FINANCIAL RESULTS FOR THE PERIOD FROM 01.01 TO 30.06.2026
Νet profit of €18 million and gross asset value of €707 million in the first half of 2026
Key Financial Metrics for the first half of 2026:
- Rental revenues amounted to €20.6 million in the first half of 2026, marking an increase of €3.0 million (+17%) compared to the first half of 2025.
- Adjusted EBITDA (a-EBITDA) reached €13.3 million, recording increase of 21% versus the first half of 2025.
- Fair value of the investment portfolio[1] reached €706.9 million as of 30 June 2026, reflecting an €13.3 million increase (+2%) compared to 31 December 2025.
- The Net asset value (NAV) stood at €563.6 million (€4.47 per share) as of 30 June 2026, representing an increase of €8.7 million (+2%) compared to 31 December 2025.
Commenting on the Company’s performance, Mr. Georgios Koutsopodiotis, Chief Executive Officer of Noval Property, stated:
“During the first half of 2026, the Company consistently continued the implementation of its investment program, placing emphasis on the progress of the projects currently under development, as well as on the active and effective management of its portfolio.
The completion and delivery of the office building at 199 Kifisias Avenue, Maroussi, marked an important milestone for the Company, as it enriches its portfolio with a modern, bioclimatic property of high specifications and further strengthens its quality and momentum.
In the second half of the year, a key priority remains the advancement of works at the ‘The Grid’ office complex in Marousi, with the aim of completing the project.
At the same time, the Company continues to focus on upgrading its existing properties and evaluating investment opportunities that align with its strategy and long‑term objectives.”
Overview
Rental income for the period ended 30 June 2026 amounted to €20.6 million, compared to €17.7 million in the same period of 2025, showing an increase of €3.0 million (up 17%). This increase arises primarily from the inclusion of rental income from properties completed in 2025, the signing of new leases, as well as the renewal of existing contracts under more favorable terms. At the same time, higher footfall and activity in our commercial properties significantly contributed to the strengthening of tenants’ turnover, part of which is attributed to the Company through turnover rental income.
The Company further strengthened its office portfolio with the completion of a modern, high‑specification office building. The K199 building, located on Kifisias Avenue in Marousi, was delivered to the market, with the first tenant entering the building in February. The Company aims for full occupancy by the end of the year.
A-EBITDA for the first half of 2026 amounted to €13.3 million, compared to €11.0 million in the same period of 2025, showing an increase of €2.3 million (up 21%), highlighting the significant improvement in the Company’s overall efficiency.
Funds from Operations (FFO) for the period ended 30 June 2026 amounted to €9.6 million, compared to €7.0 million for the period ended 30 June 2025 (excluding interest income). The increase of €2.7 million, or 38%, is mainly attributable to the strengthening of rental income.
The fair value of Noval Property’s investment portfolio as of 30 June 2026 amounted to €706.9 million, compared to €693.6 million as of 31 December 2025, showing an increase of €13.3 million (up 2%). This change is mainly due to the increase in the fair value of the portfolio, capital expenditures, as well as the increase in the value of the Company’s participation in joint ventures.
Cash and cash equivalents as of 30 June 2026 amounted to €45.5 million, compared to €47.6 million as of 31 December 2025.
Net Asset Value (NAV) as of 30 June 2026 was €563.6 million (€4.47 per share), compared to €554.9 million as of 31 December 2025, marking an increase of €8.7 million (up 2%). This change reflects the period’s result after the dividend distribution, as well as expenses related to the completion of the share buyback program.
Overall, the performance of the first half of 2026 further highlights the benefits of our diversified real estate investment portfolio in an uncertain macroeconomic and geopolitical environment. Noval Property reaffirms its guidance for 2026, expecting i) rental revenue of €41.5–43.5 million, ii) A-EBITDA of €28.0–30.0 million, and iii) Funds from Operations (FFO) of €20.0–22.0 million.
Important note: This document presents financial results and key financial information of Noval Property for the period starting from January 1st until June 30th 2026 and has been prepared, in all material respects, in accordance with International Financial Reporting Standards. All figures, data and information included herein refer to unaudited financial metrics and include Management’s estimates and forecasts relating to financial data or other events of the first half of 2026. In the period leading up to the publication of Noval Property’s reviewed Semi‑Annual Financial Report for the period 01.01–30.06.2026, scheduled for 14 September 2026, and in the event of developments that would materially affect the figures, data and information presented herein, the Company will promptly inform the investment community.
The Semi‑Annual Financial Report of Noval Property, as well as the Investment Statement as of 30 June 2026, will be available on the Company’s website www.noval-property.com on 14 September 2026.
