Castellana Properties Socimi (YCPS) H2 2025 earnings summary

Executive summary

• Achieved a transformational year with €837 million in transactions, including strategic entry into Portugal and major acquisitions and disposals in Spain and Portugal.

• Like-for-like GRI grew by 5.0% and NOI by 6.4% compared to FY24, with occupancy and rent collection at 98.4%.

• Net profit reached €91 million, driven by EBITDA growth, fair value changes, and dividends from investments.

• Portfolio expanded to 21 assets across Spain and Portugal, totaling 561,179 sqm GLA.

Financial highlights

• Gross rental income (GRI) increased to €82 million, with like-for-like growth of 5.0%.

• NOI reached €74.5 million, up 6.4% year-over-year; EBITDA rose 12.1% to €61.8 million.

• Funds from Operations (FFO) increased by 12.3% to €56.5 million.

• Net LTV reduced to 34.4% with €559 million net debt and average debt maturity of 4.7 years.

• EPRA NTA rose 32% to €904 million (€7.08/share); GAV grew 38% to €1.66 billion.

Outlook and guidance

• Expectation of further yield compression as interest rates decline, supporting future valuation growth.

• Ongoing optimization of commercial mix and value-add initiatives in Portugal and Spain to drive long-term growth.

• Positive investment-grade credit rating outlook, with no debt expiries until FY29.