According to the company's official statement, total Revenues at €38.1 mn compared to €33.4 mn in 9M 2024, increased by 14.0%. Rental Revenues at €30.1 mn vs €26.9 mn (increased by 11.8%) in 9M 2024. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (Adjusted EBITDA) at €24.2 mn compared to €20.8 mn in 9M 2024 (increased by 16.5%). Adjusted Profit After Tax* of €16.3 mn compared to €9.2 mn in 9M 2024 (increased by 77.5%). Profit After Tax* at €19.3 mn compared to €15.3 mn in 9M 2024 (increased by 26.5%).
Funds from Operations (FFO) at €15.5 mn compared to €10.7 mn in 9m 2024 (increased by 45.7%). Total Assets €622.8 mn on 30.09.2025 compared to €605.1 mn on December 31, 2024 (increased by 2.9%). Gross Asset Value at €567.0 mn on 30.09.2025 vs €541.5 mn on 31.12.2024 (increase of 4.7%) . Net Asset Value on September 30, 2025 amounted at €319.5 mn (€2.65 per share) vs €311.9 mn (€2.59 per share) on December 31, 2024, an increase of 2.4%
During the nine months of 2025, consumer visits to Trade Estates’ Retail Parks reached 10.3 million, marking an 12.9% increase compared to the first quarter of 2025, while total store sales amounted to €235.3 million, increased by 11.4% compared to the corresponding period last year and 4.6% on a like-for-like basis.
On February 4, 2025, Fourlis Group successfully completed the sale through private placement of 16% of the share capital of TRADE ESTATES REIC to a limited circle of institutional investors, resulting in the reduction of the Fourlis Group's participation below 50%. This development leads to the de-consolidation of Trade Estates from the financial results of Fourlis Group, remaining its largest shareholder at 47.3%, followed by AUTOHELLAS SA (participation percentage 12.88%), Latsco Hellenic Holdings (participation percentage 8.11%), the Company's management at 0.97% and free float at 30.72%.
The merger through acquisition of the subsidiaries “GYALOU COMMERCIAL, TOURISM ACTIVITIES AND REAL ESTATE MANAGEMENT SINGLE MEMBER SOCIETE ANONYME”, “KTIMATODOMI TECHNICAL, TOURISM, SHIPPING, AGRICULTURAL AND COMMERCIAL SINGLEMEMBER SOCIÉTÉ ANONYME” and “POLIKENCO REAL ESTATE DEVELOPMENT AND MANAGEMENT SINGLE-MEMBER SOCIÉTÉ ANONYME” have been initiated, with a targeted completion timeframe by the end of the year.
In May 2025, the Company successfully completed its divestment from SEVAS TEN S.A., owner of a property located in Spata, Attica, through the disposal of its 50% equity stake. The transaction resulted in a gain of €2.4 million, recognized from the sale of the participation.
Participation through the joint venture “Goldair Cargo – Aktor Group of Companies – Trade Estates” in the tender process for the concession of the project “Development, Licensing, Construction, Operation, Exploitation and Maintenance of a Business Park at the GAIOSE SA property of the former military camp of Gkonos.
Investments
In the retail parks sector, construction works for the Top Parks Heraklion, Crete, with a total gross leasable area of 14,000 sq.m. and a budget of €23.0 million, were successfully completed. The investment was financed through bank lending and the participation of the Recovery and Resilience Fund. In the logistics segment, the construction of InterIKEA’s international logistics center is progressing at an intensive pace, in line with the project’s schedule, with phased delivery expected in the fourth quarter of 2025.
Mr. Dimitris Papoulis, CEO of Trade Estates, stated: “The strong results for the first nine months of 2025 fully confirm the guidance we had issued for the entire year, while at the same time allow us to revise the FFO guidance upwards, mainly as a result of the continued active management of operating and financial costs. The forthcoming distribution of significantly increased interim dividend for the fiscal year 2025 confirms our strategy and commitment to creating value for our shareholders.”
