Inmobiliaria Colonial SOCIMI (COL) Q4 2025 earnings summary

Executive summary

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

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

• Achieved robust rental growth and successful execution of the disposal program, exceeding targets and confirming asset values.

• 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 reached €399 million, up 8% year-over-year, with a 6% like-for-like increase; recurring EBITDA grew 4% to €333 million.

• EPRA earnings rose to €211 million, up 9% year-over-year; EPRA EPS at €0.336/share, at the upper end of guidance.

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

• Gross asset value increased to €12.2 billion, with 3% like-for-like growth and a 5% overall increase.

• Loan-to-value (LTV) reduced to 37.1% (pro forma); EPRA LTV at 45.4% after disposals; net debt at €4.97 billion.

Outlook and guidance

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

• Expect significant EPS growth acceleration in 2027–2028, mainly from Alpha X projects, with detailed guidance at the May 2026 Capital Markets Day.

• Long-term LTV target below 40% by 2028.

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

• Investment in Science & Innovation platform and selective acquisitions to enhance returns.