Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — Q1 2026 Earnings Presentation
66 slides from Aroundtown Sa's earnings presentation, May 27, 2026
Slide 1: Interim Consolidated Report
Interim Consolidated Report For the three-month period ended March 31, 2026 London
Slide 2: Contents
BOARD OF DIRECTORS´ REPORT THE BUSINESS & OPERATIONS Key financials 5 Key achievements 6 The Company 7 Aroundtown’s quality portfolio 9 Capital markets 21 MANAGEMENT DISCUSSIONS AND ANALYSIS Notes on business performance 24 Alternative performance measures 38 Responsibility statement & disclaimer 45
Slide 3: Corinthia / Athens
Corinthia / Athens
Slide 4: Board of Directors' Report
AROUNDTOWN SA 3 Board of Directors‘ Report Corinthia / Athens
Slide 5: Board of Directors' Report
AROUNDTOWN SA 4 Board of Directors‘ Report Directors‘ Report Board of
Slide 6: Financial Position Highlights Key Financials
Financial Position Highlights Key Financials in € millions unless otherwise indicated Mar 2026 Dec 2025 in € millions unless otherwise indicated 1–3/2026 Change 1–3/2025 Total Assets 34,059.6 33,690.6 Net rental income 296.7 1% 295.0 Total Equity 15,197.5 15,021.8 Adjusted EBITDA (1) (2) 250.2 (0%)
Slide 7: Strategic capital allocation and balance sheet execution
Strategic capital allocation and balance sheet execution INCREASED STAKE IN GCP PROACTIVE PERPETUAL SHARE BUYBACK NOTE MANAGEMENT REFINANCING COMPLETED €250 MILLION 81.5% SHARE BUYBACK PROGRAM SUPPORTED BY: 62.5% • Aroundtown: Jan 2026 perp issuance (€750m, 5.125%) ~93% executed AT’s ownership • GCP
Slide 8: The Company
The Company The Board of Directors of Aroundtown SA and its investees (the “Company”, “Aroundtown”, “AT”, or the “Group”), hereby submits the interim consolidated report as of March 31, 2026. The figures presented are based on the interim consolidated financial statements as of March 31, 2026, unles
Slide 9: Frankfurt CBD & HBF
Frankfurt CBD & HBF Approx. 200,000 sqm space in Frankfurt prime centers, main central train station and banking district 45k sqm 3k sqm Frankfurt Büro Center (FBC) Frankfurt HBF 37k sqm Mainzer Karlstraße Intercontinental Landstraße Frankfurt Wilhelm- Leuschner Straße 9k sqm 88k sqm Frankfurt HBF F
Slide 10: Aroundtown's quality portfolio
Aroundtown’s quality portfolio Well-diversified Group portfolio with focus on strong value drivers Group asset type breakdown, March 2026 by value* TENANT Office 34% High tenant diversification with no material tenant or industry dependency. Commercial portfolio with around 3,000 tenants and residen
Slide 11: Group portfolio overview
Group portfolio overview Germany & The Netherlands: 80% of the portfolio Hamburg Bremen Two of the strongest economies Berlin in Europe with AAA credit rating Amsterdam Hannover Utrecht Rotterdam Among the lowest Halle unemployment levels in Europe NRW Leipzig Dresden Low debt/GDP levels compared to
Slide 12: High geographical diversification
High geographical diversification Berlin is the single largest location. AT is a leading landlord in Berlin across multiple asset types. NRW 14% Berlin 23% London 9% Munich 7% Group regional distribution Bremen 1% Nuremberg 1% March 2026 by value* Dresden / Others 20% Leipzig / Halle 7% Frankfurt 6%
Slide 13: Berlin Alexanderplatz
Berlin Alexanderplatz AT has over 140,000 sqm space in the prime commercial and tourist center Alexanderplatz Berlin TV tower 3k sqm Alte Schönhauser Straße 24k sqm 6k sqm Alexanderplatz Alexanderplatz train station Alexanderplatz Karl-Liebknecht- Karl-Liebknecht- Straße Straße 11k sqm Alexanderplat
Slide 14: Best-in-class Berlin portfolio
Best-in-class Berlin portfolio 85% Central locations within top tier cities: A Berlin example of the portfolio is located in top tier neighborhoods including Charlotten- burg, Wilmersdorf, Mitte, Kreuzberg, Reinickendorf Pankow Friedrichshain, Lichtenberg, Schöne- berg, Neukölln, Steglitz and Potsda
Slide 15: Office: High quality offices in top tier cities
Office: High quality offices in top tier cities AT is the leading office landlord in Berlin, Frankfurt and Munich among publicly listed peers 58% of the office portfolio is located in Berlin, Munich, Munich 14% Frankfurt, and Amsterdam. Berlin 25% Frankfurt 14% Office, 34% of the portfolio, Hamburg
Slide 16: Hotels: Focus on central locations, quality and operators
