Although Vitura's IFRS net income clearly improved in H1 2025 (+76%), it remains negative at -€11 million, compared with -€42.5 million on a like-for-like basis. "This increase is mainly due to the stable value of investment properties in 2025, compared with a decline in 2024", says the SIIC, whose appraised value (excluding transfer duties) of the portfolio stands at €872 million.