In 2025, Appeninn Plc. made steady progress in implementing its portfolio optimisation strategy, whilst delivering stable operational performance by maintaining its balanced financing position. The implementation of this strategy gained fresh momentum in early 2026: the company expanded its portfolio through an acquisition in Poland and is working on further regional transactions. Coinciding with today’s publication of the annual report, Scope Ratings has affirmed Appeninn’s B+/Stable credit rating, reaffirming the group’s strong fundamentals and prudent operations.
The financial indicators for 2025 were significantly influenced by revaluation effects arising from exchange rate fluctuations. The strengthening of the forint had a negative impact on the results reported in euros; however, it did not affect the underlying income-generating capacity of the business.
Revenue from property lettings – as in 2024 – amounted to €22.9 million, whilst EBITDA, including revaluation effects, totalled €7.5 million. Excluding revaluation effects, EBITDA amounted to €14.9 million, meaning that operating profitability remained essentially unchanged compared with the previous year.
The rating published today by Scope Ratings also confirms Appeninn’s stable profitability and strong fundamentals. The EBITDA margin stands at 65%, and the company’s financing structure and liquidity are on a sound footing, which is further strengthened by ongoing transactions. The group has also made significant progress in the area of corporate governance in recent times, which is reflected in its operational stability.
Focus on a high-quality portfolio
In 2025, Appeninn continued to pursue the strategy announced in 2022, which focused on the gradual disposal of lower-yielding properties and the acquisition of higher-yielding, stable cash-flow-generating properties in the Central and Eastern European region.
Another tangible result of the strategy is the Tarnów acquisition, which was finalised in February this year, through which Appeninn acquired Goodyear’s logistics centre, which is subject to a long-term lease agreement. The 56,000-square-metre property is Appeninn’s second investment in Poland, following the 2023 acquisition of the Wiśniowy Business Park office complex in Warsaw.
In parallel with the negotiations in Tarnów, in December 2025 the company signed a framework agreement with the Polish company Dekada S.A. and its subsidiaries regarding the acquisition of retail property in Poland – – with a total lettable area of 53,000 square metres – in Poland.
Our strategy continues to focus on the ongoing renewal of our property portfolio, maintaining a conservative financing structure, and strengthening our income-generating capacity. Recent transactions clearly confirm that, through deliberate portfolio optimisation and targeted acquisitions, we are building a property portfolio that is geographically and sectorally balanced and generates predictable cash flow. The proportion of international assets is growing steadily, and alongside office buildings, retail and industrial properties now also account for a significant share of the Appeninn portfolio.” – pointed out Györgyi Szűcs, Chief Executive Officer of Appeninn Plc.
Appeninn operates on a strong foundation, with a competitive market approach and complete transparency; its primary objective is to create shareholder value. To this end, we will continue to focus on high-yield investments available in the Central and Eastern European region, the CEO added.
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