DJ Aroundtown SA announces H1 2026 results in line with guidance, supported by solid operations and increased GCP stake
Aroundtown SA (N/A)
Aroundtown SA announces H1 2026 results in line with guidance, supported by solid operations and increased GCP stake
26-Aug-2026 / 06:51 CET/CEST
The issuer is solely responsible for the content of this announcement.
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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 H1 2026 RESULTS IN LINE WITH GUIDANCE, SUPPORTED BY SOLID OPERATIONS AND INCREASED GCP STAKE
-- Net rental income of EUR591 million in H1 2026, remaining stable compared to EUR591 million in H1 2025,
driven by like-for-like rental growth of 2.7%, which offsets the impact of net disposals.
-- Adjusted EBITDA amounting to EUR500 million, stable year-over-year.
-- FFO I in the amount of EUR144 million, lower by 4% compared to EUR150 million in H1 2025, in-line with
guidance and primarily impacted by higher finance expenses, partially offset by a higher stake in GCP and lower
perpetual notes coupons. On a per share basis, FFO I amounted to EUR0.13, compared to EUR0.14 in H1 2025, supported by
the share buyback program executed during the period.
-- Full portfolio external valuation conducted as part of the H1 2026 report, resulting in a stable
valuation result as operational performance offset macroeconomic volatility. Profit for the period of EUR218 million
and basic and diluted earnings per share of EUR0.08, driven by solid operational performance, offset by higher
finance expenses.
-- LTV stood at 43% as of June 2026, compared to 41% as of December 2025, with unencumbered assets of 69% of
the portfolio by rent, reflecting a total value of EUR17 billion as of June 2026.
-- EPRA NTA stood at EUR9.1 billion and EUR8.0 per share as of June 2026, higher by 3% on a per-share basis
compared to EUR8.5 billion and EUR7.8 per share as of December 2025. Increase driven by profits and share buybacks at
steep discount, offset slightly by provision for dividend paid after the reporting date.
-- Completed disposals around book values (-1%) amounting to EUR350 million during H1 2026.
-- Increased holding in GCP from 62.5% to 84% year-to-date, following the completion of the voluntary
exchange offer and subsequent opportunistic purchases in the open market.
-- Raised year-to-date ca. EUR1.6 billion and repaid ca. EUR2.3 billion of bonds, of which in H1 2026 ca. EUR550
million issued and ca. EUR475 million repaid, further extending the maturity profile and reducing gross debt
year-to-date.
-- FY 2026 Guidance confirmed.
26 August 2026.
Aroundtown SA ('the Company' or 'AT') announces results for the first six months of 2026. Net rental income amounted to
EUR591 million, stable compared to EUR591 million in H1 2025, primarily impacted by solid like-for-like rental growth of
2.7%, which offset the impact of net disposals over the recent periods. Adjusted EBITDA amounted to EUR500 million,
stable compared to EUR501 million in H1 2025. FFO I reached EUR144 million, or EUR0.13 per share, compared to EUR150 million
and EUR0.14 per share in H1 2025, mainly as a result of higher finance expenses, partially offset by the increased
holding in Grand City Properties S.A. ('GCP') and a lower perpetual notes attribution. The FFO I result was in-line
with the Company's 2026 guidance. As part of its H1 2026 report, the Company conducted a full external revaluation of
its portfolio, resulting in stable valuations compared to December 2025. Profit for the period amounted to EUR218
million, and basic and diluted earnings per share amounted to EUR0.08, driven by robust operational performance. EPRA NTA
amounted to EUR9.1 billion as of June 2026, or EUR8.0 on a per share basis, as a result of the profit recorded in the
period and the increased holding in GCP, partially offset by the execution of the share buyback program and the
recognition of dividend. On a per share basis the share buyback supported the NTA per share, whereas the increased
holding in GCP had a slight negative impact. At the Annual General Meeting held on 24 June 2026, the shareholders of
Aroundtown resolved to distribute a dividend of EUR0.08 per share, which was recognized during the period and paid after
the reporting period on 6 July 2026, marking the resumption of dividend payments following the suspension since the
2022 financial year.
