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Adler Group (ADJ) investor relations material
Adler Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed major disposals of BCP and NRW portfolios, generating €219.3m and €422.5m in proceeds, with cash used for debt repayment and liquidity preservation.
Core rental portfolio now focused on Berlin, with 17,610–17,772 units and strong like-for-like rental growth of 3.4% and low vacancy rates (1.6–2.0%).
Project development valuations declined by 15.5% due to rising construction costs and weak transaction markets.
Comprehensive refinancing and recapitalisation completed, extending debt maturities and improving liquidity.
Net rental income and EBITDA declined year-over-year due to disposals, but operational metrics like NOI margin and average rent improved.
Financial highlights
Net rental income for H1 2025 was €68–68.2m, down from €103.4m year-over-year, mainly due to disposals.
Adjusted EBITDA from rental activities reached €40–40.5m; total adjusted EBITDA negative due to development losses.
Net loss for H1 2025 was (€381–381.3m), improved from (€507–507.4m) in H1 2024.
Group equity at €1.0bn; LTV at 72.1% as of June 2025.
Cash position stable at €285m at quarter end.
Outlook and guidance
Net rental income for 2025 expected in the range of €127–135m, reflecting the smaller portfolio post-disposals.
Rental growth expected to remain at sustainable levels around 3% annually.
No material capital market debt maturities before 2028; focus on asset disposals and liquidity preservation.
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