Adler Group reported a steadier first half of 2026, with net rental income of €63 million and total debt declining by 210 basis points to 79.2% as of June 30. The German real estate firm repaid €201 million in debt since the start of the year, including €93 million tied to the Holsten Quartier project and €11 million from the Kornversuchsspeicher portfolio.
Full-year 2026 net rental income guidance was maintained at €124-129 million, following a 3.0% like-for-like rental growth in H1. The company’s operational vacancy rate improved to 0.9% from 2.0% a year earlier, while like-for-like fair value increased by 0.5%, marking the third consecutive positive semiannual revaluation. Total gross asset value stood at €3.9 billion, with the yielding portfolio valued at €3.5 billion.
Adler Group’s average rent rose to €8.68 per square meter per month, up from €8.45 a year prior, supported in part by a June update to Berlin’s Mietspiegel, which lifted the portfolio’s rent benchmark by approximately 5%. The company has issued rent increases for 2,500 units effective September, with plans to raise rents for a further 8,700 units by year-end, including 45% linked to the Mietspiegel.
Total adjusted EBITDA from rental activities reached €37 million, while group equity totaled €4.7 billion. The loan-to-value ratio increased to 79.2%, up from 77.1% at the end of March, reflecting a €100 million decline in total nominal interest-bearing debt to €3.5 billion. The weighted average cost of debt remained at 7.1%, with an average maturity of 2.9 years. No capital market maturities are due before the end of 2028, though €88 million is scheduled for 2027.
CEO Dr. Karl Reinitzhuber noted the company was on track to meet its 2026 net rental income guidance, while CFO Thorsten Arsan highlighted progress in reducing the first lien facility through disposal proceeds. Adler Group’s cash position stood at €155 million as of June 30, with 97% of financial debt maturing in 2028 or later.
