REG-Aroundtown SA Aroundtown SA announces FY 2025 results in-line with guidance, recommendation for dividend and launches exchange offer for GCP shares

Aroundtown SAAnnouncement

04/03/2026 03:30

============

Aroundtown SA (IRSH)
Aroundtown SA announces FY 2025 results in-line with guidance, recommendation for dividend and launches exchange offer for
GCP shares

04-March-2026 / 04:21 CET/CEST
The issuer is solely responsible for the content of this announcement.

════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════

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 FY 2025 RESULTS IN-LINE WITH GUIDANCE, RECOMMENDATION FOR DIVIDEND AND LAUNCHES EXCHANGE OFFER FOR GCP
                                                           SHARES

                                                   Full Year 2025 Results

  • Net rental income in  the amount of  €1,183 million, slightly higher  compared to 2024,  driven by strong  like‑for‑like
    rental income growth that offset the effect of net disposals.
  • Adjusted EBITDA amounted to €999 million, 1% lower year‑over‑year.
  • 2025 guidance met: FFO I in the amount of €288 million, lower by 9% compared to 2024, impacted mainly by higher  finance
    expenses. FFO I per share of €0.26, lower by 10% year over year.
  • 2026 guidance at €250-€280 million, €0.24-€0.27 per share
  • Recommendation for dividend for FY 2025 at €0.08 per share, reflecting a payout ratio of 30% of FFO I. Dividend payout
    ratio adjusted to 50% of FFO I from 2026 onward.
  • Ongoing share buyback program of €250 million to be completed by year end.
  • Positive property  revaluations of  €394 million,  reflecting  a like-for-like  revaluation gain  of 1.6%,  compared  to
    negative like-for-like of 0.5% in 2024.
  • Profit of €1,128 million,  increasing compared to 2024,  mainly driven by property  revaluations and robust  operational
    performance.
  • EPRA NTA of €8.5 billion  and €7.8 per share, higher  by 4% and 5% respectively  versus year‑end 2024, supported by  the
    profit recorded for the year.
  • Strong progress in green certifications, with 79% of the office portfolio and 65% of the hotel portfolio certified.
  • Unencumbered assets of 70% of the portfolio by rent, reflecting a total value of €17.0 billion.

 

                                               Exchange offer for GCP shares

  • Aroundtown will launch a voluntary exchange offer, structured as a partial offer, to increase its ownership in GCP to up
    to 89.5%.
  • GCP shareholders will receive 4 Aroundtown shares for each GCP share tendered; the Offer represents a premium of 6.6% to
    GCP’s last closing share price.
  • The transaction strengthens Aroundtown’s position as a leading European real estate platform, simplifies the group
    structure, is FFO accretive, and further increases trading liquidity.
  • The Board of Directors of GCP welcomes the Offer and, subject to review of the offer document in accordance with its
    legal obligations, intends to recommend acceptance of the Offer to its shareholders.

 

4 March 2026.

Aroundtown (“the Company” or “AT”)  announces its results for  the year 2025, delivering  another year of solid  operational
performance and achieving the guided results. Net rental income was slightly higher compared to 2024 and amounted to  €1,183
million, supported by robust 3.0% like‑for‑like rental growth across the portfolio, which offset the impact of net disposals
throughout the year. Adjusted EBITDA  was slightly lower and amounted  to €999 million. FFO I  amounted to €288 million  and
€0.26 per share, impacted  by higher finance  expenses, and slightly  higher perpetual notes  attribution, and in-line  with
guidance. Profit increased to €1,128 million, mainly driven  by positive property revaluations, one-off deferred tax  income
related to tax regime changes in Germany, and sustained operational profits. EPRA NTA increased to €8.5 billion and €7.8 per
share, driven  by the  profit recorded  during  the year,  partially offset  by a  lower  deferred tax  balance due  to  the
aforementioned deferred tax  income. Given the  improved environment,  the Board of  Directors of the  Company recommends  a
dividend distribution for 2025  at €0.08 per  share, reflecting a  payout ratio of 30%  of FFO I  per share. Looking  ahead,
Aroundtown has adjusted its dividend payout policy to 50% of FFO I from 2026 onward. The 2025 dividend is in addition to the
€250 million share buyback launched in January 2026, and together with the dividend payment is marking a strong  shareholder
return.

