Sedlmayr Grund und Immobilien (SPB) H1 25/26 earnings summary

Executive summary

• Revenue increased by 18.0% year-over-year to €81.3 million, driven by higher rental income and property sales.

• Operating profit (EBIT) rose to €42.3 million from €33.0 million, mainly due to new rental income and asset disposals.

• Net income reached €25.8 million, up €6.1 million year-over-year.

• Portfolio investments focused on Munich and Berlin, with significant progress in project development and asset optimization.

Financial highlights

• Rental income from residential properties increased to €25.6 million (prior year: €22.3 million).

• Property sales contributed €9.0 million to revenue, compared to zero in the prior year.

• Material and personnel expenses rose due to higher operating costs and new hires.

• Free cash flow improved to €31.0 million from €19.3 million year-over-year.

• Equity ratio increased to 22.3% from 19.9% at the previous balance sheet date.

Outlook and guidance

• Slightly higher revenues expected for the full year 2025/2026 compared to 2024/2025.

• Operating profit (EBIT) is forecast to be significantly higher year-over-year.

• Increased maintenance and modernization expenses per square meter anticipated.

• Investments to be funded by operating cash flow and additional debt if needed.