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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.
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.
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