GMP Property SOCIMI (YGMP) H2 2024 earnings summary

Executive summary

• Consolidated revenue reached €118.3 million in 2024, up from €111.4 million in 2023, driven by higher rental income and property sales.

• Net profit attributable to the parent was €151.6 million, a significant turnaround from a €77.3 million loss in 2023, mainly due to positive fair value adjustments in investment properties.

• The average occupancy rate for office assets was 94.4%, reflecting strong demand in Madrid's prime office market.

• The company maintained a robust liquidity position, with €141.4 million in cash and equivalents at year-end.

Financial highlights

• EBITDA increased to €72 million from €67 million year-over-year, reflecting improved rental income and cost control.

• Fair value gains on investment properties totaled €100 million in 2024, compared to a €115 million loss in 2023.

• Net financial expenses were €17.1 million, with average debt cost at 2.2%.

• Basic and diluted EPS was €7.93, up from -€4.04 in 2023.

• Dividend of €23.9 million was paid in July 2024, with a proposed 2024 dividend of €35.6 million.

Outlook and guidance

• The company expects continued strong demand for prime office space in Madrid, with limited new supply and upward pressure on rents.

• No significant debt maturities until 2026, supporting financial stability.

• Ongoing focus on sustainability, with 71% of financing classified as green and carbon neutrality maintained for direct emissions.