REG-Aroundtown SA Aroundtown SA announces Q1 2025 results with strong operations

Aroundtown SAAnnouncement

28/05/2025 06:00

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Aroundtown SA (IRSH)
Aroundtown SA announces Q1 2025 results with strong operations

28-May-2025 / 06:55 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 Q1 2025 RESULTS WITH STRONG OPERATIONS

  • Net rental income of €295 million in Q1 2025, higher by 1% year-over-year, supported by like-for-like rental
    income growth of 3%, more than offsetting the impact of disposals.
  • Adjusted EBITDA of €251 million, higher by 1% driven by solid operational growth and solid cost base.
  • FFO I amounting to €76 million and €0.07 per share in Q1 2025, stable year-over-year.
  • Net profit of €319 million and basic earnings per share of €0.2 in Q1 2025, higher by 211% and 400% respectively,
    compared to €102 million and €0.04 per share in Q1 2024.
  • Positive property revaluation of +0.8% on a like-for-like basis, on around 15% of the portfolio, supported by
    operational growth.
  • EPRA NTA of €8.4 billion and €7.6 per share as of March 2025, higher by 2% and 3% respectively, compared to €8.2
    billion and €7.4 per share as of December 2024.
  • Ca. €150 million of disposals were completed during Q1 2025. YTD signed ca. €140 million.
  • LTV decreased to 41% as of March 2025, from 42% as of December 2024. Unencumbered assets ratio of 71%, reflecting
    a value of €17 billion as of March 2025 and ICR of 4.3x in Q1 2025.
  • Aroundtown successfully completed a €750 million senior unsecured bond issuance in May 2025 (3.5% coupon) and
    repaid debt of €1.3bn YTD.
  • FY 2025 Guidance confirmed.

28 May 2025.

Aroundtown (‘the Company’ or ‘AT’) announces results for the  first three months of 2025. Net rental income  amounted
to €295 million, 1%  higher compared to Q1  2024. This increase was  driven by a like-for-like  rental growth of  3%,
which offset the  impact of  net disposals  during the  period. Adjusted  EBITDA rose  by 1%  year-over-year to  €251
million. FFO I reached €76 million, or €0.07 per share in Q1 2025, remaining stable as the growth in adjusted  EBITDA
was offset by higher perpetual notes attribution. In Q1 2025, the Company revalued 15% of its portfolio, resulting in
a +0.8% like-for-like  value increase  compared to December  2024. Net  profit for the  period was  €319 million  and
earnings per  share for  the quarter  stood at  €0.20, driven  by strong  operational results  and positive  property
revaluations. EPRA NTA amounted to €8.4 billion as of March 2025, equivalent to €7.6 per share.

The Company continued  to strengthen its  balance sheet. In  Q1 2025, the  Company closed €149  million in  disposals
around book value. Ca. €140 million of disposals were signed YTD. LTV stood at 41% as of March 2025, reducing further
compared to  42% as  at December  2024  and down  from 45%  in June  2024.  Aroundtown continues  to benefit  from  a
significant pool of unencumbered assets, totaling €17 billion or  71% of rent as of March 2025. These assets  provide
substantial flexibility and access to further secured financing. The ICR increased to 4.3x in Q1 2025, driven by  the
growth in adjusted EBITDA and reduction in finance expenses.

S&P LOWERS CREDIT RATING TO BBB STABLE FROM BBB+ NEGATIVE

In April 2025, S&P revised Aroundtown’s credit rating lower by one notch to BBB with a stable outlook.  Consequently,
the credit rating on the  Company’s bonds now stands at  BBB, and its perpetual notes  at BB+. According to S&P,  the
downgrade reflects S&P’s concerns over increased market volatility and a weakening German economy, which may slow the
Company’s deleveraging progress. Despite this, Aroundtown remains firmly committed to maintaining a strong  financial
profile and continues to maintain significant headroom to all financial bond covenants.

SUCCESSFUL €750 BILLION BOND ISSUANCE AND €1.3BN DEBT REPAYMENT YTD EXTENDING DEBT MATURITY PROFILE

Following the end of the reporting period, Aroundtown  successfully completed a €750 million 5-year senior  unsecured
bond issuance. The new bond carries a 3.5% coupon, significantly  lower compared to the 4.8% of the last issuance  in
July 2024.  The  offer was  met  with strong  investor  demand, being  three  times oversubscribed  during  the  day.
Simultaneously, the Company launched a tender offer to  repurchase certain bond series with short term maturities  as
well as relatively higher coupons and through which it  bought back ca. €600m nominal amount of bonds. The  objective
of the liability management  exercise is to  proactively manage and  extend the Company’s  debt maturity profile.  In
addition to the bonds bought back as part of the  tender offer, the Company has repaid ca. €660 million of  scheduled
bond repayments in 2025 YTD, bringing total debt repayments to €1.3 billion YTD.

AROUNDTOWN DECIDED NOT TO RECOMMEND A DIVIDEND PAYMENT FOR 2024

The board of directors Aroundtown  has decided not to recommend  a dividend payment for 2024  in order to maintain  a
conservative financial position.

The Interim Consolidated Report for Q1 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 Q1 2025. You can find the Interim Consolidated Report for Q1  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/Q1_2025_Financials/AT_Q1_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:  QRF
   TIDM:           IRSH
   LEI Code:       529900H4DWG3KWMBMQ39
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   390753
   EQS News ID:    2146532


    
   End of Announcement EQS News Service

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References

   Visible links
   1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=6119f03c12e11c68c3af148b6301db5d&application_id=2146532&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810&application_name=news
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=22f069a4487dea2e8cb56dd5626f6f9b&application_id=2146532&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810&application_name=news
   3. mailto:info@aroundtown.de
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=297cc9a7a72fca4905b7f9b22c5861be&application_id=2146532&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810&application_name=news


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