Aroundtown SA

Aroundtown SA reported stable first-half 2026 results, with net rental income of EUR591 million and adjusted EBITDA of EUR500 million, in line with guidance. Like-for-like rental growth was 2.7%, driven by residential and hotel segments, while FFO 1 declined 4% to EUR144 million due to higher financing costs. The company resumed dividends, returning about EUR340 million to shareholders through dividends and buybacks, and increased its stake in GCP to around 84%. Management expects FFO 1 pressure to continue through 2028, with 2029 as the inflection point, and maintains 2026 FFO 1 guidance of EUR275 million to EUR305 million.