Appeninn has grown big and is about to make another acquisition

September 26, 2024
2:00 pm

Appeninn achieved a thirty percent increase in turnover and an EBITDA result of €7.5 million in the first half of the year. The company is looking for further acquisition targets at home and in the region.

Appeninn has published its report for the first half of 2024, reporting an increase in turnover of more than 30 percent to €11,816 million reported compared to the same period last year. Including the consolidated subsidiaries, the Appeninn Group's EBITDA for the first six months amounted to EUR 7,511 million.

The significant increase is mainly due to the successful integration of acquisitions made during 2023, but also to the improvement in the profitability of the rental business and the operational cost efficiency programme previously implemented in the company.

In the first six months of this year, the Appeninn Group, while maintaining its office and retail real estate portfolio, achieved significant growth compared to the first six months of last year by integrating acquisitions completed in 2022-2023. Revenues of €11,816 million in January-June are up 30% and direct coverage is up around 50% year-on-year. EBITDA for the first half of the year was EUR 7,511 million and profit after tax was EUR 7,032 million.

The real estate portfolio, restructured in 2022-2023 in line with the new business strategy, is performing in line with our expectations and has put Appeninn on a clear growth path, as reflected in the numbers. We will continue to look for investment targets with the right potential at home and in the region, while continuously optimising our existing asset portfolio. We have a substantial cash position to finance new acquisitions and funds available on favourable terms

- pointed out Györgyi Szűcs, CEO of Appeninn.

According to the CEO, in addition to the asset restructuring, the transformation into a regulated real estate investment trust (REIT), which was set as a strategic goal two years ago, was also achieved in 2024: Appeninn was registered as a regulated real estate investment pre-company with effect from 1 January 2024 and was granted REIT status on 1 July.

A Scope Ratings also published in April this year the result of the review of Appeninn's "APPENINN 2029/I" bonds, confirming the Company's "B+/Stable" credit rating and the bond "B+" rating.