PAREF - Half-year Results 2025
HALF-YEAR RESULTS AS AT JUNE 30, 2025
Results adjusted by operational choices aimed at
long-term value creation
The Group's assets under management amounted to €3.1 billion as at June 30, 2025, stable compared to December 31, 2024.
REIT activity : results impacted by strategic choices
- Owned assets amount to €180 million, showing a marginal decrease, with financial occupancy rate of 74%, temporarily affected by the ongoing leasing process of the recently delivered flagship asset (Tempo);
- Rental income decreased to €2.6 million, reflecting recent strategic disposals and tenant rotation.
Third-party management activity: continued expansion amid slow subscriptions
- Assets under management on behalf of institutional and retail investors remained stable at €2.9 billion;
- Management commissions reached €8.2 million, up +3%, driven by fund management activity of Fondo Broggi in Italy;
- Gross subscriptions amounted to €12.4 million, down 26%, in line with the market trend observed in last quarters;
- As part of its growth strategy in France and abroad, PAREF Group announces the appointment of David Aubin as Deputy Chief Executive Officer of PAREF Gestion, to support its development.
Operational and strategic highlights:
- Disposal of a warehouse asset at a selling price in line with independent valuation, following the strategy of divesting non-strategic assets;
- Building permit obtained for the NAU! asset in Frankfurt, an innovative and sustainable mixed-use project of 34,800 sqm, marking a key milestone for the redevelopment project;
- Awards: PAREF Gestion entered “Excellent” category of best SCPI management companies in 2025 ranking by Décideurs Magazine, PAREF Prima won 1st prize for “Best Long-Term Performance - Retail SCPI” in TOP SCPI 2025;
- Renewal of the SRI[1] label for PAREF Hexa SCPI, marking the beginning of a second labelling cycle with strengthened ESG commitments.
We turn current challenges into opportunities to strengthen the quality and resilience of our portfolio and assets under management. Our three strategic pillars: directly owned real estate, funds for retail investors, and tailored solutions for institutional clients, are more than ever our priorities. Backed by a clear long-term vision and the collective commitment of our teams, we are confident in the PAREF Group's ability to create lasting value in a demanding environment.
Antoine Castro
Chairman and CEO of PAREF
In the context of the real estate market remaining subdued in the first half of the year, the Group's assets under management stays stable, reflecting our disciplined approach, focused on preserving value and enhancing the performance of our portfolio. We are fully committed to securing new long-term rental income and seizing development opportunities in France and across Europe, thereby reinforcing our position as a European player dedicated to sustainable real estate performance.
Anne Schwartz,
Deputy Chief Executive Officer of PAREF and Chief Executive Officer of PAREF Gestion
The Board of Directors, during the meeting held on July 29, 2025, approved the consolidated accounts as at June 30, 2025. Figures presented in this press release have not been audited.
1 – Disciplined operational activity
-
- REIT activity : stable valuation, rental income temporarily impacted by new leasing challenges and assets disposals
A resilient real estate portfolio
As at June 30, 2025, the value of PAREF's portfolio stands at €180 million, showing a slight decrease compared to the end of 2024. This includes €166 million for the six real estate assets representing a leasable area of 62,852 sqm, and €13 million in financial investments in funds managed by the Group.
In line with the disposal strategy, a warehouse located in Aubergenville (78) was sold at a net sale price aligned with the latest appraisal value.
Stable leasing performance
- The financial occupancy rate (TOF) of the portfolio stands at 74%, unchanged compared to December 31, 2024, reflecting the ongoing leasing process of the recently delivered Tempo asset;
- The weighted average lease maturity (WALB) is 4.62 years, compared to 4.85 years at the end of 2024;
- The average gross yield on owned assets was 5.6%, compared to 5.5% at the end of 2024.
The lease schedule for the owned portfolio is as follows:
-
- Third-party management activity: a dynamic business despite a continued slowdown in subscriptions
The Group relies on its two subsidiaries, PAREF Gestion and PAREF Investment Management, to put their expertise at the service of both institutional investors and individuals. They provide a full range of services covering the entire value chain of real estate assets and funds.
