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| Tarek Abdel Rahman |
Cairo, 24 February 2026: Bonyan reports strong results in FY 2025 driven by a growth in rental revenues of 20% and net profit margin remaining robust at 65%, underscoring the company’s resilience and sustainability.
Tarek Abdel Rahman CEO’s Comment “2025 marked a strong operational year for Bonyan, supported by sustained leasing momentum and continued progression across its portfolio of premium Grade-A commercial assets. The Company closed the year with occupancy levels reaching 97%, reflecting the quality of its properties and the continued demand for prime, well-managed office spaces across Greater Cairo.
During the year, Bonyan was handed over Golden Gate Building A5 and secured a long-term lease agreement for the entire asset to Nestlé Business Services in Feb-26, which will generate EGP 834mn over the first rental term of 6 years. The Company also completed the full leasing of Building 106B to Kortech, a Hassan Allam subsidiary in Feb-26. These transactions highlight Bonyan’s ability to sustain elevated occupancy while capturing attractive rental terms and reinforcing the strength and credibility of its tenant base.
Operational achievements were complemented by key balance sheet milestones, including the completion of a capital increase of EGP 250 million, with the Company maintaining a conservative leverage profile reflected in an LTV of 5.9% and a debt-to-equity ratio of 8%, further supporting its growth strategy and financial flexibility.
Importantly, these results were achieved amid a moderating inflationary environment and a slower uplift in fair value gains. Bonyan’s performance reflects underlying operational strength, distinguishing the Company from other market players and reinforcing the sustainability and quality of its earnings growth.
Looking ahead, Bonyan expects 2026 to deliver double-digit rental revenue growth, supported by the nuanced contributions from Nestlé at Golden Gate-Building A5, Kortech at Building 106B, and full year rental revenue from Park Street West Unit. Further upside is anticipated from the re-pricing of 42% of the EGP-denominated office portfolio from legacy rates, with negotiations advanced or finalized at nearly double prior levels. These drivers are expected to enhance recurring revenues, strengthen portfolio performance, and support sustainable long-term value creation for shareholders.”
Financial Highlights FY 2025
Rent Revenues (as reported)1 grew by 20.2% to EGP 752 million in FY 25 due to the rerating of expired EGP contracts and commencement of full rent from Park Street West Unit.
Rent Revenues Excluding EAS 49 Straight Line Adjustment2 grew by 42.3% to EGP 735 million in FY 25 due to the rerating of expired EGP contracts and commencement of full rent from Park Street West Unit.
Recurring EBITDA grew by 14% to reach EGP 459 million in FY 2025 , driven primarily by higher rental revenues driven by the re-pricing of key leases and contributions from newly signed contracts.
Gain in Fair Market Value amounted to EGP 2,230 million in FY 25. This gain reflects the increase in Investment Properties on the Company’s balance sheet as the company was handed over and recognized the Golden Gate asset.
Net Profit amounted to EGP 2,001 million in FY 2025, reflecting a healthy margin of 65%, in line with the prior year. The impact of the halt in sales and moderating inflation was offset by strong growth in rental revenues and lower interest expense, supported by the easing rate environment.
Total equity (Book Value) increased by 22% in FY 2025 to EGP 12,252 million, up from EGP 10,020 million in FY 2024. The growth was primarily driven by a 24% expansion in retained earnings, supported by robust profitability and higher investment property valuations following the hand over of the Golden Gate asset, in addition to a capital increase of EGP 250 million.
Operational Highlights
The Company successfully signed lease agreements with seven key tenants in East Cairo in FY 2025, including renewals and space expansions from existing tenants, collectively accounting for 20% of base rental revenues during 2025. Additionally, Bonyan welcomed 14 new tenants in the Walk of Cairo.
The Company has also signed a lease with Nestlé Egypt in February 2026 to occupy the entire 6,888 SQM of the Golden Gate Asset. The lease agreement is for a 6-year term commencing March 2026, at a monthly rental rate of USD 30.4/SQM, with an annual escalation of 5%. The total rental revenues from the first rental term of EGP 834 million are expected to fully cover cumulative acquisition and operational costs with profits remaining.
