• Gross rental income down at €104.8m (–16% yoy) reflects shrinking investment portfolio resulting from high-volume property sales over the past 12 months (leasable area down 16% year-over-year); like-for-like annualized in place gross rental income up 2.4% yoy.
• Net rental income 14% down at €90.5m.
• The operating result (EBITDA) stood at €76.3m and thus was 15% below the previous year’s figure (30.6.2025: €89.4m), mostly due to the lower rental income.
• Consolidated net result of €–1.4m (€31.3m in H1 2025).
• Recurring earnings (FFO I) amounted to €55.6m (–12% yoy). 
• Financial Guidance 2026: Recurring earnings (FFO I) for the full year 2026 are expected to be above €90m (€0.97 per share).

CA Immo, a real estate company specializing in high-quality office space, can report stable operating development for the first half of the year 2026. While the high sales volume of income-generating properties over the past 12 months (leasable area down 16% yoy) led, as expected, to a 14% 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 periods) was 2% higher than the previous year´s figure. Overall, however, a significant reduction in indirect expenses (–11%) and financing costs (–26%) was not enough to fully offset the lower rental income and market-driven correction in real estate values (–€53.7m), resulting in a slightly negative consolidated net income.

Keegan Viscius, CEO of CA Immo: “Despite continuing to operate in a challenging market environment characterized by economic uncertainty and elevated rates, in H1 2026 CA Immo delivered stable operational performance, maintaining a high occupancy rate of 94%, improved operating efficiency with indirect expenses down 11%, and like-for-like annualized growth in rental income of 2%. We believe that the most resilient position for the current market environment is a concentrated portfolio of high-quality A class assets in prime urban locations that attract the deepest pools of talent and capital, have above average rates of growth, and act as incubators for innovation and growth. Our success in disposing non-core properties at attractive prices has resulted in a sharper, more focused prime portfolio, and the upcoming three development completions in Berlin in 2026 and 2027 will further strengthen all relevant earnings figures going forward.”

Solid operations

CA Immo maintained a high occupancy rate of 94% in H1 2026. The company signed total leases of around 82,700 sqm, with 33% 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, all three of the company’s construction projects have been fully pre-leased ahead of completion.

Progressed profitable development pipeline 

Upbeat, the new 35,000 sqm headquarters of Deutsche Kreditbank AG (DKB), has been completed and handed over to the single tenant at the end of July. This premium landmark office building located in Berlin CBD is fully leased for at least 15 years and will contribute significantly to the Group´s recurring earnings going forward. Following this major completion, CA Immo’s development pipeline comprises two projects under construction in inner-city Berlin top locations, all of which are 100% pre-let and scheduled for completion in 2027. Once completed and in operation, these three assets are expected to add a total of around €27m of annualized gross rental income and around €650m of gross asset value to the investment portfolio.

Active capital rotation – sale of non-core property assets

CA Immo closed the sale of 10 non-core assets with a total transaction volume of c. €270m in 2026 so far, thereof one in Q3. Sales included two office properties in Budapest and one each in Warsaw and Berlin, as well as the Group´s last parking garage and three non-core plots in Germany. In addition, CA Immo signed the sale of three additional German assets in Q3 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. 

Results for the first half of 2026

CA Immo recorded rental income of €104.8m in H1 2026 (H1 2025: €124.2m). Net rental income after the first six months was €90.5m (H1 2025: €105.8m), a decrease of 14.5% on the previous year. This development is primarily attributable to the sale of non-strategic properties as part of the strategic capital rotation programme.

The result from property sales amounted to €4.9m as at 30.6.2026 after €5.4m in the previous year’s period. 

Indirect expenses decreased by 11.3% to €–18.5m (H1 2025: €–20.8m). The main factor for this decrease was a change in personnel expenses as well as further increase in operational efficiency.

Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 14.6% to €76.3m (compared to €89.4m H1 2025).

The revaluation result totaled €–53.7m after €–14.0m in H1 2025. The reason for this was primarily a slight yield decompression in Germany, which affected the valuation of the investment portfolio, development projects and land reserves.

With €–17.4m, the financial result was significantly below the prior-year figure of €–28.7m, mostly driven by a 26.2% reduction in the Group’s financing costs (primarily resulting from the repayment of the €350m bond in October 2025 and the €150m bond in March 2026).

At €–1.4m, consolidated net result was down on the previous year’s figure of €31.3m. Earnings per share amounted to €–0.02 (€0.33 per share as at 30.6.2025).

Recurring earnings (FFO I) of €55.6m was also lower (–11.7%) than the previous year’s figure of €62.9m. FFO I per share amounted to €0.60, 8.4% below the prior-year figure of €0.66 per share.

Total property assets of around €4.4bn

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 (€3.7bn, 83% of the total portfolio) and investment properties under development (€686m, 15% of the total portfolio). The remaining 2% (€67m) of the property assets are attributable to properties intended for trading or sale (reported under short-term property assets). As at 30.6.2026, CA Immo’s total property assets amounted to around €4.4bn (31.12.2025: €4.7bn). The largest regional segment is Germany with a 75% share of the total portfolio, followed by CEE (20%) 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 97%. The occupancy rate (by area) for the investment portfolio stood at 94.1% as at the reporting date (31.12.2025: 94.9%).

Robust balance sheet, strong liquidity position

CA Immo has a robust balance sheet with a solid equity ratio of 47.6% (31.12.2025: 47.1%), a net LTV of 34.5% (31.12.2025: 34.5%) and high liquidity (cash and cash equivalents incl. cash deposits of €513.2m). 

The net asset value (IFRS NAV) per share was €26.54 as at 30.06.2026, down 3% compared to €27.41 at the end of 2025. EPRA NTA per share was €31.08 as at the reporting date (31.12.2025: €31.74).

Outlook 

Looking ahead, 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, we believe that our clear strategic focus and high-quality assets in concentrated core urban market locations position us well for the years ahead. 

The long-anticipated bifurcation of the office market is now, in any case, a reality: while prime assets continue to attract tenant demand, secondary buildings face growing obsolescence. Our consistently strong occupancy rates reflect the quality of our buildings and the attractiveness of our central locations. 

Against this backdrop, 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 Austria and 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 Immo´s strategic priorities remain focused on (1) profitable operations, (2) accelerating non-core disposals, (3) simplifying our business model, (4) continued disciplined investment in financially accretive developments and re-development of portfolio assets, (5) selective external investment, (6) maintaining a strong balance sheet and stable financing KPIs / covenants and (7) returning excess capital to shareholders. 

Recurring earnings (FFO I) for the full year 2026 are expected to be above €90m (€0.97 per share).