AI Terminal
DIC Asset AG
Quarterly Report • May 8, 2025
117_rns_2025-05-08_6c782cc0-678c-4292-945a-db17fbc7fc10.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
Quarterly statement 1/2025
Dear Shareholders,
Branicks made a strong start to the 2025 financial year despite several months of geopolitical turbulence and considerable uncertainty. We once again made significant progress in reducing our company's debt, stabilised our operating profit and, most importantly of all, signed several profitable lease agreements. All of this puts us firmly on course to implement our strategic agenda for 2025.
We reached a major milestone in reducing our company's debt by repaying another EUR 100 million of our promissory note loans. Including the previous EUR 15 million repayment, this means we have already repaid EUR 115 million of the promissory note loans due for repayment in 2025. We also repaid liabilities to banks and refinanced the maturing real estate financing in the first quarter on fair terms, as demonstrated by the fact that the average interest rate for all our financing has fallen to 2.46%. We will see the first marked improvement in our loan-to-value
ratio (LTV) during the first half of 2025 and are still planning to lower this key figure to below 50% over the next 12 months.
We are also on track to achieve the annual operating targets we communicated in March. During the traditionally weaker first quarter of the year, our funds from operations (FFO) came to EUR 11.4 million after minority interests, EUR 2.4 million higher than the previous year. As a result, we are confirming our annual target of achieving FFO of EUR 40 to 55 million in 2025. Our letting business recorded an encouraging performance in the first three months of the year, with net rental income of EUR 32 million and like-for-like rental growth of 0.5% across the entire platform, bringing our average rent per square metre back above the EUR 10 mark to EUR 10.19 by the end of March 2025. Demand for our high-quality office and logistics properties generally remains high, as demonstrated by our dynamic letting performance at the start of the year. Overall, we signed lease agreements for properties with total rental space of 78,900 sqm in the first
Sonja Wärntges Chief Executive Officer
quarter, consisting of 36,700 sqm in new leases and 42,200 sqm in lease renewals. Our assets under management decreased to EUR 11.2 billion as of 31 March 2025 due to high levels of transaction activity over the past year.
We expect transaction activity to increase as planned, particularly during the second and fourth quarters. We agreed the sale of a logistics property during the first three months of the year, with this deal set to complete by the end of June. Overall, we remain committed to reaching our full-year target of making sales worth EUR 500 to 600 million in the Commercial Portfolio, with the Institutional Business expected to contribute a further EUR 100 to 200 million. To preserve liquidity, we will continue to adopt a highly restrained approach to acquisitions and are only planning to make selective asset purchases totalling EUR 100 to 200 million in the Institutional Business. We continue to make encouraging progress on our project developments for new logistics and office buildings, where we expect to invest more than EUR 200 million in total and generate an additional EUR 12.4 million in rental income by the end of 2026.
Once again I am proud to be able to tell you that we are still delivering on our promises and steering Branicks towards lasting profitable growth and low levels of debt. We still want to return to net profit by the end of 2026, and the apparent gradual recovery in our industry will help us to do that.
On behalf of my Management Board colleagues, I would once again like to express our heartfelt thanks to our employees for their incredible dedication and contribution in achieving these targets and would also like to thank you, our shareholders, for placing your trust in our company.
Kind regards Frankfurt am Main, May 2025
Sonja Wärntges Chief Executive Officer
We continue to deliver on our promises and have a solid plan
Major milestone in financial consolidation in Q1; successful management of maturity profile:
- Early repayment of EUR 115 million already in Q1 of the promissory note loans due for repayment in 2025, next promissory note repayments expected for summer 2025
- Successful refinancing of real estate bank loan due in the first quarter at favourable conditions
- Unchanged high priority on further deleveraging efforts Full compliance with the covenant thresholds
Well filled disposal pipeline in transaction-wise traditionally weak first quarter:
- Sale of 1 logistics object (COP) signed in Q1, closing expected until end of June 2025
- Transaction focus traditionally in the 2nd and 4th quarters
- Confidence in reaching the guidance of 600 to 800 million euros
Commercial portfolio as sustainable cash flow provider:
- Stable and solid rent development (due to high quality portfolio and rent indexations) deliver constant and predictable cash flows
- Ongoing portfolio optimization shows like-for-like rental growth of 0.1%
- Continuing strategic focus on office and logistic properties (83% of market value; as of 31 March 2025)
- Increase of the average rent from EUR 8.96/sqm prior year to EUR 10.19/sqm as of 31 March 2025
Institutional Business continues to be a stabilising factor:
- Focus on assets under management (EUR 8.4 billion; as of 31 March 2025)
- Like-for-like rental growth of 0.6%
- Strong and solid setup; ready for market upswing (especially with regards to transaction fees)
Staying on track with cost discipline:
- Significantly reduced cost base due to various measures; continued cost discipline
- OPEX reduced by yoy 12% as of 31 March 2025
Portfolio optimisation driven by sales Assets under management total EUR 11.2 billion
Assets under management
Assets under management (AuM) on the Branicks platform as of the end of March 2025 came to EUR 11.2 billion, down EUR 1.9 billion on the previous year (31 March 2024: EUR 13.1 billion). Of this total, EUR 2.8 billion was attributable to the proprietary portfolio (Commercial Portfolio) and EUR 8.4 billion to the third-party business for institutional investors (Institutional Business). On 31 March of the previous year, EUR 3.7 billion was in the Commercial Portfolio and EUR 9.4 billion in the Institutional Business. The decreases are mainly due to successfully completed transaction activities.
Assets under management on the platform declined compared to year-end 2024 (31 December 2024: EUR 11.6 billion, of which EUR 2.8 billion in the Commercial Portfolio and EUR 8.8 billion in the third-party business). The decline is primarily due to measurement effects and a transfer of possession, benefits and associated risks in the first quarter. In the Institutional Business, the termination of the VIB Retail Balance I mandate also reduced assets under management.