Fund management: active and performing portfolio management, while subscriptions inflows remains limited
| Type | Assets under management (€M) Dec 31,2024 |
Assets under management (€M) June 30,2025 |
Variation | |||
| SCPI | 1,845 | 1,829 | -0.9% | |||
| OPPCI | 80 | 79 | -0.5% | |||
| Other AIF | 624 | 630 | 0.9% | |||
| Total | 2,549 | 2,539 | -0. 4% | |||
Reflecting its European footprint and differentiated offer, PAREF Gestion launched its fund management activity in Italy in 2024 for Fondo Broggi, owner of The Medelan, one of Milan's most iconic assets, fully redeveloped and delivered by the Group in 2022.
Since the beginning of the year, the SCPI market has shown signs of stabilization. However, fundraising momentum remains fragile, with subscription flows increasingly concentrated on a limited number of funds.
In this context, by leveraging its longstanding expertise, PAREF Gestion has repositioned its SCPI range over past quarters to offer investors more diversified, attractive and sustainable real estate investment opportunities, adapting to the new real estate paradigm.
The SCPIs managed by PAREF Gestion continued to deliver solid performance (distribution rates between 5% and 6% in 2024), with progressive improvement and stable subscription prices since 2023.
In June, PAREF Hexa SCPI successfully obtained the renewal of ISR[2] Label, marking the completion of a first cycle that integrated ISR approach in its entire portfolio. It now enters a second one based on enhanced objectives in terms of environmental performance, social impact and responsible governance.
The Group continued its active portfolio management strategy, completing disposals in the first half of 2025 totaling €24.8 million, +5% on average compared to the latest appraisal value, including:
- €11.8 million for Novapierre Résidentiel
- €7.8 million for Novapierre 1
- €5.2 million for PAREF Hexa
Gross subscriptions collected across SCPI funds amounted to €12.4 million during the 1st semester, decreasing by 26% compared to the first half of 2024. This decrease reflects a highly competitive market environment, where subscriptions remain concentrated on a relatively limited number of investment vehicles.
To support its development both in France and internationally, PAREF Group strengthened its organization with the appointment of David Aubin as Deputy CEO of PAREF Gestion. This appointment meets the needs to boost the growth of third-party management activities, diversify fundraising sources and increase the visibility of investment solutions, notably the SCPIs.
With over 30 years of experience in the real estate sector, David Aubin will lead these strategic areas alongside Anne Schwartz, Chief Executive Officer.
Mandate management: a positive and promising European dynamic for the Group
With the signing at the end of last year of a mandate with Parkway Life REIT, one of the largest healthcare REITs in Asia, the Group has secured new medium-term revenues. The 5-year mandate covers a portfolio of 11 nursing homes valued at more than €110 million.
In parallel, PAREF relies on SOLIA Paref, its subsidiary dedicated to third-party Property Management, which currently manages a portfolio of 950 leases across 350 assets, covering all asset classes: retail, offices, industrial, residential, nursing homes, hospitality and holiday resorts. SOLIA Paref aims to seize new opportunities and further strengthen its premium property management offering. The company was recently selected to manage a prime asset located in Paris city center (8th district).
In April 2025, PAREF Investment Management obtained a building permit for the redevelopment project of NAU! mixed-use asset in Frankfurt, covering an area of 34,800 sqm. Combining innovation and strong added value, its concept leverages mixed urban uses to achieve top-tier sustainability standards.
This new milestone marks a key step for the project and further solidifies PAREF's know-how in real-estate asset restructuring and renovation in Europe.
2 – Current operating income mainly impacted by the rental income
Current operating income stands at €1.0 million, -71% compared to the 1st half of 2024. This can be explained in particular by:
- net rental income of €2.6 million, -33% compared to the same period in 2024. This variation is mainly due to tenant turnover (-€1.0 million) and asset disposals (-€0.3 million) carried out in 2024 and 2025, partially compensated by rental indexation of 4.4% (+€0.1 million).
On a like-for-like basis, gross rental income decreased by 25% compared to the same period last year.
- revenues on commissions of €9.4 million, -2% compared to the 1st half of 2024:
- management commissions amounted to €8.2 million, increasing by 3%, mainly driven by the fund management for Fondo Broggi in Italy;
- subscription commissions amounted to €1.3 million, decreasing by 26%, mechanically impacted by the context of subscription slowdown.
