The Shopper Park Plus (SPP) Group reported an after-tax profit of €27.9 million in Q1 2026, up €17.3 million compared to the same period in 2025. Eight Polish retail parks added to the portfolio contributed €20.8 million to the Q1 results.
The Polish properties were added to the group this quarter, with a one-time revaluation gain of €22.9 million recognised as the difference between purchase price and current market value. The comparable 2025 period was similarly impacted by a one-time effect from acquisitions in Slovakia, which added €9.7 million in revaluation gains.
SPP Group's rental income for Q1 2026 reached €10 million, an increase of 42.9% compared to Q1 2025. The growth was driven by new acquisitions in Slovakia and Poland, while rental revenue in Hungary also increased by 12.3% through leasing of downsized option areas. Properties in Poland contributed to revenue starting 5 March 2026, with next quarter's rental income from Poland expected to increase by an estimated €3.2 million.
The group is actively seeking new acquisition opportunities and exploring the possibility of issuing euro-denominated bonds under a bond programme over the next two years. The planned issuance volume for 2026 is €40-50 million, with SPP's loan-to-value ratio expected to remain within the 50-60% range.
SPP Group's operating loss relative to rent decreased from 14.3% in Q1 2025 to 10.0% in 2026, adjusted for one-time effects. The company's strategic goal is to reduce operating losses to industry standards of 5-10% of rental income.
