Adler Group Sa · XETR:ADJ
Adler Group Sa — Q1 2026 Earnings Presentation
34 slides from Adler Group Sa's earnings presentation, May 28, 2026
Slide 1: Results presentation
Results presentation 28 May 2026
Slide 2: Content
Content 1 Disposal Update 2 Q1 2026 Key Figures 3 Portfolio & Operational Performance 4 Financial Update 5 Guidance & Concluding Remarks 6 Appendix 2 Karl-Marx-Str 156-158, Berlin
Slide 3: Disposal Update
1 Disposal Update 3
Slide 4: Disposal Update
Disposal Update Successful signing and closing of multiple development project disposals in the recent months Development project Development projects Berlin yielding asset Other yielding asset disposals in Q1 ’26 and yielding assets sold disposals in Q1 ’26 disposals post Q1 ’26 Forward sales updat
Slide 5: Q1 2026 Key Figures
2 Q1 2026 Key Figures 5
Slide 6: Q1 2026 Key Figures
Q1 2026 Key Figures The Berlin-anchored yielding asset portfolio continued to perform strongly in Q1 2026 FINANCIAL PORTFOLIO OVERVIEW PERFORMANCE Net rental income: €31m 3.6% like-for-like (l-f-l) rental growth on a year-on-year basis driven by increases in current rental contracts and relettin
Slide 7: Portfolio & Operational Performance
3 Portfolio & Operational Performance 7
Slide 8: Berlin-anchored Yielding Asset Portfolio
Berlin-anchored Yielding Asset Portfolio Adler Group’s residential portfolio is almost entirely concentrated in Berlin and has a total gross asset value of €3.5bn Number of rental units Residential portfolio as per Mar-20262 17,929 17,504 17,4831 (425) (21) Berlin Dec-24 Disposals Dec-25 Disposals M
Slide 9: Operational Performance
Operational Performance The like-for-like rental growth of 3.6% was largely driven by the increase of current rental contracts Average rent (€/sqm/month) Like-for-like rental growth (%)2 Detailed breakdown of the like-for-like rental growth as per Mar-2026 (%) 8.31 8.64 Without CAPEX CAPEX 3.6% 2.7%
Slide 10: Financial Update
4 Financial Update
Slide 11: Development of GAV in Q1 2026
Development of GAV in Q1 2026 Total portfolio GAV reduced primarily due to the transfer of Quartier Hoym GAV (€bn)1 Comments 1 In the first quarter 2026, 21 condominium units were sold 4.0 (0.0) (0.1) 0.0 0.0 3.9 Thereof: 2 Quartier Hoym was transferred to its buyer reducing the GAV by 0,5 0.42 €0.3
Slide 12: Financing Update
Financing Update While the redemption of the 1L New Money Facility continues with the inflow of disposal proceeds, the remaining maturities in 2026 have been largely addressed DEBT REPAYMENTS MATURITIES IN 2026 Partial redemptions, i.e. proceeds returned to the holders of the 1L Remaining Adler
Slide 13: Overview of Debt KPIs as per Mar-2026
Overview of Debt KPIs as per Mar-2026 Following further partial redemptions of the 1L New Money Facility in Q1 2026, the total nominal interest-bearing debt reduced to €3.6bn Debt KPIs as per Mar-2026 Sources of funding Reinstated 2L Notes3 Total nominal interest-bearing debt (€m)1 3,639 19,2% Secur
Slide 14: Debt Maturity Schedule
Debt Maturity Schedule The company’s 2026 maturities have been largely addressed Overview of debt maturities1 as per Mar-2026 (€m) Comments 1% 2% 54% 20% 20% 3% Following the completed refinancing of the Adler RE 2026 Notes in June 2025, the outstanding nominal bond volume of €15m due on 27 Apr-20
Slide 15: Loan to value (LTV) – Development in Q1 2026
Loan to value (LTV) – Development in Q1 2026 The mostly non-cash effective interest expenses led to an increase of the LTV in the quarter LTV evolution (%) 0.7% 77.1% 1.6% (0.3%) 76.3% (1.1%) 4 | Financial Update Dec-25 Project disposal Interest CAPEX Other Mar-26 expenses 15
Slide 16: Development of Cash Position – Development in Q1 2026
Development of Cash Position – Development in Q1 2026 The cash position improved due to high inflows from disposals in Q1 and corresponding repayments in Q2 Cash position (€m) (4) (15) (51) 301 174 214 (4) (5) (6) (8) (0) (2) (11) 18 4 | Financial Update 61 51 Dec-25 Operating Net cash flow Net cash
Slide 17: Guidance & Concluding Remarks
5 Guidance & Concluding Remarks 17
Slide 18: Guidance and Concluding Remarks
Guidance and Concluding Remarks Full-year 2026 guidance Concluding remarks Berlin-based rental portfolio continues to perform strongly with 3.6% like-for-like rental Net rental €124-129m growth and operational vacancy of just 1.4% income (€m) Direction of the German residential real estate market re
Slide 19: Q&A
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Slide 20: Appendix
Appendix 21-22 Portfolio & Operational Performance 23-27 Financials 28 Debt Overview 29-30 Development Projects 31-32 Corporate Governance 33 Corporate Agenda 20
