Hamborner REIT AG

Latest Results (23.03.2026):

Hamborner REIT AG — third quarter of 2025: The company reported its interim results for the period to 30 September 2025 showing a modest decline in operating performance versus the prior year period, driven mainly by portfolio disposals and valuation effects. Key nine‑month figures: income from rents and leases €67,878k, net rental income €55,208k (‑5.5% y/y), FFO €36,674k (‑12.2% y/y; €0.45 per share), period result €9,188k (€0.11 EPS). The balance sheet shows total assets €1,047,748k, equity €381,463k (equity ratio 36.4%), NAV €785,035k (€9.65 per share) and EPRA LTV 43.3% as at 30 Sep 2025.

Key income and profit metrics

Jan–Sep 2025: income from rents and leases €67,878k; net rental income €55,208k (down €3,218k vs. prior year). Operating result €16,414k and EBIT €18,579k. FFO fell to €36,674k (‑12.2%) or €0.45 per share. Period result was €9,188k (basic/diluted EPS €0.11). Result from property disposals contributed €2,165k (prior year: ‑€250k).

Costs, one‑offs and financing impact

Administrative and personnel expenses rose (personnel €5,950k), pushing the operating cost ratio to 11.0% (from 9.2%). Depreciation/amortisation and impairments reduced carrying amounts (amort./depr. and valuation losses €29,651k). Financial result was broadly stable at ‑€9,391k; interest expenses were ‑€9,972k. Average borrowing rate ~2.0% and the company reports scheduled and refinancing-related movements in interest costs.

Portfolio, occupancy and valuations

Fair value of the portfolio at 30 Sep 2025: €1,406,330k (31 Dec 2024: €1,441,010k). Investment property carrying amount €1,009,637k. EPRA vacancy rate 3.4% (reporting date); reported vacancy 2.1% as at 30 Sep 2025. Portfolio fell in size partly due to sales (notably Lübeck and Osnabrück) and selected valuation adjustments (e.g., Münster, Stuttgart).

Balance sheet, NAV and market data

Total assets €1,047,748k; equity €381,463k (equity ratio 36.4%). NAV €785,035k (NAV/share €9.65), EPRA NTA €785,000k (NTA/share €9.65). EPRA LTV 43.3%, REIT equity ratio 55.8%. Market data: shares outstanding 81,343,348, Xetra price €5.68, market capitalisation ~€462.0m.

Liquidity, cash flow and capital measures

Cash and cash equivalents €20,780k (30 Sep 2025). Net repayments of financial liabilities in the period reduced gross borrowings (current + non‑current financial liabilities €629.8m including assets held for sale adjustments previously). Dividend for 2024 of €0.48 per share (total €39.0m) was approved and paid after the AGM.

Outlook

The company reiterates its 2025 guidance: forecast rental income €89.5–90.5m and FFO €44.0–46.0m for the full year, noting confidence in the remainder of 2025 despite ongoing macroeconomic uncertainty.