ACCRETIVE CAPITAL ALLOCATION THROUGH INCREASED STAKE IN GCP AND SHARE BUYBACK PROGRAM
During the second quarter of 2026, Aroundtown completed the voluntary exchange offer for the shares of GCP. Together
with subsequent opportunistic purchases of GCP shares in the open market, the Company's stake in GCP increased from
62.5% to 84% as of the date of the publication of this report, supporting a higher FFO I base going forward. The
increased holding further strengthens Aroundtown's positioning as a diversified real estate platform. Additionally, the
Company practically completed its highly accretive share buyback program during the reporting period.
CONVERSION AND REFURBISHMENT PROGRESS TO LIFT INTERNAL GROWTH POTENTIAL
The Company has continued to make strong progress on conversion and refurbishment projects, with further converted
projects handed over to tenants and the pipeline of projects further expanded. Aroundtown has in execution several
office-to-serviced apartment conversions and hotel refurbishments and expansions. The current pipeline is expected to
generate a yield on capex of over 10%, and including the rent ramp up from previously completed projects, the total
rental upside amounts to expected EUR55 million until 2030. Through these projects, the Company is proactively adapting
its portfolio to current market dynamics, repositioning assets to their best use and reducing vacancy, while capturing
the value-add potential of its central locations.
STRENGTHENED FINANCIAL PROFILE THROUGH STRONG ACCESS TO CAPITAL MARKETS ACROSS INSTRUMENTS AND CURRENCIES
During H1 2026, the Company raised ca. EUR550 million in new bonds, and in parallel, repaid ca. EUR475 million of bonds
through buybacks and at maturity, further extending its maturity profile.
After the reporting period, Aroundtown further demonstrated its strong access to the capital markets, issuing ca. EUR1
billion of senior unsecured notes, and in parallel, the Company repaid EUR1.8 billion of bonds, including ca. EUR0.7
billion of buybacks, and ca. EUR1.1 billion of redemptions at maturity, thereby reducing gross debt year-to-date,
reducing near-term refinancing needs, and extending its average debt maturity. Following these measures, the Company's
average debt maturity increased to 3.9 years, or 4.7 years when including cash and liquid assets.
The Company also concluded the perpetual note refinancing exercises. In January 2026, the Group issued a new EUR750
million perpetual note at a coupon of 5.125%, followed by GCP's issuance of a EUR600 million perpetual note at a coupon
of 5.25% in May 2026. Proceeds from these issuances were used to refinance and repay perpetual notes carrying a 2026
first call date, of which one series was fully redeemed in July 2026, shortly after the reporting period, as well as
select notes carrying a higher coupon. Following the completion of these transactions, the Company has no near-term
perpetual first call dates remaining. The refinancing was executed at coupons in-line with the Company's guidance.
CONTINUED PROGRESS ON GREEN CERTIFICATIONS WITH FIRST BREEAM OUTSTANDING PROPERTY
Aroundtown continued to make progress in green building certifications, reaching a certification level of 76% of the
commercial portfolio. Following the Company's first BREEAM Excellent Score property earlier this year, Aroundtown
achieved a further Excellent score in Berlin and its first BREEAM Outstanding Score, the highest possible score, in
Frankfurt am Main, making it the first property in Germany to reach Outstanding through a recertification and one of
only four BREEAM Outstanding-rated properties in the country. This achievement further validates the success of the
Company's Core BREEAM Strategy, which uses the BREEAM methodology to build a transparent and efficient pathway for
improving the portfolio's sustainability metrics.
The Interim Consolidated Report for H1 2026 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 38-44 of the Interim Consolidated Report for H1 2026. You can find the Interim Consolidated Report for H1 2026 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/H1_2026_Financials/AT_Q2_2026.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: info@aroundtown.de
www.aroundtown.de
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