alstria office REIT (AOX) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues were EUR 47.9 million, showing resilience but down 2.4% year-over-year due to lease terminations and property sales not fully offset by new leases and rent increases.

• FFO after minorities was EUR 17.6 million, down 1.9% year-over-year, reflecting robust cash generation despite lower rental income.

• Portfolio comprised 103 assets valued at EUR 4.3 billion, focused on large office centers in major German cities.

• Two non-core assets were sold for EUR 42.4 million, supporting the ongoing strategy of focusing on core markets.

• Equity position improved by 1.9% to EUR 1,689 million as of March 31, 2026.

Financial highlights

• Revenues reached EUR 47.9 million, down 2.4% year-over-year, with FFO margin at 36.8%.

• Net asset value (NAV) per share increased 1.9% to EUR 13.94, and EPRA NTA per share rose to EUR 14.08.

• Cash and cash equivalents stood at EUR 309.1 million at quarter-end, supporting financial flexibility.

• Net financial debt was EUR 2,455.5 million at quarter-end.

• Debt/(Debt + Equity) ratio improved to 59.2% as of March 31, 2026.

Outlook and guidance

• FY 2026 guidance confirmed with expected revenues of EUR 192 million and FFO of EUR 53 million.

• Management remains confident in the business outlook despite economic and geopolitical uncertainty.

• Market conditions remain challenging due to global energy crisis, inflation risks, and weak economic outlook.

• Investment market shows improved dynamics for assets below EUR 30 million.