CA Immo recorded a decline in first-quarter profits following high-volume property divestments, though a fully pre-leased development pipeline in Berlin is positioned to anchor earnings growth from late 2026 onwards.
Gross rental income decreased to €55.9 million, down 18% year-on-year, reflecting the company's shrinking investment portfolio following high-volume property sales in 2025. The leasable area declined by 23% compared to the previous year. However, net rental income fell by only 15% to €45.8 million due to decreased vacancy costs and improved rental business efficiency.
The operating result (EBITDA) stood at €33.9 million, 31% below the previous year's figure of €49.1 million, primarily due to lower rental income. The consolidated net result reached €16.6 million, compared to €22.5 million in Q1 2025, while recurring earnings (FFO I) amounted to €25.9 million, down 24% year-on-year.
"In Q1 2026, we further enhanced the quality of our portfolio through non-core sales while maintaining a high occupancy rate of 95%," said Keegan Viscius, CEO of CA Immo. Our leasing business is performing well, and our prime development pipeline is 100% pre-leased with further potential for profitable growth."
The company expects its three Berlin development projects currently under construction to contribute an additional €28 million in annualized gross rental income and approximately €650 million in property value to the investment portfolio once completed, strengthening earnings figures from 2026 onwards.
