Frey SA

Latest Results (17.10.2025):

In the first half of 2025, Frey SA demonstrated robust business activity by effectively activating its three growth drivers: active management, a strong project pipeline, and strategic acquisitions. The company reported a slight decrease in revenue compared to the previous year but saw significant growth in rental income and maintained a healthy financial position.

Activation of Growth Drivers

Frey SA successfully implemented its growth strategy by repositioning Shopping Promenade Riviera, initiating the Malmö Designer Village project with a €100 million investment, and acquiring Designer Outlet Berlin for €230 million. These initiatives are expected to enhance the company's portfolio and drive future growth.

Solid Operating Performance

Gross rental income for the first half of 2025 reached €65 million, with tenant revenues increasing by 2.0%. Frey maintained a high financial occupancy rate of 99% and achieved an annualized economic rental income of €156.5 million, marking a 13% increase. The occupancy cost ratio remained low at 9.1%, showcasing operational efficiency.

Strong Asset Portfolio

Frey's economic portfolio was valued at €2.4 billion, with a slight increase in portfolio value by 0.3%. The acquisition of Designer Outlet Berlin, although impacting NAV by €15.5 million due to registration duties and fees, positions Frey strongly in the Berlin-Brandenburg market. The portfolio's yield, including transfer tax, stands at 6.7%, offering a substantial risk premium compared to bond yields.

Financial Position

The company's adjusted balance sheet shows a Loan-to-Value (LTV) ratio of 44.7%, aligning with medium-term targets. Frey maintained a healthy liquidity position with €336.6 million available, supported by €111.6 million in cash and investments and €225.0 million in corporate credit lines.

Sustainability and Certification

Frey SA renewed its B Corp certification with an improved score of 116.1 points, up by 14 points. This highlights the company's commitment to sustainability and confirms that its business model successfully balances financial performance with high sustainability standards.