P3 Group S.à r.l. has reported its condensed consolidated interim financial results for the first half of 2026, posting net operating income of €284 million, up 6% from €269 million in H1 2025. The company's logistics portfolio covers 10.2 million sqm of gross lettable area across 10 European countries and serves approximately 490 customers. Portfolio value was held at €10.8 billion, with acquisitions and development activity offsetting disposals, while the like-for-like value declined marginally by 0.4% as yield expansion to 5.74% outweighed estimated rental value growth of 0.3%.
Leasing activity reached 0.9 million sqm, in line with H1 2025, with a re-leasing spread of +1.6% and leases signed on average above estimated rental value. Like-for-like occupancy stood at 95.9% and rent collection at 99.9%. The EBITDA margin was 86%, compared with 87% in H1 2025. The loan-to-value ratio remained stable at 47.0%, with liquidity of approximately €1.0 billion and an interest coverage ratio of 2.8x. During the period, P3 completed 229,000 sqm of acquisitions and developments and disposed of 208,000 sqm. On the ESG front, 82% of assets hold a green certification, surpassing the company's target of 75%, and solar capacity reached 104 MWp, ahead of its target of 100 MWp by 2027.
"European logistics is entering a more balanced phase. Occupier confidence is improving, but demand is increasingly concentrated on modern, efficient and well-located buildings that can support evolving supply chains," said Frank Pörschke, CEO of P3. "We enter the second half focused on active asset management, customer-led investment and selective growth, while continuing to enhance the quality and sustainability of the portfolio."
"Financial resilience is what enables P3 to invest confidently through the cycle. During the first half, we funded investments through operating cash flow and disposals, maintained leverage within our target range and extended the maturity of our debt on attractive terms," said Thilo Kusch, CFO of P3. "Our priorities remain clear: preserve our investment-grade credit rating, maintain ample financial headroom and allocate capital to opportunities that strengthen income durability, portfolio quality and long-term value."
Separately, P3 announced a leadership transition. Simon Carter joined the company on 7 September 2026 as CEO Designate and will formally assume the role of chief executive on 17 September 2026, following a handover period with Frank Pörschke. P3 is headquartered in Prague and holds a BBB investment-grade credit rating from Standard and Poor's.
