Noval Property reports increased revenue and profitability

Noval Property, a Greek real estate investment company, has announced significant growth in its financial performance for the first half of 2026. Rental income surged by 17%, reaching 20.6 million euros, while pre-tax profits, including interest, depreciation, and asset value adjustments, climbed 21% to 13.3 million euros compared to the same period last year.

This improvement stems from the successful integration of properties completed in 2025, the signing of new leases, and the renegotiation of existing contracts under more favorable terms. Increased foot traffic and activity at commercial properties like River West also contributed to higher turnover for tenants, a portion of which benefits Noval Property.

Notably, cash flow from operating activities saw a substantial 38% increase, rising to 9.6 million euros from 7 million euros in the first half of 2025. This growth suggests that shareholders can anticipate a higher dividend payout for the current fiscal year.

Noval Property maintains its forecast for full-year rental income between 41.5 and 43.5 million euros, with adjusted EBITDA projected between 28 and 30 million euros. The fair value of its property portfolio also increased by 2% to 707 million euros. Key developments this half include the launch of the K199 office building and the upcoming completion of The Grid office building, both in Marousi.