FREY posts excellent half-year results and is preparing to seize opportunities

1^st open-air shopping platform with solid fundamentals

• Economic portfolio: €1.7 billion (+0.2% like-for-like)
• Annualised rents Group share: €101.2 million (+3.6% like-for-like)
• Financial occupancy rate ⁽¹⁾: 98.0% (stable)
• H1 2023 collection rate ⁽²⁾: 97.6%
• Group OCR ⁽³⁾: 8.3% 
• Growth in tenants’ sales ⁽⁴⁾: +5.5%

1^st project in the innovative partnership with the Caisse des Dépôts Group⁽⁵⁾

• Montigny-lès-Cormeilles in the second retail zone of France⁽⁶⁾: 55,000,000 visitors/year
• Program: 24,000 m² of shops, restaurants, activities and services
• 900 new housing dwellings

Excellent operating performance

• Rental income: €54.1 million (+28.3% vs. H1 2022)
• Profit from recurring operations: €42.6 million (+41.5% vs. H1 2022)
• Net income Group share: €36.6 million
• EPRA NAV NDV ⁽⁷⁾: €34.7/share (-0.9% vs. end-2022 and +5.5% vs. H1 2022)

Solid financial structure

• Optimised cost of debt: 2.0%
• Debt hedging rate of more than 95% over the next 5 years
• Financing raised: €210 million
• LTV ratio: 39.9% (38.9% end-2022)
• Available liquidity ⁽⁷⁾: €287.0 million increased to €417.0 million after the end of the period.

“In the current uncertain context, the excellent H1 performances demonstrate once again the relevance of FREY’s unique portfolio, combining robust property value and recurring profitability. FREY continues to execute its strategic plan and is securing the financial resources to seize new opportunities that will inevitably arise in current market.” Antoine Frey, Chairman and Chief Executive Officer of FREY.