Appeninn, the property investment company, saw its rental income rise by 5 per cent to €11.339 million in the first half of 2026, whilst its operating profitability remained stable despite the significant strengthening of the forint. The adjusted EBITDA margin remained above 60 per cent. The company has embarked on active regional expansion: in addition to the acquisition of the logistics centre in Tarnów, it completed a further acquisition in Poland worth over €100 million shortly after the end of the half-year. As a result of these transactions, the value of Appeninn’s property portfolio in Poland reached €170 million, covering all three strategic segments: offices, logistics and retail.

The Apennines income from letting It rose to 11.339 million euros in the first half of this year, representing a 5 per cent increase compared with the same period last year – stated The property investment and asset management company announced this on Monday on the Budapest Stock Exchange (BÉT) website.

The relevant statement emphasised that, although the significant appreciation of the forint had an adverse effect on the company’s consolidated profit after tax, Appeninn’s operating profitability remained stable in the first half of 2026. The direct collateral €7.486 million, calculated after adjusting for property revaluation effects EBITDA, that is, earnings before interest, tax and depreciation amounted to €6.913 million in the first six months of this year, compared with €7.170 million and €6.707 million respectively in the same period of the previous year. The adjusted EBITDA margin yet it remained above 60 per cent, they said.

This year is shaping up to be an exciting one, partly due to regional expansion and the restructuring of the portfolio: according to their announcement, in the first half of the year they sold off properties with low profitability and those that did not fit their strategy, and in February they acquired the 56,000-square-metre logistics centre in Tarnów, which had been leased by Goodyear under a long-term contract. Shortly after the close of the half-year, Appeninn completed another acquisition in Poland worth over 100 million euros.

According to the statement the two Polish transactions have significantly increased the value of the group’s property portfolio, and their impact is expected to be reflected in the rental income for the second half of the year as well.

As a result of these transactions, the value of the company’s property portfolio in Poland now stands at 170 million euros and now covers all three strategic property segments – offices, logistics and retail.

Source: Portfolio