Demire: Guidance up, but the reason is not positive; chg. - NuWays AG Research

DMRE Q2 results arrived slightly ahead of estimates. Notably, management raised the FY outlook, however not for operational reasons but for postponed disposal progress. In detail: Q2 rental income declined 16.9% yoy to € 11.5m (eNuW: € 11.0m), driven by disposals (eNuW: c. € 1.6m impact) and a 4.2pp yoy vacancy increase to 21.5% (eNuW: € 0.7m). Sequentially, however, the decline was a mere 1.1%, as the Neumünster.

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