Trade Estates: €26.7M in revenue and 59.1% increase in net profit in H1

According to the company, total revenues reached €26.7 million, compared with €25 million in the corresponding period of 2025, representing a 6.6% increase. Rental income rose 7.2% year-on-year to €21.3 million, from €19.9 million.

Adjusted EBITDA, however, declined marginally by 2.7% to €15.6 million, compared with €16 million in H1 2025. Net profitability showed a particularly strong performance, with net profit reaching €22.3 million, up 59.1% from €14 million a year earlier.

Funds from Operations (FFO) stood at €10 million, compared with €9.9 million in H1 2025, representing a marginal increase of 0.6%.

Portfolio value rises to €625.3 million

At the end of June 2026, Trade Estates’ total assets stood at €662.7 million, compared with €661 million as of December 31, 2025.

The gross fair value of the company’s property portfolio recorded a stronger increase, reaching €625.3 million, up 4% from €601.5 million at the end of 2025.

Net Asset Value (NAV) rose to €347.6 million, compared with €340 million at the end of 2025, an increase of 2.2%. NAV per share stood at €2.86, compared with €2.81.

Higher footfall and sales at retail parks

The company’s retail parks also recorded positive operating performance. During the first half of 2026, they attracted 11.6 million visits, an increase of 6.4% compared with the corresponding period of 2025.

Total sales generated by stores across the retail parks reached €261.4 million, up 7.5% year-on-year, while like-for-like sales increased by 6.5%.

The figures highlight the continued strength of the retail park model despite shifts in the consumer environment.

Ellinikon Retail Park enters construction phase

A significant development for Trade Estates’ growth portfolio was the issuance of the revised building permit in March 2026 for the Ellinikon Commercial Hub, where the company’s new retail park will be developed.

With the permit secured, the project entered the construction phase, marking the launch of a strategically important investment for the company.

In April, the company also completed the acquisition of two adjacent plots with a combined area of 14,000 sq m at Inter IKEA’s distribution centre in Aspropyrgos. During the first half of the year, the property was also handed over to the tenant, which commenced operations, confirming the commercial utilisation of the investment.

€15.8 million dividend for FY 2025

In terms of its dividend policy, Trade Estates distributed an interim dividend of €7.9 million in January 2026 for the 2025 financial year.

Following approval by the Annual General Meeting on June 5, 2026, the remaining €7.9 million dividend was paid in the same month, equivalent to €0.065 per share.

Total dividend distribution for FY 2025 therefore amounted to €15.8 million, or €0.13 per share.

Trade Estates expands into Bulgaria with 50% stake in Sofia South Ring Mall

The company’s next major strategic development came after the end of the first half. On August 7, 2026, Trade Estates announced an agreement to acquire a 50% stake in Sofia South Ring Mall for €49.35 million.

The asset is one of Bulgaria’s largest and most established shopping centres, with a total gross built area of approximately 174,500 sq m, including around 69,000 sq m of gross leasable area.

The shopping centre has an occupancy rate of approximately 98% and is home to more than 180 tenants, including major international and domestic brands and retail groups.

According to the valuation dated December 31, 2025, the property is valued at €161.17 million. The transaction is expected to close during the second half of 2026 and is expected to further strengthen Trade Estates’ presence in Bulgaria’s commercial real estate market.

The investment in Sofia South Ring Mall also underscores the company’s strategy of expanding beyond the Greek market by investing in mature commercial properties with high occupancy rates and strong retail activity.

Papoulis: H1 results fully aligned with full-year targets

Dimitris Papoulis, CEO of Trade Estates REIC, said:

“The H1 2026 results are fully aligned with the targets we have set for the year as a whole and confirm the strength and resilience of our business model. Revenue growth, the strong performance of our retail parks and the further increase in the value of our portfolio support the generation of stable cash flows and sustainable value for our shareholders.

“The second half of the year is expected to further strengthen our growth trajectory, with the full operation of Inter IKEA’s International Distribution Centre in Aspropyrgos, the Ellinikon Retail Park entering the construction phase, and the agreement to acquire a 50% stake in Sofia South Ring Mall in Bulgaria, which substantially expands our presence in Southeast Europe.

“At the same time, we continue to assess new investment opportunities that meet our investment criteria and can further enhance the size, diversification and growth prospects of our portfolio.

“We remain firmly committed to executing our strategy by investing in high-quality retail and logistics properties, with a clear focus on expanding the portfolio, strengthening recurring income and creating long-term value.”