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Sedlmayr Grund und Immobilien (SPB) investor relations material
Sedlmayr Grund und Immobilien H1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue increased by 18.0% year-over-year to €81.3 million, driven by higher rental income and property sales.
Operating profit (EBIT) rose to €42.3 million from €33.0 million, mainly due to new rental income and asset disposals.
Net income reached €25.8 million, up €6.1 million year-over-year.
Portfolio investments focused on Munich and Berlin, with significant progress in project development and asset optimization.
Financial highlights
Rental income from residential properties increased to €25.6 million (prior year: €22.3 million).
Property sales contributed €9.0 million to revenue, compared to zero in the prior year.
Material and personnel expenses rose due to higher operating costs and new hires.
Free cash flow improved to €31.0 million from €19.3 million year-over-year.
Equity ratio increased to 22.3% from 19.9% at the previous balance sheet date.
Outlook and guidance
Slightly higher revenues expected for the full year 2025/2026 compared to 2024/2025.
Operating profit (EBIT) is forecast to be significantly higher year-over-year.
Increased maintenance and modernization expenses per square meter anticipated.
Investments to be funded by operating cash flow and additional debt if needed.
- Revenue and profit rose, with strong project investment and stable outlook for 2023/24.SPB
H1 23/2429 Jun 2026 - Revenue, EBIT, and net income surged; portfolio nearly fully let; dividend stable at €29.00.SPB
H2 23/2429 Jun 2026 - Revenue up 1.3%, EBIT down on higher costs, with strong cash flow and lower vacancy rates.SPB
H1 24/2529 Jun 2026 - Revenue up, but profit down sharply due to Berlin write-downs; Munich project fully leased.SPB
H2 24/2529 Jun 2026
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