Peach Property Group (PEAN) H1 2025 earnings summary

Executive summary

• Achieved full refinancing of all major financial liabilities, including Eurobond and Convertible Bond, within 16 months, enhancing financial flexibility and lender confidence.

• Completed capital increases totaling over €50 million in July 2025 and €122 million in December 2024, strengthening equity and reducing loan-to-value ratio.

• Strategic focus on affordable German residential properties, with ~22,000 units across 9 states and a shift toward core locations in North Rhine-Westphalia.

• Operational improvements, including digitalization and ESG initiatives, led to reduced vacancies and improved tenant service metrics.

• Ongoing commitment to ESG, with affordable rents below market averages and strong tenant satisfaction.

Financial highlights

• Rental income for H1 2025 was €51.6 million, down from €61.5 million in H1 2024, mainly due to asset disposals.

• Adjusted EBITDA fell to €23.3 million (HY 2025) from €30.9 million (HY 2024), with margin at 45.2%.

• Net loss after taxes improved to -€9.5 million (HY 2025) from -€20.3 million (HY 2024).

• FFO I per share dropped to €0.15 (HY 2025) from €0.29 (HY 2024).

• EPRA like-for-like rental income grew by 3.9% year-over-year.

Outlook and guidance

• FY 2025 targets: >4% like-for-like rental growth, LTV <45%, FFO I €16–18 million, and vacancy on rent 3–4%.

• FFO guidance reduced due to higher coupon costs from refinancing, with a €2 million impact expected in Q3.

• Focus on reducing vacancies, executing non-strategic asset sales, and investing in ESG and digitalization.