DEFAMA Updates Its 2026 Forecast Downward

CaYaRo · 2026-08-18T14:30:21.664835Z

The results for the second quarter of 2026 were slightly below those of the first quarter; as of June 30, FFO is expected to be between €5.0 and €5.1 million, and consolidated net income is expected to be around €1.2 million. DEFAMA is lowering its FFO forecast for 2026: Instead of at least €10.8 million, in line with the previous year’s level, a decline of 4 to 6% is now expected. The targeted consolidated net income of at least €5 million is expected to be missed, as planned gains on property sales are unlikely to be recognized in earnings in 2026. Under the German Commercial Code (HGB), property sales are not recognized on the balance sheet until payment is received; the expected seven-figure capital gains are therefore likely to contribute to earnings primarily in 2027. Excluding significant gains on sales, DEFAMA expects consolidated net income for 2026 to range between €2 million and €3 million. The targets of a 96% occupancy rate and another dividend increase remain in place; in the fall, the “DEFAMA 2030” strategy is also to be adapted to current market conditions. The semiannual report will be published on August 27, 2026. $DEF

The results for the second quarter of 2026 were slightly below those of the first quarter; as of June 30, FFO is expected to be between €5.0 and €5.1 million, and consolidated net income is expected to be around €1.2 million.
DEFAMA is lowering its FFO forecast for 2026: Instead of at least €10.8 million, in line with the previous year’s level, a decline of 4 to 6% is now expected.
The targeted consolidated net income of at least €5 million is expected to be missed, as planned gains on property sales are unlikely to be recognized in earnings in 2026.
Under the German Commercial Code (HGB), property sales are not recognized on the balance sheet until payment is received; the expected seven-figure capital gains are therefore likely to contribute to earnings primarily in 2027.
Excluding significant gains on sales, DEFAMA expects consolidated net income for 2026 to range between €2 million and €3 million.
The targets of a 96% occupancy rate and another dividend increase remain in place; in the fall, the “DEFAMA 2030” strategy is also to be adapted to current market conditions. The semiannual report will be published on August 27, 2026.

$DEF (+0.25%)

CaYaRo@CaYaRo

The figures (especially FFO) are being weighed down by Hammer’s bankruptcy and the departure of the B1 hardware store in Dinslaken, which have led to significant rental shortfalls, as well as rising interest rates, which are causing difficulties in renegotiating expiring loans. Consequently, no additional acquisitions have been made this year.

The strategic retreat in the fall will likely focus on increasing the equity ratio, further developing the existing portfolio of properties, and making fewer—if any—additional property acquisitions.

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DEFAMA Updates Its 2026 Forecast (Downward)