Summus Capital’s expansion to Poland shaped its finances in Fourth Quarter of 2024

Summus Capital OÜ has released its consolidated financial results for the fourth quarter of 2024, marking a milestone with its entry into a new market through the acquisition of two properties in Poland. While the impact of this expansion on the income statement remained limited, the balance sheet crossed the half-billion-euro mark, reaching EUR 550 million—an important step toward the company’s goal of becoming a one-billion-euro enterprise.

“In December, we entered the Polish market with the acquisition of two office buildings – React in Łódź and Lakeside in Warsaw. This grew our real estate portfolio by almost 40,000 square meters and more than EUR 100 million, which is a significant milestone for us,” said Hannes Pihl, Member of the Board of Summus Capital. “The underlying business of Summus Capital was working as planned, and for 2025, we stay waiting for Polish acquisitions to start providing their share of income.”

In 4Q2024, consolidated sales revenue increased by 7.5% to EUR 11.0 million, reflecting the first rental revenues from Poland, which began only in the second half of December. Consolidated operating profit reached EUR 10.8 million, or EUR 7.4 million on a normalized basis (adjusted for revaluation and one-off items related to the Polish expansion), remarkably exceeding the adjusted EUR 6.6 million recorded in the prior quarter. Net profit rose to EUR 3.5 million, with EUR 2.4 million attributable to Summus Capital equity holders.

“At the end of 2024, our balance sheet exceeded half a billion euros, reaching above EUR 550 million, which shows the strength of our portfolio and our ability to execute strategic acquisitions,” noted Aavo Koppel, Member of the Board of Summus Capital. “Our financial position remains solid, and we continue to meet all bond covenant requirements with a strong equity base and stable debt servicing capacity.”

At the end of 2024, total consolidated liabilities increased to EUR 363 million (3Q2024: EUR 267.5 million), while total consolidated owner’s equity rose to EUR 187.9 million, with EUR 177.2 million attributable to Summus Capital equity holders.

Summus Capital remained in full compliance with all financial covenants under its bond terms. The equity-to-total-assets ratio stood at 34%, exceeding the minimum bond requirement of 30%, while the Debt Service Coverage Ratio (DSCR) on a trailing 12-month basis was 1.31x, comfortably above the bond terms’ requirement of 1.2x.