The Company has executed a new 5-year lease agreement with Kortech in February 2026, a subsidiary of Hassan Allam, for the full 4,297 sqm of Building 106B in Nasr City, which was previously leased to B-Tech. The transition is expected to generate a significant uplift in rental income, as the prior tenant was paying below-market legacy rates.
Income Statement Highlights FY 2025
Rent Revenues (as reported)1 grew by 20.2% to EGP 752 million in FY 25 due to the rerating of expired EGP contracts and commencement of full rent from Park Street West Unit.
Rent revenues1 excluding straight line in FY 2025 grew by 42% to EGP 735 million on the back of the rerating of expired contracts as well as the commencement of rent from the Park Street West Unit.
Gain in fair market value in FY 2025 stood at EGP 2,230 million. This gain reflects the increase in Investment Properties on the Company’s balance sheet due to the handover and recognition of the 6,888 SQM Building in the Golden Gate Project. The gain in fair market value decreased year-on-year, in line with the moderation in headline inflation from 24% in FY 2024 to 12% in FY 2025.
Rent Related COGS in FY 2025 amounted to EGP 163 million, representing 22% of rental income. The constant year-on-year margin improvement reflects the Company’s operationally light model, with economies of scale and rental re-rating supporting improved efficiency.
SG&A amounted to EGP 150 million in FY 2025, representing 20% of rental revenues, compared to EGP 102 million (16% of rental revenues) in FY 2024, due to one-off IPO expenses.
Interest Expense in FY 2025 decreased by 18% year on year, due to interest rate easing cycle and to the reduction of the loan balance.
Deferred Tax recorded EGP 431 million, as of FY 2025. It is a non-cash item resulting from the unrealized gain in fair market value that is only payable upon the sale of an asset booked on the company’s investment properties.
Net Profit amounted to EGP 2,001 million in FY 2025, maintaining a robust 65% margin year-on-year. Despite halting of sales and inflation moderating, solid expansion in rental income combined with reduced finance costs underpinned overall profitability.
Balance Sheet Highlights December 2025
Investment Properties experienced a 22% growth reaching EGP 15,488 million in Dec 2025 compared to EGP 12,732 million in Dec 2024. The increase primarily reflects the handover and recognition of the Company’s Golden Gate building—at fair market value. Investment Properties exclude Park Street Edition building with a GLA of 8,178 SQM, set for handover in 2027.
Investment properties growth reflects management’s strategy of acquiring high-growth assets, a commitment that remains steadfast. They are marked to market as per Article 34 of Egyptian accounting standards, with valuations conducted by an FRA-approved independent third party at the financial statements’ issuance date.
Cash and Cash Equivalents: As of Dec 2025, the Company held a strong cash balance of EGP 302 million, providing ample liquidity to support its long-term plans.
Sales receivables decreased to EGP 349 million in FY 2025 from EGP 511 million at FY 2024, as the Company continues to collect installments from previously sold commercial units.
Total Debt recorded EGP 982 million as of Dec 2025, with a debt-to-equity ratio of 8.0% and a bank loan-to-asset value ratio of 5.9%.
Suppliers, Notes and Other Payables increased to EGP 464 million in FY 2025 from EGP 213 million in FY 2024, as the company was handed over the Golden Gate Asset and recorded the remaining acquisition cheques on its liabilities.
Deferred Tax: increased by 18% due to the gain in FMV booked during the period driven by the handover of the Golden Gate building. Deferred tax represents a non-cash liability, payable only if the company decides to sell all its assets.
Capital Increase: As part of the IPO process, the Company completed a capital increase of EGP 250 million and 50.4 million shares, raising its paid-in capital to EGP 1,704 million.
Total equity (Book value) grew by 22% in FY 2025, reaching EGP 12,252 million compared to EGP 10,020 million in FY 2024. This increase was driven by a 24% rise in retained earnings, reflecting strong income growth and higher investment property values due to the handover of the Golden Gate Asset and an EGP 250 million Capital increase.
The Company’s book value does not yet reflect the Company’s Park Street Edition building, with a GLA of 8,178 SQM, as it is yet to be delivered.