Adler Group S.A. announces results for H1 2026 demonstrating solid performance in the rental business

• Adler strengthens the operational performance of its real estate portfolio
• Repayments of €201m year since the beginning of the year
• Berlin rental portfolio with 3.0% like-for-like rental growth
• Very low operational vacancy of 0.9%

Luxembourg, 27 August 2026 – Adler Group S.A. (“Adler Group”) today announces its results for the six-month period ending June 2026.

Yielding portfolio – focus on reduction of C0₂ emissions and optimisation of processes

Adler Group is strengthening the operational performance of its real estate portfolio in Berlin: Adler is improving direct communication with tenants, digitizing property management, reducing turnaround times for repairs, and investing in climate-friendly heating systems. Progress in these areas is based on a previously established, optimized IT infrastructure and strong partnerships.

Repayments and disposals

Year to date net proceeds from disposals amounting to €201m have been applied or to further reduce leverage, predominantly via partial redemptions of the 1L New Money Facility.

Rental business – solid performance in H1 2026

The like-for-like rental growth amounted to 3.0%. The operational vacancy rate further decreased to a very low level of 0.9%. The average residential rent increased from €8.45/sqm/month as per June 2025 to €8.68/sqm/month as per June 2026.  As per 30 June 2026, the rental portfolio amounts to 17,465 units, of which 17,416 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 €68m in 6M 2025 to €63m in 6M 2026. Adler Group confirms its 2026 net rental income guidance in the range of €124-129m.

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

The result from operating activities amounted to minus €6m in H1 2026 (previous year: minus €215m). This represents a significant improvement compared to the previous year. Main drivers are a lower amount of write-offs and adjustments of the organisation due to the smaller portfolio. The Adjusted EBITDA from rental activities amounted to €37m, slightly below the previous year.

The net result of minus €160m (previous year: minus €381m) was negatively impacted by interest expenses.

Capital structure – sound basis following recent measures

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 79.2% as per June 2026. At the end of H1 2026, Adler Group had cash and cash equivalents of €155m. Adler Group remains focused on further strengthening its capital structure.

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 H1 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, 27 August 2026, at 10:00am CEST / 09:00am BST. The webcast is available at the following link:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=P4h2pH6s

Contact

Investor Relations:
T +352 203 342 10

E investorrelations@adler-group.com