Immobel: net result of €13.2M in first half but annual target revised downward
Immobel published its first half 2026 accounts on September 11, 2026, marked by a net result of €13.2M and a reduction in net debt. The real estate group simultaneously lowered its annual operating revenue target to a range of €375-400M (internal view), down from €400-450M previously, mainly due to the postponement of the sale of the Isala office building in Brussels.
Net result of €13.2M, penalized by the comparison base
The net result stood at €13.2M in the first half of 2026, compared to €31.5M a year earlier. The group attributes this difference to non-recurring items of €24.7M recorded in the first half of 2025 (mainly the sale of the Proximus Towers permit and certain deferred tax assets), compared to -€5.8M in the first half of 2026, corresponding to an impairment on the Gutenberg project in Germany. Excluding these non-recurring items, the underlying net result increased from €6.8M to €19.0M. This growth is driven by sales of the Lebeau-Justice, The Muse and Central Point office buildings, as well as residential sales. The result before financial result and taxes stands at €20.7M, compared to €26M a year earlier. Earnings per share come in at €1.29 (basic), compared to €3.08 in the first half of 2025.
Net debt of €616M, liquidity of €168M (internal view)
Net financial debt was reduced to €616M as of June 30, 2026, compared to €764M at the end of the first half of 2025 and €651M at December 31, 2025. The financial result improves to -€2.6M, compared to -€4.7M a year earlier, a development partly offset by an average cost of debt rising to 4.7%, compared to 4% in the first half of 2025. The debt ratio (gearing) declined to 56.8%, compared to 58.9% at the end of 2025. The liquidity position reaches €110M (€168M in internal view), supported by a €30M private placement bond issuance and a €20M corporate credit line with ING Belgium, both concluded in the first half of 2026. The group states it complied with all its financial covenants in the first half of 2026.
2026 operating revenue target lowered to €375-400M
Immobel revised downward its annual operating revenue target (internal view) to a range of €375-400M, down from €400-450M previously. The group explains this revision mainly by the postponement of the sale of the Isala office building in Brussels. On the operational front, Immobel completed office transactions, including Central Point in Warsaw, The Muse and Lebeau-Justice in Brussels, and marketed more than 200 residential units in the first half. In Spain, the group and Fort Partners secured full land control of the Four Seasons Marbella project. Construction of 596 residential units has started on four Belgian projects. The group further notes that annualized rental income exceeds €8M, with a target of €14M in 2026.
