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Adler Group Interim / Quarterly Report 2026
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Interim / Quarterly Report
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NADLER
GROUP
QUARTERLY FINANCIAL
STATEMENTS 2026
Key Figures Q1
Profit and loss statement
| For the three months ended | For the year ended | ||
|---|---|---|---|
| In EUR thousand | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
| Income from rental activities | 45,627 | 57,019 | 197,494 |
| Adj. EBITDA from rental activities | 20,553 | 21,152 | 72,410 |
| Adj. EBITDA from rental activities margin | 65.5% | 57.6% | 55.0% |
| Adj. EBITDA Total | 13,997 | (181) | (6,454) |
| FFO 1 (from rental activities) | (17,735) | (16,431) | (68,029) |
| FFO 2 (incl. disposal results and development activities) | (44,211) | (69,645) | (252,599) |
Further KPIs
| Residential(1) | 31 Mar 2026 | 31 Dec 2025 |
|---|---|---|
| Monthly in-place rent (EUR per m²) | 8.64 | 8.61 |
| Total vacancy rate | 1.4% | 1.3% |
| Number of units | 17,483 | 17,504 |
| Like-for-like rental growth (LTM) | 3.6% | 3.6% |
(*) All values include ground floor commercial units and exclude units under renovation and development projects.
Balance sheet
| In % | 31 Mar 2026 | 31 Dec 2025 |
|---|---|---|
| EPRA LTV | 77.1% | 76.3% |
Adler Group Q1 2026 Quarterly Financial Statements
Content
1 To our Stakeholders
04 About the Group
06 Adler Group Share
2 Interim Management Report
10 Fundamentals of the Group
12 Portfolio Overview
15 Financial Overview
25 Material Events
26 Forecast Report
27 Responsibility Statement
3 Condensed Consolidated Interim Financial Statements
30 Condensed Consolidated Interim of Financial Position
32 Condensed Consolidated Interim of Profit or Loss
33 Condensed Consolidated Interim of Comprehensive Income
34 Condensed Consolidated Interim of Cash Flows
36 Condensed Consolidated Interim of Changes in Equity
4 Financial Calendar & Imprint
Adler Group Q1 2026 Quarterly Financial Statements
1 | TO OUR STAKEHOLDERS
About the Company
About the Group
The Adler Group S.A. (the Company) is a Luxembourg-based real estate holding company with numerous subsidiaries (Adler Group) mainly operating in Germany. It specialises in the management and development of income-producing, multi-family residential real estate.
As per the end of Q1 2026, Adler Group owns and manages a core rental portfolio of 17,483 units, almost entirely located in Berlin. Most of the properties fall into the market segment of affordable housing.
Besides the residential rental portfolio, Adler Group owns a portfolio of development projects located in some of the largest cities of Germany. Adler Group does not intend to hold them but rather to generate cash flow and earnings through either forward sales or upfront sales.
As of 31 March 2026, Adler Group had 318 employees based in Luxembourg and in several locations across Germany.
Rental portfolio as at 31 March 2026(*)
Adler Group Q1 2026 Quarterly Financial Statements
1 | TO OUR STAKEHOLDERS
All of the Company
Adler Group Q1 2026 Quarterly Financial Statements
5
1 | TO OUR STAKEHOLDERS
Adler Group Share
Adler Group Share
| Shares | |
|---|---|
| Stock exchange | Frankfurt |
| Stock Exchange | |
| Market segment | Regulated market |
| (Prime Standard) | |
| ISIN | LU1250154413 |
| WKN | A14U78 |
| Total number of shares outstanding | 151,626,107 |
| Ticker symbol | ADJ |
| Primary listing | 23 July 2015 |
| Stock exchange | Frankfurt Stock Exchange |
| Issue price | EUR 20 |
| Price at the end of Q1 2026 | EUR 0.164 |
| Highest share price LTM | EUR 0.280 |
| Lowest share price LTM | EUR 0.161 |
| Shareholder structure(1) | |
| (as at 31 March 2026) | |
| Vonovia SE | 15.9% |
| Free Float | 84.1% |
| Voting securities | |
| --- | --- |
| Stock exchange | Luxembourg |
| Stock Exchange | |
| Date of issuance | 15 October 2024 |
| ISIN | LU2900363131 |
| Nominal value | EUR 0.01 |
| Total number of voting securities | 454,878,321 |
| Composition(2) | |
| (as at 31 March 2026) | |
| PIMCO | 24.0% |
| Taconic Capital Advisors | 12.3% |
| Sculptor Capital Management Inc | 11.1% |
| Arini Capital Management | 8.7% |
| Other | 44.0% |
General Note: As part of the comprehensive recapitalisation completed in September 2024, holders of the Investor Notes received new voting securities that represent 75% of the voting rights in Adler Group S.A. (but 0% of the distribution rights). Common shares represent 25% of the voting rights in Adler Group S.A. and 100% of the distribution rights.
(1) Based on approx. 151.6m voting rights attached to the share capital (ISIN LU1250154413); according to the official notifications received from the shareholders; based on the German Stock Exchange's definition, free float refers to shares that are not owned by major shareholders holding more than 5% of the total shares.
(2) Based on approx. 454.9m voting rights attached to the voting securities (parts bénéficiaires avec le droit de vote; ISIN LU2900363131); based on the voting rights notifications received by the Company in accordance with article 11 of the Luxembourg law of 11 January 2008 on transparency requirements for issuers (as supplemented and amended, the "Luxembourg Transparency Law"), these shareholders hold more than 5% of the voting rights in the Company.
(3) Based on approx. 606.5m total voting rights attached to both the share capital and the voting securities (parts bénéficiaires); according to the official notifications received from the shareholders and holders of voting securities (parts bénéficiaires).
Adler Group Q1 2026 Quarterly Financial Statements
1 | TO OUR STAKEHOLDERS
Adler Group Share
Total number of voting rights (606,504,428) (3)
(as at 31 March 2026)
Key stock market data
Adler Group shares are traded on the Prime Standard of the Frankfurt Stock Exchange. During the 12 months ended 31 March 2026, the shares traded between EUR 0.161 and EUR 0.280.
Shareholder structure
As at 31 March 2026, the total number of outstanding shares of Adler Group amounted to 151.6 million. At that time, the main shareholder with holdings of over 5% was Vonovia SE (15.88%) according to the official notifications received from the shareholders. The remaining 84.12% free float shares were mainly held by institutional investors.
