Penta reports record €621 million net profit for 2024, driven by broad portfolio performance

Penta has reported a net profit of €621 million for the financial year 2024, its highest result to date. The performance reflects the contribution of all core portfolio companies and the impact of sustained capital investments in recent years, which have enabled the group to scale across sectors.

The group achieved a return on equity of 16.1%, continuing its pattern of stable long-term performance. Penta also launched the Penta Fund at the end of 2024, which has been positively received by qualified external investors. Within the first two months of operation, the fund exceeded its full-year capital-raising target.

With more than 50,000 employees, Penta paid €801 million in income taxes and social contributions last year, underscoring its role as a major regional employer and taxpayer.

In 2024, the group completed several acquisitions, particularly in healthcare and real estate. According to Iain Child, Managing Partner of Penta, these acquisitions will support further expansion in both sectors. He also confirmed that the group plans to invest over €2 billion in the next five years, with all available capital directed toward portfolio growth.

Among Penta’s companies, the Dr. Max pharmacy chain remained the largest profit contributor. The chain continued its expansion in Italy and other markets, operating more than 3,000 pharmacy units across Europe. Dr. Max has focused heavily on digital transformation, implementing an omnichannel strategy across its operations.

Fortuna Entertainment Group (FEG) also delivered strong financial results. Penta remains committed to expanding FEG through acquisitions and market entry, while the company’s management continues to enhance product quality to strengthen its position in the Central and Eastern European betting and gaming sector.

Penta Hospitals expanded its footprint in the Czech Republic with the acquisitions of Dr. Pírek Klinik, a hospital specializing in orthopedics and surgery, and TeamPrevent Santé, a provider of occupational and premium health services. The group also grew its elderly care segment by acquiring Czech assets from the Senecura Group and expanding the Alzheimer Home network.

Penta Real Estate completed a record 682 residential units in 2024 and strengthened its position in premium housing and commercial development. It holds major development sites in Prague (Florenc, Main Railway Station, and Victory Square) and Bratislava (Southbank). The company is also preparing to enter the London real estate market. By the end of 2024, its assets had reached €1.7 billion, supporting a long-term pipeline of high-quality design-led projects.

Penta’s banking portfolio—comprising Prima Banka and Privatbanka—reported a 24% increase in net operating income, driven by portfolio repricing and growth in assets, deposits, and client base. Despite this, net profit fell to €42 million due to the reintroduction of the bank levy in Slovakia, which affected the wider banking sector.

In the media segment, Penta’s Czech and Slovak portfolio surpassed €20 million in EBITDA despite market declines. The group’s key media companies, VLM and NMH, increased their online revenues, reflecting continued progress in their digital transformation strategies.

Source: Penta

EU report: Supporting older workers now an economic necessity

As Europe faces a rapidly ageing population and a rising old-age dependency ratio projected to reach 52% by 2050, retaining older workers in the labour force is no longer just a social issue but an economic imperative, according to new research from Eurofound, the EU agency for social and employment affairs.

The report, Keeping older workers in the labour force, highlights that while employment rates among workers aged 55 and over have improved significantly—rising by nearly 20 percentage points between 2010 and 2023—older workers continue to face a greater risk of long-term unemployment. The rate for this group is still 13.5 percentage points higher than for mid-career workers.

Demographic changes are reshaping Europe’s labour market. Since 2014, the continent has seen a natural population decline, offset only by net migration. By 2023, there were nearly 40 million workers aged 55 and older across the EU. Despite their growing presence in the workforce, the report reveals that ageism and discrimination remain persistent barriers in many workplaces.

The quality of employment for older workers tends to be higher overall, potentially due to the “healthy worker effect”—where employees in poorer-quality jobs retire earlier. However, gender disparities persist, with older women experiencing lower job quality than their male counterparts.

The report delves into job quality variations across age groups, as well as within the cohort of older workers. It also investigates the factors driving employment trends and evaluates national policies and workplace practices aimed at supporting the retention of older employees.

A key finding is the unequal distribution of job quality. Around one-third of older workers are in “empowered” roles that offer good working conditions, but one in five are employed in “high-risk” jobs marked by poor mental health outcomes, financial stress, and work-life imbalance.

Eurofound’s report outlines several policy recommendations to improve conditions and boost participation among older workers. These include incentives for later retirement, combating age discrimination, and introducing more flexible retirement options. The recommendations also extend beyond employment, calling for improved access to healthcare and support services, especially as many older workers retire early to care for others.

