Lar España Real Estate SOCIMI (LRE) Q4 2024 earnings summary

Executive summary

• Consolidated revenue reached €91.8M in 2024, mainly from rental income, with a 96.8% occupancy rate across 479,487 sqm of retail and commercial space.

• Net consolidated profit was €60.6M, up from €36.8M in 2023, driven by positive revaluation of investment properties and cost control.

• Helios RE, S.A. acquired 92.17% of Lar España via a public tender offer, leading to delisting from Spanish stock exchanges and relisting on BME Scaleup in February 2025.

• The group distributed €66.1M in dividends in 2024 and proposed a further €355.6M for 2025, equating to €4.25 per share.

• The company maintains a strong sustainability focus, with 100% of assets BREEAM certified and ongoing ESG initiatives.

Financial highlights

• EBITDA reached €53.2M, with a positive fair value adjustment of €19.3M on investment properties.

• Net financial debt stood at €420.9M, with a leverage ratio of 32.35%.

• Cash and equivalents at year-end were €246.9M, with ample liquidity and no significant off-balance sheet exposures.

• ROE was 6.97% and ROA 3.83%, both improved year-over-year.

• The group completed partial bond buybacks, reducing financial expenses and registering a €20.5M gain in 2023.

Outlook and guidance

• Management expects continued positive performance in 2025 and beyond, supported by a high-quality retail portfolio and active asset management.

• The company aims to maintain leadership in Spanish retail real estate, focusing on value creation, sustainability, and stable returns.