On 15 October 2024, approximately 454.9 million voting securities (parts bénéficiaires) were issued to certain bond investors, thereby increasing the number of total voting rights to approximately 606.5 million (including the approximately 151.6m voting rights attached to the share capital).
Dividend policy
Following the implementation of the proposed amendments pursuant to the Restructuring Plan, the Company is not permitted to declare or pay any dividends to shareholders for the year 2022 and thereafter.
If and as long as any of the subordinated notes issued by the Company's subsidiary AGPS BondCo PLC in the nominal amount of approximately EUR 2.3 billion under the Company's guarantee as part of its 2024 financial restructuring (the "Subordinated Notes") remain outstanding, and to the extent that any payments have been made in respect of the Subordinated Notes since the issuance thereof (the "Subordinated Notes Payments"), the Board of Directors may, when approving the annual financial statements of any given financial year recommend to the Annual General Meeting that a dividend be declared and paid in an amount equivalent to one thirty-ninth (1/39) of the total Subordinated Notes Payments.
Adler Group Q1 2026 Quarterly Financial Statements
Interim Management Report
Adler Group Q1 2026 Quarterly Financial Statements
Adler Group Q1 2026 Quarterly Financial Statements
9
2 Interim Management Report
10 Fundamentals of the Group
12 Portfolio Overview
15 Financial Overview
25 Material Events
26 Forecast Report
27 Responsibility Statement
2 | INTERIM MANAGEMENT REPORT
Fundamentals of the Group
Fundamentals of the Group
Business model
Adler Group S.A. is a residential real estate company which – through its subsidiaries – holds and manages 17,483 rental units, primarily based in Berlin. This rental portfolio is valued at EUR 3.5 billion as per 31 March 2026. Besides the rental portfolio, Adler Group owns a portfolio of development projects in some of the larger cities in Germany valued at EUR 0.5 billion. In agreement with the bondholders under the terms of the Restructuring Plan, these development projects are to be sold – some sales processes have already begun, others are to be initiated.
Hence, the Adler Group's business model focuses on asset and portfolio management, property and facility management, targeting at improving operating results by increasing rents and decreasing vacancies in its existing portfolio. The portfolio shall be further optimised depending on opportunities or necessities.
Our 318 employees (as per 31 March 2026) are based in Luxembourg and in several locations across Germany in order to bring Adler Group as close as possible to assets and tenants.
Objectives and strategy
Focus on active management of the portfolio to grow earnings and improve EBITDA margins.
Adler Group focuses on increasing rents through active asset management and targeted investments to modernise, refurbish and re-position properties, while constantly screening and anticipating developments in different sub-markets. In order to realise upside potential, Adler Group pursues regular rent increases up to the market levels within the regulatory and legal limits without CapEx investment. In addition, Adler Group continuously reviews rent potentials and pursues growth beyond the rent tables through targeted CapEx investments to modernise, refurbish and/or re-position properties. Vacancies are kept low through active marketing tailored to the respective micro-location.
As apartments are typically renovated to market standard after a tenant has moved out, Adler Group is in the position to rent vacant apartments to higher quality tenants and thus to continuously improve the tenant structure and average rent.
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Fundamentals of the Group
Optimise the portfolio and recycle capital through selective investments and disposals.
By disposing of non-core assets, Adler Group aims to streamline the rental portfolio and to focus on Berlin where a critical mass of assets can be managed thereby improving profitability and portfolio KPIs. Active capital recycling enables Adler Group to reduce leverage and ultimately to improve its capital structure.
Committed to adding value through refurbishment and modernisation.
Investing selected CapEx in refurbishment and modernisation measures in the existing portfolio will elevate the quality of the rental portfolio, improve energy efficiency in line with sustainability targets to reduce greenhouse gas emissions and thus add value overall.
Corporate Governance
The Company's corporate governance practices are governed by Luxembourg Law (particularly the Luxembourg law of 10 August 1915 on commercial companies, as amended) and the Company's articles of association. As a Luxembourg company with its shares admitted to trading on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, the Company is not subject to any specific mandatory corporate governance rules. The corporate governance practices applied by the Company are those applied under general Luxembourg law.
Composition of the Board
As at 31 March 2026, the Board comprises the following members:
Mr Stefan Brendgen
Independent Director
Dr. Karl Reinitzhuber
Director
Mr Thorsten Arsan
Director
Mr Paul Copley
Independent Director
Mr Matthias Moser
Independent Director
Mr Thilo Schmid
Independent Director
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Portfolio Overview
Portfolio Overview
Business performance highlights
As at 31 March 2026, the residential rental portfolio is fully focussed on Berlin after the Company sold its North Rhine-Westphalia (NRW)-based portfolio in February 2025.
Portfolio overview(*)
| Location | Fair value EUR m Q1 26 | Fair value EUR/m² Q1 26 | Units | Lettable area m² | NRI(*) EUR m Q1 26 | Rental yield (in-place rent) | Operational vacancy Q1 26 | Vacancy Δ %V LFL | Q1 26 Avg. rent EUR/m²/ month | NRI Δ %V LFL | Reversionary potential |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Berlin | 3,469 | 2,875 | 17,434 | 1,206,573 | 124 | 3.6% | 1.4% | 0.0% | 8.64 | 3.6% | 18.6% |
| Other | 1 | 474 | 49 | 2,636 | 0 | 7.9% | 16.8% | (9.7%) | 4.90 | (9.1%) | 73.6% |
| Total | 3,470 | 2,870 | 17,483 | 1,209,208 | 125 | 3.6% | 1.4% | (0.0%) | 8.64 | 3.6% | 18.7% |
() All values include ground floor commercial units and exclude units under renovation and development projects.
(*) Annualised net rental income.
In addition to our financial performance indicators, we also use the following operational performance indicators:
The vacancy rate shows the ratio of $m^2$ of vacant units in our properties to total $m^2$. Vacancy rate is used as an indicator of the current letting performance. Operational vacancy excludes unavailable units, i.e., units under refurbishment and decommissioned units.
The in-place rent per $m^2$ provides an insight into the average rental income from the rented properties. It serves as an indicator of the current letting performance.
The like-for-like rental growth is the change rate of the net rents generated by the like-for-like residential portfolio over the last 12 months.
