DGAP-News: Gateway Real Estate generated EBIT adjusted of EUR 32.2 million in the first nine months 2020

Gateway Real Estate generated EBIT adjusted of EUR 32.2 million in the first nine months 2020

• EBIT adjusted rose to EUR 32.2 million in the first nine months 2020 (9M 2019: EUR 48.7 million)
• Earnings before taxes (EBT) amounted to EUR 12.9 million in 9M 2020 (9M 2019: EUR 22.0 million)
• Confirmed forecast of EBIT adjusted of more than EUR 137 million and earnings before taxes (EBT) of more than EUR 110 Mio. Million for fiscal year 2020
• Current GDV (gross development volume) amounted to approximately EUR 5.4 billion

Frankfurt am Main, 13 November 2020. Gateway Real Estate AG (WKN A0JJTG / ISIN DE000A0JJTG7), one of Germany's leading listed developers of commercial and residential real estate, is satisfied with the development in the first nine months despite the situation caused by covid-19 pandemic. The company generated an EBIT adjusted of EUR 32.2 million in the first nine months 2020 (9M 2019: EUR 48.7 million). Earnings before taxes (EBT) in the first nine months 2020 amounted to EUR 12.9 million (9M 2019: EUR 22.0 million). GDV (gross development volume) amounted to approximately EUR 5.4 billion at the end of September 2020.

The company confirms the forecast for fiscal year 2020, which was issued on October 28, 2020. The Management Board unchanged expects EBIT adjusted of more than EUR 137 million (previous year: EUR 158.9 million) and earnings before taxes (EBT) of more than EUR 110 million (previous year: EUR 131.8 million).

Tobias Meibom, CFO of Gateway Real Estate AG, comments: "The 9M 2020 results demonstrates, that our company is able to generate solid figures despite the current economic conditions. Despite the COVID-19 pandemic, we unchanged do not see any negative impact on the standing assets and the projects that are in the realization phase are progressing as planned at the moment. In the course of our extended corporate strategy (build-to-hold), we strive after the increased development of residential real estate for long-term holding and administration to generate sustainable earnings."

About Gateway Real Estate

Gateway Real Estate AG is a leading listed developer of commercial and residential real estate in Germany (WKN: A0JJTG / ISIN: DE000A0JJJTG7). The company has a broadly diversified portfolio, excellent market access and a well-filled project pipeline. This way, the company achieves sustainable and profitable growth. The Group is currently developing real estate with an estimated gross development volume (GDV) of approximately EUR 5.4 billion.

Further information: https://gateway-re.de/en/

Contact

Sven Annutsch

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60549 Frankfurt am Main

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E-Mail: [email protected]