Germany · Delayed Price · Currency is EUR Aroundtown Earnings Call Transcripts
Fiscal Year 2025
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2025 saw stable rental income, strong liquidity, and a return to dividends, with robust growth in residential and hotel segments. The group launched a major share-for-share offer for GCP and a EUR 250 million buyback, while maintaining disciplined capital recycling and ESG progress.
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Strong operational results in residential and hotels drove slight rental income growth, while office performance remained stable amid economic headwinds. Perpetual note refinancing and new bond issuances improved financial flexibility, and guidance for 2025 FFO1 was reaffirmed.
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H1 2025 saw stable rental income and EBITDA, a return to net profit, and a 5% rise in EPRA NTA per share. Leverage fell to 40% as disposals and operational growth continued, with strong hotel and residential performance. Guidance for 2025 FFO1 is EUR 280–310 million.
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Q1 2025 delivered resilient operational and financial results, with net rental income and adjusted EBITDA both up year-over-year, and strong like-for-like rental growth across all segments. LTV improved to 41%, and a EUR 750 million bond was issued at a lower coupon, supporting debt repayments and financial flexibility.
Fiscal Year 2024
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2024 saw stabilization and improved financials, with strong operational growth in residential and hotels, reduced leverage, and robust liquidity. Guidance for 2025 anticipates continued rental growth and further deleveraging, with a focus on maintaining credit rating and capitalizing on market opportunities.
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Robust operational results and strong capital market access supported balance sheet strength, with like-for-like rental growth across all segments and a focus on deleveraging. Guidance for 2024 is confirmed at the upper end, with further LTV reduction and operational growth expected.
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Adjusted EBITDA rose 1% year-over-year, while FFO 1 fell 12% due to higher finance costs. Portfolio devaluation slowed to 2.4%, and full-year FFO guidance was raised on strong operational momentum and lower expenses. LTV stands at 45%, with liquidity covering 19% of debt.