With Europe’s demographic challenges deepening, the report underscores the urgency of integrating older workers more fully into the labour market—not only as a matter of fairness but as an essential component of economic resilience.

Source: Eurofound

EU orders more returns of non-EU citizens in late 2024, marking 24% year-on-year increase

The European Union saw a marked increase in the number of non-EU citizens returned to third countries in the final quarter of 2024, according to the latest data released by Eurostat.

Between October and December 2024, a total of 124,935 non-EU citizens were ordered to leave EU territory. Of these, 28,630 individuals were returned to third countries following an official return order. This represents an 11.5% rise in orders to leave compared to the previous quarter and a 3.3% increase in actual returns. Year-on-year, the figures are even more striking, with the number of returns up by 24.3% and the number of orders to leave rising by 16.3%.

Algerian citizens accounted for the highest number of return orders in the fourth quarter, with 11,362 cases. They were followed by citizens of Syria (8,674) and Morocco (8,561). In terms of those actually returned to third countries, the largest groups were from Georgia (3,351), Türkiye (2,492), and Albania (1,982).

France issued the most return orders among EU member states, with 31,880 non-EU citizens instructed to leave. Spain followed with 18,645 orders, while Germany issued 15,135. When it came to actual returns, Germany topped the list with 6,170 individuals returned, ahead of France (3,705) and Sweden (2,600).

The figures reflect ongoing efforts by EU countries to manage migration flows and enforce return decisions more effectively, amid broader debates on migration policy across the bloc.

Source: Eurostat

Slovakia’s population declines for fourth consecutive year amid record low birth rate

Slovakia’s population fell for the fourth year in a row in 2024, as a continued decline in the birth rate outpaced the positive effects of foreign migration, according to the latest data released by the Statistical Office of the Slovak Republic.

As of the end of 2024, the total population stood at 5,419,451, marking a year-on-year decrease of more than 5,200 people. This ongoing population decline represents the first prolonged period of demographic shrinkage since the country became independent in 1993. The key driver behind this trend remains the natural population decrease, primarily due to a historically low number of live births.

In 2024, nearly 54,000 people died in Slovakia, while only slightly more than 46,000 children were born. This resulted in a natural population decrease of approximately 7,600 people—the second highest annual drop in the country’s modern history, surpassed only in 2021 during the peak of COVID-19-related mortality. Over the past five years, Slovakia has lost nearly 40,000 residents due to natural population changes.

“After a period of high mortality during the pandemic years 2020–2022, the birth rate has been falling sharply in the last three years,” said Zuzana Podmanická, Director of the Population Statistics Department at the Statistical Office.

While Slovakia has observed a declining trend in births for the past seven years, the most dramatic drops have occurred recently. Since 2022, the number of live births has fallen below 50,000 annually—levels not seen in the country’s post-war history.

The crude birth rate—a metric comparing births per 100,000 inhabitants—has also reached new lows. After remaining above 1,000 live births per 100,000 people for two decades, it dropped below that threshold in 2022 and declined further to just 853 in 2024. “This is the lowest crude birth rate not only since Slovakia’s independence, but in the past 100 years,” Podmanická noted.

Despite the natural decrease, migration continues to have a modestly positive impact. In 2024, more than 6,800 people moved to Slovakia for permanent residence, exceeding the number of those who emigrated by about 2,400. This represents a higher net migration figure than in the previous two years.

Nevertheless, foreign migration has not been sufficient to offset the losses from the natural decrease. Since 1993, Slovakia has consistently experienced a positive migration balance, ranging from 900 to 7,100 people annually. But for the last four years, that surplus has not been enough to counterbalance the declining birth rate and overall population loss.

The data highlights an ongoing demographic challenge for Slovakia, as it grapples with aging populations, declining fertility, and the need for long-term strategies to stabilize or reverse the trend.

Czech employment and unemployment rates remain stable in February 2025

The unemployment rate in the Czech Republic stood at 2.7% in February 2025, according to seasonally adjusted data from the Czech Statistical Office (CZSO). This marks a slight year-on-year increase of 0.1 percentage point, reflecting continued labour market stability.

The employment rate among people aged 15 to 64 rose to 75.9%, representing an increase of 0.8 percentage point compared to February 2024. Employment among men reached 81.5%, while the rate for women stood at 70.2%.

Dalibor Holý, Director of the Labour Market and Equal Opportunities Statistics Department at CZSO, noted that unemployment remains low, while female employment and overall economic activity have shown notable growth.

