Hamborner REIT
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Hamborner REIT (HAB2) investor relations material

Hamborner REIT Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Rental income declined 2.9% year-over-year to €90.3 million in 2025, mainly due to property disposals.

  • FFO decreased by 5.7% to €48.6 million (€0.60 per share), but exceeded initial forecasts.

  • Portfolio value fell by 6.4% to €1.35 billion, reflecting disposals and negative revaluations.

  • Period result dropped 23.2% to €12.5 million compared to the previous year.

  • Strategic shift announced to focus on retail and DIY assets, aiming to reduce office exposure to 10–20% medium-term.

Financial highlights

  • Net rental income decreased 1.6% year-over-year to €73.8 million.

  • EPRA NAV per share fell by 7.3% to €9.07 due to portfolio revaluation.

  • Vacancy rate increased to 3.5%; WALT declined to 5.3 years.

  • Admin and personnel expenses rose by 14%, mainly due to capacity expansion and digitalization.

  • Dividend proposal of €0.39 per share, with a payout ratio of 65% of FFO.

Outlook and guidance

  • 2026 rental income expected between €87.5–89.5 million; FFO guidance €38–42 million.

  • Higher operating, maintenance, and personnel expenses anticipated in 2026.

  • Interest expenses forecast to rise due to refinancing at higher rates.

  • Forecasts do not include potential further portfolio changes due to market uncertainty.

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Frequently asked questions

Hamborner REIT AG is a listed property company (German REIT) with a focus on commercial properties having regional significance. The company invests in residential and commercial property portfolios in Germany. Its portfolio includes residential, commercial, office, hotel, and solar energy properties. Furthermore, the company not only own and manage property, but also help groups and organizations partner with business leaders to create community projects that will reinvigorate residential areas.

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