Thanks, Moritz. Good morning, everyone, and thank you for joining us for the ADLER Group Q2 2026 results call.

Speakers today, as usual, are our CEO, Dr. Karl Reinitzhuber, and our CFO, Thorsten Arsan.

Both will lead through today's presentation and then answer your questions. Also, please note that this call is being recorded and will be made available on our website, where you can also find today's presentation.

With that, I'll hand it over to Karl.

Good morning, everyone, and thank you, Sven. Before we start with the Q2 numbers, let me give you an overview of our recent asset disposals on page four.

As already communicated in our Q1 figures, we closed Hedemannstraße in early April and returned the proceeds partly to the lending bank and partly to the 1L holders. We also closed the sale of Hansastraße, another non-strategic yielding asset in Berlin, and subsequently further reduced the 1L in May.

Just this week, we received the funds from the second closing of Holsten, which we will use to further repay the 1L in the coming days. Furthermore, we signed 18 condominium units in Berlin for a total sales price of €6 million.

All of these disposals have enabled us to repay debt of €201 million since the beginning of the year. Let me elaborate my take on the current market environment for residential development and new building in Germany.

My perception is that the uncertainty about inflation and interest rates on the back of the ongoing crisis around Iran continues to impact the real estate market. German developers are cautious about their investment in new projects, and the same is true about their equity partners and banks.

We, nevertheless, see some transactions and ventures going forward. As an example, Instone has teamed up with the equity partner, G City, for the further development of Benrather Gärten in Düsseldorf that they had just recently acquired from ADLER.

We continue to run our sales processes on our remaining developments with some in advanced stages where we had liked to inform you about successful signings, but where the track to finalization is longer than projected. We expect to come up with some good news in due course.

With €245 million, our disposal holdback basket remains almost fully built, unchanged versus 3 months ago. Moving on to page six.

On the financials, our net rental income came in at 63 million for the first 3 months. First six, right?

Um compared to the prior-year period, net rental income decreased as a result of the disposals of the North Rhine-Westphalia portfolio. The decrease was partly compensated by rent increases realized on the remaining assets.

We are on track to reach our '26 net rental income guidance in the range of €124 to €129 million. The adjusted EBITDA from rental activities amounted to €37 million, reflecting a stable margin compared to last year.

The adjusted EBITDA total amounted to 29 million. As more and more development projects are being sold and the organization is becoming smaller, the negative financial impact from the development business will continue to become smaller.

Our group's equity position stands at €0.7 billion. The LTV increased slightly to 79.2%, in line with our expectations.

Our cash position amounts to €155 million. Please note that the sharp decrease in cash is attributable to inflows from Holsten-Quartier and Kornversuchsspeicher at the end of March while the respective repayments under the first lien new money facility were done in April and subsequently reduced our cash position as compared to end of Q1.

We will provide more color on financials later in the presentation. Overall, our Berlin-anchored yielding portfolio continued its solid operational performance.

We achieved 3.0% like-for-like rental growth on a year-on-year basis. This was supported by increases on current rental contracts, a reduction in vacancy, and ongoing re-letting activities.

We'll have a low closer look at all KPIs on the following slides. Let's proceed to portfolio and operational performance on page eight.

At the end of June '26, we had 17,465 rental units. It's a marginal decrease of 18 units compared to March, driven by the condo sales in Q2, which I mentioned before.

As a reminder, our portfolio is fully Berlin-anchored with more than 99% Berlin assets. Only 49 units are located outside of Berlin, and we expect to sell these units within the coming quarters.

In terms of value, the GAV of our yielding portfolio remains stable at €3.5 billion. This reflects very little change from the prior period as there with the revaluation gains partly offset by disposals during the second quarter.

The GAV per square meter increased slightly to €2,886, up from €2,870 in March. Let's now move on to page nine to further discuss our operational KPIs.

As in previous periods, our semiannual portfolio valuation was conducted by CBRE. After 3 consecutive years of like-for-like value declines, now, our portfolio recorded the third semiannual positive like-for-like fair value change of plus 0.5% in H1 '26, following an aggregated like-for-like fair value change of 1% in 2025.

Rental growth outpaces the development of valuations, leading to an increase in rental yield from 3.5 to 3.6% on a year-to-year comparison, but also compared to Q4 '25. Rent increases continue to outpace revaluations so that the trend of slightly increasing rental yields continues.

Again, it remains to be seen how the interest rates and the real estate markets will move in the coming months with war war in the Middle East and Ukraine and a rather fragile world economy. Let's now move on to page 10 to further discuss our operational KPIs.

We achieved 3.0% like-for-like rental growth year-on-year. As expected, we continue to achieve like-for-like rental growth in our target zone of above 3% per year even if the 3.0 are behind our full-year target of not below 3.5%.

