ADLER Group S.A.

Latest Results (07.08.2024):

Income from Rental Activities

In the first quarter of 2024, ADLER Group S.A. reported income from rental activities amounting to EUR 78,222 thousand. This represents a slight decrease compared to the EUR 79,709 thousand reported in the same quarter of the previous year, 2023. The annual income from rental activities for the year ended 31 December 2023 was EUR 314,656 thousand.

Adjusted EBITDA

ADLER Group S.A.'s adjusted EBITDA from rental activities for Q1 2024 was EUR 31,309 thousand, down from EUR 32,759 thousand in Q1 2023. The adjusted EBITDA margin remained consistent at 61.3% for both quarters. For the full year 2023, the adjusted EBITDA from rental activities was EUR 109,558 thousand.

Funds from Operations (FFO)

For the first quarter of 2024, ADLER Group S.A. reported a negative FFO 1 (from rental activities) of EUR (26,856) thousand, a significant decline from the positive EUR 15,759 thousand in Q1 2023. FFO 2, which includes disposal results and development activities, was also negative at EUR (84,267) thousand, compared to EUR 255 thousand in the same period of the previous year.

Vacancy Rate and Rent

As of 31 March 2024, ADLER Group S.A. reported a total vacancy rate of 1.7%, an increase from 1.1% at the end of 2023. The monthly in-place rent per square meter slightly increased to EUR 7.63 from EUR 7.60 at the end of the previous year.

EPRA Metrics

ADLER Group S.A.'s EPRA Net Reinstatement Value (NRV) per share was EUR 3.89 as of 31 March 2024, down from EUR 4.42 at the end of 2023. The EPRA Net Tangible Assets (NTA) per share also decreased to EUR 2.96 from EUR 3.49 over the same period. The EPRA Loan-to-Value (LTV) ratio was reported at 99.1% as of 31 March 2024, compared to 97.6% at the end of 2023.