The regional portfolio structure at the end of the period under review was very similar to that reported for the first quarter of 2024, with 7% of assets under management in the North region, 13% in the East region, 30% in the Central region, 25% in the West region and 25% in the South region (31 March 2024: 7%, 11%, 30%, 23% and 29% respectively).
Transactions
One sale was notarised in the first quarter of 2025. The sale concerned one property from the Company's proprietary portfolio with a total volume of around EUR 39 million. The transfer of possession, benefits and associated risks for the sale notarised in March 2025 is expected to be completed in the first half of 2025. The first quarter also saw the transfer of possession, rights and obligations for a property from the Institutional Business segment, whose sale was notarised in November 2024. As expected, there were no notarised purchases in the first quarter.
Assets under Management
in EUR billion
Commercial Portfolio Institutional Business
| Portfolio by segments | |||||||
|---|---|---|---|---|---|---|---|
| Commercial Portfolio |
Institutional Business |
Total | |||||
| Number of properties | 138 | 147 | 285 | ||||
| Market value in EUR million1 | 2,797.4 | 8,444.9 | 11,242.3 | ||||
| Rental space in sqm | 1,283,100 | 2,597,200 | 3,880,300 |
| Commercial Portfolio |
Institutional Business |
Total | |
|---|---|---|---|
| Number of properties | 161 | 182 | 343 |
| Market value in EUR million1 | 3,680.7 | 9,459.4 | 13,140.1 |
| Rental space in sqm | 1,739,500 | 2,862,600 | 4,602,100 |
1 Market value as at 31.12. of the previous year, later acquisition generally considered at cost
Letting performance remains strong Like-for-like rental income up 0.5%
Letting business
In the first quarter of 2025, letting performance by area at around 78,900 sqm was down year-on-year (previous year: around 109,000 sqm).
Annualised rental income amounted to around EUR 10.3 million (previous year: around EUR 18.5 million). The previous year's high figure was mainly due to a large lease renewal for 28,500 sqm in Frankfurt's banking district. Highlights in the first quarter of 2025 include the extension of the lease for the ver.di trade union training centre in Saalfeld/Thuringia until 2032 with a leased area of 6,940 sqm. Another highlight is the largest single lease in the logistics asset class with the organic food company EgeSun GmbH covering 26,699 sqm and 10 years in the greater Bremen area.
Of the rental income contracted in the reporting period, around EUR 2.7 million relates to the Commercial Portfolio and around EUR 7.6 million to the Institutional Business (previous year: EUR 3.0 million and EUR 15.5 million, respectively).
Renewals accounted for a rental volume of EUR 7.2 million and new leases for EUR 3.1 million (previous year: EUR 17.9 million and EUR 0.6 million, respectively).
Like-for-like rental income (not including portfolio additions and disposals) for the entire portfolio under management rose by 0.5% in the 12 months to 31 March 2025. Like-for-like growth reached 0.1% in the Commercial Portfolio and 0.6% in the Institutional Business. Indexation continued to play a major role in both segments. Around 60% of the lease expiry volume relates to 2029 onwards. Branicks is already holding proactive discussions with users regarding larger leases set to expire in 2025 and 2026.
Letting performance
in sqm
Letting by type of use
Like-for-like rental income annualised, in EUR million
Lease expiry volume, total platform
in % of annualised rental income
Institutional Business Commercial Portfolio
seqq.
60.0
Commercial Portfolio: strategic focus on logistics and office
The Commercial Portfolio segment represents the Branicks Group's proprietary real estate portfolio, where Branicks generates steady cash flows from rental income, optimises the value of its portfolio assets, and realises gains from well-timed sales. The Company also generates income from equity investments.
As of 31 March 2025, the directly held portfolio consisted of 138 properties (31 March 2024: 161). The market value of the portfolio was EUR 2,797.4 million (31 March 2024: 3,680.7 million) and the rental space totalled around 1,283,100 sqm (31 March 2024: around 1,739,500 sqm).
Based on annualised rental income of EUR 146.6 million (excluding project developments and repositioning properties), this corresponds to a gross rental yield of 5.4% (31 March 2024: EUR 179.5 million and 5.1%). The EPRA vacancy rate was 8.3% (31 March 2024: 5.5%) and the weighted average lease term (WALT) 4.5 years (31 March 2024: 4.7 years). The decline in the WALT and the rise in the vacancy rate compared to the previous year was primarily caused by transaction-based changes in the portfolio.
As part of the ongoing optimisation of its portfolio, Branicks is increasingly focusing on the two strategic asset classes of logistics and office properties, which collectively accounted for 83% of the Commercial Portfolio's market value as of the 31 March 2025 reporting date (31 March 2024: 80%).
Types of use Commercial Portfolio1
| Type of use | No. of proper ties |
Market value in EUR m |
Market value % of total |
Rental income EUR m |
Rental income % of total |
EPRA vacancy rate % of total |
WALT | |
|---|---|---|---|---|---|---|---|---|
| Office | 58 | 1,363.8 | 49% | 75.7 | 52% | 10.6% | 4.8 | |
| Logistics | 48 | 962.4 | 34% | 45.1 | 31% | 3.1% | 4.6 | |
| Mixed Use | 12 | 221.8 | 8% | 12.0 | 8% | 11.2% | 4.4 | |
| Retail | 7 | 184.8 | 7% | 12.3 | 8% | 13.5% | 2.5 | |
| Other | 10 | 28.8 | 1% | 1.5 | 1% | 10.7% | 4.4 | |
| Project De velopments |
3 | 35.8 | 1% | n.a. | n.a. | n.a. | n.a. |
1 All figures without project developments and repositioning properties, except for number of properties and market value
The office properties asset class is the largest asset class at 49% of market value. At EUR 75.7 million, it accounts for around 52% of annualised rents. Logistics properties follow in second place, representing a share of 34% of the portfolio's market value or 31% of rents. Retail properties only represent 7% of market value and 8% of rents.
