Adler Group S.A. announces results for 3M 2026 demonstrating progress with development disposals and solid performance

• Continued progress on disposals of development projects and non-strategic yielding assets
• Repayments of €197m year since the beginning of the year
• Berlin rental portfolio with 3.6% like-for-like rental growth and 1.4% operational vacancy
• 2025 net rental income guidance confirmed
• Early redemption of the remaining Adler Real Estate notes due in 2026
• No capital market indebtedness before end of 2028

Luxembourg, 28 May 2026 – Adler Group S.A. (“Adler Group”) today announces its results for the three-month period ending March 2026.

Project developments – progress with disposals

Following the successful closings of ‘Holsten Quartier’ in Hamburg, ‘Kaiserlei Quartier‘ in Offenbach, and ‘Benrather Gärten’ in Düsseldorf, the disposal of the remaining upfront sale development projects remains the key priority.

In addition, Berlin yielding asset disposals of ‘Kornversuchsspeicher’ and ‘Hedemannstrasse’, both were closed in March and April 2026.

Net proceeds from these disposals amounting to €197m have been applied or to further reduce leverage, predominantly via partial redemptions of the 1L New Money Facility.

‘Quartier Hoym’ the forward sale project in Dresden has been handed over to its buyer. The completion and hand over of the two remaining forward sale projects ‘Ostforum’ in Leipzig and ‘LEA A’ in Frankfurt advances.

Rental business – solid performance in Q1 2026

The like-for-like rental growth amounted to 3.6%, in line with the previous quarter. The operational vacancy rate remained at a very low level of 1.4%. The average residential rent increased from €8.31/sqm/month as per March 2025 to €8.64/sqm/month as per March 2026.  As per 31 March 2026, the rental portfolio amounts to 17,483 units, of which 17,434 units are located in the Berlin area. The rental portfolio value amounts to €3.5bn.

Post the successful disposal of the North Rhine-Westphalia (NRW) portfolio in early 2025, net rental income decreased from €37m in 3M 2025 to €31m in 3M 2026. Adler Group confirms its 2026 net rental income guidance in the range of €124-129m.

Financial performance – lower rental income and earnings as a result of a smaller portfolio

The income from operating activities amounted to €0m in 3M 2026 (previous year: minus €35m). This represents a significant improvement compared to the previous year. Main driver are adjustments of the organisation due to the smaller portfolio. The Adjusted EBITDA from rental activities amounted to €21m, in line with the previous year.

The net result of minus €72m (previous year: minus €170m) was negatively impacted by interest expenses.

Capital structure – sound basis following recent measures

Following the early redemption of the remaining Adler Real Estate notes amounting to €14.8, the company does not face any maturities of capital market indebtedness before the end of 2028 with 97% of the total financial debt maturing in 2028 or beyond. The company’s loan-to-value (LTV) stood at 77.1% as per March 2026. At the end of Q1 2026, Adler Group had cash and cash equivalents of €301m.

For definitions of the Alternative Performance Measures, please see the relevant section on the pages 12-13 and 15-18 of the financial statements for 3M 2026 which are available on company's website: https://www.adler-group.com/en/investors/publications/financial-results

 Webcast

A webcast for analysts and investors will be held today, 28 May 2026, at 10:00am CEST / 09:00am GMT. The webcast is available at the following link:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=IEgHHpaQ 

Contact

Investor Relations:
T +352 203 342 10

E investorrelations@adler-group.com