Frey (FREY) H2 2025 earnings summary

Executive summary

• Achieved a transformative and exceptional 2025 with accelerated strategy execution, €650 million in acquisitions in Germany and Italy, and strategic partnerships, reinforcing European leadership in premium retail parks and outlet villages.

• Integrated four premium outlet assets, launched a €650m strategic partnership with Cale Street, and consolidated a platform operating over 40 sites in 10 countries, managing 1.2 million sqm and employing 300+ people.

• Strengthened third-party management, unified all employees under a single brand, and focused on pan-European expansion.

• Reinforced ESG commitments, achieving B Corp recertification with a score of 116 and advancing the mission-driven company model.

• Benefited from renewed market appeal and robust tenant demand in premium retail parks and outlet villages.

Financial highlights

• Economic asset value reached €2.6bn, up 24% year-over-year; consolidated revenue at €231.4 million, up 21%; annualised gross rental income rose 30% to €179.0m; gross rental income up 17% to €158.5m.

• Profit from recurring operations increased 12% to €121.2m; net profit Group share surged 93.5% to €77.4m.

• EPRA NTA NAV per share grew 5% to €35.4; EPRA NAV NTA at €1,124.7m (+4.8%).

• Dividend per share raised to €2.00 (+5.3%), continuing a CAGR of 5.9% since 2020; total shareholder return at 10.5%.

• Net cap rate improved to 7.0%, up 40 basis points from 2024.

Outlook and guidance

• 2026 will focus on integration, leveraging a fully integrated platform across 10 countries under one brand.

• Growth to be driven by organic expansion, development pipeline valued at €591 million, and new acquisitions, targeting average total return above 10.5% through 2030.

• Delivery of Malmö Designer Village in Sweden expected in 2027, contributing to future rental income; major project deliveries from 2027 targeting net rental income of €21 million and yields above 8%.

• Continued focus on accretive acquisitions and partnerships in premium retail parks and outlet villages.

• Dividend of €2.00 per share proposed for 2025, up 5.3%.