Slide 21: Yielding Portfolio Valuation
Yielding Portfolio Valuation There was no portfolio revaluation in Q1 2026 Like-for-like fair value development until Q1 2026 (%) Rental yield (%)1 10,1% 3.5% 3.6% Revaluation is done semi- annually or whenever indicators direct material value change. There were no such indicators in Q1 2026. 1,0% –
Slide 22: Yielding Asset Portfolio – 3M CAPEX and Maintenance
Yielding Asset Portfolio – 3M CAPEX and Maintenance CAPEX and maintenance (€m) Maintenance expense (€/sqm) CAPEX invested (€/sqm) 9.7 20.6 41 13 3.2 6.5 28 12 1.9 9 4 3.1 3 5 8 FY 2025 3M 2025 3M 2026 FY 2025 3M 2025 3M 2026 FY 2025 3M 2025 3M 2026 Maintenance CAPEX Appendix 22
Slide 23: Profit and Loss Statement
Profit and Loss Statement P&L statement Comments In €m 3M 2026 3M 2025 Compared to Q1 2025, net rental income decreased due to the lack of rental income from the 1 Net rental income 31 1 37 NRW-based portfolio disposed. Income from facility services and recharged utilities costs 14 20 2 Other reve
Slide 24: Adj. EBITDA Rental and FFO
Adj. EBITDA Rental and FFO 1 Adj. EBITDA Rental and FFO 1 calculation Comments In €m 3M 2026 3M 2025 1 Income from rental activities decreased due to the sale of the NRW-based “Cosmopolitan Net rental income 31 37 portfolio” at the end of Feb-2025. Income from facility services and recharged utilit
Slide 25: Adj. EBITDA Total and FFO
Adj. EBITDA Total and FFO 2 Adj. EBITDA Total and FFO 2 calculation Comments In €m 3M 2026 3M 2025 1 Compared to the previous year, total revenue increased due to higher income from real estate Income from rental activities 46 57 inventory disposed of following the project disposals completed in Q1
Slide 26: Balance Sheet
Balance Sheet Balance sheet Comments In €m Mar-26 Dec-25 1 Investment properties remained unchanged with no significant transfer of assets from investment Investment properties including advances 3,645 1 3,640 properties to assets classified as held-for-sale. Other non-current assets 145 2 141 2 O
Slide 27: LTV – Overview
LTV – Overview LTV Comments In €m Mar-26 Dec-25 1 Total interest-bearing debt of €3,438m decreased slightly compared to the Dec-2025 value Borrowings from Financial Institutions 3,107 1 3,119 mainly following certain debt repayments partially offset by accruing interests. Bond loans 331 1 323 Net pa
Slide 28: Breakdown of Debt Maturities per Mar-2026
Breakdown of Debt Maturities per Mar-2026 Nominal amount (€m) IFRS (€m) Maturity Nominal interest rate Adler Group Bonds 1L New Money Facility 1,160 1,254 31 Dec-28 8.25% 1.5L 717 791 31 Dec-29 10.00% Reinstated 2L Notes 700 331 14 Jan-30 6.25% Total 2,577 2,376 3.3 years 8.35% Bank debt 1,062 1,062
Slide 29: Upfront Sale Projects
Upfront Sale Projects Actual Budget Building Construc. Land plot Area # Project name Entity City Zoning CAPEX 3M CAPEX 9M permit started (k sqm) (k sqm) 20261 (€m) 20261 (€m) 1 Eurohaus Adler Frankfurt 14 27 0 0 PROJECT DISPOSALS SIGNED 2 Grand Central Consus Düsseldorf 34 76 0 0 3 SLT 1
Slide 30: Forward Sale and Condominium Projects
Forward Sale and Condominium Projects Actual Budget Project Expected year Building Construc. Land plot Area GAV1 GDV1 # Project name Entity City Zoning CAPEX 3M CAPEX 9M category of completion permit started (k sqm) (k sqm) (€m) (€m) 20262 (€m) 20262 (€m) 1 Ostforum3 Forward sale Consus Leipzig 2026
Slide 31: Corporate Governance – Composition of the Board of Directors
Corporate Governance – Composition of the Board of Directors Composition of the Board of Directors Stefan Brendgen Matthias Moser Thilo Schmid Paul Copley Chairman of the Board Member of the Board Member of the Board Member of the Board Member of the Audit Committee Member of the Audit Committee Cha
Slide 32: Corporate Governance – Shareholder and Voting Securities Composition
Corporate Governance – Shareholder and Voting Securities Composition Adler Group shareholder composition1 Adler Group composition of total voting rights3 Vonovia 15.9% PIMCO 151.6m 18.0% voting rights 84.1% 606.5m 10.0% Taconic Capital Advisors 52.6% voting rights Free Float 9.0% Adler Group holder
Slide 33: Corporate Agenda
Corporate Agenda Adler Group S.A. financial calendar 2026 Investor relations contacts 24 June 2026 Annual General Meeting 2026 Sven Döbeling Head of Finance, Investor Relations & Communication 27 August 2026 Publication Q2 2026 Results investorrelations@adler-group.com 26 November 2026 Publication Q
Slide 34: Disclaimer
Disclaimer THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation (“Presenta