Inmobiliaria Colonial SOCIMI (COL) Q2 2026 earnings summary

Executive summary

• Robust first half 2026 results with gross rental income up 5% year-over-year and recurring earnings up 4%, outperforming European real estate peers.

• Strong operational performance driven by prime CBD operations, project deliveries, and active capital recycling, with sector-leading occupancy and rental growth.

• Occupancy increased by 200 basis points to 94%, with over 60,000 sqm of leases signed and notable rental growth, especially in Paris.

• Disposal program nearly complete, with €440 million confirmed, supporting a solid capital structure and balance sheet.

• Guidance for 2026 and midterm targets reaffirmed, with strategic entry into Berlin's CBD and investment grade ratings maintained.

Financial highlights

• Gross rental income reached €207 million, up 5% year-over-year; like-for-like growth at 4%.

• EPRA earnings at €111 million, up 4% year-over-year; recurring EPS at €0.178 per share.

• Net tangible assets at €6.0 billion; NTA per share at €9.82, up 1–2% in six months.

• Gross asset value at €12.1 billion, up 2–3.4% like-for-like year-over-year.

• Loan-to-value at 36.7%, down 39 basis points since December; liquidity at €2.5 billion, covering maturities through 2029.

Outlook and guidance

• Full-year 2026 EPS guidance of €0.34–€0.35 per share confirmed; midterm (2028) EPRA EPS guidance reaffirmed at €0.39–0.41 per share.

• High reversionary potential in Barcelona (+21%), Madrid (+6%), and Paris (+7%) supports future rental growth.

• Letting activity and project deliveries expected to further support future earnings.

• Contract maturity profile provides high visibility over future revenues.