Adler - comment

No questions this morning on the Adler call as the meaty issues are not suitable for public discussion on a call. Notably, the yielding portfolio received a smaller write-down this time, suggesting value stabilisation may be in sight. Within that, the Berlin assets, accounting for 80% took a bigger hit than the NRW assets, as higher-yielding assets are currently seeing better demand. The market is awaiting the audited financials and recapitalisation next month, ahead of which we have seen BCP pay down its IC loan and 2024 maturities being rescheduled. Rescheduling 2025 maturities will likely begin in earnest only in October. As such, the H1 results have only been a minor update.