“Akropolis Group” results: visitor footfall and tenant turnover increased in the first half of the year as the scope of operations expanded
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2026-09-14
“Akropolis Group” results: visitor footfall and tenant turnover increased in the first half of the year as the scope of operations expanded
The five shopping centres managed by Akropolis Group in Lithuania and Latvia welcomed 21.1 million visitors in the first half of the year, nearly 1% more than in the same period last year, while tenant turnover grew by 8.1% to EUR 604.1 million. With the results of Galio Group, the real estate development company acquired last year, included in Akropolis Group’s financial results since last October, the Group’s consolidated revenue grew by 29% to EUR 81.6 million in the first half of the year.
“Galio Group’s operating results had a significant impact on the sharp increase in the Group’s consolidated results, but we also delivered solid performance in the development of shopping and entertainment centres. Tenant turnover grew faster than inflation, while occupancy across our shopping centres in Lithuania and Latvia has already exceeded 99%. This demonstrates that we continue to strengthen our leadership in this market segment by creating an all-round positive visitor experience for shoppers and enhancing our appeal to tenants representing brands favoured by consumers across the Baltic States,” says Gabrielė Sapon, CEO of Akropolis Group.
At the end of June, the occupancy rate across the Akropolis centres in Vilnius, Klaipėda and Šiauliai, as well as Akropole Riga and Akropole Alfa in Riga, reached 99.2% (98.7% a year earlier).
Nearly 60 stores were opened, reconstructed or revamped across these five shopping and entertainment centres during the first half of the year.
Key developments during the first half of the year included the opening of new Wawa and DRM-LND stores at Akropolis Vilnius and the refurbishment of the Douglas store and Gan Bei City restaurant. At Akropolis Šiauliai, the Douglas store and Vision Express salon were refurbished; at Akropole Riga, Tatuum opened and the Euronics store was refurbished; and at Akropole Alfa, Jysk opened, while the Toys Planet / Lego, Tatuum and Nike stores were refurbished.
“We assess shopping centre performance not only in terms of number of visitors or tenants’ turnover, but also by how consistently we are able to upgrade our properties and keep them competitive in the market. During the first half of the year, we have refurbished or opened nearly 60 stores . We continue to invest in the quality of the assets under our management, the tenant mix and the attractiveness of our properties to visitors. This forms part of our consistent, long-term asset management strategy,” says G. Sapon.
Revenue and EBITDA growth approached 30%
Rental income from the five shopping and entertainment centres managed by Akropolis Group was 6% higher in the first half of this year than in the same period last year, while the Group’s consolidated rental income increased by 29% to EUR 59.9 million.
Akropolis Group’s total consolidated revenue amounted to EUR 81.6 million in the first six months of the year, 29% more than in the same period of 2025. The Company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 28% to EUR 56.6 million, while net profit increased by 21% to EUR 37 million.
Galio Group's operations — real estate management and the development of residential and commercial projects — contributed approx. EUR 15 million to the Group's revenue and approx. EUR 10 million to the Group's EBITDA.
“The strength of our Group lies in its combination of different yet interconnected real estate activities. The stable shopping centre business provides a solid foundation, while the integration of Galio Group enables us to broaden our expertise in commercial and residential real estate. This operating model creates more opportunities to diversify revenue, balance operations across different real estate segments and consistently build the Group’s long-term value,” says the CEO of Akropolis Group.
During the first half of the year, Galio Group successfully advanced the Remarco, ReVingis and Mosso projects in Vilnius and Symfonia Praga in Warsaw. It also prepared to commence construction of Cityzen, a new apartment complex in Vilnius, and completed the sale of the Wave business centre in the capital.
During the first half of 2026, Galio Group signed preliminary sale and reservation agreements for 150 apartments — 48.5% more than in the same period of 2025. The growth in sales was driven both by favourable market conditions and by the expanded project pipeline: in 2025, buyers could choose homes in three of the company's residential developments under construction, while in 2026 the choice widened to five.
Renovation and expansion continue
According to G. Sapon, Akropolis Group will continue to focus primarily on the quality and competitiveness of the assets under its management and on consistent, responsible expansion.
The Company has completed construction of a new 3,500 sq m building next to Akropolis Klaipėda, representing an investment of EUR 6 million. It is scheduled to open at the end of this year.
In August, Lithuania’s first Arket store opened at Akropolis Vilnius, while a Forum Cinemas cinema has opened at Akropole Alfa in Riga in September. Further upgrades are also planned across the real estate properties managed by Akropolis Group.
“Leadership cannot be taken for granted; it must continually be proven by our ability to respond to changing customer needs. We therefore aim not only to maintain the appeal of our existing shopping centres, but also to go a step further: bring new brands to the market, such as Arket, which opened at Akropolis Vilnius this year, and strengthen customer relationships in the digital space. In July, we launched the JOY loyalty programme in Lithuania and plan to introduce it in Latvia by the end of the year. This will enable us to strengthen our direct relationships with customers, develop more relevant offers and provide even more benefits,” says G. Sapon.
According to the CEO of Akropolis Group, the Company’s efforts and experience in strengthening its leadership in real estate management and development across the Baltic States are also underpinned by the confidence of investors and credit rating agencies. At the end of last year, S&P Global Ratings affirmed the Company’s BB+ long-term issuer credit rating with a stable outlook. This year, Fitch Ratings affirmed the same rating for the sixth consecutive year.
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