Stable rental income and sustainable earnings (FFO I) despite continued property sales; Increased profitability through cost savings and efficiency gains
- Stable net rental income (−1% to € 200.2 million) reflects the slight decline in rental income (–3%) as a result of property sales, which was largely offset by efficiency improvements in the rental business.
- Operating profit (EBITDA) of € 167.9 million is 4% below the previous year’s figure (31/12/2024: € 174.8 million), which is mainly due to lower sales revenues in 2025.
- Consolidated net income of €184.4 million, compared to €–66.3 million as of 31/12/2024.
- With a recurrent result (FFO I) of € 118.5 million (–1% compared to the previous year), the target defined for the 2025 financial year (FFO I over € 104 million) was significantly exceeded.
- Dividend: The Executive Board will propose a dividend of €0.90 per share to the Annual General Meeting on May 6, 2026.
CA Immo, a real estate group specialising in high-quality office properties, recorded a good operating performance in the 2025 financial year. The results show, among other things, stable rental income (net rental income –1%) despite the sale of non-core existing buildings (24% year-on-year reduction in rental space), which is attributable to higher rental income from the existing portfolio and increased efficiency of the rental business. This stable development of rental income, combined with a positive result from the sale (€9.5 million), lower indirect expenses (–8%), a positive revaluation result (€9.2 million) and a non-cash deferred tax effect in Germany, led to a significant return to profitability with a consolidated result of €184.4 million, compared with €–66.3 million in 2024.
Keegan Viscius, CEO of CA Immo: “In 2025, we further improved the quality of our portfolio while reducing costs in all areas of the company. By consistently implementing our strategic priorities, we were able to generate a return on equity of 7.2% for our shareholders and position our company in a stable position for the coming years with a good basis for further value creation. Our leasing business is running extremely satisfactorily, the Berlin development pipeline is 100% pre-let, with further potential for profitable growth; and our sales program brings us additional income.”
Higher occupancy rate
Through an active asset management approach with local teams, CA Immo was able to respond quickly to tenant demands and market changes, ensuring high occupancy rates and stable revenues despite a portfolio reduced by sales. The result is a good letting performance and an increase in portfolio occupancy to 94.9% (31 December 2024: 93.1%). The company concluded leases for a total of around 190,100 m² at rents that were slightly above the budgeted rent levels. 36% of the space vacant on the cut-off date has already been rented out with a future move-in date.
Advancing profitable development pipeline
CA Immo’s development pipeline currently includes three projects under construction, all of which are 100% pre-let. Two office buildings under construction are located near Berlin’s main train station: Upbeat, whose construction work is on schedule and on budget for completion in the second quarter of 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 launched the “Manage-to-Green” redevelopment project Karlsgärten near Berlin’s Potsdamer Platz. Upon completion, these properties are expected to contribute annualised gross rental income of €28 million and a property value of around €650 million to the existing portfolio.
Preparations for two further new construction projects in prime locations in the centre of Berlin are already in full swing; After their completion, these will further strengthen the company’s presence in the Prime office segment in Berlin, the largest core market.
Active capital rotation – successful real estate sales
In a challenging transaction environment, CA Immo was able to complete the sale of 16 non-core properties (total transaction volume of around €539 million) at an average premium to book value. Among other things, the company’s last property in Serbia (market exit), a hotel in Berlin and two multi-storey car parks as well as several plots of land for residential, logistics or mixed use were sold. In addition, CA Immo completed the sale of two further properties with a total transaction volume of around € 130 million in the first quarter 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.
Results for the 2025 financial year CA Immo recorded rental income of €230.9 million in 2025 (2024: €238.9 million). This 3% year-on-year decline was driven by property sales and the reclassification of existing properties to development projects (24% year-on-year reduction in rental space), which could not be fully offset by higher rental income due to a higher occupancy rate and rent adjustments. Thanks to lower vacancy costs and other operating expenses, net rental income fell by only 1% year-on-year to €200.2 million (2024: €202.2 million).
The result from real estate sales amounted to € 9.5 million as of December 31, 2025, compared to € 15.8 million in the same period of the previous year.
Indirect expenses decreased by 8% to €–40.9 million (December 31, 2024: €–44.4 million), mainly due to lower personnel costs and reduced legal and consulting costs.
Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 4% to € 167.9 million (compared to € 174.8 million as of December 31, 2024), mainly due to the lower sales result compared to the previous year.
The revaluation result amounted to €9.2 million, compared with €–199.6 million as of 31 December 2024.
In Germany, a gradual reduction in the corporate tax rate was decided in July 2025: From 2028, the current rate of 15% will be reduced by one percentage point per year and will reach 10% by 2032 (tax rates without solidarity surcharge). Overall, non-cash deferred tax income of around €90 million was recorded in 2025. As a result, income taxes, including non-cash deferred tax income, amounted to €60.7 million in 2025 (December 31, 2024: €9.8 million).
At € 184.4 million, consolidated net income was significantly higher than the previous year’s figure of € –66.3 million. Earnings per share amounted to €1.93 as of the balance sheet date (December 31, 2024: €–0.68 per share).
At €118.5 million, recurrent earnings (FFO I) were slightly below the previous year’s figure of €120.0 million (–1%). FFO I per share amounted to € 1.24, up 1% from the previous year’s figure of € 1.23 per share.
Total real estate assets of approx. € 4.7 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, 79% of the total portfolio) and real estate assets under development (€637 million, 14% of the total portfolio). The remaining 7% (€332 million) of real estate assets are attributable to real estate intended for trading or sale (reported in current real estate assets). As of 31 December 2025, CA Immo’s total real estate assets amounted to around €4.7 billion (31 December 2024: €5.0 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 stands at around 98% as of the reporting date (31 December 2024: 96%). The occupancy rate (by area) of the portfolio increased slightly compared to the end of the year and stood at 94.9% as of the reporting date (31 December 2024: 93.1%).
Robust balance sheet, strong liquidity position CA Immo has a robust balance sheet with a solid equity ratio of 47.1% (31 December 2024: 42.5%), a net LTV of 34.5% (31 December 2024: 38.2%) and high liquidity (cash and cash equivalents including fixed-term deposits and cash deposits of €645.0 million). The net asset value (IFRS NAV) per share was €27.41 as of December 31, 2025, compared to €26.37 at the end of 2024 (+4%). EPRA NTA per share was €31.74 as of the reporting date (December 31, 2024: €31.95).
Outlook for 2026 The recent military escalation in the Middle East, in particular the tense developments around Iran and possible restrictions on oil and gas supplies through the Strait of Hormuz, has led to significantly higher energy prices and volatile reactions on the capital markets. The immediate impact on CA Immo is limited; however, potential indirect effects – such as on economic growth, inflation rates and financing costs – cannot be estimated at present due to the uncertain short-, medium- and long-term outlook.
As a result of these events, the market outlook for 2026 is characterized by high uncertainty not only for the global economy, but also for the European real estate markets. Against this backdrop, we are focused on mitigating potential external shocks as effectively as possible by continuing to focus on our strategic priorities and maintaining our prudent business policy.
The forward-looking portfolio optimization and strict cost management of recent years have significantly improved the portfolio quality and efficiency of our platform. This gives us a stable foundation and good prospects for further value creation in the coming years. In view of the uncertain market environment, the focus in 2026 will be more than ever on further strengthening the quality, stability and resilience of our business.
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 financial report 2025 of CA Immobilien Anlagen AG is available at: www.caimmo.com/de/investor-relations/finanzberichte/
