Adler Group Sa (DE:ADJ)
:ADJ
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ADLER Group
(ADJ)
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Rating:45Neutral
Price Target:
$0.16
Action:ReiteratedDate:04/08/26
The score is held down primarily by very weak TTM financial performance (sharp revenue decline, deeply negative profitability, high leverage, and negative free cash flow) and a bearish technical trend (below key moving averages with negative MACD). The latest earnings call provides some support via confirmed guidance, stable rental operations, liquidity, and deleveraging progress, but leverage/cost-of-debt and development losses remain meaningful risks. Valuation signals are limited because losses make the negative P/E hard to interpret and no dividend yield is provided.
Positive Factors
Stable rental operations & LFL rent growth
Consistent like‑for‑like rent growth and very low vacancy underpin predictable recurring NOI across the core Berlin portfolio. That stability supports operating cash generation capacity over the medium term and reduces reliance on transactional sales to fund everyday operations.
Negative Factors
Very elevated leverage and thin equity
A large debt stock versus a very small equity base leaves limited shock absorption and raises refinancing and covenant risk. High leverage amplifies earnings volatility, constrains capital allocation, and increases probability that future market or valuation shocks force distressed disposals.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable rental operations & LFL rent growth
Consistent like‑for‑like rent growth and very low vacancy underpin predictable recurring NOI across the core Berlin portfolio. That stability supports operating cash generation capacity over the medium term and reduces reliance on transactional sales to fund everyday operations.
Read all positive factors
ADLER Group (ADJ) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€25.62M
Dividend YieldN/A
Average Volume (3M)N/A
Price to Earnings (P/E)―
Beta (1Y)0.42
Revenue Growth1.18%
EPS Growth-155.70%
CountryDE
Employees478
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-0.77
Shares Outstanding151,626,110
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.24
Price to Sales (P/S)0.10
P/FCF Ratio-0.24
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
ADLER Group Business Overview & Revenue Model
Company Description
Adler Group S.A., together with its subsidiaries, operates as a residential real estate company in Germany. It operates through Residential Property Management and Privatization segments. The company is involved in the rental and management of res...
How the Company Makes Money
ADLER Group primarily makes money through its residential real estate business. Key revenue streams typically include: (1) rental income from tenants in its residential portfolio, which generates recurring revenue; (2) proceeds from the sale of pr...
ADLER Group Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q4-2025)
| Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call showed clear operational momentum in the Berlin yielding portfolio — steady disposals, successful partial deleveraging, positive like‑for‑like revaluations (+0.6% H2, +1% for 2025), solid rental growth (3.6% LFL), low vacancy (1.3%) and active liquidity/debt management (bond repaid, loan extended). However, the development business remains a drag (adjusted EBITDA negative, development valuations down -6.5% H2), the group still carries high absolute debt (EUR 3.7bn) and LTV increased to 76.3%, and there is ongoing financing and regulatory uncertainty. Overall, operational and strategic positives outweigh the challenges but key risks remain concentrated in the development segment and leverage profile.Positive Updates
Progress on Asset Disposals and Proceeds Returned
Closed multiple development transactions (UpperNord Tower closed Dec '25, Quartier Kaiserlei closed Jan '26, Benrather Garten closed Mar '26; Holsten Quartier signed Oct '25 with first closing >80% of purchase price received). Proceeds used to reduce the first-lien new money facility and the company will return net proceeds of approximately EUR 125 million to investors and banks. Sold non-strategic Berlin assets for EUR 33 million and 6 condominium units for EUR 2 million. Disposal holdback basket remains almost fully filled at EUR 245 million.
Negative Updates
Development Segment Losses and Negative Revaluations
Development segment did not contribute positive earnings, leaving group adjusted EBITDA negative. Development assets saw a like‑for‑like valuation decline of -6.5% in H2 '25, reducing GAV by ~EUR 36 million versus Q3 '25.
Read all updates
Q4-2025 Updates
Positive
Negative
Progress on Asset Disposals and Proceeds Returned
Closed multiple development transactions (UpperNord Tower closed Dec '25, Quartier Kaiserlei closed Jan '26, Benrather Garten closed Mar '26; Holsten Quartier signed Oct '25 with first closing >80% of purchase price received). Proceeds used to reduce the first-lien new money facility and the company will return net proceeds of approximately EUR 125 million to investors and banks. Sold non-strategic Berlin assets for EUR 33 million and 6 condominium units for EUR 2 million. Disposal holdback basket remains almost fully filled at EUR 245 million.
Read all positive updates
Company Guidance
Guidance for 2026: Adler expects net rental income of EUR 124–129 million, underpinned by continued rental growth with management confident of like‑for‑like rental growth north of 3% at year‑end 2026 (after 3.6% in 2025), average rent of EUR 8.61/sqm/month (Dec‑25) and a very low vacancy of ~1.3%; group GAV was ~EUR 4.0 billion (yielding portfolio EUR 3.5bn, development ~EUR 0.5bn), LTV stood at 76.3%, total nominal interest‑bearing debt was EUR 3.7bn with a weighted average cost of debt of 7% and average debt maturity ~3.4 years (97% of debt maturing in 2028+), there are no bond maturities until 2028 providing strategic flexibility, and management will continue disposals (disposal holdback basket ~EUR 245m almost full; 49 remaining non‑Berlin units) to reduce the first‑lien facility and return net proceeds (Karl cited ~EUR 125m, Thorsten referenced ~EUR 110m) while addressing remaining 2026 bank maturities.ADLER Group Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
18
Very Negative
Cash Flow
10
Very Negative
| Breakdown | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 316.96M | 392.19M | 445.08M | 734.47M | 1.14B |
| Gross Profit | -115.44M | 69.29M | 2.19M | 734.68M | 11.77M |
| EBITDA | -290.62M | 1.18B | -1.65B | -1.62B | -1.04B |
| Net Income | -486.62M | 873.60M | -1.66B | -1.56B | -1.18B |
Balance Sheet | |||||
| Total Assets | 4.90B | 6.89B | 7.72B | 9.71B | 13.04B |
| Cash, Cash Equivalents and Short-Term Investments | 244.01M | 246.99M | 377.42M | 424.25M | 650.00M |
| Total Debt | 4.17B | 3.56B | 6.08B | 5.99B | 7.02B |
| Total Liabilities | 4.76B | 5.32B | 7.67B | 7.80B | 9.34B |
| Stockholders Equity | 124.61M | 1.33B | -228.86M | 1.42B | 2.99B |
Cash Flow | |||||
| Free Cash Flow | -124.78M | -170.50M | -125.91M | -139.44M | -280.19M |
| Operating Cash Flow | -119.56M | -168.51M | -123.56M | -138.22M | -276.24M |
| Investing Cash Flow | 405.02M | 34.21M | 154.57M | 1.53B | 1.13B |
| Financing Cash Flow | -392.26M | 30.10M | -205.52M | -1.37B | -677.76M |
ADLER Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | €1.66B | 3.69 | 11.82% | ― | 0.74% | 134.44% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | €115.48M | 9.55 | 15.27% | 4.02% | -10.75% | 199.01% | |
63 Neutral | €4.55B | 3.20 | 18.02% | 4.45% | 3.47% | 2077.88% | |
52 Neutral | €19.48B | 5.49 | 14.53% | 5.08% | -3.65% | ― | |
49 Neutral | €6.24B | 23.97 | 4.04% | ― | -11.42% | ― | |
45 Neutral | €25.62M | -0.06 | -62.13% | ― | 1.18% | -155.70% |
* Real Estate Sector Average
DE:ADJ
ADLER Group
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-27.59%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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