Hotels: Focus on central locations, quality and operators with brand recognition Around 150 hotels with >25K rooms across top locations with fixed long-term leases with third party hotel operators NRW 8% Meuse (Netherlands, Center Parcs) 8% AT’s hotel portfolio, valued at €5.0 billion as of March 20
Slide 17: Berlin
Berlin AROUNDTOWN SA 16 Board of Directors‘ Report
Slide 18: Grand City Properties
Grand City Properties Residential portfolio, 33% of the portfolio The residential portfolio is primarily held through a 63% stake in Grand City Properties (“GCP”) as of March 31, 2026. After the reporting period and following the settlement of the exchange offer, the stake in GCP increased to 81.5%.
Slide 19: Senior Homes
SENIOR HOMES SHORT STAY / SERVICED APARTMENTS LONDON RESIDENTIAL INCLUDES The Group owns several senior homes assets, with SOCIAL TENANTS (HMO) The Group utilizes short stay or serviced apartments the largest location in Berlin. These holdings provide which are let through long term fixed leases and
Slide 20: Further portfolio diversification through logistics/other and retail
Further portfolio diversification through logistics/other and retail Logistics/Other and Retail, 6% of the portfolio, March 2026 by value Retail: Largest focus is on resilient essential goods tenants and grocery-anchored properties catering strong and stable demand from local residential neighborhoo
Slide 21: Investment overview
Investment Annualized In-place rent Value Asset type March 2026 properties (in €M) (3) Area (in k sqm) EPRA vacancy(1)(4) net rent (in €M) (5) per sqm (in €) per sqm (in €) Rental yield WALT (in years) overview Office 8,428 2,897 13.2% 427 13.7 2,909 5.1% 4.3 Not including Residential 8,158 3,412 3.
Slide 22: Capital markets Trading data
Capital markets Trading data Placement Frankfurt Stock Exchange Market segment Prime Standard Key index inclusions Trading ticker AT1 Aroundtown’s share is a constituent of several major indices such as MDAX, Initial placement of capital 13.07.2015 MDAX ESG+, FTSE EPRA/NAREIT Index Series, MSCI Worl
Slide 23: Share price performance and total return since initial placement of capital
Share price performance and total return since initial placement of capital (13.07.2015) Aroundtown +2% total return EPRA Germany (rebased) +10% total return MDAX (rebased) +59% total return Stoxx 600 (rebased) +128% total return 9 6 3 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Bo
Slide 24: Management Discussion and Analysis
AROUNDTOWN SA 23 Board of Directors‘ Report Management and Analysis Discussion
Slide 25: Notes on business performance
Notes on business performance For the period of three months ended March 31, Selected consolidated income statements data 2026 2025 in € millions Revenue 379.7 377.8 Net rental income 296.7 295.0 Property revaluations and capital gains 0.3 203.5 Share of profit from investment in equity-accounted in
Slide 26: Operating results
OPERATING RESULTS For the period of three months During Q1 2026, the Company recorded operating and other income in the amount of ended March 31, €83 million, stable compared to €83 million in the comparable period of 2025. Operating 2026 2025 income is mainly linked to ancillary expenses that are r
Slide 27: Property operating expenses
where AT does not have control, including several real estate properties and investment in real estate related funds specialized among others in proptech, digitalization and technology in the real estate sector, as well as investments in co-working and energy projects. AT’s share in the operational
Slide 28: Results for the period & results for the period per share
RESULTS FOR THE PERIOD & RESULTS FOR THE PERIOD PER SHARE For the period of three months (a) Finance expenses ended March 31, Finances expenses in Q1 2026 amounted to €70 million, higher compared to €55 million 2026 2025 recorded in Q1 2025, but in line with the €70 million recorded in Q4 2025. Note
Slide 29: Profit for the period & earnings per share
(d) Profit for the period & earnings per share During the first quarter of 2026, AT recorded a profit in the amount of €119 million, compared to a profit of €319 million in the comparable period of 2025. The decrease is mainly explained by the positive property revaluation recorded in the comparable
Slide 30: Adjusted EBITDA