The proportion of Green Buildings within the Commercial Portfolio's market value (Green Building ratio) was 52.9%
at the end of March 2025, unchanged from the 31 December 2024 figure. In the first quarter of 2025, there were no changes within the Commercial Portfolio and no new certifications.
As of 31 March 2025, the ten largest tenants in the Commercial Portfolio collectively accounted for 33.1% of annualised rent. The focus on office and logistics properties is also reflected in these top tenants.
Institutional Business: focus on optimising the portfolio
As of 31 March 2025, assets under management in the third-party business totalled EUR 8,444.9 million for 147 properties (31 March 2024: EUR 9,459.4 million for 182 properties). The decrease in the number of properties is mainly due to the successful completion of transactions and the termination of the VIB Retail Balance I fund mandate.
The Branicks Group currently manages 29 vehicles (16 pool funds totalling EUR 5.3 billion, eight club deals totalling EUR 1.6 billion and five separate accounts totalling EUR 1.5 billion) for a total of 169 institutional investors.
Around 59% of equity comes from investors who have invested in more than one Branicks investment product.
Fundraising for shares yet to be placed is currently continuing – with the aim of placing all of the shares with institutional investors before the end of the current financial year.
These shares are recognised in the consolidated balance sheet as "non-current assets held for sale" as at 31 March 2025. The Company is also in discussions and explores the market for other investment products.
Asset-classes Institutional Business
Based on AuM in EUR billion as at 31 March 2025
Investment partners
Based on subscribed equity as at 31 March 2025
P&L – Commercial Portfolio segment: FFO up, costs down
Commercial Portfolio
Net rental income decreased by EUR 6.5 million year-on-year, mainly due to sales closed in 2024. The strong letting performance with like-for-like growth of 0.1% had an offsetting effect.
Due to the sale of VIB Retail Balance I in the previous year, the share of the profit or loss of associates in the reporting period no longer includes any income (previous year: EUR 0.9 million).
In contrast to the same period of the previous year, depreciation, amortization and impairment losses of EUR 24.8 million includes sales-related impairment losses of EUR 12.3 million (previous year: depreciation and amortisation of EUR 17.9 million).
At EUR 5.0 million, operating expenses of the segment were around 15% lower than the previous year (previous year: EUR 5.9 million). Both the EUR 0.6 million reduction in administrative costs to EUR 2.1 million (previous year: EUR 2.7 million) and the EUR 0.3 million reduction in personnel costs to EUR 2.9 million (previous year: EUR 3.2 million) contributed to the decline in connection with our "Performance 2024" programme.
The net interest result improved to EUR –20.2 million (previous year: EUR –23.9 million), mainly due to the bridging loan of EUR 200 million repaid in the previous year.
The segment's FFO contribution after deducting minority interests increased overall to EUR 9.1 million (previous year: EUR 8.9 million) despite lower net rental income. This was due to successful cost reduction and an improved net interest result.
| Segment Reporting | ||||||
|---|---|---|---|---|---|---|
| in EUR million | 3M 2025 | 3M 2024 | ||||
| Commercial Portfolio |
Institutional Business |
Total | Commercial Portfolio |
Institutional Business |
Total | |
| Gross rental income (GRI) | 36.4 | 36.4 | 44.4 | 44.4 | ||
| Net rental income (NRI) | 32.0 | 32.0 | 38.5 | 38.5 | ||
| Profits on property disposals | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Real estate management fees | 10.8 | 10.8 | 9.7 | 9.7 | ||
| Share of the profit or loss of associates |
0.0 | 1.1 | 1.1 | 0.9 | 0.7 | 1.6 |
| Depreciation and amortisation | –24.8 | –1.9 | –26.7 | –17.9 | –2.4 | –20.3 |
| Net other income | –0.1 | 0.1 | 0.0 | 0.2 | 0.1 | 0.3 |
| Net interest result | –20.2 | –0.3 | –20.5 | –23.9 | –0.1 | –24.0 |
| Operational expenditure (OPEX) | –5.0 | –8.8 | –13.8 | –5.9 | –9.7 | –15.6 |
| – of which admin costs | –2.1 | –3.3 | –5.4 | –2.7 | –3.5 | –6.2 |
| – of which personnel costs | –2.9 | –5.5 | –8.4 | –3.2 | –6.2 | –9.4 |
| Other adjustments | 6.6 | 0.0 | 6.6 | 1.7 | 0.0 | 1.7 |
| Funds from Operations (FFO) | 13.2 | 2.9 | 16.1 | 11.5 | 0.7 | 12.2 |
| Funds from Operations (excluding non-controlling interest) |
9.1 | 2.3 | 11.4 | 8.9 | 0.1 | 9.0 |
| Funds from Operations II (FFO II) | 13.2 | 2.9 | 16.1 | 11.5 | 0.7 | 12.2 |
| Funds from Operations II (excluding non-controlling interest, including profit on disposals) |
9.1 | 2.3 | 11.4 | 8.9 | 0.1 | 9.0 |
P&L – Institutional Business Segment: Increase in FFO and management fees
Institutional Business
Real estate management fees at EUR 10.8 million were up EUR 1.1 million or around 11% year-on-year (previous year: EUR 9.7 million).
The increase is mainly due to performance fees collected in connection with successful lets, capex measures and sales. In the prior-year period, real estate management fees solely comprised recurring asset, property and development fees.
The share of the profit or loss of associates increased by EUR 0.4 million to EUR 1.1 million (previous year: EUR 0.7 million).
