CA Immo, a real estate group specialising in high-quality office space, recorded a stable operating performance in the first half of 2026. While the high sales volume of income-generating properties last year (lettable area –16% year-on-year) led to a 14% decline in net rental income, as expected, annualised rental income for properties that were part of the portfolio in both comparative periods (like-for-like) was 2% higher than the previous year’s figure. Overall, however, the significant decline in indirect expenses (–11%) and financing costs (–26%) was not able to fully compensate for the lower rental income and the market-related impairment of the properties (–€53.7 million), which led to a slightly negative consolidated result.
Keegan Viscius, CEO of CA Immo: “Although we continue to operate in a difficult market environment characterized by economic uncertainty and high interest rates, CA Immo achieved a stable operating performance in the first half of 2026. We maintained a high occupancy rate of 94%, improved operational efficiency by reducing indirect expenses by 11% and achieved like-for-like rental growth of 2%. We believe that a focused portfolio of high-quality Class A properties in inner-city prime locations is the most resilient positioning in the current market environment. These locations attract talent and capital, have above-average growth rates, and act as incubators for innovation and growth. Our success in divesting non-core properties at attractive prices has streamlined and focused our Prime portfolio, and the imminent completion of three development projects in Berlin in 2026 and 2027 will further strengthen all relevant earnings metrics going forward.”
Occupancy rate remains high
CA Immo was able to maintain a high occupancy rate of 94% in the first half of 2026. In total, leases for around 82,700 m² have been concluded, and around 33% of the vacant space on the reporting date has already been let at the start of the lease in the future. With the conclusion of long-term leases for the Berlin office project Anna-Lindh-Haus, all three of the company’s development projects have already been fully pre-let before completion.
Progress in profitable development activities
“Upbeat”, the new 35,000 m² headquarters of Deutsche Kreditbank AG (DKB), was completed and handed over to the individual tenant at the end of July. This first-class, striking office building in Berlin CBD is fully let for at least 15 years and will contribute significantly to the Group’s recurring earnings in the future. Following this significant completion, CA Immo’s development pipeline includes two projects under construction in prime inner-city locations in Berlin, both 100% pre-let and scheduled for completion in 2027. After completion and commissioning, these three properties are expected to contribute a total annualised gross rental income of around €27 million and a property value of around €650 million to the existing portfolio.
Active capital rotation – successful real estate sales
CA Immo has sold 10 non-core properties with a total transaction volume of around € 270 million so far in 2026, one of them in the 3rd quarter. Among other things, two office properties in Budapest and one each in Warsaw and Berlin were sold, as well as the group’s last multi-storey car park and three non-core properties in Germany. In addition, CA Immo signed the sale of three further German properties in Q3 2026, which are expected to be completed in the course of 2026. The properties sold were not allocated to the core business in terms of asset class, location, building quality, age or value creation potential.
The results of the first half of 2026
CA Immo generated rental income of €104.8 million in the first half of 2026 (H1 2025: €124.2 million). Net rental income amounted to €90.5 million after the first six months (H1 2025: €105.8 million), a decrease of 14.5% compared to the previous year. This development is primarily due to the sale of non-strategic real estate as part of the strategic capital rotation program.
The result from real estate sales amounted to € 4.9 million as of 30.6.2026, compared to € 5.4 million in the same period of the previous year.
Indirect expenses decreased by 11.3% to €–18.5 million (H1 2025: €–20.8 million). The main driver of this decline was changes in personnel costs as well as a further increase in operational efficiency.
Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 14.6% to €76.3 million (30/6/2025: €89.4 million).
The cumulative revaluation result amounted to €–53.7 million, compared with €–14.0 million in the first half of 2025, mainly due to a slight decompression of yields in Germany, which had an impact on the valuation of the existing portfolio, development projects and land reserves.
At €–17.4 million, the financial result was significantly lower than the previous year’s figure of €–28.7 million, mainly due to a 26.2% decrease in the Group’s financing costs (mainly due to the repayment of a €350 million bond in October 2025 and a €150 million bond in March 2026).
At € –1.4 million, consolidated net income was below the previous year’s figure of € 31.3 million. Earnings per share amounted to €–0.02 (30/6/2025: €0.33 per share).
At €55.6 million , recurrent earnings (FFO I) were also below the previous year’s figure of €62.9 million (–11.7%). FFO I per share amounted to € 0.60, down 8.4% from the previous year’s figure of € 0.66 per share.
Real estate assets of around €4.4 billion
The company’s core business is prime office properties in the metropolitan cities of Germany, Austria and the CEE region. The segments are divided into existing properties (€3.7 billion, 83% of the total portfolio) and properties under development (€686 million, 15% of the total portfolio). The remaining 2% (€67 million) is attributable to real estate intended for sale or sale (reported as current real estate assets). As of 30.6.2026, CA Immo’s total real estate assets amounted to around €4.4 billion (31.12.2025: €4.7 billion). The largest regional segment is Germany with a share of 75% of the total portfolio, followed by CEE (20%) and Austria (5%).
In the course of the strategic portfolio focus, the office share of the existing portfolio has risen steadily in recent years and stood at around 97% as of the reporting date. The occupancy rate (by area) of the portfolio was 94.1% as of the reporting date (31.12.2025: 94.9%).
Robust balance sheet, strong liquidity position
CA Immo has a robust balance sheet with a solid equity ratio of 47.6% (31/12/2025: 47.1%), a net LTV of 34.5% (31/12/2025: 34.5%) and a high level of liquidity (cash and cash equivalents including fixed-term deposits and cash deposits) of €513.2 million.
The net asset value (IFRS NAV) per share was €26.54 as of 30.6.2026, down 3% from €27.41 at the end of 2025. EPRA NTA per share amounted to €31.08 as of the reporting date (31/12/2025: €31.74).
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Looking ahead, we expect continued challenges and uncertainties, in particular further geopolitical tensions, renewed inflation risks in Europe, shifting investor preferences and more frequent climate events. Even though the long-term market prospects remain uncertain, we are convinced that we are well positioned for the coming years thanks to our clear strategic orientation and high-quality properties in top inner-city locations.
In any case, the long-awaited division of the office market is now a reality: while first-class properties continue to record high tenant demand, secondary buildings are increasingly losing importance. Our consistently high occupancy rates reflect the quality of our buildings and the attractiveness of our central locations.
Against this backdrop, we are expanding our Prime office portfolio in Berlin and Munich, where our size and development pipeline offer attractive growth opportunities, while continuing to divest non-core properties in Austria and CEE. As a result, the share of our German portfolio will continue to increase. We continue to have great confidence in Germany due to its size, diverse metropolitan markets and fiscal capacity to support long-term, growth-oriented investments.
Overall, our strategic priorities remain focused on (1) profitable operations, (2) accelerating divestitures of non-core assets, (3) simplifying our business model, (4) disciplined investments in financially accretive development and revitalization of existing buildings, (5) selective external investments, (6) maintaining a strong balance sheet and stable financial metrics/covenants, and (7) repatriating excess capital to shareholders.
For the 2026 financial year, we expect recurrent earnings (FFO I) of more than €90 million (€0.97 per share).
The report as of 30 June 2026 of CA Immobilien Anlagen AG is available at: www.caimmo.com/de/investor-relations/finanzberichte/.
