Adler Group (ADJ) Q2 2026 earnings summary

Executive summary

• Asset disposals in Q2 and H1 2026, including Berlin condominiums, development projects, and non-core assets, enabled significant debt repayments and portfolio optimization.

• The Berlin-anchored yielding portfolio maintained strong operational performance with low vacancy, rental growth, and ongoing cost-cutting and digitalization initiatives.

• Portfolio gross asset value (GAV) stable at EUR 3.5 billion as of June 2026, with positive revaluation effects and selective disposals.

Financial highlights

• Net rental income for H1 2026 was EUR 63.1 million, down year-over-year due to disposals, but partly offset by rent increases.

• Adjusted EBITDA from rental activities for H1 2026 was EUR 37.2 million; total adjusted EBITDA was EUR 28.8 million.

• FFO 1 for H1 2026 was negative EUR 39.8 million; FFO 2 was negative EUR 98.5 million.

• Group equity stands at EUR 0.7 billion; cash position at EUR 155 million at quarter-end.

• GAV of yielding portfolio stable at EUR 3.5 billion; total GAV at EUR 3.9 billion.

Outlook and guidance

• Full-year 2026 net rental income guidance confirmed at EUR 124–129 million.

• Like-for-like rental growth expected above 3.5% for 2026, supported by Mietspiegel uplift and ongoing rent increases.

• Continued focus on liquidity management, deleveraging, and evaluation of Berlin portfolio options with advisor Evercore.

• No FFO 1 guidance provided due to ongoing restructuring and liquidity focus.