Aroundtown (AT1) Q2 2025 earnings summary

Executive summary

• Net profit rebounded to €578 million in H1 2025, reversing a €330 million loss in H1 2024, driven by positive property revaluations and operational growth.

• Net rental income was €591 million, stable year-over-year, with adjusted EBITDA at €501 million and FFO I at €150 million, down 2% year-over-year.

• EPRA NTA per share increased 5% to €7.8 compared to December 2024.

• Portfolio remains highly diversified across office, residential, and hotel assets, focused on top-tier European cities.

• Leadership transition: new CFO Jonas Tintelnot to replace Eyal Ben David by end of 2025; other management changes include new Chief Capital Markets Officer and Deputy CEO.

Financial highlights

• Net rental income for H1 2025 was €591 million, supported by 3.0% like-for-like rental growth.

• Adjusted EBITDA reached €501 million, stable compared to H1 2024.

• FFO I was €150 million, slightly lower due to higher perpetual note attribution.

• Net profit for H1 2025 was €578 million, reversing a €330 million loss in H1 2024, mainly due to positive property revaluations.

• Gross debt reduced by €720 million in H1 2025; liquidity at €3.4 billion.

Outlook and guidance

• Full-year 2025 FFO I guidance: €280–310 million (per share: €0.26–0.28), confirmed.

• Management expects continued operational growth, rental increases, and further deleveraging, supported by disposals and positive rental dynamics.

• No significant external growth included in current guidance; future acquisitions expected to support growth beyond 2025.