Colonial SFL closed the 2025 financial year with a net profit of €344 million, 12% more than the previous year. Recurring net income reached €211 million, representing a year-on-year increase of 9%, while recurring earnings per share stood at 33.6 cents, at the high end of the company's forecasts.
Rental income amounted to €399 million, with like-for-like growth of 6% and an acceleration to 7% in Paris. According to the company, this progress is due to demand in the prime office segment and the ability to capture increases in new contracts and renewals.
Commercial activity recorded a take-up volume of 147,500 sqm, equivalent to €64 million in annualised rents, 22% more than in 2024. In the prime portfolio, rents grew by 7%, with greater momentum in Barcelona and Madrid during the fourth quarter. In Paris, rents on sublet space increased by 16%.
At the same time, the company executed more than €300 million in divestments at prices in line with or above appraisal. These transactions have reduced net debt by more than €200 million and brought the pro forma LTV to 37.1%.
The gross asset value (GAV) rose to €12.203 billion, up 3% on a like-for-like basis. The net asset value (NTA) reached €6.085 billion, equivalent to €9.70 per share.
Pere Viñolas, CEO of Colonial SFL, said: "The 2025 results reflect the structural strength of our business model and the quality of our prime portfolio in Madrid, Barcelona and Paris. We have achieved solid rental growth above the market average, accompanied by high commercial activity. The acceleration of the divestment programme and the reduction of the pro forma LTV to 37.1% allows us to face 2026 with greater flexibility and financial strength."
Juan José Brugera, Chairman of Colonial SFL, points out that "the completion of the integration of Colonial SFL marks the beginning of a new phase of pan-European growth, supported by financial discipline, operational excellence and leadership in sustainability," adding that the company remains focused on maximising the value of the portfolio and identifying investment opportunities with attractive returns.
