DEMIRE Deutsche Mittelstand Real Estate (DMRE) Q3 2026 earnings summary

Executive summary

• 9M rental income fell 18.1% YoY to €33.9m, primarily reflecting targeted property disposals; FFO I after tax declined 66.7% to €2.8m.

• Four asset sales and a partial Bonn sale generated proceeds exceeding €61m; the portfolio comprised 39 properties valued at €627.0m at 30 September 2026.

• FY 2026 guidance was reaffirmed: rental income of €42.5m–€44.5m and FFO I of €0.5m–€2.5m.

Financial highlights

• 9M rental income was €33.9m versus €41.4m; rental profit was €22.9m versus €27.9m.

• EBIT was €10.9m versus a €28.1m loss; net loss narrowed to €26.2m from €60.7m, with prior-year results affected by significant write-downs.

• Fair-value adjustments were a €0.4m loss versus a €29.9m loss; impairments of financial and other receivables were €1.1m versus €19.5m.

• Finance expenses rose to €43.0m from €41.2m, mainly reflecting higher shareholder-loan interest; financial income declined to €3.6m from €5.4m.

• Cash and cash equivalents increased to €82.6m from €54.2m at FY 2025; total equity declined to €124.5m from €150.8m.

Outlook and guidance

• FY 2026 rental-income guidance remains €42.5m–€44.5m; FFO I guidance remains €0.5m–€2.5m.

• Q4 FFO I is expected to be slightly negative or neutral, with portfolio investments of a few hundred thousand euros expected to flow through the P&L.

• Advanced leasing discussions in Bonn, Neumünster and Leipzig cover ~20,000 sqm; the 10,000 sqm United Nations lease in Bonn was finalized.

• Execution of the strong leasing pipeline is expected over the coming months.