CONTINUED SOLID OPERATIONAL PERFORMANCE SUPPORTING VALUE GROWTH AND DELEVERAGING

Operational performance remained strong  across the portfolio,  with solid like‑for‑like rental  growth achieved across  all
major asset types, reflecting resilient tenant demand and disciplined asset management. The Company continued to execute its
capital recycling strategy effectively,  disposing €790m of  assets at lower yields  while reinvesting into  higher‑yielding
opportunities of property  acquisitions, share buyback  program and  debt repayments. This  disciplined execution  supported
continuous portfolio optimization, enhanced cash flow generation,  and further improved Aroundtown’s position for  long‑term
value creation. As  part of the  capital recycling, the  Company launched a  highly accretive share  buyback program with  a
volume of €250 million in January 2026, effectively reinvesting back into the portfolio at a deep discount to fair value.

The Company recorded 1.6% like‑for‑like value growth, supported by the strong operational performance, with yields remaining
stable. The positive revaluation results supported  deleveraging, with the LTV ratio decreasing  to 41%, compared to 42%  at
the end of 2024.  The positive momentum  was further reinforced  by the Company’s  proactive financial management  approach,
which combined  opportunistic acquisitions,  disposals at  around book  values, and  continued optimization  of its  capital
structure to strengthen its balance sheet and credit profile.

VALIDATED STRONG CAPITAL MARKET ACCESS

Aroundtown demonstrated strong and  diversified capital markets  access throughout the year  with issuances totaling  €4.6bn
across multiple currencies, maturities, and instruments, and buying back and redeeming €4.4bn which highlights the Company’s
robust and reliable access to global capital markets.

Investor demand was  also strong in  the Company’s  perpetual notes issuances,  where the Company  reinforced its  financial
flexibility and improved its rating metrics. The transactions  not only restored equity content under S&P’s methodology  but
also supported a reduction in  perpetual notes coupons by refinancing  higher‑coupon instruments with lower‑coupon ones,  as
well as starting to  tackle proactively notes with  a first call  date in 2026. As  a result, the Company  has been able  to
mitigate the expected increase of  the perpetual note coupons  in 2026, resulting in  expected annualized coupons below  the
2025 level going forward.

SOLID ESG PROGRESS IN 2025

Aroundtown continued to  advance its ESG  strategy, achieving  substantial progress across  environmental and  certification
initiatives. 70% of the total commercial  portfolio is now green certified,  reflecting the Company’s ongoing commitment  to
improving asset quality and operational efficiency. The office  portfolio reached 79% certification, up from 65% last  year.
Significant progress was also recorded in the  hotel portfolio, which is now 65%  certified, compared to 30% last year.  The
Company also  achieved a  41% reduction  in CO 2   emissions (Scope  1+2+3), reaching  its 2030  target ahead  of  schedule,
underscoring the  continued improvements  in energy  efficiency and  the Company’s  effectiveness in  the execution  of  its
Environmental strategy, supported by decarbonization of Europe’s electricity and district heating grid.

                AROUNDTOWN ANNOUNCES EXCHANGE OFFER FOR UP TO 89.5% OF GRAND CITY PROPERTIES’ SHARE CAPITAL

Aroundtown today announced  its intention  to launch  a voluntary  exchange offer  (the “Offer”)  for shares  in Grand  City
Properties SA (“GCP”) to increase its ownership from 63% to up to 89.5%.

The Offer will be structured as an exchange offer, providing GCP shareholders with the opportunity to tender their shares in
return for shares  in Aroundtown. Under  the Offer, GCP  shareholders will receive  4 Aroundtown shares  for each GCP  share
tendered. The consideration will be settled  using treasury shares carrying full dividend  rights as from January 01,  2025,
i.e. all shares exchanged through  the Offer will be fully  eligible for the 2025 dividend  payment, which the Company  will
propose for the 2026 AGM. The Offer has no minimum acceptance threshold and is not subject to closing conditions. Aroundtown
expects to conclude the Offer by beginning of April. In case tendered shares together with the existing shareholding  exceed
the maximum offer volume, all tendered shares will be scaled back on a prorata basis.

