Phoenix Spree Deutschland (PSDL) H2 2025 earnings summary

Executive summary

• Transitioned from planning to execution of managed Portfolio realisation strategy, focusing on accelerated condominium sales, refinancing, and capital returns to shareholders.

• Shareholders approved the realisation strategy and Compulsory Redemption Facility, enabling pro-rata capital returns as sales proceeds are realised.

• 2025 marked the first capital return to shareholders, with £17.5m to be distributed via compulsory redemption.

• Portfolio valuation stabilised, with like-for-like increases in both condominium and PRS segments.

Financial highlights

• Gross rental income declined to €22.7m (2024: €28.1m) due to asset disposals and sales.

• Operating loss of €1.1m (2024: €0.05m loss); reported EPS of (€0.07) (2024: (€0.42)).

• IFRS NAV per share at €2.94/£2.56 (2024: €3.01/£2.49); EPRA NTA per share at €3.40/£2.97 (2024: €3.55/£2.93).

• Net LTV at 41.0% (2024: 40.3%); net debt €222.0m.

• Administrative expenses €3.3m, property expenses €15.3m, both declining year-over-year.

Outlook and guidance

• Entering 2026 with positive momentum, expanded sales pool, completed refinancing, and clear capital return framework.

• Cost base expected to reduce materially as one-off items do not recur and portfolio contracts.

• Regular capital returns anticipated, subject to cash availability and prudent liquidity management.

• Board remains mindful of geopolitical and macroeconomic uncertainties but strategy is underpinned by long-dated financing and operational flexibility.