Adler Group Sa · XETR:ADJ
Adler Group Sa — H1 2025 Earnings Presentation
36 slides from Adler Group Sa's earnings presentation, Aug 28, 2025
Slide 1: H1 Results 2025 presentation
H1 Results 2025 presentation 28 August 2025
Slide 2: Content
Content 1 Disposal Update 2 H1 2025 Key Figures 3 Portfolio & Operational Performance 4 Financial Update 5 Guidance & Concluding Remarks 6 Appendix 2 Kreuzbergstr 22, Berlin
Slide 3: Disposal Update
1 Disposal Update 3
Slide 4: Disposal Update
Disposal Update While the BCP and NRW portfolio transactions have been fully completed, there is also progress on the sale of the development projects Sale of stake in BCP Sale of NRW portfolio Development projects Other yielding assets 1 | Disposal Update ➢ Following the recent transactions, the co
Slide 5: H1 2025 Key Figures
2 H1 2025 Key Figures 5
Slide 6: H1 2025 Key Figures
H1 2025 Key Figures The Berlin-anchored yielding asset portfolio continued to perform strongly in H1 2025; project development valuations remain negatively affected by continuously rising construction costs and challenging transaction markets FINANCIAL PORTFOLIO OVERVIEW PERFORMANCE ◼ Net rental inc
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 Jun-20252 17,929 17,908 17,7721 (21) (136) Berlin Dec-24 Disposals Mar-25 Disposals J
Slide 9: Yielding Portfolio Valuation
Yielding Portfolio Valuation The positive revaluation result stems from the rent increases realised in H1 2025 Like-for-like fair value development until Q2 2025 (%) Rental yield (%)1 3.5% 3.4% 10.1% 0.4% 3 | Portfolio & Operational Performance Jun-24 Jun-25 (1.9%) (2.2%) (12.8%) FY 2021 FY 2022 FY
Slide 10: Operational Performance
Operational Performance The like-for-like rental growth of 3.4% was largely driven by the increase of Mietspiegel-regulated rents of existing contracts Average rent (€/sqm/month) Like-for-like rental growth (%)2 Detailed breakdown of the like-for-like rental growth as per Jun-2025 (%) €8.16 8.45 7.6
Slide 11: Financial Update
4 Financial Update
Slide 12: Development of GAV in Q2 2025
Development of GAV in Q2 2025 Total portfolio GAV primarily impacted by the further devaluation of development projects GAV excl. BCP (€bn)1 Comments 1 In the second quarter 2025, c. 120 rental units based both in 4.5 Berlin and in Eastern Germany were sold as part of a couple (0.0) (0.0) 0.0 4.3 (0
Slide 13: Financing Update
Financing Update With the successful refinancing of the Adler RE 2026 bond, the company now faces no material capital market indebtedness before the end of 2028 ADLER RE TENDER OFFER DEBT REPAYMENTS AND MATURITIES IN 2026 PROLONGATIONS Tender offer process: ◼ Partial redemptions, i.e. proceeds retur
Slide 14: Overview of Debt KPIs as per Jun-2025
Overview of Debt KPIs as per Jun-2025 Following the completed refinancing of the Adler RE 2026 Notes, the weighted average maturity remains at 3.9 years Debt KPIs as per Jun-2025 Sources of funding Reinstated 2L Notes3 Total nominal interest-bearing debt (€m)1 3,801 18.4% Secured bank debt 2 LTV 72.
