Adler Group (ADJ) investor relations material

Executive summary

• Significant progress on asset disposals, including major development and yielding projects, supporting liquidity and debt reduction, with the portfolio now almost entirely Berlin-based and 17,455–17,504 units.

• Strong operational performance in the Berlin rental portfolio, with low vacancy and solid rental growth, and a sharpened strategic focus on Berlin residential assets.

• FY 2025 results delivered within guidance, with net rental income of €132m and adjusted EBITDA Rental of €72m.

• Significant deleveraging progress, with most 2026 maturities addressed and no capital market debt maturing before end of 2028.

• Board is reviewing strategic options for the Berlin residential portfolio with Evercore as advisor.

Financial highlights

• Net rental income for FY 2025 was €132m, within guidance of €127–135m, but down from €208m in FY 2024 due to disposals.

• Adjusted EBITDA from rental activities reached €72m, with a slightly higher margin than last year, but total adjusted EBITDA was (€6m) and FFO 1 was (€68m).

• Group equity stands at €0.9bn; cash position at year-end was €214m.

• GAV of yielding portfolio stable at €3.5bn; total GAV at €4bn, down from €4.2bn in September 2025.

• Like-for-like rental growth was 3.6% year-over-year; average residential rent increased to €8.61/sqm/month.

Outlook and guidance

• FY 2026 net rental income expected in the range of €124–129m, reflecting ongoing disposals.

• Rental growth above 3% anticipated for 2026, with further tailwind expected from new Mietspiegel in 2026 and 2027.

• Focus remains on disposing of remaining development projects and completing forward sales by end of 2026.

• No bond maturities until 2028, providing strategic flexibility.

• Moderate improvement expected in the real estate market, but interest rate outlook remains uncertain.