Frey (FREY) H1 2025 earnings summary

Executive summary

• Solid business activity in H1 2025 driven by active management, project pipeline, and strategic acquisitions.

• B Corp certification renewed with an improved score, reflecting sustainability leadership.

• Annualised economic rental income surpassed €155m for the first time at 30 June 2025.

Financial highlights

• Revenue: €93.5m, down 2.2% compared to H1 2024.

• Gross rental income: €65.0m, down 6.3% year-over-year due to asset disposals.

• Profit from recurring operations: €51.1m, down 8.3% year-over-year.

• Net income Group share: €12.7m, down 72.7% year-over-year, impacted by one-off items.

• Annualised economic rental income: €156.5m, up 12.8% year-over-year.

Outlook and guidance

• Growth in annualised rental income expected to catch up in H2 2025 and 2026 as new acquisitions contribute.

• Repositioning of Shopping Promenade Riviera to complete in 2026.