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DEMIRE Deutsche Mittelstand Real Estate (DMRE) investor relations material
DEMIRE Deutsche Mittelstand Real Estate Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Letting performance improved significantly in H1 2025, exceeding 40,000 sqm, driven by major lease extensions and new business, despite a challenging market and increased vacancy from tenant departures.
Rental income declined 21.7% year-over-year to €27.8 million due to disposals, mainly LOGPAC Leipzig and LIMA's assets, and a smaller portfolio.
FFO I after taxes dropped 67.9% to €5.0 million, reflecting lower rental income and higher impairments.
Net loss for the period widened to €45.8 million from €27.6 million in H1 2024, mainly due to higher interest expenses and impairments.
Disposals of non-strategic and mature properties generated proceeds of approximately €40 million, with some closings pending.
Financial highlights
Rental income for H1 2025 was €27.8 million, down 22% year-over-year due to disposals.
FFO I reached €5.0 million, down 67.9% year-over-year; EBIT was negative at €-24.9 million.
Losses from fair value adjustments and impairments totaled approximately €28 million, mainly from property revaluations and intercompany loan write-offs.
Net asset value (NAV) per share fell to €1.97 from €2.45 at year-end 2024.
Net LTV at 42.4%, up from 40.9% at year-end 2024; average cost of debt stable at 4.32%.
Outlook and guidance
Full-year 2025 rental income guidance raised to €52–54 million (previously €51–53 million), with FFO I expected between €5–7 million (previously €3.5–5.5 million).
Net LTV expected to decrease to about 40% by year-end, assuming successful disposals.
Little to no FFO contribution expected in H2 2025 due to ongoing disposals and increased maintenance expenses.
What drove the letting performance increase?
What's the target for NOI margin improvement?
What's the size of the remaining loan?
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Next DEMIRE Deutsche Mittelstand Real Estate earnings date
Q3 20256 Nov, 2025
Next DEMIRE Deutsche Mittelstand Real Estate earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
DEMIRE Deutsche Mittelstand Real Estate AG engages in the acquisition, management, and leasing of commercial real estate properties for SME in Germany. The company operates its business through the following segments: Property Management, Investment Management, and Asset Management. The Property Management segment offers property management services for its portfolio of commercial real estate assets. The Investment Management segment involves in the selection of areas to be invested in, construction monitoring and investment advice. The Asset Management segment provides maintenance and modernization services on residential and non-residential buildings, as well as facilities management services. Mittelstand Real Estate AG is based in Langen, Germany.
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