Frey (FREY) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €95.7M, up 35.9% year-over-year, driven by acquisitions, rental growth, and expansion into the outlet sector via the acquisition of ROS.

• Net income (Group share) rose 27% to €46.5M compared to H1 2023.

• Rental income increased 28.3% to €69.4M, with like-for-like growth of 5.7%.

• Portfolio occupancy remained high at 97.7%, with economic vacancy stable at 2.3%.

• Major asset sales, new project launches, and a €100M investment in Malmö Designer Village, Sweden, marked the period.

Financial highlights

• Operating income grew 30.8% to €55.7M versus H1 2023.

• Fair value adjustment on investment properties was +€12.0M.

• Consolidated equity (Group share) at €1,055.7M, up from €1,046.5M at end-2023.

• Net debt at €1,066.6M as of June 2024, with average debt maturity extended to 4.6 years.

• Dividend of €1.80 per share paid, totaling €57.1M.

Outlook and guidance

• Expects record full-year 2024 results with double-digit growth across income statement items.

• FREY aims to become the European leader in open-air retail, focusing on asset management, development pipeline, and opportunistic acquisitions.

• Three major projects in development represent €440M investment and €32M potential rent.

• Medium-term growth underpinned by expansion into new regions and projects, leveraging ROS integration.

• No significant debt maturities before 2027 following recent refinancing.