CA Immo, a real estate group specialising in high-quality office space, recorded a stable operating performance in the first quarter of 2026. While the high sales volume of income-generating properties last year (lettable area –23% year-on-year) led to a decline in rental income, as expected, annualised rental income for properties that were part of the portfolio in both comparable quarters (like-for-like) in the first quarter of 2026 was 2% higher than in the first quarter of 2025.
Keegan Viscius, CEO of CA Immo: “In the first quarter of 2026, we were able to further improve the quality of our portfolio through sales of non-core properties while maintaining a high occupancy rate of 95%. Our rental business is developing positively; our world-class development pipeline is already 100% pre-let and offers further potential for profitable growth. Upon completion, the three Berlin projects currently under construction are expected to contribute additional annualised gross rental income of €28 million and a property value of around €650 million to the existing portfolio, thus significantly strengthening all relevant earnings metrics from 2026 onwards.”
Occupancy rate remains high
CA Immo was able to maintain its high occupancy rate stable at 95% in the 1st quarter of 2026. In total, leases for around 57,000 m² have been concluded, and around 40% of the space vacant at the reporting date has already been let at the start of the lease. With the conclusion of long-term leases for the Berlin office project Anna-Lindh-Haus in the first quarter of 2026, all three of the company’s development projects are now fully pre-let before completion.
Advancing profitable development pipeline
CA Immo’s development pipeline currently comprises three projects in prime inner-city locations in Berlin, all of which are 100% pre-let. Two office buildings under construction are located around Berlin Central Station: Upbeat, whose construction work is progressing on schedule and on budget and whose completion is scheduled for Q2 2026, and the Anna-Lindh-Haus, which is scheduled for completion in early 2027. In addition, at the end of 2025, after concluding a 100% pre-lease agreement, CA Immo started the “manage-to-green” refurbishment of the Karlsgärten project near Potsdamer Platz in Berlin. After completion, these projects are expected to contribute additional annualised gross rental income of €28 million and around €650 million in real estate value to the existing portfolio.
In addition, preparations are underway for two further new construction projects in prime locations in central Berlin, which will further strengthen the company’s presence in the prime office segment of the core market of Berlin after completion.
Active capital rotation – successful real estate sales
CA Immo has sold eight non-core properties with a total transaction volume of around € 205 million so far in 2026, three of them in the first quarter (€ 134 million). The sales included one office property each in Budapest, Warsaw and Berlin, as well as the company’s last parking garage and two non-core plots in Germany. In addition, CA Immo signed the sale of three further properties in the 2nd quarter of 2026, which are expected to close 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. As a result of these sales, the portfolio has continued to improve in terms of quality, focus, location and asset class.
The results of the first quarter of 2026
CA Immo generated rental income of €55.9 million in the first quarter of 2026 (Q1 2025: €68.5 million). This decline of 18% compared to the previous year is attributable to the sale of non-strategic properties (lettable space –23% year-on-year), which could not be fully offset by higher rental income due to increased occupancy and rent adjustments. Thanks to lower vacancy costs and other operating expenses, net rental income fell by only 15% year-on-year to €45.8 million (Q1 2025: €54.1 million).
The result from real estate sales amounted to € –0.2 million as of 31.3.2026, compared to € 4.6 million in the same period of the previous year.
Indirect expenses increased by 26% to €–11.2 million (Q1 2025: €–8.8 million), mainly due to an extraordinary reversal of personnel provisions in the previous year and higher provisions in the current year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 31% to € 33.9 million (March 31, 2025: € 49.1 million).
The revaluation result amounted to €–6.2 million, compared with €–10.9 million in Q1 2025.
At € 16.6 million, consolidated net income was below the previous year’s figure of € 22.5 million. Earnings per share amounted to €0.18 (31/3/2025: €0.23 per share).
At € 25.9 million , the recurrent result (FFO I) was also below the previous year’s figure of € 34.2 million (–24%). FFO I per share was €0.28, 22% below the previous year’s figure of €0.36 per share.
Real estate assets of around €4.6 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 (€3.6 billion, 79% of the total portfolio) and properties under development (€677 million, 15% of the total portfolio). The remaining 6% (€265 million) is attributable to real estate intended for sale or sale (reported as current real estate assets). As of 31.3.2026, CA Immo’s total real estate assets amounted to around €4.6 billion (31.12.2025: €4.7 billion). The largest regional segment is Germany with a share of 73% of the total portfolio, followed by CEE (22%) and Austria (5%).
As part of the strategic portfolio focus, the office share of the existing portfolio has risen steadily in recent years and stood at around 98% as of the reporting date (31.12.2025: 98%). The occupancy rate (by area) of the existing portfolio remained unchanged at 95% compared to the end of the year.
Robust balance sheet, strong liquidity position
CA Immo has a robust balance sheet with a solid equity ratio of 48.4% (31/12/2025: 47.1%), a net LTV of 33.4% (31/12/2025: 34.5%) and a high level of liquidity (cash and cash equivalents including fixed-term deposits and cash deposits of €533.2 million). Financing expenses decreased by 21% year-on-year to € 12.1 million due to lower total debt, mainly driven by the repayment of a green bond in October 2025.
The net asset value (IFRS NAV) per share was €27.63 as of 31.3.2026, up 1% from €27.41 at the end of 2025. EPRA NTA per share amounted to €32.06 as of the reporting date (31/12/2025: €31.74).
Outlook for 2026
In 2026, 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 outlook remains uncertain, we are well positioned for the coming years thanks to our clear strategic orientation and our high-quality real estate portfolio.
The long-awaited division of the office market has now become firmly established: prime properties continue to perform well, while secondary properties are increasingly losing their attractiveness. Our consistently high occupancy rates reflect the quality of our buildings and the attractiveness of our central locations. That’s why we continue to focus our portfolio on high-quality urban markets that attract talent, foster innovation, offer high liquidity and support above-average growth. In these locations, our focus continues to be on the development, management and operation of prime office properties that are attractive to a wide range of tenants.
Accordingly, we are expanding our prime office portfolio in Berlin and Munich, where our strong presence and development pipeline offer attractive growth opportunities, while continuing to divest non-core buildings in Central and Eastern Europe. As a result, the share of our German portfolio will continue to increase. For us, Germany remains extremely attractive due to its size, diverse metropolitan markets and fiscal capacity to support long-term, growth-oriented investments.
Our strategic priorities thus continue to focus on (1) accelerating the divestment of non-core assets, (2) simplifying our business model, (3) increasing critical mass and achieving economies of scale, (4) further disciplined investments in profitable construction projects and high-yield real estate, (5) selective external investments, (6) maintaining a strong balance sheet and more stable financing ratios/covenants and (7) the return of excess capital to shareholders.
The report as of 31 March 2026 of CA Immobilien Anlagen AG is available at: www.caimmo.com/de/investor-relations/finanzberichte/.
