3/2025
Dear Shareholders,
despite a persistently challenging environment and geo-political uncertainty, the first nine months of 2025 were stable and successful overall for Branicks, as our operational strength and the systematic implementation of our financial strategy continued to bear fruit. We further consolidated our debt situation by repaying all of the promissory note loans due in 2025, a total of more than EUR 293 million, while our strong relationships with financial institutions enabled us to refinance our real estate bank loans.
The stable performance of our operations in the first half of the year continued through the first three quarters, with funds from operations (FFO) after non-controlling interests coming to EUR 33.4 million after the first nine months of the year. Our operational strength is still evident in our letting performance, which saw rents in the Commercial Portfolio grow by 1.0 % on a like-for-like basis. We once again increased our average rent per square metre in the Commercial Portfolio to EUR 10.34 by the end of September 2025. Demand for our high-quality office and logistics properties remains strong, reflecting the strong appeal of our portfolio. Our letting performance improved by an impressive 18 % from 218,000 sqm in the previous year to 256,500 sqm in the first nine months of 2025. This total consists of 113,900 sqm in new leases and 142,600 sqm in lease renewals.
Our transaction activities followed the usual seasonal patterns in the first nine months of the year, with activity increasing markedly in line with expectations in Q2 and Q3. After we were able to report the signing of the sale of one logistics property from the Commercial Portfolio and the closing of the sale of a logistics property from our Institutional Business in the first quarter, we notarised the sale of nine properties from our proprietary portfolio in the second quarter. We announced a total of four notarised sales in the third quarter, three of which were also completed during the third quarter.
Our stable operational performance, strong transaction record even in challenging market conditions, and clear strategic focus on optimising the Group's structure are what sets Branicks apart. On behalf of my Management Board colleagues, I would like to thank all of our employees for their dedication and commitment and would also like to thank you, our shareholders, for placing your continued trust in our company.
Kind regards,
Frankfurt am Main, November 2025
Sonja Wärntges
Chief Executive Officer
Sonja Wärntges
Chief Executive Officer
Branicks Quarterly statement 3/2025 2
We stay steadily on track and have a solid planWell-stocked sales pipeline ensures a strong Q3 transaction performance
Sale of 14 properties (COP) worth EUR 386 million signed by Q3, of which sales worth EUR 381 million have been completed by Q3
Branicks is confident of meeting its guidance of generating sales volume of EUR 600 to 800 million in its overall portfolio
Financial consolidation fully on track: all promissory note loans due in 2025 have been repaid as planned
Promissory note loan totalling EUR 225 million repaid in the first half of 2025; further repayment of EUR 68 million made at the end of July
The loan amounts granted under the promissory note loan agreements in 2024, which were the subject of the StaRUG procedure at that time, have been fully repaid.
Debt reduction remains a high priority, with all covenants having been met
Commercial portfolio drives sustainable cash flows
Stable and robust rental growth (thanks to a high-quality portfolio and rent indexation) ensures consistent and predictable cash flows.
Ongoing portfolio optimisation shows like-for-like rental growth of 1.0 %
Continued strategic focus on office and logistics properties (81 % of market value as of 30 September 2025)
Increase in average rent from EUR 9.63/sqm in the previous year to EUR 10.34/sqm as of 30 September 2025
Institutional Business remains a stabilising factor
Focus on assets under management (EUR 8.4 billion as of 30 September 2025)
Like-for-like rental growth at 0.1 %
Strong and robust positioning; ready for the market upswing (especially regarding transaction fees)
On track with cost discipline that contributes to an increase in FFO
Significantly reduced cost base achieved through various measures; continued cost discipline
OPEX as of 30 September 2025 down 5.8 % year-on-year
Branicks Quarterly statement 3/2025 3
Portfolio optimisation driven by sales
Assets under management total EUR 10.7 billion
Assets under management
Assets under management (AuM) on the Branicks platform as of the end of September 2025 came to EUR 10.7 billion, down EUR 1.4 billion on the previous year (30 September 2024: EUR 12.1 billion). Of this total, EUR 2.3 billion was attributable to the proprietary
A key highlight in the third quarter was the sale of a majority stake in a building complex in Offenbach's Kaiserlei district by way of a club deal. The complex has a fully let area of 14,000 square meters. There was also the completion of the transfer of possession, benefits and associated risks for a sale notarised in November 2024 in the
Assets under Management
in EUR billion
portfolio (Commercial Portfolio) and EUR 8.4 billion to the third-party business for institutional investors (Institutional Business). On 30 September of the previous year, EUR 3.2 billion was in the Commercial Portfolio and EUR 8.9 billion in the Institutional Business. The decreases are mainly due to successfully completed transaction activities.
The regional portfolio structure at the end of the period under
first quarter of 2025 in the Institutional Business Segment.