- remuneration of intermediaries of -€2.5 million, reduced by 5%, partially correlated with the volume of subscriptions;
- general operating expenses at -€7.8 million, +8% compared to the same period last year, mainly due to the launch of the new fund management activity in Italy in the second half of 2024, a mechanical increase linked to positive cost adjustment last year and a one-off increase in legal advisory fees;
- depreciation and amortization of -€0.8 million, mainly due to a provision for risks related to a commercial litigation.
In addition to the above, the following items also contributed to the net result:
- the change in the fair value of the properties, -€4 million as of June 30, 2025, mainly explained by the increase in market capitalization rates, which negatively impacted the valuation of the assets;
- financial expenses amounted to -€1.9 million, compared with -€1.6 million in the 1st half of 2024, primarily due to a more favorable condition of interest rate hedging instruments, under previous financing, that matured at the end of February 2024;
- results of companies consolidated under the equity-method of €0.4 million compared to
-€1.0 million in 2024.
3 – Attentive management of financial resources
PAREF Group closely monitors its short-term needs and commitments.
- The nominal amount of gross financial debt drawn by the PAREF Group was €77 million, unchanged compared to December 31, 2024, 75% covered by hedging derivatives;
- The Loan-to-Value (LTV) was 33%, compared to 31% as at December 31, 2024;
- The average cost of drawn debt was 4.63% as at June 30, 2025, compared to 4.32% as at December 31, 2024.
Furthermore, the interest coverage ratio (ICR) stands at 1.05x. The deterioration of this ratio is the result of the decline in rental income, as well as a significant decrease in subscription fees since 2023. At the same time, the cost of financial debt increased substantially due to rising interest rates and the refinancing concluded at the end of 2023.
With the ICR ratio at 1.05x, below the contractual threshold (1.75x), the Group is in breach of the covenant. The company is in advanced negotiations with its banking partners to obtain a waiver for the ICR requirement. Management remains confident in the obtention of an agreement within the contractual period.
In accordance with IFRS standards, the financial debt has been reclassified as current liabilities.
The Company reports the following financial ratios to date:
| Dec 31, 2024 | June 30, 2025 | Covenant | |
| LTV | 31% | 33% | <50% |
| ICR | 1.87x | 1.05x | >1.75x |
| DFS | 23% | 23% | <30% |
| Consolidated asset value[3] | €223 million | €216 million | >€150 million |
4 – EPRA net asset value slightly down over the half-year period
EPRA Net Reinstatement Value (NRV) stood at €102.9 per share, -5% compared to December 31, 2024. The variation is mainly due to a dividend payout of €1.5 per share and the net result of -€3.0 per share for the first half of 2025.
In accordance with the EPRA Best Practices Recommendations, EPRA NAV indicators are determined based on consolidated shareholders' equity under IFRS, as well as the market value of debt and financial instruments.
| EPRA NRV (Net Reconstruction Value) - in K€ | Dec 31, 2024 | June 30, 2025 | Variation | ||
| IFRS equity attributable to shareholders | 111,708 | 104,700 | -6.3% | ||
| Diluted NAV | 111,708 | 104,700 | -6.3% | ||
| Including | |||||
| Revaluation of other non-current assets (value of PAREF Gestion's goodwill) | 36,203 | 36,203 | 0% | ||
| Diluted NAV at fair value | 147,911 | 140,903 | -4.7% | ||
| Excluding | |||||
| Fair value of financial instruments | 1,312 | 1,372 | 4.6% | ||
| Intangible as per the IFRS balance sheet | n.a. | n.a. | |||
| Including | |||||
| Real estate transfer taxes | 14,079 | 13,610 | -3.3% | ||
| NAV | 163,302 | 155,885 | -4.5% | ||
| Fully diluted number of shares | 1,508,425 | 1,515,514 | |||
| NAV per share (in €) | 108.3 | 102.9 | -5.0% |
5 – Post-closing events
In early July 2025, PAREF signed a lease agreement for its Parisian asset, Tempo, with an innovative fresh food retailer, covering the ground-floor retail space. The lease, with a 10-year term including a 6-year firm commitment, has already come into effect.
