Adler Group S.A. announces the completion of the comprehensive recapitalisation

• Extension of maturities for orderly disposal of assets
• Equity stabilised through conversion of most of the 2L Notes into Perpetual Notes
• Additional liquidity provided in the form of new money and ability to retain disposal proceeds

Luxembourg, 19 September 2024 – Adler Group S.A. ("Adler Group") announces the completion of the comprehensive recapitalisation that it had informed about on 24 May 2024. The recapitalisation was implemented through the conversion of certain of the existing 2L notes into subordinated perpetual notes which are classified as equity under IFRS, thereby strengthening Adler Group’s book equity by approximately €2.3bn and stabilising its balance sheet. In connection therewith, certain of the Group’s existing debt maturities were extended to December 2028, December 2029, and January 2030. Furthermore, Adler Group was provided with additional liquidity in the amount of approximately €87m through an increase of the existing 1L new money facility and also the ability to hold back disposal proceeds of up to €250m realised from April 2024.

“This recapitalisation provides Adler Group with financial stability allowing it to execute its strategy in the interest of all of its stakeholders. We as the Board would like to thank our Senior Management, its teams and advisers and everyone who has contributed to that great achievement”, comments Stefan Brendgen, Chairman of the Board of Directors of Adler Group.

Thierry Beaudemoulin, member of the Board of Directors and CEO of Adler Group, comments as follows: “The completed recapitalisation follows our intensive business review considering the adverse market conditions that have persisted longer than anticipated and provides us with an extended path to execute our strategy.”

Following the completion of the comprehensive recapitalisation, Adler Group expects to publish its audited annual reports for 2022 and 2023 on 30 September 2024.

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