Coreo Aktie: Sharper Fall Despite Positive Annual Development

The Coreo share lost around 7% on Tuesday after it became known that the real estate company failed to meet its own earnings target in 2022.

In the annual report for the past year, which was published in the evening, the company announced adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 45 million euros. This was less than the EUR 48-52 million that Coreo had forecast for itself in the summer of 2022. As a result, the net profit fell by a good half to 28.5 million euros.

Despite the missed target, Coreo shares ended 2022 at EUR 22.80, up 8.4% on the year. However, since the turn of the year, the share has been moving south and was quoted at EUR 20.20 on Tuesday afternoon.

In view of the high inflation rates and rising interest rates, the real estate sector as a whole had to contend with a more difficult environment in 2022. Coreo also suffered from this development, especially in the office segment. The vacancy rate in the existing portfolio increased by 1.9 percentage points to 20.2%.

For 2023, Coreo is assuming stable revenues and a slight increase in adjusted EBITDA. However, earnings will be impacted by higher financing costs and investments made. In addition, the company announced that it would invest around 200 million euros in the expansion of its logistics portfolio over the next two to three years.