Inmobiliaria Colonial SOCIMI (COL) Q4 2025 earnings summary

Executive summary

• Net profit reached €344 million in 2025, up 12% year-over-year, with recurring net profit at €211 million, a 9% increase, and EPS at 33.6 cents, at the top end of guidance.

• Gross rental income rose to €399 million, up 8% year-on-year, with 6% like-for-like growth, driven by prime assets in Paris, Madrid, and Barcelona.

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

• Over €300 million in disposals executed at or above appraisal values, supporting deleveraging and strengthening the balance sheet.

• Net tangible assets increased to €6.1 billion (€9.70/share), and gross asset value reached €12.2 billion (+5% from 2024).

Financial highlights

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

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

• Loan-to-value (LTV): 37.1% (pro forma), improved by 100 bps vs. Q3 2025; EPRA LTV: 45.4%.

• Net debt: €4.97 billion; liquidity: €2.24 billion, covering all maturities through 2028.

• Cost of debt: 1.91%, with nearly all debt fixed or hedged.

Outlook and guidance

• 2026 EPS guidance: €0.34–0.35, with 2025 DPS of €0.32/share, €50 million buyback, and 5 million share cancellation.

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

• Long-term LTV target for 2028: below 40% and continued focus on maximizing portfolio value.

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

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