CA Immo recorded gross rental income of €104.8 million in the first half of 2026, down 16% year-on-year, reflecting a 16% reduction in leasable area following a high volume of property sales over the past 12 months. Net rental income fell 14% to €90.5 million, while EBITDA declined 15% to €76.3 million. Recurring earnings (FFO I) came in at €55.6 million, 12% below the prior-year figure of €62.9 million. The consolidated net result was €-1.4 million, compared with €31.3 million in H1 2025, with a market-driven revaluation loss of €53.7 million the primary drag. On the positive side, indirect expenses fell 11% to €18.5 million and financing costs dropped 26%, partly reflecting the repayment of a €350 million bond in October 2025 and a €150 million bond in March 2026.
"Despite continuing to operate in a challenging market environment characterised 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 annualised growth in rental income of 2%," said Keegan Viscius, CEO of CA Immo. He added that the disposal of non-core properties had produced a more focused portfolio, and that upcoming development completions in Berlin in 2026 and 2027 would strengthen earnings going forward.
The company maintained a portfolio occupancy rate of 94% and signed leases totalling around 82,700 sqm during the period. The Berlin office project Upbeat, a 35,000 sqm building serving as the headquarters of Deutsche Kreditbank AG, was completed and handed over at the end of July on a fully let basis for at least 15 years. Two further projects in inner-city Berlin are under construction, both 100% pre-let and scheduled for completion in 2027. Once all three assets are operational, they are expected to add around €27 million of annualised gross rental income and around €650 million of gross asset value to the portfolio.
CA Immo sold 10 non-core assets in 2026 to date, with a combined transaction volume of around €270 million. Disposals included two office properties in Budapest and one each in Warsaw and Berlin, as well as the group's last parking garage and three plots in Germany. Three additional German assets were signed for sale in Q3 2026, with closings expected during the year. Total property assets stood at around €4.4 billion as at 30 June 2026, down from €4.7 billion at end-2025, with Germany accounting for 75% of the portfolio, followed by CEE at 20% and Austria at 5%. The balance sheet showed an equity ratio of 47.6%, a net loan-to-value ratio of 34.5% and liquidity of €513.2 million.
Looking ahead, CA Immo expects continued geopolitical and macroeconomic uncertainty but intends to expand its office portfolio in Berlin and Munich while continuing to dispose of non-core assets in Austria and CEE. Recurring earnings (FFO I) for the full year 2026 are expected to exceed €90 million, equivalent to €0.97 per share.
