Deutsche Konsum REIT (DKG) Q2 2025 earnings summary

Executive summary

• Rental income for the first half fell 11% year-over-year to EUR 35.4 million, mainly due to asset sales.

• FFO dropped by EUR 8.4 million (down 51% to EUR 8.0 million), impacted by asset disposals and higher interest expenses.

• Net income declined 90.6% to EUR 1.0 million; EPS (undiluted) was EUR 0.03, down from EUR 0.31.

• Debt reduced by EUR 79 million (14%) through sales and repayments; LTV improved to 52.5%.

• A comprehensive restructuring is underway, targeting property sales of EUR 350–450 million by 2027 and involving FTI Consulting for a formal restructuring opinion.

Financial highlights

• Rental income: EUR 35.4 million (H1 2024/2025) vs. EUR 39.8 million (H1 2023/2024).

• FFO: EUR 8.0 million, FFO per share: EUR 0.20 (undiluted), both down over 50% year-over-year.

• Net income: EUR 1.0 million, EPS (undiluted): EUR 0.03.

• EPRA NTA per share: EUR 7.60 (31 Mar 2025), down from EUR 7.91 (31 Mar 2024).

• Investment properties valued at EUR 877.6 million (31 Mar 2025).

Outlook and guidance

• No formal guidance provided due to ongoing restructuring; rental income for the year expected between EUR 66 million and EUR 71 million.

• Focus remains on finalising the restructuring plan and negotiating with creditors for sustainable restructuring.

• Property sales of EUR 350–450 million targeted by end of 2027 to achieve debt reduction and positive cash flow.