Assets
Consolidated Balance Sheet Structure
Consolidated Balance Sheet Structure | |||||||||
Dec. 31, 2025 | Jun. 30, 2026 | ||||||||
in € million | in % | in € million | in % | ||||||
Non-current assets | 86,393.9 | 92.6 | 87,370.7 | 93.8 | |||||
Current assets | 6,861.4 | 7.4 | 5,741.4 | 6.2 | |||||
Total assets | 93,255.3 | 100.0 | 93,112.1 | 100.0 | |||||
Equity | 32,167.7 | 34.5 | 31,897.9 | 34.3 | |||||
Non-current liabilities | 54,656.9 | 58.6 | 54,759.8 | 58.8 | |||||
Current liabilities | 6,430.7 | 6.9 | 6,454.4 | 6.9 | |||||
Total equity and liabilities | 93,255.3 | 100.0 | 93,112.1 | 100.0 | |||||
The Group’s total assets fell from € 93,255.3 million as of December 31, 2025, by € 143.2 million to € 93,112.1 million as of June 30, 2026.
The main development in non-current assets is the increase in investment properties of € 868.3 million. This is due in particular to net income from fair value adjustments of investment properties of € 848.1 million. Modernization expenses of € 509.1 million were also capitalized. In particular, reclassifications to real estate inventories and to assets held for sale totaling € 437.6 million, as well as disposals of € 70.2 million, reduced the carrying amount.
The transactions with Apollo Capital Management L.P. relating to the disposal of shares in the Südewo portfolio of residential properties in Baden-Württemberg and a portfolio in northern Germany in the 2023 fiscal year gave rise to call options on these shares. These options were remeasured as of June 30, 2026, resulting in a valuation of € 623.0 million. The adjustment affecting net income resulted in an expense of € 48.0 million in the first half of 2026 due to an increased cost of capital.
The drop in current assets can be explained by lower cash and cash equivalents, which fell by € 1,402.7 million. Other changes related to the increase in real estate inventories (€ 235.3 million) and in assets held for sale (€ 92.4 million).
On June 30, 2026, goodwill comprised 1.5% of total assets (December 31, 2025: 1.5%).
Total equity fell from € 32,167.7 million as of December 31, 2025, by € 269.8 million to € 31,897.9 million as of June 30, 2026. Key factors influencing this development in particular included the profit for the period of € 1,065.3 million and the other comprehensive income of € -105.8 million. The latter was particularly influenced by currency effects of € -125.8 million. The cash dividend distribution totaling € 1,060.5 million reduced total equity.
The equity ratio stood at 34.3% as of June 30, 2026 (December 31, 2025: 34.5%).
As against December 31, 2025, liabilities increased from € 61,087.6 million by € 126.6 million to € 61,214.2 million as of June 30, 2026. The total of non-current non-derivative financial liabilities dropped from € 38,302.9 million by € 235.1 million to € 38,067.8 million. Current non-derivative financial liabilities fell from € 4,327.4 million by € 161.6 million to € 4,165.8 million.
Deferred tax liabilities increased from € 14,104.9 million on December 31, 2025, by € 381.5 million to € 14,486.4 million as of June 30, 2026.