The conclusion of an administrative settlement agreement (composition administrative) between the French Financial Markets Authority (AMF) and PAREF Gestion was announced on July 9, 2025. The agreement concluded a routine regulatory control and concerns certain internal processes related to the outsourcing of asset and property management functions, investor communications and anti-money laundering and counter-terrorism financing (AML/CFT) measures. This agreement, which does not constitute a sanction, requires an indemnity of €225,000.
6 – Outlook: Securing recurring income & strengthening European footprint
In a still challenging economic environment, with a real estate market struggling to regain growth momentum, PAREF Group remains committed to its strategy across all complementary activities: investment, development, fund management, asset management and property management. The Group aims to secure recurring income while strengthening its presence in key European markets.
PAREF Group is fully committed to secure recurring income, by re-letting vacant spaces, diversifying fund distribution channels, developing new products and seizing new investment opportunities on behalf of its institutional investors in France and across Europe, while maintaining disciplined management of its resources.
With over 30 years of expertise, the teams are focused on maintaining agile and proactive management to support the performance of assets under management and to build sustainable and high-performing real estate for clients and shareholders.
Financial Agenda
October 23, 2025: Financial information as at September 30, 2025
About PAREF Group
PAREF is a leading European player in real estate management, with over 30 years of experience and the aim of being one of the market leaders in real estate management based on its proven expertise.
Today, the Group operates in France, Germany, Italy and Switzerland and provides services across the entire value chain of real estate investment: investment, fund management, renovation and development project management, asset management and property management.
This 360° approach enables the Group to offer integrated and tailor-made services to institutional and retail investors.
The Group is committed to creating more value and sustainable growth and has put CSR concerns at the heart of its strategy.
As at December 31, 2024, PAREF Group manages over €3 billion AUM.
PAREF is a company listed on Euronext Paris, Compartment C, under ISIN FR0010263202 – Ticker PAR.
More information on www.paref.com
Press Contacts
| PAREF Group Samira Kadhi +33(7) 60 00 59 52 samira.kadhi@paref.com |
Shan Agency Alexandre Daudin / Aliénor Kuentz +33(6) 34 92 46 15 / +33(6) 28 81 30 83 paref@shan.fr |
APPENDIX
Notice: The figures contained in the appendix have not been audited
Rental income
| Rental income on directly held assets (K€) | H1 2024 | H1 2025 | Variation |
| Gross rental income | 4,592 | 3,205 | -30.2% |
| Re-invoiced Rental expenses | 2,214 | 2,190 | -1.1% |
| Rental service charges | (2,865) | (2,759) | -3.7 % |
| Non-recoverable rental expenses | (650) | (568) | -12.6% |
| Other income | - | 1 | n.a. |
| Total net rental income | 3,942 | 2,638 | -33.1% |
Assets under management
| In M€ | Dec 31, 2024 | June 30, 2025 | Variation |
| 1. Proprietary management | |||
| Assets owned by PAREF | 173 | 166 | -3.7% |
| PAREF participations[4] | 13 | 13 | 0.2% |
| Total PAREF assets | 186 | 180 | -3.4% |
| 2. Third-party management | |||
| Fund Management | 2,549 | 2,539 | -0.4% |
| Mandate management | 971 | 981 | 1.0% |
| Adjustments[5] | (601) | (607) | 1.0% |
| Total assets managed on behalf of third parties | 2,920 | 2,914 | - 0.2% |
| Adjustments[6] | (13) | (13) | 0.2% |
| 3. TOTAL ASSETS UNDER MANAGEMENT | 3,092 | 3,080 | -0.4% |
H1 2025 consolidated P&L
| Consolidated P&L (in €K) | H1 2024 | H1 2025 | Variation |
| Gross rental income | 4,592 | 3,205 | -30.2% |
