Phoenix Spree Deutschland (PSDL) H1 2025 earnings summary

Executive summary

• Focused on accelerating condominium sales, reducing debt, and returning capital to shareholders, leveraging the price premium of condominiums over PRS properties.

• Portfolio value increased 0.6% like-for-like in H1 2025, marking the second consecutive period of growth and market stabilization.

• Notarised 51 condominium units for €14.6m in H1 2025, with average sales price at €4,043 per sqm, a 22% premium to PRS values.

• Debt refinancing is progressing, expected to enable more sales and permit shareholder distributions.

Financial highlights

• Gross rental income fell to €11.0m (H1 2024: €14.2m) due to portfolio disposals.

• Loss before tax narrowed to €7.0m (H1 2024: €24.1m), with loss per share at €0.07 (H1 2024: €0.21).

• EPRA NTA per share declined 1.7% to €3.49; net LTV reduced to 41.0% (H1 2024: 46.4%).

• Portfolio valuation at €548.7m, average €3,654 per sqm.

• No interim or final dividend declared for the period.

Outlook and guidance

• Full-year condominium sales expected to exceed €30m in 2025 and €55m in 2026.

• Shareholder distributions anticipated with annual results in April 2026, subject to refinancing.

• Berlin condominium prices expected to remain resilient, supported by lower mortgage rates and strong demand.