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Phoenix Spree Deutschland (PSDL) investor relations material
Phoenix Spree Deutschland H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Focused on accelerating condominium sales, reducing debt, and returning capital to shareholders, leveraging the price premium of condominiums over PRS properties.
Portfolio value increased 0.6% like-for-like in H1 2025, marking the second consecutive period of growth and market stabilization.
Notarised 51 condominium units for €14.6m in H1 2025, with average sales price at €4,043 per sqm, a 22% premium to PRS values.
Debt refinancing is progressing, expected to enable more sales and permit shareholder distributions.
Financial highlights
Gross rental income fell to €11.0m (H1 2024: €14.2m) due to portfolio disposals.
Loss before tax narrowed to €7.0m (H1 2024: €24.1m), with loss per share at €0.07 (H1 2024: €0.21).
EPRA NTA per share declined 1.7% to €3.49; net LTV reduced to 41.0% (H1 2024: 46.4%).
Portfolio valuation at €548.7m, average €3,654 per sqm.
No interim or final dividend declared for the period.
Outlook and guidance
Full-year condominium sales expected to exceed €30m in 2025 and €55m in 2026.
Shareholder distributions anticipated with annual results in April 2026, subject to refinancing.
Berlin condominium prices expected to remain resilient, supported by lower mortgage rates and strong demand.
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