Operating expenses fell by EUR 0.9 million or around 9% to EUR 8.8 million overall on account of the "Performance 2024" programme. This results from both the EUR 0.2 million decrease in administrative costs to EUR 3.3 million (previous year: EUR 3.5 million) and the EUR 0.7 million decrease in personnel costs to EUR 5.5 million (previous year: EUR 6.2. million).
The segment's FFO contribution after minority interests is significantly up year-on-year at EUR 2.3 million (previous year: EUR 0.1 million) due to higher real estate management fees on the one hand and significantly lower costs on the other hand.
| Segment Reporting | ||||||
|---|---|---|---|---|---|---|
| in EUR million | 3M 2025 | 3M 2024 | ||||
| Commercial Portfolio |
Institutional Business |
Total | Commercial Portfolio |
Institutional Business |
Total | |
| Gross rental income (GRI) | 36.4 | 36.4 | 44.4 | 44.4 | ||
| Net rental income (NRI) | 32.0 | 32.0 | 38.5 | 38.5 | ||
| Profits on property disposals | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Real estate management fees | 10.8 | 10.8 | 9.7 | 9.7 | ||
| Share of the profit or loss of associates |
0.0 | 1.1 | 1.1 | 0.9 | 0.7 | 1.6 |
| Depreciation and amortisation | –24.8 | –1.9 | –26.7 | –17.9 | –2.4 | –20.3 |
| Net other income | –0.1 | 0.1 | 0.0 | 0.2 | 0.1 | 0.3 |
| Net interest result | –20.2 | –0.3 | –20.5 | –23.9 | –0.1 | –24.0 |
| Operational expenditure (OPEX) | –5.0 | –8.8 | –13.8 | –5.9 | –9.7 | –15.6 |
| – of which admin costs | –2.1 | –3.3 | –5.4 | –2.7 | –3.5 | –6.2 |
| – of which personnel costs | –2.9 | –5.5 | –8.4 | –3.2 | –6.2 | –9.4 |
| Other adjustments | 6.6 | 0.0 | 6.6 | 1.7 | 0.0 | 1.7 |
| Funds from Operations (FFO) | 13.2 | 2.9 | 16.1 | 11.5 | 0.7 | 12.2 |
| Funds from Operations (excluding non-controlling interest) |
9.1 | 2.3 | 11.4 | 8.9 | 0.1 | 9.0 |
| Funds from Operations II (FFO II) | 13.2 | 2.9 | 16.1 | 11.5 | 0.7 | 12.2 |
| Funds from Operations II (excluding non-controlling interest, including profit on disposals) |
9.1 | 2.3 | 11.4 | 8.9 | 0.1 | 9.0 |
Balance sheet: Dominated by loan repayments
- As at 31 March 2025, total assets decreased by EUR 155.6 million compared to the end of 2024 due to loan repayments in particular.
- The slight decrease of EUR 51.7 million in non-current assets compared to 31 December 2024 is primarily attributable to the reclassification to Assets held for sale of one property, for which the purchase agreement was notarised in March. The transfer of possession, benefits and associated risks is scheduled to take place in the second quarter of 2025.
- Current assets decreased by EUR 103.9 million overall compared to 31 December 2024, mainly as a result of the EUR 145.4 million reduction in cash and cash equivalents. This fall in cash and cash equivalents was primarily caused by the partial repayment of promissory note loans totalling EUR 115.0 million. This is contrasted by an increase in Assets held for sale triggered by the reclassification of one property with a notarised purchase agreement.
- Equity was EUR 21.4 million lower as of 31 March 2025 than at the end of 2024. The main factor here was the loss for the year of EUR –15.3 million (previous year: profit for the year of EUR –8.8 million). At a solid 30.9%, the equity ratio slightly exceeded the figure of 30.2% recorded at year-end 2024.
- Liabilities declined by a total of EUR 134.2 million compared with the end of 2024. While the reduction in non-current liabilities is primarily attributable to the reclassification of expiring property financing, the decline in current liabilities is mainly attributable to the partial repayment of the promissory note loans due in 2025 in the amount of EUR 115.0 million.
| Balance Sheet overview | |||
|---|---|---|---|
| in EUR million | 31.03.2025 | 31.12.2024 | |
| Total assets | 3,586.0 | 1 | 3,741.6 |
| Total non-current assets | 3,217.1 | 2 | 3,268.8 |
| – thereof goodwill | 190.2 | 190.2 | |
| Total current assets | 368.9 | 3 | 472.8 |
| Equity | 1,107.1 | 4 | 1,128.5 |
| Total non-current financial liabilities | 1,799.8 | 1,824.0 | |
| Total current financial liabilities | 346.5 | 444.8 | |
| Other liabilities | 332.6 | 344.3 | |
| Total liabilities | 2,478.9 | 5 | 2,613.1 |
| Balance sheet equity ratio | 30.9% | 4 | 30.2% |
2025 Guidance
| Guidance | |
|---|---|
| Gross rental | EUR 125–135 million |
| Real estate management fees | EUR 50–60 million |
| FFO I (after minorities and before taxes) | EUR 40–55 million |
| Acquisitions | EUR 100 100–200 million 200 (only Institutional Business) |
| Sales | EUR 600–800 million, thereof: Commercial Portfolio: EUR 500 500–600 million 600 Institutional Business: EUR 100–200 million |
| Key financial figures | |||
|---|---|---|---|
| in EUR million | Q1 2025 | Q1 2024 | Δ |
| Gross rental income | 36.4 | 44.4 | 8.0 |
| Net rental income | 32.0 | 38.5 | 6.5 |
| Real estate management fees | 10.8 | 9.7 | 1.1 |
| Proceeds from sales of property | 0.0 | 13.0 | 13.0 |
| Profits on property disposals | 0.0 | 0.0 | 0.0 |
| Share of the profit or loss of associates | 1.1 | 1.6 | 0.5 |
| Funds from Operations excluding non-controlling interest (FFO) |
11.4 | 9.0 | 2.4 |
| Funds from Operations II (excluding non-controlling interest, including profit on disposals) |
11.4 | 9.0 | 2.4 |
| EBITDA | 30.1 | 34.5 | 4.4 |
| EBIT | 3.4 | 14.3 | 10.9 |
| Result for the period | –15.3 | –8.8 | 6.5 |
| Cash flow from operating activities | 1.7 | 18.6 | 16.9 |
| Key earnings figures | |||
|---|---|---|---|
| per share in EUR1 | Q1 2025 | Q1 2024 | Δ |
| FFO per share (excluding non-controlling interest) | 0.14 | 0.11 | 0.03 |
| FFO II per share (excluding non-controlling interest) | 0.14 | 0.11 | 0.03 |
| Earnings per share (excluding non-controlling inte rest) |
–0.18 | –0.11 | 0.07 |
1 All per share figueres adjusted in accordance with IFRSs (average number of shares 3M 2025: 83,565,510; 3M 2024: 83,565,510).
