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 and cost increases.

• Funds from operations (FFO) fell 12.2% to €36.7 million, or €0.45 per share.

• 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.

• Like-for-like annualized rental income rose by 1.5% year-over-year, driven by indexation adjustments, especially in the office segment.

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.

• AFFO for the period was €36.0 million, down 8.9% year-over-year.

• REIT equity ratio improved to 55.8% and EPRA LTV declined to 43.3% at end of September.

• Net debt/EBITDA was 10.2x; EBITDA/interest coverage was 5.1x.

Outlook and guidance

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

• Operating result forecasted at €44–46 million.

• Maintenance costs for 2025 projected to increase by 10–20%.

• Decarbonization measures for 2025 expected to cost €400,000–800,000 (maintenance) and €300,000–500,000 (CapEx).