Adler Group Sa · XETR:ADJ
Adler Group Sa — Q3 2025 Earnings Presentation
35 slides from Adler Group Sa's earnings presentation, Nov 27, 2025
Slide 1: Q3 Results 2025 presentation
Q3 Results 2025 presentation 27 November 2025
Slide 2: Content
Content 1 Disposal Update 2 Q3 2025 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 notarization of multiple development project disposals in the recent months Sale of NRW portfolio Development projects Development projects Other yielding asset fully completed in Q3 ‘25 sold in Q3 ‘25 sold post Q3 ‘25 sales 1 | Disposal Update ➢ The company’s holdback of
Slide 5: Q3 2025 Key Figures
2 Q3 2025 Key Figures 5
Slide 6: Q3 2025 Key Figures
Q3 2025 Key Figures The Berlin-anchored yielding asset portfolio continued to perform strongly in Q3 2025 FINANCIAL PORTFOLIO OVERVIEW PERFORMANCE ◼ Net rental income: €101m ◼ 3.2% like-for-like (l-f-l) rental growth on a year-on-year basis driven by increases in current rental contracts and reletti
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 Sep-20252 17,929 17,772 17,6951 (157) (77) Berlin Dec-24 Disposals Jun-25 Disposals S
Slide 9: Operational Performance
Operational Performance The like-for-like rental growth of 3.2% 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 Sep-2025 (%) €8.24 8.52 7.71 like-for-like rent With
Slide 10: Financial Update
4 Financial Update
Slide 11: Development of GAV in Q3 2025
Development of GAV in Q3 2025 The total portfolio GAV decreased by c. €0.1bn following the disposal of two development projects GAV (€bn)1 Comments 1 In the third quarter 2025, 45 of the remaining rental units based in Eastern Germany were sold, underlining the portfolio strategy 4.3 (0.0) (0.1) 4.2
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 ◼ Remaining Adler RE bond in the amo
Slide 13: Overview of Debt KPIs as per Sep-2025
Overview of Debt KPIs as per Sep-2025 Following further partial redemptions of the 1L New Money Facility in Q3 2025, the total nominal interest-bearing debt reduced to €3.7bn Debt KPIs as per Sep-2025 Sources of funding Reinstated 2L Notes3 Total nominal interest-bearing debt (€m)1 3,714 18.8% Secur
Slide 14: Debt Maturity Schedule
Debt Maturity Schedule The Company’s 2026 maturities have been largely addressed Overview of debt maturities1 as per Sep-2025 (€m) Comments 0% 1% 2% 54% 19% 20% 3% ◼ The Group has no remaining financial debt falling due in 2025 ◼ Following the completed refinancing of 2,016 the Adler RE 2026 Notes i
Slide 15: Loan to value (LTV) – Development in Q3 2025
Loan to value (LTV) – Development in Q3 2025 The mostly non-cash effective interest expenses led to an increase of the LTV in the quarter LTV evolution (%) 0.3% 1.4% 73.5% (0.4%) 72.1% 4 | Financial Update Jun-25 Interest CAPEX Other Sep-25 expenses 15
Slide 16: Development of Cash Position in Q3 2025
Development of Cash Position – Development in Q3 2025 The cash position slightly reduced in the quarter primarily as a result of capex and interest expenses Cash position (€m) 2 (5) (4) 60 285 3 (87) (21) (10) 34 (8) 0 0 241 (10) 4 | Financial Update 71 61 Jun-25 Operating Net cash flow Net cash flo
Slide 17: Guidance & Concluding Remarks
5 Guidance & Concluding Remarks 17
Slide 18: Guidance and Concluding Remarks
Guidance and Concluding Remarks Full-year 2025 guidance Concluding remarks 2025 net rental income guidance confirmed Net rental €127-135m Moderate improvement in real estate market income (€m) The Berlin-based rental portfolio continues to develop strongly with 3.2% like-for-like rental growth and o
Slide 19: Q&A
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Slide 20: Appendix
Appendix 21-22 Portfolio & Operational Performance 23-27 Financials 28-29 Debt Overview 30-31 Development Projects 32-33 Corporate Governance 34 Corporate Agenda 20
Slide 21: Yielding Portfolio Valuation
Yielding Portfolio Valuation There was no portfolio revaluation in Q3 2025 Like-for-like fair value development until Q3 2025 (%) 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 Q3 2025. 0.4% –
