The Hungarian company generated revenue of over 11 million euros from the letting of its properties. Appeninn’s profit after tax was adversely affected by the weakening of the forint in the first half of this year.

Appeninn Nyrt. took a significant step forward in the restructuring of its property portfolio in the first half of 2026: the company sold its low-yield properties that did not fit with its strategy, and in February it acquired the 56,000-square-metre logistics centre in Tarnów, which had been leased by Goodyear under a long-term contract. Shortly after the end of the half-year, Appeninn announced another, It has completed an acquisition in Poland worth over 100 million euros . The two Polish transactions have led to a sharp increase in the value of the group’s property portfolio, and their impact is expected to be reflected in rental income for the second half of the year – according to the company’s report published on Monday from its half-yearly report . The seven retail parks and four shopping centres acquired as part of the DEKADA acquisition in July comprise approximately 53,000 square metres of lettable area. The portfolio, which is 95 per cent let, generates annual gross rental income in excess of 10 million euros. As a result of these transactions, the value of the company’s property portfolio in Poland now stands at €170 million and now covers all three strategic property segments – offices, logistics and retail. In parallel with the preparation and execution of these successful transactions, the group’s rental income rose by 5 per cent to €11.339 million in the first six months of the year, primarily due to the acquisition of the logistics centre in Tarnów. Although the significant appreciation of the forint had an adverse effect on the company’s consolidated profit after tax, Appeninn’s operational profitability remained stable in the first half of 2026.

Direct coverage amounted to €7.487 million, whilst EBITDA, calculated after adjusting for property revaluation effects, stood at €6.913 million, and the adjusted EBITDA margin remained above 60 per cent.

Total comprehensive income fell from last year’s €5.85 million to €183,000, whilst earnings per share fell from a profit of €7.22 to €13.14 euro turned into a loss. On 30 June 2026, the market value of the group’s property portfolio, comprising more than 180,000 square metres of gross lettable area, exceeded 191 million euros; following the acquisition of DEKADAacquisition, it rose to over 230,000 square metres and €290 million respectively.

„Over the past four years, we have built up a healthy, diversified property portfolio and established a significant regional presence. Our rental income has almost tripled, accompanied by strong and stable operational profitability, and the integration of this year’s acquisitions is providing further impetus for growth. These clear results confirm the soundness of our strategic objectives, and we are confident that this will increasingly be reflected in the market’s perception of the company.”

Alongside the acquisition and integration of newly acquired properties, Appeninn continues to implement its strategy consistently. The group is constantly reviewing the profitability and potential uses of its properties, whilst actively seeking new acquisition targets both in Hungary and across the Central and Eastern European region. Appeninn’s shares had fallen by 2.3 per cent by early Monday afternoon, whilst the company’s market capitalisation has fallen by nearly a fifth since the start of the year.

Source: vg