Castellana Properties Socimi (YCPS) H1 2026 earnings summary

Executive summary

• Achieved record net profit of €61.8 million and EBITDA growth of 83.9% year-over-year for H1FY26.

• Revenue for the six months ended 30 September 2025 was €80.6 million, up from €44.4 million year-over-year, driven by expanded operations in Spain and Portugal.

• Portfolio value (GAV) increased 6.7% in H1 and 45% year-over-year, reaching €1.67 billion, driven by acquisitions and solid operational performance.

• Fitch upgraded credit rating to 'BBB' with stable outlook, reflecting disciplined management and strong fundamentals.

• The average occupancy rate of the property portfolio was 98.7%, with an average unexpired lease term of 8.9 years.

Financial highlights

• Reported GRI reached €63.2 million; consolidated FFO was €31.8 million, up 9.4% year-over-year.

• Operating profit before valuation of investment property was €49.8 million, up from €27.1 million year-over-year.

• NOI margin remained above 90%, with annualized overheads at 0.8% of GAV.

• Net LTV at 34.7%, all-in financing cost at 4.59%, and 97% of debt hedged at fixed rates.

• EPRA NTA stood at €904 million or €7.08 per share.

Outlook and guidance

• No debt maturities until FY29, with average debt maturity of 4.3 years.

• The group aims to maintain leverage ratios between 40-50%, with current leverage at 42.8%.

• Management expects continued stability in occupancy and rental income, supported by long lease terms and diversified assets.

• Continued focus on value creation through asset repositioning, acquisitions, and ESG initiatives.