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, highlighting sustainability achievements.

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

Financial highlights

• Consolidated revenue: €93.5m (-2.2% year-over-year); gross rental income: €65.0m (-6.3%).

• Profit from recurring operations: €51.1m (-8.3% year-over-year); net income Group share: €12.7m (-72.7%), impacted by one-off items.

• Annualised economic rental income: €156.5m (+12.8% year-over-year).

• EPRA NAV NTA: €1,044.1m (+0.1%), or €32.7/share (-0.3%).

Outlook and guidance

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

• Repositioning of Shopping Promenade Riviera to complete in 2026.