Operating performance improves again in the first half of 2026; guidance confirmed
Ad hoc announcement pursuant to Art. 53 LR
* Like-for-like net rental income of the Strategic Portfolio increased by 5.1 % compared with the first half of 2025
* Vacancy rate in the Strategic Portfolio declined to 3.3 %; average net cold rent rose to EUR 6.68/sqm
* Funds from Operations of EUR 8.9 million in line with expectations; Group Adjusted EBITDA up 25 % to EUR 29.9 million
* Group Loan-to-Value Ratio reduced to 45.2 %
* 2026 guidance confirmed
Peach Property Group AG («Peach Property Group»), a real estate investor focused on residential real estate in Germany, today published its results for the first half of 2026. These confirm the preliminary figures announced on 31 August 2026. The guidance for the 2026 financial year remains unchanged. The progress achieved in the first half of the year supports the «Target Vision 2028» introduced as part of the 2025 financial year results. This vision outlines a scenario for the continued operational improvement of the Strategic Portfolio, the full disposal of Non-Strategic Assets, a further reduction in the Loan-to-Value Ratio (LTV) to below 45 %, and a sustainable increase in EBITDA and Funds from Operations (FFO).
Operating metrics of the Strategic Portfolio improved further
Like-for-like net rental income of the Strategic Portfolio increased by 5.1 % year-on-year as of 30 June 2026 and totaled EUR 42.4 million in the first half of the year. The vacancy rate, based on residential units, declined from 3.8 % at year-end 2025 to 3.3 %, while the average net cold rent increased to EUR 6.68/sqm (31 December 2025: EUR 6.61/sqm). Faster reletting, more active receivables management and targeted portfolio investments supported this performance. Net Operating Income (NOI) of the Strategic Portfolio reached approximately EUR 32 million, corresponding to an NOI margin of around 75 %. As of 30 June 2026, the Strategic Portfolio comprised 16,220 residential units, representing approximately 80 % of the total portfolio and around 85 % of total rental space. The market value of the Strategic Portfolio stood at approximately EUR 1.5 billion at the end of June, while the total portfolio was valued at just over EUR 1.8 billion. The valuation multiples determined by CBRE as of 30 June 2026 were approximately 15.5x based on target rental income and 17.0x based on actual rental income.
Group earnings improved
Group Adjusted EBITDA increased to EUR 29.9 million from EUR 23.8 million in the first half of 2025. Despite portfolio disposals and higher financing costs, Funds from Operations (FFO) declined only slightly to EUR 8.9 million from EUR 9.4 million in the prior-year period. EPRA NTA stood at EUR 18.49 per share as of 30 June 2026, compared with EUR 18.50 at year-end 2025. Operating profit (EBIT) improved to EUR 29.0 million from EUR 19.5 million, while the Group loss narrowed to EUR 3.6 million from EUR 9.6 million in the prior-year period.
Outlook 2026
For the 2026 financial year, Peach Property Group continues to expect like-for-like net rental income in the Strategic Portfolio to increase by around 6.0 %. Group FFO is still expected to range between EUR 17 million and EUR 19 million. The reduction in the Loan-to-Value Ratio to 45.2 % underscores the progress made in deleveraging. In the medium term, the Group continues to target an LTV of below 45 %.
Gerald Klinck, Chief Executive Officer and Chief Financial Officer of Peach Property Group: «Following the successful transformation of our balance sheet, the potential of our operating business is becoming increasingly visible. The Strategic Portfolio is growing more profitably, letting performance continues to improve, and earnings power is strengthening. In parallel, we are consistently advancing the sale of the Non-Strategic Portfolio. The significant improvement in our Loan-to-Value Ratio and the simplification of our financing structure provide the foundation for further profitable growth and the implementation of our Target Vision 2028.»
Contacts:
Media, investors, and analysts
Gerald Klinck, Chief Executive Officer and Chief Financial Officer
+41 44 485 50 00 | investors@peachproperty.com
Media Germany
Rosenberg Strategic Communications GmbH & Co. KG
Jorg Keller, Director
+49 151 61527741 | j.keller@rosenbergsc.com
About Peach Property Group AG
Peach Property Group is a real estate investor focused on residential real estate in Germany. The group stands for many years of experience, expertise, and quality. Innovative solutions for tenants’ needs, strong partnerships, and a broad value chain round out the profile, while digitalization and sustainability shape the operating business. The portfolio consists of high-yield properties, typically in German Tier II cities in the catchment area of metropolitan areas. Its activities therefore span the entire value chain, from site evaluation and acquisition to active asset management and the leasing or sale of real estate. In addition, the group develops selected properties in Switzerland for sale as condominiums, with the «Peninsula Wädenswil» development project being the last such project.
Peach Property Group AG is headquartered in Zurich and has its German group headquarters in Cologne. Peach Property Group AG is listed on the SIX Swiss Exchange (PEAN, ISIN CH0118530366). The Board of Directors comprises Michael Zahn (Chairman), Cyrill Schneuwly, Beat Frischknecht, Urs Meister and Alexander Hesse.
Further information is available at https://peachproperty.com. (https://peachproperty.com)