DEFAMA AG reported revenue of EUR 15.8 million for the first half of the 2026 financial year, an increase compared to EUR 15.2 million in the same period last year. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to EUR 9.2 million, up from EUR 9.0 million in the previous year. Despite this positive development in revenue and EBITDA, Funds From Operations (FFO) showed a decline, reaching EUR 5.1 million or EUR 1.05 per share, compared to EUR 5.5 million or EUR 1.14 per share in the first half of 2025.
Profit before tax fell to EUR 1.7 million from a previous EUR 2.4 million. Net profit was EUR 1.2 million, down from EUR 1.8 million in the prior-year period. This decline is largely attributable to foregone rental income of approximately EUR 540 thousand, resulting from the insolvency of one tenant and the departure of another tenant in Dinslaken. Most of this missing income could not be compensated for during the reporting period and directly impacted FFO and profit.
Earnings for the first quarter of 2026 were based on a portfolio of 90 properties. In the second quarter, further properties in Elsenfeld, Ochsenhausen, and Vöhringen, as well as from May in Düren and Osnabrück II, were integrated into the portfolio. For the third quarter, additional acquisitions in Adelsdorf, Freiberg, and Hersbruck, and from August in Nordenham, are planned. In parallel, income from various disposed properties was no longer considered. Due to the development in the second quarter, whose results were slightly below expectations, DEFAMA updated its annual forecast on 18 August 2026.
The DEFAMA management board now anticipates a decline in FFO of 4 to 6 percent for the full year 2026, instead of the originally projected level of at least EUR 10.8 million. For the targeted group profit of at least EUR 5 million, sales gains at least at the previous year's level were originally factored in. As accounting is carried out according to HGB and sales only become profit-effective upon receipt of the purchase price, the effects of expected seven-figure sales gains will only materialise in the coming year. Consequently, group profit for 2026 without significant sales gains is expected to be between EUR 2 million and EUR 3 million.
Regardless of the adjusted profit forecast, DEFAMA remains committed to its strategic objectives. These include increasing the occupancy rate to 96 percent and raising the dividend again for the current financial year. With regard to long-term development, it was decided in coordination with the Supervisory Board to conduct a strategy update in the autumn. The aim is to adapt the medium-term targets published in December 2024, known as 'DEFAMA 2030', to current market conditions and thus to refine the company's future direction.
