Overview
- Adjusted EBITDA rose 6.4% to €1.85 billion in the first nine months, and net profit rebounded to about €3.4 billion after a loss a year earlier.
- Management reaffirmed its raised 2025 targets and guided 2026 adjusted EBITDA to €2.95–€3.05 billion with €1.9–€2.0 billion in adjusted pre‑tax profit.
- Demand remained intense with the portfolio fully rented; average monthly rent reached €8.28 per square meter group‑wide and €8.11 in Germany, up roughly 4% year on year.
- Investment accelerated to roughly €1.4 billion year‑to‑date, 1,555 apartments were completed, 1,600 new builds were started, and new construction resumed with 3,000 units planned.
- CEO Rolf Buch pressed for reform of the Mietpreisbremse as Berlin and other courts questioned some rent increases and the company prepared a year‑end leadership handover to Luka Mucic.