Hamborner REIT (HAB2) Q3 2026 earnings summary

Executive summary

• 9M 2026 rental income was €67.3m and FFO was €34.5m, down 0.9% and 6.0% YoY; a €19.2m impairment contributed to a net loss of €11.8m.

• FY 2026 rental income and FFO guidance were raised, primarily on lower-than-planned rent incentives and fit-out expenses.

Financial highlights

• Rental income was €67.260m versus €67.878m; like-for-like rental income increased 1.5% (€0.961m), while net rental income fell 1.2% to €54.539m.

• FFO was €34.463m versus €36.7m; FFO per share was €0.42 versus €0.45. AFFO was €34.8m versus €36.0m.

• Income from passed-on costs rose 12.1% to €8.9m; operating expenses increased 4.9% to €15.1m and maintenance expenses to €6.5m.

• Interest expense rose 9.3% to €10.9m, mainly due to refinancing at higher rates; interest income increased to €0.6m.

• Operating result was -€1.321m versus €16.414m; net loss was €11.834m versus €9.188m profit, including €46.045m depreciation and amortisation.

Outlook and guidance

• FY 2026 rental income guidance increased to €88.5m–€90.0m from €87.5m–€89.5m; FFO guidance rose to €42m–€44m from €38m–€42m.

• Guidance reflects lower-than-planned rent incentives and fit-out expenses, alongside disposals and higher operating, interest and maintenance costs.

• Full-year maintenance expenses are expected to be slightly above the prior year; Q4 FFO will be weighed on by additional interest and operating costs.