Sedlmayr Grund und Immobilien (SPB) H2 24/25 earnings summary

Executive summary

• Achieved full occupancy of the major residential project Heide 1 in Munich, delivering 253 apartments with a focus on affordability and quality.

• Advanced planning for new mixed-use developments, including a 50-unit project in Oberschleißheim and modernized commercial assets in Munich's city center.

• Integrated Hofbrauhaus Berchtesgaden fully into the group, expanding the beverage portfolio and celebrating 380 years of brewing tradition.

Financial highlights

• Group revenue rose 5.6% year-over-year to €145.5 million, driven by higher rental income and successful new lettings.

• EBITDA fell to €49.6 million (prior year: €86.1 million) and EBIT dropped sharply to €31.1 million (prior year: €69.0 million) due to significant value adjustments on Berlin project companies.

• Net income attributable to shareholders declined to €4.3 million from €34.6 million year-over-year.

• Dividend maintained at €29.00 per share.

Outlook and guidance

• Forecasts slightly higher revenues for 2025/2026, with improved EBIT expected due to reduced Berlin-related write-downs and anticipated gains from asset sales.

• Expects higher maintenance and modernization expenses per square meter to sustain long-term asset quality.