Aroundtown (AT1) Q2 2026 earnings summary

Executive summary

• Delivered stable operational and financial performance in H1 2026, with net rental income at €591 million and adjusted EBITDA at €500 million, supported by 2.7% like-for-like rental growth.

• Profit for the period declined to €218 million, mainly due to lower property revaluations and higher finance expenses.

• Portfolio diversification (residential and hotel: 53%) and disciplined capital allocation, including capital recycling, share buybacks, and resumed dividends, drove €340 million in shareholder returns.

• Increased stake in GCP to up to 84%, enhancing exposure to residential assets and supporting FFO I.

• Maintained strong liquidity and proactive refinancing, extending debt maturities and reducing near-term refinancing risk.

Financial highlights

• Net rental income: €591 million, stable year-over-year, with 2.7% like-for-like rental growth.

• Adjusted EBITDA: €500 million, unchanged year-over-year.

• FFO I: €144 million, down 4% year-over-year due to higher finance expenses; FFO I per share at €0.13.

• EPRA NTA per share: €8.0, up 3% from December 2025, driven by profits and share buybacks.

• Profit for the period: €218 million, down from €578 million in H1 2025; basic EPS at €0.08.

Outlook and guidance

• FY 2026 FFO I guidance: €275–305 million (per share: €0.24–0.27); dividend per share: €0.12–0.135, with payout policy set at 50% of FFO I per share.

• Like-for-like rental income growth expected at 2–3% for the full year.

• Increased GCP stake expected to support higher FFO I base going forward.

• Conversion and refurbishment pipeline expected to yield over 10% on capex and generate €55 million rental upside by 2030.

• FFO I per share growth expected from 2029 as refinancing headwinds subside.