Sedlmayr Grund und Immobilien (SPB) H2 23/24 earnings summary

Executive summary

• Focus on integrated real estate operations with core activities in Munich, Stuttgart, Berlin, and Leipzig, plus a brewery business in Berchtesgaden.

• Portfolio includes 303 properties (441 buildings), with 502,753 m² rentable space and 3,868 apartments.

• 2023/2024 marked by strong rental demand, successful project completions, and continued modernization.

Financial highlights

• Revenue rose 8.9% year-over-year to €137.7M; EBIT up 47.1% to €69.0M; net income attributable to shareholders up 171.3% to €34.6M.

• EBITDA reached €86.1M, up from €63.7M; total assets increased to €1,217.9M.

• Net rental income grew 5.9% to €107.3M; cash flow from operations at €59.1M.

• Dividend of €29.00 per share proposed, unchanged from prior years.

Outlook and guidance

• 2024/2025 expected to see slightly higher revenues, driven by new rental income from completed projects.

• EBIT forecasted to be slightly lower due to higher maintenance, personnel, and transformation costs.

• Investment plans to be funded by operating cash flow and additional debt; liquidity reserves remain ample.