Colonial SFL closed the third quarter of 2025 with a net profit of €294 million, representing an increase of €137 million compared to the same period last year. Recurring net income reached €156 million, up 6% year-on-year, with recurring earnings per share of 24.9 cents.
The group's rental income stood at €296 million, up 1% on the previous year and 5% on a like-for-like basis. Rental EBITDA amounted to €274 million, also with comparable growth of 5%. The company attributes this performance to the performance of its prime portfolio in Paris, Madrid and Barcelona and to the deliveries and acquisitions made, which have generated more than €8 million in additional revenue.
In Paris, gross revenue fell by 4% due to the refurbishment of the Condorcet (more than 25,000 sqm) and Haussmann (12,000 sqm) assets. However, on a like-for-like basis, there was a 6% increase thanks to the performance of assets such as Edouard VII, Louvre Saint Honoré, #Cloud and Cézanne Saint Honoré. In Madrid, rental income grew by 16% due to the entry into operation of the Madnum project and by 3% on a like-for-like basis. In Barcelona, growth was 2% year-on-year.
Retail activity reached 125,700 sqm signed in the first nine months of the year, with annual contracted rents exceeding €54 million, 26% more than in 2024. Paris added more than €20 million in annual rents through 21 contracts. Noteworthy are the more than 3 million signed at Louvre Saint-Honoré Bureaux, with rents exceeding €1,000 per square metre per year, and the contract for the 92 Champs-Élysées retail area, covering 2,121 sqm and generating €8 million per year, with a price exceeding €3,700 per square metre per year.
In Madrid and Barcelona, more than 111,000 square metres were contracted. Barcelona recorded 54,473 square metres, of which 40,028 square metres correspond to the 22@ district. The business centre and the Diagonal axis accounted for 13,295 sqm, with transactions at Diagonal 609 and Diagonal 682 and rental levels of around €30 per square metre per month. In Madrid, cumulative take-up reached 60,621 sqm, with more than 21,000 sqm signed in the Madnum complex.
The growth in rents signed by Colonial SFL exceeds current indexation levels by more than 300 basis points, with a 6% increase over market value at the end of 2024. Paris is once again the most dynamic market, with a 9% increase, followed by Madrid with 6% and Barcelona with 3%. In renovated spaces, the release spread reaches 9%, with 17% in Paris.
The group's occupancy stands at 91%, impacted by the addition of more than 70,000 sqm from Madnum and Haussmann, both of which are in the marketing phase. Excluding these assets, occupancy reaches 95%. By market, Paris stands at 96% (99% excluding Haussmann), Madrid at 86% (93% excluding Madnum) and Barcelona at 82%.
In terms of ESG, Colonial SFL maintains one of the highest ratings in the sector. Sustainalytics awards it 6 ESG risk points, placing the company in the top global percentile and among the top five out of a total of 950 real estate companies analysed. GRESB assigns 94 points out of 100 in the "Standing Investments Benchmark" and 98 points in the "Development Benchmark", placing it among the top four European companies in terms of assets in operation and as the sector leader in office project management.
On October, Colonial completed its merger with SFL, consolidating its structure as a pan-European platform with a presence in Paris, Madrid and Barcelona. The company highlights its prime portfolio, a pipeline capable of generating around €100 million in annual rental income after delivery, its alliance with Stoneshield Capital to develop science and innovation assets, and its asset rotation programme in Europe as growth drivers.
In the financial arena, Moody's confirmed a Baa1 rating with a stable outlook in September, while Standard & Poor's maintains a stable BBB+ rating. The Group has a portfolio valued at more than €12 billion, an LTV of 38.1% and liquidity of €2.802 billion between cash and available credit lines, sufficient to cover all maturities until 2028.
