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EQS-News: Adler Group S.A. / Key word(s): Quarterly / Interim Statement
Adler Group S.A. with continued solid operational performance in Q1 2024
2024-05-28 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
Adler Group S.A. with continued solid operational performance in Q1 2024
. Net rental income of EUR51m in Q1 2024, 4% lower compared to EUR53m in Q1 2023 due to portfolio disposals in
2023
. Like-for-like rental growth of 5.1%, vacancy rate at 1.7%, average residential rent at EUR7.63/sqm/month

. FY 2024 net rental income guidance confirmed
. Completed disposals of the development projects in Berlin and Leipzig with total cash proceeds of EUR43m
received year-to-date
. Rising interest costs and high one-off expenses for restructuring continue to weigh on net income
. Binding agreement with bondholders for a comprehensive recapitalization enables extended runway for
orderly disposal of assets and strengthening of the group's equity position
Luxembourg, 28 May 2024 - Adler Group S.A. ("Adler Group") announces its results for the three-month period ending
March 2024 with a solid operational performance. Net rental income decreased only slightly by 4% from EUR53m in the
previous year to EUR51m due to portfolio sales that have since then been completed, e.g. the Wasserstadt transaction in
2023. The decrease in size was partly compensated by like-for-like rental growth of 5.1% resulting in an average
residential rent of EUR7.63/sqm/month for the core portfolio as per March 2024. The operational vacancy rate stood at
1.7% as per end of Q1 2024. Adler Group confirms its guidance for the net rental income expected in the full year 2024
between EUR200m and EUR210m.
As per 31 March 2024, Adler Group's residential core portfolio (not comprising units owned by the subsidiary BCP)
includes 25,015 units, with the majority of 17,733 units located in Berlin. Compared to the year-end 2023, the
portfolio value remains unchanged at EUR4.2bn as there was no portfolio revaluation in Q1 2024. The next portfolio
revaluation will be concluded in Q2 2024.
In Q1 2024, Adler Group signed disposals of condominium units in Berlin for a total sales price of c. EUR6m.
Additionally, yielding asset sales for a total price of c. EUR4m were signed in Q1 2024. The disposal of the development
project Wasserstadt Tankstelle in Berlin was completed in Q1 2024 with cash proceeds of EUR17m received. Subsequent to
the Q1 reporting period, the Leipzig FourLiving VauVau development project was sold to the city of Leipzig with net
proceeds of EUR26m received.
"We continue to make good progress step by step in various parts of our business - operations, asset disposals and
corporate financing. In particular, by reaching a binding agreement with a large part of our bondholders for a
comprehensive recapitalization to reprofile maturities and strengthen the equity position of the Group, we will
stabilise the platform for the years to come. While current market conditions are still somewhat adverse, we expect
better conditions in our industry over the period of our reprofiled maturities" comments Thierry Beaudemoulin, CEO of
Adler Group.
The income from operating activities amounted to EUR12m in the first three months of the current financial year (previous
year: minus EUR32m). The net result of minus EUR81m (previous year: minus EUR55m) was negatively impacted by extraordinary
advisory costs for the restructuring update as well as increased interest expenses. The weighted average cost of debt
stood at 6.3% as per March 2024. At the end of Q1 2024, Adler Group had cash and cash equivalents of EUR353m, a reduction
of EUR25m compared to the December 2023 balance sheet.
The negative net earnings situation is also reflected in the financial key figures FFO, EPRA NTA and EPRA LTV. FFO I
was negative at minus EUR27m (previous year: plus EUR16m) due to the increasing interest burden. The EPRA NTA amounted to
EUR448m, or EUR2.96 per share, as of 31 March 2024, compared to EUR529m or EUR3.49 per share as of 31 December 2023. EPRA LTV
stood at 99.1% (97.6% at the end of 2023). Following the successful amendment of the terms and conditions of the bonds
as part of the restructuring plan, Adler Group is currently not subject to any financial covenants.

Webcast
A webcast for analysts and investors will be held today, Tuesday, 28 May 2024, at 10:00am CEST / 09:00am BST.
The webcast is available at the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=xqFmKGGD

Contact
Investor Relations:
T +352 203 342 10
investorrelations@adler-group.com

2024-05-28 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com  
Language:     English 
Company:      Adler Group S.A. 

55 Allée Scheffer
2520 Luxembourg
Luxemburg

Phone:        +352 278 456 710 
Fax:          +352 203 015 00 
E-mail:       investorrelations@adler-group.com 
Internet:     www.adler-group.com 
ISIN:         LU1250154413 
WKN:          A14U78 
Indices:      FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 

Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange
EQS News ID: 1912109

End of News EQS News Service
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1912109 2024-05-28 CET/CEST

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END) Dow Jones Newswires

May 28, 2024 01:30 ET (05:30 GMT)