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Reflections and Gratitude: A Year-End Letter from CEO

BALFIN Sh.p.k. CEO, Edlira Muka, addresses all colleagues through this year-end letter, celebrating our shared successes, thanking everyone for their commitment, and looking forward with optimism to the opportunities and achievements that 2026 will bring.

Dear colleagues,

Before the year ends, I would like to pause and reflect on the journey we have shared in 2025.

This year has been demanding but also meaningful, marked by growth, responsibility, and important milestones for BALFIN Group. So, I truly want to thank each of you for the commitment, discipline, and care you bring to your work.

This year marked several defining moments for our Group.

The banking sector delivered outstanding results. Tirana Bank was recognized with three major awards, positioning it as the most innovative and best-performing bank in the country. These achievements reflect strong leadership, disciplined execution, and a clear focus on customer needs and digital advancement.

In hospitality and tourism, we reached a historic milestone with the opening of Green Coast Hotel – MGallery Collection, the first five-star internationally branded hotel on the Albanian Riviera. The successful launch of this renowned brand is the result of the collective effort of many teams across the Group. It stands as a clear example of what can be achieved through collaboration, long-term vision, and high standards of execution.

In retail, we continued to strengthen our regional footprint by introducing two well-known European brands to the Western Balkans. The arrival of the French brand Kiabi and the Danish brand Flying Tiger Copenhagen represents an important step in diversifying our portfolio and bringing trusted international concepts closer to consumers in the region.

In real estate, 2025 was a year of further expansion and consolidation. In Austria, we began the reconstruction of what will become the second-largest hotel in Vienna, alongside additional residential and commercial developments. At the same time, our activities in the United States continued to grow, reinforcing our presence in key markets and confirming our long-term commitment to high-quality real estate investments.

Looking ahead, 2026 will open new chapters for BALFIN Group. We are aiming to expand across multiple new international markets, with several important projects already in development. These upcoming steps will further strengthen our global presence and create new opportunities across our businesses.

I wish 2026 brings to you and your families health, peace, and prosperity. Thank you for your trust, your dedication, and for bringing your passion and talent to BALFIN Group every day. I am proud to share this journey with all of you and excited for what we will accomplish together in the year ahead.

With warmest regards,

Edlira Muka

Kiabi is a globally recognized French fashion brand offering affordable, stylish clothing for the entire family. Known for its inclusive collections and trend-conscious designs, Kiabi promotes fashion that is accessible to all. BALFIN Group proudly represents Kiabi in the Western Balkans, bringing the brand’s vibrant energy and customer-first spirit to new markets through modern retail spaces and omnichannel experiences.

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Located within the Vlora Marina urban development project, the upcoming Marriott Hotel will offer 150 luxurious rooms and bring Marriott International’s renowned hospitality standards to Albania’s southern coast. The hotel will feature signature dining experiences, personalized concierge services, and stateof-the-art fitness and leisure facilities. Part of a larger mixed-use development with a marina for yachts and branded residences, Marriott Hotel in Vlora is set to become a new icon of five-star hospitality, supporting the transformation of Vlora into a premier Mediterranean destination.

Green Coast Hotel – MGallery Collection, developed by BALFIN Group, represents a transformative milestone in Albania’s hospitality industry as the first MGallery hotel in the country. Situated at the edge of the Green Coast promenade, within Albania’s only Blue Flag-certified beach, the hotel reflects the renowned standards of Accor Group. Featuring 131 elegantly designed rooms and suites with panoramic views of the Ionian Sea, the hotel offers a range of premium amenities, including a five-star wellness spa and four distinct dining and leisure venues: Mosaic Restaurant, Mente Lobby Bar, Vela Beach Bar, and Bliss by the Pool. A perfect blend of natural beauty, historical significance, and refined hospitality, Green Coast Hotel – MGallery Collection enhances Albania’s reputation as a premier Mediterranean destination while setting new standards for sustainable, high-end tourism in the region.

