REG-Aroundtown SA Aroundtown announces H1 2025 results demonstrating a strong balance sheet, paving the way for opportunistic growth

Aroundtown SAAnnouncement

27/08/2025 06:00

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Aroundtown SA (IRSH)
Aroundtown announces H1 2025 results demonstrating a strong balance sheet, paving the way for opportunistic
growth

27-Aug-2025 / 06:47 CET/CEST
The issuer is solely responsible for the content of this announcement.

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THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE  UNITED
STATES, AUSTRALIA, CANADA,  JAPAN, SOUTH  AFRICA OR  ANY OTHER JURISDICTION  WHERE TO  DO SO  WOULD CONSTITUTE  A
VIOLATION OF APPLICABLE LAWS OR REGULATIONS

   AROUNDTOWN ANNOUNCES H1 2025 RESULTS DEMONSTRATING A STRONG BALANCE SHEET, PAVING THE WAY FOR OPPORTUNISTIC
                                                     GROWTH

  • Net rental income of €591 million in H1 2025, stable year-over-year, with like-for-like rental income growth
    of 3% offsetting the impact of net disposals.
  • Adjusted EBITDA of €501 million, stable year-over-year.
  • FFO I amounting to €150 million and €0.14 per share in H1 2025.
  • External revaluation of the full portfolio resulting in a positive 1.4% like-for-like value increase.
  • Net profit of €578 million and basic earnings per share of €0.32, driven by strong operational performance
    and the positive property revaluations.
  • LTV decreased to 40% as of June 2025, from 42% as of December 2024. Solid ICR of 4.2x in H1 2025, and
    unencumbered assets ratio of 70%, reflecting a value of €17 billion as of June 2025.
  • Completed disposals amounting to ca. €400 million during H1 2025. Signed disposals in H1 2025 amounting to
    ca. €170 million.
  • EPRA NTA of €8.6 billion and €7.8 per share as of June 2025, both higher by 5%, compared to €8.2 billion and
    €7.4 per share as of December 2024.
  • Continued progress in green building certifications, reaching 60% of the commercial portfolio.
  • Aroundtown successfully issued a €750 million senior unsecured bond in Q2, and an additional €150 million tap
    up in July 2025, supported by strong investor demand, while repaying over €1.9 billion of debt YTD.
  • FY 2025 Guidance confirmed. 

27 August 2025.

Aroundtown (‘the Company’ or ‘AT’) announces results for the first six months of 2025. Net rental income amounted
to €591 million,  broadly stable compared  to €588 million  H1 2024. This  was driven by  a like-for-like  rental
growth of 3%, which  offset the impact of  net disposals. Adjusted EBITDA  stable year-over-year and amounted  to
€501 million, compared to €502 million in H1 2024, mainly impacted by operational growth offset by disposals. FFO
I reached €150 million, or €0.14 per share in H1 2025, decreasing slightly from €154 million, or €0.14 per  share
in H1 2024,  mainly due  to the impact  of higher  perpetual notes attribution,  which were  partially offset  by
operational growth and lower finance expenses. In H1  2025, the Company conducted a full external revaluation  of
the portfolio, recording a 1.4% like-for-like value increase driven by strong operational growth. The increase in
values further underscores the shift to  positive momentum. Net profit for  the period amounted to €578  million,
and earnings per share  for the period amount  to €0.32, driven by  positive property revaluations and  continued
strong operational results. EPRA NTA amounted to €8.6 billion as of June 2025, or €7.8 on a per share basis.

BALANCE SHEET  FURTHER STRENGTHENED  WITH LOWER  LEVERAGE AND  SUCCESSFUL €900  MILLION BOND  ISSUANCES AND  €1.9
BILLION DEBT REPAYMENT YTD EXTEND MATURITY PROFILE

The Company further  strengthened its balance  sheet in  the period, reducing  the LTV  to 40% as  of June  2025,
decreasing from 42% as of December 2024 and 45% as of June 2024. In H1 2025, the Company closed ca. €400  million
in disposals at around book value. In  the first half of 2025, ca.  €170 million was signed for disposal.  During
the second quarter of  the year, Aroundtown successfully  completed a €750 million  5-year senior unsecured  bond
issuance at  a 3.5%  coupon,  which was  three times  oversubscribed.  After the  reporting period,  the  Company
completed a tap  on the issued  bond amounting  to an additional  €150 million, after  receiving strong  investor
demand. The coupon on  the new bond is  significantly lower compared to  the 4.8% of the  issuance in July  2024,
reflecting the decrease in the marginal cost of  debt and underscoring the strong investor appetite. The  Company
additionally raised ca. €100 million from bank loans  during the period. Meanwhile, the Company repaid over  €1.9
billion in debt, utilizing its liquidity position and  disposal proceeds to effectively extend the debt  maturity
profile. Aroundtown continues to benefit from a significant pool of unencumbered assets, totaling €17 billion  or
70% of rent as of June 2025, increasing flexibility and access to secured financing. The ICR remained strong  and
reached 4.2x in H1 2025.

