The company, which is aiming to play a leading regional role, refutes the claims made in an article published by Index based on a Reuters report. Whilst analysts suggest that some companies that have risen on the back of political tailwinds could face serious risks in the new market environment, Appeninn firmly rejects being counted amongst them. In response to the claims regarding its political exposure, the company points to its markedly improving financial results, its rising share price and its recently completed acquisition in Poland worth over 100 million euros.
On Sunday, we reported – based on the Reuters analyst consensus – that several companies linked to Viktor Orbán during Fidesz’s time in power could be completely squeezed out of the market due to a more competitive market environment and more transparent public procurement procedures, whilst some companies might even cease trading. Although the news portal contacted several of the companies named in the article – such as Market Építő Zrt. and 4iG – – it was Appeninn, which has just secured a €100 million deal on the Polish market, that informed our news portal that they had not been given the opportunity to respond by Reuters, and that they deny their company’s name having been mentioned in such contexts.
In their view, Appeninn’s actual operations and financial performance do not support the claims made in the article. Listed in the Premium category of the Budapest Stock Exchange, Appeninn is a real estate investment and asset management company that operates transparently and prudently, and has been operating as a regulated real estate investment company since 2024. It is not a property developer or a construction company: its main activity is the ownership, letting, operation and active portfolio management of income-generating office, retail and logistics properties in the Central and Eastern European region – they write.
They emphasise that the company is working to implement the strategy it formulated and published in 2022, which focuses on the deliberate restructuring of Appeninn’s property portfolio, the renewal of its operating model and regional expansion.
„The results of this are also reflected in the company’s financial figures: the Appeninn Group’s revenue from lettings rose from €8 million to €23 million between 2022 and 2025, whilst its equity increased from €83 million to €128 million. In April 2026, Scope Ratings reaffirmed the company’s B+/Stable credit rating and, in its analysis, highlighted the favourable trends of recent years.”
As the latest milestone in the implementation of its strategy, Appeninn completed the acquisition of 11 retail properties in Poland, worth over 100 million euros, on 31 July 2026. The acquired portfolio, comprising approximately 53,000 square metres, generates annual gross rental income in excess of €10 million. With this acquisition, Appeninn’s investments in Poland now span three strategic property segments, with a combined market value exceeding €170 million.
They point out that the article’s claims regarding the share price are not supported by stock market data either. On 13 April 2026, the first trading day following the election, Appeninn’s share price stood at 494 forints, its 52-week low; by 31 July, however, it had closed at 548 forints. The article does not present any factual data or analysis that would establish a causal link between any political events and the trend in Appeninn’s share price – they concluded in their statement.
Details of the 100-million-euro deal
Appeninn Plc has announced that it has completed the acquisition of the retail portfolio of the Polish company Dekada S.A. The portfolio, which spans 11 towns, comprises a total of approximately 53,000 square metres of lettable area. The transaction, worth over €100 million and comprising seven retail parks and four shopping centres – a significant deal even by the Polish property market’s standards – marks another milestone in the implementation of Appeninn’s strategy announced in 2022. The company, which is listed in the Premium category of the Budapest Stock Exchange, has expanded its presence in Poland to include a substantial retail pillar, following on from its office and logistics segments.
Following the completion of the transaction, the annual gross rental income from the property portfolio acquired by Appeninn exceeds 10 million euros. The retail parks are located in Brodnica, Ciechanów, Grójec, Kraków, Myslenice, Olsztyn and Nowy Targ, whilst the shopping centres are situated in Malbork, Sieradz, Skierniewice and Zyrardów.
The properties acquired primarily cater to the day-to-day shopping needs of the local population. Tenants include leading international and local retail chains such as Biedronka, Rossmann, Empik, JYSK, Castorama, Action, Apart and Ochnik.
„The acquisition of the Dekada portfolio is a significant move in the Polish market and represents a milestone for Appeninn in several respects. It simultaneously strengthens our geographical diversification, establishes a significant retail presence in Poland in one fell swoop, and enhances our portfolio’s long-term income-generating capacity.”
Appeninn financed the acquisition, which exceeded 100 million euros, partly from its own resources and partly through a loan provided by the Austrian bank Erste Group Bank AG. The parties have not disclosed the exact purchase price.
In recent years, Appeninn has been steadily selling off its tourism and development projects, as well as its low-profitability assets that were less well-suited to its portfolio. This has created an opportunity to carry out transactions that enhance the quality of the property portfolio and its ability to generate cash flow.
„Our strategy, announced in 2022, focuses on the targeted restructuring of Appeninn’s portfolio and on strengthening the company’s transparent and value-creating operations. Since then, we have consistently invested in Central and Eastern European properties that generate predictable cash flow, thereby strengthening the conditions for dividend payments in the longer term.”
The series of targeted regional acquisitions began with the purchase of the Wisniowy Business Park in Warsaw in 2023, followed by the acquisition of Goodyear’s logistics centre in Tarnów in February 2026. With the acquisition of the Dekada portfolio, Appeninn’s investments in Poland now span three strategic property segments, with a combined market value exceeding €170 million.
However, the restructuring of the portfolio was just one element of the change of direction that began in 2022. At the same time, Appeninn revamped its organisational and operational model, and placed its portfolio management and investment criteria on a professional footing.
As a key milestone in its transformation, Appeninn has been operating as a regulated property investment company (SZIT) since 1 July 2024. This form of operation is subject to statutory requirements relating, amongst other things, to leverage, property valuation and dividend proposals. All of this enhances the company’s transparency beyond the requirements of the stock exchange and makes its operations more transparent.
The organisational and portfolio restructuring was accompanied by measurable financial results and favourable external professional assessments.
The Appeninn Group’s revenue from lettings rose from €8 million in 2022 to €23 million by 2025, whilst its equity increased from €83 million to €128 million.
In April 2026, Scope Ratings once again affirmed Appeninn’s B+/Stable credit rating, highlighting the positive trends of recent years in its analysis.
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