The total amounts spent on maintenance and CapEx in relation to the total lettable area of the portfolio are further operational figures to ensure an appropriate level of investment in the real estate portfolio. Maintenance expenses are spent to keep the property in its current condition and are typically charged to the consolidated income statement. These maintenance measures ensure the living quality of tenants and tenant satisfaction, which in turn decreases vacancies and increases reletting rents, giving place to higher and stable rental income. CapEx measures comprise targeted investments that increase the quality, safety and overall features of the assets in the portfolio, supporting the
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Portfolio Overview
ability to capture higher rents. Examples of these investments include refurbishments of facade or roof as well as refurbishments of apartments. CapEx are typically capitalised to the investment properties. The diverse CapEx projects support the value growth of the portfolio and the letting process, resulting in lower vacancies and higher rent potential. Additionally, Adler Group carries investments aimed at improving the energy efficiency and $\mathrm{CO}_{2}$ reduction.
All of the above-described operational performance indicators are key drivers for the development of rental income.
Portfolio performance
Rental portfolio $^{(\ast)}$
| 31 Mar 2026 | 31 Dec 2025 | |
|---|---|---|
| Number of units | 17,483 | 17,504 |
| Average rent/m²/month (EUR) | 8.64 | 8.61 |
| Vacancy(*) | 1.4% | 1.3% |
() All values include ground floor commercial units and exclude units under renovation and development projects.
(*) Operational vacancy excludes unavailable units, i.e., units under refurbishment and decommissioned units; Total vacancy rate amounting to $2.5\%$ as per March 2026.
The average rent per $\mathrm{m}^2$ amounted to EUR 8.64 as at 31 March 2026, a slight increase compared to the previous period. The operational vacancy rate remains constant to a still structurally low level of $1.4\%$ .
Like-for-like rental growth $^{(\ast)}$
| In % | LTM(*)
31 Mar 2026 | 1 Jan -
31 Dec 2025 |
| --- | --- | --- |
| Like-for-like rental growth | 3.6% | 3.6% |
() All values include ground floor commercial units and exclude units under renovation and development projects.
$(^{*})$ Last 12 months (LTM).
Like-for-like rental growth of the portfolio amounted to $3.6\%$ over the last twelve months.
Adler Group's fully integrated active asset management is focused on rental growth and employs dedicated strategies to drive all relevant components. In units that require modernisation, Adler Group invests CapEx to improve quality to meet today's standards and regulations. Applying the relevant regulatory framework accurately and efficiently is key to successfully maximising rental growth for let units.
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Portfolio Overview
Maintenance and CapEx
| In EUR per m² | 1 Jan - 31 Mar 2026 | 1 Jan - 31 Dec 2025 |
|---|---|---|
| Maintenance | 3.2 | 9.7 |
| CapEx | 6.5 | 20.6 |
| Total | 9.7 | 30.3 |
| In EUR million | 1 Jan - 31 Mar 2026 | 1 Jan - 31 Dec 2025 |
| Maintenance | 3.9 | 13.1 |
| CapEx | 7.9 | 27.8 |
| Total | 11.9 | 40.9 |
In the first three months of 2026, total investment in the core portfolio amounted to EUR 11.9 million resulting in maintenance and CapEx expenses per m² of EUR 9.7.
Vacancy split
Adler Group's active asset management aims to minimise the vacancy rate while keeping the necessary flexibility for portfolio optimisation.
Vacancy
| 31 Mar 2026 | 31 Dec 2025 | |
|---|---|---|
| Total vacancy (units) | 179 | 188 |
| Total vacancy (m²) | 16,969 | 15,547 |
| Total operational vacancy rate(**) | 1.4% | 1.3% |
() All values include ground floor commercial units and exclude units under renovation and development projects.
(*) Operational vacancy excludes unavailable units, i.e., units under refurbishment and decommissioned units; Total vacancy rate amounting to 2.5% as per March 2026.
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Financial Overview
Financial Overview
Financial performance indicators
Adler Group has been exposed to a challenging situation that was partly self-inflicted and largely caused by external factors since financial year 2022. The situation itself manifested in liquidity constraints, lack of financing capacities and dried real estate markets that made portfolio sales almost impossible. In order to cope with this situation, management decided to focus on always preserving enough liquidity as well as on net rental income as the main key performance indicators. The other financial performance indicators outlined below were not suspended but were followed with a much lower focus than usual. Consequently, we waive the explicit description of the financial performance indicators listed below.
After the recapitalisation completed in September 2024, the Company decided to no longer report the EPRA NAV & NTA metrics as a result of the IFRS accounting treatment of the newly introduced perpetual notes, which would account these as equity. As such, in management's view, EPRA NAV & NTA no longer reflect the intrinsic value of Adler Group correctly.
Income from rental activities equals net rental income plus income from facility services and recharged utilities costs.
NOI (net operating income) equals total revenue from the property portfolio less all reasonably necessary operating expenses. Aside from rent, a property might also generate revenue from parking and service fees. NOI is used to track the real estate portfolio's capability of generating income.
Adj. EBITDA from rental activities is an indicator of a company's financial performance and is calculated by deducting the overhead costs from NOI. It is used as a proxy to assess the recurring earnings potential of the letting business.
Adj. EBITDA Total can be derived by adding the net profit from project development activities to Adj. EBITDA from rental activities.
In addition, we present the NOI margin from rental activities – calculated as NOI divided by net rental income, as well as Adj. EBITDA margin from rental activities – calculated as Adj. EBITDA from rental activities divided by net rental income. These metrics are useful to analyse the operational efficiency at real estate portfolio level as well as at Company level.
Calculation of Adj. EBITDA (from rental activities)
Net rental income
$(+)$ Income from facility services and recharged utilities costs
= Income from rental activities
(-) Cost from rental activities¹
= Net operating income (NOI) from rental activities
(-) Overhead costs from rental activities²
= Adj. EBITDA from rental activities
¹) Cost from rental activities is the aggregate amount of (a) Salaries and other expenses related to rental activities; (b) Net cost of utilities recharged; and (c) Property operations and maintenance, excluding one-off costs. Adjustments for one-off costs include items that are of a non-periodic nature, recur irregularly, are not typical for operations, or are non-cash-effective.
²) Overhead costs from rental activities represent the "General and administrative expenses" from the profit or loss statement excluding one-off costs and depreciation and amortisation relating to rental activities. Adjustments for one-off costs include items that are of a non-periodic nature, recur irregularly, are not typical for operations, or are non-cash-effective like impairment losses on trade receivables.
