First Berlin Equity Research has published a research update on Aroundtown SA (ISIN: LU1673108939). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 4.10 price target.

Abstract
Q1 results were in line with our forecasts and have the landlord well positioned to hit our full-year targets aligned with the recently upped 2026 guidance, which calls for FFO 1 of €275m to €305m (FBe: €292m). AT recorded 3.0% rental growth for the March period, spurred chiefly by strong performance in the Hotel and Resi segments. Office is holding steady but continues to be burdened by a still sputtering German economy. More broadly, the landlord is shifting from a phase dominated by defensive capital structure management to one defined by a more balanced mix of internal growth, capital recycling and selective external deployment. With the €250m share buyback ~93% completed at a 67% discount to NAV, the key test, in our view, is whether this groundwork can now be converted into sustained FFOPS growth. We maintain our Buy rating and €4.1 TP (upside: 61%).