CA Immo, a real estate group specialising in high-quality office spaces, recorded stable operational development in the first half of the 2026 financial year. Despite a 14 percent decrease in net rental income, attributable to the high volume of sales of income-generating properties in the previous year (a 16 percent reduction in space year-on-year), annualised rental income for properties consistently held in the portfolio (like-for-like) saw a two percent increase compared to the same period last year. This development is offset by significant reductions in indirect expenses of eleven percent and financing costs of 26 percent. However, a market-driven impairment of real estate totalling –53.7 million EUR could not be fully compensated, leading to a slightly negative net profit.
Keegan Viscius, CEO of CA Immo, stated that the company achieved stable operational performance in a challenging market environment characterised by economic uncertainty and increased interest rates. This included maintaining a high occupancy rate of 94 percent, improving operational efficiency by reducing indirect expenses, and like-for-like rental growth of two percent. Viscius emphasised the conviction that a focused portfolio of high-quality Class-A properties in inner-city prime locations represents the most resilient positioning in the current market environment. Such locations are distinguished by their attractiveness to talent and capital, show above-average growth rates, and act as incubators for innovation and progress.
The successful sale of non-core properties under attractive conditions has strengthened and focused CA Immo's prime portfolio. The impending completion of three development projects in Berlin in 2026 and 2027 is expected to further improve all relevant earnings indicators for the group. The occupancy rate was maintained at 94 percent in the first half of 2026. In total, rental agreements for approximately 82,700 square metres were concluded, with roughly 33 percent of the vacant space at the reporting date already contractually secured with future tenancy commencement dates. The three development projects in Berlin, including the Anna Lindh House, are fully pre-let before completion.
The new, 35,000 square metre office building “Upbeat” in Berlin CBD, which serves as the headquarters of Deutsche Kreditbank AG (DKB), was completed and handed over to the tenant at the end of July. This property is fully let for at least 15 years and will significantly contribute to recurring earnings in the future. Following this completion, the development pipeline includes two further projects under construction in prime inner-city locations in Berlin, scheduled for completion in 2027, which are also 100 percent pre-let. Upon commissioning, these three properties are expected to contribute annualised gross rental income of approximately 27 million EUR and a property value of about 650 million EUR to the standing investment portfolio.
As part of active capital rotation, ten non-core properties with a transaction volume of approximately 270 million EUR have been sold in 2026 to date, including two office properties in Budapest, one each in Warsaw and Berlin, the group’s last car park, and three non-core plots of land in Germany. A further three German properties were signed for sale in the third quarter of 2026, with completion expected in the same year. The sold properties no longer aligned with the core strategy regarding asset class, location, building quality, age, or value creation potential.
Rental income amounted to 104.8 million EUR in the first half of 2026 (H1 2025: 124.2 million EUR), with net rental income at 90.5 million EUR (H1 2025: 105.8 million EUR), a decrease of 14.5 percent. The result from property sales was 4.9 million EUR (H1 2025: 5.4 million EUR). Indirect expenses decreased by 11.3 percent to –18.5 million EUR, driven by changes in personnel costs and increased operational efficiency. EBITDA decreased by 14.6 percent to 76.3 million EUR. A revaluation result of –53.7 million EUR (H1 2025: –14.0 million EUR) primarily stemmed from yield decompression in Germany. Financial results improved to –17.4 million EUR (H1 2025: –28.7 million EUR), mainly due to a 26.2 percent decrease in financing costs. Net profit closed at –1.4 million EUR (H1 2025: 31.3 million EUR), with earnings per share at –0.02 EUR. FFO I was 55.6 million EUR (H1 2025: 62.9 million EUR), and FFO I per share was 0.60 EUR.
