alstria office REIT (AOX) Q2 2025 earnings summary

Executive summary

• Completed squeeze-out of minority shareholders, delisting, and loss of REIT status, with reorganization underway including migration to Luxembourg and spin-off of operating activities.

• Long-term strategy remains focused on acquiring and managing older properties needing CapEx in Germany, unchanged by structural changes.

• Revenues for H1 2025 declined 1.2% year-over-year to €97.4m, with net rental income nearly flat at €85.1m.

• Consolidated profit dropped 25% to €35.8m, mainly due to higher taxes, derivative valuation losses, and property sale losses.

• FFO after minorities fell 20.2% to €28.7m, impacted by increased interest expenses from refinancing at higher rates.

Financial highlights

• H1 2025 revenues at EUR 97.4 million, down 1.2% year-over-year; FFO at EUR 28.7 million, down 20.2% year-over-year.

• EPRA NTA per share at EUR 9.19, slightly up from EUR 9.15 at FY 2024; net asset value per share rose 2.3% to €8.63.

• Net LTV at 54.5%, marginally improved from 54.8% at FY 2024.

• Cost of debt increased to 3.0% from 2.8% at year-end 2024.

• SG&A expenses reduced by 3.2% year-over-year.

Outlook and guidance

• 2025 guidance confirmed: revenues of EUR 192 million and FFO of EUR 52 million.

• Plans to migrate registered office to Luxembourg and change legal form to S.à r.l. by 2026, with operational activities to be spun off.

• CapEx guidance: EUR 140–150 million for 2025, EUR 110 million for 2026, with future CapEx tied to asset sales.

• Investment markets expected to remain weak in 2025, with gradual recovery starting late 2025 and normalization by 2026–2028.

• Leasing market dynamism to continue, with increased take-up anticipated as large tenants return.