Inmobiliaria Colonial SOCIMI (COL) Q1 2025 earnings summary

Executive summary

• Recurring net profit and EPRA earnings rose 16% year-over-year to €55m, with recurring EPS stable at €0.087/share and a 15% CAGR over three years.

• Gross rental income reached €97m, up 4% like-for-like, driven by strong performance in Madrid and new acquisitions.

• High occupancy rates at 95% overall, with Paris at 100%, and robust rental growth across core markets.

• Strategic focus on prime assets, urban transformation, and value-add projects underpins sustained earnings growth.

• Over 32,000 sqm of leases signed in Q1 2025, a 61% increase year-over-year, with signed rents 7% above market.

Financial highlights

• Gross rental income: €97m (+1% reported, +4% like-for-like year-over-year); net rental income: €84m–€89m (+5% like-for-like).

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

• Recurring EBITDA grew 3% year-over-year to €79m; recurring financial expenses improved to 1.61% of average net debt.

• Debt reduced to €4,442m; LTV stable at 36.0%; liquidity at €3,041m, covering maturities until 2028.

• Cost of debt at 1.77% (gross), 1.54% (net), with all debt fixed or hedged.

Outlook and guidance

• Full-year EPRA EPS guidance confirmed at €0.32–0.35/share; 2025 DPS guidance of €0.30/share, up 11% year-over-year.

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

• Continued investment in urban transformation and €200m in the Deeplabs Science & Innovation platform.

• Like-for-like revenue growth expected to remain in line with previous years, supported by project deliveries and reversion.