BREF’s Q3’26 bottom line fell 17.4% YoY as rent revenue declined on Kambanite disposal (NEUTRAL)
30.10.2026
Source: BREF; FFBH
BREF reported Q3’26 rent revenue of EUR 1.6m (-10.8% YoY). Note, that the decline is due to base effects from the sale of Kambanite Green Offices in June 2026. Total OPEX advanced 3.1% YoY to EUR 800k as management fees increased 47.7% YoY to EUR 288k. Consequently, the bottom line came at EUR 805k (EPS of EUR 0.02; -17.4% YoY).
9m 2026 revenue reached EUR 25.0m with EUR 19.8m of it being from asset disposals. Rents came in 1.5% higher at EUR 5.1m. OPEX amounted to EUR 20.5m with EUR 16.8m representing the book value of the sold properties. This resulted in net income of EUR 4.5m (EPS of EUR 0.13) or 64.7% YoY higher.
On the balance sheet, IB debt kept declining and reached EUR 5.9m (6.7% of total assets) from EUR 6.7m in the beginning of the year. The company finished the quarter with EUR 17.8m of cash and equivalents on its balance sheet. However, on 5 October, the shareholders approved the distribution of EUR 7.8m as extraordinary dividend.