EQS-News: Aroundtown SA announces 9M 2025 results with solid operational performance and FFO accretive capital markets transaction

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 9M 2025 RESULTS WITH SOLID OPERATIONAL PERFORMANCE AND FFO ACCRETIVE CAPITAL MARKETS TRANSACTION

• Net rental income of €886 million in 9M 2025, stable year-over-year, with solid like-for-like rental income growth of 3.1% offsetting the impact of net disposals.
• Adjusted EBITDA of €750 million, 1% lower year-over-year.
• FFO I in the amount of €221 million or €0.20 per share in 9M 2025.
• Net profit of €882 million and basic earnings per share of €0.49, driven by operational growth, positive property revaluations in H1 2025, and one-time deferred tax income impact.
• LTV at 41% as of September 2025, lower compared to 42% as of December 2024.
• Solid ICR of 4.1x in 9M 2025, and unencumbered assets ratio of 70%, with a value of €17.1 billion as of September 2025.
• EPRA NTA of €8.5 billion and €7.8 per share as of September 2025, both 5% higher compared to €8.2 billion and €7.4 per share as of December 2024.
• Pro-active liability management and highly accretive perpetual note transaction after the reporting period further strengthening AT’s position
• FY 2025 Guidance confirmed.

26 November 2025.

Aroundtown (‘the Company’ or ‘AT’) announces results for the first nine months of 2025, with net rental income amounting to €886 million, stable compared to €883 million in 9M 2024, as the impact from net disposals was offset by operational growth, with like-for-like rental growth of 3.1%. Reported Adjusted EBITDA amounted to €750 million, 1% lower compared to €758 million in 9M 2024. The Company reported an FFO I in the amount of €221 million in 9M 2025, compared to €236 million in 9M 2024, positioning the Company well to meet its FY 2025 guidance. Net profit for the period totaled €882 million and basic earnings per share amounted to €0.49, driven by positive property revaluations in the first half of 2025, operational growth, and the one-time non-cash deferred tax income impact from the changes in the German income tax law during Q3 2025. The Company will revalue its full portfolio as part of the year-end results. EPRA NTA amounted to €8.5 billion, and €7.8 per share, as of September 2025.

SUCCESSFUL ISSUANCE OF PERPETUAL NOTES & PARALLEL TENDER OFFER AND REDEMPTION CALLS

After the reporting period, the Company issued new perpetual notes in the amount of €700 million at a 5.25% coupon (including a €200 million tap) with a book five times oversubscribed. The proceeds of the issuance have been utilized to buy back perpetual notes in total aggregate amount of €1.2 billion, including through a tender offer launched in parallel to the issuance, as well as subsequent redemption call options. The perpetual notes bought back carried higher average coupons of 7%, while the total perpetual notes balance was reduced by approximately €510 million. As a result, the transaction is expected to reduce coupon payments in the amount of approx. €50 million on an annualized basis, supporting FFO as well as credit rating metrics under S&P’s methodology. These transactions further validate AT’s strong access to the capital markets.

STRONG ACCESS TO DEBT CAPITAL MARKETS WITH DECREASING MARGINAL COST OF DEBT

In September 2025, Aroundtown issued a new €850 million bond at a coupon of 3.25%, which had a settlement date in October 2025, further decreasing compared to the 3.5% and 4.8% coupon rates of the bonds issued in May 2025 and July 2024, respectively. The strong investor demand was reflected in the three times oversubscribed book. In parallel to the new issuance, a tender offer was launched, proactively extending the debt maturity profile. In November 2025, the Company issued an additional CHF bond in the amount of CHF 150 million at a coupon rate of 1.5%, compared to 1.72% for the CHF bond issued in 2019, which was targeted in the concurrent tender offer, further underscoring the decreasing marginal cost of debt, broad capital markets access across various currencies and proactive financial management approach. The notional amount was hedged to maturity. The company bought back in aggregate around €480 million.  As of September 2025, AT had a low average cost of debt of 2.2% with an average debt maturity of 3.6 years or 4.5 years pro-forma and excluding the debt cover by existing liquidity.

The Interim Consolidated Report for 9M 2025 is available on the Company’s website:

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 9M 2025. You can find the Interim Consolidated Report for 9M 2025 on AT’s website under Investor Relations > Publications > Financial Reports or under this link:

https://www.aroundtown.de/aroundtown.de/Data_Objects/Downloads/Financial_Reports/Q3_2025_Financials/AT_Q3_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: [email protected]
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.