KBC Securities - Texaf (TEXF) Texaf Real estate rental income powers ahead

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KBC Securities

Livio Luyten

Texaf Real estate rental income powers ahead

In 3Q25, TEXAF's real estate segment continued its strong momentum, with rental income rising 11.6% YoY to €7.7m (€15.6m in 1H25). This was driven by near-100% occupancy, with improved contributions from recently marketed projects Promenade des Artistes and Silikin Village Phase III. The quarry segment rebounded, with sales up 22% YoY to €1.5m (€1.6m in 1H25), despite pricing pressures. The digital segment solidified its role as a hub for innovation, with OADC TEXAF DIGITAL securing key contracts. TEXAF's euro-based rental model, targeting embassies and international organizations, insulates it from DRC currency risks. With new projects like Quartier des Parcs and Jardins de Kinsuka underway, TEXAF is well-positioned to capture Kinshasa's high-end rental market growth. It has to be noted that DRC has a challenging political landscape, and a single major event could significantly disrupt operations. We maintain our BUY rating and €45.0 TP.

24/10/2025 1 EN

Underlying

Texaf

Texaf SA is a Belgium-based investment company with industrial, real estate and agricultural use in the Democratic Republic of Congo. The Company attracts foreign investors to acquire majority or minority equity investments in the productive sectors, such as infrastructure, agribusiness, energy and finance in order to generate return on investments. In the Real Estate sector the Company has holdings in Anagest, a holding company; Utexafrica, a company offering residences for rent; Immotex and Cotex, both offering offices for rent; Promotex, a property development company and Agence Immobiliere du Fleuve, a real estate services company. In the Agriculture sector the Company has holdings in La Cotonniere and Estagrico. In the Industrial sector it has holdings in Carriaf, a holding company; Carrigres and Congotex. Finally in the Financial sector the Company has holding in i-Finance Holding, a holding company and i-Finance, engaged in micro financing activities.

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BE0974263924 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Livio Luyten

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