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 return framework.

• Shareholders approved the strategy and Compulsory Redemption Facility, enabling systematic capital returns.

• 2025 saw 122 condominium units notarised for €36.0m, exceeding targets by 20%.

• Portfolio valuation stabilised, with a like-for-like increase of 1.5% per sqm.

• First capital return of £17.5m to shareholders announced, with plans for biannual returns.

Financial highlights

• Gross rental income: €22.7m, down from €28.1m year-over-year due to asset disposals.

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

• Portfolio valuation: €540.1m (2024: €552.8m); like-for-like value per sqm up 1.5%.

• Net LTV: 41.0% (2024: 40.3%).

• IFRS NAV per share: €2.94; EPRA NTA per share: €3.40.

Outlook and guidance

• Targeting at least €55m in condominium notarisations for 2026, with €16.5m already notarised post year-end.

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

• Board remains cautious of geopolitical and macroeconomic uncertainties but is confident in strategy resilience.