HyperActive in Kosovo, now one of BALFIN Group’s projects, embodies an innovative approach to family entertainment. Featuring attractions like gokarts, laser tag, AR bowling, escape rooms, soft play zones, and interactive games, it offers immersive experiences for all age groups. With plans to expand to Albania, North Macedonia, Austria, and Germany, and €34 million earmarked for the Balkans alone, BALFIN is setting new standards in the sector. HyperActive goes beyond fun, creating spaces that encourage connection, joy, and shared experiences across generations.
Tirana Business University (TBU), supported by BALFIN Group, is a leading private academic institution dedicated to developing future professionals in business and technology. By aligning academic programs with industry demands, TBU bridges the gap between education and the job market, nurturing a new generation of skilled leaders poised to drive economic growth and innovation in Albania and the region.
Stella Mare is the exclusive representative of Maersk Line and Seago Line in Albania, Kosovo, and North Macedonia. Specializing in containerized shipping, Stella Mare provides global transport connections with weekly services through the Port of Durrës. Offering the fastest refrigerated shipping services from South America and customized logistics from Asian and European ports, Stella Mare ensures efficient, reliable maritime logistics for a broad client base.
Milšped Albania provides end-to-end logistics solutions, offering warehousing, distribution, customs clearance, e-commerce services, and international transportation by road, air, sea, and rail. A joint venture between BALFIN Group and Milšped Group, Milšped Albania utilizes a robust regional network across the Western Balkans to deliver reliable, integrated supply chain services tailored to the diverse needs of various industries. Milšped partners with global leaders such as Coca-Cola, Philip Morris, Geodis, JC Trans, MSC, DHL, H&M, Rhenus Group, and many more.
Tirana Logistic Park (TLP) is one of the Albania’s largest and most modern logistics facility, strategically located between Rinas International Airport and the Port of Durrës. Covering 36,000 m² , TLP offers warehousing, inventory management, local distribution, freight forwarding, and value-added services such as packaging, processing, and labeling. With seamless access to Albania, Kosovo, and North Macedonia, TLP serves as a vital logistics hub enabling faster, more efficient regional and international trade.
Happy is BALFIN Group’s fintech platform, delivering a comprehensive range of regulated digital financial services in Albania. Established in 2020, Happy has evolved beyond loyalty programs to offer integrated electronic payment processing, digital wallet services, Buy Now Pay Later (BNPL) credit solutions, and the issuance of electronic money. Its service portfolio supports both individuals and businesses, enabling seamless, secure, and flexible payment solutions. Through its mobile application for customers and its all-in-one POS/kiosk systems for business clients, Happy provides an end-to-end digital ecosystem for modern financial transactions. Licensed under Albania’s financial services regulations, Happy will ensure the highest standards of security, compliance, and customer experience. By combining innovation, technology, and strategic vision, Happy is leading the digital financial transformation in Albania and setting new benchmarks for financial inclusion and smart commerce across the country.
Founded in 1996, Tirana Bank is the first privately-owned bank in Albania and a recognized pioneer in the country’s financial sector. With 35 branches across all major cities, industrial areas, and a wide ATM network, the bank ensures nationwide coverage and a strong local presence. Since becoming part of BALFIN Group in 2019, Tirana Bank has entered a new phase of dynamic growth. By the end of 2024, total assets surpassed €1.63 billion, driven by strong performance across all business lines. The bank achieved record profitability, robust loan portfolio growth, and continued base expansion, outperforming industry averages. Tirana Bank’s strategy is anchored in sustainable growth, customer-centric innovation, and digital transformation. Investments in cutting edge online and mobile banking platforms, as well as end-to-end digital lending, are reshaping the customer experience. With a forward-looking approach and a clear commitment to excellence, Tirana Bank is firmly positioned as one of the most agile and future ready banks in Albania.
Founded in 2023, Balfin Asset Management goes beyond traditional property management by shaping and operating high-end destinations with a strong tourism and lifestyle focus. It integrates asset management, operations, and destination development to drive long-term value and a fulfilling guest experience. The company oversees over 50,000 m² of hospitality and commercial spaces, delivering more than 20 tailored services, including strategic consulting on mix use development, operations leadership, and commercial concept development. Flagship projects include Galeria by TEG, La Vista, Green Coast, Green Coast Promenade, and Vala Mar Coastline. With a client-centered and integrated approach, Balfin Asset Management & Hospitality delivers exceptional value in Albania’s growing hospitality, lifestyle, and mixed-use development sectors.
WEST PARK 2