Adler Group Q1 2026 Quarterly Financial Statements
15
2 | INTERIM MANAGEMENT REPORT
Financial Overview
Calculation of Adj. EBITDA Total
Income from rental activities
(+)
Income from property development
(+)
Income from real estate inventories disposed of
(+)
Income from other services
(+)
Income from selling of trading properties
= Revenue
(-)
Cost from rental activities⁵
(-)
Other operational costs from development and privatisation sales³
= Net operating income (NOI)
(-)
Overhead costs from rental activities²
(-)
Overhead costs from development and privatisation sales⁴
= Adj. EBITDA Total
(-)
FFO 2 net interest expenses⁵
(+/-)
Other net financial costs⁶
(-)
Depreciation and amortisation
(+)
Change in fair value of investment properties
(+/-)
Other expenses/income⁷
(-)
Net income from at-equity valued investments⁸
= EBT
3) Other operational costs from development and privatisation sales is the aggregate amount of (a) Costs of real estate inventories disposed of; (b) Costs of property development; and (c) Costs of selling of trading property (condominiums) excluding one-off costs and depreciation and amortisation. Adjustments for one-off costs include items that are of a non-periodic nature, recur irregularly, are not typical for operations, or are non-cash-effective.
4) Overhead costs from development and privatisation sales represent the "General and administrative expenses" from the profit or loss statement excluding one-off costs and depreciation and amortisation excluding costs relating to rental activities. Adjustments for one-off costs include items that are of a non-periodic nature, recur irregularly, are not typical for operations, or are non-cash-effective.
5) FFO 2 net interest expenses is equal to "Interest on other loans and borrowings", excluding day-1 fair value non-cash adjustment and interest capitalised for development projects, plus the nominal interest expense on bonds.
6) Other net financial costs is equal to the total "Net finance costs" from the profit and loss statement less "FFO 2 net interest expenses" as calculated in footnote 5) above.
7) Other expenses/income relates to adjustments for one-off costs which include items that are of a non-periodic nature, recur irregularly, are not typical for operations, or are non-cash-effective.
8) Net income from at-equity valued investments from the profit and loss statement.
Starting with Adj. EBITDA from rental activities, we calculate the main performance figure in the sector, the FFO 1 (from rental activities). This KPI serves as an indicator of the sustained operational earnings power after cash interest expenses and current income taxes of our letting business.
Calculation of FFO 1 (from rental activities)
Adj. EBITDA from rental activities
(-)
FFO 1 net interest expenses⁹
(-)
Current income taxes relating to rental activities¹⁰
(-)
Interest of minority shareholders
= FFO 1 (from rental activities)
9) FFO 1 net interest expenses is equal to "Interest on other loans and borrowings" relating to rental activities, excluding day-1 fair value non-cash adjustment, plus the nominal interest expense on bonds.
10) Only current income taxes relating to rental activities.
Starting from Adj. EBITDA Total, we calculate FFO 2 (incl. disposal results and development activities). FFO 2 is used to indicate the total operational earnings power.
Calculation of FFO 2
(incl. disposal results and development activities)
Adj. EBITDA Total
(-)
FFO 2 net interest expenses⁵
(-)
Current income taxes¹¹
(-)
Interest of minority shareholders
= FFO 2
(incl. disposal results and development activities)
11) Current income taxes as presented in the financial statements exclude the income tax relating to the disposal of the non-core portfolio.
The Company's loan-to-value (LTV) illustrates the relationship between net debt and total property value of a real estate company and thus evaluates the gearing of shareholder equity.
The methodology and illustrative LTV calculation as well as the information taken from the Adler Group balance sheet is depicted in the following table (the calculation of LTV as per 31 March 2026 can be found at the end of this section):
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Financial Overview
| Calculation of LTV | Group as reported | Share of joint ventures^{19)} | Share of material associates^{19)} | Non-controlling interests^{20)} | Total^{21)} |
|---|---|---|---|---|---|
| Borrowings from financial institutions^{12)} | |||||
| (+) | Commercial paper | ||||
| (+) | Hybrids^{13)} | ||||
| (+) | Bond loans^{14)} | ||||
| (+) | Foreign currency derivatives | ||||
| (+) | Net payables^{15)} | ||||
| (+) | Owner-occupied property (debt) | ||||
| (+) | Current accounts (equity characteristic) | ||||
| (-) | Cash and cash equivalents | ||||
| = | Net debt | ||||
| Owner-occupied property | |||||
| (+) | Investment properties at fair value | ||||
| (+) | Properties held-for-sale^{16)} | ||||
| (+) | Properties under development^{17)} | ||||
| (+) | Intangibles | ||||
| (+) | Net receivables^{15)} | ||||
| (+) | Financial assets^{18)} | ||||
| = | Total property | ||||
| = LTV in % |
12) Including current and non-current other loans and borrowings.
13) Not including perpetual notes because these instruments are accounted for as equity in the balance sheet according to IFRS.
14) Containing current and non-current corporate bonds.
15) Net payables are equal to payables less receivables on the IFRS balance sheet if that number is positive. Net receivables are equal to receivables less payables on the IFRS balance sheet if that number is positive. Please refer to the following table on net payables to see what this item includes.
16) Incorporating inventories at fair value and non-current assets held-for-sale.
17) This position is included in investment properties at fair value.
18) Containing other financial assets.
19) Net debt and total property value of joint ventures and associated companies are disregarded due to immateriality reasons.
20) Non-controlling interests were only adjusted for minority shareholders in Adler's former subsidiary Brack Capital Properties N.V. (BCP) or reasons of materiality, thus any other minority shareholders are not considered due to their insignificancy. After the disposal of BCP became effective on 3 January 2025, there is no such adjustment anymore.
21) Total column illustrates the combined values of the previous columns.
Adler Group Q1 2026 Quarterly Financial Statements
17
2 | INTERIM MANAGEMENT REPORT
Financial Overview
Calculation of Net payables
Investments in financial instruments
(+)
Advances related to investment properties
(+)
Restricted bank deposits
(+)
Contract assets
(+)
Trade receivables
(+)
Other receivables and financial assets
(+)
Advances paid on inventories
(-)
Other financial liabilities
(-)
Pension provisions
(-)
Other payables
(-)
Contract liabilities
(-)
Trade payables
(-)
Provisions
(-)
Prepayments received
(-)
Non-current liabilities held-for-sale
= Net amount
We believe that the alternative performance measures described in this section constitute the most important indicators for measuring the operating and financial performance of the Group's business.
