Inmobiliaria Colonial SOCIMI (COL) Q4 2025 earnings summary

Executive summary

• Delivered strong 2025 results with gross rental income of €399 million, up 8% year-on-year, and EPRA earnings of €211 million, up 9% year-on-year, confirming guidance.

• Net profit reached €344 million in 2025, up 12% year-over-year, with recurring net profit at €211 million, up 9%.

• Achieved 6% like-for-like rental growth, with Paris at 7% and a group re-leasing spread of 8% (16% in Paris).

• Over 147,500 sqm leased, generating €64 million in annualized rents, a 22% increase, with strong demand in all core markets.

• Integration of SFL completed, consolidating a single listed structure and enhancing pan-European presence.

Financial highlights

• Gross rental income: €399 million (+8% year-on-year); core portfolio delivered 6% like-for-like growth.

• EPRA earnings: €211 million (+9% year-on-year); EPRA EPS: €0.336, at upper end of guidance.

• Net Tangible Assets (NTA): €6.1 billion (€9.70/share), up 1% from 2024.

• Gross asset value: €12.2 billion (+5% from 2024, +3% like-for-like); all geographies contributed positively.

• Recurring EBITDA: €333 million (+4%); Net rental income: €371 million (+5% like-for-like).

Outlook and guidance

• 2026 EPS guidance: €0.34–0.35, reflecting net disposals and partial impact of potential acquisitions.

• Major EPS growth acceleration expected in 2027–2028, driven by Alpha X project deliveries.

• Long-term LTV target for 2028: below 40%.

• Ongoing disposal program of €500 million in non-strategic assets to optimize portfolio and reduce leverage.

• Capital Markets Day scheduled for May 21, 2026, to provide further EPS growth visibility.