Prodea Real Estate Investment Company S.A.

Latest Results (27.05.2026):

Prodea Real Estate Investment Company S.A. — Q4 2023 (year ended December 31, 2023): Prodea reported FY2023 consolidated results showing revenue of €168.9m and a Group profit of €73.8m (down from €123.8m in 2022). Operating profit was €163.8m and adjusted EBITDA rose to €222.5m, but higher finance costs (€75.9m) and taxes (€10.2m) drove a lower bottom line. Investment property fair value stood at €2,459.7m and NAV was €1,505.8m (NAV/share €5.89). The Group continued active portfolio recycling (major disposals incl. transactions with NBG) and pursued hospitality expansion with the post‑year MHV acquisition (completed Jan 24, 2024).

Top line and revenue drivers

Revenue for the year was €168.9m (2022: €186.9m). Excluding a large one‑off 2022 disposal, like‑for‑like and new-asset rental income increased ~12.2%, driven by rents from recent acquisitions and lease adjustments.

Profit, EBITDA and FFO

Group profit for FY2023 was €73.8m (2022: €123.8m). Adjusted EBITDA amounted to €222.5m (up sharply year‑on‑year), while reported FFO was €39.6m (or €138.4m if realized gains from property disposals of €98.8m are included).

Valuation and portfolio

Fair value of investment properties was €2,459.7m (down from €2,566.7m at 31.12.2022). Assets under management were €2,717.3m. The Group held 348 properties (299 in Greece) with total leasable area ~1.362m sq.m.

Finance costs, taxes and interest hedging

Finance costs rose to €75.9m from €43.3m in 2022, mainly due to higher Euribor and incremental borrowing. Taxes increased to €10.2m (from €0.9m), partly reflecting REIC tax basis changes. The Group has interest rate caps (initially €575m, plus a subsequent €350m cap entered after year-end) and reports ~65–67% of borrowings with fixed/hedged rates.

Leverage, liquidity and key ratios

Borrowings were €1,327.8m. Gearing was 44.4%; reported LTV was 52.2% (net LTV 45.8%). NAV was €1,505.8m (NAV/share €5.89). The current ratio declined (0.90x) partly due to short‑term classification of certain loans; management notes post‑period refinancing that improves liquidity.

Portfolio recycling and disposals

Prodea completed numerous disposals in 2023 (including a landmark package and lease amendments with National Bank of Greece with total agreed consideration ~€237m) and other sales across Greece, Italy and Cyprus. Realized disposal gains materially supported adjusted EBITDA and FFO.

Significant post‑period acquisition

After year‑end (reported in Events after the reporting date), Prodea acquired an additional 55% of MHV (Mediterranean Hospitality Venture) on Jan 24, 2024 — taking its stake to 80%. Purchase consideration at fair value totaled €243.1m (cash, deferred and contingent elements). This materially expands Prodea’s hospitality exposure.

Dividends and corporate actions

The AGM approved total dividend for 2022 of €65.2m (€0.255/share); an interim dividend of €28.1m (€0.11/share) was distributed for 2023 and the Board declared another interim €28.1m on Dec 5, 2023. The Company also completed a merger of three 100% subsidiaries into the parent during 2023.

Risk management and outlook

Management flags higher construction costs and rising interest rates as main risks but expects rental inflation (CPI‑linked leases) to partially offset inflationary pressures. The Group is selectively pausing new developments, pursuing green investments, and monitoring geopolitical impacts.