Kedipes payments to the state to exceed €2 billion by the end of 2026

State asset management company Kedipes expects its payments to the state to exceed €2 billion in the last quarter of 2026. As the company’s chairman, Lambros Papadopoulos, said, a further €120 million in cash will be returned to the treasury by the end of the year.

As of 4 September, the total amount of state aid returned had reached €1.93 billion. This included €1.76 billion in cash, the transfer of 247 properties worth €48 million, €110 million in costs under the “mortgage-to-rent” scheme, and a further €13 million under the Estia programme and other mechanisms.

In the first half of 2026, regular cash inflows amounted to €162.9 million, compared with €161.5 million in the same period of 2025 — an increase of 0.9% amid the continued reduction of the portfolio. Operating and asset management expenses fell by 11.6% to €43 million, from €48.6 million a year earlier.

Net cash flow after expenses and other obligations had been covered amounted to €74.4 million, 31.2% below last year’s €108.2 million. Since operations began on 1 September 2018, cumulative cash inflows have reached €3.1 billion, while cumulative net cash flow has amounted to €1.86 billion.

Papadopoulos noted that inflows were supported by early repayment schemes covering both performing and non-performing loans, while recoveries without the borrower’s consent were proceeding more slowly than projected in the business plan. The company has ruled out selling the loan portfolio and is focusing instead on recoveries and early repayments.

The volume of restructurings carried out by servicing company doValue in the first half of the year amounted to €304 million, compared with €321 million a year earlier. Since 2018, the company has provided solutions worth €5.6 billion in total — 76% of the original outstanding loan balance of €7.37 billion. Under the “mortgage-to-rent” scheme, 4,312 applications have been submitted, 1,268 approved and 896 homes acquired.

The updated business plan envisages the recovery of 90% of state aid — €3.2 billion — by 2030. Kedipes’ portfolio will retain assets with a nominal value of €2.4 billion.