Noratis AG Reports First Half 2024 Figures

Noratis AG, a key player in Germany's residential real estate market, has released its financial results for the first half of 2024. The company reported an earnings before interest and taxes (EBIT) of EUR -17.2 million, a sharp decline from EUR 2.6 million in the same period in 2023. Earnings before taxes (EBT) also dropped significantly to EUR -24.9 million from EUR -4.4 million last year.

The downturn is attributed to non-cash write-downs amounting to EUR 19.6 million, along with decreased property sales due to market conditions. Only 68 units were sold, compared to 176 units the previous year. Despite a reduced property portfolio, rental income rose to EUR 16.0 million from EUR 15.6 million.

Naturally, revising strategies is crucial. On October 8, 2024, Noratis will hold its second bondholders' meeting to discuss extending the 2020/2025 bond maturity until December 31, 2028, and other related strategies. This extension aims to provide more flexibility for future real estate sales and capital increases.