Frey (FREY) H2 2024 earnings summary

Executive summary

• 2024 profit from recurring operations rose 28.1% to €107.9m, with net income Group share up 112.1% to €40.0m year-over-year.

• Revenue increased 28.8% to €191.3m, driven by strong rental income and new acquisitions.

• Major strategic moves included the acquisition of Retail Outlet Shopping (ROS), Malmö Designer Village, and a €230m commitment for Designer Outlet Berlin.

• Board proposes a dividend of €1.9 per share, up 5.6% year-over-year.

Financial highlights

• Gross rental income reached €135.7m (+19.6% year-over-year); like-for-like growth was 5.4%.

• EPRA NAV NTA rose 3.8% to €1,073.0m (€33.6 per share, +3.1%).

• Net income Group share excluding mark-to-market valuations was €69.8m (+18.3%).

• Operating profit increased 36.8% to €127.8m; profit before tax nearly doubled to €60.9m.

• Collection rate remained high at 97.9%.

Outlook and guidance

• FREY expects resilient organic growth, supported by low occupancy cost ratio and promising markets.

• Asset rotation and focus on large centres to continue, with a €628m development pipeline.

• Major deliveries in Malmö and Lleida scheduled for H1 2027, expected to generate over €20m net rental income.

• Designer Outlet Berlin acquisition to positively impact 2025 results.