Key Q1 2025 Highlights:
· Revenue increased by a quarter to EUR 13.8 million, driven by the first full quarter of rental income from properties in Poland
· Operating profit rose by a fifth to EUR 8.9 million
· Net profit reached EUR 4.2 million, of which EUR 4.0 million went to Summus Capital shareholders
· Summus Capital was awarded second place in the “Best Investor Relations on the First North Market”category at the Nasdaq Baltic Awards 2024.
Consolidated sales revenue increased by 25.7% to EUR 13.8 million (4Q2024: EUR 11.0 million), marking the first full quarter of revenue from Polish properties. Operating profit rose to EUR 8.9 million, a 20% increase compared to the normalized 4Q2024 result. Net profit reached EUR 4.2 million, with EUR 4.0 million attributable to Summus Capital equity holders.
“In the first quarter, we saw the positive impact of our Polish acquisitions materializing as expected. Our financial position remains strong, and we continue to operate in full compliance with our bond covenants,” said Aavo Koppel, Member of the Board of Summus Capital. “We also received recognition in the form of a Nasdaq Baltic Award, which reflects our commitment to transparency and investor engagement.”
The consolidated balance sheet stood at EUR 539.6 million at the end of 1Q2025 (4Q 2024: EUR 551.0 million), with the slight decrease mainly reflecting the repayment of a short-term VAT loan after the recovery of VAT from the Polish National Revenue Administration. At the same time, the consolidated cash balance rose to EUR 15.0 million (4Q2024: EUR 8.6 million).
Consolidated loans and borrowings from financial institutions and bonds decreased to EUR 294.3 million (4Q2024: EUR 310.9 million), driven by the repayment of the VAT loan and continued principal repayments. Total consolidated liabilities decreased to EUR 348.3 million (4Q2024: EUR 363.0 million), while consolidated owner’s equity rose to EUR 191.3 million, with EUR 181.2 million attributable to Summus Capital equity holders.
“The real estate market is evolving, and so are we — focusing on long-term value creation through sustainable investments and strategic regional diversification. Our focus remains on profitable growth and strategic investments that enhance the value of our entire portfolio. We are prepared to seize market opportunities as they arise,” added Aavo Koppel.
The Group remained fully compliant with its bond terms. The equity-to-total-assets ratio stood at 36%, exceeding the minimum bond requirement of 30%, and the Debt Service Coverage Ratio (DSCR) on a trailing 12-month basis remained stable at 1.30x (minimum requirement: 1.2x).
The Group’s shopping centres also showed positive operational momentum: tenant turnover increased by 6.9% and footfall rose by 2.9% compared to 1Q2024. As of the end of the quarter, 63.4% of Summus Capital’s loans were hedged.
The company continues to explore opportunities for further expansion of its real estate portfolio in the existing markets and is engaging in discussions to assess potential financing options, including bonds, for prospective acquisitions.
About Summus Capital
Summus Capital (www.summus.ee) is a real estate investment holding company founded in 2013. The group owns a portfolio of 16 properties in the Baltic countries and Poland, covering the retail, office, logistics, and medical sectors. The total rental area exceeds 257,000 square meters, and the portfolio value is more than EUR 500 million. The asset portfolio and ESG strategy for Summus Capital are managed by Green Formula Capital.