Prodea Real Estate Investment Company (PRODEA) H1 2025 earnings summary

Executive summary

• Portfolio comprised 285 properties and 3 operating hotels as of June 30, 2025, with a total fair value of €2.98 billion, down from €3.04 billion at year-end 2024, reflecting asset sales and portfolio rebalancing.

• Strategic focus on logistics and hospitality sectors, with significant investments and divestments in Greece, Italy, and Cyprus during H1 2025.

• Completed major property sales and acquisitions, including full ownership of MHV and the sale of 30% of MHV Bluekey, now classified as a joint venture.

Financial highlights

• H1 2025 revenue was €112.4 million, a slight decrease of 0.6% year-over-year, mainly due to lower rental income from asset disposals.

• Net profit attributable to shareholders reached €75.7 million, up from €50.9 million in H1 2024.

• Adjusted EBITDA for H1 2025 was €31.0 million, down from €63.6 million in H1 2024, reflecting lower recurring earnings after asset sales.

• Net gain from property revaluations was €94.8 million, nearly doubling from €48.3 million in H1 2024.

• Basic EPS rose to €0.30 from €0.20 year-over-year.

Outlook and guidance

• Continued focus on optimizing the portfolio, with emphasis on logistics and high-end hospitality assets.

• Management expects further revenue and profitability improvements as new developments mature and market conditions stabilize.

• Ongoing monitoring of interest rates and inflation, with hedging in place for over 51% of debt.