DEFAMA Deutsche Fachmarkt (DEF) Q4 2025 earnings summary

Executive summary

• FFO increased by 8% to €10.8M (€2.25 per share), with revenue reaching €31.6M in 2025.

• Net income (including one-offs) was €9.7M, while recurring net income was €5.6M.

• Sold three properties for a €3M pre-tax gain and €4M liquidity; 19 new acquisitions expanded the portfolio to 99 properties.

• Dividend proposed at €0.63 per share, marking the 11th consecutive annual increase.

• Secured new long-term leases and invested in property upgrades and tenant improvements.

Financial highlights

• Portfolio value rose to €352M (+9% year-over-year).

• Revenue reached €31.6M (+16% year-over-year).

• FFO per share increased to €2.25 (+8% year-over-year).

• Net income (including one-offs) was €9.7M; recurring net income was €5.6M (€1.17 per share).

• Dividend proposal of €0.63 per share (+5% year-over-year).

Outlook and guidance

• 2026 targets: net income >€5M, FFO >€10.8M, occupancy >96%, dividend >€0.63 per share.

• Aims to offset €1M FFO loss from tenant insolvency and vacancies.

• Long-term plan (2030): portfolio value €500M, annual rents €42M, FFO €19M (>€4/share).

• Intends to continue annual dividend increases.