Premia Properties: 38% jump in operating profitability in the first nine months

Premia Properties recorded faster growth in revenue and operating profitability in the first nine months of 2026 than in the first half, with adjusted EBITDA reaching €23.8m, up 38% and already approaching the full-year level for the previous year (€24.1m).

Net profit, by contrast, fell to €10.9m from €28m, mainly because gains from the fair-value revaluation of properties were significantly lower and financial costs increased. Management is maintaining its forecast unchanged for the full year, while its main priority for the final quarter remains completing the investment in AKTI Hotels & Resorts.

More specifically, consolidated nine-month revenue came to €32.6m, up 26%, with growth outpacing the first-half rates (+21% for revenue and +34% for adjusted EBITDA). Rental income from investment properties increased by 27% to €29.7m, supported by contributions from investments made in 2025 and early 2026. Funds from operations (FFO) came to €8.2m, up from €6.8m.

Profit after tax was €10.9m, compared with €28m in the first nine months of 2025, mainly reflecting lower gains from the fair-value revaluation of properties (€1.6m versus €18.8m) and higher finance costs (€15.3m versus €9m). Adjusted profit after tax, excluding revaluation results, came to €9.3m, up from €9.2m.

Investments and portfolio

The total value of investments reached €766.8m, up 11% since the start of the year. At 30 September, the group’s portfolio comprised 80 properties and 581,000 sq m of buildings under management, with a balanced distribution across asset classes. Operating metrics remain strong, with a gross yield of 7.1% on income-producing properties and a weighted average unexpired lease term (WAULT) of 10 years, providing high visibility on future cash flows.

The investment programme is proceeding as planned. The company is focused on completing its previously announced strategic investment in AKTI Hotels & Resorts in Rhodes and Kos (1,316 rooms). Together with the two hotel units in Kos added to the portfolio at the start of the year, this will significantly expand Premia’s presence in the hospitality sector. The addition of new student residences in Xanthi, Volos, Patras, Rhodes and Kaisariani brought total capacity to 765 rooms.

Capital base and borrowings

At 30 September, the group’s equity stood at €282.1m, net debt at €479.6m (up from €396.9m at the end of 2025) and total assets at €798.8m, with net LTV at 63% (31.12.2025: 57%). Net asset value (NAV) per share was €2.25, compared with €2.22.

The investment programme is financed through the €150m listed bond issued in April, the use of Recovery and Resilience Facility (RRF) funds and bank financing. An AA rating from ICAP CRIF, reaffirmed in September, places Premia in the very low credit risk category.

The group’s average cost of borrowing is 3.8%, with a weighted average loan maturity of 7.7 years. A fixed interest rate applies to 64% of total borrowings through the bond, hedging instruments and RRF financing.

Outlook

The company said the nine-month results confirmed the momentum recorded in the first half, with revenue and operating profitability growth accelerating further in the third quarter.

For the final quarter of the year, management remains focused on executing the business plan consistently, with completing the investment in AKTI Hotels & Resorts its main priority.

Once the investment is completed in full, the value of the portfolio under management is expected to exceed €1bn, marking a significant milestone in the group’s growth. The contribution of the hotel units to its financial results is expected to be reflected from 2027.

Premia’s strategic priorities remain unchanged, with hotels and student residences the sectors at the centre of its investment focus. The company continues to emphasise income-producing properties, while selectively assessing redevelopment projects with the potential to deliver higher returns and create value.

Based on its performance in the first nine months, Premia is maintaining its 2026 forecast unchanged, projecting total consolidated revenue of €42m-€43m and operating profitability (adjusted EBITDA) of €29m-€30m. Management continues to monitor developments in the macroeconomic and financial environment closely. The environment remains fluid because of geopolitical uncertainty, and the company will adjust its plans promptly if necessary.

Key nine-month figures