EQS-News: Adler Group S.A. announces results for H1 2025 demonstrating strong performance in the rental business
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EQS-News: Adler Group S.A.
/ Key word(s): Half Year Results
Adler Group S.A. announces results for H1 2025 demonstrating strong performance in the rental business
Luxembourg, 28 August 2025 – Adler Group S.A. (“Adler Group”) today announces its results for the six-month period ending June 2025. Rental business – strong portfolio performance in H1 2025 Post the successful disposals of Adler’s 62.8% stake in Brack Capital Properties N.V. (BCP) and the “Cosmopolitan portfolio”, both completed in early 2025, the company’s focus lies on the residential portfolio in Berlin, an attractive market with strong fundamentals and substantial embedded potential. Considering the impact of these two disposals, net rental income in H1 2025 decreased from €103m in the previous year to €68m. The decrease was partly compensated by rent increases realised on the remaining assets. Adler Group confirms its 2025 net rental income guidance in the range of €127-135m. As per 30 June 2025, the rental portfolio amounted to 17,772 units, of which 17,610 units are located in the Berlin area. The average residential rent increased significantly from €7.65/sqm/month as per June 2024 to €8.45/sqm/month as per June 2025, largely driven by the overall quality improvement of the portfolio following the disposal of the NRW portfolio. The like-for-like rental growth amounted to 3.4%, in line with expectations. The vacancy rate remained at a low level of 1.6%. For H1 2025, a modest valuation gain of +0.4% was recorded following the semi-annual revaluation of yielding assets, mainly driven by the rental growth. The portfolio value amounts to €3.5bn as per June 2025. Project developments – divestments until end of 2026 In order to fully concentrate on the yielding 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 until the end of 2026. The disposals of the two Cologne-based projects CologneApart and Cologneo III were completed. The notarised sales of Eurohaus in Frankfurt and UpperNord Tower and Office in Düsseldorf are expected to close before the year-end. Furthermore, the negotiations with potential investors for the projects Holsten Quartier, The Wilhelm, Benrather Gärten, Offenbach Kaiserlei and Schwabenlandtower are in advanced stages. For the project Ostforum in Leipzig with a total rental area of 20,000 sqm for office, residential and retail, a long-term lease contract with the Big-Four audit company Deloitte was signed in August 2025. Deloitte will occupy around 8,000 sqm, more than two thirds of the available office space in the project. This is the biggest commercial lease in Leipzig so far in 2025. Financial performance – lower rental income and earnings as a result of a smaller portfolio The income from operating activities amounted to minus €215m in H1 2025 (previous year: minus €319m) as it was negatively affected by the result from the project development business and asset revaluation, the latter however to a lesser extent compared to last year. The Adjusted EBITDA from rental activities amounted to €40m, down from €60m in the previous year as a result of the BCP and NRW portfolio sales. The net result of minus €381m (previous year: minus €507m) was negatively impacted by interest expenses and one-off effects in relation to the refinancing of the 1L and 1.5L facilities. Capital structure – sound basis following recent measures In May 2025, Adler Group launched a cash tender offer to repurchase the outstanding €300m Adler Real Estate GmbH secured notes due on 27 April 2026. The total tendered amount was €285m. The existing 1L Facility was upsized in the amount needed to repay the tendered amount. With the successful refinancing of the bond completed in June 2025, the company now faces no material capital market indebtedness before the end of 2028. The loan-to-value (LTV) stood at 72.1% as per June 2025. At the end of Q2 2025, Adler Group had cash and cash equivalents of €285m. Webcast A webcast for analysts and investors will be held today, 28 August 2025, at 10:00am CEST / 09:00am BST. The webcast is available at the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=aNXukMT5
28.08.2025 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group. |
| Language: | English |
| Company: | Adler Group S.A. |
| 55 Allée Scheffer | |
| 2520 Luxembourg | |
| Luxemburg | |
| Phone: | +352 278 456 710 |
| Fax: | +352 203 015 00 |
| E-mail: | investorrelations@adler-group.com |
| Internet: | www.adler-group.com |
| ISIN: | LU1250154413 |
| WKN: | A14U78 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange |
| EQS News ID: | 2189658 |
| End of News | EQS News Service |
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2189658 28.08.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 156,52 | 758,74 | 1.143,73 | 734,47 | 445,08 | 392,19 | 0,00 | |
| EBITDA1,2 | 93,81 | 555,58 | 208,25 | 95,08 | 20,63 | 80,99 | 0,00 | |
| EBITDA-Margin3 | 59,94 | 73,22 | 18,21 | 12,95 | 4,64 | 20,65 | 0,00 | |
| EBIT1,4 | 613,92 | 544,28 | -640,97 | -1.272,05 | -1.463,99 | -880,81 | 0,00 | |
| EBIT-Margin5 | 392,23 | 71,74 | -56,04 | -173,19 | -328,93 | -224,59 | 0,00 | |
| Net Profit (Loss)1 | 606,92 | 229,46 | -1.165,01 | -1.674,85 | -1.809,83 | 789,97 | 0,00 | |
| Net-Margin6 | 387,76 | 30,24 | -101,86 | -228,04 | -406,63 | 201,43 | 0,00 | |
| Cashflow1,7 | 88,76 | 120,30 | -276,24 | -138,22 | -123,56 | -168,51 | 0,00 | |
| Earnings per share8 | 12,74 | 1,99 | -10,03 | -13,21 | -11,75 | 0,00 | -3,40 | |
| Dividend per share8 | 0,75 | 0,46 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: AVEGA Revision
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
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| Adler Group | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A14U78 | LU1250154413 | SA | 31,08 Mio € | 23.07.2015 | Verkaufen | 8FX8J49G+G5 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| -5,13 | 6,12 | -0,84 | -2,56 | 0,04 | -0,18 | 0,08 |
|
Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 25.06.2025 | 27.05.2025 | 28.08.2025 | 27.11.2025 | 29.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +0,84% | -8,52% | -39,53% | -39,88% | -98,98% |
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