European Science Park Group (ESPG AG), a real estate company specializing in science parks, has published its audited consolidated financial statements for the 2025 financial year, revealing a clearly positive annual result. The company reported Group earnings of EUR 2.3 million, a significant improvement from the EUR -24.8 million loss in 2024. EBIT rose to EUR 9.5 million, compared with a negative EUR -11.2 million in the previous year. The financial statements received an unqualified audit opinion, confirming their accuracy.
The turnaround follows a financial reorganisation that has positioned the company for growth. “The published financial figures show that we were able to continue on the course we have pursued over the past two years and achieve a positive result. Following the financial reorganisation, we are now once again in a position to act from a solid foundation and drive our projects forward in a targeted manner,” said Ralf Nocker, Member of the Management Board of ESPG AG.
Key operational metrics also improved. Income from property management rose to EUR 18.0 million, up from EUR 16.4 million in 2024, while the result from property management increased to EUR 11.6 million from EUR 7.3 million. The company noted a one-off effect from the termination of a larger lease agreement that contributed positively to earnings. Excluding this effect, Group earnings were EUR 0.7 million.
Cash and cash equivalents more than doubled to EUR 4.7 million at year-end 2025, compared with EUR 2.3 million in 2024. Equity stood at EUR 83.7 million, slightly above the prior year’s EUR 79.5 million, taking into account the financial reorganisation. The loan-to-value (LTV) ratio remained stable at 57.4%, down from 58.6% in 2024, indicating strong financial stability.
“With an LTV of 57.4%, ESPG AG has a high degree of financial stability. This gives us flexibility for further investments in our science parks in order to continue developing our property portfolio in a targeted manner. At the same time, we are in discussions regarding the extension of existing loans and the acquisition of additional loans on sustainable terms in order to advance the further development of the portfolio on a reliable financing basis,” said Christian Fendel, Director of Finance of ESPG AG.
As of 31 December 2025, the portfolio comprised 16 science parks valued at approximately EUR 215 million. The company continues to focus on attracting tenants from research-driven sectors such as life sciences, green technologies, and digital transformation. Management sees further potential for development, particularly in reducing vacancies and implementing maintenance and modernisation measures. The company has already classified one property as held for sale as part of its portfolio optimisation.
The audited 2025 consolidated financial statements are available for download on ESPG AG’s website at https://espg.space/investor_relations/financial-statements/.