West Park, established in 2020, is Albania’s pioneer in the retail parks sector, introducing the innovative “big box” shopping
concept, by offering a lively shopping experience featuring multiple retailers, entertainment, and dining options, all within modern
facilities and convenient parking. Its first location in Korça set a new standard for retail in the region, delivering not just
convenience but a vibrant and engaging customer experience. Building on this success, West Park is actively expanding to new
cities across Albania and North Macedonia, aiming to reshape the regional retail landscape through innovation. Our focus on
sustainability and eco-friendly solutions ensures that we not only meet customer need, but also contribute to a better future
shopping experience.

Established in 2007, ACREM is Albania’s leading real estate and commercial asset management company. Introducing international standards to the local market, ACREM manages premier shopping centers like TEG and QTU as well as residential properties, logistics parks, and office spaces. With a strong team of experienced professionals, ACREM provides a full range of services, enhancing operational efficiency, customer experience, and asset value across its diverse portfolio.
The first and only lifestyle center in the Albanian Riviera, La Vista is a unique commercial and leisure destination within Green Coast Resort, blending retail, dining, and entertainment into a modern Mediterranean oasis. Spread over 17,717 m² across two levels, La Vista hosts 20 commercial and service units, offering restaurants, cafés, shops, clubs, and recreation areas. Designed to elevate the resort experience, it also provides 360 parking spaces to accommodate both residents and visitors.
The first and only shopping center in the Albanian Riviera, Galeria by TEG is a must-visit destination for all tourists along the southern coast. Located within Green Coast Resort, it offers a curated selection of mid to high-end fashion, and dining brands. Conceived as a leisure hub that blends global retail with local culture, Galeria by TEG spans 6,630 m² and is designed to enhance the Mediterranean lifestyle of the Albanian Riviera.
west park 1

West Park in Korça is a flagship project that showcases a unique commercial facility featuring well-known brands and inviting
public areas. Officially opened on August 2022, it marks the first investment of its kind in BALFIN Group’s portfolio in
Albania. The selected brands have been carefully chosen to meet the daily lifestyle needs of consumers, offering products
across key sectors such as food, toys, electronics, fashion, and home interior. Strategically located to stimulate regional
development, West Park covers a Gross Leasable Area of 5,500 m²
, serving as both a shopping destination and a catalyst
for community revitalization.

East Gate Mall is the newest urban center of Skopje and the first fifth-generation shopping destination in the region. Spanning 160,000 m² of total area, it houses 220 stores featuring over 600 brands, The mall proudly hosts 20 exclusive brands not found elsewhere in the region. With five levels of retail, dining, and entertainment spaces and 2,000 parking spaces, East Gate Mall is a premier lifestyle hub with a Gross Leasable Area of 62,000 m² and 8.2 million visitors annually.
TEG (Tirana East Gate) is the largest and most diverse shopping destination in Albania, offering exclusive brands, entertainment areas, restaurants, and cafés, all in an eco-friendly architectural design utilizing natural light and solar energy. A benchmark for modern retail experiences, TEG combines shopping, leisure, and gastronomy to provide maximum comfort for visitors. It features a Gross Leasable Area of 56,000 m² and attracts more than 10.5 million visitors annually.
Opened in 2005, QTU (Universe Shopping Centre) is Albania’s first shopping center and a milestone in the country’s retail evolution. With a modern interior design and a wide range of offerings — from fashion and electronics to dining and entertainment — QTU redefined the shopping experience for Albanian consumers. It hosts popular brands like Neptun, Jumbo, and SPAR Hypermarket, catering to every family need under one roof. QTU spans 29,000 m² of Gross Leasable Area (GLA) and welcomes over 7.1 million visitors annually.
real estates
Founded in 2018, Balfin Real Estate is a leading provider of integrated real estate services, supporting clients across the full property lifecycle. With a portfolio of 25 managed projects and an elite portfolio of premium properties valued at €1.3 billion, the company has achieved an impressive annual sell-out of approximately €170 million in 2024. Balfin Real Estate delivers comprehensive solutions in sales, marketing, property advisory, and customer relationship management, ensuring excellence at every stage of the process. Operating in Albania, Kosovo, North Macedonia, Switzerland, Austria, and soon expanding to the United States, the company is rapidly extending its international footprint. With 37 partnerships with international agencies, Balfin Real Estate combines global expertise with a strong focus on innovation, client satisfaction, and long-term value creation.
construction
With over two decades of expertise, Balfin Construction is one of Albania’s leading forces in modern construction, having delivered high-quality residential, commercial, industrial, and touristic projects. The company is recognized for managing projects of varying complexity, combining functionality, innovation, and architectural excellence. Completed signature projects such as Green Coast, Vala Mar Residences, Rolling Hills Luxury Residences, QTU, and TEG showcase the company’s commitment to quality.
canada
Balfin Canada marks BALFIN Group’s strategic entry into the Canadian real estate market by delivering high-quality residential solutions tailored to local needs. Upholding its core values of innovation, quality, and sustainable growth, the company is making its mark with its first project in Vancouver and a second development underway in Langley City. In collaboration with experienced local developers, Balfin Canada reflects the Group’s commitment to excellence and long-term value creation, reinforcing its vision to grow and strengthen its presence in North America.

