Noratis AG Announces Significant Property Portfolio Devaluation

Noratis AG has reported a substantial devaluation of its property portfolio, amounting to EUR 31 million as of 30 June 2024. This marks a 6% decline compared to the market values as of 31 December 2023. The necessary write-down of EUR 20.8 million will negatively affect both EBIT and EBT.

Noratis anticipates clearly negative earnings for the entire year 2024. Preliminary figures for the first half of 2024 show an EBIT of EUR -18.4 million, down from EUR 2.6 million during the same period last year. EBT also dropped to EUR -26.2 million from EUR -4.4 million previously.

The Executive Board of Noratis AG has adjusted its annual forecast due to these developments, highlighting a challenging financial outlook for 2024.