Preatoni Share: Pro Kapital Subsidiary's Revenue Declines 9% in H1 2026
PREATONI Group published on August 14, 2026 the unaudited half-year results of its stake in AS Pro Kapital Grupp, held at 49.62% and accounted for using the full consolidation method.
In the Real Estate Development segment, Pro Kapital's revenue stood at €26.1 million in the first half of 2026, compared to €28.5 million a year earlier, a decline that the group attributes to product mix. Meanwhile, the half-year performance of the Hotel and Tourism segment is expected to meet management expectations.
Revenue of €26.1 Million and Gross Margin of €9.6 Million at Pro Kapital
At the end of the first half of 2026, Pro Kapital's revenue stood at €26.1 million, compared to €28.5 million for the same period last year, a decline of 9%. The group attributes this change to product mix, that is, the types of residential units sold during the period.
Gross margin stood at €9.6 million in the first half of 2026, compared to €10.2 million a year earlier. The group notes that revenues from real estate sales are recorded at the time of transfer of ownership to the buyer, which makes revenue dependent on the construction cycle and completion of residential projects.
Kristiine City and Vilnius: Progress of Real Estate Development Programs
On the Uus-Kindrali project at Kristiine City, 90% of the apartments in White Building have been sold. Construction of the adjacent building (90 units) has progressed and shows commercialization exceeding 40%.
The Musketäri Majad project, launched in early 2026, comprises 144 apartments, while other Kristiine City projects continue their design and permitting phase. In Vilnius, City Villas maintains a positioning at high price levels, and the official launch of the Borgo project (50 high-end apartments in a historic building in the old town) is scheduled for the second half of 2026.
Convertible Bonds Postponed to 2028 and Caution on Hotel Operations
From a balance sheet perspective, the maturity date of part of Pro Kapital's convertible bonds (€8.2 million concerned out of a total of €18.7 million) has been extended to October 31, 2028, instead of October 31, 2026 initially.
In the Hotel and Tourism segment, the first half performance is expected to meet management expectations, both overall and for significant entities in Egypt and Italy. The group states it remains cautious about the coming months due to international uncertainties and their energy consequences, while noting in Sharm El Sheikh an increase in average revenue per room and solid occupancy rates.
This half-year outlook comes following a 2025 financial year during which the group set, upon publication of its annual report on April 20, 2026, a revenue growth target exceeding 5% per year on average over the 2026-2028 period.
