Deutsche Konsum Real Estate AG (XTER:DKG)

Half Year 2026 Deutsche Konsum Real Estate AG Earnings Call Transcript

May 13, 2026 / 08:00 AM GMT

Release Date Price: €1.54 (-0.65%)

Transcript

Key Points

Positve

FFO increased by 5 million year-on-year, indicating improved financial performance.
Interest expenses were reduced by approximately 5 million compared to the previous year.
Successful execution of a capital increase and debt-to-equity swap, resulting in a loan-to-value ratio of 41.1%.
A binding term sheet was signed to replace a 60 million unsecured, non-interest-bearing receivable with a secured, interest-bearing debt instrument.
A substantial portion of commercial leases, 84%, are linked to CPI, providing stability in an inflationary environment.

Negative

Rental income decreased due to asset sales, impacting overall revenue.
A large tenant did not renew a lease, leading to increased vacancy rates and reduced annualized rent.
One tenant declared bankruptcy, further contributing to increased vacancy and reduced rent.
The average rate of debt costs increased compared to the first quarter of the financial year.
Challenges in executing the restructuring plan due to difficult market conditions and geopolitical factors.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

DKG.DE - Deutsche Konsum Real Estate AG
Half Year 2026 Deutsche Konsum Real Estate AG Earnings Call
May 13, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Thank you.

Hello and welcome everybody to Deutsche Consume Real Estate AGRE earnings call, analysts call for the first six months of the financial year, 25-26.

We will start the presentation on page 4, where we have highlights for, well, for the first half of the financial year. So we have a year-on-year comparison on the rental income, which decreased as expected. Predominantly or mostly due to the asset sales.

FFO year-on-year went up by 5 million or so. And of course, there are many moving parts behind FFO. Rental income is down due to sales, the property operating expenses as well. However, the major moving part or the major effect comes from the interest expense, which is

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