EUR 77 million was executed in the third quarter. | 8.9 | 8.8 | 8.4 | ||||
Portfolio by segments | 3.2 | 2.8 | 2.3 |
One purchase in the Institutional Business segment worth around
12.1
11.6
10.7
review was very similar to that reported for the third quarter of | 30.09.2025 | 30.09.2024 31.12.2024 30.09.2025 | ||
2024, with 7 % of assets under management in the North region, | Commercial | Institutional | Total | |
13 % in the East region, 31 % in the Central region, 26 % in the West | Portfolio | Business | ||
region and 23 % in the South region (30 September 2024: 8 %, 12 %, Number of properties | 125 | 148 | 273 | |
28 %, 25 % and 27 % respectively). Market value in EUR million 1 | 2,343.7 | 8,369.3 | 10,713.0 | |
Rental space in sqm | 1,107,600 | 2,611,100 | 3,718,700 | |
Transactions | 30.09.2024 | |||
Sales from the proprietary portfolio with a total value of around EUR 131 million were notarised in the third quarter of 2025, with three of the sales having already completed the transfer of possession, benefits and associated risks in the same quarter. The most recent sale is a partial sale, which is expected to see its closing in December 2025. Since the third quarter usually is stronger in terms of sales than Q1 and Q2, its performance is therefore in line with the usual quarterly distribution. Overall, notarisations as of 30 September 2025 came to EUR 386 million, with the transfer of possession, benefits and associated risks having already been completed for transactions worth EUR 381 million.
Commercial Portfolio | Institutional Business | Total | |
Number of properties | 144 | 179 | 323 |
Market value in EUR million 1 | 3,222.8 | 8,879.4 | 12,102.2 |
Rental space in sqm | 1,430,700 | 2,812,900 | 4,243,600 |
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 0.3 %
Letting business
In the third quarter of 2025, letting performance by area at around 256,500 sqm was up 18 % year-on-year (previous year: around 218,000 sqm).
Annualised rental income amounted to around EUR 38.2 million (previous year: around EUR 31.5 million). This 21 % year-on-year increase was driven by both new leases and lease renewals, with the office asset class accounting for 68 % of annualised rental income, while 16 % of the rents contracted came from the warehouse and logistics asset class. This distribution highlights the attractiveness of Branicks' core asset classes.
Of the rental income contracted in the reporting period, around EUR 14.2 million relates to the Commercial Portfolio and around
Letting performance
in sqm
256,500
181,500
36,500
+ 18 %
218,000
113,900
142,600
Letting by type of use
contracted annualised rents
Annualised rental income EUR
38.2
million
3 % Retail
13 % Other commercial
16 % Logistics
68 % Office
EUR 24.0 million to the Institutional Business (previous year: EUR 7.0 million and EUR 24.5 million, respectively).
9M 2024
9M 2025
Renewals accounted for a rental volume of EUR 24.1 million and new leases for EUR 14.1 million (previous year: EUR 26.2 million and EUR 5.3 million, respectively).
Like-for-like rental income (not including portfolio additions and disposals) for the entire portfolio under management rose by 0.3 % in the 12 months to 30 September 2025. Like-for-like growth reached 1.0 % in the Commercial Portfolio and 0.1 % in the Institutional Business. Around 65 % 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 in particular.
Like-for-like rental income
annualised, in EUR million
+ 0.3 %
125.6
124.4
416.6
+ 0.1 %
416.0
542.2
540.4
+ 1 .0%
Institutional Business Commercial Portfolio
Lease expiry volume
in % of annualised rental income
1.7 %
11.3 % 13.3 %
8.9 %
64.8 %
30.09.2024
30.09.2025
2025
2026
2027
2028
2029 ff.
Commercial Portfolio
Strategic focus on logistics and office
Types of use Commercial Portfolio 1
Type of use No. of properties | Market value in EUR m | Market value % of total | Rental income EUR m | Rental income % of total | EPRA vacancy rate % of total | WALT | |
Office 54 | 1,227.4 | 52 % | 65.5 | 52 % | 12.1 % | 5.0 | |
675.8 | 29 % | 34.2 | 27 % | 4.3 % | 3.7 | ||
221.8 | 10 % | 12.0 | 10 % | 11.5 % | 4.1 | ||
Retail 7 | 185.1 | 8 % | 12.4 | 10 % | 13.7 % | 2.2 | |
28.8 | 1 % | 1.5 | 1 % | 11.0 % | 4.2 | ||
Project Developments 2 | 4.8 | 0 % | n.a. | n.a. | n.a. | n.a. |
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. Branicks also generates income from equity investments.
As of 30 September 2025, the directly held portfolio consisted of 125 properties (30 September 2024: 144). The market value of the portfolio was EUR 2,343.7 million
(30 September 2024: 3,222.8 million) and the rental space
totalled around 1,107,600 sqm (30 September 2024: around
1,430,700 sqm).
Based on annualised rental income of EUR 125.6 million (excluding project developments and repositioning properties), this corresponds to a gross rental yield of 5.4 % (30 September 2024: EUR 156.0 million and 5.1 %). The EPRA
vacancy rate was 9.8 % (30 September 2024: 7.0 %), with the weighted average lease term (WALT) remaining
1 All figures without project developments and repositioning properties, except for number of properties and market value.
unchanged from the previous year at 4.3 years.
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 81 % of the Commercial Portfolio's market value as of the 30 September 2025 reporting date (30 September 2024: 79 %).
The office properties asset class is the largest asset class at 52 % of market value. At EUR 65.5 million, it accounts for around 52 % of annualised rents. Logistics properties follow in second place, representing a share of 29 % of the portfolio's market value or 27 % of rents. Retail properties only represent 8 % of market value and 10 % of rents.
The proportion of Green Buildings within the Commercial Port-folio's market value (Green Building ratio) stood at 50.1 % at the end of September 2025 (31 December 2024: 52.9 %).
