Deutsche Konsum Real Estate AG has published its business figures for the first nine months of the 2025/2026 financial year. In the course of this, the implementation of the restructuring plan continued during the reporting period. These measures, particularly a restructuring capital increase already carried out, including a debt-to-equity swap, and ongoing property sales, are contributing to a significant reduction in debt.
Since the beginning of the restructuring until 30 June 2026, property sales totalling approximately EUR 78 million have been realised. Additionally, purchase agreements for two further properties with a total price of EUR 16 million were signed. These activities resulted in a substantial strengthening of the company's financing structure. Equity increased to EUR 397.0 million compared to EUR 304.3 million on 30 September 2025. Concurrently, financial liabilities decreased from EUR 471.1 million to EUR 311.5 million in the same period. The net LTV improved from 57.8 per cent to 41.1 per cent. Interest expenses were also significantly reduced, amounting to EUR 10.7 million, compared to EUR 18.7 million in the previous year (9M 2024/2025).
Operational Development and Portfolio Management
As a result of the ongoing portfolio sales, rental income saw a planned reduction to EUR 48.0 million (9M 2024/2025: EUR 52.7 million). The letting result remained almost at the previous year's level of EUR 29.8 million, at EUR 29.2 million. The positive impact of lower interest expenses was reflected in operating profitability: Funds from Operations (FFO) increased to EUR 14.5 million, compared to EUR 9.9 million in the previous year. Due to the higher number of shares, FFO per share decreased to EUR 0.18 compared to EUR 0.24 in the previous year. The net result for the period improved to EUR -25.7 million (9M 2024/2025: EUR -32.6 million).
As of the reporting date 30 June 2026, Deutsche Konsum Real Estate AG's portfolio comprised a total of 140 properties with a book value of EUR 693.7 million. A revaluation of the portfolio by CBRE on the same reporting date resulted in a valuation loss of EUR 41.6 million, which corresponds to approximately 5.7 per cent of the previous portfolio value.
New Appointments to Management Bodies
During the reporting period, personnel changes were made to the Management Board and Supervisory Board. Daniel Löhken, formerly Chairman of the Supervisory Board, was appointed a member of the Management Board and its Chairman for a period of three years, effective 1 July 2026. Kyrill Turchaninov stepped down from the Management Board as planned on 31 July 2026. The new Chairman of the Supervisory Board is Dr. Kai Gregor Klinger, while Sebastian Wasser retains his position as Deputy Chairman of the Supervisory Board. At the Annual General Meeting on 17 April 2026, shareholders also approved the election of Thorsten Arsan to the Supervisory Board and the creation of new Authorised and Conditional Capital. Hank Boot did not stand for re-election and retired from the Supervisory Board at the end of the Annual General Meeting.
In the coming months, the company's focus will remain on implementing restructuring measures and the operational development of the portfolio. The restructuring process includes property sales of up to EUR 220 million, which are targeted by September 2027. Rental income will decline as planned as a result of the sales. For the 2025/2026 financial year, the company forecasts rental income in a range of EUR 58 million to EUR 63 million, with a simultaneous increase in FFO due to reduced interest expenses. However, the implementation of the planned property disposals remains subject to uncertainties due to the geopolitical environment and its effects on the transaction market.
