Hamborner REIT (HAB2) Q4 2025 earnings summary

Executive summary

• Maintained stable operations in a challenging environment, with business largely on track in 2025 despite a 2.9% decline in rental income and a 5.7% drop in FFO, both exceeding original guidance.

• Operating result fell 6.3% to €23.2 million, and period result dropped 23.2% to €12.5 million compared to 2024.

• Strategic shift announced: focus on expanding retail and DIY exposure, aiming to reduce office portfolio to 10%-20% medium-term.

• Dividend proposal of €0.39 per share, representing a 65% payout of operating income.

• Portfolio value declined 6.4% to €1.35 billion, mainly due to disposals and negative revaluations.

Financial highlights

• Rental income declined 2.9% to €90.3 million due to property disposals; FFO fell 5.7% to €48.6 million, or €0.60 per share.

• Net rental income decreased 1.6% year-over-year to €73.8 million.

• EPRA net asset value per share at year-end was €9.07, down 7.3% year-over-year.

• Portfolio fair value decreased by €92.4 million to €1.35 billion.

• Dividend proposal of €0.39 per share, with a payout ratio of ~65% of FFO.

Outlook and guidance

• 2026 rental income expected between €87.5 million and €89.5 million; FFO guidance €38.0 million to €42.0 million.

• Guidance reflects lower rental income from disposals and higher maintenance and operating expenses.

• Interest expenses forecast to rise due to refinancing at higher rates.

• Forecast does not include potential further portfolio changes during the year.