ADJUSTED EBITDA For the period of three months Adjusted EBITDA is a key performance measure used to evaluate the operational results ended March 31, of the Group, derived by deducting from the EBITDA non-operational and/or non-recurring 2026 2025 items such as revaluation and capital gains, and othe
Slide 31: Funds from Operations (FFO I, FFO II)
FUNDS FROM OPERATIONS (FFO I, FFO II) For the period of three months Funds from Operations I (FFO I) is an industry standard performance indicator, reflecting ended March 31, the recurring operational profitability. FFO I starts by deducting the finance expenses, 2026 2025 current tax expenses and p
Slide 32: Cash Flow
CASH FLOW For the period of three months provided by net bank financing activities. These sources of cash were partially offset by ended March 31, ca. €150 million of cash utilized for the execution of the accretive share buyback program 2026 2025 during the first three months of the year, with the
Slide 33: Assets
ASSETS Mar 2026 Dec 2025 is expected to be taken over in two stages, with the first stage completed in May 2026, and Note in € millions the remainder is expected to complete towards the end of Q3 2026. Total Assets (a) 34,059.6 33,690.6 (c) Goodwill and intangible assets Non-current assets (a) 28,28
Slide 34: Long term financial investments and other assets
(e) Long term financial investments and other assets Long term financial investments and other assets in the amount of €886 million and other short As of March 2026, current assets amounted to €5.8 billion, higher by €0.2 billion term financial assets in the amount of €138 million are mainly compris
Slide 35: Liabilities
LIABILITIES Mar 2026 Dec 2025 corporate tax rate applied in the relevant jurisdictions. Deferred tax liabilities represented in € millions 8% of total liabilities as of the end of March 2026. Long and short term straight bonds 12,633.5 12,422.0 Long- and short-term derivative financial liabilities a
Slide 36: Debt Metrics
DEBT METRICS AT’s disciplined debt management approach, strong credit profile, and high financial Loan-To-Value (LTV) Mar 2026 Dec 2025 strength are reflected in the solid debt metrics. The Group’s loan-to-value (LTV) in € millions ratio stood at 42% as of March 2026, compared to 41% as of December
Slide 37: Equity
EQUITY first call periods. After the reporting period, GCP issued €600 million in new perpetual Mar 2026 Dec 2025 notes at a coupon of 5.25% and utilized the respective proceeds to refinance the €602.7 in € millions million of 1.5% perpetual notes with a first call date in 2026, with only an immater
Slide 38: EPRA NAV KPI's
EPRA NAV KPI’S The European Public Real Estate Association (EPRA) provides three key Net Asset Value AT’s EPRA NAV KPI’s were positively impacted by the net profit recorded in the period. Total (NAV) metrics designed to provide stakeholders with the most relevant information on the equity attributab
Slide 39: Alternative Performance Measures
Alternative Performance Measures Aroundtown follows the real estate reporting criteria and provides Alternative Performance Measures. These measures provide more clarity on the business and enables benchmarking and comparability to market levels. In the following section, Aroundtown presents a detai
Slide 40: Funds from Operations I (FFO I) and FFO I per share
FUNDS FROM OPERATIONS I (FFO I) and FFO I per share before Covid in FY 2020), which excluded FUNDS FROM OPERATIONS II (FFO II) the Extraordinary expenses for uncollected rent. Starting from FY Funds from Operations I (FFO I) is an industry standard 2022, this line item is not shown in the table to m
Slide 41: Rental yield and rent multiple
RENTAL YIELD AND RENT MULTIPLE LOAN-TO-VALUE (LTV) EQUITY RATIO The rental yield and rent multiple are industry standard The Loan-to-Value (LTV) is a measurement aimed at reflecting Equity Ratio is the ratio of Total Equity divided by Total Assets, indicators to measure the rent generation of a prop
Slide 42: Interest cover ratio (ICR)
INTEREST COVER RATIO (ICR) EPRA NAV KPI’S EPRA NRV and EPRA NRV Per Share Calculation EPRA NET REINSTATEMENT VALUE (EPRA NRV) Equity attributable to the owners of the Company The Interest Cover Ratio (ICR) is widely used in the real estate industry to assess the strength of a firm’s credit profile.
