Adler Group Sa · XETR:ADJ
Adler Group Sa — Q1 2025 Earnings Presentation
35 slides from Adler Group Sa's earnings presentation, May 27, 2025
Slide 1: Q1 Results presentation
Q1 Results 2025 presentation 27 May 2025
Slide 2: Content
Content 1 Disposal Update 2 Q1 2025 Key Figures 3 Portfolio & Operational Performance 4 Financial Update 5 Guidance & Concluding Remarks 6 Appendix 2 Bizetstr 1 / Guertelstr 4, Berlin
Slide 3: Disposal Update
1 Disposal Update 3
Slide 4: Disposal Update
Disposal Update Following the completion of the disposals of BCP and the NRW portfolio, Adler Group has made significant progress to partially redeem its 1L New Money Facility Sale of stake in BCP Sale of NRW portfolio Development projects Other yielding assets 1 | Disposal Update ➢ Following the re
Slide 5: Q1 2025 Key Figures
2 Q1 2025 Key Figures 5
Slide 6: Q1 2025 Key Figures
Q1 2025 Key Figures Successful completion of the BCP and Cosmopolitan disposals resulted in a lower LTV and a higher cash position FINANCIAL PORTFOLIO OVERVIEW PERFORMANCE ◼ Net rental income: €37m ◼ 1.9% like-for-like (l-f-l) rental growth on a year-on-year basis driven by indexation on current ren
Slide 7: Portfolio & Operational Performance
3 Portfolio & Operational Performance 7
Slide 8: Berlin-anchored Yielding Asset Portfolio
Berlin-anchored Yielding Asset Portfolio Following the completed disposal of the North Rhine-Westphalia-based assets, Adler Group holds a fully Berlin-anchored yielding asset portfolio Number of rental units Residential portfolio as per Mar-20252 25,043 (230) (6,884) 17,929 17,9081 (21) Berlin NRW p
Slide 9: Operational Performance
Operational Performance Increase in average rent per square meter largely driven by the disposal of the NRW “Cosmopolitan portfolio” with a lower-than-average rent Average rent (€/sqm/month) Like-for-like rental growth (%)2 Detailed breakdown of the like-for-like rental growth as per Mar-2025 (%) €8
Slide 10: Financial Update
4 Financial Update
Slide 11: Development of GAV in Q1 2025
Development of GAV in Q1 2025 Portfolio GAV remains largely unchanged in Q1 2025 GAV excl. BCP (€bn)1 Comments 1 Sales of a few condominium units in Berlin as well as one 4.6 4.5 multifamily building were completed in Q1 2025, leading to a total (0.0) (0.0) – reduction in GAV in the amount of c. €4m
Slide 12: Financing Update
Financing Update With the refinancings of the 1L and 1.5L facilities completed in early 2025, Adler Group is reducing its cost of debt and saving approx. €134m interest costs over the expected remaining lifetime of both the 1L and 1.5L 1L and 1.5L REFINANCINGS DEBT REPAYMENTS AND MATURITIES IN 2026
Slide 13: Overview of Debt KPIs as per Mar-2025
Overview of Debt KPIs as per Mar-2025 Following the completed 1L and 1.5L refinancings, the weighted average cost of debt reduced to 6.4% Debt KPIs as per Mar-2025 Sources of funding Reinstated 2L Notes4 Total nominal interest-bearing debt (€m)1 3,839 18.2% Secured bank debt LTV2 67.9% 28.1% Fixed /
Slide 14: Debt Maturity Schedule
Debt Maturity Schedule Adler Group’s 2025 maturities have been fully resolved; refinancing of the Adler RE 2026 Notes now in focus Overview of debt maturities1 as per Mar-2025 (€m) Comments 0% 9% 2% 48% 19% 19% 3% ◼ The Group has no financial debt falling due in 2025 ◼ A volume of €49m of secured ba
Slide 15: Loan to value (LTV) – Development in Q1 2025
Loan to value (LTV) – Development in Q1 2025 The reduction of the group’s balance sheet following the deconsolidation of BCP and the NRW-portfolio holding entities resulted in a lower LTV LTV evolution (%) 72.7% 0.4% 67.9% 0.3% 0.2% 1.0% (6.6%) 4 | Financial Update Dec-24 BCP and Cosmopolitan Intere
Slide 16: Development of Cash Position – Changes during Q1 2025
Development of Cash Position – Changes during Q1 2025 The increase in cash was primarily driven by the net proceeds received from the BCP and NRW portfolio disposals Cash position (€m) (12) (8) 184 (222) 1 293 247 165 14 (9) (6) (5) (26) (22) (7) 4 | Financial Update 111 61 Dec-24 Operating Net cash
Slide 17: Guidance & Concluding Remarks