Although additional properties obtained certification, the
ratio decreased as a result of portfolio sales of certified green buildings.
As of 30 September 2025, the ten largest tenants in the Commercial Portfolio collectively accounted for 31.5 % 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 30 September 2025, assets under management in the third-party business totalled EUR 8,369.3 million for 148 properties
(30 September 2024: EUR 8,879.4 million for 179 properties). The decrease in the number of properties is mainly due to the expiry of the VIB Retail Balance I mandate.
The Branicks Group currently manages 30 vehicles (16 pool funds totalling EUR 5.3 billion, nine club deals totalling EUR 1.7 billion and five separate accounts totalling EUR 1.4 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.
Asset classes, Institutional Business
Based on AuM in EUR billion as at 30.09.2025
AuM EUR
8.4
billion
80 % Office
13 % Logistics
2 % Retail
4 % Mixed-Use
1 % Other
Investment partners
Based on subscribed equity as at 30.09.2025
27 % Savings banks and other banks
35 % Superannuation schemes
12 % Businesses/foundations/ family offices
26 % Insurers
PCL - Commercial Portfolio segment
Rental income impacted by sales
Segment Reporting
Commercial Portfolio
in EUR million | Commercial Portfolio | 9M 2025 Institutional Business | Total | Commercial Portfolio 129.7 112.9 0.5 2.8 -183.4 1.1 -83.1 -20.6 -11.1 -9.5 24.8 37.8 27.4 38.3 27.9 | 9M 2024 Institutional Business 37.4 2.2 -7.3 -0.2 -1.0 -27.9 -10.1 -17.8 0.0 10.5 8.7 10.5 8.7 | Total 129.7 112.9 0.5 37.4 5.0 -190.7 0.9 -84.1 -48.5 -21.2 -27.3 24.8 48.3 36.1 48.8 36.6 |
Gross rental income (GRI) | 106.8 | 106.8 | ||||
Net rental income (NRI) | 96.3 | 96.3 | ||||
Profits on property disposals | 10.7 | 10.7 | ||||
Real estate management fees | 30.2 | 30.2 | ||||
Share of the profit or loss | ||||||
of associates | 0.0 | 3.2 | 3.2 | |||
Depreciation and amortisation | -215.4 | -5.5 | -220.9 | |||
Net other income | -4.6 | 0.3 | -4.3 | |||
Net interest result | -47.5 | 0.0 | -47.5 | |||
Operational expenditure (OPEX) | -19.4 | -26.3 | -45.7 | |||
- of which admin costs | -9.5 | -10.4 | -19.9 | |||
- of which personnel costs | -9.9 | -15.9 | -25.8 | |||
Other adjustments | 17.3 | 1.4 | 18.7 | |||
Funds from Operations (FFO) | 42.1 | 8.8 | 50.9 | |||
Funds from Operations (excluding | ||||||
non-controlling interest) | 28.1 | 5.3 | 33.4 | |||
Funds from Operations II (FFO II) | 52.9 | 8.7 | 61.6 | |||
Funds from Operations II | ||||||
(excluding non-controlling interest, | ||||||
including profit on disposals) | 38.8 | 5.3 | 44.1 | |||
Net rental income at EUR 96.3 million decreased by EUR 16.6 million year-on-year (previous year: EUR 112.9 million), mainly due to sales.
Depreciation, amortisation and impairment losses were impacted by write-downs of EUR 178.2 million due to sales. The segment's operating expenses decreased by around 5.8 % to EUR 19.4 million (previous year: EUR 20.6 million), driven mainly by a significant drop in administrative costs, which were down EUR 1.6 million to EUR 9.5 million (previous year: EUR 11.1 million). This was partially offset by a slight increase in personnel costs to EUR 9.9 million (previous year: EUR 9.5 million).
The net interest result improved considerably to EUR − 47.5 million (previous year: EUR − 83.1 million), mainly due to lower interest costs as a result of the on-time repayment of promissory note loans totalling EUR 293 million in the first three quarters and the bridging loan in financial year 2024.
The segment's FFO contribution after deducting non-controlling interests rose to EUR 28.1 million (previous year: EUR 27.4 million) despite lower rental income, primarily on account of the improved net interest result and significantly lower operating expenses (OPEX).
