---
title: "Adler Group partially redeems its 1L New Money Facility in Q2 2026 Berlin; €245m holdback remains"
sdDatePublished: "2026-08-27T15:51:00Z"
source: "https://www.adler-group.com/fileadmin/web/docs/IR/Hauptversammlung/2026/28082026/Adler_Group_-_Investor_presentation_Q2_2026.pdf"
topics:
  - name: "real estate"
    identifier: "medtop:20000241"
  - name: "financial statement"
    identifier: "medtop:20000180"
  - name: "corporate earnings"
    identifier: "medtop:20000178"
  - name: "restructuring and recapitalisation"
    identifier: "medtop:20000184"
  - name: "residential real estate"
    identifier: "medtop:20001368"
locations:
  - "Stuttgart"
  - "Munich"
  - "Berlin"
  - "Hamburg"
  - "Düsseldorf"
  - "North Rhine-Westphalia"
  - "Frankfurt am Main"
  - "Dresden"
  - "Leipzig"
  - "Germany"
---


Adler Group partially redeems its 1L New Money Facility in Q2 2026 Berlin; €245m holdback remains

Results presentation

27 August 2026
Results
presentation

2
Content
Eichborndamm 89, Berlin
1
Disposal Update
2
Q2 2026 Key Figures
3
Portfolio & Operational Performance
4
Financial Update
5
Guidance & Concluding Remarks
6
Appendix

3
1
Disposal Update

4
Development projects
and yielding assets sold
post Q2 ’26
Following significant disposals in Q1, Adler Group has made further progress to partially redeem its 1L New Money
Facility in Q2
Disposal Update
1 | Disposal Update
The company’s holdback of disposal proceeds (max. amount of €250m) remains filled with €245m
Other yielding asset
disposals
Development projects
and yielding assets sold
in Q2 ’26

5
2
Q2 2026 Key Figures

6
The Berlin-anchored yielding asset portfolio continued to perform strongly in H1 2026
H1 2026 Key Figures
2 | Q2 2026 Key Figures
PORTFOLIO
PERFORMANCE
FINANCIAL
OVERVIEW
3.0% like-for-like (l-f-l) rental growth on a year-on-year basis
driven by increases in current rental contracts and reletting
activities
Avg. residential rent increased to €8.68/sqm/month as per Jun-
2026
Vacancy remained at a very low level of 0.9%
Like-for-like rental portfolio revaluation of 0.5% in H1 2026
Like-for-like development portfolio unchanged in H1 20261
Net rental income: €63m
Adj. EBITDA Rental: €37m
Adj. EBITDA Total: €29m
FFO 1: (€40m)
Total equity: €0.7bn
LTV stands at 79.2%
Cash position of €155m
1. Only taking into account development projects that were part of the portfolio as per Jun-2026 and are not signed for sale

7
3
Portfolio & Operational
Performance

8
Berlin-anchored Yielding Asset Portfolio
Number of rental units
1 Residential units including ground level commercial units, comprises 17,416 units in Berlin and 49 units in other locations which are earmarked for sale; 2. Includes current locations with at least 100 rental units
3.5
3.5
Dec-25
(0.0)
Disposals
0.0
Revaluation
Mar-26
(0.0)
Disposals
0.0
Revaluation
Jun-26
3.5
Gross asset value (GAV) in €bn
Residential portfolio as per Jun-20262
BERLIN
€3.5bn
GAV
17,416
units
Berlin
Adler Group’s residential portfolio is almost entirely concentrated in Berlin and has a total gross asset value of €3.5bn
2,875
2,886
GAV in
€/sqm
2,870
Dec-25
(21)
Disposals
Mar-26
(18)
Disposals
Jun-26
17,504
17,483
17,4651
3 | Portfolio & Operational Performance

9
Like-for-like fair value development until Q2 2026 (%)
General note: Historic numbers as reported, i.e. not adjusted for disposals
1. Calculated as annualised monthly in-place rent divided by the fair value at the reporting date
The positive revaluation mainly stems from rent increases realised in H1 2026
Yielding Portfolio Valuation
Rental yield (%)1
Jun-25
Jun-26
3.5%
3.6%
10,1%
(1,9%)
(12,8%)
(2,2%)
1,0%
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
H1 2026
0,5%
3 | Portfolio & Operational Performance

