• Gross rental income down at €55.9m (–18% yoy) reflects shrinking investment portfolio resulting from high-volume property sales in 2025 (leasable area down 23% year-over-year); like-for-like annualized gross rental income up 2% yoy.
• Net rental income only 15% down at €45.8m thanks to decreased vacancy costs and higher efficiency of the rental business. 
• The operating result (EBITDA) stood at €33.9m and thus was 31% below the previous year’s figure (31.3.2025: €49.1m), mostly due to the lower rental income.
• Consolidated net result of €16.6m, after €22.5m as at 31.3.2025.
• Recurring earnings (FFO I) amounted to €25.9m (–24% yoy). 

CA Immo, a real estate company specializing in high-quality office space, can report stable operating development for the first quarter of 2026. While the high volume of sales of income-generating properties last year (leasable area down 23% yoy) led, as expected, to a 15% reduction in net rental income yoy, annualized rental income on a like-for-like basis for properties that were in the portfolio in both comparison quarters was 2% higher than in the first quarter of 2025.

Keegan Viscius, CEO of CA Immo: “In Q1 2026, we further enhanced the quality of our portfolio through non-core sales while maintaining a high occupancy rate of 95%. Our leasing business is performing well, and our prime development pipeline is 100% pre-leased with further potential for profitable growth. Once completed, the three Berlin projects currently under construction are expected to contribute additional €28m in annualized gross rental income and approximately €650m in property value to the investment portfolio, thereby significantly strengthening all relevant earnings figures starting in 2026.”

Maintained high occupancy

CA Immo maintained its high occupancy rate of 95% in Q1 2026. The company signed total leases of around 57,000 sqm, with 40% of the vacant space as at the reporting date already leased with future start dates. With the signing of long-term leases for the Berlin office project Anna Lindh Haus in the first quarter of 2026, all three of the company’s construction projects have been fully pre-leased ahead of completion.

Progressed profitable development pipeline 

CA Immo’s development pipeline currently comprises three projects under construction in inner-city Berlin top locations, all of which are 100% pre-let. Two office buildings under construction are located around Berlin’s central station: Upbeat, with construction works in time and budget for completion in Q2 2026, and Anna Lindh Haus, which is on track to complete in early 2027. In addition, CA Immo started the Karlsgärten manage-to-green refurbishment project next to the Berlin Potsdamer Platz at the end of 2025 after conclusion of a 100% pre-lease agreement. Once completed, these assets are expected to add €28m of annualized gross rental income and around €650m of gross asset value to the investment portfolio.

Preparations are well under way for two more ground-up development projects in prime central Berlin locations, which – upon completion – will further strengthen the company’s prime office footprint in the largest core market of Berlin.

Active capital rotation – non-core property sales

CA Immo sold eight non-core assets with a total transaction volume of c. €205m in 2026 so far, thereof three in Q1 (€134m). Sales included one office property each in Budapest, Warsaw and Berlin, as well as the last parking garage and two non-core plots in Germany. In addition, CA Immo signed the sale of three additional assets in Q2 2026 with closing expected in the course of 2026. 

The properties sold were non-core in terms of asset class, location, building quality, age, or value creation potential. Following these sales, the portfolio has improved in terms of quality, focus, geographic footprint, and sector. 

Results for the first quarter of 2026

CA Immo recorded rental income of €55.9m in Q1 2026 (Q1 2025: €68.5m). This 18% yoy decline is attributable to the sale of non-strategic properties (gross leasable area decreased by 23% yoy), which could not be offset by higher rental income due to higher occupancy and rent price adjustments. Thanks to a decrease in vacancy costs and other operating expenses, net rental income was down only 15% yoy at €45.8m (Q1 2025: €54.1m).

The result from property sales amounted to €–0.2m as at 31.3.2026 after €4.6m in the previous year’s period. 

Indirect expenses increased by 26% to €–11.2m (Q1 2025: €–8.8m), mainly driven by an extraordinary release of personnel provisions in the prior year and higher provisions in the current year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 31% to €33.9m (compared to €49.1m as at 31.3.2025).

The revaluation result totaled €–6.2m after €–10.9m in Q1 2025.

At €16.6m, consolidated net result was down on the previous year’s figure of €22.5m. Earnings per share amounted to €0.18 (€0.23 per share as at 31.3.2025).

Recurring earnings (FFO I) of €25.9m was also lower (–24%) than the previous year’s figure of €34.2m. FFO I per share amounted to €0.28, –22% below the prior-year figure of €0.36 per share.

Total property assets of around €4.6bn

The company’s core business is prime office properties across the gateway cities in Germany, Austria and the CEE region. The segments are divided into investment properties (€3.6bn, 79% of the total portfolio) and investment properties under development (€677m, 15% of the total portfolio). The remaining 6% (€265m) of the property assets are attributable to properties intended for trading or sale (reported under short-term property assets). As at 31.3.2026, CA Immo’s total property assets amounted to around €4.6bn (31.12.2025: €4.7bn). The largest regional segment is Germany with a 73% share of the total portfolio, followed by CEE (22%) and Austria (5%).

In line with the strategic portfolio focus, the office share of the investment portfolio has steadily increased over recent years and as at the reporting date stands at around 98% (31.12.2025: 98%). The occupancy rate (by area) for the investment portfolio was unchanged to the year end at 95% as at the reporting date.

Robust balance sheet, strong liquidity position

CA Immo has a robust balance sheet with a solid equity ratio of 48.4% (31.12.2025: 47.1%), a net LTV of 33.4% (31.12.2025: 34.5%) and high liquidity (cash and cash equivalents incl. cash deposits of €533.2m). Financing Costs were down 21% yoy to €12.1m in Q1 2026 due to lower total debt mainly driven by the repayment of a Green Bond in October 2025.

The net asset value (IFRS NAV) per share was €27.63 as at 31 March 2026, up 1% compared to €27.41 at the end of 2025. EPRA NTA per share was €32.06 as at the reporting date (31.12.2025: €31.74).

Outlook 2026

Entering into 2026, we expect continued challenges and uncertainty, in particular further geopolitical tensions, renewed inflation risks in Europe, shifting investor preferences, and more frequent climate events. While the long-term market outlook remains uncertain, our clear strategic focus and high-quality asset base position us well for the years ahead.

The long-anticipated bifurcation of the office market is now firmly established: prime assets continue to perform, while secondary buildings face growing obsolescence. Our consistently strong occupancy rates reflect the quality of our buildings and the attractiveness of our central locations. In response, we are further concentrating our portfolio on high-quality urban markets that attract talent, foster innovation, offer strong liquidity, and support above-average growth. Within these locations, we remain focused on developing, owning, and operating prime office assets with broad tenant appeal.

Accordingly, we are expanding our prime office portfolio in Berlin and Munich, where our scale and development pipeline provide attractive growth opportunities, while continuing to dispose of non-core assets in CEE. As a result, the share of our German portfolio will continue to increase. We remain highly confident in Germany due to its scale, diverse metropolitan markets, and fiscal capacity to support long-term growth-oriented investment.

CA Immoʼs strategic priorities therefore remain focused on (1) accelerating non-core disposals, (2) simplifying the business model, (3) increasing critical mass and driving economies of scale, (4) continued disciplined investment in financially accretive developments and income-producing properties, (5) selective external investment, (6) maintaining a strong balance sheet and stable financing KPIs / covenants and (7) returning excess capital to shareholders.

The Q1 2026 financial report of CA Immobilien Anlagen AG is available at: www.caimmo.com/en/investor-relations/financial-reports/