Strong Transaction Market
The transaction market in Q1 was strong with a 180% increase over Q1 2024, indicating healthy investor demand and stabilized market yields.
Growth in Key Financial Metrics
Adjusted EBITDA and EBT both increased by 15%, and operating free cash flow grew by 43% to €718 million year-on-year.
Solid Rent Growth
Rent growth was up by 50 basis points to 4.3% year-on-year with market rent growth contribution of 2.9%.
Value-Add Segment Performance
The value-add segment's adjusted EBITDA translated into more than €38 million, which was more than three times the contribution of Q1 last year.
Positive Outlook on Development and Construction Costs
Promising government initiatives to reduce construction costs are expected to provide tailwinds for the development segment.
Debt KPIs Improving
Pro forma LTV is at 45% and net debt-to-EBITDA is at 14x, moving in the right direction as expected.