ADLER Group S.A.

Latest Results (02.09.2026):

ADLER Group S.A. — Q2 2026: The company’s Q2 2026 report shows rental revenue of EUR 89.8m (three months ended 30 Jun 2026), net rental income of EUR 63.1m and NOI of EUR 56.2m. Adjusted EBITDA from rental activities was EUR 37.2m (margin 58.9%), while Adjusted EBITDA Total was EUR 28.8m. FFO 1 (from rental activities) was negative at EUR -39.8m and FFO 2 (including disposal and development) was negative at EUR -98.5m. The portfolio comprises 17,465 units (primarily Berlin), average in‑place rent €8.68/m2, vacancy 0.9%, and LTV rose to 79.2% at 30 June 2026.

Key income and profitability

Q2 2026 income from rental activities: EUR 89,768k; net rental income: EUR 63,058k; NOI: EUR 56,225k (NOI margin 89.2%). Adj. EBITDA from rental activities: EUR 37,157k (58.9% margin). Adj. EBITDA Total: EUR 28,765k.

FFO and finance pressures

Cash-based performance metrics were negative: FFO 1 (rental) EUR -39,846k and FFO 2 (incl. disposals & development) EUR -98,474k for Q2. The report shows material net finance costs and high interest burdens driving negative FFO and EBT.

Portfolio operating metrics

As of 30 June 2026 the core rental portfolio is 17,465 units (largely Berlin), monthly in‑place rent €8.68/m2, total vacancy 0.9% (improved from 1.3% at year-end), and like‑for‑like rental growth LTM +3.0%.

Leverage and balance sheet

LTV was reported at 79.2% on 30 June 2026 (up from 76.3% at 31 Dec 2025). The report highlights high indebtedness and refinancing/liquidity constraints as ongoing issues.

Strategic / corporate notes

Adler Group S.A. is now focused on a Berlin-centric rental portfolio after disposal of the NRW portfolio in 2025. Development projects (EUR ~0.5bn stated value) are intended for sale to generate cash. Share price at end Q2 2026 was EUR 0.150; dividend payments remain suspended under the restructuring terms.

Outlook / risks

The company underscores constrained financing markets, significant interest expense and the need to recycle capital through disposals of development projects to stabilise cash flow and reduce leverage.