Aroundtown (AT1) Q3 2025 earnings summary

Executive summary

• Portfolio performed well in the first nine months of 2025, with 56% in residential and hotels showing strong operational results and 38% in offices remaining stable despite economic headwinds.

• Achieved stable net rental income of €886m for 9M 2025, flat year-over-year, with total revenue at €1,145m, slightly down from €1,158m in 9M 2024.

• Operating profit surged to €1,104m from €98m, driven by positive property revaluations and capital gains of €384m versus a loss of €591m last year.

• Profit for the period reached €882m, reversing a loss of €154m in 9M 2024; basic EPS at €0.49.

• Portfolio focused on quality income-generating assets in top-tier European cities, mainly Germany, Netherlands, and London.

Financial highlights

• Net rental income reached EUR 886 million, up slightly year-over-year, driven by 3.1% like-for-like rental growth.

• Adjusted EBITDA was EUR 715 million, down 1% year-over-year; FFO1 was EUR 221 million, down from EUR 236 million, mainly due to higher perpetual note attribution and lower JV contributions.

• EPRA NTA per share rose 5% to EUR 7.8; liquidity stood at EUR 2.7 billion after EUR 1.1 billion gross debt reduction.

• Profit for the period was EUR 882 million, reversing a loss of EUR 154 million in the prior year, aided by a one-time deferred tax income.

• €2.5bn of debt repaid and €2.3bn raised YTD, maintaining a conservative debt profile.

Outlook and guidance

• FFO1 guidance for 2025 reaffirmed at EUR 280–310 million (EUR 0.26–0.28 per share), with positive impacts from rental growth and hotel repositionings, offset by disposals and higher perpetual note coupons.

• Perpetual note coupon payments expected to reduce materially by EUR 50 million annually going forward.

• 2026 guidance to be provided with full-year 2025 results; main drivers will be internal growth and finance expense increases from refinancing.

• Positive drivers include conservative rent increases and cost efficiency; negative drivers are full-year impact of disposals and higher perpetual coupon payments.