10
3.0%
1.4%
0.4%
0.3%
Average rent (€/sqm/month)
Like-for-like rental growth (%)2
General notes: KPIs presented on this page include ground level commercial units and exclude units under renovation and development projects; historic numbers as reported, i.e. not adjusted for disposals
1. Jun-2026 figure excluding 49 non-Berlin units which are earmarked for sale; Operational vacancy excludes unavailable units, i.e., units under refurbishment and decommissioned units; Total vacancy rate amounting to 1.8% as per Jun-
2026; 2. Like-for-like rental growth calculated on a year-on-year basis; 3. Units that are vacant now but were rented out last year; 4. Units that are rented out now but were vacant last year; 5. Units that are rented out now as well as last
year, but to a different tenant; 6. Total Consumer price index (CPI)-linked leases amount to 29.4% based on total rental units and 30.2% based on NRI
The like-for-like rental growth of 3.0% was driven by the increase of current rental contracts and vacancy reduction
Operational Performance
Jun-25
Jun-26
Jun.25
Jun-26
3.4%
3.0%
Detailed breakdown of the like-for-like rental
growth as per Jun-2026 (%)
New
Vacancy3
0.8%
1.6
Vacancy
reduction4
Re-letting5
Rent
increase6
Total rental
growth
(1.6)
0.8%
0.7%
CAPEX
Without CAPEX
Operational vacancy rate (%)1
Jun-25
Jun-26
3 | Portfolio & Operational Performance
8,45
8,68
2,0%
0,9%

4
Financial Update

12
3.5
3.5
0.4
GAV (€bn)1
Comments
General note: Rounding errors may occur
1. Based on externally appraised values, may slightly differ from IFRS accounting values; 2. Excludes disposals that are either signed, closed or handed-over as per Jun-2026; 3. Includes value adjustments of development projects
reflecting prices agreed with buyers (sales contract signed or letter of intent), as also reflected on the balance sheet as per Jun-2026
Development of GAV in Q2 2026
4 | Financial Update
1
In the second quarter 2026, 18 condominium units were sold
1
2
No disposals were closed in the second quarter
2
Total portfolio GAV reduced slightly due to selective yielding asset disposals
3
During the second quarter, a positive result was realised as part
of the semi-annual revaluation process of the yielding portfolio,
translating into a like-for-like increase of 0.5%, compared to prior
values
3
Mar-26
(0.0)
Disposals
yielding assets
(0.0)
Disposals
development
projects
0.0
Revaluation
yielding assets
0.0
Revaluation
development
projects3
0.42
Jun-26
3.9
3.9
Development projects
Yielding portfolio
4
For the development projects, on a like-for-like basis, valuations
remained unchanged compared to Q1 2026 figures
4
Thereof:
€0.3bn upfront sale projects
€0.1bn forward & condo
sale projects

13
Partial redemptions, i.e. proceeds returned to the holders of the 1L
New Money Facility in the total amount of €116m in Q2 2026:
−
€93m repaid on 2 Apr-2026 after proceeds received from the sale
of the Holsten development project
−
€11m repaid on 2 Apr-2026 after proceeds received from the sale
of the Kornversuchsspeicher
−
€4m repaid on 2 Apr-2026 after proceeds received from Berlin
condo sales
−
€3m repaid on 7 Apr-2026 after proceeds received from the sale
of the Hedemannstrasse
−
€5m repaid on 13 May-2026 after proceeds received from the
sale of Hansastrasse
Further redemptions, i.e. proceeds returned to other lenders in Q2
2026:
−
€15m repaid in Apr-2026 after proceeds received from the sale of
Hedemannstrasse
Partial redemptions, i.e. proceeds returned to the holders of the 1L
New Money Facility in the total amount of €4m in Q3 2026:
−
€4m repaid on 5 Aug-2026 after proceeds received from the sale
of the Hansastrasse
DEBT REPAYMENTS
The redemption of the 1L New Money Facility continues with the inflow of disposal proceeds
Financing Update
4 | Financial Update
Completed prolongation of a €6m secured bank loan originally due
in Q3 and Q4 2026 to Q4 2028. The loan is provided by a German
bank, financing certain of Adler's property companies in Berlin
The remaining 2026 bank maturities in the volume of €12m are
under discussion regarding prolongation with the respective lenders
MATURITIES IN 2026

14
29,7%
30,0%
20,4%
19,9%
Total nominal interest-bearing debt (€m)1
3,515
LTV2
79.2%
Fixed / hedged debt
99.2%
Weighted average cost of debt
7.1%
Weighted average maturity (years)
2.9
Issuer credit rating S&P
B- (stable outlook)
1L New Money Facility rating S&P
B
1.5L Notes ratings S&P
CCC
Reinstated 2L Notes3 rating S&P
CCC
General notes: Not including the Perpetual Notes as they are treated as equity under IFRS; S&P ratings as per date of this presentation
1. Excluding payment-in-kind (PIK) interest; 2. The LTV differs from the bond covenant LTV; 3. Excl. Perpetual Notes
Following further partial redemptions of the 1L New Money Facility in Q2 2026, the total nominal interest-bearing
debt reduced to €3.5bn
Overview of Debt KPIs as per Jun-2026
Debt KPIs as per Jun-2026
Sources of funding
29,7%
70,3%
Secured bank debt
1L Notes
1.5L Notes
Reinstated 2L Notes3
Bank debt
Corporate bonds
4 | Financial Update

