Frey (FREY) H1 2026 earnings summary

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.