| Reinvoiced service charges, taxes and insurance | 2,214 | 2,190 | -1.1% |
| Rental service charges, taxes and insurance | (2,865) | (2,759) | -3.7% |
| Non-recoverable rental expenses | (650) | (568) | -12.6% |
| Other income | - | 1 | n.a. |
| Net rental income | 3,942 | 2,638 | -33.1% |
| Revenues on commission | 9,643 | 9,429 | -2.2% |
| - of which management commissions | 7,959 | 8,175 | 2.7% |
| - of which subscription commissions | 1,684 | 1,254 | - 25.6 % |
| Revenues on commissions | 9,643 | 9,429 | -2.2% |
| Remuneration of intermediaries | (2,640) | (2,497) | -5.4% |
|
(1,789) | (1,637) | -8.5% |
|
(851) | (860) | 1.0% |
| General expenses | (7,194) | (7,754) | 7.8% |
| Depreciation and amortization | (352) | (829) | 135.5% |
| Current operating results | 3,399 | 987 | -71 .0% |
| Variation of fair value on investment properties | (4,866) | (4,018) | -17 .4% |
| Result of disposal of investment properties | 11 | 100 | 852 .4% |
| Operating result | (1,457) | (2,930) | 101 .1% |
| Financial incomes | 680 | 42 | - 93.8% |
| Financial expenses | (2,326) | (1,970) | -15 .3% |
| Cost of net financial debt | (1,645) | (1,928) | 17 .2% |
| Other financial products | 104 | 27 | - 73.5% |
| Other financial expenses | (4) | - | n.a. |
| Fair-value adjustments of financial instruments | (279) | - | n.a. |
| Results of companies consolidated under the equity-method[7] | (967) | 453 | n.a. |
| Result before tax | (4,249) | (4,378) | -3 .0% |
| Income tax | (389) | (239) | - 38.6% |
| Consolidated net income | (4,638) | (4,617) | +0 .5% |
| Consolidate net result (owners of the parent) | (4,638) | (4,617) | +0 .5% |
| Average number of shares (non-diluted) | 1,508,533 | 1,511,929 | |
| Consolidated net income per share (Group share) | (3.07) | (3.05) | +0.7% |
| Average number of shares (diluted) | 1,508,533 | 1,511,929 | |
| Consolidated net income per share (diluted Group share) | (3.07) | (3.05) | +0.7 % |
CONSOLIDATED BALANCE SHEET
| BALANCE SHEET (IN K€) | Dec 31, 2024 | June 30, 2025 |
| Non-current assets | ||
| Investment properties | 168,810 | 166,400 |
| Intangible assets | 618 | 550 |
| Other property, plant and equipment | 1,706 | 1,398 |
| Financial assets | 357 | 376 |
| Shares and investments in companies under the equity method | 12,985 | 13,338 |
| Financial instruments | 1,078 | 1,078 |
| Total non-current assets | 185,555 | 183,140 |
| Current assets | ||
| Stocks | - | - |
| Trade receivables and related | 12,782 | 14,379 |
| Other receivables | 1,975 | 1,899 |
| Financial instruments | - | - |
| Cash and cash equivalents | 10,123 | 6,830 |
| Total current assets | 24,880 | 23,109 |
| Properties and shares held for sale | 3,900 | - |
| TOTAL ASSETS | 214,334 | 206,249 |
| BALANCE SHEET (in K€) | Dec 31, 2024 | June 30, 2025 |
| Equity | ||
| Share capital | 37,755 | 37,924 |
| Additional paid-in capital | 42,193 | 39,751 |
| Fair-value through equity | 88 | 90 |
| Fair-value variation of financial instruments | (1,312) | (1,372) |
| Consolidated reserved | 38,370 | 32,923 |
| Consolidated net result | (5,386) | (4,617) |
| Shareholder equity | 111,708 | 104,700 |
| Total Equity | 111,708 | 104,700 |
| Liability | ||
| Non-current liabilities | ||
| Non-current financial debt | 77,258 | 732 |
| Non-current financial instruments | 1,312 | - |
| Non-current taxes due & other employee-related liabilities | 41 | 41 |
| Non-current provisions | 1,065 | 1,031 |
| Total non-current liabilities | 79 676 | 1,804 |
| Current liabilities | ||
| Current financial debt | 351 | 76,729 |
| Current financial instruments | - | 1,372 |
| Accounts payable and related accounts | 10,524 | 11,165 |
| Tax and social security debts | 7,806 | 6,642 |
| Other liabilities and accruals and deferred income | 4,270 | 3,839 |
| Total current liabilities | 22,950 | 99,745 |
| TOTAL LIABILITIES | 214,334 | 206,249 |
CASHFLOW STATEMENT
| CASH-FLOW STATEMENT(in K€) | H1 2024 | H1 2025 |
