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CA Immobilien Anlagen (CAI) investor relations material
CA Immobilien Anlagen Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Occupancy rose to 94.9% (from 93.1% yoy), with 36% of current vacancy already leased for future start dates.
Gross rental income slightly decreased to €230.9m due to a 12.9% reduction in investment portfolio book value, but net rental income only fell 1% to €200.2m.
FFO I remained stable at €118.5m (€1.24/share), exceeding guidance.
Positive net result of €184.4m, returning to profitability after two years of losses.
€173.9m returned to shareholders via dividends and buybacks; new 2.7% buyback program started in Jan 2026.
Financial highlights
Gross rental income: €230.9m (down 3.4% yoy); net rental income: €200.2m (down 1.0% yoy).
EBITDA: €167.9m (down 4.0% yoy).
Consolidated net result: €184.4m (vs. -€66.3m in 2024).
FFO I: €118.5m (down 1.3% yoy); FFO I per share: €1.24.
Equity ratio improved to 47.1%; net LTV reduced to 34.5%.
Outlook and guidance
Focus on profitability, operational efficiency, and further non-core disposals.
Continued disciplined capital allocation, maintaining IG rating and <50% gross LTV.
Pipeline of developments and disposals to drive future growth and capital returns.
- Profit rebounded on higher occupancy, cost discipline, and strategic asset sales.CAI
Q3 202526 Nov 2025 - Net rental income and FFO I grew strongly, with improved occupancy and portfolio quality.CAI
Q2 202527 Aug 2025 - Rental income and FFO I rose, but net profit fell; green bond and buyback program launched.CAI
Q3 202413 Jun 2025 - Net income swung to a loss despite stable operations, as property revaluations weighed on results.CAI
Q2 202413 Jun 2025 - FFO I up 28%, net profit up 40%, and dividend increased 25% year-over-year.CAI
Q1 20256 Jun 2025 - Rental income, occupancy, and FFO I rose, while revaluation losses narrowed and capital returns increased.CAI
H2 20245 Jun 2025
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