PCL - Institutional Business Segment
Current fees affected by sales
Segment Reporting
Institutional Business
in EUR million | Commercial Portfolio | 9M 2025 Institutional Business | Total | Commercial Portfolio 129.7 112.9 0.5 2.8 -183.4 1.1 -83.1 -20.6 -11.1 -9.5 24.8 37.8 27.4 38.3 27.9 | 9M 2024 Institutional Business 37.4 2.2 -7.3 -0.2 -1.0 -27.9 -10.1 -17.8 0.0 10.5 8.7 10.5 8.7 | Total 129.7 112.9 0.5 37.4 5.0 -190.7 0.9 -84.1 -48.5 -21.2 -27.3 24.8 48.3 36.1 48.8 36.6 |
Gross rental income (GRI) | 106.8 | 106.8 | ||||
Net rental income (NRI) | 96.3 | 96.3 | ||||
Profits on property disposals | 10.7 | 10.7 | ||||
Real estate management fees | 30.2 | 30.2 | ||||
Share of the profit or loss | ||||||
of associates | 0.0 | 3.2 | 3.2 | |||
Depreciation and amortisation | -215.4 | -5.5 | -220.9 | |||
Net other income | -4.6 | 0.3 | -4.3 | |||
Net interest result | -47.5 | 0.0 | -47.5 | |||
Operational expenditure (OPEX) | -19.4 | -26.3 | -45.7 | |||
- of which admin costs | -9.5 | -10.4 | -19.9 | |||
- of which personnel costs | -9.9 | -15.9 | -25.8 | |||
Other adjustments | 17.3 | 1.4 | 18.7 | |||
Funds from Operations (FFO) | 42.1 | 8.8 | 50.9 | |||
Funds from Operations (excluding | ||||||
non-controlling interest) | 28.1 | 5.3 | 33.4 | |||
Funds from Operations II (FFO II) | 52.9 | 8.7 | 61.6 | |||
Funds from Operations II | ||||||
(excluding non-controlling interest, | ||||||
including profit on disposals) | 38.8 | 5.3 | 44.1 | |||
In a persistently challenging market environment, real estate management fees came to a solid EUR 30.2 million compared with the previous year (previous year: EUR 37.4 million). Recurring asset, property and development fees at EUR 28.2 million decreased primarily due to the conclusion of the asset management mandate in the VIB Retail Balance I fund (previous year: EUR 30.9 million). The prior-year period included the performance fee due to the successful conclusion of the Global Tower mandate. Branicks generated EUR
2.0 million in transaction-based fees and performance fees in the reporting period (previous year: EUR 6.5 million).
The share of the profit or loss of associates increased slightly to EUR 3.2 million (previous year: EUR 2.2 million).
Operating expenses decreased by EUR 1.6 million overall to EUR 26.3 million (previous year: EUR 27.9 million), mainly due to the EUR 1.9 million decline in personnel costs to EUR 15.9 million (previous year: EUR 17.8 million).
The segment's FFO contribution after non-controlling interests decreased to EUR 5.3 million, primarily on account of a decrease in assets under management resulting from transactions, and lower transaction-based fees and performance fees (previous year: EUR 8.7 million).
Balance sheet
Dominated by sales activities
Balance Sheet overview
in EUR million | 30.09.2025 | 31.12.2024 | |
Total assets | 3,057.5 | 1 | 3,741.6 |
Total non-current assets | 2,831.4 | 2 | 3,268.8 |
- thereof goodwill | 190.2 | 190.2 | |
Total current assets | 226.1 | 3 | 472.8 |
Equity | 950.8 | 4 | 1,128.5 |
Total non-current financial liabilities | 1,174.5 | 1,824.0 | |
Total current financial liabilities | 664.1 | 444.8 | |
Other liabilities | 268.1 | 344.3 | |
Total liabilities | 2,106.7 | 5 | 2,613.1 |
Balance sheet equity ratio | 31.1 % | 4 | 30.2 % |
➊ As of 30 September 2025, total assets decreased by EUR 684.1 million compared to the end of 2024 due to sales and loan
repayments in particular.
➋ The drop in non-current assets by EUR 437.4 million compared
with 31 December 2024 is mainly attributable to the decline in investment property resulting from sales.
➌ The decrease in current assets by EUR 246.7 million compared with 31 December 2024 is mainly attributable to the reduction
in cash and cash equivalents by EUR 153.7 million, particularly due to loan repayments. The main drivers here were the repayment of the promissory note loans due in the first half of the year amounting to EUR 225 million and further repayments of EUR 68 million made in July 2025.
➍ Equity as of 30 September 2025 was EUR 177.7 million lower than at the end of 2024, with the loss for the period having an
impact of EUR -160.5 million (previous year: EUR -153.2 million). At a solid 31.1 %, the equity ratio was slightly up on the figure as of 31 December 2024 (30.2 %).
➎ Liabilities declined by a total of EUR 506.4 million compared with the end of 2024. The increase in current loans and bor-
rowings is mainly attributable to the reclassification of the EUR 398.0 million Green Bond maturing in September 2026 to current loans and borrowings.
