Aroundtown SA Q2 2026 Earnings Recap

Aroundtown’s shares declined 1.4% following the H1 2026 results as investors digested a modest FFO I decline and stable adjusted EBITDA amid ongoing margin pressure from higher financing expenses, despite management’s optimism on portfolio growth and capital recycling.

Key Takeaways

• Net rental income was stable at EUR 591 million, supported by 2.7% like-for-like rental growth despite net disposals.
• Adjusted EBITDA held steady at EUR 500 million, largely flat year-over-year.
• FFO I decreased 4% to EUR 144 million due to higher financing costs, in line with prior guidance.
• The portfolio valuation remained stable since December 2025, with EPRA NTA per share up 3% to EUR 8, aided by share buybacks at a significant NAV discount.
• Disposals totaling EUR 350 million were executed around book value, recycling capital into accretive opportunities like residential acquisitions and share buybacks.