Q1 2026 Aroundtown SA Earnings Call Transcript
Key Points
- Aroundtown SA (AANNF) reported a strong start to 2026 with proactive transactions, including a successful increase in their stake in Grand City Properties and a nearly completed EUR250 million share buyback program.
- The company's living portfolio, comprising residential and hotels, which now accounts for 53% of the portfolio, continues to perform well, tapping into strong internal growth potential.
- Aroundtown SA (AANNF) has sufficient liquidity to cover maturities for this and the next year, with a high liquidity position of EUR4.1 billion plus EUR1 billion in undrawn credit lines.
- The company achieved a 3% increase in EPRA NTA per share, driven by the share buyback program and operational profits.
- Aroundtown SA (AANNF) has made significant progress in sustainability, with 72% of their commercial portfolio now green-certified, including 80% of offices and 67% of hotel assets.
- The macroeconomic and geopolitical environment remains mixed, creating volatility and uncertainty, particularly due to the conflict in the Middle East.
- FFO 1 decreased by 8% compared to Q1 2025, mainly due to higher finance expenses, despite operational growth and lower perpetual notes coupons.
- The office segment, which makes up 34% of the portfolio, experienced only a 1.5% like-for-like rental growth, indicating ongoing muted market activity.
- The company's profit for the period was EUR119 million, significantly lower than the EUR319 million recorded in the first three months of 2025, mainly due to the absence of revaluations in Q1 2026.
- Aroundtown SA (AANNF) faces potential higher refinancing costs due to a more volatile environment, which could offset positive growth drivers.
Good morning, everybody. Thank you for joining us for Aroundtown's Q1 2026 results call. You can view this presentation on Aroundtown's website, either on the home section or under Financial Reports of the Investor Relations section. With me today are CEO, Barak Bar-Hen; CFO, Jonas Tintelnot; Executive Director, Frank Roseen; Chief Capital Markets Officer, Timothy Wright; Chief Sustainability Officer, Limor Bermann; Deputy CEO, Kamaldeep Manaktala; and representatives from Grand City Properties are also present. For the duration of the call, all participants will be in listen-only mode. Following our presentation, you will have the opportunity to ask questions.
With that, I would like to hand over to Barak and the rest of the team, who will guide you through the presentation of our results.
Good morning, and thank you for joining us for our Q1 2026 results presentation. We started the year strong and have proactively pursued highly accretive transactions
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