Balance sheet figures
| in EUR million | 31.03.2025 | 31.12.2024 |
|---|---|---|
| Investment property | 2,614.4 | 2,663.6 |
| Non-current assets held for sale (IFRS 5) | 156.8 | 120.2 |
| Equity | 1,107.1 | 1,128.5 |
| Financial liabilities (incl. IFRS 5) | 2,185.4 | 2,307.7 |
| Total assets | 3,586.0 | 3,741.6 |
| Loan-To-Value ratio (LTV)2 | 61.7% | 61.0% |
| Adjusted LTV2, 4 | 58.1% | 57.5% |
| NAV per share (in Euro)1 | 10.27 | 10.27 |
| Adjusted NAV per share (in Euro)4 | 12.55 | 12.55 |
Key operating figures
| 31.03.2025 | 31.12.2024 | |
|---|---|---|
| Number of properties | 285 | 317 |
| Assets under Management in EUR billion |
11.2 | 11.6 |
| Rental space in sqm | 3,880,300 | 4,096,179 |
| Letting result in sqm | 78,900 | 387,700 |
Key operating figures (Commercial Portfolio)3
| 31.03.2025 | 31.12.2024 | |
|---|---|---|
| Annualised rental income | ||
| in EUR million | 146.6 | 147.7 |
| EPRA vacancy rate in % | 8.3 | 7.4 |
| WALT in years | 4.5 | 4.6 |
| Avg. rent per sqm in EUR | 10.19 | 10.20 |
| Gross rental yield in % | 5.4 | 5.4 |
1 All per share figueres (number of shares 31.03.2025: 83,565,510; 31.12.2024: 83,565,510).
2 Adjusted for warehousing.
3 Calculated for the Commercial Portfolio only, without repositioning and warehousing.
4 Incl. full value of Institutional Business.
Consolidated income statement
for the period from 1 January to 31 March 2025
| in EUR thousand | 3M 2025 | 3M 2024 |
|---|---|---|
| Gross rental income | 36,384 | 44,368 |
| Ground rents | –29 | –48 |
| Service charge income on principal basis | 7,267 | 7,680 |
| Service charge expenses on principal basis | –8,064 | –9,021 |
| Other property-related expenses | –3,540 | –4,478 |
| Net rental income | 32,018 | 38,501 |
| Administrative expenses | –5,389 | –6,162 |
| Personnel expenses | –8,417 | –9,450 |
| Depreciation and amortisation | –26,657 | –20,275 |
| Real estate management fees | 10,757 | 9,694 |
| Other operating income | 616 | 398 |
| Other operating expenses | –577 | –81 |
| Net other income | 39 | 317 |
| Net proceeds from disposal of investment property | 0 | 13,000 |
| Carrying amount of investment property disposed | 0 | –13,000 |
| Profit on disposal of investment property | 0 | 0 |
| Net operating profit before financing activities | 2,351 | 12,625 |
| Share of the profit of associates | 1,052 | 1,646 |
| Interest income | 3,582 | 4,068 |
| Interest expense | –24,076 | –28,062 |
| Profit / loss before tax | –17,091 | –9,723 |
| Current Income tax expense | –3,686 | –4,476 |
| Deferred tax expense | 5,436 | 5,370 |
| Profit for the period | –15,341 | –8,829 |
| Attributable to equity holders of the parent | –15,085 | –9,358 |
| Attributable to non-controlling interest | –256 | 529 |
| Basic (=diluted) earnings per share (EUR)1 | –0.18 | –0.11 |
1 Calculated with the average number of shares in accordance with IFRS.
Consolidated statement of comprehensive income
for the period from 1 January to 31 December 2024
| in EUR thousand | 3M 2025 | 3M 2024 |
|---|---|---|
| Profit / loss for the period | –15,341 | –8,829 |
| Other comprehensive income | ||
| Items that may be reclassified subsequently to profit or loss |
||
| Fair value measurement of hedging instruments | ||
| Cash flow hedges | –7 | –8 |
| Items that shall not be reclassified subsequently to profit or loss | ||
| Gain/ losses on financial instruments classified as measured at fair value through other comprehensive income |