Slide 43: EPRA Net Tangible Assets (EPRA NTA)
EPRA NET TANGIBLE ASSETS (EPRA NTA) EPRA NTA and EPRA NTA Per Share Calculation Calculation EPRA NET DISPOSAL VALUE (EPRA NDV) The EPRA NTA is defined by the European Public Real Equity attributable to the owners of the Company The EPRA NDV is defined by the European Public Real Estate Association (
Slide 44: EPRA Loan-to-Value (EPRA LTV)
EPRA LOAN-TO-VALUE (EPRA LTV) The EPRA LTV is a metric that aims to assess the leverage (including RETT) is calculated by dividing EPRA Gross debt of shareholder equity within a real estate company. The by EPRA Total property value (including RETT). EPRA Total main difference between EPRA LTV and th
Slide 45: EPRA Vacancy
The EPRA Vacancy calculation encompasses standing EPRA VACANCY operating properties as well as vacant space under The EPRA Vacancy is a key benchmark for providing refurbishment. The EPRA Vacancy excludes vacancy of comparable vacancy reporting across real estate properties classified under the Deve
Slide 46: Responsibility Statement
Responsibility Statement To the best of our knowledge, the interim consolidated financial statements of Aroundtown SA, prepared in accordance with the applicable reporting principles for financial statements, give a true and fair view of the assets, liabilities, financial position and profit or loss
Slide 47: Interim Consolidated Financial Statements
AROUNDTOWN SA 46 Interim Consolidated Financial Statements Tuscany
Slide 48: Interim Consolidated Financial Statements
AROUNDTOWN SA 47 Interim Consolidated Financial Statements Interim Consolidated Financial Statements
Slide 49: Interim consolidated statement of profit or loss
Interim consolidated statement of profit or loss For the period of three months ended March 31, 2026 2025 Unaudited Note in € millions Revenue 7 379.7 377.8 Property revaluations and capital gains 0.3 203.5 Share of profit from investment in equity-accounted investees 6.2 12.9 Property operating exp
Slide 50: Interim consolidated statement of other comprehensive income
Interim consolidated statement of other comprehensive income For the period of three months ended March 31, 2026 2025 Unaudited in € millions Profit for the period 118.9 318.6 Other comprehensive income: Items that are or may be reclassified subsequently to profit or loss, net of tax: Foreign operat
Slide 51: Interim consolidated statement of financial position
Interim consolidated statement of financial position As at March 31, As at December 31, 2026 2025 Unaudited Audited Note in € millions ASSETS Investment property 8.1 25,056.8 24,916.0 Goodwill and intangible assets 879.3 879.9 Investment in equity-accounted investees 1,041.9 1,035.9 Property and equ
Slide 52: Interim consolidated statement of financial position (continued)
Interim consolidated statement of financial position (continued) As at March 31, As at December 31, 2026 2025 Unaudited Audited in € millions EQUITY Share capital 15.4 15.4 Treasury shares (3,038.8) (2,889.0) Retained earnings and other reserves 10,911.2 10,878.7 Equity attributable to the owners of
Slide 53: Interim consolidated statement of changes in equity
Interim consolidated statement of changes in equity For the period of three months ended March 31, 2026 (Unaudited) Attributable to the owners of the Company Equity Equity attributable to Cash flow Equity attributable the owners of Share hedge and attributable to to perpetual the Company Non- Share
Slide 54: Interim consolidated statement of changes in equity (continued)
Interim consolidated statement of changes in equity (continued) For the period of three months ended March 31, 2025 (Unaudited) Attributable to the owners of the Company Equity Equity attributable to Cash flow Equity attributable the owners of Share hedge and attributable to to perpetual the Company
Slide 55: Interim consolidated statement of cash flows