We expect all of the above-described alternative performance measures to be useful for our investors when evaluating the Group's operating performance, the net value of the Group's property portfolio and the level of the Group's indebtedness.
Due to rounding, the figures reported in tables and cross-references may deviate from their exact values as calculated.
Profit situation
Compared to the prior year period, net rental income in 3M 2026 decreased due to the lack of rental income resulting from the disposals of the NRW-based portfolio, completed in Q1 2025. The decrease was partly compensated by rent increases realised on the remaining assets.
The adjusted EBITDA from rental activities amounted to EUR 21 million, a decrease compared to the prior year period reflecting primarily the smaller portfolio size. The adjusted EBITDA Total amounted to EUR 14 million as the development segment did not contribute material earnings in this quarter and was impacted by construction costs.
FFO 1 and FFO 2 were both negatively impacted by net interest expenses.
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Financial Overview
EBITDA
Adj. EBITDA from rental activities
| For the three months ended | For the year ended | ||
|---|---|---|---|
| In EUR thousand | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
| Net rental income | 31,386 | 36,728 | 131,565 |
| Income from facility services and recharged utilities costs | 14,241 | 20,291 | 65,929 |
| Income from rental activities | 45,627 | 57,019 | 197,494 |
| Cost from rental activities | (16,540) | (22,711) | (79,872) |
| Net operating income (NOI) from rental activities | 29,087 | 34,308 | 117,622 |
| NOI from rental activities margin (%) | 92.7% | 93.4% | 89.4% |
| Overhead costs from rental activities | (8,534) | (13,157) | (45,212) |
| Adj. EBITDA from rental activities | 20,553 | 21,152 | 72,410 |
| Adj. EBITDA margin from rental activities (%) | 65.5% | 57.6% | 55.0% |
Adj. EBITDA Total
| For the three months ended | For the year ended | ||
|---|---|---|---|
| In EUR thousand | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
| Income from rental activities | 45,627 | 57,019 | 197,494 |
| Income from property development | 10,781 | 475 | (9,630) |
| Income from other services | 373 | (129) | 2,266 |
| Income from real estate inventory disposed of | 178,754 | - | 111,250 |
| Income from sale of trading properties | 1,074 | - | 840 |
| Revenue | 236,609 | 57,365 | 302,220 |
| Cost from rental activities | (16,540) | (22,711) | (79,872) |
| Other operational costs from development and privatisation sales | (195,383) | (18,289) | (172,627) |
| Net operating income (NOI) | 24,686 | 16,366 | 49,721 |
| Overhead costs from rental activities | (8,534) | (13,157) | (45,212) |
| Overhead costs from development and privatisation sales | (2,154) | (3,390) | (10,962) |
| Adj. EBITDA Total | 13,997 | (181) | (6,454) |
| FFO 2 net interest expenses | (61,391) | (64,245) | (241,773) |
| Other net financial costs | (15,221) | (67,275) | (116,696) |
| Depreciation and amortisation | (2,926) | (2,101) | (24,258) |
| Other income/(expenses) | (11,501) | (32,675) | (126,595) |
| Change in valuation | 614 | - | (92,449) |
| Net income from at-equity valued investments | - | - | (47) |
| EBT | (76,428) | (166,477) | (608,272) |
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Financial Overview
FFO
FFO 1 (from rental activities)
| For the three months ended | For the year ended | ||
|---|---|---|---|
| In EUR thousand | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
| Adj. EBITDA from rental activities | 20,553 | 21,152 | 72,410 |
| FFO 1 net interest expenses | (37,593) | (36,771) | (141,283) |
| Current income taxes | (695) | (812) | 843 |
| Interest of minority shareholders | - | - | - |
| FFO 1 (from rental activities) | (17,735) | (16,431) | (68,029) |
| No. of shares(*) | 151,626 | 151,626 | 151,626 |
| FFO 1 per share | (0.12) | (0.11) | (0.45) |
(*) The number of shares is calculated as weighted average for the related period.
FFO 2 (incl. disposal results and development activities)
| For the three months ended | For the year ended | ||
|---|---|---|---|
| In EUR thousand | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
| Adj. EBITDA Total | 13,997 | (181) | (6,454) |
| FFO 2 net interest expenses | (61,391) | (64,245) | (241,773) |
| Current income taxes | 3,182 | (5,219) | (4,372) |
| Interest of minority shareholders | - | - | - |
| FFO 2 | (44,211) | (69,645) | (252,599) |
| No. of shares(*) | 151,626 | 151,626 | 151,626 |
| FFO 2 per share | (0.29) | (0.46) | (1.67) |
(*) The number of shares is calculated as weighted average for the related period.
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Financial Overview
Financial and asset position
Investment properties remain almost unchanged due to the lack of larger disposals and no portfolio revaluation done in the first quarter 2026. Other non-current assets include other financial assets of EUR 103 million (mainly comprising loans against non-controlling shareholders of subsidiaries), property and equipment of EUR 11 million, restricted bank deposits of EUR 10 million and investments in financial instruments of EUR 8 million. Inventories primarily include upfront sale projects and the land value of forward sale projects. Other current assets include other receivables (EUR 85 million), trade receivables (EUR 61 million) and restricted bank deposits (EUR 28 million). Non-current assets held-for-sale decreased significantly due to disposals.
Interest-bearing debts include bonds, bank debt and the refinanced facilities as part of the recapitalisation completed in September 2024. Other liabilities include provisions (EUR 58 million), other current payables (EUR 121 million) including income tax payables of EUR 53 million and trade payables (EUR 45 million). Non-controlling interests decreased primarily as a result of the participation of non-controlling-interest-holders in the loss of certain subsidiaries.
As at 31 March 2026, the total interest-bearing nominal debt amounted to around EUR 3,639 million. The average interest rate on all outstanding debt was 7.1%, with a weighted average maturity of 3.2 years.
