Deutsche Konsum REIT (DKG) Q4 2025 earnings summary

Executive summary

• Rental income declined to EUR 70 million year-over-year, mainly due to asset sales.

• FFO dropped to EUR 12.3 million, impacted by asset disposals and higher net interest expenses.

• Major restructuring plan implemented, including a debt-to-equity swap and capital increase.

• Debt was reduced by EUR 78 million (14% year-over-year) through property sales and bond conversions.

• Loss of REIT tax exemption as of October 1, with transition to full taxation.

Financial highlights

• Rental income fell from EUR 77.4 million to EUR 70 million; FFO per share down from EUR 0.80 to EUR 0.28.

• Net loss of EUR 51 million versus prior year profit of EUR 2 million; EPS (undiluted) at -EUR 1.16.

• Portfolio devaluation of nearly EUR 70 million; like-for-like devaluation of 4.9%.

• Sale of 16 properties for EUR 34 million; annualized rent reduced to EUR 67.1 million.

• Cost of debt increased to approximately 4.5%.

Outlook and guidance

• Rental income guidance for the next year is EUR 58–63 million.

• No FFO or earnings guidance provided due to ongoing restructuring and asset sales.

• Focus remains on executing the restructuring plan and improving portfolio performance.