Scope Ratings GmbH has affirmed its BB/Stable issuer rating for Summus Capital OÜ and maintained the senior unsecured debt rating of BB. The affirmation by Scope reflects Summus’ solid operating performance and successful expansion into Poland.
Summus Capital’s balanced, high-quality commercial property portfolio expanded beyond the Baltics into Poland in 2024. Total assets grew 32% year-over-year to €537 million (Scope-adjusted), with a net leasable area of 257,931 square meters, though Summus remains still small in European context. The increase was mainly driven by the acquisition of two Polish office properties with a combined value of over €100 million. Geographic expansion into Poland has broadened the company’s footprint, reducing dependence on the Baltic capitals. Occupancy remained strong at 98%, while the average lease term lengthened to 5 years, supporting stable and predictable rental cash flow.
“The affirmation by Scope highlights the strength and resilience of our portfolio as well as the success of our entry into the Polish market,” said Aavo Koppel, member of the Board of Summus Capital. “With a high occupancy rate and long lease terms, our diversified portfolio continues to provide a solid foundation for sustainable growth.”
The company’s Scope-adjusted EBITDA margin reached 88% in 2024, above peers, thanks to disciplined cost control, lean cost structure and energy efficiency measures. Scope expects profitability to sustain above 85%, driven by continued strong operating performance, high occupancy rates and the high share of CPI-linked lease contracts. Leverage, measured by the Scope-adjusted loan-to-value ratio, stood at 57% at year-end 2024, temporarily inflated by a VAT facility repaid in early 2025, with adjusted leverage closer to 54%.
“Our financial discipline and proactive balance sheet management have ensured that we remain well-positioned to pursue growth while keeping leverage under control,” said Aavo Koppel. “We see the stable outlook as recognition of our prudent approach to financing.”
Summus has demonstrated good access to debt capital markets and secured lending, as evidenced by recent transactions completed. The company’s proactive refinancing stance and long-dated debt maturity profile supports Scope’s view that liquidity and refinancing risks are manageable.
The outlook remains Stable, reflecting Scope’s expectation that Summus will continue to deliver solid operating performance and portfolio stability.
Rating report Summus Capital Scope 05092025
Scope affirms BBStable issuer rating on Summus Capital OU Scope Ratings European Rating Agency