Financial position
| In EUR thousand | 31 Mar 2026 | 31 Dec 2025 |
|---|---|---|
| Investment properties and advances related to investment properties | 3,645,239 | 3,640,360 |
| Other non-current assets | 144,802 | 140,978 |
| Non-current assets | 3,790,041 | 3,781,338 |
| Cash and cash deposits | 301,301 | 213,737 |
| Inventories | 170,078 | 217,430 |
| Other current assets | 200,319 | 186,662 |
| Current assets | 671,698 | 617,829 |
| Non-current assets held-for-sale | 172,884 | 307,932 |
| Total assets | 4,634,623 | 4,707,099 |
| Interest-bearing debts | 3,438,069 | 3,442,173 |
| Other liabilities | 240,006 | 235,110 |
| Deferred tax liabilities | 169,136 | 170,302 |
| Liabilities classified as available for sale | - | - |
| Total liabilities | 3,847,211 | 3,847,585 |
| Total equity attributable to owner of the Company | 831,104 | 841,313 |
| Non-controlling interests | (43,692) | 18,201 |
| Total equity | 787,412 | 859,514 |
| Total equity and liabilities | 4,634,623 | 4,707,099 |
Adler Group Q1 2026 Quarterly Financial Statements
21
2 | INTERIM MANAGEMENT REPORT
Financial Overview
Loan-to-value
The table below shows the loan-to-value (LTV).
31 Mar 2026
| In EUR thousand | Group loan-to-value | Non-controlling interests | Total |
|---|---|---|---|
| Borrowings from financial institutions | 3,107,253 | 3,107,253 | |
| Commercial paper | |||
| Bond loans | 330,816 | 330,816 | |
| Foreign currency derivatives | |||
| Net payables | 16,750 | 16,750 | |
| Owner-occupied property (debt) | |||
| Current accounts (equity characteristics) | |||
| Cash and cash equivalents | (301,301) | (301,301) | |
| Net financial liabilities | 3,153,518 | 3,153,518 | |
| Owner-occupied property | |||
| Investment properties at fair value | 3,645,239 | 3,645,239 | |
| Properties held for sale(*) | 342,962 | 342,962 | |
| Properties under development | |||
| Intangibles | |||
| Net receivables | |||
| Financial assets | 103,181 | 103,181 | |
| Total property value | 4,091,382 | 4,091,382 | |
| EPRA loan-to-value | 77.1% | 77.1% |
(*) Considers inventories as well as non-current assets held for sale.
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Financial Overview
31 Dec 2025
| In EUR thousand | Group loan-to-value | Non-controlling interests | Total |
|---|---|---|---|
| Borrowings from financial institutions | 3,119,155 | 3,119,155 | |
| Commercial paper | |||
| Bond loans | 323,018 | 323,018 | |
| Foreign currency derivatives | |||
| Net payables | 24,718 | 24,718 | |
| Owner-occupied property (debt) | |||
| Current accounts (equity characteristics) | |||
| Cash and cash equivalents | (213,737) | (213,737) | |
| Net financial liabilities | 3,253,154 | 3,253,154 | |
| Owner-occupied property | |||
| Investment properties at fair value | 3,640,360 | 3,640,360 | |
| Properties held for sale(*) | 525,362 | 525,362 | |
| Properties under development | |||
| Intangibles | |||
| Net receivables | |||
| Financial assets | 96,740 | 96,740 | |
| Total property value | 4,262,462 | 4,262,462 | |
| EPRA loan-to-value | 76.3% | 76.3% |
(*) Considers inventories as well as non-current assets held for sale.
Adler Group Q1 2026 Quarterly Financial Statements
23
2 | INTERIM MANAGEMENT REPORT
Financial Overview
The table below shows the breakdown of net payables as included in the LTV calculation presented above. For the detailed methodology of the LTV calculation, please also refer to the beginning of this section.
Net payables
| In EUR thousand | 31 Mar 2026 | 31 Dec 2025 |
|---|---|---|
| Investments in financial instruments | 7,525 | 7,525 |
| Restricted bank deposits | 37,965 | 40,247 |
| Contract assets | 11,477 | 13,128 |
| Trade receivables | 60,779 | 50,059 |
| Other receivables and financial assets | 84,763 | 79,780 |
| Advances paid on inventories | 15,273 | 13,398 |
| Deduct: | ||
| Other financial liabilities | (9,094) | (9,094) |
| Pension provisions | (604) | (604) |
| Other payables | (120,742) | (114,770) |
| Contract liabilities | 0 | 0 |
| Trade payables | (44,908) | (41,844) |
| Provisions | (57,903) | (61,090) |
| Prepayments received | (1,281) | (1,453) |
| Non-current liabilities held for sale | 0 | 0 |
| Net payables | (16,750) | (24,718) |
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Material Events
Material Events
In the reporting period
- On 13 January 2026, Adler Group completed the sale of the development project "Kaiserlei" in Offenbach.
- On 16 March 2026, Adler Real Estate GmbH, a subsidiary of Adler Group, fully repaid the remaining outstanding amount of EUR 14.8 million of its notes maturing in April 2026.
- On 19 March 2026, Adler Group completed the sale of the development project "Benrather Gärten" in Düsseldorf.
- On 31 March 2026, Adler Group completed the first closing of the development project „Holsten Quartier“ in Hamburg. This first closing comprises the largest part of the project.
- On 31 March 2026, Adler Group completed the sale of „Kornversuchsspeicher“, an office property in Berlin.
Subsequent events
The Group has evaluated transactions or other events for consideration as subsequent events since the reporting date 31 March 2026 in the annual financial statements through 27 May 2026, the date of finalisation of the financial statements.
- On 2 April 2026, Adler Group completed the sale of „Hedemannstrasse“ a mixed use property in Berlin.
Additional information can be found on the Adler Group website: https://www.adler-group.com/en/investors/publications/news.
Adler Group Q1 2026 Quarterly Financial Statements
25
2 | INTERIM MANAGEMENT REPORT
Forecast Report
Forecast Report
Forecast for 2026
Following certain disposals made from the yielding asset-portfolio, Adler Group expects to generate net rental income for 2026 in the range of EUR 124-129 million.
In accordance with the Restructuring Plan, the Group continues to focus on liquidity management and deleveraging through planned asset and portfolio disposals.
Following the sanctioning of the Restructuring Plan in April 2023, the Company refrained from announcing an FFO 1 guidance for the year 2023 and thereafter due to the current situation of the Group which is primarily focused on steering its liquidity situation and de-leveraging through asset and portfolio disposals.
Adler Group Q1 2026 Quarterly Financial Statements
2 | INTERIM MANAGEMENT REPORT
Responsibility Statement
Responsibility Statement
We confirm, to the best of our knowledge, that the Condensed Interim Financial Statements of Adler Group S.A. presented in these Q1 2026 Quarterly Financial Statements, prepared in conformity with the International Financial Reporting Standards as issued by the International Accounting Standards Board and as adopted by the European Union, give a true and fair view of the net assets, financial and earnings position of the Group, and that the Interim Management Report includes a fair review of the development of the business and describes the main opportunities, risks, and uncertainties associated with the Group for the remaining nine months of the year.
