CA Immobilien Anlagen (CAI) Q2 2026 earnings summary

Executive summary

• Occupancy remained stable at 94.1% year-to-date, with 33% of current vacancy already leased and future lease starts scheduled.

• Delivered stable operating performance in H1 2026 despite challenging market conditions, maintaining high occupancy and advancing strategic priorities.

• Completed sale of nine non-core properties and handed over the 35,000 sqm Berlin Upbeat project to DKB in July.

• Gross rental income (GRI) declined 15.6% year-over-year to €104.8m due to non-core property sales, but like-for-like in-place GRI increased 2.4%.

• Three active development projects are 100% pre-leased and on schedule, with two more in planning.

Financial highlights

• Net rental income fell 14.5% year-over-year to €90.5m, reflecting asset disposals.

• EBITDA dropped 14.6% to €76.3m; consolidated net result was negative at €-1.4m, mainly due to a €-53.7m revaluation loss from yield decompression in Germany.

• FFO I for H1 2026 was €55.6m, with full-year guidance above €90m.

• IFRS NAV per share at €26.54 (-3% vs. year-end 2025); EPRA NTA per share at €31.08 (-3%).

• Ordinary dividend of €0.90 per share paid in May 2026, with a total capital return to shareholders of €157m via dividends and share buybacks until mid-August.

Outlook and guidance

• Full-year 2026 recurring earnings (FFO I) expected above €90m (€0.97 per share).

• Focus remains on profitability, operational efficiency, and further non-core disposals.

• Development pipeline expected to increase in-place GRI by ~20% to €240m upon completion.

• Anticipates ongoing market uncertainty, inflation risks, and selective investor demand.