Inmobiliaria Colonial SOCIMI (COL) Q2 2025 earnings summary

Executive summary

• Prime asset focus and urban transformation drive sustained cash flow, value growth, and double-digit EPRA earnings growth, with strong performance in Paris, Madrid, and Barcelona.

• Urban transformation and project pipeline advancing, with significant pre-letting and high demand from top-tier clients.

• Attributable net profit for H1 2025 reached €249m, a 190% increase year-over-year.

• Merger with SFL is in final regulatory stages, expected to create a pan-European platform by the last quarter of 2025.

• Major strategic moves include a new joint venture with Stoneshield Capital for Science & Innovation assets.

Financial highlights

• Net rental income up 6% like-for-like year-on-year to €181m; EPRA earnings up 17% to €107m; EPRA EPS at €0.171 for H1 2025.

• Gross rental income grew 5% like-for-like to €197m; recurring EBITDA at €162m, up 3%.

• Gross asset value up 5% year-over-year to €11.86bn; net tangible assets at €6.0bn.

• Rental growth: 7% in Paris, 9% in Madrid, 3% in Barcelona; group release spread 9%, 20% in Paris.

• Occupancy stable at 95%; like-for-like valuation growth 4% year-on-year, led by Madrid at 6%.

Outlook and guidance

• Guidance for 2025 EPRA EPS maintained at €0.32–€0.35 per share, with confidence toward the upper end.

• Over €150 million in future rents expected from pipeline and reversion; short-term EPRA EPS to remain in guided range.

• Future growth to be driven by urban transformation projects, prime asset reversion, science and innovation initiatives, and capital recycling.