–3,151 | –798 |
| Other comprehensive income1 | –3,158 | –806 |
| Comprehensive income | –18,499 | –9,635 |
| Attributable to equity holders of the parent | –18,230 | –10,473 |
| Attributable to non-controlling interest | –269 | 838 |
1 After tax.
Consolidated statement of cash flow
for the period from 1 January to 31 March 2025
| in EUR thousand | 3M 2025 | 3M 2024 |
|---|---|---|
| Operating Activities | ||
| Net operating profit before interest and taxes paid | 860 | –726 |
| Realised gains/ losses on disposals of investment property | 0 | 0 |
| Depreciation and amortisation | 26,657 | 20,275 |
| Changes in receivables, payables and provisions | –4,182 | 14,533 |
| Other non-cash transactions | –5,436 | –7,370 |
| Cash generated from operations | 17,899 | 26,712 |
| Interest paid | –13,531 | –24,831 |
| Interest received | 931 | 1,763 |
| Income taxes received/paid | –3,600 | 14,966 |
| Cash flows from operating activities | 1,699 | 18,610 |
| Investing activities | ||
| Proceeds from disposal of investment property | 0 | 13,000 |
| Acquisition of investment property | 0 | –44,144 |
| Capital expenditure on investment properties | –12,047 | –5,875 |
| Disposal of other investments | 272 | 2,886 |
| Acquisition of office furniture and equipment, software | –15 | –2 |
| Cash flows from investing activities | –11,790 | –34,135 |
| Financing activities | ||
| Repayment of minority interest | –922 | 0 |
| Proceeds from other non-current borrowings | 34,100 | 44,850 |
| Repayment of borrowings | –52,675 | –196,549 |
| Repayment of corporate bonds/promissory notes | –113,861 | –23,000 |
| Lease payments | –818 | –1,011 |
| Payment of transaction costs | –1,139 | –9,407 |
| Cash flows from financing activities | –135,315 | –185,117 |
| Net increase in cash and cash equivalents | –145,406 | –200,642 |
| Cash and cash equivalents as at 1 January | 250,720 | 345,550 |
| Cash and cash equivalents as at 31 March | 105,314 | 144,908 |
Consolidated balance sheet
as of 31 March 2025
Aktiva
| in EUR thousand | 31.03.2025 | 31.12.2024 |
|---|---|---|
| Goodwill | 190,243 | 190,243 |
| Investment property | 2,614,371 | 2,663,564 |
| Property, plant and equipment | 41,272 | 42,252 |
| Investments in associates | 118,824 | 118,750 |
| Loans to related parties | 109,912 | 107,623 |
| Other investments | 85,590 | 88,035 |
| Intangible assets | 26,115 | 27,573 |
| Deferred tax assets | 30,746 | 30,746 |
| Total non-current assets | 3,217,073 | 3,268,786 |
| Passiva | ||
|---|---|---|
| in EUR thousand | 31.05.2025 | 31.12.2024 |
| Equity | ||
| Issued capital | 83,566 | 83,566 |
| Share premium | 836,118 | 836,118 |
| Hedging reserve | 317 | 324 |
| Reserve for financial instruments classified as at fair value through other comprehensive income |
–21,137 | –17,986 |
| Actuarial gains/ losses pensions | 465 | 465 |
| Retained earnings | –164,986 | –149,901 |
| Total shareholders' equity | 734,343 | 752,586 |
| Non-controlling interest | 372,731 | 375,896 |
| Total equity | 1,107,074 | 1,128,482 |
| Liabilities | ||
| Corporate bonds | 383,058 | 382,570 |
| Non-current interest-bearing loans and borrowings | 1,416,747 | 1,441,381 |
| Deferred tax liabilities | 153,731 | 159,167 |
| Pension provisions | 3,415 | 3,415 |
| Other non-current liabilities | 22,435 | 23,089 |
| Total non-current liabilities | 1,979,386 | 2,009,622 |
| Current interest-bearing loans and borrowings | 346,542 | 444,759 |
| Trade payables | 6,907 | 10,555 |
| Liabilities to related parties | 8,973 | 7,229 |
| Income taxes payable | 31,479 | 33,239 |
| Other liabilities | 66,561 | 68,717 |
| 460,462 | 564,499 | |
| Liabilities related to non-current assets held for sale | 39,072 | 38,988 |
| Total current liabilities | 499,534 | 603,487 |
| Total liabilities | 2,478,920 | 2,613,109 |
| Total equity and liabilities | 3,585,994 | 3,741,591 |
| Receivables from sale of investment property | 685 | 685 |
|---|---|---|
| Trade receivables | 27,659 | 23,945 |
| Receivables from related parties | 22,982 | 21,573 |
| Income tax receivable | 21,903 | 22,886 |
| Other receivables | 30,625 | 29,722 |
| Other current assets | 2,918 | 3,074 |
| Cash and cash equivalents | 105,314 | 250,720 |
| 212,086 | 352,605 | |
| Non-current assets held for sale | 156,835 | 120,200 |
| Total current assets | 368,921 | 472,805 |
| Total assets | 3,585,994 | 3,741,591 |
Consolidated statement of changes in equity
for the period from 1 January to 31 March 2025
| in EUR thousand | Issued capital | Share premium |
Hedging reserve |
Reserve for financial instruments classified as at fair value through other comprehensi ve income |
Actuarial gains/ losses pensions |
Retained earnings |
Total shareholders' equity |
Non-cont rolling interest |
Total |
|---|---|---|---|---|---|---|---|---|---|
| Balance at December 31, 2024 | 83,566 | 836,118 | 324 | –17,986 | 465 | –149,901 | 752,586 | 375,896 | 1,128,482 |
| Profit / loss for the period | –15,085 | –15,085 | –256 | –15,341 | |||||
| Other comprehensive income1 | |||||||||
| Items that may be reclassified subsequently to profit or loss | |||||||||
| Gains/ losses from cash flow hedges | –7 | –7 | –7 | ||||||
| Items that shall not be reclassified subsequently to profit or loss | |||||||||
| Gains/ losses on financial instruments classified as measured at fair value through other comprehensive income |
–3,151 | –3,151 | –3,151 | ||||||
| Actuarial gains/ losses pensions | |||||||||
| Comprehensive income | –7 | –3,151 | –15,085 | –18,243 | –256 | –18,499 | |||
| Change of non-controlling interest | –2,909 | –2,909 | |||||||
| Balance at March 31, 2025 | 83,566 | 836,118 | 317 | –21,137 | 465 | –164,986 | 734,343 | 372,731 | 1,107,074 |