Founded in 2018, Balfin Austria focuses on real estate investments that combine distinctive architectural design with the highest quality standards. Operating through its subsidiaries, Balfin Austria has developed six projects, each aligned with European sustainability benchmarks, embodying BALFIN Group’s commitment to innovation, responsibility, and excellence at the heart of Europe.

 

Founded in 2023, Balfin Americas is making significant strides in the U.S. real estate market through strategic investments. The company’s portfolio includes 4 key projects, including a prestigious commercial property in New Jersey, along with several impactful developments focused on sustainability and community growth. These projects prioritize affordable housing, local economic development, and high-quality living spaces. With a commitment to thoughtful design and community-oriented planning, Balfin Americas aims to drive long-term value and contribute to the revitalization of key urban neighborhoods.
skopje

Skopje East Gate is the visionary company behind North Macedonia’s first integrated mixed-use project, Skopje East Gate. Combining East Gate Mall, East Gate Living residential complex, and East Gate Business offices, the development delivers a 360- degree urban lifestyle. The project transforms the heart of Skopje with modern retail, residential, and business spaces, reflecting BALFIN Group’s commitment to shaping vibrant, future-ready city environments across the Western Balkans.

 

Green Coast is an investing company dedicated to developing and managing premium tourism and residential assets along Albania’s Ionian Riviera. As a key player in the region’s upscale real estate and hospitality landscape, Green Coast combines visionary development with long-term value creation, offering discerning investors and residents a unique blend of natural beauty, architectural excellence, and high-end services. The company’s flagship destination includes exclusive villas, a vibrant beachfront promenade, Galeria by TEG, and Albania’s first Blue Flag-certified beach, setting a new benchmark for coastal living in the region. Continuing its growth trajectory, Green Coast has expanded its portfolio with the introduction of the Green Coast Hotel – MGallery Collection by Accor, complemented by a curated selection of dining, wellness, and entertainment experiences. Visit Website
Balfin Development began its journey in 2002 as Mane TCI (Trade, Construction, Investment) and evolved in 2022 into an investment company that develops and manages some of the most prestigious residential, tourism, industrial, and commercial real estate projects across Albania. It has set new market standards by significantly enhancing community lifestyles through projects such as Green Coast Resort & Residences, Vala Mar Residences, Rolling Hills Luxury Residences, Vlora Marina, Univers City, and more. Balfin Development also revitalizes underused areas, transforming them into self-sustaining communities with public parks, recreational spaces, and educational facilities. Our company goes beyond construction, crafting sustainable, elevated lifestyles, and reshaping the perception of urban living.
Established in 1993 in Vienna, Austria, Alba-Trade GmbH is a leading distributor in the consumer electronics sector and telecommunications, specializing in household electronic goods. The company builds strong partnerships with top global technology brands and holds exclusive distribution rights for Samsung and Xiaomi in the Western Balkans. As an official Samsung online reseller in Austria, Alba-Trade delivers market-leading products at competitive prices, combining decades of expertise with a deep understanding of regional market dynamics.

