Ramada in first half 2026: revenues and EBITDA decline, net income up 31.6%
The Portuguese real estate asset management company published mixed half-yearly results. The main operating aggregates declined year-on-year, while consolidated net income grew 31.6%, a difference explained by the weight of discontinued activities recorded a year earlier.
The group, listed on Euronext Lisbon, manages a portfolio of rural and forest land as well as urban and industrial assets that are leased out.
Decline in revenues and EBITDA over the half-year
In the first half of 2026, Ramada group's total revenues amounted to 5,082 thousand euros, down 12.2% compared to 5,791 thousand euros in the first half of 2025. According to the company, this variation stems from two factors that occurred in 2025: the sale of properties leased to Socitrel and the loss of their contribution to revenues, as well as the capital gain recorded on the sale of the Palmela warehouse.
Total costs reached 1,293 thousand euros, up 75.7% year-on-year. This change is attributed to the increase in maintenance and repair charges, as well as costs related to the ongoing process of canceling mortgage liens affecting the group's rural land.
EBITDA stood at 3,789 thousand euros, down 25% year-on-year, and EBIT at 3,703 thousand euros (versus 4,892 thousand euros), down 24.3%. EBITDA margin stands at 74.6%, compared to 87.3% a year earlier, a decline of 12.7 percentage points. EBIT margin is 72.9%, compared to 84.5%, down 11.6 percentage points.
Total net income up despite declining operating activities
The consolidated net income from continuing operations amounted to 2,927 thousand euros, down 19.0% compared to 3,612 thousand euros in the first half of 2025 (the press release also mentions a 31.6% difference on this aggregate).
Conversely, the group's total consolidated net income for the half-year increased 31.6%, to 2,927 thousand euros compared to 2,225 thousand euros a year earlier. This difference is due to the fact that the first half of 2025 included a charge of 1,387 thousand euros for discontinued activities, which is absent in 2026.
The half-year repair charges include the impact of storms Kristin and Marta, which occurred at the end of January and beginning of February 2026, causing damage to industrial buildings located in Vieira de Leiria and Marinha Grande. The company indicates that these properties are covered by insurance policies and that the final phase of determining and disbursing compensation by insurers is underway, with a positive financial effect expected in subsequent periods.
Cash position up, no debt and dividend paid
As of June 30, 2026, cash and cash equivalents totaled 1.5 million euros, compared to approximately 1.2 million euros as of December 31, 2025. The group holds no bank loans or other borrowings on either of these dates.
During the half-year, following the general meeting of March 27, 2026, the group proceeded on April 24, 2026 to pay a gross dividend of 0.24 euros per share, for a total amount of 6,153,950.16 euros.
Regarding prospects, the company states it will continue managing its real estate assets, rural and forest land as well as industrial assets, in order to optimize operating costs. On the stock market front, the share closed the first half of 2026 at 6.82 euros, representing a market capitalization of approximately 175 million euros.
