Aroundtown (AT1) Q1 2026 earnings summary

Executive summary

• Q1 2026 began with strong accretive transactions, including an increased stake in GCP to 81.5% and a nearly completed €250M share buyback program, supporting earnings and capital recycling.

• Net rental income rose 1% year-over-year to €297M, with adjusted EBITDA stable at €250M; FFO I was €70M, down 8% due to higher finance expenses but in line with guidance.

• Portfolio remains diversified across office, residential, and hotel assets, with 89% located in Germany, the Netherlands, and London; living assets now 53% of the portfolio.

• Profit for the period was €119M, down from €319M in Q1 2025, mainly due to the absence of property revaluations.

• Proactive refinancing actions and perpetual note management have secured liquidity and insulated from immediate macroeconomic volatility.

Financial highlights

• Net rental income: €297M (+1% YoY); Adjusted EBITDA: €250M (flat YoY); FFO I: €70M (-8% YoY); EPRA NTA per share: €8.0 (+3% vs Dec 2025).

• Portfolio value: €25.1B; total assets: €34.1B; annualized recurring rental income: €1.15B; rental yield: 5%.

• Liquidity: €4.1B plus €1B undrawn credit lines; LTV: 42%; ICR: 3.4x; net debt/EBITDA: 11x; cost of debt: 2.3%.

• EPRA vacancy: 7.5%; WALT: 7.3 years; in-place rent: €11.7/sqm; unencumbered assets: 69% by rent.

• Total equity: €15.2B, equity ratio: 45%; basic EPS: €0.05, down from €0.20 YoY.

Outlook and guidance

• 2026 FFO I guidance raised to €275M–€305M, with per share guidance at €0.24–€0.27, reflecting increased GCP stake and share buyback.

• Dividend payout policy updated to 50% of FFO I per share from 2026 onward.

• Like-for-like rental income growth expected at 2–3% for 2026.

• No near-term refinancing needs; next perpetual note call dates in 2029 (AT) and 2031 (GCP).

• Management remains cautious on refinancing costs due to market volatility.