Portfolio Overview
Immorente Invest's portfolio consists of high-quality assets leased to well-known tenants, including Forvia, Aptiv, Skylla, CNSS, Huawei, and Groupe Saham Bank.
Recent Developments
The company completed the delivery of a build-to-suit factory for Skylla, with an investment of 52 million MAD by the end of the third quarter of 2025.
Financial Performance
Real estate products saw a remarkable increase of 21% compared to 2024, driven by an expansion of the asset portfolio and the leasing of certain office spaces.
The occupancy rate improved significantly, reaching 96.4%, up from 93.0% a year earlier.
Consolidated revenue, prepared in accordance with IFRS standards, amounted to 85.3 million MAD, reflecting an 8% increase from 2024.
The social revenue stood at 37.3 million MAD, while the Funds From Operations (FFO), which indicates the distributable capacity to shareholders, reached 48.4 million MAD, marking a 4% year-on-year growth.
Recent investments were financed through debt, which accounts for the slower growth of FFO compared to real estate revenues.
The consolidated IFRS result for 2025 was reported at 41.4 million MAD, down from 47.1 million MAD in 2024, while the social result showed a loss of 2.4 million MAD.
Financial Ratios
As of December 31, 2025, the Loan to Value (LTV) ratio was recorded at 26%, with gross financial debt amounting to 370 million MAD and cash reserves of 25.7 million MAD.
2026 Outlook
Looking ahead, Immorente Invest plans to continue its investment strategy and expand its portfolio, anticipating further growth in its real estate products.
Consequently, the company projects an FFO of 5.5 MAD per share for the fiscal year 2026, translating to a yield of 6%.
