Castellana Properties Socimi (YCPS) H1 2025 earnings summary

Executive summary

• Achieved like-for-like gross rental income (GRI) growth of 2.3% and net operating income (NOI) growth of 2.1% compared to H1FY24.

• Net profit for the six-month period ended 30 September 2024 was €32.99 million, up from €16.22 million year-over-year.

• Entered the Portuguese market with the acquisition of three shopping centres for €176.5 million.

• Maintained high occupancy at 98.6% and rent collection at 99.0%.

• Signed 83 new leases, generating €6.9 million in new rent with an average rent increase of 45.5%.

Financial highlights

• GRI increased to €36 million, with like-for-like growth of 2.3% versus H1FY24.

• NOI for H1FY25 was €32.8 million, up 2.1% year-over-year; NOI margin remained above 90%.

• Net profit rose to €32.99 million from €16.22 million in H1FY24.

• Funds from operations (FFO) amounted to €29 million.

• EPRA NTA increased to €816 million (€7.07 per share) at 30 September 2024, up from €687 million (€6.39 per share) at 31 March 2024.

Outlook and guidance

• No debt expiries until FY29, with average debt maturity extended to 4.6 years.

• The Board approved a €10 million distribution to shareholders after the reporting period.

• Focus on recycling capital from asset disposals into accretive growth opportunities.

• Continued execution of growth strategy in Iberia and the rest of Europe.

• The company expects continued financial stability and positive cash flows, supported by recent acquisitions and refinancing.