27 May 2026
Dr. Karl Reinitzhuber
Thorsten Arsan
CEO
CFO
Adler Group Q1 2026 Quarterly Financial Statements
Adler Group Q1 2026 Quarterly Financial Statements
Condensed Consolidated Interim Financial Statements
28
3 Condensed Consolidated Interim Financial Statements
30 Condensed Consolidated Interim Statement of Financial Position
32 Condensed Consolidated Interim Statement of Profit or Loss
33 Condensed Consolidated Interim Statement of Comprehensive Income
34 Condensed Consolidated Interim Statement of Cash Flows
36 Condensed Consolidated Interim Statement of Changes in Equity
3 | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed Consolidated Interim Statement of Financial Position
Condensed Consolidated Interim Statement of Financial Position
| In EUR thousand | 31 Mar 2026 | 31 Dec 2025 |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Investment properties | 3,645,239 | 3,640,360 |
| Investments in financial instruments | 7,525 | 7,525 |
| Property, plant and equipment | 10,860 | 12,870 |
| Other financial assets | 103,181 | 96,740 |
| Derivatives | 8,106 | 7,905 |
| Restricted bank deposits | 9,938 | 9,974 |
| Right-of-use assets | 5,160 | 5,934 |
| Other intangible assets | 32 | 30 |
| Total non-current assets | 3,790,041 | 3,781,338 |
| Current assets | ||
| Inventories | 170,078 | 217,430 |
| Restricted bank deposits | 28,027 | 30,273 |
| Trade receivables | 60,779 | 50,059 |
| Other receivables and financial assets | 84,763 | 79,780 |
| Contract assets | 11,477 | 13,128 |
| Derivatives | - | 24 |
| Cash and cash equivalents | 301,301 | 213,737 |
| Advances paid on inventories | 15,273 | 13,398 |
| Total current assets | 671,698 | 617,829 |
| Non-current assets held-for-sale | 172,884 | 307,932 |
| Total assets | 4,634,623 | 4,707,099 |
Adler Group Q1 2026 Quarterly Financial Statements
3 | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed Consolidated Interim Statement of Financial Position
| In EUR thousand | 31 Mar 2026 | 31 Dec 2025 |
|---|---|---|
| Shareholders' equity | ||
| Share capital | 188 | 188 |
| Share premium | 1,775,304 | 1,775,304 |
| Equity of Group's hybrid investors | 716,707 | 716,707 |
| Reserves | 206,288 | 206,288 |
| Retained earnings | (1,867,383) | (1,857,174) |
| Total equity attributable to owners of the Company | 831,104 | 841,313 |
| Non-controlling interests | (43,692) | 18,201 |
| Total equity | 787,412 | 859,514 |
| Liabilities | ||
| Non-current liabilities | ||
| Corporate bonds | 330,816 | 308,218 |
| Other loans and borrowings | 3,074,958 | 3,077,879 |
| Other financial liabilities | 9,094 | 9,094 |
| Pension provisions | 604 | 604 |
| Lease liabilities | 2,672 | 3,321 |
| Deferred tax liabilities | 169,136 | 170,302 |
| Total non-current liabilities | 3,587,280 | 3,569,418 |
| Current liabilities | ||
| Corporate bonds | - | 14,800 |
| Other loans and borrowings | 32,295 | 41,276 |
| Trade payables | 44,908 | 41,844 |
| Other payables | 120,742 | 114,767 |
| Provisions | 57,903 | 61,090 |
| Lease liabilities | 2,802 | 2,937 |
| Prepayments received | 1,281 | 1,453 |
| Total current liabilities | 259,931 | 278,167 |
| Total shareholders' equity and liabilities | 4,634,623 | 4,707,099 |
Dr. Karl Reinitzhuber
CEO
Thorsten Arsan
CFO
Date of approval: 27 May 2026
Adler Group Q1 2026 Quarterly Financial Statements
3 | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed Consolidated Interim Statement of Profit or Loss
Condensed Consolidated Interim Statement of Profit or Loss
For the three months ended 31 March
| In EUR thousand | 2026 | 2025 |
|---|---|---|
| Revenue | 236,609 | 57,365 |
| Cost of operations | (219,259) | (43,982) |
| Gross profit | 17,350 | 13,383 |
| General and administrative expenses | (21,626) | (33,038) |
| Other expenses | (8,102) | (29,158) |
| Other income | 11,948 | 13,856 |
| Changes in fair value of investment properties | 614 | - |
| Results from operating activities | 184 | (34,957) |
| Finance income | 5,026 | 5,626 |
| Finance costs | (81,638) | (137,146) |
| Net finance income / (costs) | (76,612) | (131,520) |
| Profit / (loss) before tax | (76,428) | (166,477) |
| Income tax income / (expense) | 4,326 | (3,536) |
| Profit / (loss) for the period | (72,102) | (170,013) |
| Profit attributable to: | ||
| Owners of the Company | (10,209) | (160,366) |
| Non-controlling interests | (61,893) | (9,647) |
| Profit / (loss) for the period | (72,102) | (170,013) |
| Earnings per share in EUR (undiluted) | - | - |
| Earnings per share in EUR (diluted) | - | - |
Adler Group Q1 2026 Quarterly Financial Statements
3 | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed Consolidated Interim Statement of Comprehensive Income
Condensed Consolidated Interim Statement of Comprehensive Income
For the three months ended 31 March
| In EUR thousand | 2026 | 2025 |
|---|---|---|
| Profit / (loss) for the period | (72,102) | (170,013) |
| Items that may be reclassified subsequently to profit or loss | ||
| Currency translation reserve | - | 478 |
| Items that may not be reclassified subsequently to profit or loss | ||
| Reserve from financial assets measured at fair value through other comprehensive income | - | (44) |
| Total other comprehensive income / (loss) | - | 434 |
| Total comprehensive income / (loss) for the period | (72,102) | (169,579) |
| attributable to: | ||
| Owners of the Company | (10,209) | (160,438) |
| Non-controlling interests | (61,893) | (9,141) |
| Total comprehensive income / (loss) for the period | (72,102) | (169,579) |
Adler Group Q1 2026 Quarterly Financial Statements
33
3 | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed Consolidated Interim Statement of Cash Flows
Condensed Consolidated Interim Statement of Cash Flows
| For the three months ended 31 March | ||
|---|---|---|
| In EUR thousand | 2026 | 2025 |
