• Increased net rental income (+12% to €54.1m) reflects higher rental income from investment properties.
• The operating result (EBITDA) stood at €49.1m and thus 33% above the previous year’s figure (31.03.2024: €37.0m).
• Consolidated net result of €22.5m, up 40% in yearly comparison (31.03.2024: €16.1m).
• Recurring earnings (FFO I) of €34.2m, +28% yoy (31.03.2024: €26.7m).

Vienna, May 21. CA Immo, the real estate company specializing in high-quality office space, can report a positive operating development for the first quarter of 2025. The results show, among other things, an increase in net rental income (+12%) due to the completion of project developments in previous years, higher rental income from investment properties, and increased operating margin in rental business. In line with this increase in rental income, positive sales results and lower indirect expenses, both EBITDA and consolidated net income were up 33% and 40% respectively on the previous year.

Keegan Viscius, CEO of CA Immo: “We once again made significant progress in our business in the first quarter of 2025. We further increased occupancy and rental income despite shrinking the overall size of the portfolio due to successful sales, and at the same time dynamically progressed our profitable development pipeline. Our strategic focus remains to take advantage of market liquidity to sell non-strategic assets as well as monetise future profit where no further value creation exists. Against this background, we target to sell properties that are non-core in terms of asset class, location, building quality, age, or value creation potential. Looking ahead, we remain cautiously optimistic, but also realistic about the difficult market environment in which we operate, and remain focused on making our business more resilient and profitable at all levels.”

Further increase in occupancy

Despite the generally subdued landscape for global office demand, CA Immo was able to record a good leasing performance and further increase the portfolio occupancy rate to 93.5% (31.12.2024: 93.1%). The company completed around 35,000 sqm of leasing at rents c. 16% 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 standing assets. Once completed, these assets will further strengthen the company´s prime office footprint in the largest core market of Berlin.

Active capital rotation – successful property sales

Despite a challenging transaction environment, CA Immo closed five non-core property disposals to date (thereof three in Q1) at an average premium to book value. In the first quarter, one office property each in Budapest and Warsaw and a parking garage in Cologne were sold. Sales after the key date included the company´s last property in Serbia (market exit) as well as a property with main usage hotel (Berlin). In addition, CA Immo signed the sale of five additional properties to date (three plots in Munich, a logistics property in Berlin and an office building in Vienna) with closing expected in Q2 or Q3 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 Q1 2025

CA Immo recorded an increase in rental income of 7.1% to €68.5m (Q1 2024: €64.0m). This development is primarily attributable to higher rental income from investment properties (+€5.6m), 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 12% yoy at €54.1m due to reduced landlord non-recoverables and increased efficiency of the rental business.

The result from property sales amounted to €4.6m as at 31.03.2025 after €–0.3m in Q1 2024. 

Indirect expenses decreased by 21.4% to €–8.8m (31.03.2024: €–11.2m), which is mainly driven by significantly reduced personnel expenses.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 32.5% to €49.1m (compared to €37.0m in Q1 2024).

The revaluation result totaled €–10.9m after €–8.2m in Q1 2024. 

At €22.5m, consolidated net result was above the previous year's figure of €16.1m. Earnings per share amounted to €0.23 on the balance sheet date (€0.16 per share as at 31.03.2024).

As at 31.03.2025, FFO I of €34.2m was generated, which is 28% above the previous year's figure of €26.7m. 

Total property assets of around €4.9bn

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 (€4.2bn, 85% of the total portfolio) and investment properties under development (€521.4m, 11% of the total portfolio). The remaining 4% (€227.1m) of the property assets are attributable to properties intended for trading or sale (reported under short-term property assets). As at 31.03.2025, CA Immo's total property assets amounted to around €4.9bn (31.12.2024: €5.0bn). The largest regional segment is Germany with a 69% share of the total portfolio, followed by CEE (26%) and Austria (5%).

In line with the strategic portfolio focus, the office share of the total portfolio has steadily increased over recent years and as at the reporting date stands at around 96% (31.03.2024: 94%). The occupancy rate (by area) for the investment portfolio increased slightly compared to the year end and stands at 93.5% on 31 March 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 42.3% (31.12.2024: 42.5%), a net LTV of 34.7% (31.12.2024: 38.2%) and high liquidity (cash and cash equivalents incl. cash deposits of €897.9m).

The net asset value (IFRS NAV) per share was €26.65 as at 31.03.2025, compared to €26.37 at the end of 2024 – an increase of 1%. EPRA NTA per share was €32.22 as at the reporting date (31.12.2024: €31.95).

Outlook 2025

The real estate market remains dynamic and to some extent unpredictable, influenced by higher interest rates compared to pre-2022 levels, economic fluctuations, regulatory changes, and evolving tenant needs. Increasing political uncertainty – exacerbated by the US tariff regime, among other factors, is expected to affect the economic performance in Europe, which in turn may have a direct impact on the demand for office space. 

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.

As part of the marketing of one of the CEE assets held for sale, CA Immo has received unsolicited interest to acquire the entire country exposure, which the company has decided to explore. It will also evaluate the sale of its remaining assets in Austria and CEE in part or full should there be investor interest at attractive pricing for non-core assets. At this point in time, the outcome of such talks is uncertain. No fundamental strategic decision has been made. However, a key corporate objective is to sell properties that are not to be held for the long term in terms of asset class, location, building quality, age or value creation potential. 

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, particularly in the core markets of Berlin and Munich, (5) selective external investment, (6) maintaining a strong balance sheet and stable financing KPIs / covenants and (7) returning excess capital to shareholders.

Our recurring earnings (FFO I) target for the full year 2025 will be published as part of our Q2 reporting. 

The financial report 2024 of CA Immobilien Anlagen AG is available at: https://www.caimmo.com/en/investor-relations/financial-reports/