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Established in 2020, Happy is a customer-centric company that specializes in elevating customer experiences and retention. Their comprehensive range of services includes loyalty programs, in-depth market analysis using metrics like NPS and CSI, and efficient online/offline customer service. Moreover, they excel in social media management, online order handling, and telesales. Happy SH.P.K manages the Happy Loyalty program in Albania, as part of the wider Happy ecosystem across the region. Altogether, the program counts around 900,000 members in Albania, Kosovo, and North Macedonia, making it the largest loyalty platform of its kind.

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Fuego is a trusted name in the Western Balkans, recognised for offering high-quality white and brown goods that blend modern design with durability and everyday practicality. With a focus on dependable performance and customer-centric service, Fuego has earned a reputation for making life at home effortlessly better—living up to its philosophy of being the easy solution for every household.

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Flying Tiger Copenhagen is a Danish lifestyle brand renowned for its unique, affordable products that inspire creativity and joy. Offering a diverse range, from home décor to stationery and toys, the brand’s playful and colorful designs bring everyday happiness to customers worldwide. Through a strategic partnership with BALFIN Group, Flying Tiger Copenhagen is set to expand its presence in the Western Balkans, establishing 50 stores across Albania, Kosovo, North Macedonia, Bosnia and Herzegovina Serbia, and Montenegro.

Kid Zone Network, part of BALFIN Group, operates as the franchise of Jumbo S.A. in Albania (since 2011), Kosovo (2014), Bosnia and Herzegovina (2017), and Montenegro (2019). With 26 superstores across the region, Kid Zone has established itself as a leading brand in the retail sector. In 2024, the company achieved €100 million in sales, reinforcing its market leadership through continuous innovation and an unwavering commitment to customer satisfaction, both in-store and online. Jumbo is an international retail company specializing in a wide assortment of products, including home goods, toys, baby items, seasonal and decorative products, stationery, and more. With over 30,000 items featuring unique designs, high quality, and competitive prices, Jumbo consistently delivers value and variety to its customers.

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Neptun International is a leading retailer of consumer electronics and home appliances in the Western Balkans. Established in Albania in 1993 and expanded to North Macedonia (1998), Kosovo (2007), and Bosnia and Herzegovina (2024), Neptun operates 96 physical stores supported by a dynamic e-commerce platform. Serving over 400 business partners, the company focuses on delivering a seamless omnichannel experience, offering customers innovative shopping solutions and maintaining its leadership across diverse markets. Neptun also implements a loyalty scheme that rewards customers across countries. Additionally, Neptun provides strategic franchise opportunities empowering businesses to leverage its brands, innovation, and market leadership.

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Neptun is a major distributor of consumer electronics and home appliances across Albania, North Macedonia, and Kosovo. Partnering with global brands like LG, Bosch, Philips, Samsung, Beko, SEB Group, Electrolux, HP, Apple, and Dyson, while also developing its own brand Fuego, Neptun delivers a full range of quality products. Neptun proudly extends its expertise beyond individual consumers to wholesale and B2B services. Catering to the dynamic needs of the HORECA industry, Neptun provides tailored solutions that empower businesses with top-tier products and seamless supply chain support.

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Founded in 2008, Elektro-Servis SH.P.K., is a leading provider of household and electronic appliance maintenance services in Albania, with regional expansion in North Macedonia and Kosovo. As the exclusive after-sales service partner for Neptun International, the company offers reliable repair and maintenance services, ensuring customer satisfaction long after purchase. Elektro-Servis holds exclusive servicing rights for renowned global brands like Samsung, LG, Sony, and Beko, among others. With a team of certified professionals, Elektro-Servis delivers high-quality technical solutions, demonstrating expertise, efficiency, and adaptability to meet the evolving demands of modern technology and product innovations across the region.

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