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Phoenix Spree Deutschland (PSDL) investor relations material
Phoenix Spree Deutschland H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Condominium sales nearly doubled year-over-year to €28.1m, with 93 units notarised in H1 2026, supporting balance sheet carrying values and exceeding PRS benchmarks by 41%.
The first compulsory share redemption post-period returned £17.5m to shareholders, with further returns expected as sales complete.
Administrative expenses fell 43% to €1.2m, and total property-level and admin costs declined 14% to €8.2m.
Financial highlights
IFRS NAV per share was €2.89 (30 June 2025: €2.93), and EPRA NTA per share was €3.36 (30 June 2025: €3.49).
Net LTV improved to 39.6% from 41.0% at year-end 2025.
Gross rental income was €10.3m, down from €11.0m in H1 2025, reflecting asset sales and increased vacancy.
Operating profit was €0.8m (H1 2025: €0.2m loss); loss before tax narrowed to €4.1m (H1 2025: €7.0m loss).
Reported EPS improved to €(0.04) from €(0.07) in H1 2025.
Outlook and guidance
FY 2026 target of at least €55m in notarisations remains, but achievement depends on Q4 sales conversion.
Third-quarter notarisations slowed due to tighter financing and affordability; vacant asking prices were reset in September, averaging 9% below previous levels.
Committed financing is in place until 2030, with all banking covenants met.
- Condominium sales exceeded targets, portfolio values stabilised, and capital returns commenced.PSDL
H2 2025 - Condominium sales surge, losses narrow, and refinancing paves way for shareholder returns.PSDL
H1 2025 - Accelerated condominium sales and record low vacancy drive PSD's strategic shift in Berlin.PSDL
H1 2024 - Accelerated condominium sales and debt reduction drove portfolio stabilisation and improved liquidity.PSDL
H2 2024
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