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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.
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Q2 2025 earnings summary28 Aug, 2025

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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Frequently asked questions

Adler Group S.A. is a Luxembourg-based real estate holding company primarily operating in Germany. The company specializes in the management and development of income-producing, multi-family residential properties. The company operates through two main segments: Residential property management and development. The management segment focuses on renting and managing residential properties, optimizing rental income, and handling tenancy agreements. The development segment is divided into build-to-sell and build-to-hold projects, aiming to develop residential properties throughout Germany. The company is headquartered in Senningerberg, Luxembourg, and its shares are listed on the Frankfurt Stock Exchange.

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