.2%.
The group notably benefits from an average occupancy rate of 98.3% and a 3.1% increase in rents on a like-for-like basis.
The result of the property portfolio, however, fell from €12.71M to €7.02M. Gains on disposals decreased from €4.62M to €0.94M, while positive fair value changes of properties reached €6.61M, compared with €8.92M a year earlier.
As a result, accounting operating income fell 5.6% to €31.72M, despite the growth in rental income. Net income nevertheless rose to €31.16M, notably in a context of an improved financial result, which moved from -€6.26M to -€2.32M.
A €979M portfolio and continued disposals
As at 30 September 2026, the value of Home Invest Belgium's property portfolio stood at €979.06M, compared with €966.97M at the end of December 2025. Investment properties available for rent are composed of 92.0% residential units, mainly located in the Brussels-Capital Region.
The group sold 56 residential units during the first nine months of the year, for a total net sale price of €12.87M. Over the 2024-2026 period, disposals of investment properties, representing more than €60M in total value, were carried out on average 14% above their estimated value.
Home Invest Belgium has also completed the renovation of the Charles Woeste building in Brussels, comprising 92 units.
In Louvain-la-Neuve, a binding agreement with UCL provides for the extension of real rights over part of the buildings, allowing the retention of €3.6M in annual contractual rents, compared with €4.2M for all buildings before this transaction.
The average primary energy consumption of the residential portfolio stands at 94 kWh/m² per year as at 30 September. The group has thus reached, ahead of schedule, its target of falling below 100 kWh/m² per year before the end of 2026.
Debt of €461.5M and confirmed profit target for 2026
As at 30 September 2026, Home Invest Belgium's financial debt amounted to €461.50M. The regulatory debt ratio reached 48.11%, compared with 48.14% at the end of December 2025, while the ratio calculated under IFRS stood at 47.30%.
The average cost of financing rose from 2.15% to 2.38% between the first nine months of 2025 and those of 2026.
Net interest charges amounted to €6.91M, compared with €4.48M a year earlier. At the end of September, 71.94% of financial debt bears a fixed rate, and the group has €49.00M of undrawn credit lines.
EPRA net tangible assets per share increased 0.8% since the end of 2025, to €25.84.
For the full year 2026, Home Invest Belgium expects an EPRA result of €1.25 per share, compared with €1.21 in 2025.
The next challenge will therefore be to continue growing the recurring result, in a context of rising financing costs, while maintaining the high occupancy rate of its residential portfolio.
