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 consolidated net profit at €46m, impacted by non-recurring items.

• Gross rental income reached €97m, up 4% like-for-like, driven by strong performance in Madrid and new acquisitions; net rental income at €84m, up 5% like-for-like.

• High occupancy rates at 95% overall, with Paris at 100%, and over 32,000 sqm of leases signed in Q1 2025, a 61% increase year-over-year, with signed rents 7% above market.

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

• Launched a €200m investment in a Pan-European Science & Innovation platform (Deeplabs), targeting a levered IRR above 15%.

Financial highlights

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

• EPRA earnings increased 16% year-over-year to €55m; recurring EPS at €0.087/share.

• EBITDA: €74m (+3% year-over-year); recurring EBITDA €79.3m (+3%).

• Net financial debt at €4,442m; LTV stable at 36.0%; liquidity of €3,041m, covering all maturities until 2028.

• Recurring financial expenses improved 13% to 1.61% of average net debt; spot cost of debt at 1.77% (gross), 1.54% (net).

Outlook and guidance

• Management reaffirmed the 2025 annual EPS target of €0.32–0.35/share, with midterm EPS growth potential of 33% (2025–2028) from pipeline and transformation projects.

• 2025 DPS guidance of €0.30/share, representing 11% year-over-year growth.

• Continued investment in urban transformation projects exceeding 100,000 sqm and €200m in the Deeplabs Science & Innovation platform.