Frey (FREY) H1 2025 earnings summary

Executive summary

• Acquired Designer Outlet Berlin (21,200 m²) and sold a retail park in Vendenheim (2,000 m²); annualised economic rental income reached €156.5M at June 30, 2025.

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

• Managed rental surfaces increased to 878,700 m², with annualised rents of €179.9M.

• Dividend of €1.90 per share approved, totaling €61.3M.

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

Financial highlights

• Revenue for H1 2025: €93.5M, down 2.2% from H1 2024.

• Rental income: €65.0M, down 6.3% year-over-year due to asset disposals; at constant scope, up 3.6%.

• Operating income: €51.1M, down 8.3% year-over-year.

• Net income (Group share): €12.7M, down 72.7% year-over-year, mainly due to lower fair value adjustments, scope changes, and one-off items.

• Consolidated property value: €2,194.8M, up €268.2M from December 2024.

Outlook and guidance

• Strategy focused on becoming the European leader in open-air retail, with continued investment in asset management, development, and opportunistic acquisitions.

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

• Two major development projects underway: Promenade Lleida (Spain) and Malmö Designer Village (Sweden), totaling 83,000 m² and €628M investment.

• Repositioning of Shopping Promenade Riviera to complete in 2026.

• Recertified B Corp with improved score, reinforcing commitment to sustainability.