Inmobiliaria Colonial SOCIMI (COL) Q1 2026 earnings summary

Executive summary

• Delivered strong Q1 2026 results with 7% year-over-year rental income growth to €104m, resilient performance, and disciplined capital allocation, supported by robust leasing activity and superior rental growth, especially in Paris, Madrid, and Barcelona.

• Recurring net profit reached €55m, up 1% year-over-year, with recurring EPS at €8.74 cents, confirming 2026 guidance.

• Occupancy increased to 93.3%, up nearly 200bps since September 2025, with Paris portfolio at 95%.

• Over 37,000 sqm of leases signed, representing €17m in annualized rents, up 28% year-over-year.

• €350m of disposals executed year-to-date, representing 70% of the program, strengthening the capital structure and reducing leverage.

Financial highlights

• Gross rental income reached €104m (+7% YoY); recurring EBITDA was €83m (+5% YoY); like-for-like rental growth was +4%.

• Recurring net profit: €55m (+1% YoY); recurring EPS: €8.74 cents; consolidated net profit: €47m (+3% YoY).

• Net debt reduced by 6% versus 2H 2025, totaling €4,656m; LTV improved to 36.7%.

• EPRA LTV at 45.2%; average cost of debt remains at 1.92%.

• Liquidity exceeds €2.5bn, covering all debt maturities through 2029.

Outlook and guidance

• 2026 guidance remains on track, with recurring EPS and net profit in line with targets, supported by strong operational fundamentals and growth visibility.

• Future rental growth expected from project pipeline, especially Alpha X projects.

• Ongoing disposal program and buyback plan expected to further enhance EPS in 2H 2026.

• Capital Markets Day scheduled for June 4th, 2026.