Net rental income increased 8% year-on-year to €105.8 million, reflecting completions of earlier projects and stronger performance of investment properties. Rental income overall rose 2.3% to €124.2 million, while recurring earnings (FFO I) grew 14% to €62.9 million. EBITDA reached €89.4 million, up 15% from €77.5 million in H1 2024.

“Despite a challenging market environment, our stable operational performance continued in the first half of 2025. We grew rental income by 2%, net rental income by 8% and recurring earnings by 14%, while maintaining stable occupancy at 94% and reducing indirect expenses by 8%. Importantly, we returned to profit with a consolidated net result of €31 million,” said Keegan Viscius, CEO of CA Immo.

The company’s portfolio occupancy increased slightly to 93.9% as of June, supported by 67,800 sqm of leasing at rents around 3% above expected levels. Development activity is focused on Berlin, where projects under construction include the fully pre-let Upbeat and the Anna Lindh Haus, alongside preparations for further projects in prime locations.

Capital rotation continued, with 11 disposals of non-core properties closed in the first half at an average 3% premium to book value. Assets sold included the company’s last property in Serbia, a hotel in Berlin, a parking garage and several land plots. Additional sales are expected to close in the second half of the year.

At mid-year, CA Immo’s property portfolio totalled €4.8 billion, with offices making up 96% of the investment portfolio. The group reported a net LTV of 37.2% and liquidity of €787 million.

Looking ahead, CA Immo expects recurring earnings for full-year 2025 to exceed €104 million (€1.08 per share). The company said its priorities remain focused on non-core disposals, a simplified business model, selective investment in prime developments, maintaining a strong balance sheet and returning capital to shareholders.