Fleming Properties (FLMNG) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was €1,911k, down from €2,021k year-over-year, mainly due to a break option exercised by a major tenant affecting 2,200 sqm of leased space.

• Net operating income was €1,361k (down from €1,532k), and management result was €375k (down from €546k), reflecting lower rental income and higher operating costs.

• Net profit for the period increased to €137k from €68k, primarily due to lower capex investments.

• Financial position remains stable with a strong balance sheet and focus on leasing, cost control, and long-term value growth.

Financial highlights

• Operating margin (net operating income/revenue) was 71.2% (down from 75.8%).

• Return on equity improved to 0.9% (from 0.5%).

• Equity per share was €0.9, and NRV per share was €1.0, unchanged year-over-year.

• Market value of properties at period end was €109.8m (up from €108.2m).

• Cash and cash equivalents at period end were €10.9m.

Outlook and guidance

• Management remains cautiously optimistic about leasing vacant space before year-end despite a challenging rental market.

• Focus continues on leasing, cost control, and long-term value creation.