Akropolis Group Reports Strong First-Half Performance

Akropolis Group, a real estate management and development company operating in Lithuania and Latvia, reported a strong first-half performance, highlighting increased visitor footfall and tenant turnover. The group's five shopping centres collectively welcomed 21.1 million visitors in the first six months of the year, marking a 1% increase from the same period last year. Tenant turnover also saw a significant rise, growing by 8.1% to EUR 604.1 million. The inclusion of Galio Group, a real estate development company acquired last year, contributed to the group's financial results, driving a 29% increase in consolidated revenue to EUR 81.6 million.

Gabrielė Sapon, CEO of Akropolis Group, stated, "Galio Group's operating results had a significant impact on the sharp increase in our consolidated results, but we also delivered solid performance in the development of shopping and entertainment centres. Tenant turnover grew faster than inflation, while occupancy across our shopping centres in Lithuania and Latvia has already exceeded 99%."

At the end of June, the occupancy rate across the Akropolis centres in Vilnius, Klaipėda, and Šiauliai, as well as Akropole Riga and Akropole Alfa in Riga, reached 99.2%, up from 98.7% a year earlier. The company reported that nearly 60 stores were opened, reconstructed, or revamped across these five shopping and entertainment centres during the first half of the year. Key developments included the opening of new Wawa and DRM-LND stores at Akropolis Vilnius, and the refurbishment of the Douglas store and Gan Bei City restaurant. At Akropolis Šiauliai, the Douglas store and Vision Express salon were refurbished; at Akropole Riga, Tatuum opened and the Euronics store was refurbished; and at Akropole Alfa, Jysk opened, while the Toys Planet / Lego, Tatuum, and Nike stores were refurbished.

Sapon added, "We assess shopping centre performance not only in terms of the number of visitors or tenants' turnover, but also by how consistently we are able to upgrade our properties and keep them competitive in the market. During the first half of the year, we have refurbished or opened nearly 60 stores. We continue to invest in the quality of the assets under our management, the tenant mix, and the attractiveness of our properties to visitors. This forms part of our consistent, long-term asset management strategy."

Revenue and EBITDA growth approached 30% in the first half of the year. Rental income from the five shopping and entertainment centres managed by Akropolis Group was 6% higher than in the same period last year, while the group's consolidated rental income increased by 29% to EUR 59.9 million. The company's total consolidated revenue amounted to EUR 81.6 million, a 29% increase from the same period in 2025. The Company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 28% to EUR 56.6 million, while net profit increased by 21% to EUR 37 million.

Galio Group's operations, which include real estate management and the development of residential and commercial projects, contributed approximately EUR 15 million to the group's revenue and EUR 10 million to the group's EBITDA. Sapon noted, "The strength of our Group lies in its combination of different yet interconnected real estate activities. The stable shopping centre business provides a solid foundation, while the integration of Galio Group enables us to broaden our expertise in commercial and residential real estate. This operating model creates more opportunities to diversify revenue, balance operations across different real estate segments, and consistently build the Group's long-term value."

During the first half of the year, Galio Group successfully advanced the Remarco, ReVingis, and Mosso projects in Vilnius and Symfonia Praga in Warsaw. It also prepared to commence construction of Cityzen, a new apartment complex in Vilnius, and completed the sale of the Wave business centre in the capital. Galio Group signed preliminary sale and reservation agreements for 150 apartments, 48.5% more than in the same period of 2025. The growth in sales was driven by both favourable market conditions and an expanded project pipeline.

Renovation and expansion continue as Akropolis Group plans further upgrades across its real estate properties. The company has completed construction of a new 3,500 sq m building next to Akropolis Klaipėda, representing an investment of EUR 6 million. It is scheduled to open at the end of the year. In August, Lithuania's first Arket store opened at Akropolis Vilnius, while a Forum Cinemas cinema has opened at Akropole Alfa in Riga in September. Further upgrades are also planned.

Sapon concluded, "Leadership cannot be taken for granted; it must continually be proven by our ability to respond to changing customer needs. We therefore aim not only to maintain the appeal of our existing shopping centres but also to go a step further: bring new brands to the market, such as Arket, which opened at Akropolis Vilnius this year, and strengthen customer relationships in the digital space. In July, we launched the JOY loyalty programme in Lithuania and plan to introduce it in Latvia by the end of the year. This will enable us to strengthen our direct relationships with customers, develop more relevant offers, and provide even more benefits."

The CEO of Akropolis Group also highlighted the company's efforts and experience in strengthening its leadership in real estate management and development across the Baltic States. At the end of last year, S&P Global Ratings affirmed