Slide 15: Debt Maturity Schedule
Debt Maturity Schedule Following the completed refinancing of the Adler RE 2026 Notes, the Company’s 2026 maturities have been largely addressed Overview of debt maturities1 as per Jun-2025 (€m) Comments 0% 1% 2% 55% 19% 19% 3% ◼ The Group has no financial debt falling due in 2025 2,101 ◼ Following
Slide 16: Loan to value (LTV) – Development in Q2 2025
Loan to value (LTV) – Development in Q2 2025 Besides mostly non-cash effective interest expenses, the negative revaluation result of the development projects had a negative impact on the LTV LTV evolution (%) 0.8% 1.2% 72.1% 2.6% (0.5%) 67.9% 4 | Financial Update Mar-25 Revaluation Interest CAPEX Ot
Slide 17: Development of Cash Position – Changes during Q2 2025
Development of Cash Position – Changes during Q2 2025 The cash position remained largely stable as certain disposal proceeds were retained in the disposal holdback Cash position (€m) (1) (6) 293 35 (29) 1 285 (17) (9) 34 (7) (1) (9) (17) 18 4 | Financial Update 61 71 Mar-25 Operating Net cash flow N
Slide 18: Guidance & Concluding Remarks
5 Guidance & Concluding Remarks 18
Slide 19: Guidance and Concluding Remarks
Guidance and Concluding Remarks Full-year 2025 guidance Concluding remarks Moderate improvement in real estate market; more in standing assets than new building Net rental €127-135m The Berlin-based rental portfolio continues to develop strongly with 3.4% like-for-like income (€m) rental growth and
Slide 20: Q&A
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Slide 21: Appendix
Appendix 22-23 Portfolio & Valuation 24-27 Financials 28-30 Debt Overview 31-32 Development Projects 33-34 Corporate Governance 35 Corporate Agenda 21
Slide 22: Yielding Asset Portfolio – 6M CAPEX and Maintenance
Yielding Asset Portfolio – 6M CAPEX and Maintenance CAPEX and maintenance (€m) Maintenance expense (€/sqm) CAPEX invested (€/sqm) 47 8.6 18.9 15 4.2 21 3.9 8.3 8.5 19 7 32 6 14 12 FY 2024 6M 2024 6M 2025 FY 2024 6M 2024 6M 2025 FY 2024 6M 2024 6M 2025 Maintenance CAPEX Appendix 22
Slide 23: Portfolio Breakdown of Standing Assets and Developments
Portfolio Breakdown of Standing Assets and Developments Yielding portfolio per city1 Development projects per city2 # City Value (€m) Value (%) # City Value (€m) Value (%) 1 Berlin 3,479 99.8 1 Berlin 263 28.2 2 Other cities 5 0.2 2 Frankfurt / Offenbach 147 15.7 Total 3,484 100.0% 3 Düsseldorf 119
Slide 24: Profit and Loss Statement
Profit and Loss Statement P&L statement Comments In €m H1 2025 H1 2024 Compared to the prior year period, net rental income in 3M 2025 decreased due to the lack of 1▪ Net rental income 68 1 103 rental income from a) the subsidiary BCP that was sold at the beginning of January 2025 (c. €24m Income fr
Slide 25: Adj. EBITDA Rental and FFO
Adj. EBITDA Rental and FFO 1 Adj. EBITDA Rental and FFO 1 calculation Comments In €m H1 2025 H1 2024 ▪1 Income from rental activities decreased due to the sale of the subsidiary BCP at the beginning of Net rental income 68 103 January 2025 and the NRW-based “Cosmopolitan portfolio” at the end of Feb
Slide 26: Adj. EBITDA Total and FFO
Adj. EBITDA Total and FFO 2 Adj. EBITDA Total and FFO 2 calculation Comments In €m H1 2025 H1 2024 ▪1 Compared to the previous year, total revenue decreased both due to lower income from rental Income from rental activities 106 153 activities following the portfolio sales completed in early 2025, an
Slide 27: Balance Sheet
Balance Sheet Balance sheet Comments In €m Jun-25 Dec-24 ▪1 Investment properties decreased both due to the transfer of certain assets from investment Investment properties including advances 3,811 1 3,964 properties to assets classified as held-for-sale and the negative fair value adjustments follo
Slide 28: LTV – Overview
LTV – Overview LTV Comments In €m Jun-25 Dec-24 Total interest-bearing debt of €3,409m significantly decreased compared to the Dec-2024 value 1 Borrowings from Financial Institutions 3,126 1 3,007 mainly following certain debt repayments Bond loans 283 1 528 Net payables 116 2 1,029 2 Net payables n
Slide 29: Breakdown of Debt Maturities per Jun-2025
Breakdown of Debt Maturities per Jun-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 0.8 years 3.00%2 Adler Group Bonds 1L New Money Facility1 1,295 1,319 31 Dec-28 8.25% 1.5L 717 734 31 Dec-29 10.00% Reinstated
Slide 30: Capital Structure (excl. Intercompany Loans) per Jun-2025
Capital Structure (excl. Intercompany Loans) per Jun-2025 ADLER Real Estate GmbH – Capital structure Consus Real Estate AG – 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 Ba
Slide 31: Upfront Sale Projects
Upfront Sale Projects Actual Remaining Building Construc. Land plot Area # Project name Entity City Zoning CAPEX 6M CAPEX 6M permit started (k sqm) (k sqm) 20251 (€m) 20251 (€m) 1 Cologneo III2 Consus Köln 7 24 0 0 2 Eurohaus3 ADLER RE Frankfurt ✓ 14 27 0 0 PROJECT DISPOSALS SIGNED 4 3 Upp
Slide 32: 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 6M CAPEX 6M 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 33: Corporate Governance – Composition of the Board and Senior Management
Corporate Governance – Composition of the Board and Senior Management Composition of the Board and Senior Management1 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
Slide 34: 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 35: Corporate Agenda
Corporate Agenda Adler Group S.A. financial calendar 2025 Investor relations contacts 27 November 2025 Publication Q3 2025 Results Julian Mahlert Head of Investor Relations & Communication j.mahlert@adler-group.com Gun Vardhan Gupta Investor Relations Manager g.gupta@adler-group.com Online Financial
Slide 36: 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