European Science Park Group (ESPG AG), a real estate company specializing in science parks, achieved positive Group Earnings in 2025 for the first time since 2022, reporting EUR 0.5 million under IFRS. The company attributed the turnaround to reduced financing costs and stable operational performance, despite a persistently challenging market environment.
Adjusted Gross Rental Income remained stable at EUR 15.9 million, compared to EUR 16.4 million in 2024. Equity increased to EUR 83.1 million from EUR 79.5 million, a rise of approximately 4.6%, while the loan-to-value ratio (LTV) stood at 58.3%, up slightly from 57.3% the previous year. The real estate portfolio value held steady at EUR 214.5 million, underscoring the resilience of its science park assets.
“After two challenging years, we have achieved a financial turnaround. Both the significant relief on the interest side and the stable operational performance have contributed to ESPG not only reaching break-even in the first half of 2025 but also reporting a balanced Group result for the full year,” said Ralf Nocker, Member of the Management Board of ESPG AG, in the announcement.
The reported figures are adjusted for significant one-off effects, including a EUR 2.8 million penalty payment from a tenant and restructuring expenses of approximately EUR 0.9 million. Comparative 2024 figures are presented on a pro forma basis. Audit certification is expected in the third quarter of 2026.
Looking ahead, ESPG expects higher vacancy levels in early 2026 due to tenant departures in the fourth quarter of 2025, which will require increased investment. However, progress in pre-letting vacant space and new lease agreements with companies such as Silicon Labs and Helmsauer, along with additional lettings in Science Park Ulm, position the company for further growth. ESPG anticipates concluding leases covering several thousand square meters in the near future.
The 2024 financial report is available on the company’s website at https://espg.space/investor_relations/financial-statements/.
This positive earnings report marks a significant recovery for ESPG after two years of losses, demonstrating that its focus on science parks within established clusters offers stability and value even in volatile markets. The company’s strengthened balance sheet and improved earnings metrics suggest a solid foundation for navigating near-term challenges and capitalizing on value enhancement opportunities.
