Scope issued Summus Capital a new B+/Stable rating under updated methodology

Scope Ratings GmbH (Scope) has issued Summus Capital OÜ (Summus) a rating of B+ with a Stable Outlook following the application of its updated General Corporate Rating Methodology. The senior unsecured debt rating was also set at B+.

The new rating reflects Scope’s more conservative assessment of both Summus’ business and financial risk profiles under the methodology introduced in April 2026. The assessment also takes into account higher leverage following Summus’ recent acquisition-led expansion, that led to a one-notch adjustment related to financial policy.

At the same time, Scope highlights Summus’ strong underlying operating performance and the increased scale and geographic diversification of its portfolio. Following recent transactions, Scope-adjusted total assets reached EUR 648 million and net leasable area approximately 296,000 square metres at the end of June 2026. Poland accounted for approximately 43% of the portfolio value, compared with around 20% at the end of 2024, significantly reducing the company’s dependence on the Baltic markets.

“Following a period of active expansion, this phase of our development has proceeded broadly as planned. We have significantly increased the scale and geographic diversification of the portfolio, particularly through our investments in Poland, while maintaining very strong operating performance,” said Aavo Koppel, Member of the Management Board of Summus Capital. “The temporary increase in leverage was linked to financing this expansion. Following the repayment of acquisition-related temporary facilities in July, our net loan-to-value ratio returned below 60%. Going forward, our focus remains on maintaining a balanced capital structure and allowing the recently acquired assets to contribute fully to the Group’s earnings and cash flow.”

Summus’ portfolio occupancy remains solid at around 98%, while the weighted average unexpired lease term was approximately 4.5 years as of mid-2026. According to Scope’s analysis, profitability remains strong, with an EBITDA margin of 88% in 2025, placing Summus among the most profitable comparable real estate peers. Scope expects the EBITDA margin to remain above 85% over the medium term, supported by high occupancy, contractual rent indexation and disciplined cost management.

The loan-to-value ratio temporarily increased to 61% at the end of June 2026 following the financing of the acquisition of The Park Krakow and the use of temporary financing facilities. Following receipt of a VAT refund and repayment of the related facility in July, leverage declined below 60%.

Scope also assesses Summus’ liquidity as adequate. The company benefits from reliable cash flow generation, diversified access to bank and capital-market funding and no significant near-term refinancing needs. Approximately 75% of debt was fixed-rate or hedged as of the second quarter of 2026, limiting exposure to interest-rate volatility.

The Stable Outlook reflects Scope’s expectation that Summus will continue to deliver solid operating performance, supported by resilient cash flows, high occupancy, predictable recurring rental income and earnings contributions from recently acquired assets. Scope expects the loan-to-value ratio not to exceed 60% on a sustained basis and EBITDA interest cover to remain above 2x. The Group’s current and projected performance is expected to enable full compliance with all financial covenants and the timely fulfilment of its obligations.

About Scope

Scope Ratings GmbH is a European credit rating agency headquartered in Berlin. Scope specialises in the analysis and ratings of financial institutions, corporates, structured finance, project finance and public finance. Scope Ratings is registered in accordance with the EU Rating Regulation and operates in the European Union with ECAI status.