| Operating cash-Flow | ||
| Net result | (4,638) | (4,617) |
| Depreciation and amortization | 300 | 331 |
| Valuation movements on assets | 4,866 | 4,018 |
| Valuation movements on financial instruments | 279 | - |
| Valuation on financial assets held for sale | - | - |
| Tax | 389 | 239 |
| Capital gains or losses on disposal of fixed assets net of tax | (9) | (100) |
| Results of companies consolidated under the equity method | 967 | (453) |
| Cash-flow from operating activities after net financial items and taxes | 2,155 | (583) |
| Net financial expenses | 1,645 | 1,928 |
| Tax paid | 71 | (68) |
| Cash-flow from operating activities before net financial items and taxes | 3,872 | 1,277 |
| Other variations in working capital | (793) | (2,559) |
| Net cash-flow from operating activities | 3,079 | (1,281) |
| Investment cash-flow | ||
| Acquisition of tangible assets | (4,576) | (1,608) |
| Acquisition of other assets | (155) | (51) |
| Assets disposal | 751 | 4,000 |
| Acquisition of financial assets | 20 | (19) |
| Disposal of financial assets | - | - |
| Financial assets disposal | - | - |
| Financial products received | - | - |
| Change in perimeter | - | - |
| Cash-flow from investments | (3,961) | 2,322 |
| Financing cash-flow | ||
| Variation in capital | - | - |
| Self-detention shares | (15) | 15 |
| Variation in bank loans | 3,000 | 3,000 |
| Variation in other financial debt | - | - |
| Repayment of financial lease | (303) | (320) |
| Repayment of bank loan | - | (3,000) |
| Variation on bank overdraft | 724 | 21 |
| Financial expenses paid | (1,492) | (1,777) |
| Dividend paid to shareholders and minorities | (2,263) | (2,273) |
| Cash-flow from financial activities | (350) | (4,334) |
| Increase/ Decrease in cash | (1,231) | (3,293) |
| Cash & cash equivalent at opening | 7,558 | 10,123 |
| Cash & cash equivalent at closing | 6,327 | 6,830 |
EPRA Earnings per share as at June 30, 2025
| In K€ | H1 2024 | H1 2025 | Variation |
| EARNINGS PER IFRS INCOME STATEMENT | (4,638) | (4,617) | 0.5% |
| Adjustments | |||
| (i) Change in fair-value of investment properties | 4,866 | 4,018 | -17.4% |
| (ii) Profits or losses on disposal of investment properties and other interests | (11) | (100) | 852.4% |
| (iii) Profits or losses on disposal of financial assets available for sale | - | - | |
| (iv) Tax on profits or losses on disposals | - | - | |
| (v) Negative goodwill / goodwill impairment | - | - | |
| (vi) Changes in fair value of financial instruments and associated close-out costs | 279 | 0 | n.a. |
| (vii) Acquisition costs on share deals and non-controlling joint-venture | - | - | |
| (viii) Deferred tax in respect of the adjustments above | - | - | |
| (ix) Adjustments (i) to (viii) above in respect of companies consolidated under equity method | 1,493 | 187 | -87.5% |
| (x) Non-controlling interests in respect of the above | - | - | |
| EPRA Earnings | 1,991 | (512) | n.a. |
| Average number of shares | 1,508,533 | 1,511,929 | |
| EPRA EARNINGS NET INCOME PER SHARE | €1.32 | -€0.34 | n.a. |
EPRA Net Tangible Assets (NTA) as at June 30, 2025
| EPRA Net Tangible Assets (NTA) - in K€ | Dec 31, 2024 | June 30, 2025 | Variation |
| IFRS Equity attributable to shareholders | 111,708 | 104,700 | -6.3% |
| Including / Excluding : | |||
| Hybrid instruments | - | - | - |
| Diluted NAV | 111,708 | 104,700 | -6.3% |
| Including : | |||
| Revaluation of investment properties (if IAS 40 cost option is used) | - | - | - |
| Revaluation of investment property under construction (IPUC) (if IAS 40 cost option is used) | - | - | - |
| Revaluation of other non-current investments (PAREF GESTION[8] ) | 36,203 | 36,203 | 0.0% |
| Revaluation of tenant leases held as finance leases | - | - | - |
| Revaluation of trading properties | - | - | - |
| Diluted NAV at fair value | 147,911 | 140,903 | -4.7% |
| Excluding : |
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