IREIT (UD1U) H1 2026 earnings summary

Executive summary

• Portfolio comprises 53 properties across Germany, France, and Spain, focusing on office and retail assets, with a total valuation of €792.1m as at 30 Jun 2026.

• Portfolio occupancy rate improved to 94.4% (excluding Berlin Campus), up from 89.4% at end-2025, reflecting strong leasing momentum in Germany and Spain.

• Distribution per unit (DPU) was €0.37 cents, stable compared to 2H2025.

• Ongoing repositioning of Berlin Campus into a mixed-use, multi-let asset; first phase of hospitality segment targeted for Q3 2027 completion.

Financial highlights

• Gross revenue for 1H2026 was €25.97m, with net property income at €17.09m.

• DPU decreased 2.6% sequentially from 2H2025.

• Distributable income to unitholders dropped 47.5% year-over-year to €5.02m; net loss attributable to unitholders was €22.46m.

• Net assets attributable to unitholders fell 6.1% to €423.3m; NAV per unit declined to €0.31.

• Finance costs increased 53.7% due to higher hedging interest rates and refinancing.

Outlook and guidance

• Manager aims to finalize refinancing for the Spanish Portfolio in 2H2026, extending maturity to December 2029.

• Active leasing and asset management expected to further improve occupancy and yield.

• Higher finance costs anticipated as a near-term headwind during Berlin Campus repositioning.

• Focus remains on prudent cost control and disciplined capital management to strengthen earnings resilience.