BriQ Properties REIC announces its financial results for the period from 1 January 2026 to 30 September 2026, compared with the figures for the corresponding period last year (1 January 2025–30 September 2025).
▪ Rental income fell by 4.2% to €15.7m from €16.4m, reflecting a reduction in the number of investment properties following the sale of eight (8) properties during 2025.
▪ Direct property-related costs, including ENFIA property tax, and the Company's other operating expenses fell by 24% to €2.4m from €3.1m.
▪ As a result of consistent cost management, adjusted1 earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) came to €13.3m, a marginal increase of 0.4%.
▪ The Company's adjusted EBITDA margin (Adjusted EBITDA / rental income) was 85.0%, with a cost ratio (Cost Ratio) of 15.0%.
▪ Adjusted1 net profit after tax rose by 17.8% to €9.7m from €8.3m, reflecting lower borrowing costs, as borrowings stood at €106.7m compared with €122.5m at 30 September 2025, following the 2025 capital recycling programme.
▪ Adjusted1 earnings per share (Adj. EPS) rose by 12.8% to €0.204 per share from €0.181 per share.
▪ Funds from operations (F.F.O.) rose by 18.5% to €9.2m from €7.8m, while F.F.O. per share increased by 14.1% to €0.194 per share from €0.170 per share.
The following are the key figures from the Group's balance sheet at 30 September 2026, compared with 31 December 2025:
▪ Total equity (N.A.V.) attributable to the Company's shareholders at 30 September 2026 rose by 6.6% to €185.2m from €173.7m at 31 December 2025, while NAV per share increased by 4.3% to €3.88 from €3.72.
▪ Total borrowings remained low at €106.7m, compared with €101.9m at 31 December 2025. This corresponds to an L.T.V. (Loans / Investment Properties) of 36.0% and a Net L.T.V. ((Loans – Cash)/Investment Properties) of 33.1%, compared with 36.2% and 34.6%, respectively, at 31 December 2025.
▪ The Company is protected from interest rate volatility, as 97.5% of its borrowings at 30 September 2026 were subject to a fixed preferential interest rate, following interest rate swap (IRS) agreements totalling €100m entered into between October 2025 and February 2026, and loan agreements totalling €4.0m drawn under the RRF.
The Company has entered into a total of five (5) bond loans amounting to €21.5m under the RRF, relating to investment projects worth a total of €29.2m. Half of each investment project is financed at a highly preferential fixed interest rate of 0.35%.
Outlook for 2026
Taking into account the nine-month results, the Company's management expects rental income for 2026 to come to €21m and net distributable profit to be higher than in 2025, offering the possibility of an increased dividend for shareholders.
(1 )Adjusted figures exclude gains of €6.7m from the fair-value revaluation of investment properties (9M 2025: €2.3m), gains from the sale of investment properties (9M 2025: €1.3m), non-recurring property-sale expenses and merger expenses (9M 2025: €244,000), and gains of €2.9m from the valuation of financial instruments (Interest Rate Swaps – IRS) (9M 2025: 0). They include 75% of the annual ENFIA liability attributable to the relevant nine-month period. 2 Calculated using the weighted average number of ordinary shares outstanding during the period, excluding treasury shares