1 Net of deferred taxes.
Consolidated statement of changes in equity
for the period from 1 January to 31 December 2024
| in EUR thousand | Issued capital | Share premium |
Hedging reserve |
Reserve for financial instruments classified as at fair value through other comprehensi ve income |
Actuarial gains/ losses pensions |
Retained earnings |
Total shareholders' equity |
Non-cont rolling interest |
Total |
|---|---|---|---|---|---|---|---|---|---|
| Balance at December 31, 2023 | 83,566 | 914,800 | 354 | –8,449 | 709 | 53,761 | 1,044,741 | 482,398 | 1,527,139 |
| Profit / loss for the period | –9,358 | –9,358 | 529 | –8,829 | |||||
| Other comprehensive income1 | |||||||||
| Items that may be reclassified subsequently to profit or loss | |||||||||
| Gains/ losses from cash flow hedges | –8 | –8 | –8 | ||||||
| Items that shall not be reclassified subsequently to profit or loss | |||||||||
| Gains/ losses on financial instruments classified as measured at fair value through other comprehensive income |
–798 | –798 | –798 | ||||||
| Comprehensive income | –8 | –798 | –9,358 | –10,164 | 529 | –9,635 | |||
| Change of non-controlling interest | –48 | –48 | |||||||
| Balance at March 31, 2024 | 83,566 | 914,800 | 346 | –9,247 | 709 | 44,403 | 1,034,577 | 482,879 | 1,517,456 |
| Profit / loss for the period | –271,755 | –271,755 | –84,952 | –356,707 | |||||
| Other comprehensive income1 | |||||||||
| Items that may be reclassified subsequently to profit or loss | |||||||||
| Gains/ losses from cash flow hedges | –22 | –22 | –22 | ||||||
| Items that shall not be reclassified subsequently to profit or loss | |||||||||
| Gains/ losses on financial instruments classified as measured | |||||||||
| at fair value through other comprehensive income | –8,739 | –8,739 | –8,739 | ||||||
| Actuarial gains/ losses pensions | –244 | –244 | –244 | ||||||
| Comprehensive income | –22 | –8,739 | –244 | –271,755 | –280,760 | –84,952 | –365,712 | ||
| Withdrawn from share premium | –78,682 | 78,682 | |||||||
| Change of non-controlling interest | –1,231 | –1,231 | –22,031 | –23,262 | |||||
| Balance at December 31, 2024 | 83,566 | 836,118 | 324 | –17,986 | 465 | –149,901 | 752,586 | 375,896 | 1,128,482 |
for the period from 1 January to 31 March 2025 Segment reporting
| in EUR million | 3M 2025 | 3M 2024 | |||||
|---|---|---|---|---|---|---|---|
| Commercial Portfolio |
Institutional Business |
Total | Commercial Portfolio |
Institutional Business |
Total | ||
| Key earnings figures | |||||||
| Gross rental income (GRI) | 36.4 | 36.4 | 44.4 | 44.4 | |||
| Net rental income (NRI) | 32.0 | 32.0 | 38.5 | 38.5 | |||
| Profits on property disposals | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Real estate management fees | 10.8 | 10.8 | 9.7 | 9.7 | |||
| Share of the profit or loss of associates |
0.0 | 1.1 | 1.1 | 0.9 | 0.7 | 1.6 | |
| Depreciation and amortisation | –24.8 | –1.9 | –26.7 | –17.9 | –2.4 | –20.3 | |
| Net other income | –0.1 | 0.1 | 0.0 | 0.2 | 0.1 | 0.3 | |
| Net interest result | –20.2 | –0.3 | –20.5 | –23.9 | –0.1 | –24.0 | |
| Operational expenditure (OPEX) | –5.0 | –8.8 | –13.8 | –5.9 | –9.7 | –15.6 | |
| of which admin costs | –2.1 | –3.3 | –5.4 | –2.7 | –3.5 | –6.2 | |
| of which personnel costs | –2.9 | –5.5 | –8.4 | –3.2 | –6.2 | –9.4 | |
| Other adjustments | 6.6 | 0.0 | 6.6 | 1.7 | 0.0 | 1.7 | |
| Funds from Operations (FFO) | 13.2 | 2.9 | 16.1 | 11.5 | 0.7 | 12.2 | |
| Funds from Operations (excluding non-controlling interest) |
9.1 | 2.3 | 11.4 | 8.9 | 0.1 | 9.0 | |
| Funds from Operations II (FFO II) | 13.2 | 2.9 | 16.1 | 11.5 | 0.7 | 12.2 | |
| Funds from Operations II (excluding non-controlling interest, including profit on disposals) |
9.1 | 2.3 | 11.4 | 8.9 | 0.1 | 9.0 | |
| EBITDA | 26.9 | 3.2 | 30.1 | 33.8 | 0.8 | 34.6 | |
| EBIT | 2.1 | 1.3 | 3.4 | 15.9 | –1.6 | 14.3 | |
| Segment assets | |||||||
| Number of properties | 138 | 147 | 285 | 161 | 182 | 343 | |
| Assets under Management (AuM) | 2,797.4 | 8,444.9 | 11,242.3 | 3,680.7 | 9,459.4 | 13,140.1 | |
| Rental space in sqm | 1,283,100 | 2,597,200 | 3,880,300 | 1,739,500 | 2,862,600 | 4,602,100 |
Transactions 2025
| in EUR million (number of properties) |
Notarisations 2025 YTD |
thereof: Notarisations 2025 YTD with Trans fer until 31.03.2025 |
Prior-year Notarisa tions with Transfer until 31.03.2025 |
|---|---|---|---|
| Acquisitions | |||
| Balance Sheet Portfolio | 0 (0) | 0 (0) | 0 (0) |
| Institutional Business | 0 (0) | 0 (0) | 0 (0) |
| Total | 0 (0) | 0 (0) | 0 (0) |
