Thursday, 21 May 2026
CA Immo reported a decline in earnings for the first quarter of 2026, reflecting the impact of a reduced investment portfolio following a series of property disposals completed in 2025 and early 2026. Despite the lower income base, the company maintained a portfolio occupancy rate of 95% and recorded a 2 percent increase in like-for-like annualised gross rental income.
Gross rental income fell by 18 percent year-on-year to €55.9 million, while net rental income declined by 15 percent to €45.8 million. The company said the decrease was largely linked to the disposal of non-strategic assets, which reduced its gross leasable area by 23 percent compared with the same period last year. Lower vacancy costs and operating expenses partially offset the reduction in rental income.
EBITDA for the quarter totalled €33.9 million, down 31 percent from €49.1 million a year earlier. Consolidated net profit reached €16.6 million, compared with €22.5 million in the first quarter of 2025. Recurring earnings (FFO I) declined by 24 percent year-on-year to €25.9 million.
Keegan Viscius, CEO of CA Immo, said the company continued to reshape its portfolio while maintaining stable occupancy levels.
“In Q1 2026, we further enhanced the quality of our portfolio through non-core sales while maintaining a high occupancy rate of 95%. Our leasing business is performing well, and our prime development pipeline is 100% pre-leased with further potential for profitable growth,” he said.
The company signed leases covering around 57,000 sqm during the quarter. CA Immo also noted that 40 percent of the vacant space recorded at the reporting date had already been leased with future commencement dates.
All three of the company’s office projects currently under construction in Berlin are now fully pre-let ahead of completion. These include the Upbeat and Anna Lindh Haus office schemes near Berlin Central Station, as well as the Karlsgärten refurbishment project close to Potsdamer Platz. Upon completion, the developments are expected to generate around €28 million in annualised gross rental income and add approximately €650 million in gross asset value to the portfolio.
Alongside its development activity, CA Immo continued its programme of non-core asset disposals. The company sold eight assets with a combined transaction volume of approximately €205 million during 2026 so far, including three transactions completed in the first quarter valued at €134 million. The disposals included office properties in Budapest, Warsaw and Berlin, in addition to non-core land plots and a parking asset in Germany.
CA Immo stated that the disposals were aligned with its strategy of focusing on high-quality office assets in major urban markets. Germany accounted for 73 percent of the company’s €4.6 billion property portfolio at the end of March 2026, followed by the CEE region with 22 percent and Austria with 5 percent. Office properties represented around 98 percent of the investment portfolio.
The company also reported a strong liquidity position, with cash and cash equivalents totalling €533.2 million at the end of the quarter. The equity ratio improved to 48.4 percent, while net loan-to-value decreased to 33.4 percent.
Looking ahead, CA Immo said it expects continued market uncertainty linked to geopolitical tensions, inflation risks and changing investor sentiment. The company confirmed it would continue concentrating on prime office markets in Germany, particularly Berlin and Munich, while accelerating disposals of non-core assets in the CEE region.
The company said the separation between prime and secondary office assets has become increasingly evident across European markets, with demand remaining focused on centrally located, high-quality buildings.