2025 Guidance
Guidance
EUR 125-135 million
EUR 45-55 million
before tax) EUR 40-55 million
EUR 100-200 million (Institutional Business only) EUR 600-800 million, of which:
Commercial Portfolio: EUR 500-600 million Institutional Business: EUR 100-200 million
Branicks Quarterly statement 3/2025 11
Balance sheet figures
Key financial figures
in EUR million | 9M 2025 | 9M 2024 | |Δ| | Q3 2025 | Q3 2024 | |Δ| |
Gross rental income | 106.8 | 129.7 | 22.9 | 34.5 | 40.6 | 6.1 |
Net rental income | 96.3 | 112.9 | 16.6 | 32.9 | 35.8 | 2.9 |
Real estate management fees | 30.2 | 37.4 | 7.2 | 9.4 | 16.6 | 7.2 |
Proceeds from sales of property | 293.1 | 367.0 | 73.9 | 215.1 | 349.9 | 134.8 |
Profits on property disposals | 10.7 | 0.5 | 10.2 | 7.7 | 0.0 | 7.7 |
Share of the profit or loss of associates | 3.2 | 5.0 | 1.8 | 1.1 | 1.6 | 0.1 |
Funds from Operations excluding non-controlling interest (FFO) | 33.4 | 36.1 | 2.7 | 10.7 | 16.7 | 6.0 |
Funds from Operations II (excluding non-controlling interest, including profit on disposals) | 44.1 | 36.6 | 7.5 | 18.4 | 16.7 | 1.7 |
EBITDA | 90.3 | 108.1 | 17.8 | 30.6 | 38.7 | 8.1 |
EBIT | -130.5 | -82.6 | 47.9 | -140.1 | 5.0 | 145.1 |
Result for the period | -160.5 | -153.2 | 7.3 | -137.1 | -21.6 | 115.5 |
Cash flow from operating activities | 25.4 | 43.5 | 18.1 | 0.6 | 24.4 | 23.8 |
Key earnings figures
per share in EUR 1 | 9M 2025 | 9M 2024 | |Δ| | Q3 2025 | Q3 2024 | |Δ| |
FFO per share (excluding non-controlling interest) | 0.40 | 0.43 | 0.03 | 0.13 | 0.20 | 0.07 |
FFO II per share (excluding non-controlling interest) | 0.53 | 0.44 | 0.09 | 0.22 | 0.20 | 0.02 |
Earnings per share (excluding non-controlling interest) | -1.63 | -1.53 | 0.10 | -1.36 | -0.32 | 1.04 |
1 All per share figures adjusted in accordance with IFRSs (average number of shares 9M 2025: 83,565,510; 9M 2024: 83,565,510).
in EUR million | 30.09.2025 | 31.12.2024 |
Investment property | 2,223.9 | 2,663.6 |
Non-current assets held for sale (IFRS 5) | 35.8 | 120.2 |
Equity | 950.8 | 1,128.5 |
Financial liabilities (incl. IFRS 5) | 1,838.7 | 2,307.7 |
Total assets | 3,057.5 | 3,741.6 |
Loan-To-Value ratio (LTV)2 | 60.1 % | 61.0 % |
Adjusted LTV 2, 4 | 56.1 % | 57.5 % |
NAV per share (in Euro)1 | 9.35 | 10.27 |
Adjusted NAV per share (in Euro)4 | 11.64 | 12.55 |
Key operating figures
30.09.2025 | 31.12.2024 | |
Number of properties | 273 | 317 |
Assets under Management in EUR billion | 10.7 | 11.6 |
Rental space in sqm | 3,718,638 | 4,096,179 |
Letting result in sqm | 256,500 | 387,700 |
Key operating figures (Commercial Portfolio)3
30.09.2025 | 31.12.2024 | |
Annualised rental income in EUR million | 125.6 | 147.7 |
EPRA vacancy rate in % | 9.8 | 7.4 |
WALT in years | 4.3 | 4.6 |
Avg. rent per sqm in EUR | 10.34 | 10.20 |
Gross rental yield in % | 5.4 | 5.4 |
1 All per share figures (number of shares 30.09.2025: 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 30 September 2025
in EUR thousand | 9M 2025 | 9M 2024 | Q3 2025 | Q3 2024 |
Gross rental income | 106,806 | 129,670 | 34,517 | 40,565 |
Ground rents | -147 | -147 | -56 | -50 |
Service charge income on principal basis | 22,566 | 23,842 | 7,898 | 7,686 |
Service charge expenses on principal basis | -23,726 | -26,900 | -8,042 | -8,174 |
Other property-related expenses | -9,195 | -13,600 | -1,425 | -4,217 |
Net rental income | 96,304 | 112,865 | 32,892 | 35,810 |
Administrative expenses | -19,917 | -21,282 | -8,801 | -6,718 |
Personnel expenses | -25,743 | -27,264 | -8,604 | -8,951 |
Depreciation and amortisation | -220,846 | -190,712 | -170,668 | -33,679 |
Real estate management fees | 30,175 | 37,412 | 9,407 | 16,600 |
Other operating income | 2,725 | 1,312 | 1,300 | 386 |
Other operating expenses | -7,067 | -378 | -4,364 | -15 |
Net other income | -4,342 | 934 | -3,064 | 371 |
Net proceeds from disposal of investment property | 293,141 | 366,987 | 215,116 | 349,902 |
Carrying amount of investment property disposed | -282,432 | -366,476 | -207,409 | -349,902 |
Profit on disposal of investment property | 10,709 | 511 | 7,707 | 0 |
Net operating profit before financing activities | -133,660 | -87,536 | -141,131 | 3,433 |
Share of the profit of associates | 3,156 | 4,965 | 1,052 | 1,611 |
Interest income | 9,231 | 13,230 | 2,848 | 4,301 |
Interest expense | -56,686 | -97,371 | -14,688 | -33,859 |
Profit / loss before tax | -177,959 | -166,712 | -151,919 | -24,514 |
Current Income tax expense | -7,899 | -19,478 | -1,855 | -9,964 |
Deferred tax expense | 25,407 | 33,021 | 16,698 | 12,842 |
Profit for the period | -160,451 | -153,169 | -137,076 | -21,636 |
Attributable to equity holders of the parent | -136,301 | -128,119 | -113,435 | -26,525 |
