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CA Immobilien Anlagen (CAI) investor relations material

CA Immobilien Anlagen Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary26 Nov, 2025

Executive summary

  • Achieved third consecutive profitable quarter with consolidated net result of €149.6m for Q1-3 2025, up from a loss of €33.4m year-over-year, driven by operational efficiency, higher occupancy, and strategic asset sales.

  • Net rental income increased 3.9%–4% year-over-year to €155.0m, and FFO I grew 7.8%–8% to €93.3m, reflecting improved letting performance and cost management.

  • Portfolio quality enhanced through disposal of 15–16 non-core assets at a premium to book value, with proceeds of €480.6m–€540m, and increased share of sustainable, certified properties.

  • Initiated a new share buyback program and paid a dividend of €1.00 per share in May 2025, returning capital to shareholders (+25% year-over-year).

  • 143 leases signed in Q1-3 2025, totaling 101,600 sqm, with 34.9% of current vacancy already leased for future start dates.

Financial highlights

  • Rental income stable at €178.3m despite a 15.3% year-over-year reduction in the investment portfolio by book value.

  • EBITDA increased 5.6%–6% to €138.4m, and EBIT surged to €119.7m from €21.9m, mainly due to reduced revaluation losses.

  • Operating cash flow rose 81% to €175.3m, and capital expenditure increased 35% to €133.1m.

  • FFO II declined 22% to €69.1m, mainly due to higher tax expenses.

  • Operating margin (net rental income to rental income) improved to 87.0% from 83.3% year-over-year.

Outlook and guidance

  • FFO I for full-year 2025 expected to exceed €104m (€1.08 per share).

  • Continued focus on profitability, operational efficiency, and disciplined capital allocation, with strategic emphasis on non-core disposals and business simplification.

  • Ongoing development projects in Berlin expected to deliver blended yields on cost of 5.4%–5.8%.

  • Market environment remains challenging with modest GDP growth expected in Germany for 2026 and continued bifurcation in office markets.

FFO II decline despite deferred tax income
Asset sale premiums vs share buyback discounts
Berlin development pre-leasing status
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Frequently asked questions

CA Immobilien Anlagen AG (CA Immo) is a real estate investment company specializing in commercial real estate, including offices, hotels, residential, industrial, and storage space properties. The company is actively involved in the project development business, offering planning, construction, and marketing of commercial properties. With a strategic focus on property investment, project planning and development, and real estate services, CA Immo operates across several European countries, including Austria, Germany, Poland, Hungary, Serbia, and the Czech Republic, with additional operations in the Netherlands, Switzerland, and Cyprus. CA Immobilien Anlagen AG is headquartered in Vienna, Austria, and its shares are listed on the Vienna Stock Exchange.

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