• Increased net rental income (+8% to €105.8m) reflects higher rental income from investment properties and increased efficiency of the rental business.
• The operating result (EBITDA) stood at €89.4m and thus 15% above the previous year’s figure (30.06.2024: €77.5m).
• Consolidated net result of €31.3m, after €–49.1 as at 30.06.2024.
• Recurring earnings (FFO I) of €62.9m, +14% yoy (30.06.2024: €55.0m).
• Financial Guidance 2025: Recurring earnings (FFO I) for the full year 2025 is expected to be above €104m (€1.08 per share).

CA Immo, the real estate company specializing in high-quality office space, can report a profitable operating development for the first half of 2025. The results show, among other things, an increase in net rental income (+8%) due to the completion of project developments in previous years, higher rental income from investment properties, and increased efficiency of the rental business. As a result of this increase in rental income, a positive sales results and lower indirect expenses (–8%), both EBITDA and consolidated net result were up significantly on the previous year´s figures.

Keegan Viscius, CEO of CA Immo: “Despite a challenging market environment, our stable operational performance continued in the first half of 2025, and we continued to make further progress in implementing our strategic priorities with aim to strengthen our business further and create continued value for shareholders. In the period we grew rental income by 2%, net rental income by 8% and recurring FFO I by 14%, while maintaining stable occupancy at 94% and reducing indirect expenses by 8%. Though market liquidity remains patchy, we have completed 11 disposals of non-core properties at a 3% average premium to book value to date. Importantly, in the first half of 2025 we returned to profit with a consolidated net result of €31m. Our business is better positioned today than it was 12 months ago, and we continue to see further room to optimise our processes and improve performance going forward.”

Slight increase in occupancy

The company´s active asset management approach with teams on the ground in local markets allowed CA Immo to quickly respond to tenant demands and market developments, further increasing its occupancy rates and income despite the decreasing overall portfolio size due to sales. The result is a good leasing performance and a further increase of the portfolio occupancy rate to 93.9% (31.12.2024: 93.1%). The company completed around 67,800 sqm of leasing at rents c. 3% above the budgeted rent levels (ERV). 22% of the vacant space as at the reporting date has already been leased with future start dates.

Progressed profitable development pipeline 

CA Immo´s development pipeline currently comprises two office buildings under construction located around Berlin’s central station: Upbeat, which is 100% pre-let with construction works in time and budget for completion in early 2026, and Anna Lindh Haus, whose construction started in September 2024. 

In addition, preparations are well under way for three more projects in prime central Berlin – two ground-up developments as well as a refurbishment of one of the older buildings at the end of its life cycle. Once completed, these assets will further strengthen the company´s prime office footprint in the largest core market of Berlin.

Active capital rotation – profitable property sales

Despite a challenging transaction environment, CA Immo closed 11 non-core property disposals to date (thereof four in Q3) at an average premium to book value. Sales included the company´s last property in Serbia (market exit), a hotel in Berlin and a parking garage, as well as several plots with residential, logistics or mixed use. In addition, CA Immo signed the sale of four additional properties to date with closing expected in Q4 2025. 

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 half-year 2025

CA Immo recorded an increase in rental income of 2.3% to €124.2m (30 June 2024: €121.4m) in the first six months of 2025. This development is primarily attributable to higher rental income from investment properties (+€8.9m incl. former development completions), which more than offset the decline in rental income resulting from the sale of non-strategic properties as part of the strategic capital rotation programme and the reclassification of investment properties undergoing refurbishment as properties under development. Net rental income was up 7.9% yoy at €105.8m due to reduced landlord non-recoverables and increased efficiency of the rental business.

The result from property sales amounted to €5.4m as at 30.06.2025 after €2.0m compared to previous year´s level. 

Indirect expenses decreased by 8.5% to €–20.8m (30.06.2024: €–22.8m), which is mainly driven by significantly reduced personnel expenses.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 15.2% to €89.4m (compared to €77.5m in 1H 2024).

The revaluation result totaled €–14.0m after €–119.1m in 1H 2024. 

At €31.3m, consolidated net result was significantly above the previous year's figure of €–49.1m. Earnings per share amounted to €0.33 on the balance sheet date (€–0.50 per share as at 30.06.2024).

As at 30.06.2025, FFO I of €62.9m was generated, which is 14.5% above the previous year's figure of €55.0m.

Total property assets of around €4.8bn

The company's core business is office properties across the gateway cities in Germany, Austria and the CEE region. The segments are divided into investment properties (€4.0bn, 84% of the total portfolio) and investment properties under development (€552.7m, 12% of the total portfolio). The remaining 4% (€183.8m) of the property assets are attributable to properties intended for trading or sale (reported under short-term property assets). As at 30.06.2025, CA Immo's total property assets amounted to around €4.8bn (31.12.2024: €5.0bn). The largest regional segment is Germany with a 71% share of the total portfolio, followed by CEE (24%) 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 96% (31.12.2024: 96%). The occupancy rate (by area) for the investment portfolio increased slightly compared to the year end and stands at 93.9% on 30 June 2025 (31.12.2024: 93.1%).

Robust balance sheet, strong liquidity position

CA Immo has a robust balance sheet with a solid equity ratio of 42.7% (31.12.2024: 42.5%), a net LTV of 37.2% (31.12.2024: 38.2%) and high liquidity (cash and cash equivalents incl. cash deposits of €786.8m).

The net asset value (IFRS NAV) per share was €25.72 as at 30.06.2025, compared to €26.37 at the end of 2024 and is therefore 2.5% below the previous year’s level. EPRA NTA per share was €31.02 as at the reporting date (31.12.2024: €31.95).

Outlook 2025

The company continues to operate in a weak real estate market environment, albeit with first positive signals and slowly shifting sentiment showing in Germany. We see slower tenant demand, but rental growth in our German core markets. Construction supply is moderating and falling, which – coupled with stable occupational demand – should lead to falling vacancy rates in the future. 

Looking ahead, CA Immo expects office markets to continue to bifurcate, with greater pricing pressure on weaker assets in non-central locations. With the focused prime office portfolio and agile management approach, we believe we remain well positioned to overcome these challenges.

CA Immo´s strategic priorities 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.

Recurring earnings (FFO I) for the full year 2025 is expected to be above €104m (€1.08 per share).

The H1 2025 financial report of CA Immobilien Anlagen AG is available at: https://www.caimmo.com/en/investor-relations/financial-reports/