German High Street Properties (GERHSP) Q4 2025 earnings summary

Executive summary

• Revenue increased to EUR 5.0 million in 2025 from EUR 4.7 million in 2024, driven by higher rental income and improved letting conditions.

• Result before value adjustments and tax was EUR 0.7 million, up from EUR 0.1 million in 2024, reflecting operational improvements.

• Net loss for the year was EUR -5.9 million, mainly due to a negative fair value adjustment of EUR -7.2 million on the property portfolio.

• The property portfolio was valued at EUR 88.1 million at year-end, down from EUR 91.1 million, reflecting lower valuation multiples in the German market.

• The Group acquired a new property in Odense, Denmark, leased to Burger King, and completed a major refurbishment in Rosenheim for a long-term tenant.

Financial highlights

• Rental income increased by EUR 388,374 year-over-year, with an 8.4% rise in rental income and costs at year-end.

• Commercial segment rental income rose by 4.5%, residential by 10.2%, while office segment declined by 5.9%.

• Cash flow from operating activities after interest and taxes was EUR 1.4 million, up from EUR 0.5 million in 2024.

• Equity ratio stood at 60.6% (2024: 64.6%), and loan-to-value ratio was 33.6%.

• Earnings per share (EUR) from continuing activities was -1.62 (2024: -0.04).

Outlook and guidance

• Management expects 2026 result before value adjustments and tax in the range of EUR 0.2–0.8 million, assuming stable rent and vacancy levels.

• The German economy is forecasted to gradually recover, supporting stable demand for prime retail properties.

• A new four-year business plan will be formulated in 2026, focusing on earnings growth and shareholder value.