Pioneer Property Group (PPG) H1 2026 earnings summary

Executive summary

• Contractual rental income rose to MNOK 85.5 in 1H 2026, up 12% year-over-year, driven by acquisitions and CPI adjustments.

• Operating profit (EBIT) increased to MNOK 62.4 from MNOK 56.8 in 1H 2025.

• Net profit for 1H 2026 was MNOK 13.5, down from MNOK 17.5 in 1H 2025, as higher interest expenses offset rental growth.

• Portfolio comprised 33 properties across preschools, hotels, retail, office, and development segments, with hotels now generating over two-thirds of rental income.

• Dividends of NOK 5.00 per preference share were paid in 1H 2026.

Financial highlights

• Total assets at 1H 2026 were MNOK 3,348.5, with investment properties valued at MNOK 2,500.7.

• Total equity stood at MNOK 1,241.6, up from MNOK 1,218.3 in 1H 2025.

• Net finance cost increased to MNOK -45.8 due to higher interest expenses from new debt.

• NOI reached MNOK 74.0, up from MNOK 66.9 in 1H 2025.

• Market value of investment properties increased to MNOK 2,500.7 from MNOK 2,299.5 year-over-year.

Outlook and guidance

• Focus remains on reducing exposure to underperforming tenants, especially Ferda, and replacing them with profitable tenants.

• Hotel segment expected to continue as primary income driver, supported by recent acquisitions and refurbishments.

• Ongoing development projects and refurbishments are expected to enhance future rental income.