Inmobiliaria Colonial SOCIMI (COL) Q3 2026 earnings summary

Executive summary

• Nine-month gross rental income reached €310.5m, up 5% YoY; recurring net profit was €161.7m, up 4%, and recurring EPS rose to 26.0 cents.

• Prime leasing, Alpha X deliveries and capital recycling supported growth; €450m of disposals was secured, with €424m completed.

Financial highlights

• Gross rental income was €310.5m versus €295.7m in 9M 2025; like-for-like growth was 4%, including 1.3% from indexation.

• Recurring net profit was €161.7m, up 4%; recurring EPRA EPS rose to 26.0 cents from 24.9 cents.

• Recurring EBITDA was €259m, up 6%; net rental income was €283.6m, up 3%.

• Reported net profit was €279.9m, down 5%, including €120m from changes in asset values and provisions.

• Rental growth and delivered projects offset the effects of disposals and higher financial costs on recurring earnings.

Outlook and guidance

• FY 2026 EPRA EPS guidance of €0.34–€0.35 was confirmed; 2028 guidance remained €0.39–€0.41.

• Madnum and Haussmann had secured €25m of annualized gross rents, with further leasing potential.

• The Vita Group platform is expected to contribute to EPRA earnings and EPRA NTA and support a medium-term improvement in EPRA LTV.

• Madnum was expected to reach full occupancy in 2026; Sancho de Ávila was fully pre-let, Condorcet delivery was indicated for 2028, and Rives de Seine delivery extends into H1 2027.