CA Immobilien Anlagen (CAI) Q1 2026 earnings summary

Executive summary

• Occupancy rose to 94.6% year-over-year, with 40% of current vacancy already leased for future start dates.

• Gross rental income declined 18.4% to €55.9m due to non-core asset sales, but like-for-like in-place GRI increased 2.3% year-over-year.

• Development pipeline in Berlin is fully pre-leased, expected to add €28m annualized rental income and €650m asset value upon completion; three active projects are 100% pre-leased and on schedule, with two more in planning.

• €130m returned to shareholders via dividends and share buybacks until mid-May 2026; buyback program ongoing.

• Sold non-core assets, generating €205m in proceeds, and focused on prime office properties in Germany and CEE.

Financial highlights

• Net rental income fell 15.5% to €45.8m; FFO I dropped 24.3% to €25.9m year-over-year.

• EBITDA decreased 31.0% to €33.9m; consolidated net result down 26.1% to €16.6m.

• Operating cash flow declined 60% to €30.5m; capital expenditure rose 28% to €50.3m.

• IFRS NAV per share increased 0.8% to €27.63; EPRA NTA per share up 0.7% to €32.06.

• Equity ratio improved to 48.4%; net LTV reduced to 33.4%; all-in cost of debt stable at 2.4%.

Outlook and guidance

• Persistent inflation, weak growth, and geopolitical tensions delay economic recovery into 2027, with stagflation risks in the Eurozone.

• Office demand remains subdued, but prime assets outperform; rental growth decelerating.

• ECB rate hikes and high financing costs expected to persist, impacting real estate valuations and transactions.

• Strategic focus remains on prime office assets in urban German markets and non-core disposals in CEE.

• Confident in long-term growth prospects in Germany due to market scale and fiscal capacity.