alstria office REIT (AOX) Q3 2025 earnings summary

Executive summary

• Headquarters migration to Luxembourg is underway, with operations transferred to alstria advisor and a €3.2 million extraordinary charge related to the move.

• Operational activities were spun off into alstria advisors GmbH, changing the group structure and limiting comparability with prior periods.

• Portfolio comprises 104 assets with a total lettable area of 1.39 million sqm and an average occupancy rate of 79% as of September 30, 2025.

• New leases signed for 83,000 sqm and renewals/options for 125,800 sqm year-to-date 2025.

• Refurbishment projects underway with a total market value of €365 million and 120,300 sqm in various phases.

Financial highlights

• Revenue for the first nine months of 2025 reached €146.2 million, on track for €192 million full-year guidance.

• FFO expected to be €52 million at year-end, with the decline mainly due to higher interest rates as legacy loans are replaced.

• Consolidated profit was €98.9 million, a significant turnaround from a €154.6 million loss in 9M 2024, mainly due to tax effects.

• Equity position improved by nearly €100 million, driven by net income and a €58 million reduction in fair tax liability due to lower German tax rates.

• Net financial debt stable at €2.4 billion.

Outlook and guidance

• Full-year revenue guidance confirmed at €192 million and FFO at €52 million.

• Expectation of increased investment market activity in 2026, normalization in 2027–2028.

• The group’s long-term strategy remains unchanged despite legal and structural changes.

• Leasing market remains active, with large tenants returning and letting results expected to improve further by year-end.