ESPG Publishes Consolidated Financial Statements for 2023: Performance in a Challenging Market

Cologne, 25 June 2024: The European Science Park Group (ESPG) has released its consolidated financial statements for 2023. Despite the tough market conditions, ESPG's Science Park portfolio demonstrated stable valuation, with a slight increase in value to EUR 228.6 million. The company met its bond LTV covenant.

Significant growth in operating income was achieved through vacancy reduction and rent hikes. Operating income reached EUR 15.7 million, a 25% rise from the previous year, driven largely by new lettings and inflation adjustments. Notable new tenants included the German Aerospace Centre (DLR) and Alaxo.

However, consolidated net income was negative at EUR -7.0 million, impacted by higher financing costs and the absence of positive valuation effects. EBIT dropped sharply to EUR 3.9 million, attributed to high one-off costs and a lack of portfolio revaluations.

Looking ahead, ESPG aims to maintain stable business performance in 2024, despite ongoing market challenges. The company continues to reduce vacancy rates and attract innovative tenants, underscoring its market strength in science parks.