The Trastor REIC (hereinafter “Trastor Property Investments” or “the Company” and, together with its subsidiaries, the “Group”) announces its financial results for the first half of 2026.
During the period, the Group recorded a significant strengthening of its operating and financial performance, supported by the further expansion of its tenant base, the active management of its portfolio and the consistent implementation of its investment strategy.
At the same time, the successful completion of the share capital increase, through which total funds of €150 million were raised, significantly strengthened its financial flexibility and created the conditions for its next phase of growth.
Increase in revenue and operating profitability
During the first half of 2026:
- Rental income increased by 40.0% and amounted to €26.8 million, compared with €19.2 million in the corresponding half of 2025. Annualized rents amounted to €54.8 million, compared with €49.7 million on 31.12.2025, marking an increase of 10.2%.
- Adjusted EBITDA amounted to €21.2 million, up 46.9% compared with the first half of 2025, while the relevant margin improved to 79.1%, from 75.4% in the first half of 2025.
- EPRA Earnings more than tripled compared with the first half of 2025 and amounted to €10.7 million, reflecting the strengthening of the Group’s recurring operating profitability.
- Gains from the revaluation of investment properties at fair value amounted to €18.3 million, compared with €9.2 million in the corresponding half of 2025, marking an increase of 100.2%.
- Net profit after taxes amounted to €30.5 million, increased by 146.7%.
The operating performance of the portfolio remained particularly strong, with occupancy standing at 99.3% and the weighted average unexpired lease term (WAULT) at 6.3 years, enhancing the visibility and predictability of future rental income.
Value creation for shareholders: Interim dividend of €0.02 per share
The Company’s Board of Directors approved the distribution of an interim dividend for fiscal year 2026 of €0.02 per share, for a total amount of approximately €7.9 million.
Based on the results trajectory to date, Management is targeting for fiscal year 2026 a total dividend of at least €0.05 per share, including the interim dividend, and a distribution of at least 80% of the year’s distributable profits.
This amount corresponds to an increase of at least 25% compared with the dividend of €0.04 per share distributed for fiscal year 2025, despite the increased number of shares following the share capital increase. This target is subject to the final shaping of the results and the required corporate approvals.
Portfolio of €867 million and active capital management
As of 30 June 2026, the Group’s portfolio included 66 properties, with a total leasable area of 493.7 thousand sq.m. and a total value of €867.0 million, increased by 5.4% compared with the end of 2025.
During the first half, TRASTOR completed the acquisition of three properties in the center of Athens, for a total consideration of €38.6 million, further strengthening its presence in selected office and mixed-use properties with additional value creation potential.
At the same time, within the framework of its active management and capital recycling strategy, the Group completed two selective sales of properties in Marousi for a total consideration of €17.6 million, from which a total gain on sale of €2.3 million arose.
This strategy continued after the end of the reporting period, with the sale of the underground car park at the “Atrium” shopping center for €4.05 million, a price higher by €0.6 million or 18.8% than its most recent independent valuation. This is the Group’s third divestment within 2026 at a price higher than the latest valuation.
In addition, total capital expenditures of approximately €2.3 million were made for development, renovation and upgrade works on the portfolio’s investment properties.
Strong capital position and increased financial flexibility
During the first half of 2026, the Company completed a share capital increase through the issuance of 150 million new shares, raising total funds of €150 million.
As of 30 June 2026, the Group’s cash and cash equivalents, including restricted deposits, amounted to €142.2 million, compared with €38.8 million at the end of 2025, while total borrowings stood at €426.0 million.
As a result, the Net LTV ratio declined significantly to 32.7%, from 48.3% on 31 December 2025, providing the Group with significant financial flexibility to finance further growth and capitalize on new investment opportunities.
Strengthening protection against interest rate risk
In April 2026, the Company proceeded with entering into an interest rate swap agreement (Interest Rate Swap-IRS), with an initial notional value of €236.6 million, with the 3-month Euribor reference rate leg set at 2.71%, plus the applicable loan margin, and maturity in June 2029, covering 100% of the outstanding balance of the relevant loan at any given time.
Subsequent to the reporting period, on 31 July 2026, the Company entered into a second IRS agreement with a notional value of €90.5 million, with the 3-month Euribor reference rate leg set at 2.895%, plus the applicable loan margin, and maturity in August 2028.
Following the two transactions, more than 78% of the Group’s total borrowing either bears a fixed interest rate or has been hedged through IRS agreements, significantly limiting exposure to Euribor fluctuations and enhancing the predictability of financial costs.
Portfolio upgrade and sustainable growth
TRASTOR continues to integrate sustainability criteria into its investment and management strategy, placing emphasis on the energy upgrade and environmental certification of its properties. On 30.06.2026, properties with environmental certification represented approximately 27.3% of the total value of the Group’s portfolio (GAV).
In this context, in January 2026, the commercial storage and distribution center “Miletus” in Aspropyrgos received LEED Gold certification, further strengthening the environmental profile of the portfolio and the Group’s presence in modern and energy-efficient logistics facilities.
Basis for the next phase of growth
Following the successful share capital increase and the further strengthening of operating performance, TRASTOR enters the second half of 2026 with strong liquidity, lower financial leverage and increased protection against interest rate risk, having enhanced financial flexibility for the implementation of its investment strategy.
The Group remains committed to the further expansion and qualitative upgrade of its portfolio, with emphasis on quality logistics facilities and modern high-specification office spaces. At the same time, it continues the active upgrading of the existing portfolio, the completion of projects expected to strengthen annualized rental income and the selective recycling of capital toward investments with higher value creation prospects.
The Company maintains as a key priority a balanced capital structure and prudent leverage levels, with the aim of supporting further growth, dividend policy and long-term value creation for shareholders.
Mr. Tasos Kazinos, Chief Executive Officer of Trastor Property Investments, stated:
“The first half of 2026 was an important step in TRASTOR’s evolution. The expansion of our tenant base and disciplined cost management strengthened the Group’s operating efficiency, with the increase in revenue translating into an even stronger increase in recurring operating profitability.
At the same time, the strengthening of our capital base, active capital recycling and increased protection against interest rate risk create a stronger foundation for the next phase of growth.
We remain committed to the disciplined implementation of our investment strategy, utilizing the funds raised from the share capital increase for selective new investments and the further upgrade of our portfolio, with the aim of strengthening recurring cash flows and creating sustainable long-term value for our shareholders.
The interim dividend of €0.02 per share confirms our commitment to consistent return of capital to shareholders. Based on the results trajectory to date, we are targeting for fiscal year 2026 a total dividend of at least €0.05 per share and a distribution of at least 80% of distributable profits, provided that the Company’s course develops as expected and the required corporate approvals are obtained.”