15
88
1.055
717
118
12
796
2026
2027
2028
2029
29
2030
2031
1,850
729
Overview of debt maturities1 as per Jun-2026 (€m)
Comments
The company’s 2026 maturities have now been fully addressed
Debt Maturity Schedule
% of total debt maturing
Bank debt
Corporate bonds
General notes: Rounding errors may occur; not including the Perpetual Notes as they are treated as equity under IFRS
1. Figures based on nominal values as per 30 Jun-2026, not including accrued payment-in-kind (PIK) interest
700
Reinstated
2L Notes
1L New Money
Facility
1.5L
4 | Financial Update
0%
3%
53%
20%
21%
3%
The remaining 2026 bank maturities in
the volume of €12m are under
discussion regarding prolongation with
the respective lenders

16
LTV evolution (%)
The mostly non-cash effective interest expenses led to an increase of the LTV in the quarter
Loan to value (LTV) – Development in Q2 2026
4 | Financial Update
Mar-26
Project disposal
Interest
expenses
CAPEX
Revaluation
yielding disposal
other
Jun-26
77.1%
(0%)
(0.4%)
79.2%
1.5%
1.0%

17
301
0
Cash position (€m)
The cash position decreased due to high inflows from disposals in Q1 and corresponding repayments in Q2
Development of Cash Position – Development in Q2 2026
4 | Financial Update
Net cash
interest paid
1
Yielding asset
disposals
Development
asset
disposals
(19)
Mar-26
0
(116)
Debt
repayment
incl. PIK - 1L
Jun-26
3
Operating
cash flow
(21)
Net cash flow
from forward
sales
(6)
Net cash flow
from other
development
projects
(9)
Yielding
capex
(6)
Tax income
Other (e.g.
litigation)
(11)
Bank loan
repayments
1. Restricted cash mainly includes deposits for guarantees, short-term CAPEX and rolling interest reserves related to associated financing
51
35
155
301
51

18
5
Guidance &
Concluding Remarks

19
Full-year 2026 guidance
Concluding remarks
Net rental
income (€m)
€124-129m
5 | Guidance & Concluding Remarks
Berlin-based rental portfolio with a strong full year 2026 outlook supported by new
Mietspiegel
Direction of the German residential real estate market remains uncertain
Continued progress on asset disposals and debt redemption of €201m ytd
Progress in prevention of expropriation; election in Berlin on 20 September
No capital market indebtedness maturing before the end of 2028
Solid cash position maintained
Guidance and Concluding Remarks

20
Q&A

21
Appendix
21-22
Portfolio & Operational Performance
23-27
Financials
28
Debt Overview
29-30
Development Projects
31-32
Corporate Governance
33
Corporate Agenda

22
CAPEX and maintenance (€m)
Maintenance expense (€/sqm)
Yielding Asset Portfolio – 6M CAPEX and Maintenance
Appendix
CAPEX invested (€/sqm)
9.7
4.2
5.9
FY 2025
6M 2025
6M 2026
28
14
17
13
7
7
FY 2025
6M 2025
6M 2026
41
21
12
Maintenance
CAPEX
20.6
8.5
13.6
FY 2025
6M 2025
6M 2026
24

23
1. As appraised by CBRE as per Jun-2026; condo units and units that have been sold but not yet transferred are included but not revalued as per Jun-2026; 2. As appraised by NAI Apollo as per Jun-2026, including projects signed but not yet
transferred. Please note that the externally appraised values may slightly differ from IFRS accounting values
Portfolio Breakdown of Standing Assets and Developments
Appendix
Yielding portfolio per city1
Development projects per city2
#
City
Value (€m) Value (%)
1
Berlin
3,486
2
Other cities
1
Total
3,487
100.0%
#
City
Value (€m) Value (%)
1
Berlin
188
2
Stuttgart
85
3
Frankfurt
78
4
Düsseldorf
73
5
Leipzig
52
6
München
24
7
Hamburg
18
8
Dresden
5
Total
523
100.0%
35,9
16,3
14,9
14,0
10,0
4,6
3,4
1,0
0,0
100.0

24
In €m
6M 2026
6M 2025
Net rental income
63
68
Income from facility services and recharged utilities costs
27
38
Income from property development
13
(1)
Other revenue
182
1
Revenue
284
107
Costs of operations
(246)
(179)
Gross profit
39
(72)
General and administrative expenses
(43)
(60)
Other expenses
(24)
(63)
Other income
21
43
Changes in fair value of investment properties
2
(63)
Results from operating activities
(6)
(215)
Net finance income / (expenses)
(154)