Rental income of EUR 53.5 million (previous year: EUR 65.3 million) and FFO I of EUR 10.1 million (previous year: EUR 26.2 million) in line with expectations
Sales of nine properties generating proceeds of EUR 46.6 million, with two further sales totalling EUR 17.5 million in the first quarter of 2026
Guidance for 2026: rental income between EUR 41.5 million and EUR 43.5 million and FFO I between EUR -1.0 million and EUR 1.0 million
Langen, 19 March 2026. DEMIRE Deutsche Mittelstand Real Estate AG (ISIN: DE000A0XFSF0) has closed the 2025 financial year with a solid result in line with the forecast revised upwards in December 2025, despite a persistently challenging economic environment and a reduced portfolio.
Lower rental income and FFO I are in line with expectations
As expected, rental income of EUR 53.5 million was generated in the 2025 financial year following property sales (previous year: EUR 65.3 million). This means that revenue falls within the upwardly revised forecast range of EUR 52.0 to 54.0 million published in August 2025. The FFO guidance from March 2025 (EUR 3.5 to 5.5 million) was most recently increased in December 2025 to EUR 9.0 to 11.0 million, with FFO I (after tax, before minority interests and interest on shareholder loans) of EUR 10.1 million (previous year: EUR 26.2 million) in the 2025 financial year.
CEO Dr Dirk Rüffel: "Thanks to strong letting performance and an improved cost base, we were able to steer FFO towards the target we last raised in December. As the new CEO, my goal for 2026 is to unlock further efficiency potential and continue to drive value creation across the portfolio."
Positive growth in EBIT and the sale of eleven properties
Earnings before interest and taxes (EBIT) improved in the 2025 financial year from EUR, 93.0 million to EUR, 34.9 million. As in the previous year, the continued negative EBIT is primarily attributable to the fair value adjustment of the property portfolio amounting to EUR, 58.8 million (previous year: EUR, 58.7 million). This corresponds to a like-for-like write-down of 4.6% on the portfolio value at the end of 2024 (previous year:, 4.0%). This means that the decline in valuation is of a similar magnitude to that of the previous year.
As at 31 December 2025, the DEMIRE portfolio had a market value of EUR 688.3 million, compared with approximately EUR 779.3 million at the end of 2024. This decline is primarily attributable to the sale of properties and market-related write-downs of the portfolio. Nine properties were sold in 2025 for a total of EUR 46.6 million and transferred to the buyers. Two further properties followed in 2026, achieving a total sale price of EUR 17.5 million.
CIO Ralf Bongers commented: "Despite a market environment that remains challenging, we were able to successfully sell eleven properties in 2025 and early 2026. Thanks to our selective approach to property sales, we will be well placed to capitalise on any potential market recovery in 2026."
The net asset value (NAV) fell from EUR 258.1 million at the end of 2024 to EUR 168.1 million as at 31 December 2025. This corresponds to a decline per share from EUR 2.45 to EUR 1.59.
Net debt ratio remains stable, significantly lower administrative costs
The net debt ratio, as defined in the bond terms, remained virtually unchanged at 41.8% at the end of ...