 

CREATING A LEADING EUROPEAN PLATFORM ACROSS COMMERCIAL AND RESIDENTIAL REAL ESTATE

By increasing its  stake in  GCP, Aroundtown will  further strengthen  its position as  a diversified  European real  estate
company with a balanced exposure to commercial and residential assets. The combination will build on complementary portfolio
characteristics, blending GCP’s defensive,  resilient residential cash flows  with Aroundtown’s commercial portfolio,  which
offers higher growth and reversion potential in market upcycles. The transaction is expected to be financially accretive for
Aroundtown shareholders over the long-term and will enhance  the combined group’s earnings profile. By increasing its  stake
in GCP, Aroundtown will reduce  minority interests, resulting in  higher economic participation in  GCP’s cash flows and  an
increase in  attributable  FFO, with  up  to €49million  of  additional  FFO expected  on  a proforma  basis  following  the
transaction. The transaction is expected to be FFO per share neutral with mid-term accretion potential.

The enhanced  platform will  benefit from  greater  income diversification  through exposure  to different  demand  drivers,
regulatory regimes and long-term fundamentals across the portfolio. These complementary characteristics will reinforce  each
other and reduce earnings  volatility, while preserving  upside potential. By reducing  minority interests, the  transaction
will simplify the group structure, resulting in clearer governance and stronger alignment.

Increased scale and higher free float at Aroundtown level  will enhance market visibility and strengthen the equity  profile
providing higher trading liquidity and supporting broader institutional investor access. This is in particular accretive  to
the potential for re-inclusion in major indices such as MSCI Europe or Stoxx Europe 600 over the medium-term.

Morgan Stanley & Co.  International plc is  acting as financial  advisor and Taylor  Wessing is acting  as legal adviser  to
Aroundtown.

The Consolidated Report for FY 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
193-201 of the Interim Consolidated  Report for FY 2025. You  can find the Interim Consolidated  Report for FY 2025 on  AT’s
website under Investor Relations > Publications > Financial Reports or under this link:

 2 https://www.aroundtown.de/aroundtown.de/Data_Objects/Downloads/Financial_Reports/FY_2025_Financials/AT_FY_2025_Report.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.

════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════

Dissemination of a Regulatory Announcement, transmitted by  5 EQS Group.
The issuer is solely responsible for the content of this announcement.

View original content:  6 EQS News

════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════════

   ISIN:          LU1673108939, LU1673108939, XS1634523754, XS1752984440,
                  XS2017788592, XS2027946610, XS2287744721, XS1586386739,
                  XS1639847760, XS1700429308, XS1753814141, XS1761721262,
                  XS1815135352, XS1879567144, XS1877353786, XS1901137106,
                  XS1905592546, CH0460054437, XS1964701822, XS1966277748,
                  XS1980255779, XS1999746370, XS2023873149, XS1843435501,
                  XS2273810510, XS2421195848, XS2799493825 , XS2812484728,
                  XS2812484215, XS2860457071 , XS3070545234 , XS3196024296 ,
                  XS3205709309 , CH1477661297 , XS3250457010, XS3255373964,
                  XS3285553361, CH1526684712, AU3CB0330991, AU3CB0330983
   Category Code: MSCL
   TIDM:          IRSH
   LEI Code:      529900H4DWG3KWMBMQ39
   Sequence No.:  419882
   EQS News ID:   2285226


    
   End of Announcement EQS News Service

   ══════════════════════════════════════════════════════════════════════════

References

   Visible links
   1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=6119f03c12e11c68c3af148b6301db5d&application_id=2285226&site_id=refinitiv~~~456f380e-074c-434c-ab61-d8ca972fa0de&application_name=news
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=89b70a6f5716c38f3ff29d00e68c03d7&application_id=2285226&site_id=refinitiv~~~456f380e-074c-434c-ab61-d8ca972fa0de&application_name=news
   3. mailto:info@aroundtown.de
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=297cc9a7a72fca4905b7f9b22c5861be&application_id=2285226&site_id=refinitiv~~~456f380e-074c-434c-ab61-d8ca972fa0de&application_name=news
   5. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=f5d50dc7e8798b6eb177f7955e598e60&application_id=2285226&site_id=refinitiv~~~456f380e-074c-434c-ab61-d8ca972fa0de&application_name=news
   6. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=89fda514b0912122fb48e60a4af714d9&application_id=2285226&site_id=refinitiv~~~456f380e-074c-434c-ab61-d8ca972fa0de&application_name=news


============