Let me explain the reasons behind that. Over the last 12 months, we have increased the rents of more than 30% of our residential units, thereof 80% CPI-indexed and 20% Mietspiegel-based leases.

This is a relatively low number of increases in Mietspiegel-based leases. The new biannual Berlin Mietspiegel was published in June with an uplift of approximately 5% for the ADLER portfolio.

To capture this potential, we send out increases for 2,500 units still in June, including the Mietspiegel uplift. These increases will only become effective in September.

Until year-end, there are 8,700 rent increases more still to come, thereof 45% Mietspiegel-based. On the back of this program, we are confident to report a rental growth number north of 3.5% at year-end 2026.

Our average rent increased from €8.45 per square meter per month recorded a year ago to €8.68 in June '26. Turning to vacancy, our operational vacancy rate has reduced further to 0.9%, down from 2% a year earlier.

This confirms the continuous demand for rental apartments in Berlin, driven by continued population growth and the very limited new housing supply. Let me shortly deviate from the usual more quantitative information in this section and bring some more qualitative achievements to your attention.

In 2026, ADLER Group has initiated and executed various measures to improve its services and operational excellence in the Berlin portfolio and the platform. ADLER is improving direct communication with tenants via a tenant app and an AI hotline.

We are digitizing property management with a new ticketing system, reducing turnaround times for repairs by outsourcing minor repairs, and investing in climate-friendly heating systems by changing to heat pumps. Progress in these areas is based on a previously established optimized IT infrastructure and strong partnerships.

All of this not only increases quality and speed of our services to our tenants, but also saves costs with digitalization and creates value with decarbonization. You can read more about these initiatives in our press release from 31 July.

Now, I would like to hand it over to Thorsten, who will walk you through the financials starting on page 12.

Thank you, Karl, and also a warm welcome from my side. At the end of June 2026, our yielding portfolio was valued at €3.5 billion, and our development portfolio at around €400 million, based on externally appraised values.

This brings our total GAV to €3.9 billion, unchanged from the figure reported at the end of the first quarter. In yielding assets, there was a slight increase in value resulting from disposals of 18 condominium units in Berlin, being more than offset by the revaluation of the portfolio.

Let's now move on to the financing section on page 13. Let me briefly walk you through the debt repayments update.

We made further partial redemptions of the first lien new money facility in Q2 2026, amounting to €160 million in total. This included €93 million repaid following the closing of Holsten, €11 million repaid from the closing of Kornversuchsspeicher, and €4 million repaid from condo sales, all on 2nd April April 2026.

Furthermore, we repaid €3 million on 7th April 2026, and €5 million on 13th of May 2026 after the closing of Hedemannstraße and Hansastraße, respectively. Furthermore, we have returned €15 million to other lenders from the proceeds of Hedemannstraße.

Please note that, so far, we have returned €4 million in Q3 from a second closing linked to Hansastraße and plan to repay funds from the second closing of Holsten in due course. Turning to the 2026 maturities.

During the second quarter, we also successfully completed the prolongation of a €6 million secured bank loan, extending the maturity from 2026 to Q4 2028. This is another good example of constructive discussions with our lending banks, especially where assets in Berlin provide strong collateral.

For the remaining €12 million of 2026 bank maturities, discussions are ongoing. These are standard bilateral talks with the respective lenders, and based on the tone so far, we expect to reach prolongation agreements well ahead of maturity.

Overall, the picture remains unchanged. With the continuous inflow of disposal proceeds and the supportive dialogue with banks, the 2026 maturity profile is now fully addressed, and we remain focused on reducing the first lien facility with further disposal proceeds.

Let's now move on to page 13 and take a look at our current debt KPIs. Following the further partial redemptions of the first lien new money facility, in Q2, our total nominal interest-bearing debt decreased to €3.5 billion, down from €3.6 billion in March.

Our LTV increased slightly to 79.2%, as we had expected. The weighted average cost of debt remains unchanged at 7.1% at the end of June, and our average debt maturity is around 2.9 years with the vast majority of our financing maturing only in 2028 or later.

All our ratings, including the issuer rating of B- with a stable outlook, remain unchanged. As in the past, our utmost priority is to assess further improvements of our capital structure capital structure.

Let's turn to debt maturity schedule on page 15. The debt maturity picture looks largely unchanged compared to 3 months ago, but reflects the repayments of the first lien new money facility in Q2, the repayment of €50 million of secured debt originally due in 2028, and refinancing of €6 million of the remaining 2026 maturities.

Looking ahead, our next significant maturity is in 2027 where we have a total of €88 million due. As you can see on this slide, 97% of our financial debt matures only in 2028 or beyond.

Let's turn to LTV on the next page, page 16. The LTV increased this quarter by 210 basis points, mainly due to the usual impact from interest expenses, both paid and accrued.

