Prodea Real Estate Investment Company (PRODEA) H2 2025 earnings summary

Executive summary

• The group completed a major portfolio restructuring in 2025, shifting focus from office and retail assets to logistics and hospitality, with significant divestments in Greece, Italy, and Cyprus and new investments in logistics and hotels.

• As of 31 December 2025, the portfolio comprised 115 properties (down from 299 in 2024) and 5 operating hotels, with a total fair value of €1.85bn, and assets under management of €1.95bn.

• The group executed several strategic transactions, including the sale of a 100-property portfolio to a major bank, the sale of the Milora subsidiary, and the acquisition of full control in key hospitality assets.

Financial highlights

• Revenue for 2025 was €222.0m, down 2.5% year-over-year, mainly due to lower rental income from asset sales, partially offset by higher hotel and property sales revenue.

• Net profit attributable to shareholders was €10.4m, a sharp decrease from €124.5m in 2024, reflecting lower rental income, higher expenses from asset transactions, and increased financial costs.

• Adjusted EBITDA reached €531.6m, boosted by realized gains from property sales, while recurring operating profit (excluding revaluations and one-offs) was €88.9m, down from €110.8m in 2024.

• Net asset value (NAV) per share was €5.44, compared to €5.81 at the end of 2024.

• The group generated €453.2m in realized gains from property sales, supporting a proposed minimum dividend of €420.2m for 2025.

Outlook and guidance

• Management will propose a minimum dividend of €420.2m for 2025, with a final amount to be decided at the annual general meeting.

• The group will continue to focus on logistics and hospitality, with new development projects in these sectors and ongoing evaluation of strategic partnerships.

• The company is monitoring geopolitical risks, inflation, and interest rates, with most rental contracts indexed to inflation and 81.5% of debt at fixed or hedged rates.