Contact:
For more information please contact:
Georgios Karachalios
Investor Relations & Finance Manager
Email: gkarachalios@noval-property.com
Tel. 216 861 9216
EXHIBIT Α – STATEMENT OF FINANCIAL POSITION*
| Amounts in € ’000s | 30.06.2026 | 31.12.2025 |
| Assets | ||
| Non-current assets | ||
| Investment property | 666.787 | 657.588 |
| Property and equipment | 7.022 | 7.177 |
| Rights of use | 278 | 425 |
| Intangible assets | 75 | 89 |
| Participations | 34.971 | 32.398 |
| Shareholders’ loan to JV | 10.395 | 10.395 |
| Derivatives | 911 | 1.021 |
| Other long-term assets | 3.638 | 3.750 |
| Total Non-current assets | 724.078 | 712.843 |
| Current assets | ||
| Trade and other assets | 6.563 | 6.579 |
| Shareholders’ loan to JV | 425 | – |
| Derivatives | 322 | 270 |
| Cash and cash equivalents | 45.496 | 47.648 |
| Total Current assets | 52.807 | 54.497 |
| Total assets | 776.885 | 767.341 |
| Equity | ||
| Share capital | 316.080 | 316.080 |
| Share Premium | 6.643 | 6.643 |
| Statutory Reserve | 2.050 | 2.050 |
| Treasury shares | (1.103) | (671) |
| Reserves | 1.931 | 1.989 |
| Retained earnings | 237.956 | 228.809 |
| Total equity | 563.556 | 554.899 |
| Liabilities | ||
| Long – term liabilities | ||
| Borrowings | 178.935 | 180.281 |
| Lease liabilities | 13.458 | 13.750 |
| Retirement benefit obligations | 88 | 77 |
| Other Non-current liabilities | 2.908 | 2.844 |
| Total Long – term liabilities | 195.389 | 196.952 |
| Short – term liabilities | ||
| Borrowings | 6.830 | 7.353 |
| Trade and other payables | 9.489 | 6.479 |
| Current tax liabilities | 1.160 | 1.175 |
| Lease liabilities | 461 | 483 |
| Total Short – term liabilities | 17.940 | 15.490 |
| Total liabilities | 213.329 | 212.442 |
| Total equity and liabilities | 776.885 | 767.341 |
* The amounts presented in this Press Release are rounded and any deviation of the respective amounts in the financial statements are due to rounding.
EXHIBIT Β – STATEMENT OF COMPEHENSIVE INCOME*
| Amounts in € ’000s | 01.01 –
30.06.2026 |
01.01 –
30.06.2025 |
| Revenue | 20.650 | 17.661 |
| Net gain / (loss) from fair value adjustment of investment property | 6.384 | 13.244 |
| Direct property related expenses | (1.173) | (1.231) |
| Property taxes – levies | (2.563) | (2.446) |
| Personnel expenses | (1.890) | (1.787) |
| Other operating expenses | (1.712) | (1.170) |
| Net Impairment loss on financial assets | (49) | (117) |
| Gains / (losses) from the derecognition of financial assets measured at amortized cost | – | (89) |
| Gain/(Loss) from property sale | 1 | 0 |
| Depreciation of property and equipment | (299) | (154) |
| Other income | 11 | 48 |
| Operating profit | 19.359 | 23.960 |
| Interest income | 835 | 1.056 |
| Finance costs | (3.311) | (3.225) |
| Portion of gain / (loss) from participation in joint ventures | 2.265 | (744) |
| Profit before tax | 19.148 | 21.046 |
| Taxes | (1.151) | (1.335) |
| Profit after tax | 17.997 | 19.711 |
| Other comprehensive income | ||
| Items that may be reclassified to profit or loss | ||
| Gain / (loss) from valuation of cash flow hedging – effective | 45 | 38 |
| (Gain) / loss from valuation of cash flow hedging – transfer to profit and loss | (103) | (216) |
| Total | (58) | (178) |
| Other comprehensive income | (58) | (178) |
| Total comprehensive income | 17.939 | 19.533 |
* The amounts presented in this Press Release are rounded and any deviation of the respective amounts in the financial statements are due to rounding.
EXHIBIT C – PERFOMANCE MEASURES*
| a-EBITDA | ||
| (amounts in ‘000 €) | 01.01-30.06.2026 | 01.01-30.06.2025 |
| Profit / (Loss) before tax | 19.148 | 21.046 |
| Plus / (Less): Loss / (Profit) from investment property fair value adjustment | (6.384) | (13.244) |
| Plus: Depreciation | 299 | 154 |
| Less: Financial Income | (835) | (1.056) |
| Plus: Financial Expenses | 3.311 | 3.225 |
| Plus / (Less): Share of loss / (profit) from participations in joint ventures | (2.265) | 744 |
| Plus / (Less): Net non-recurring expenses/ (income) | (21) | (43) |
| Plus / (Less): Net impairment loss of financial assets | 49 | 117 |
| Plus / (Less): Net impairment loss of financial assets | – | 89 |
| a-EBITDA | 13.301 | 11.033 |
| Funds from Operations (FFO) | ||
| (amounts in ‘000 €) | 01.01-30.06.2026 | 01.01-30.06.2025 |
| Profit / (Loss) after tax | 17.997 | 19.711 |
| Plus: Depreciation | 299 | 154 |
| Plus / (Less): Share of loss / (profit) from participations in joint ventures | (2.265) | 744 |
| Plus / (Less): Loss / (Profit) from investment property fair value adjustment | (6.384) | (13.244) |
| Plus / (Less): Loss/(Profit) from sale of investment properties | (1) | (0) |
| Plus / (Less): Net loss/ (gain) from modification of terms of loan agreements | 245 | 162 |
| Less: Capitalization of interest | (219) | (660) |
| Plus / (Less): Net impairment loss of financial assets | 49 | 117 |
| Plus: Net impairment loss of non-financial assets | 0 | 89 |
| Plus / (Less): Adjustments for non-cash and non-recurring items | (87) | (93) |
| FFO | 9.633 | 6.980 |
* The amounts presented in this Press Release are rounded and any deviation of the respective amounts in the financial statements are due to rounding.
[1] The Gross Asset Value (GAV) of the investment portfolio, as per Investment Schedule, includes loan and participation in a real estate company