• Increased net rental income (+4% to €155.0m) reflects higher rental income from investment properties and increased efficiency of the rental business. 
• The operating result (EBITDA) stood at €138.4m and thus 6% above the previous year’s figure (30.09.2024: €131.0m).
• Consolidated net result of €149.6m, after €–33.4m as at 30.09.2024.
• Recurring earnings (FFO I) of €93.3m, +8% yoy (30.09.2024: €86.5m).
• Financial Guidance 2025 confirmed: 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 good operating development for the first three quarters of 2025. The results show, among other things, stable rental income (net rental income +4%) despite non-core income-producing property sales due to higher rental income from investment properties and increased efficiency of the rental business. This stable development of rental income, combined with a positive sales result, lower indirect expenses (–11%), and a non-cash deferred tax effect in Germany, led to a significant increase in key earnings metrics compared to the previous year´s figures. 

Keegan Viscius, CEO of CA Immo: “Despite a challenging market environment, our good operational performance continued in the third quarter of 2025, and we made further progress in implementing our strategic priorities with the aim to strengthen our business and create continued value for shareholders. In the first nine months of 2025, we improved all relevant financial KPIs and at the same time reduced our indirect expenses by 11%. Though market liquidity remains patchy, we have completed 16 disposals of non-core properties at an average premium to book value to date. 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.”

Stable 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, maintaining the high occupancy rate and stable 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 93.7% (31.12.2024: 93.1%). The company signed total leases of around 102,000 sqm at rents slightly above the budgeted rent levels. 35% 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, which is on track to complete in the end of 2026. 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 16 non-core property disposals to date (thereof two in Q4) at an average premium to book value. Sales included the company´s last property in Serbia (market exit), a hotel in Berlin and two parking garages, as well as several plots with residential, logistics or mixed use. In addition, CA Immo signed the sale of three additional properties to date with closing expected in the first half-year 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 of the first nine months 2025

CA Immo recorded a stable rental income of €178.3m (30 September 2024: €179.1m) in the first nine months of 2025. Higher rental income from investment properties (+€10.9m, incl. former development completions) could nearly fully offset the reduced income following the sale of non-strategic properties (€–10.5m) and the reclassification of investment properties as properties under development (€–1.2m). Thanks to the decrease in vacancy costs resulting from the higher occupancy rate, net rental income was up 3.9% yoy at €155.0m (30 September 2024: €149.2m).

The result from property sales amounted to €13.8m as at 30.09.2025 after €13.7m in the previous year´s period. 

Indirect expenses decreased by 10.6% to €–29.6m (30.09.2024: €–33.1m).

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 5.6% to €138.4m (compared to €131.0m as at 30 September 2024).

The revaluation result totaled €–14.8m after €–119.2m in Q1-3 2024. The main reason for the slightly negative net revaluation is minor value adjustments in CEE, which could not be fully offset by moderate valuation increases in Germany. CA Immo conducts external valuations on a semi-annual basis (at mid-year and year-end). 

In Germany, a gradual reduction of the corporate income tax rate was decided in July 2025: starting in 2028, the current rate of 15% will be reduced by one percentage point per year, reaching 10% by 2032 (tax rates excluding the solidarity surcharge). In total, in Q3 2025 a non-cash deferred tax income amounting to around €85m was recognized. As a result, income tax expense was €67.9m on the key date (30 September 2024: €–1.2m).

At €149.6m, consolidated net result was significantly above the previous year's figure of €–33.4m. Earnings per share amounted to €1.56 on the balance sheet date (€–0.34 per share as at 30 September 2024).

As at 30 September 2025, FFO I of €93.3m was generated, which is 7.8% above the previous year's figure of €86.5m.

Total property assets of around €4.7bn

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 (€3.8bn, 80% of the total portfolio) and investment properties under development (€590.7m, 13% of the total portfolio). The remaining 7% (€334.6m) of the property assets are attributable to properties intended for trading or sale (reported under short-term property assets). As at 30 September 2025, CA Immo's total property assets amounted to around €4.7bn (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 98% (31.12.2024: 96%). The occupancy rate (by area) for the investment portfolio increased slightly compared to the year end and stands at 93.7% on 30 September 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 44.8% (31.12.2024: 42.5%), a net LTV of 34.9% (31.12.2024: 38.2%) and high liquidity (cash and cash equivalents incl. cash deposits of €886.6m).

The net asset value (IFRS NAV) per share was €26.96 as at 30 September 2025, up 2% compared to €26.37 at the end of 2024. EPRA NTA per share was €31.12 as at the reporting date (31.12.2024: €31.95).

Outlook 2025

The company continues to operate in a weak real estate market environment. As requirements for office properties have changed significantly in recent years, we anticipate a continued bifurcation within office markets, with weaker assets in non-central locations facing increasing pricing pressure. Thanks to CA Immo´s early focus and transformation of the portfolio towards first-class quality and prime locations, the company is confident to navigate these challenges successfully.

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.

The company confirms the financial target: Recurring earnings (FFO I) for the full year 2025 is expected to be above €104m (€1.08 per share).

The Q1-3 2025 financial report of CA Immobilien Anlagen AG is available at: https://www.caimmo.com/en/investor-relations/financial-reports/