Inmobiliaria Colonial SOCIMI (COL) Q3 2025 earnings summary

Executive summary

• Prime asset strategy and urban transformation projects drive strong rental growth and earnings, with high demand in core CBD locations and robust letting momentum in Paris, Madrid, and Barcelona.

• Merger with SFL completed, creating a leading pan-European platform with enhanced scale and visibility.

• Urban transformation pipeline and science & innovation platform support future growth and value creation.

• Sustainability leadership recognized, with top rankings in GRESB and Sustainalytics.

Financial highlights

• Gross rental income reached €296m, up 5% like-for-like year-over-year.

• EPRA earnings rose to €156m, a 6% increase YoY; EPRA EPS at €25.9 cents.

• Recurring EBITDA at €244m, up 1% YoY; recurring earnings per share increased from 24.9 to 25.9 cents.

• Net debt increased to €4.9bn, with a loan-to-value (LTV) ratio of 38.1%.

• Financial cost of debt remains low at 1.89%, with 93% of debt hedged at fixed rates.

Outlook and guidance

• Full-year EPRA EPS guidance maintained at €0.33–0.34, with expectations to remain at the higher end of the range.

• More than €150m of future rents anticipated from pipeline and reversion, with €100m expected from project pipeline between 2025 and 2028.

• Double-digit IRR and additional EPS growth targeted over the next few years, driven by urban transformation, prime asset reversion, third-party capital initiatives, and capital recycling.

• Like-for-like revenue growth expected to remain in line with previous years.

• €500m in disposals planned over the next 18–24 months, with high visibility on two-thirds of the target.