alstria office REIT (AOX) Q2 2026 earnings summary

Executive summary

• Revenues for H1 2026 were EUR 95.1 million, down 2.3% year-over-year, reflecting stable operations despite lease terminations and property sales.

• FFO after minorities rose 37.0% to EUR 39.4 million, driven by reduced financing costs from hedging activities.

• Equity increased by 1.8% to EUR 1,687 million, supported by profit generation and positive hedging reserve movement.

• Portfolio comprised 103 assets valued at EUR 4.3 billion, with a lettable area of 1.4 million m² and contractual rent of EUR 199 million.

• Legal transformation included migration to Luxembourg and deconsolidation of alstria advisors, impacting SG&A and expense structure.

Financial highlights

• Gross rental income for H1 2026 was EUR 95.1 million, down from EUR 97.4 million year-over-year.

• FFO margin improved to 41.4% from 29.5% year-over-year.

• SG&A expenses rose to EUR 17.1 million, but underlying costs remained stable after structural changes.

• Net financial debt stable at EUR 2,460.1 million.

• Cash and cash equivalents stood at EUR 143.3 million, with total available liquidity of EUR 343.3 million.

Outlook and guidance

• Full-year 2026 revenue guidance confirmed at EUR 192 million.

• FFO guidance for FY 2026 raised from EUR 53 million to EUR 74 million, mainly due to interest hedging.

• Expectation to perform in line with guidance for the remainder of the year.

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