This increase has been partially offset by the revaluation and of yielding and yielding disposals. As always, as a reminder, kindly notice that our bond covenant LTV with a threshold of 90% is calculated differently, leading to a lower figure than stated here.

Let's continue with cash on the next page, page 17. At the end of the second quarter, our cash position stood at €155 million, in line with our expectations.

As you might know, we invest our cash holdings usually in money market funds and call money in order to generate interest income. You see the development of the cash position in the usual format on this slide.

On the cash inflow side, we realized proceeds from yielding disposals, as discussed earlier. Yielding assets disposals includes proceeds from the condominium sales and Hedemannstraße, as well as Hansastraße.

The proceeds were largely returned to the investors of the first lien notes, along with the proceeds from Holsten and Kornversuchsspeicher received in March. The decrease in our cash position is mainly driven by the fact that we have received disposal proceeds in March, but have only made the corresponding repayments in April.

With that, back to you, Karl.

Let me now conclude this presentation with some final remarks. We confirm our guidance of a net rental income between 124 to €129 million for the full year 2026.

The outlook for the full-year '26 like-for-like rental growth is above 3.5%, partly driven by the new Berlin Mietspiegel released in June. As pointed out earlier, we still see concerns with German residential developers about interest rates and crisis in the Middle East.

The rental growth in all residential segments continues to be solid. Recent disposals have translated into debt repayments of €201 million since the beginning of the year.

Even though we cannot report further signings of development sales today, we are confident for the time to come as we are pursuing a number of sales processes in advanced stages. We continue and progress the evaluation of options for our Berlin residential portfolio and the related financing structures together with our advisor, Evercore.

As the German federal government has announced on July 2nd that they will prevent expropriation on state level by federal law, more interest from investors and financing institutions in Berlin residential assets can be expected. This might open more opportunities for our portfolio and its financing.

Nevertheless, the federal government will still have to deliver the envisaged federal law. Also, the outcome of the Berlin elections on September 20th will be closely observed by all stakeholders in Berlin real estate.

Therefore, the coming months will be very relevant for the shaping of the political and legal environment for the ADLER business. We do not face any maturities of capital market indebtedness before year the end of 2028.

As just said, 97% of our financial debt matures only in '28 or beyond. It goes without saying that we remain focused on our comprehensive cost-cutting programs and budget discipline to ultimately preserve our liquidity position.

With that, I would like to thank you for dialling in. We are now looking forward to your questions.

Sven, back to you for the Q&A.

Thank you, Karl. I hand it over to operator Moritz to open up for the Q&A.

hi. Um could you give some color on what's going on currently in the disposal market and um if you could give us some guidance on like uh the amount of disposals you guys are targeting and the timeline for those and how much of the repayment under the first lien should we expect by year-end?

Um would be helpful, because I think uh post what you reported Q1, uh there's been minimum repayment. Just some color on like disposal market, what's happening, and the timelines you guys are targeting would be helpful.

Thanks, Noor. Um as uh I pointed out earlier, um the uh um let's say market environment for German residential developers um is uh currently challenging on the back um of the rises of interest rates uh um with uh the ongoing difficulties around Iran and the uh uncertainties around inflation.

Nevertheless, uh as I pointed out earlier, um we are uh running good processes and are in advanced discussions with um residential developers about uh the sale of a number of our developments. Um we expect uh uh that let's say one or the other of our developments um uh will still come to signing uh of uh uh of the sale um before year-end.

Um but uh um we will uh report about that when it really happens. Um but as I said, uh um we are, let's say, fairly positive uh that we can report uh progress on development sales in the coming months.

Uh

could you give us some color on the magnitude of the sale you're expecting by year-end just just so I have an idea of like how the first lien repayments would may look like in terms of timings? Uh

sorry. The the question was about that the volume we expect for this year?

As I said, we will report that uh um once it happens, yeah, and uh I would uh let's say not give uh um a premature outlook at that this point in time.

Okay. Just last follow-up on this.

Um so, at least for this year, is the plan to still just target the development portfolio sales um which size-wise seems to be small, or is the plan that you're going to look to sell the rental book as well, material repayments could be done on the debt?

Yes. As uh um uh we have uh pointed out already in in uh previous meetings, uh um we are uh working um and uh um considering uh the options also for the Berlin portfolio uh with our advisor Evercore.

Uh uh also there, um we would report something um let's say when uh there are real uh tangible uh results and decisions. Um uh uh let's say uh um we are progressing this, but uh there is nothing to report at this point in time.

Okay. Thank you.

Understood. Uh I'll get back in the queue.

Thanks to everyone for joining today. We will publish our Q3 '26 figures on November 26, and the respective results presentation will take place on the same day.

Thorsten and I look forward to speaking to you then. All the best for everyone.

We close the call.