| Cash flows from operating activities | ||
| Profit / (loss) for the period | (72,102) | (170,013) |
| Adjustments for: | ||
| Depreciation | 2,583 | 1,882 |
| Change in fair value of investment properties | (614) | - |
| Non-cash other income and expense | (7,098) | 2,193 |
| Net finance costs / (income) | 76,612 | 131,520 |
| Income tax expense / (income) | (4,326) | 3,536 |
| Changes in net working capital | 47,192 | 11,931 |
| Income tax paid | 1,408 | (9,823) |
| Net cash from operating activities | 43,655 | (28,774) |
| Cash flows from investing activities | ||
| Purchase of and CapEx on investment properties | (8,494) | (5,809) |
| Proceeds from disposals of investment properties | 134,105 | 3,892 |
| Purchase of and CapEx on property, plant and equipment | (50) | (245) |
| Interest received | 232 | 1,630 |
| Disposal of subsidiaries, net of cash disposed | - | 298,286 |
| Proceeds from sale of financial instruments | - | 10,737 |
| Proceeds from sale of fixed assets | 259 | 152 |
| Change in short-term restricted bank deposits, net | 36 | 695 |
| Net cash from (used in) investing activities | 126,088 | 309,338 |
Adler Group Q1 2026 Quarterly Financial Statements
3 | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed Consolidated Interim Statement of Cash Flows
For the three months ended 31 March
| In EUR thousand | 2026 | 2025 |
|---|---|---|
| Cash flows from financing activities | ||
| Repayment of bonds | (14,800) | - |
| Long-term loans received | - | 13,585 |
| Repayment of long-term loans | (42,053) | (274,841) |
| Repayment of short-term loans | (2,827) | (10,484) |
| Interest paid | (21,688) | (12,216) |
| Payment of lease liabilities | (811) | (1,188) |
| Transaction costs | - | (18,583) |
| Net cash from (used in) financing activities | (82,179) | (303,727) |
| Change in cash and cash equivalents during the period | 87,564 | (23,164) |
| Changes in cash and cash equivalents in connection with disposal of non-current assets and groups held for sale | - | 68,704 |
| Cash and cash equivalents at the beginning of the period | 213,737 | 246,990 |
| Cash and cash equivalents at the end of the period | 301,301 | 292,530 |
Adler Group Q1 2026 Quarterly Financial Statements
35
3 | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed Consolidated Interim Statement of Changes in Equity
Condensed Consolidated Interim Statement of Changes in Equity
| In EUR thousand | Share capital | Share premium | Equity of Group's hybrid investors | Hedging reserve | Currency translation reserve | Other capital reserves | Reserve financial assets measured at FVTOCI | Retained earnings | Total | Non-controlling interests | Total equity |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance as at 1 Jan 2026 | 188 | 1,775,304 | 716,707 | 145 | 10,476 | 315,746 | (120,079) | (1,857,174) | 841,313 | 18,201 | 859,514 |
| Total comprehensive income / (loss) for the period | |||||||||||
| Profit / (loss) for the period | - | - | - | - | - | - | - | (10,209) | (10,209) | (61,893) | (72,102) |
| Other comprehensive income / (loss), net of tax | - | - | - | - | - | - | - | - | - | - | - |
| Total comprehensive income / (loss) for the period | - | - | - | - | - | - | - | (10,209) | (10,209) | (61,893) | (72,102) |
| Transactions with owners, recognised directly in equity | |||||||||||
| Change in consolidation scope related to sale | - | - | - | - | - | - | - | - | - | - | - |
| Other | - | - | - | - | - | - | - | - | - | - | - |
| Balance as at 31 March 2026 | 188 | 1,775,304 | 716,707 | 145 | 10,476 | 315,746 | (120,079) | (1,867,383) | 831,104 | (43,692) | 787,412 |
Adler Group Q1 2026 Quarterly Financial Statements
3 | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed Consolidated Interim Statement of Changes in Equity
| In EUR thousand | Share capital | Share premium | Equity of Group's hybrid investors | Hedging reserve | Currency translation reserve | Other capital reserves | Reserve financial assets measured at FVTOCI | Retained earnings | Total | Non-controlling interests | Total equity |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance as at 1 Jan 2025 | 188 | 1,775,304 | 716,707 | 145 | 16,949 | 315,746 | (146,239) | (1,352,066) | 1,326,734 | 238,444 | 1,565,178 |
| Total comprehensive income / (loss) for the period | |||||||||||
| Profit / (loss) for the period | - | - | - | - | - | - | - | (160,366) | (160,366) | (9,647) | (170,013) |
| Other comprehensive income / (loss), net of tax | - | - | - | - | (28) | - | (44) | - | (72) | 506 | 434 |
| Total comprehensive income / (loss) for the period | - | - | - | - | (28) | - | (44) | (160,366) | (160,438) | (9,141) | (169,579) |
| Transactions with owners, recognised directly in equity | |||||||||||
| Change in consolidation scope related to sale | - | - | - | - | - | - | - | - | - | (165,592) | (165,592) |
| Other | - | - | - | - | - | - | - | 1 | 1 | - | 1 |
| Balance as at 31 March 2025 | 188 | 1,775,304 | 716,707 | 145 | 16,921 | 315,746 | (146,283) | (1,512,431) | 1,166,297 | 63,711 | 1,230,008 |
Adler Group Q1 2026 Quarterly Financial Statements
37
Adler Group Q1 2026 Quarterly Financial Statements
4 | FINANCIAL CALENDAR & IMPRINT
Financial Calendar 2026
Adler Group S.A.
| 24 June 2026 | Annual General Meeting 2026 |
|---|---|
| 27 August 2026 | Publication Q2 2026 Results |
| 26 November 2026 | Publication Q3 2026 Results |
Online Financial Calendar
www.adler-group.com
Imprint
Coordination:
Investor Relations Adler Group S.A.
Concept, Design & Artwork:
brandcooks GmbH by UPWIRE Group
Hamburg, Zurich, Cape Town
Felix Ernesti
Art Director & Graphic Designer, Berlin
Adler Group Q1 2026 Quarterly Financial Statements
39
NADLER
GROUP
Adler Group S.A.
55 Allée Scheffer
2520 Luxembourg
Grand Duchy of Luxembourg
[email protected]
www.adler-group.com
QUARTERLY FINANCIAL
STATEMENTS 2026