Attributable to non-controlling interest | -24,150 | -25,050 | -23,641 | 4,889 |
Basic (= diluted) earnings per share (EUR)1 | -1.63 | -1.53 | -1.36 | -0.32 |
1 Calculated with the average number of shares in accordance with IFRS.
Consolidated statement of comprehensive income
for the period from 1 January to 30 September 2025
in EUR thousand | 9M 2025 | 9M 2024 | Q3 2025 | Q3 2024 |
Profit / loss for the period | -160,451 | -153,169 | -137,076 | -21,636 |
Other comprehensive income | ||||
Items that may be reclassified subsequently to profit or loss | ||||
Fair value measurement of hedging instruments | ||||
Cash flow hedges | -22 | -23 | -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 | -1,279 | 0 | -168 |
Other comprehensive income 1 | -3,173 | -1,302 | -7 | -176 |
Comprehensive income | -163,624 | -154,471 | -137,083 | -21,812 |
Attributable to equity holders of the parent | -139,448 | -129,717 | -113,429 | -26,701 |
Attributable to non-controlling interest | -24,176 | -24,754 | -23,654 | 4,889 |
1 After tax.
Consolidated statement of cash flow
for the period from 1 January to 30 September 2025
in EUR thousand | 9M 2025 | 9M 2024 |
Operating Activities | ||
Net operating profit before interest and taxes paid | -106,293 | -96,442 |
Realised gains / losses on disposals of investment property | -10,709 | -511 |
Depreciation and amortisation | 220,846 | 190,712 |
Changes in receivables, payables and provisions | 305 | 39,567 |
Other non-cash transactions | -24,557 | -33,051 |
Cash generated from operations | 79,592 | 100,275 |
Interest paid | -48,926 | -77,150 |
Interest received | 1,651 | 7,104 |
Income taxes received / paid | -6,881 | 13,319 |
Cash flows from operating activities | 25,436 | 43,548 |
Investing activities | ||
Proceeds from disposal of investment property | 293,141 | 366,987 |
Acquisition of investment property | 0 | -48,331 |
Capital expenditure on investment properties | -37,768 | -20,481 |
Disposal of other investments | 13,322 | 12,129 |
Acquisition of office furniture and equipment, software | -53 | 28 |
Cash flows from investing activities | 268,642 | 310,332 |
Financing activities | ||
Repayment of minority interest | -1,904 | -8,368 |
Proceeds from other non-current borrowings | 112,909 | 94,495 |
Repayment of borrowings | -261,001 | -575,097 |
Repayment of corporate bonds / promissory notes | -293,000 | -23,000 |
Lease payments | -2,487 | -2,603 |
Payment of transaction costs | -2,250 | -15,269 |
Cash flows from financing activities | -447,733 | -529,842 |
Net increase in cash and cash equivalents | -153,655 | -175,962 |
Cash and cash equivalents as at 1 January | 250,720 | 345,550 |
Cash and cash equivalents as at 30 September | 97,065 | 169,588 |
Consolidated balance sheet
As of 30 September 2025
in EUR thousand | 30.09.2025 | 31.12.2024 |
Goodwill | 190,243 | 190,243 |
Investment property | 2,223,892 | 2,663,564 |
Property, plant and equipment | 36,180 | 42,252 |
Investments in associates | 118,896 | 118,750 |
Loans to related parties | 114,142 | 107,623 |
Other investments | 94,070 | 88,035 |
Intangible assets | 23,223 | 27,573 |
Deferred tax assets | 30,745 | 30,746 |
Total non-current assets | 2,831,391 | 3,268,786 |
Receivables from sale of investment property | 3,378 | 685 |
Trade receivables | 22,324 | 23,945 |
Receivables from related parties | 23,338 | 21,573 |
Income tax receivable | 13,464 | 22,886 |
Other receivables | 27,051 | 29,722 |
Other current assets | 3,663 | 3,074 |
Cash and cash equivalents | 97,065 | 250,720 |
190,283 | 352,605 | |
Non-current assets held for sale | 35,787 | 120,200 |
Total current assets | 226,070 | 472,805 |
Total assets | 3,057,461 | 3,741,591 |
in EUR thousand | 30.09.2025 | 31.12.2024 |
Equity | ||
Issued capital | 83,566 | 83,566 |
Share premium | 836,118 | 836,118 |
Hedging reserve | 302 | 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 | -286,202 | -149,901 |
Total shareholders' equity | 613,112 | 752,586 |
Non-controlling interest | 337,694 | 375,896 |
Total equity | 950,806 | 1,128,482 |
Liabilities | ||
Corporate bonds | 0 | 382,570 |
Non-current interest-bearing loans and borrowings | 1,174,531 | 1,441,381 |
Deferred tax liabilities | 130,609 | 159,167 |
Pension provisions | 3,400 | 3,415 |
Other non-current liabilities | 20,950 | 23,089 |
Total non-current liabilities | 1,329,490 | 2,009,622 |
Corporate bonds | 398,037 | 0 |
Current interest-bearing loans and borrowings | 266,098 | 444,759 |
