Adler Group S.A. concludes 2025 within its guidance, demonstrating strong performance in the rental business and progress with development disposals

Adler Group S.A. concludes 2025 within its guidance, demonstrating strong performance in the rental business and progress with development disposals

• Berlin rental portfolio with 3.6% like-for-like rental growth and 1.3% operational vacancy
• Positive revaluation of the yielding asset portfolio driven by realised rental growth
• FY 2025 net rental income guidance met with €132m
• FY 2026 net rental income guidance in the range of €124m-129m
• Successful disposals of eight development projects of which seven have already closed
• Continued progress on debt redemption
• No capital market indebtedness due before end of 2028

Luxembourg, 1 April 2026 – Adler Group S.A. (“Adler Group”) today published its results for the fiscal year 2025 together with its audited annual report. This is a month earlier compared to FY 2024.

“Following a transformative 2024, Adler Group has delivered a year of disciplined execution in 2025. With substantial development disposals completed and our portfolio now entirely concentrated on Berlin, we have sharpened our strategic focus. The strong operational performance of our rental business, including 3.6% like-for-like rental growth, 1.3% vacancy and a positive revaluation of our yielding assets, underlines the resilience and attractiveness of our core market”, says Dr. Karl Reinitzhuber, member of the Board of Directors and CEO of Adler Group

“The financial profile of Adler Group has further stabilised in 2025. Net rental income reached €132 million and met our guidance. We continued to reduce leverage using disposal proceeds. With 97% of our financial debt maturing in 2028 or beyond and no capital market indebtedness before then, we now operate on a sound and predictable capital structure” says Thorsten Arsan, member of the Board of Directors and CFO of Adler Group

Rental business – strong portfolio performance in FY 2025

Net rental income came in well within the guidance of €127-135m at €132m in FY 2025. This is a decrease from €208m in FY 2024, primarily due to successful disposals of Adler’s majority stake in Brack Capital Properties N.V. (BCP) and the North Rhine-Westphalia (NRW) “Cosmopolitan portfolio”, both completed in early 2025. Post the successful disposals, the company’s focus lies on the residential portfolio in Berlin, an attractive market with strong fundamentals and substantial embedded potential. The remaining core portfolio showed healthy rental growth. For 2026, Adler Group expects to generate net rental income in the range of €124-129m.

By year-end 2025, the rental portfolio amounted to 17,504 units, of which 17,455 units are located in the Berlin area.

The average residential rent increased from €8.29/sqm/month as per December 2024 to €8.61/sqm/month as per December 2025. The like-for-like rental growth amounted to 3.6%, in line with expectations. The operational vacancy rate remained at a very low level of 1.3%.

Following a modest valuation gain of +0.4% in H1 2025, the yielding assets recorded another slight positive valuation of +0.6% in H2 2025, mainly driven by the rental growth. The rental portfolio value amounts to €3.5bn as per December 2025.

Disposal Update – progress with disposals

To fully concentrate on the rental portfolio in Berlin, it remains the key priority to dispose of all upfront sale development projects and to complete and hand over the few remaining forward sale projects, both intended until the end of 2026.

The disposal of ‘UpperNord Tower’ in Düsseldorf, which was signed in April 2025, closed in December 2025. In Q4 2025, the disposals of ‘Benrather Gärten’ in Düsseldorf, ‘Holsten Quartier’ in Hamburg and ‘Kaiserlei Quartier’ in Offenbach were successfully signed, with all three transactions closing in Q1 2026.

In addition, Berlin yielding asset disposals included ‘Parkhaus Loschwitzer Weg’, signed in February 2024 and closed in December 2025, as well as ‘Kornversuchsspeicher’ and ‘Hedemannstrasse’, both signed in December 2025 and closed in March 2026.

Net proceeds from these disposals have been applied or are intended to be applied to further reduce leverage via partial redemptions of the 1L New Money Facility.

Financial performance – lower rental income and earnings as a result of a smaller portfolio

The income from operating activities amounted to minus €250m in FY 2025 (previous year: minus €881m) as it was negatively affected by the result from the project development business including development asset revaluation, the latter however to a lesser extent compared to last year. The Adjusted EBITDA from rental activities amounted to €72m, down from €112m in the previous year as a result of the BCP and NRW portfolio sales.

The net result of minus €526m (previous year: plus €793m) was negatively impacted by interest expenses and one-off effects such as the refinancing of the 1L and 1.5L facilities in early 2025. The prior year’s net result was significantly impacted by the company‘s recapitalisation with the conversion of certain financial instruments into equity concluded in September 2024, which resulted in a positive extraordinary net finance income of c. €1.8bn.

Capital structure – sound basis following recent measures

Following the early redemption of the remaining Adler Real Estate notes on 16 March 2026, the company does not face any maturities of capital market indebtedness before the end of 2028 with 97% of the total financial debt maturing in 2028 or beyond.

The company’s loan-to-value (LTV) stood at 76.3% as per December 2025. At year-end 2025, Adler Group had cash and cash equivalents of €214m.

For definitions of the Alternative Performance Measures please see the relevant section on the pages 38-41 of the financial statements for FY 2025 which are available on the Company's website: https://www.adler-group.com/en/investors/publications/financial-results

Webcast

A webcast for analysts and investors will be held today, 1 April 2026, at 10:00am CEST / 09:00am BST. The webcast is available at the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=61eP6X0M

Contact
Investor Relations:
T +352 203 342 10
E investorrelations@adler-group.com