CA Immobilien Anlagen (CAI) Q2 2025 earnings summary

Executive summary

• Net rental income increased 8% year-over-year to €105.8m, and FFO I rose 14–14.5% to €62.9m, despite a smaller portfolio due to non-core asset sales.

• Occupancy rose to 93.9%, with 21.5% of current vacancy already leased for future start dates and 67,800 sqm of new and extended leases signed at rents 3% above ERV.

• Eleven non-core asset sales totaling €420m closed at a 3–4% premium to book value, improving portfolio quality and focus.

• 87% of the portfolio holds sustainability certification, and 86% meets EU Taxonomy energy efficiency criteria.

• Maintained a solid balance sheet with an equity ratio of 42.7% and net LTV of 37.2%.

Financial highlights

• Gross rental income up 2–2.3% year-over-year to €124.2m; net rental income up 7.9–8% to €105.8m.

• EBITDA increased 15–15.2% to €89.4m; consolidated net result reached €31.3m (vs. €-49.1m in H1 2024).

• FFO I per share at €0.66 (+16.4% year-over-year); FFO II per share at €0.45 (-22.1% year-over-year).

• Operating margin (net rental income to rental income) rose to 85.2% from 80.8% in H1 2024.

• IFRS NAV per share decreased 2–2.5% to €25.72; EPRA NTA per share down 2.9–3% to €31.02.

Outlook and guidance

• FFO I for full year 2025 expected to exceed €104m (€1.08 per share).

• Focus remains on profitability, non-core disposals, and maintaining a solid balance sheet.

• Macro environment remains dynamic and uncertain, with higher interest rates, economic fluctuations, and regulatory changes.