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Aroundtown (AT1) investor relations material
Aroundtown Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Portfolio performed well in the first nine months of 2025, with 56% in residential and hotels showing strong operational results and 38% in offices remaining stable despite economic headwinds.
Achieved stable net rental income of €886m for 9M 2025, flat year-over-year, with total revenue at €1,145m, slightly down from €1,158m in 9M 2024.
Operating profit surged to €1,104m from €98m, driven by positive property revaluations and capital gains of €384m versus a loss of €591m last year.
Profit for the period reached €882m, reversing a loss of €154m in 9M 2024; basic EPS at €0.49.
Portfolio focused on quality income-generating assets in top-tier European cities, mainly Germany, Netherlands, and London.
Financial highlights
Net rental income reached EUR 886 million, up slightly year-over-year, driven by 3.1% like-for-like rental growth.
Adjusted EBITDA was EUR 715 million, down 1% year-over-year; FFO1 was EUR 221 million, down from EUR 236 million, mainly due to higher perpetual note attribution and lower JV contributions.
EPRA NTA per share rose 5% to EUR 7.8; liquidity stood at EUR 2.7 billion after EUR 1.1 billion gross debt reduction.
Profit for the period was EUR 882 million, reversing a loss of EUR 154 million in the prior year, aided by a one-time deferred tax income.
€2.5bn of debt repaid and €2.3bn raised YTD, maintaining a conservative debt profile.
Outlook and guidance
FFO1 guidance for 2025 reaffirmed at EUR 280–310 million (EUR 0.26–0.28 per share), with positive impacts from rental growth and hotel repositionings, offset by disposals and higher perpetual note coupons.
Perpetual note coupon payments expected to reduce materially by EUR 50 million annually going forward.
2026 guidance to be provided with full-year 2025 results; main drivers will be internal growth and finance expense increases from refinancing.
Positive drivers include conservative rent increases and cost efficiency; negative drivers are full-year impact of disposals and higher perpetual coupon payments.
Quantify perpetual notes coupon reduction
Reason for S&P credit rating downgrade
Future disposal strategy to meet S&P expectations
How will 2026 hybrid refinancing affect FFO1?
Office conversion strategy and Bauturbo impact
Data center strategy: securing energy capacity
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Next Aroundtown earnings date
Q4 202525 Mar, 2026
Next Aroundtown earnings date
Q4 202525 Mar, 2026
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Frequently asked questions
One of the leading real estate investors in Europe
Aroundtown SA is a real estate investment company based in Luxembourg, focused on acquiring, managing, and developing commercial and residential properties in Germany and the Netherlands. The company was founded in 2004 and has since become one of the leading real estate investment companies in Europe.
The business model
Aroundtown's business model is based on acquiring and managing high-quality properties in prime locations across Germany and the Netherlands. The company's portfolio includes a wide range of properties, including office buildings, hotels, logistics centers, and residential properties. Aroundtown also focuses on developing and repositioning properties to enhance their value and generate attractive returns for its investors.
How Aroundtown makes money
Aroundtown generates revenue primarily through rental income from its portfolio of properties, as well as through capital gains from the sale of properties. The company's strong focus on acquiring and managing high-quality properties in prime locations has helped it to maintain a strong market position and attract a loyal investor base.
Competitors
Some competitors of Aroundtown in the real estate investment industry include Vonovia and LEG Immobilien.
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