Aroundtown S.A. Reports FY 2024 Financial Performance

Aroundtown S.A. has announced its financial results for FY 2024, achieving the top end of its guidance. The company reported net rental income of €1.18 billion, slightly below last year's figure due to asset disposals. However, like-for-like rental growth was 2.9%, driven by strength in the residential and hotel sectors.

Adjusted EBITDA rose by 1% to €1.01 billion despite lower rental income. The Funds From Operations (FFO) I stood at €316 million, a decrease from €332 million last year, primarily impacted by asset sales and perpetual note allocations. Net profit improved dramatically to €309 million after a notable loss of €2.4 billion in 2023.

Aroundtown's efforts in liability management included bond buybacks and reducing leverage, with significant disposals totaling €740 million. The company's Loan-to-Value ratio decreased to 42%, reflecting a stronger balance sheet.

On the ESG (Environmental, Social and Governance) front, Aroundtown made significant strides with 65% of its office portfolio and 30% of its hotel portfolio achieving green certifications. The company aims to expand these initiatives further.