Märkte & Kurse

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Original-Research: DEMIRE AG - from NuWays AG

20.03.2026 / 09:00 CET/CEST
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Classification of NuWays AG to DEMIRE AG

     Company Name:                DEMIRE AG
     ISIN:                        DE000A0XFSF0

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 0.8
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

FY25 confirms ongoing deleveraging story amid earnings press

Yesterday, DEMIRE published its FY25 results, delivering figures broadly in
line with expectations and reflecting continued portfolio downsizing in a
still challenging market environment. The release mainly reinforces the
group's ongoing repositioning and liquidity-focused strategy rather than
signalling a near-term operational inflection.

FY25 was characterised by a material reduction in portfolio size and
earnings base. Rental income declined by 18% yoy to EUR 53.5m (eNuW: EUR 55.0m),
while FFO I dropped by 62% yoy to EUR 10.1m (eNuW: EUR 9.2m), mainly driven by
disposals and higher interest expenses. At the same time, property values
continued to adjust, with NAV falling significantly to EUR 168m (EUR 1.59 per
share), reflecting both valuation effects and weaker profitability.

Operationally, DEMIRE made visible progress on its disposal strategy,
selling 11 assets for EUR 64m and further streamlining the portfolio. This,
however, comes with the expected trade-off of a lower rental base, as also
reflected in annualised rents declining to EUR 51.3m. Encouragingly, letting
activity improved significantly, with leasing volume almost doubling yoy,
highlighting initial traction from the strengthened asset management
platform.

At the same time, key operating metrics remain under pressure. Vacancy
increased to 16.4%, mainly driven by larger tenant move-outs, while
like-for-like rental momentum remains limited in the current market
environment. Positively, lease duration improved slightly (WALT 4.7 years),
supporting cash flow visibility.

On the balance sheet side, DEMIRE maintained broadly stable leverage, with
net-LTV at 41.8% (excl. shareholder loan), despite continued valuation
headwinds. However, higher financing costs (4.83% avg.) and increased
interest burden are weighing on earnings, underlining the importance of the
ongoing refinancing strategy, particularly with regard to the 19/27
corporate bond.

Looking ahead, the company guides for a further decline in earnings in FY26
(FFO I EUR -1 to 1m) and top-line (rental income EUR 41.5-43.5m), reflecting the
smaller portfolio but also implying further asset disposals (eNuW: EUR 104m
GAV). As such, the investment case remains largely centred on execution of
disposals, refinancing and vacancy reduction rather than short-term earnings
growth.

Overall, FY25 confirms DEMIRE's transition phase: while operational
improvements in asset management are becoming visible, the key swing factors
remain balance sheet stabilisation and a recovery in transaction markets.

Reiterate BUY with a new EUR 0.80 PT (old: EUR 1.00) based on our NAV model.


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https://eqs-cockpit.com/c/fncls.ssp?u=bf1917294b8f8876bf6f1e28e40e3d01
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Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2294918 20.03.2026 CET/CEST

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