Q2 2026 Hamborner REIT AG Earnings Call Transcript
Key Points
- Operating performance remained resilient with a low EPRA vacancy rate of 4.1% and a stable weighted average lease term of 5.0 years.
- Like-for-like rental income increased by 1.6% year-on-year, driven by indexation effects.
- High tenant retention rate of approximately 88%, supported by lease extensions and renewal options.
- Strategic portfolio realignment progressing with the first disposal completed and proceeds to be reinvested in higher-yielding FMCG and grocery assets.
- New partnership with Electra to install EV charging infrastructure, generating additional recurring revenue of EUR0.6-0.8 million with no capital expenditure by Hamborner REIT AG.
- Rental income decreased by 1.3% year-on-year due to property disposals.
- FFO declined by 4.4% year-on-year to EUR23.8 million, with guidance implying a weaker second half.
- EPRA NAV decreased by 3.9% compared to year-end 2025, partly due to property value write-downs.
- Loan-to-value ratio increased to 45.2%, influenced by dividend payments and valuation adjustments.
- Maintenance costs are expected to rise by approximately 30% in 2026, and interest expenses increased by 8% due to refinancing at higher rates.
Welcome to the Hamborner Wright Half Year 2026 Financial Results Conference Call. (Operator Instructions) Now I will hand the conference over to the speakers. Please go ahead.
Good morning, ladies and gentlemen. Thank you for joining our conference call concerning our figures for the first half year of 2026. I'm Niclas Karoff and pleased to be here today together with members of our team, including my colleague Christoph from the IRT. As usual, I will start with a brief presentation, after which we will open the floor for a Q&A session. We hope everything will run smoothly from a technical standpoint and look forward to engaging with you.
As usual, let's start with an overview of our key financial figures as of 30 June. Rental income amounted to EUR45.1 million, representing a moderate decrease of 1.3%, primarily reflecting the impact of our property disposals during the last 15 months. FFO came in at EUR23.8 million or EUR29 per share down 4.4% year-on
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