Interim consolidated statement of cash flows For the period of three months ended March 31, 2026 2025 Unaudited in € millions CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 118.9 318.6 Adjustments to the profit: Depreciation and amortization 3.3 2.8 Property revaluations and capital gain
Slide 56: Interim consolidated statement of cash flows (continued)
Interim consolidated statement of cash flows (continued) For the period of three months ended March 31, 2026 2025 Unaudited in € millions CASH FLOWS FROM FINANCING ACTIVITIES Share buy-back (150.3) - Proceeds from (payments to) perpetual notes investors and buybacks made, net 214.7 (15.9) Proceeds f
Slide 57: Notes to the interim consolidated financial statements
Notes to the interim consolidated financial statements 1. GENERAL 1.1 Incorporation and principal activities 1.3 Definitions Aroundtown SA (the “Company” or “Aroundtown”), a public limited liability company (Société Throughout the notes to the interim consolidated financial statements the following
Slide 58: Significant changes in the reporting period
2. SIGNIFICANT CHANGES IN THE REPORTING PERIOD 3. BASIS OF PREPARATION The financial position and performance of the Group were affected by the following events These interim consolidated financial statements have been prepared in accordance with and transactions during the reporting period: Interna
Slide 59: Changes in accounting policies
4. CHANGES IN ACCOUNTING POLICIES The following amendments were adopted for the first time in these interim consolidated contracts to buy or sell nature-dependent electricity, as well as financial instruments financial statements, with an effective date of January 1, 2026: that reference such electr
Slide 60: Fair value measurement of financial instruments
The following amendments were adopted by the EU, but are not yet effective for these interim consolidated financial statements. The amendments are effective for annual periods beginning on or after January 1, 2027: ● IFRS 18 Presentation and Disclosure in Financial Statements (issued on April 9, 202
Slide 61: Fair value hierarchy
5. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS Fair value hierarchy The following table presents the Group’s financial assets and liabilities measured and presented at fair value as at March 31, 2026 and December 31 ,2025 on a recurring basis under the relevant fair value hierarchy. Also present
Slide 62: Operating segments
The Group’s policy is to recognize transfers into and transfers out of fair value hierarchy 6. OPERATING SEGMENTS levels as at the end of the reporting period. 6.1 Reportable segments There were no transfers between level 1, level 2 and level 3 during the reporting period. Products and services from
Slide 63: Segment revenues and net operating income
6.2 Segment revenues and net operating income The following is an analysis of the Group’s revenue and results by reportable segment: For the period of three months ended March 31, 2026 2025 Commercial GCP Total Commercial GCP Total portfolio portfolio segments Adjustments Total portfolio portfolio s
Slide 64: Revenue and investment property
7. REVENUE 8. INVESTMENT PROPERTY For the period of three months ended March 31, 8.1 Reconciliation of investment property 2026 2025 For the period of three months For the year ended in € millions ended March 31, 2026 December 31, 2025 Net rental income 296.7 295.0 (*) Level 3 (*) Level 3 Operating
Slide 65: Straight bonds and perpetual notes
9. STRAIGHT BONDS 10. PERPETUAL NOTES 9.1 Placement of new bonds On January 27, 2026, the Company announced the issuance of €750 million new perpetual notes, issued by its wholly owned subsidiary, with the aim to refinance its • On February 3, 2026, the Company successfully completed the placement o
Slide 66: Contingent assets and liabilities
12. CONTINGENT ASSETS AND LIABILITIES 14. AUTHORIZATION OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS The Group had no significant contingent assets and liabilities as at March 31, 2026. These interim consolidated financial statements were authorized for issuance on May 27, 13. SIGNIFICANT SUBSEQ