Trade payables | 5,111 | 10,555 |
Liabilities to related parties | 9,751 | 7,229 |
Income taxes payable | 26,708 | 33,239 |
Other liabilities | 71,460 | 68,717 |
777,165 | 564,499 | |
Liabilities related to non-current assets held for sale | 0 | 38,988 |
Total current liabilities | 777,165 | 603,487 |
Total liabilities | 2,106,655 | 2,613,109 |
Total equity and liabilities | 3,057,461 | 3,741,591 |
Assets Equity and liabilities
Consolidated statement of changes in equity
for the period from 1 January to 30 September 2025
in EUR thousand | Issued capital | Share premium | Hedging reserve | Reserve for financial instruments classified as at fair value through other comprehensive income | Actuarial gains / losses pensions | Retained earnings | Total shareholders' equity | Non-con-trolling interest | Total |
Balance at 31 December 2024 | 83,566 | 836,118 | 324 | -17,986 | 465 | -149,901 | 752,586 | 375,896 | 1,128,482 |
Profit / loss for the period | -136,301 | -136,301 | -24,150 | -160,451 | |||||
Other comprehensive income 1 | |||||||||
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 | -3,151 | -3,151 | -3,151 | ||||||
Actuarial gains / losses pensions | |||||||||
Comprehensive income | -22 | -3,151 | -136,301 | -139,474 | -24,150 | -163,624 | |||
Change of non-controlling interest | -14,052 | -14,052 | |||||||
Balance at 30 September 2025 | 83,566 | 836,118 | 302 | -21,137 | 465 | -286,202 | 613,112 | 337,694 | 950,806 |
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 comprehensive income | Actuarial gains / losses pensions | Retained earnings | Total shareholders' equity | Non-con-trolling interest | Total |
Balance at 31 December 2023 | 83,566 | 914,800 | 354 | -8,449 | 709 | 53,761 | 1,044,741 | 482,398 | 1,527,139 |
Profit / loss for the period | -128,119 | -128,119 | -25,050 | -153,169 | |||||
Other comprehensive income 1 | |||||||||
Items that may be reclassified subsequently to profit or loss | |||||||||
Gains / losses from cash flow hedges | -23 | -23 | -23 | ||||||
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 | -1,279 | -1,279 | -1,279 | ||||||
Comprehensive income | -23 | -1,279 | -128,119 | -129,421 | -25,050 | -154,471 | |||
Change of non-controlling interest | -6,367 | -6,367 | |||||||
Balance at 30 September 2024 | 83,566 | 914,800 | 331 | -9,728 | 709 | -74,358 | 915,320 | 450,981 | 1,366,301 |
Profit / loss for the period | -152,994 | -152,994 | -59,373 | -212,367 | |||||
Other comprehensive income 1 | |||||||||
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 | -8,258 | -8,258 | -8,258 | ||||||
Actuarial gains / losses pensions | -244 | -244 | -244 | ||||||
Comprehensive income | -7 | -8,258 | -244 | -152,994 | -161,503 | -59,373 | -220,876 | ||
Withdrawn from share premium | -78,682 | 78,682 | |||||||
Change of non-controlling interest | -1,231 | -1,231 | -15,712 | -16,943 | |||||
Balance at 31 December 2024 | 83,566 | 836,118 | 324 | -17,986 | 465 | -149,901 | 752,586 | 375,896 | 1,128,482 |
1 Net of deferred taxes.
Segment reporting
for the period from 1 January to 30 September 2025
in EUR million | Commercial Portfolio | 9M 2025 Institutional Business | Total | Commercial Portfolio | 9M 2024 Institutional Business | Total |
Key earnings figures | ||||||
Gross rental income (GRI) | 106.8 | 106.8 | 129.7 | 129.7 | ||
Net rental income (NRI) | 96.3 | 96.3 | 112.9 | 112.9 | ||
Profits on property disposals | 10.7 | 10.7 | 0.5 | 0.5 | ||
Real estate management fees | 30.2 | 30.2 | 37.4 | 37.4 | ||
Share of the profit or loss of associates | 0.0 | 3.2 | 3.2 | 2.8 | 2.2 | 5.0 |
Depreciation and amortisation | -215.4 | -5.5 | -220.9 | -183.4 | -7.3 | -190.7 |
Net other income | -4.6 | 0.3 | -4.3 | 1.1 | -0.2 | 0.9 |
Net interest result | -47.5 | 0.0 | -47.5 | -83.1 | -1.0 | -84.1 |
Operational expenditure (OPEX) | -19.4 | -26.3 | -45.7 | -20.6 | -27.9 | -48.5 |
of which admin costs | -9.5 | -10.4 | -19.9 | -11.1 | -10.1 | -21.2 |
of which personnel costs | -9.9 | -15.9 | -25.8 | -9.5 | -17.8 | -27.3 |
Other adjustments | 17.3 | 1.4 | 18.7 | 24.8 | 0.0 | 24.8 |
Funds from Operations (FFO) | 42.1 | 8.8 | 50.9 | 37.8 | 10.5 | 48.3 |
Funds from Operations (excluding non-controlling interest) | 28.1 | 5.3 | 33.4 | 27.4 | 8.7 | 36.1 |
Funds from Operations II (FFO II) | 52.9 | 8.7 | 61.6 | 38.3 | 10.5 | 48.8 |
Funds from Operations II (excluding non-controlling interest, including profit on disposals) | 38.8 | 5.3 | 44.1 | 27.9 | 8.7 | 36.6 |
