alstria office REIT (AOX) investor relations material

Executive summary

• FY2025 marked a transition with a move from REIT to private structure, delisting, and headquarters relocation to Luxembourg, alongside a completed corporate reorganization and spin-off of operating activities.

• Revenues reached EUR 195.1 million, down 1.7% year-over-year, with FFO at EUR 57.6 million, down 18.9% year-over-year, mainly due to higher financing costs.

• Net profit was EUR 138.5 million, a turnaround from a EUR -104.5 million loss in the prior year, driven by operational performance and positive portfolio valuation.

• Leasing volume surged 49% to 236,100 sqm, with new leases more than doubling year-over-year.

• Four non-strategic assets were disposed of at book value.

Financial highlights

• Portfolio valuation stabilized and increased to EUR 4,249 million, reflecting ongoing investments and positive market movement.

• Gross rental income declined 1.7% to EUR 195.1 million, exceeding some guidance due to strong leasing.

• Funds from operations declined, mainly due to higher interest rates and refinancing costs.

• Net financial debt increased to EUR 2,450 million.

• Cash and cash equivalents at year-end were EUR 315.1 million.

Outlook and guidance

• FY2026 guidance: revenues of EUR 192 million and FFO of EUR 53 million, reflecting planned disposals and lease terminations.

• Gradual improvement expected in the investment market through 2027–2028, with leasing market already showing strong momentum for high-quality assets.