The economic activity rate—the share of the economically active population (employed and unemployed) in the total population aged 15 to 64—reached 78.1% in February. This figure is 0.9 percentage point higher than a year earlier. Economic activity among men was 83.3%, while the rate for women was 72.7%.

The Labour Force Sample Survey (LFSS), conducted by CZSO in private households, is the basis for these figures. It follows international standards set by the International Labour Organization and differs methodologically from administrative data from the Labour Office of the Czech Republic.

For international comparison, the unemployment rate for the broader 15–74 age group in the Czech Republic was also 2.7% in February 2025, in line with Eurostat reporting standards.

Construction of new retail centre underway in Považská Bystrica

Construction has begun on a new department store in Považská Bystrica, with completion planned for September 2025. The project is being developed by HSF System SK in cooperation with investor Firmbox, with a total investment of EUR 1.68 million.

Located near the existing Tesco supermarket, the new centre will offer retail, services, and dining facilities. It is designed as a compact, multi-unit building with a unified structural and architectural layout. The department store will have a total built-up area of 1,501 square metres and a usable area of 2,376 square metres.

The structure will use a precast reinforced concrete frame, and the façade will feature sandwich panels and glazed entrances with awnings to provide natural lighting. Plans also include designated signage areas for individual tenants to improve visibility.

The site will include 48 parking spaces and will connect to existing infrastructure via roads and pedestrian pathways in the Tesco area. Deliveries will be handled through a service road at the rear of the building to reduce congestion for visitors. The location is expected to serve both residents of Považská Bystrica and nearby communities.

Check out the CEE FULL LIST OF NOMINEES for HOF Awards Gala 2025

CIJ EUROPE is pleased to announce the full list of CEE nominees for the 10th edition of HOF Awards Gala – Best of the Best Hall of Fame which will be held on 13th of May, at Radisson Blu Hotel, in Bucharest.

HOF Awards nominees are the winning projects and companies in each category at the CIJ Awards Gala 2024 which now advance to the Best of the Best CIJ HOF Awards 2025 where only the winning elite is presented from countries from around Europe.

Please find below the CEE best of the best real estate projects and companies in 2024:

Best Standard Residential Development of the Year
SK Čerešne Lake by ITB Development
CZ Lihovar Smíchov by Trigema
RO Vulcan Residence by NEPI Rockcastle
HU Waterfront City by Biggeorge Property
PL Osiedle Młynówka by Redkom Development

Best Premium Residential Development of the Year
SK EUROVEA II by JTRE
RO Nusco City by Nusco
CZ Pařížská 25 by Kaprain Real Estate
PL Neo Natolin (I-st Stage) by Real Management

Best Residential Buildup In Development
RO The Meadows by Speedwell
HU Marina City by CORDIA
CZ SO-HO Rezidence 2 by Cresco Real Estate
SK PARQ Zátišie by Atrios
PL Port Praski Doki by Port Praski

Best Office Development of the Year
CZ Roztyly Plaza by Passerinvest
HU Millennium Gardens phase 2 by Trigránit
RO AFI Loft by AFI Europe
PL VIBE A by Ghelamco
PL Grundmanna Office Park A, Katowice – Cavatina Holding

Best Office Buildup Development of the Year
CZ Česká spořitelna HQ Smichov City by Sekyra Group
RO Timpuri Noi Square, Phase 2 by Vastint Romania
PL Skyliner II by Karimpol

Best Legacy (Reconstruction) Development of the Year
HU Liget Center by WING
CZ Dunaj Palace by ZEITGEIST
RO Corner Office Building by Global Vision

Best Retail Development of the Year
RO Arges Mall by Prime Kapital
CZ Palac Savarin by CRESTYL
SK Spektrum Ružomberok by Mayflower Group
PL M Park Pionki by LCP Properties

Best Retail, Leisure & Hotel Upcoming Development of the Year
SK Point Liptovský Mikuláš by OPC Group
HU TRIBE Budapest Airport Hotel by WING

Best Warehouse Development of the Year
RO VGP Park Brasov, Inter Cars by VGP Romania
HU CTPark Szigetszentmiklós by SZG1 by CTP
SK Panattoni Park North (Lear Corporation) by Panattoni
CZ Urbanity Campus Tachov by Urbanity
PL Panattoni BTS TRILUX by Panattoni

