Hamborner REIT (HAB2) Q2 2025 earnings summary

Executive summary

• Rental income for H1 2025 declined by 2.1% year-over-year to €45.7 million, mainly due to property disposals, while operational stability and a consistent tenant base were maintained.

• Funds from operations (FFO) fell by about 12% year-over-year to €24.9 million for H1 2025.

• Portfolio fair value decreased to €1,406.3 million, reflecting disposals and market value adjustments.

• Dividend of €0.48 per share for 2024 was approved and paid in June 2025.

• Vacancy rate stood at 3.5% and portfolio WAULT at 5.7 years as of June 2025.

Financial highlights

• Net rental income was €37.3 million, down 5.9% year-over-year.

• FFO per share was €0.31 for H1 2025.

• Maintenance, administration, and personnel expenses increased significantly year-over-year.

• EPRA NAV and NTA per share both declined by 2.9% to €9.51.

• Cash and cash equivalents dropped to €9.3 million at June 2025.

Outlook and guidance

• Full-year 2025 rental income guidance raised to €89.5–90.5 million, up from previous €87.5–89.0 million.

• FFO for 2025 expected between €44.0 million and €46.0 million, with guidance maintained amid cost uncertainties.

• Maintenance, personnel, and administration costs projected to rise 10–20% in 2025.

• No further property disposals expected to impact 2025 results.

• Company remains confident despite macroeconomic challenges.