Delta Holding Posts €564 Million First-Half Revenue as Investment Cycle Expands

Delta Holding recorded €564 million in revenue and €70 million in EBITDA during the first half of 2026, with growth across real estate, logistics, food production and hospitality supporting higher operating results. Revenue increased 7.2% compared with €526 million in the first six months of 2025, while EBITDA rose 6.1% from €66 million. The group’s EBITDA margin remained broadly stable at approximately 12.4%, slightly below the 12.5% recorded a year earlier.

The Serbian privately held group paid €126 million into the state budget during the first half, compared with €110 million in the same period last year, representing an increase of around 14.5%. The figure includes broader fiscal payments and does not represent corporate income tax alone. Delta expects full-year revenue to exceed €1.3 billion and EBITDA to reach approximately €170 million. The target implies a full-year EBITDA margin of around 13.1%, requiring stronger second-half performance from property operations, seasonal trading activity and the planned opening of the InterContinental Belgrade.

Real estate investment programme exceeds €1 billion

Delta Real Estate delivered the strongest growth among the group’s major divisions, increasing first-half revenue by 40%. The division’s expansion is linked to an investment programme exceeding €1 billion through 2028, focused on Delta District, Delta Land, Delta Iron, hospitality assets and related mixed-use developments. The largest individual project is Delta District in New Belgrade, a 100,000-square-metre complex with an estimated value of approximately €400 million. The development includes the new InterContinental Belgrade, two residential towers and an A-class office building.

The hotel represents investment of more than €100 million and is expected to open by the end of 2026, ahead of Expo 2027. It will include around 203 rooms and create more than 200 jobs. The Serbian government has approved €17.1 million in investment incentives for the hotel, distributed through tranches during 2026 and 2027. Delta District also incorporates geothermal probes, heat pumps, solar installations and smart-building systems designed to reduce operating costs and support WELL and LEED certification.

The group’s second major Belgrade development, Delta Land, has an indicated investment value exceeding €450 million. Located on the former Sutjeska textile-complex site between Bulevar despota Stefana and Poenkareova Street, the mixed-use project will combine residential buildings, commercial space and social facilities. The first phase includes six residential and commercial buildings, a two-level underground garage, pavilions and landscaped areas. Plans include more than 1,000 trees and one hectare of greenery, while the first 533 apartments are expected to be completed near the end of 2028.

Delta expands office and hospitality portfolio

In Novi Sad, Delta Iron is scheduled to open in September. The office complex consists of four buildings with 46,000 square metres of total space, including approximately 40,000 square metres available for lease. The project is designed for LEED Platinum certification and includes an energy model described as 54% more efficient than the relevant global benchmark.

Delta’s hospitality operations increased revenue by 11% during the first half, with improved profitability reported across Crowne Plaza, Radisson Collection Old Mill, Hotel Indigo and InterContinental Ljubljana. The group’s Sava Centar hosted more than 230 congresses, corporate events and cultural programmes during the first six months, attracting over one million visitors.

The reconstructed venue is now in its third year of operation following Delta’s investment. The combination of Sava Centar with nearby hotel assets supports Delta’s position in Belgrade’s conference and events market by combining venue capacity, accommodation, catering and related services.

Distribution and logistics provide operational growth

Delta’s distribution business continued expanding, with Delta DMD revenue rising 14% in the first half of 2026. The company’s growth was supported by its portfolio of international and regional consumer brands. Delta DMD was also recognised by Diageo as partner of the year among operations in 35 countries. Distribution remains a lower-margin business compared with property and branded food production, with profitability influenced by fuel, labour, warehousing and working-capital costs.

Logistics subsidiary DTS is expanding operations in Slovenia, North Macedonia and Albania, increasing regional coverage beyond Serbia. The expansion provides access to additional markets but also introduces new requirements for depots, fleet utilisation, taxation and cross-border working capital management. The logistics platform supports Delta’s wider operations by handling products from its food, beverage, consumer and e-commerce businesses while also serving external customers.

Food production grows through acquisitions and partnerships

Delta’s manufacturing operations recorded significant increases during the first half. Meat producer Yuhor increased revenue by 20% following the acquisition of Food Star Plus, adding poultry-processing capacity and expanding its product range. The acquisition creates opportunities for integration with Delta DMD’s distribution network and the group’s logistics operations.

Beverage producer Mioni increased revenue by 30%, strengthening its role in contract manufacturing of water and non-alcoholic beverages. The company’s growth is linked to outsourced production, although profitability remains dependent on production volumes, customer agreements and management of costs including energy, packaging and transport. Delta Agrar continued investment in digitalised production, machinery upgrades and livestock operations.

Through cooperation with Ferrero, the company plans to expand hazelnut plantations to 1,000 hectares by the end of 2027. Delta Agrar also launched distribution of Corteva Agriscience’s Brevant seed portfolio for Serbian farmers, expanding its agricultural services offering.

Automotive division adds electric vehicle brands

Delta Auto maintained its position in Serbia’s premium vehicle market through BMW and MINI, with the BMW iX3 contributing to record electric-vehicle sales for the brand. The company is also expanding into new segments through Farizon commercial vehicles and the addition of AVATR, a premium Chinese electric vehicle brand. Farizon targets commercial users including logistics operators, utilities and corporate fleets, where total ownership costs, charging infrastructure and vehicle utilisation influence purchasing decisions. Delta’s logistics operations could provide internal demand for electric commercial vehicles through DTS, creating operational experience for future fleet customers.

Ananas expands e-commerce platform

Delta’s e-commerce platform Ananas now offers more than 1.2 million products and attracts over two million unique visitors monthly. The company reports that Ananas ranks first in Serbia for e-commerce brand recognition and continues expanding regionally.

The platform’s growth supports Delta’s broader logistics and distribution network, although profitability depends on factors including merchandise volume, commissions, customer acquisition costs, fulfilment expenses and returns management. Ananas has also invested in cybersecurity, with RiskRecon’s assessment placing the platform among the region’s more secure online-shopping services.

Renewable energy and artificial intelligence initiatives

Delta has launched more than 150 artificial-intelligence initiatives across its businesses through its AI Shift programme. The programme includes use of Claude-based tools and employee training across group companies. Delta also aims to source 60% of its energy from renewable sources by 2030.

The target covers operations including real estate, logistics facilities, food production sites, hotels and other energy-intensive assets. The company expects the transition to involve renewable electricity sourcing, improved energy efficiency and increased monitoring of energy consumption. Delta’s first-half performance leaves the group needing stronger results in the second half to achieve its annual targets. To reach more than €1.3 billion in revenue, Delta would need at least €736 million in second-half revenue, while achieving €170 million EBITDA requires approximately €100 million EBITDA during the final six months of 2026.