CA Immobilien Anlagen (CAI) Q1 2025 earnings summary

Executive summary

• Gross rental income rose 7.1% year-over-year to €68.5m, with net rental income up 12.4% to €54.1m, despite an 11.8% reduction in portfolio size.

• FFO I increased 28% to €34.2m, and consolidated net result climbed 40% to €22.5m compared to Q1 2024.

• Occupancy improved to 93.5%, with 35,000 sqm of new and extended leases signed at rents 16% above ERV.

• Three non-core asset disposals closed in Q1 2025, totaling up to €91.5m at a premium to book value.

• Development pipeline in Berlin progressed on schedule, with Upbeat 100% pre-leased and Anna-Lindh-Haus advancing.

Financial highlights

• EBITDA up 33% to €49.1m, EBIT up 28% to €38.0m, and EBT up 22.3% to €26.8m year-over-year.

• Operating margin (net rental income to rental income) increased to 79.0% from 75.3% in Q1 2024.

• FFO II (including property sales and non-recurring items) rose 11.1% to €29.3m.

• IFRS NAV per share increased 1% to €26.65; EPRA NTA per share up 1% to €32.22.

• Net debt reduced by 10% to €1,700.6m; cash and cash equivalents at €898m.

Outlook and guidance

• Focus remains on profitability, non-core disposals, and maintaining a solid balance sheet with a target gross LTV ≤50% and equity ratio ≥45%.

• Cautiously optimistic on the office market, expecting continued bifurcation and pricing pressure on weaker assets.

• Strategic priorities: accelerate non-core disposals, simplify business model, invest in core markets, and return excess capital.

• Ongoing development pipeline in Berlin expected to generate significant future GAV and GRI, with three projects in planning and two under construction.

• Full-year FFO I target to be published with Q2 results.