Texaf Solid start of the year with +4.4% revenue growth
In 1Q26, TEXAF delivered a solid start to the year with group revenue up +4.4% despite an unstable geopolitical environment in the DRC whose operational impact remained limited so far. Real estate, the core driver, held steady at €7.7m thanks to rent indexation that offset a modest seasonal dip in occupancy. The quarry segment rebounded strongly with revenue up +49% to €1.1m after a weak comparable period. Digital continued to build momentum with service revenues +22% to €0.3m and high occupancy at Silikin Village. The newly created Property Development segment confirmed first home sales at Jardins de Kinsuka from 2Q26. TEXAF's euro-denominated rental model with high-quality tenants continues to demonstrate resilience, while the development pipeline supports longer-term growth. We maintain our BUY rating and €45.0 target price.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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