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EarningsQ4 2025 Earnings Report
DE:ADJ Q4 2025 EPS Results
Actual EPS-€0.07
Consensus EPS―
Beat/Miss―
One Year Ago EPS-€1.06
DE:ADJ Q4 2025 Revenue Results
Actual Revenue€248.56M
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+248.99%
Earnings Announcement Details
QuarterQ4 2025
Date04/01/2026
TimeBefore Open
Conference CallWednesday, April 1, 2026
DE:ADJ Upcoming Earnings
ADLER Group's next earnings date is estimated for November 26, 2026, based on past reporting schedules.
Q4 2025 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2025 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2025 Earnings Call Summary
Earnings Call Sentiment|Positive
The call showed clear operational momentum in the Berlin yielding portfolio — steady disposals, successful partial deleveraging, positive like‑for‑like revaluations (+0.6% H2, +1% for 2025), solid rental growth (3.6% LFL), low vacancy (1.3%) and active liquidity/debt management (bond repaid, loan extended). However, the development business remains a drag (adjusted EBITDA negative, development valuations down -6.5% H2), the group still carries high absolute debt (EUR 3.7bn) and LTV increased to 76.3%, and there is ongoing financing and regulatory uncertainty. Overall, operational and strategic positives outweigh the challenges but key risks remain concentrated in the development segment and leverage profile.Company Guidance
Progress on Asset Disposals and Proceeds Returned
Closed multiple development transactions (UpperNord Tower closed Dec '25, Quartier Kaiserlei closed Jan '26, Benrather Garten closed Mar '26; Holsten Quartier signed Oct '25 with first closing >80% of purchase price received). Proceeds used to reduce the first-lien new money facility and the company will return net proceeds of approximately EUR 125 million to investors and banks. Sold non-strategic Berlin assets for EUR 33 million and 6 condominium units for EUR 2 million. Disposal holdback basket remains almost fully filled at EUR 245 million.
Net Rental Income Within Guidance
Net rental income of EUR 132 million for 2025, well within guidance range of EUR 127–135 million despite a substantial year-on-year decrease driven by prior disposals.
Strong Rental Growth and Very Low Vacancy
Like‑for‑like rental growth of 3.6% year‑on‑year (target ~3%). Average rent increased from EUR 8.29 to EUR 8.61 per sqm/month (≈+3.8% YoY on reported basis; comparable basis from EUR 8.30 to EUR 8.61). Operational vacancy stable at a low 1.3%. Rent increases applied to over 9,000 units in the last 12 months.
Stabilization and Positive Revaluations in Yielding Portfolio
Yielding assets recorded a positive like‑for‑like fair value change of +0.6% in H2 '25 and an aggregated +1.0% for 2025, validating market stabilization. Yielding portfolio GAV stable at ~EUR 3.5 billion; GAV per sqm up to EUR 2,875 (from EUR 2,847). Rental yield increased from 3.5% to 3.6%.
Debt Management Progress and Favorable Debt Profile Metrics
Repaid Adler bond of EUR 50 million in March 2026 from disposal proceeds. Partial redemptions of the first‑lien new money facility (EUR 6 million in Q4 and EUR 51 million in Q1 '26). Extended a EUR 9 million secured bank loan to Q4 2028. Weighted average cost of debt decreased 0.1 percentage points to 7.0%. Majority of debt matures in 2028 or later (97%); average debt maturity ~3.4 years.
Portfolio Concentration and Non-Core Reduction
Portfolio remains Berlin-anchored: 17,504 rental units at Dec '25 (>99% Berlin). Units outside Berlin reduced from 117 to 49 with further disposals planned.
Strategic Review and Active Capital Markets Engagement
Board engaged Evercore to evaluate strategic options for the Berlin residential portfolio and related financing structures, reflecting active strategic planning and potential value‑unlocking initiatives.
DE:ADJ Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed