Q2 2026 Instone Real Estate Group SE Earnings Call Transcript
Key Points
- Gross margin remained at a very high level of 27.9%, exceeding expectations and setting an industry benchmark.
- Private Customer sales increased by 26% year-on-year, with Q2 showing a 41% growth, indicating a steady demand recovery.
- Signed a JV contract for the Düsseldorf-Benrath project with a GDV of around EUR480 million, attracting international investors.
- Generated substantial operating cash flow of EUR42.7 million, strengthening financial flexibility.
- Acquired projects with a GDV of almost EUR700 million year-to-date, with a strong pipeline for further acquisitions.
- Adjusted revenues in H1 were below prior-year level due to weather-related lower construction output and geopolitical tensions.
- Adjusted earnings after tax remained low at EUR1.3 million, impacted by low top-line and negative interest results.
- Retail sales demand is lagging behind initial targets, with a shift in demand from private investors due to macro uncertainty.
- Construction costs are rising due to energy-related building materials, though currently absorbed by suppliers.
- Guidance for 2026 is confirmed at the lower end of ranges, reflecting cautious outlook amid geopolitical risks.
Good morning, everyone. Welcome to our Q2 '26 earnings call.
Our CEO, Kruno Crepulja; and our CFO, David Dreyfus, will walk you through our presentation and give you an update on our current business performance and our outlook. As usual, this will be followed by a Q&A session.
With this, I would like to hand over directly to Kruno.
Hello, everyone. And Thank you for joining our Q2 earnings call.
In an environment heavily influenced by geopolitical tensions, which have now lasted for far longer than any of us initially thought, we have reported a solid set of H1 figures.
After a temporary demand shock at the start of the conflict in the Middle East (technical difficulty) -- we saw a stabilization in investor sentiment and a steady return to more normalized sales ratios.
We are definitely seeing a
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