| Sales | |||
| Commercial Portfolio | 39 (1) | 0 (0) | 0 (0) |
| Institutional Business | 0 (0) | 0 (0) | 15 (1) |
| Total | 39 (1) | 0 (0) | 15 (1) |
| in EUR thousand | 31.03.2025 | 31.12.2024 |
|---|---|---|
| Asset values | ||
| Carrying amount of Properties | 2,614,371 | 2,663,564 |
| Carrying amount of properties under IFRS 5 | 123,333 | 87,495 |
| Fair value adjustment | 59,729 | 41,574 |
| Fair value of investment properties, total | 2,797,433 | 2,792,633 |
| Fair value of investments (indirect property)1, 2 | 219,173 | 221,544 |
| Goodwill | 190,243 | 190,243 |
| Service agreements | 24,472 | 25,821 |
| Carrying amount of loans / receivables due to |
||
| related parties | 132,894 | 129,196 |
| Fair value of assets (value) | 3,364,215 | 3,359,437 |
| Less goodwill | –190,243 | –190,243 |
| Less service agreements | –24,472 | –25,821 |
| Add fair value of Institutional Business | 421,094 | 421,094 |
| Adjusted fair value of assets (value) | 3,570,594 | 3,564,467 |
| Liabilities | ||
| 2 Non-current interest-bearing loans and borrowings |
1,402,094 | 1,426,728 |
| Current interest-bearing loans and borrowings | 346,542 | 444,759 |
| Liabilities related to non-current assets held for sale (IFRS 5) | 39,072 | 38,988 |
| Related party liabilities | 8,973 | 7,229 |
| Corporate Bonds | 383,058 | 382,570 |
| Less cash and cash equivalents | –105,314 | –250,720 |
| Net liabilities (loan) | 2,074,425 | 2,049,554 |
| LTV 2 |
61.7% | 61.0% |
| Adjusted LTV 2 |
58.1% | 57.5% |
1 Includes shares in associated companies and other investments.
2 Adjusted for warehousing.
EPRA key figures
| in EUR million | 31.03.2025 | 31.12.2024 | Δ |
|---|---|---|---|
| EPRA Net Reinstatement Value (EPRA-NRV) | 950.2 | 951.6 | 0% |
| EPRA Net Disposal Value (EPRA-NDV) | 801.6 | 800.5 | 0% |
| EPRA Net Tangible Assets (EPRA-NTA) | 587.1 | 588.5 | 0% |
| EPRA net initial yield (in %)1 | 4.4 | 4.5 | 2% |
| EPRA "topped up" net initial yield (in %)1 | 4.4 | 4.6 | 4% |
| EPRA vacancy rate (in %)2 | 8.3 | 7.4 | 12% |
| EPRA-LTV (%) | 64.4 | 62.9 | 2% |
| 3M 2025 | 3M 2024 | Δ | |
| EPRA earnings | 17.9 | 12.0 | 49% |
| EPRA cost ratio incl. direct vacancy costs (in %)1 | 23.1 | 22.4 | 3% |
| EPRA cost ratio incl. direct vacancy costs (in %)1 | 17.1 | 20.1 | 15% |
| EPRA earnings per share3 | 0.21 | 0.15 | 40% |
| 31.03.2025 | 31.12.2024 | Δ | |
| NAV per share | 10.27 | 10.27 | 0% |
1 Calculated for the Commercial Portfolio only.
2 Calculated for the Commercial Portfolio only, without warehousing, project developments and repositioning.
3 All per share figueres (number of shares 3M 2025: 83,565,100; 3M 2024: 83,565,100).
4 Incl. Full value of Institutional Business.
Contact
Tel. +49 69 9454858-0 Fax +49 69 9454858-9399
Financial calendar
| 2025 | ||
|---|---|---|
| 14.05. | Publication Sustainability Report 2024 | |
| 20.08. | Annual General Meeting | |
| 27.08. | Publication Half-Year Report 20251 | |
| 06.11. | Publication Quarterly Statement Q3 20251 |
1 With conference call.
| Impressum | For more informations: | Disclaimer |
|---|---|---|
| Branicks Group AG | www.branicks.com/investor | This quarterly statement contains forward-looking statements including associated risks and uncertain |
| Neue Mainzer Straße 32–36 | relations/ueberblick/ | ties. These statements are based on the Management Board's current experience, assumptions and |
| 60311 Frankfurt am Main | forecasts and the information currently available to it. The forward-looking statements are not to be | |
| interpreted as guarantees of the future developments and results mentioned therein. The actual business | ||
| +49 69 9454858-0 | performance and results of Branicks Group AG and of the group are dependent on a multitude of factors | |
| +49 69 9454858-9399 | that contain various risks and uncertainties. In the future, these might deviate significantly from the | |
| underlying assumptions made in this quarterly statement. Said risks and uncertainties are discussed in | ||
| [email protected] | detail in the risk report as part of financial reporting. This quarterly statement does not constitute an offer | |
| www.branicks.com | to sell or an invitation to make an offer to buy shares of Branicks Group AG. Branicks Group AG is under | |
| no obligation to adjust or update the forward-looking statements contained in this quarterly statement. | ||
For computational reasons, rounding differences from the exact mathematical values calculated (in EUR thousand, %, etc.) may occur in tables and cross-references.