Best Warehouse Buildup in Development of the Year
RO CTPark Bucharest West, BUW 24 by CTP
CZ Urbanity Campus Tachov phase 2 (38,500 sqm) by Urbanity
SK ARETE Park Danajska Streda by ARETE
HU CTPark Biatorbágy – BIA10ABC by CTP

Best Commercial Property Investment Transaction of the Year
CZ Eagle shopping centre portfolio by Star Capital Finance (€285 mil)
SK Retail Park portfolio sold to Patria Investiční Společnost (KLM Real Estate/CBRE)
RO M Core – Mitiska 25 retail parks portfolio by Mitiska REIM (EUR 219 million)
PL Silesia City Center by NEPI Rockcastle

Best Commercial Property Lease Transaction of the Year
HU Lufthansa Systems Budapest HQ (6,600 sqm) leased by Newmark VLK Hungary
CZ Main Point Pankrác (Orlen Unipetrol renewal 6,338 sqm) by Mint Investments
RO Pragmatic Play (12,200 sqm) at AFI Tech Park 2
RO Primark (5,000 sqm ) at VIVO! Cluj-Napoca
RO LPP (24,000 sqm) at CTPark Bucharest West
SK Slovenske Elektrarne (JTRE/Colliers)
PL The Bridge 24,500 sqm HQ Santander Bank Polska by Ghelamco

Best Asset Management Company of the Year
SK 365.invest
CZ ARETE
HU CPI Property Group
PL Griffin Capital Partners

Best Performing Real Estate Property Fund of the Year
CZ MINT rezidenční fond
SK Wood & Company
PL INVESTIKA Real Estate Fund

Best Real Estate Property Fund Management of the Year
CZ Accolade
HU Biggeorge Fund Management
SK IAD Investment
Best Law Firm of the Year
CZ Dentons
SK Kinstellar
HU Schoenherr
PL Dentons
RO Biris Goran

Best Tax & Finance Advisor of the Year
CZ TPA
SK TPA
RO Biris Goran

Best Constructor of the Year
RO Bog’Art
PL Budimex
HU Strabag
CZ Metrostav

Best Sustainable Systems Provider of the Year
RO WIREN
PL Goldbeck Solar
HU MVM Group

Best Commercial Design FIT-OUT (Project) of the Year
RO Coca Cola HQ @ Globalworth Campus B / Floors 4 & 12 by WEMAT Global
PL Museum of Modern Art in Warsaw

Best Project Management Company of the Year
RO Optim Project Management
PL Kajima Poland

Best Property/Facility Management Company of the Year
RO Coral Construct
HU CBRE
RO Colliers
PL White Star Real Estate

Best Architectural Firm of the Year
RO Chapman Taylor
PL APA Wojciechowski Architects

Best Local Commercial Real Estate Agency of the Year
HU ESTON International
SK HOLLAND AND COMPANY
RO Fortim Trusted Advisors
PL AXI IMMO

Best Residential Real Estate Agency of the Year
RO North Bucharest Investments
SK HERRYS
CZ LEXXUS NORTON

Best International Real Estate Agency of the Year
RO Cushman & Wakefield Echinox
CZ CBRE
SK CBRE
HU CBRE

Leadership of the Year
CZ Radim Bajgar, Mint Investments
SK Andrej Mardiak and Lukáš Šarközi, Mayflower Group
RO Ema Iftimie, Globalworth
PL Renata Osiecka, AXI IMMO

Best Overall Developer of the Year
RO Speedwell
HU Biggeorge Property
SK JTRE
CZ Sekyra Group
PL Panattoni

HOF Awards is the climax of the CIJ Awards series 2024, pitting the winning projects and companies from around Central & Eastern Europe against each other to determine who the Best of the Best really are. This year’s event features winning entries from the Czech Republic, Hungary, Poland, Romania, and Slovakia. In the event’s innovative and transparent voting system, a select group of real estate leaders from the region vote as a jury in combination with votes from selection CIJ readers from around the region.

The HOF Awards 2025 promises to be an unforgettable evening of excellence, networking, and industry recognition, honoring the “Best of the Best” in real estate! In order to attend HOF Awards 2025, please check our website for registration: https://hofawards.eu/

HOF Awards 2025 Confirmed Partners are: CPI Property Group, Revetas, Speedwell, Filip & Company, NEPI Rockcastle, NHOOD, Coral Construct, Carbon Tool, WIREN, Fortim Trusted Advisors, Safety Approach, ALUKÖNIGSTAHL, Optim Project Management, WEMAT, Bog’Art, Corporate Office Solutions, Reynaers Aluminium.