Slide 22: Yielding Asset Portfolio – 9M CAPEX and Maintenance
Yielding Asset Portfolio – 9M CAPEX and Maintenance CAPEX and maintenance (€m) Maintenance expense (€/sqm) CAPEX invested (€/sqm) 47 8.6 18.9 7.2 15 14.8 33 6.2 13.3 30 11 10 32 23 21 FY 2024 9M 2024 9M 2025 FY 2024 9M 2024 9M 2025 FY 2024 9M 2024 9M 2025 Maintenance CAPEX Appendix 22
Slide 23: Profit and Loss Statement
Profit and Loss Statement P&L statement Comments In €m 9M 2025 9M 2024 Compared to the prior year period, net rental income in 9M 2025 decreased due to the lack of 1▪ Net rental income 101 1 155 rental income from the disposals of BCP and the NRW-based portfolio, both completed in Q1 Income from fac
Slide 24: Adj. EBITDA Rental and FFO
Adj. EBITDA Rental and FFO 1 Adj. EBITDA Rental and FFO 1 calculation Comments In €m 9M 2025 9M 2024 ▪1 Income from rental activities decreased due to the sale of the subsidiary BCP at the beginning of Net rental income 101 155 Jan-2025 and the NRW-based “Cosmopolitan portfolio” at the end of Feb-20
Slide 25: Adj. EBITDA Total and FFO
Adj. EBITDA Total and FFO 2 Adj. EBITDA Total and FFO 2 calculation Comments In €m 9M 2025 9M 2024 ▪1 Compared to the previous year, total revenue decreased due to lower income from rental activities Income from rental activities 152 230 following the portfolio sales completed in early 2025. This wa
Slide 26: Balance Sheet
Balance Sheet Balance sheet Comments In €m Sep-25 Dec-24 ▪1 Investment properties decreased mainly due to the transfer of certain assets from investment Investment properties including advances 3,697 1 3,964 properties to assets classified as held-for-sale and the negative fair value adjustments fol
Slide 27: LTV – Overview
LTV – Overview LTV Comments In €m Sep-25 Dec-24 Total interest-bearing debt of €3,383m significantly decreased compared to the Dec-2024 value 1 Borrowings from Financial Institutions 3,082 1 3,007 mainly following certain debt repayments Bond loans 302 1 528 Net payables 40 2 1,029 2 Net payables no
Slide 28: Breakdown of Debt Maturities per Sep-2025
Breakdown of Debt Maturities per Sep-2025 Nominal amount (€m) IFRS (€m) Maturity Nominal interest rate ADLER Real Estate Bonds SSNs 2018/26 15 15 27 Apr-26 3.00% Total 15 15 0.6 years 3.00%2 Adler Group Bonds 1L New Money Facility1 1,213 1,259 31 Dec-28 8.25% 1.5L 717 753 31 Dec-29 10.00% Reinstated
Slide 29: Capital Structure per Sep-2025
Capital Structure (excl. Intercompany Loans) per Sep-2025 ADLER Real Estate GmbH – Capital structure Consus Real Estate GmbH – Capital structure Adler Group S.A. (standalone) – Capital structure In €m Amount O/S Maturity Interest In €m Amount O/S Maturity Interest In €m Amount O/S Maturity Interest
Slide 30: Upfront Sale Projects
Upfront Sale Projects Actual Remaining Building Construc. Land plot Area # Project name Entity City Zoning CAPEX 9M CAPEX Q4 permit started (k sqm) (k sqm) 20251 (€m) 20251 (€m) 1 Eurohaus2 Adler Frankfurt ✓ 14 27 0 0 2 UpperNord Tower and Office3 Consus Düsseldorf ✓ ✓ ✓ 5 20 2 2 4 3 Grand Centr
Slide 31: Forward Sale and Condominium Projects
Forward Sale and Condominium Projects Actual Remaining Project Expected year Building Construc. Land plot Area GAV1 GDV1 # Project name Entity City Zoning CAPEX 9M CAPEX Q4 category of completion permit started (k sqm) (k sqm) (€m) (€m) 20252 (€m) 20252 (€m) 2 of 3 sections 1 Quartier Hoym Forward s
Slide 32: 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 33: Corporate Governance – Shareholder and Voting Securities
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 34: Corporate Agenda
Corporate Agenda Adler Group S.A. financial calendar 2026 Investor relations contacts 30 April 2026 Publication Annual Report 2025 Sven Döbeling Head of Finance, Investor Relations & Communication 28 May 2026 Publication Q1 2026 Results s.doebeling@adler-group.com 24 June 2026 Annual General Meeting
Slide 35: 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