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Frey (FREY) investor relations material
Frey H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Rental income rose 47% year-over-year to €95.9M, driven by acquisitions and strong asset management.
Net income (group share) surged to €57.5M from €12.7M in H1 2025, reflecting value creation and portfolio expansion.
Consolidated property portfolio value increased to €2,798.4M, with a high occupancy rate of 97.4%.
Delivered strong operating performance and improved financial indicators in H1 2026, leveraging a Europe-wide platform focused on premium retail parks and outlet villages.
Dividend of €2.00 per share approved, totaling €64.5M.
Financial highlights
Revenue reached €134.6M for H1 2026, up from €93.5M in H1 2025.
Operating income rose 39% to €71.2M; profit from recurring operations increased 39.1% to €71.1M.
EPRA Net Asset Value per share at €39.6, up from €38.6 at end-2025; total EPRA NAV NTA reached €1,126.9M, up 0.2%.
Cash position at €427.8M, with €268M undrawn credit lines.
Operating profit more than doubled to €117.4M (+133.3%).
Outlook and guidance
Strategy focuses on pan-European growth in premium outdoor retail destinations, with €464M in new financing secured and nearly €800M in liquidity.
Development pipeline expected to add over €45M in new rental income, with major projects in Spain and Sweden totaling 83,000 m² and €628M in investments.
Full-year impact from €650M in 2025 acquisitions to further benefit 2026 performance.
Continued asset densification, diversification, and opportunistic acquisitions in Europe.
- Record 2025 growth with €2.6bn assets, major acquisitions, and strong retail park expansion.FREY
H2 2025 - Annualised rental income hit a record €156.5m, with robust growth drivers and strong liquidity.FREY
H1 2025 - Revenue up 35.9% and net income up 27% in H1 2024, with expanded outlet presence and extended debt maturity.FREY
H1 2024 - Recurring profit up 28.1% and €550m in new financing drive robust growth.FREY
H2 2024
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