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, high demand from top-tier clients, and robust leasing activity.

• Attributable net profit rose 190% year-over-year to €249m in H1 2025, driven by strong rental growth and asset value recovery.

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

• Strategic milestones 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 at €107m, up 17%; EPRA EPS at €0.171 for H1 2025.

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

• Gross asset value up 5% year-on-year to €11.9bn; net tangible assets at €6.0bn, up 1% from December 2024.

• 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.

• Growth phase anticipated following SFL merger and expansion into Science & Innovation sectors.

• Double-digit IRRs targeted for urban transformation and science & innovation projects.