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Aroundtown
Aroundtown (AT1) investor relations material
Aroundtown Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Mar, 2026
Executive summary
Achieved FY 2025 guidance with stable operational performance, strong liquidity of €4bn including €0.9bn undrawn RCF, and resumption of dividend for 2025 after three years, reflecting improved market and financial conditions.
Launched a voluntary share-for-share tender offer for Grand City Properties (GCP), aiming to increase stake and consolidate resilient residential cash flows.
Share buyback program of €250m launched for 2026, with expected total shareholder return over €330m.
Portfolio highly diversified across residential, hotel, office, and development assets in Germany, the Netherlands, and London.
Affirmed S&P investment grade credit rating (BBB/Stable) in Dec 2025.
Financial highlights
Net rental income for 2025 was €1,183m, stable year-over-year, with 3% like-for-like rental growth offsetting disposals.
Adjusted EBITDA nearly €1bn, down less than 1% from 2024.
FFO I at €288m, down from €316m in 2024, mainly due to higher finance expenses.
EPRA NTA per share rose 5% to €7.8; EPRA LTV reduced by 2% to 58%.
Profit for the year reached €1,127.9m, up from €309.3m in 2024, aided by one-time deferred tax income.
Liquidity increased to €4bn plus €900m in unused credit lines.
Outlook and guidance
FY 2026 FFO I guidance: €250–280m (or €0.24–0.27 per share), reflecting full-year impact of 2025 disposals and refinancing.
Dividend policy updated to 50% of FFO I payout from 2026 onward; dividend per share: €0.120–0.135.
Share buyback program of €250m for 2026 expected to boost FFO I per share by ~7%.
Like-for-like rental income growth expected at 2–3% for 2026.
Positive drivers: rent increases, acquisitions, cost efficiency, lower perpetual note coupons, share buyback; negative drivers: full-year impact of 2025 disposals, expected 2026 disposals, refinancing above current cost of debt.
Data center funding strategy and timeline
Office-to-residential conversion progress
Refinancing strategy impact on future cost
Quantify office conversion pipeline & FFO upside
How does share buyback compare to acquisitions?
Explain hotel valuation vs. future rent upside
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Next Aroundtown earnings date
Q1 202627 May, 2026
Aroundtown
Next Aroundtown earnings date
Q1 202627 May, 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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