Inmobiliaria Colonial SOCIMI (COL) Q1 2025 earnings summary

Executive summary

• Delivered strong Q1 2025 results with double-digit EPRA earnings growth, robust rental growth, and high occupancy, driven by a focus on prime assets and urban transformation strategies.

• Letting activity accelerated 61% year-over-year, with over 30,000 sq m signed and strong pricing power, supported by high-quality client base and prime CBD locations.

• Urban transformation initiatives, value-add projects, and a €200 million investment in a Pan-European Science & Innovation platform underpin future growth and sustained earnings momentum.

• High occupancy rates at 95% overall, with Paris at 100%, and signed rents up 7%; release spread on offices at 11%.

• Confirmed annual EPS guidance of €0.32–0.35/share, with consolidated net profit at €46 million, impacted by non-recurring items.

Financial highlights

• Gross rental income reached €97 million, up 4% like-for-like; net rental income at €89 million, up 5% like-for-like.

• EPRA earnings rose 16% year-over-year to €55 million; EPRA EPS nearly flat due to increased share count.

• Recurring EBITDA grew 3% year-over-year to €79 million; recurring net profit/EPRA earnings at €55 million.

• Overheads reduced and financial costs down by €5 million due to €500 million debt reduction.

• Net financial debt at €4,442 million with LTV stable at 36.0%; liquidity increased to €3,041 million, covering maturities until 2028.

Outlook and guidance

• Full-year EPRA EPS guidance maintained at €0.32–0.35/share; confident in maintaining guidance for 2025.

• Midterm EPS growth potential of 33% (2025–2028) from pipeline and transformation projects.

• Dividend of €0.30 per share, up 11% year-over-year, to be delivered shortly.

• Urban transformation and Science & Innovation platform expected to drive future growth.