Castellana Properties Socimi (YCPS) H2 2026 earnings summary

Executive summary

• Achieved record net profit of €168 million and EBITDA growth of 63% year-over-year, driven by strong operational and financial performance.

• Like-for-like GRI grew 6.2% and NOI increased 7.9% compared to FY25, with portfolio GAV up 6.6% to €2.2 billion as of May 2026.

• Maintained high occupancy (98.9%) and rent collection (98.6%), with 303 new leases signed and an average rent increase of 9.1%.

• Completed nearly €1 billion in transactions, recycling capital from retail park disposals into prime shopping centres in Madrid, Barcelona, and La Rioja.

• Received Fitch credit rating upgrade to 'BBB' with stable outlook, reflecting portfolio quality and disciplined management.

Financial highlights

• Net profit reached €168 million, up 87% from FY25; EBITDA rose to €101 million, a 63% increase year-over-year.

• Gross rental income (GRI) was €127 million, with annualized stable GRI potential of €170 million.

• Funds from Operations (FFO) amounted to €66 million, up 16.5% year-over-year.

• Net LTV improved to 33.4% and all-in financing cost reduced to 4.57%.

• EPRA NTA rose 24% to €1,124 million (€7.64 per share).

Outlook and guidance

• Portfolio expected to deliver €170 million in annualized stable GRI as new acquisitions and projects are fully reflected by FY28.

• Fitch maintains a stable outlook, citing diversified platform, resilient performance, and robust liquidity.