Phoenix Spree Deutschland (PSDL) H1 2026 earnings summary

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.