Oddo BHF is maintaining its Neutral rating and 37 EUR price target on the stock following the release of first-quarter 2026 revenue figures.

This morning, Foncière INEA reported Q1 2026 revenue of 20.2 million euros, a performance Oddo BHF describes as consistent with trends observed in recent quarters. Revenue rose 1.9% on a like-for-like basis but declined 2.3% on a reported basis.

According to Oddo BHF, the organic growth in rental income was primarily driven by rent indexation. While this remains positive, it is slowing down as expected, in line with the cooling of the ILAT (Office Rental Index).

"The company also noted that the spreading of rent-free periods (IFRS 16) had a -2.8% year-on-year impact on revenue. This stems from a slowdown in leasing activity within a cautious market, characterized by a scarcity of large-scale office space requirements in regional hubs," the brokerage noted.

On a reported basis, the revenue trend was mainly shaped by the impact of 18 million euros in disposals completed in 2025, Oddo BHF observed. The analyst believes the 2026 disposal program is already well underway.

"Foncière INEA has made significant progress on its 2026 arbitrage program, with secured disposals estimated at 12.5 million euros, compared to an initial target of 30 million euros set prior to the outbreak of conflict in the Middle East."

The analyst views this publication as broadly in line with 2026 guidance, which targets a 2026 cash flow per share (i.e., recurring net income per share plus disposal proceeds) of between 4.6 EUR and 5.0 EUR, compared to 4.7 EUR in 2025.