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CA Immobilien Anlagen (CAI) investor relations material
CA Immobilien Anlagen Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Occupancy remained stable at 94.1% year-to-date, with 33% of current vacancy already leased and future lease starts scheduled.
Delivered stable operating performance in H1 2026 despite challenging market conditions, maintaining high occupancy and advancing strategic priorities.
Completed sale of nine non-core properties and handed over the 35,000 sqm Berlin Upbeat project to DKB in July.
Gross rental income (GRI) declined 15.6% year-over-year to €104.8m due to non-core property sales, but like-for-like in-place GRI increased 2.4%.
Three active development projects are 100% pre-leased and on schedule, with two more in planning.
Financial highlights
Net rental income fell 14.5% year-over-year to €90.5m, reflecting asset disposals.
EBITDA dropped 14.6% to €76.3m; consolidated net result was negative at €-1.4m, mainly due to a €-53.7m revaluation loss from yield decompression in Germany.
FFO I for H1 2026 was €55.6m, with full-year guidance above €90m.
IFRS NAV per share at €26.54 (-3% vs. year-end 2025); EPRA NTA per share at €31.08 (-3%).
Ordinary dividend of €0.90 per share paid in May 2026, with a total capital return to shareholders of €157m via dividends and share buybacks until mid-August.
Outlook and guidance
Full-year 2026 recurring earnings (FFO I) expected above €90m (€0.97 per share).
Focus remains on profitability, operational efficiency, and further non-core disposals.
Development pipeline expected to increase in-place GRI by ~20% to €240m upon completion.
Anticipates ongoing market uncertainty, inflation risks, and selective investor demand.
- Occupancy rose and capital was returned to shareholders, but income and EBITDA declined.CAI
Q1 2026 - Net income rebounded to €184.4m, with strong capital returns and improved occupancy.CAI
Q4 2025 - Profit rebounded on higher occupancy, cost discipline, and strategic asset sales.CAI
Q3 2025 - Net rental income and FFO I grew strongly, with improved occupancy and portfolio quality.CAI
Q2 2025 - Rental income and FFO I rose, but net profit fell; green bond and buyback program launched.CAI
Q3 2024 - Net income swung to a loss despite stable operations, as property revaluations weighed on results.CAI
Q2 2024 - FFO I up 28%, net profit up 40%, and dividend increased 25% year-over-year.CAI
Q1 2025 - Rental income, occupancy, and FFO I rose, while revaluation losses narrowed and capital returns increased.CAI
H2 2024
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