5 Guidance & Concluding Remarks 17
Slide 18: Guidance and Concluding Remarks
Guidance and Concluding Remarks Following larger portfolio disposals and significant enhancements to the financing structure, Adler Group is transforming into a more stable and efficient platform with focus on the attractive Berlin rental market Full-year 2025 guidance Concluding remarks The rental
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 Devaluation has come to an end Like-for-like fair value development until Q1 2025 (%) Rental yield (%)2 3.7% 3.5% 10.1% Revaluation is done semi- annually or whenever indicators direct material value change. There were no such indicators in Q1 2025. – Mar-24 Mar-25 (1.9%
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) 47 8.6 18.9 15 32 2.0 1.9 9 9 3.2 3.1 3 3 5 5 FY 2024 3M 2024 3M 2025 FY 2024 3M 2024 3M 2025 FY 2024 3M 2024 3M 2025 Maintenance CAPEX Appendix 22
Slide 23: Profit and Loss Statement
Profit and Loss Statement P&L statement Comments In €m 3M 2025 3M 2024 1▪ Compared to the prior year period, net rental income in 3M 2025 decreased due to the lack of Net rental income 37 1 51 rental income from a) the subsidiary BCP that was sold at the beginning of January 2025 (c. €12m Income fro
Slide 24: Adj. EBITDA Rental and FFO
Adj. EBITDA Rental and FFO 1 Adj. EBITDA Rental and FFO 1 calculation Comments In €m 3M 2025 3M 2024 ▪1 Income from rental activities decreased due to the sale of the subsidiary BCP at the beginning of Net rental income 37 51 January 2025 and the NRW-based “Cosmopolitan portfolio” at the end of Febr
Slide 25: Adj. EBITDA Total and FFO
Adj. EBITDA Total and FFO 2 Adj. EBITDA Total and FFO 2 calculation Comments In €m 3M 2025 3M 2024 ▪1 The slight increase in other operational costs from development and privatisation sales was Income from rental activities 57 78 mainly due to higher construction expenses in the current period Incom
Slide 26: Balance Sheet
Balance Sheet Balance sheet Comments In €m Mar-25 Dec-24 ▪1 Investment properties remain unchanged due to the lack of disposals and no portfolio revaluation Investment properties including advances 3,964 1 3,964 done in Q1 2025 Other non-current assets 222 2 178 ▪2 Other non-current assets include o
Slide 27: LTV – Overview
LTV – Overview LTV Comments In €m Mar-25 Dec-24 Total interest-bearing debt of €3,383m significantly decreased compared to the Dec-2024 value 1 Borrowings from Financial Institutions 2,837 1 3,007 of €3,734m mainly following certain debt repayments Bond loans 546 1 528 Net payables 50 2 1,029 2 Net
Slide 28: Breakdown of Debt Maturities per Mar-2025
Breakdown of Debt Maturities per Mar-2025 Nominal amount (€m) IFRS (€m) Maturity Nominal interest rate ADLER Real Estate Bonds SSNs 2018/26 300 294 27 Apr-26 3.00% Total 300 294 1.3 years 3.00%2 Adler Group Bonds 1L New Money Facility1 1,043 1,042 31 Dec-28 8.25% 1.5L 717 716 31 Dec-29 10.00% Reinst
Slide 29: Capital Structure (excl. Intercompany Loans) per Mar-2025
Capital Structure (excl. Intercompany Loans) per Mar-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 30: Upfront Sale Projects
Upfront Sale Projects Actual Remaining Building Construc. Land plot Area # Project name Entity City Zoning CAPEX 3M CAPEX 9M permit started (k sqm) (k sqm) 20251 (€m) 20251 (€m) 1 CologneApart2 Consus Köln ✓ ✓ ✓ 11 23 0 0 2 Grand Central3 Consus Düsseldorf ✓ ✓ 34 76 0 1 PROJECT DISPOSALS SIGNED 3
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 3M CAPEX 9M 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 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 Chairman of the Nomination & Member of the A
Slide 33: 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 34: Corporate Agenda
Corporate Agenda Adler Group S.A. financial calendar 2025 Investor relations contacts 25 June 2025 Annual General Meeting 2025 Julian Mahlert Head of Investor Relations & Communication j.mahlert@adler-group.com 28 August 2025 Publication Q2 2025 Results Gun Vardhan Gupta 27 November 2025 Publication
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