Peach Property Group Ltd

Latest Results (26.07.2026):

Peach Property Group Ltd — HY (first half) 2025: The company reports H1 2025 results showing a reduced headline rental income driven by portfolio disposals but continued operational improvement on a like‑for‑like basis. Actual rental income for HY1 2025 was €53.3m, adjusted EBITDA was €23.3m (45.2% margin), and the portfolio market value was €1,937m at 30 June 2025. Management continues to prioritise refinancing, portfolio rotation (non‑strategic disposals) and operational recovery (vacancy reduction and rent growth).

Rental income and like‑for‑like growth

Actual rental income fell to €53.3m in HY1 2025 (from €63.2m HY1 2024), mainly due to the sale of non‑strategic assets. On a like‑for‑like basis rental growth remained positive at about +3.0%. In‑place residential rent rose to €6.58/sqm and market rent stood at €7.36/sqm, implying ongoing upside potential vs in‑place rents.

Profitability (adjusted EBITDA)

Adjusted EBITDA for HY1 2025 was €23.3m, down vs prior year (adjusted EBITDA margin 45.2%). The EBITDA decline reflects one‑off effects (prior‑year adjustments, higher unoccupied property costs and repair items) that offset rent improvements.

Occupancy, collection risk and operating costs

Vacancy on residential units improved to 6.5% (HY1 2024: 6.8%). However, lost income from collection risks increased to €1.772m (3.3% of actual rent), and some one‑off maintenance and unoccupied property costs increased expenses from letting. Other operating expenses declined by €0.46m y/y, while personnel costs remained broadly stable (~€9.1m).

Portfolio and disposals

Portfolio market value was €1,937m at 30 June 2025. The company continued to sell non‑strategic assets: the non‑strategic portfolio was reduced by ~17% (~1,450 units) and ~65% of remaining non‑strategic assets are in the marketing process, with first notarizations in July 2025.

Balance sheet, debt and refinancing

LTV was 52.2% (30.06.2025). Secured debt was €785m and unsecured debt €223m. WACD fell to 2.52% (secured WACD 2.17%). Interest coverage (ICR) improved to 1.70x. Management completed a capital increase (Aug 2025) and signed multiple secured loan facilities (including a €120m German bank facility and arrangements with Castlelake) to refinance maturing bonds and provide ~€85–100m of liquidity to address upcoming maturities.

EPRA metrics and NAV

EPRA NTA per share reported at €20.60 and EPRA NRV per share at €23.35 as of 30 June 2025.

Capex and investment outlook

Investments in H1 2025 were ~€20.5m (about 61.7% tenant improvements and 38.3% capex). Management expects continued investment at similar levels in 2025 and targets further operational gains (tenant improvements to support lettings and rent catch‑up in H2 2025).

Guidance and management focus

Management emphasises completing the balance sheet transformation (refinancing maturing debt), progressing non‑strategic disposals and continuing operational measures to reduce vacancies and collection losses. The near‑term focus is H2 2025 execution of refinancing and portfolio rotation.