Prodea Real Estate Investment Company S.A.

Latest Results (05.12.2025):

Prodea Real Estate Investment Company S.A. — Q2 2025 (six‑month period ended June 30, 2025): Group revenue was €112.376k (‑0.6% y/y) and profit for the period was €74.886k, supported mainly by a €94.849k net fair‑value uplift on investment properties; adjusted EBITDA fell to €30.982k and FFO was €5.464k. NAV per share was €5.87, while leverage rose (LTV 52.6%, net LTV 48.8%).

Revenue composition

Total revenue €112.376k (vs €113.072k a year earlier): rental income down to €69.136k (disposals and portfolio changes), hospitality income up to €25.657k (seasonal), and income from sale of inventory properties €17.583k (higher than prior year).

Fair‑value gains and operating profit

Net fair‑value gain on investment properties was €94.849k (vs €48.281k prior year), driving operating profit to €117.316k (vs €86.081k). Excluding fair‑value effects and certain one‑offs, operating profit declined to €40.667k (from €47.916k) due mainly to lower rental income.

Adjusted EBITDA and FFO

Adjusted EBITDA (management metric) fell to €30.982k from €63.583k. Funds From Operations (FFO) were €5.464k (vs €2.448k), reflecting lower cash operating performance after adjustments for non‑cash fair‑value and one‑off items.

Profitability and EPS

Reported profit for the period €74.886k; profit attributable to equity holders €75.663k (vs €50.928k). Basic and diluted EPS was €0.30 (vs €0.20 for the six‑month prior period).

Balance sheet and NAV

Investment property fair value €2,977,445k (slightly down from €3,036,620k year‑end). NAV reported €1,500,958k (NAV per share €5.87 vs €5.81 at 31.12.2024). Assets under management €3,158,262k.

Leverage, liquidity and interest costs

Total borrowings around €1.55–1.57bn; gearing 46.6% (up from 44.0%). LTV 52.6% (31.12.2024: 48.2%); Net LTV 48.8% (vs 43.9%). Cash and equivalents declined to €97.179k. Finance costs €36.937k (marginally higher y/y), while the Group has interest‑rate hedges (~€502.7m) and ~51.3% of debt fixed or hedged.

Portfolio activity and corporate moves

Portfolio reduced to 285 properties (from 299) following multiple disposals across Greece, Italy and Cyprus; large intra‑group/strategic sale to Milora S.A. (consideration ~€323.5m). On April 29, 2025 the Company acquired the remaining 20% of MHV for €92.367k and now holds 100% of MHV.

Dividends

Annual AGM approved total dividend for 2024 of €180.123k (€/share €0.705); remaining balance of €60.041k (€/share €0.235) was paid in June 2025 (following a €120.082k interim already paid).

Risk management and outlook

Management flags interest‑rate and inflation risks but notes hedging in place; Euribor trending down in H1 2025 but remains elevated. Strategy remains focused on reshaping the portfolio toward logistics and hospitality, active asset management and selective disposals to improve long‑term returns.

Material post‑period items

Several additional disposals were completed after June 30, 2025 and the Aktor framework transaction was ultimately cancelled (company entitled to €15,000; €5,000 received, €10,000 due by Oct 30, 2025). New intra‑group and third‑party credit lines and bond loans were also agreed in July–August 2025.