SHIFTING FOCUS TOWARDS OPPORTUNISTIC GROWTH WHILE CONTUING TO EXTRACT INTERAL GROWTH POTENTIAL

The Company has taken a proactive approach to the challenges presented to the industry in the past periods,  with
a focus on deleveraging through disposing non-core and mature properties at attractive prices, further  supported
by proactive management of the Company’s debt profile,  resulting in low leverage and significant headroom.  With
the improving  environment, Aroundtown  is  now well-positioned  to capture  both  internal and  external  growth
opportunities. AT  is  targeting  further internal  growth  through  repositioning efforts  with  hotels,  office
conversions & high-yielding  capex investments, while  its strong  liquidity position and  reduced leverage  give
headroom to pursue accretive external growth opportunities,  further supported by capital recycling. The  Company
will seek to balance growth with financial discipline as it sees opportunities arising from an asymmetric  market
recovery.

MANAGEMENT-UPDATE

After 17 fulfilling years serving as  the Company’s chief financial officer (CFO),  Mr. Ben David has decided  to
step down from his position.  Mr. Jonas Tintelnot, already serving  as Deputy CFO for the  last 3 years, will  be
appointed as the new CFO of the Company. The change  is part of an orderly leadership transition and will  become
effective until the end of the year 2025. To ensure a smooth transition, Mr. Ben David will remain as an  advisor
over the coming  periods. Mr.  Tintelnot, who has  a deep  knowledge of our  business, is  a Chartered  Financial
Analyst (CFA), holds an MSc in Trade and Finance and a BSc in Business Economics.

Earlier this  year, Mr.  Timothy Wright  was appointed  as  the Chief  Capital Markets  Officer of  the  Company,
complementing the Company’s management. Timothy Wright has gained long-standing experience in capital markets and
especially investor relations within the Group for more than a decade and holds an MBA with majors in finance and
accounting.

Mr. Ben David: “It has been a privilege to contribute to Aroundtown’s growth, resilience, and success over nearly
two decades, as the CFO. I am proud of what we have achieved together and deeply grateful for the trust placed in
me by the Board, our shareholders, and our dedicated teams across the Company.”

Mr. Frank Roseen,  Executive Director and  Barak Bar-Hen,  CEO: “We would  like to  thank Mr. Ben  David for  his
dedication to this Company. With the appointment of Mr. Tintelnot and Mr. Wright to our management,  Aroundtown’s
senior leadership  is well  positioned to  capture the  opportunities to  come while  retaining our  conservative
financial profile.”

The Interim Consolidated Report for H1 2025 is available on the Company’s website:

 1 https://www.aroundtown.de/investor-relations/publications/financial-reports/   

For definitions and reconciliations of the Alternative Performance Measures, please see the relevant sections  in
the pages 39-44 of the Interim Consolidated Report for H1 2025. You can find the Interim Consolidated Report  for
H1 2025 on AT’s website under Investor Relations > Publications > Financial Reports or under this link:

 2 https://aroundtown.de/aroundtown.de/Data_Objects/Downloads/Financial_Reports/H1_2025_Financials/AT_Q2_2025.pdf

About the Company

Aroundtown SA (symbol: AT1), trading on the Prime Standard of the Frankfurt Stock Exchange, is the largest listed
German commercial real estate company. Aroundtown invests in income generating quality properties with  value-add
potential in central locations in top tier European cities primarily in Germany, the Netherlands, and London.

Aroundtown SA (ISIN: LU1673108939) is a public limited liability company (société anonyme) established under  the
laws of the Grand Duchy of Luxembourg, registered  with the Luxembourg Trade and Companies Register (Registre  de
Commerce et des Sociétés, Luxembourg) under number B217868, having its registered office at 37, Boulevard  Joseph
II, L-1840 Luxembourg, Grand Duchy of Luxembourg.

Contact

Timothy Wright
T: +352 288 313
E:  3 info@aroundtown.de
 4 www.aroundtown.de

DISCLAIMER

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.

THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED  STATES
SECURITIES ACT OF 1933,  AS AMENDED (THE SECURITIES  ACT), AND MAY NOT  BE OFFERED OR SOLD  IN THE UNITED  STATES
ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. THERE WILL BE NO PUBLIC  OFFERING
OF THE SECURITIES IN THE UNITED STATES.

THIS ANNOUNCEMENT IS DIRECTED  AT AND IS ONLY  BEING DISTRIBUTED IN  THE UNITED KINGDOM TO  (I) PERSONS WHO  HAVE
PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES
AND MARKETS ACT  2000 (FINANCIAL  PROMOTION) ORDER  2005 (THE ORDER),  (II) HIGH  NET WORTH  ENTITIES, AND  OTHER
PERSONS TO WHOM  IT MAY OTHERWISE  LAWFULLY BE COMMUNICATED  FALLING WITHIN ARTICLE  49 OF THE  ORDER, AND  (III)
PERSONS TO  WHOM IT  MAY OTHERWISE  LAWFULLY BE  COMMUNICATED (ALL  SUCH PERSONS  TOGETHER BEING  REFERRED TO  AS
RELEVANT PERSONS). THIS COMMUNICATION MUST  NOT BE READ, ACTED  ON OR RELIED ON BY  PERSONS WHO ARE NOT  RELEVANT
PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH  THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO  RELEVANT
PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.

IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (EEA)  AND THE UNITED KINGDOM, THIS ANNOUNCEMENT AND ANY OFFER  IF
MADE SUBSEQUENTLY IS DIRECTED ONLY AT PERSONS WHO ARE “QUALIFIED INVESTORS” WITHIN THE MEANING OF REGULATION (EU)
2017/1129, AS AMENDED  (THE PROSPECTUS REGULATION)  (QUALIFIED INVESTORS). ANY  PERSON IN THE  EEA OR THE  UNITED
KINGDOM WHO ACQUIRES THE SECURITIES  IN ANY OFFER (AN INVESTOR)  OR TO WHOM ANY OFFER  OF THE SECURITIES IS  MADE
WILL BE DEEMED TO HAVE REPRESENTED AND AGREED THAT IT  IS A QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO BE  DEEMED
TO HAVE REPRESENTED AND AGREED THAT ANY SECURITIES ACQUIRED BY  IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON  BEHALF
OF PERSONS IN THE EEA OR THE UNITED KINGDOM OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES BEEN ACQUIRED
WITH A VIEW TO THEIR OFFER  OR RESALE IN THE EEA  OR THE UNITED KINGDOM TO PERSONS  WHERE THIS WOULD RESULT IN  A
REQUIREMENT FOR PUBLICATION BY AROUNDTOWN  OR ANY OF THE  MANAGERS OF A PROSPECTUS PURSUANT  TO ARTICLE 3 OF  THE
PROSPECTUS REGULATION.

THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS  OR ESTIMATES RELATING TO PLANS  AND OBJECTIVES RELATING TO OUR  FUTURE
OPERATIONS, PRODUCTS, OR SERVICES, FUTURE  FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING  OR RELATING TO ANY  SUCH
STATEMENTS, EACH OF WHICH  CONSTITUTES A FORWARD-LOOKING  STATEMENT SUBJECT TO RISKS  AND UNCERTAINTIES, MANY  OF
WHICH ARE BEYOND THE CONTROL OF AROUNDTOWN SA. ACTUAL  RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER  OF
FACTORS.

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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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   ISIN:           LU1673108939, LU1673108939, XS2114459550, XS1508392625,
                   XS1634523754, XS1752984440, XS2017788592, XS2027946610,
                   XS2055106210, XS2287744721, XS1586386739, XS1639847760,
                   XS1649193403, XS1700429308, XS1715306012, XS1753814141,
                   CH0398677689, XS1761721262, XS1815135352, AU3CB0252955,
                   CA04269KAA12, XS1879567144, XS1877353786, XS1901137106,
                   XS1905592546, CH0460054437, XS1961042915, XS1964701822,
                   XS1966277748, XS1980255779, XS1999746370, XS2023872174,
                   XS2023873149, XS2198981263, XS1843435501, XS2273810510,
                   XS2421195848, XS2799494120, XS2799493825, XS2812484728,
                   XS2812484215, XS2860457071, XS3070545234
   Category Code:  IR
   TIDM:           IRSH
   LEI Code:       529900H4DWG3KWMBMQ39
   OAM Categories: 1.2. Half yearly financial reports and audit
                   reports/limited reviews
   Sequence No.:   399950
   EQS News ID:    2189070


    
   End of Announcement EQS News Service

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References

   Visible links
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   3. mailto:info@aroundtown.de
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