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Branicks (DIC) investor relations material
Branicks Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved full repayment of €225M promissory notes maturing in 2025, with an additional €68M repaid in July, supporting financial consolidation and deleveraging.
Sold 10 commercial assets for €131M, with €82M closed and the remainder expected to close in H2; disposal target for 2025 remains €600M–€800M.
Portfolio optimization led to 1% like-for-like rental growth and an increase in average rent from €9.06 to €10.02 per sqm.
Institutional business remains strong with €8.4B AUM, like-for-like rental growth of 0.9%, and stable FFO contribution.
Operating expenses reduced by 14.3% year-over-year as of June 2025, reflecting cost discipline.
Financial highlights
Net rental income fell to €63.4M due to asset disposals; FFO after minorities rose 17% to €22.7M.
Real estate management fees stable at €20.8M; recurring income streams remain high.
Gross rental income for H1 2025 was €72.3M, down from €89.1M, reflecting disposals.
Loss for the period was €-23.4M, mainly due to depreciation, amortization, and impairment charges.
Equity ratio improved to 31.8% as of June 2025, up from 30.2% at year-end 2024.
Outlook and guidance
Guidance for 2025 confirmed: FFO €40M–€55M, gross rental income €125M–€135M, management fees €50M–€60M, and disposals €600M–€800M.
No on-balance acquisitions planned; institutional business acquisitions targeted at €100M–€200M.
Midterm ambition to further reduce debt, strengthen cash flows, and return to net profit in 2026.
Aims for ICR above 2.0x, LTV below 50%, and secured LTV around 30% by end of 2026.
Macroeconomic outlook for Germany has improved, with GDP growth forecast at 0.3% for 2025 and 1.6% for 2026.
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