Hamborner REIT (HAB2) Q3 2025 earnings summary

Executive summary

• Rental income for the first nine months of 2025 was €67.9 million, down 2.8% year-over-year, mainly due to property disposals.

• FFO fell by 12.2% to €36.7 million (€0.45 per share), in line with full-year guidance.

• Portfolio comprised 64 properties with a fair value of €1.41 billion and annualized rent of €88.6 million as of September 2025.

• Net profit for the period was €9.2 million, a decrease from €11.6 million in the prior year period.

Financial highlights

• Net rental income declined 5.5% to €55.2 million compared to the same period last year.

• Operating result dropped to €16.4 million from €21.3 million year-over-year.

• Administrative and personnel expenses rose by 8% and 19% respectively, reflecting digitization and inflation-related salary adjustments.

• Maintenance costs increased by 9% in the first three quarters, with a full-year increase of 10%-20% expected.

• Dividend of €0.48 per share was distributed in June 2025.

Outlook and guidance

• Full-year 2025 rental income forecast raised to €89.5–90.5 million; FFO expected between €44.0 million and €46.0 million.

• Maintenance costs for 2025 expected to increase by 10%-20%, with good visibility for Q4 and likely to be at the lower end of the range.

• No major changes anticipated in pass-on cost income or maintenance expenses for the remainder of the year.