CA Immobilien Anlagen (CAI) Q4 2025 earnings summary

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.