Deutsche Konsum REIT (DKG) Q4 2025 earnings summary

Executive summary

• Rental income for FY 2024-2025 declined to EUR 70 million, mainly due to asset sales year-over-year.

• FFO dropped by EUR 15.6 million to EUR 12.3 million, primarily from asset disposals and higher net interest expenses.

• Major restructuring plan implemented, including a debt-to-equity swap and capital increase.

• Debt was reduced by EUR 78 million (14% year-over-year) through property sales and convertible bond conversions.

• Loss of REIT tax exemption expected as of October 1, 2025, with transition to full taxation.

Financial highlights

• Net result and FFO were impacted by EUR 8.5 million and EUR 4.6 million in net interest, respectively.

• Net loss of EUR 51 million versus prior year profit of EUR 2 million; EPS (undiluted) at -EUR 1.16.

• Portfolio devaluation of 4.9% like-for-like; valuation result of -EUR 69.9 million.

• Cost of debt increased to 4.46%.

• FFO per share down from EUR 0.80 to EUR 0.28.

Outlook and guidance

• Rental income guidance for next year is EUR 58–63 million.

• No FFO or earnings guidance provided due to ongoing restructuring and uncertainty around asset sales.

• Focus remains on executing the restructuring plan and improving portfolio performance.