EBITDA | 83.0 | 7.3 | 90.3 | 96.6 | 11.5 | 108.1 |
EBIT | -132.4 | 1.9 | -130.5 | -86.8 | 4.2 | -82.6 |
Segment assets | ||||||
Number of properties | 125 | 148 | 273 | 144 | 179 | 323 |
Assets under Management (AuM) | 2,343.7 | 8,369.3 | 10,713.0 | 3,222.8 | 8,879.4 | 12,102.2 |
Rental space in sqm | 1,107,578 | 2,611,060 | 3,718,638 | 1,430,710 | 2,812,947 | 4,243,657 |
Transactions in 2025
in EUR million (number of properties) | Notarisations 2025 YTD | thereof: Notarisations 2025 YTD with Transfer until 30.09.2025 | Prior-year Notarisa- tions with Transfer until 30.09.2025 |
Acquisitions | |||
Balance Sheet Portfolio | 0 (0) | 0 (0) | 0 (0) |
Institutional Business | 77 (1) | 77 (1) | 0 (0) |
Total | 77 (1) | 77 (1) | 0 (0) |
Sales | |||
Commercial Portfolio | 386 (14) | 381 (13) | 0 (0) |
Institutional Business | 0 (0) | 0 (0) | 15 (1) |
Total | 386 (14) | 381 (13) | 15 (1) |
Loan to value (LTV)
in EUR thousand | 30.09.2025 | 31.12.2024 |
Asset values | ||
Carrying amount of Properties | 2,223,892 | 2,663,564 |
Carrying amount of properties under IFRS 5 | 6,145 | 87,495 |
Fair value adjustment | 81,241 | 41,574 |
Fair value of investment properties, total | 2,311,278 | 2,792,633 |
Fair value of investments (indirect property)1, 2 | 227,954 | 221,544 |
Goodwill | 190,243 | 190,243 |
Service agreements | 21,774 | 25,821 |
Carrying amount of loans / receivables due to related parties | 137,480 | 129,196 |
Fair value of assets (value) | 2,888,729 | 3,359,437 |
Less goodwill | -190,243 | -190,243 |
Less service agreements | -21,774 | -25,821 |
Add fair value of Institutional Business | 421,094 | 421,094 |
Adjusted fair value of assets (value) | 3,097,806 | 3,564,467 |
Liabilities | ||
Non-current interest-bearing loans and borrowings 2 | 1,159,878 | 1,426,728 |
Current interest-bearing loans and borrowings | 266,098 | 444,759 |
Liabilities related to non-current assets held for sale (IFRS 5) | 0 | 38,988 |
Related party liabilities | 9,751 | 7,229 |
Corporate Bonds | 398,037 | 382,570 |
Less cash and cash equivalents | -97,065 | -250,720 |
Net liabilities (loan) | 1,736,699 | 2,049,554 |
LTV 2 | 60.1 % | 61.0 % |
Adjusted LTV 2 | 56.1 % | 57.5 % |
1 Includes shares in associated companies and other investments.
2 Adjusted for warehousing.
EPRA key figures
in EUR million | 30.09.2025 | 31.12.2024 | |Δ| |
EPRA Net Reinstatement Value (EPRA-NRV) | 844.8 | 951.6 11 % | |
EPRA Net Disposal Value (EPRA-NDV) | 632.6 | 800.5 21 % | |
EPRA Net Tangible Assets (EPRA-NTA) | 498.5 | 588.5 15 % | |
EPRA net initial yield (in %)1 | 4.7 | 4.5 | 4 % |
EPRA "topped up" net initial yield (in %)1 | 4.8 | 4.6 | 4 % |
EPRA vacancy rate (in %)2 | 9.8 | 7.4 | 32 % |
EPRA-LTV (%) | 63.4 | 62.9 1 % | |
9M 2025 | 9M 2024 |Δ| | |
EPRA earnings | 45.4 | 61.5 26 % |
EPRA cost ratio incl. direct vacancy costs (in %)1 | 23.8 | 25.1 5 % |
EPRA cost ratio incl. direct vacancy costs (in %)1 | 20.9 | 23.2 10 % |
EPRA earnings per share 3 | 0.54 | 0.74 27 % |
30.09.2025 | 31.12.2024 |Δ| | |
NAV per share | 9.35 | 10.27 9 % |
Adjusted NAV per share 4 | 11.64 | 12.55 7 % |
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 9M 2025: 83,565,100; 9M 2024: 83,565,100).
4 Incl. Full value of Institutional Business.
ContactInvestor Relations
Tel. +49 69 9454858-0
Fax +49 69 9454858-9399
ir@branicks.com
Imprint
Branicks Group AG
Neue Mainzer Straße 32-36 60311 Frankfurt am Main
Tel. +49 69 9454858-0
Fax +49 69 9454858-9399
info@branicks.com https://www.branicks.com
For more informations:
https://www.branicks.com/en/ir/ overview
The quarterly report is also available in German (binding version).
Financial calendar 2026
29.04.2026 | Annual Report 2025 | |
06.05.2026 | 2025 Sustainability Report | |
20.05.2026 | Q1 2026 Statement | |
12.08.2026 | Annual General Meeting | |
26.08.2026 | H1 2026 Report | |
05.11.2026 | Q3 2026 Statement |
Disclaimer
This quarterly statement contains forward-looking statements including associated risks and uncertainties. These statements are based on the Management Board's current experience, assumptions and 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 performance and results of Branicks Group AG and of the group are dependent on a multitude of factors 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 detail in the risk report as part of financial reporting. This quarterly statement does not constitute an offer 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.