ACCENTRO (A4Y) Q1 2022 earnings summary

Executive summary

• Achieved a strong start to 2022, continuing positive business momentum, especially in housing privatisation, lettings, and services segments.

• Notarised property sales reached EUR 27.3 million, marking the second-best Q1 result in company history.

• Maintained market leadership in German housing privatisation and expanded proprietary rental portfolio to around 3,600 units.

Financial highlights

• Consolidated revenues rose 22.1% year-over-year to EUR 33.7 million (Q1 2021: EUR 27.6 million).

• EBIT increased 56.5% to EUR 3.6 million (Q1 2021: EUR 2.3 million), with EBIT margin up to 10.7% from 8.2%.

• Consolidated net income improved to EUR -1.5 million from EUR -2.9 million year-over-year.

• Earnings per share improved to EUR -0.05 (Q1 2021: EUR -0.09).

• Cash and cash equivalents increased to EUR 158.9 million (31 Dec 2021: EUR 121.5 million).

Outlook and guidance

• Revenue guidance for 2022 confirmed at EUR 200–220 million (2021: EUR 192.7 million).

• EBIT expected between EUR 45–50 million (2021: EUR 45.2 million).

• First revenue from ImmoScout24 partnership anticipated in the coming months.

• Cautious outlook due to Russia-Ukraine conflict, inflation, rising interest rates, and potential supply bottlenecks.