Castellana Properties has presented its results for the first half of its fiscal year, covering 1st April to 30th September 2025. During this period, the company posted a net profit of €61.8 million, up 87.3% on the same half of the previous year. Net operating income reached €56.9 million, an 8.7% increase on a like-for-like basis, reflecting the sustained performance of its portfolio.
EBITDA stood at €49.8 million, up 83.9% year-on-year, while Gross Rental Income (GRI) totalled €63.2 million, with like-for-like growth of 8.2%. In terms of gross asset value (GAV), the company recorded €1.772 billion, 6.7% more than six months earlier and a comparable increase of 2.3% compared to March 2025. This performance includes the acquisition of Forum Madeira in April, the company's fifth asset in Portugal.
The financial structure remains stable, with 97% of debt at fixed rates, a net LTV of 34.7% and an average maturity of 4.3 years. The total cost of debt fell to 4.59%. In addition, Fitch Ratings upgraded the company's credit rating to BBB with a stable outlook.
During the fiscal half-year, the company signed 196 contracts — 84 renewals and 112 new agreements — representing €13.1 million in rent, 7.5% more than the previous rent. In Spain, 152 contracts were signed, totalling 32,335 sqm, and in Portugal, 44 contracts were signed, equivalent to 4,884 sqm. The occupancy rate of the portfolio stood at 98.7% and the collection rate at 98.0%.
Total footfall increased by 3.5%, with growth of 4.0% in Spain and 2.7% in Portugal. Among the most dynamic assets is El Faro, where the addition of new brands boosted footfall by more than 33%. Granaita recorded a 7.5% increase following the renovation of its commercial offering, while Vallsur grew by 4.6% with the second phase of its value-added project. In terms of sales, the portfolio recorded a 4.2% increase at group level, with improvements of 4.3% in Spain and 4.0% in Portugal. The most active categories were Culture, Media and Technology (+9.4%), Home (+6.7%), Leisure and Entertainment (+6.5%), Food (+5.6%) and Fashion (+4.1%). Sales in shopping centres increased by 3.7% and in retail parks by 6.5%.
In the case of Bonaire, one year after the impact of the DANA, the asset consolidated its recovery with a 2.7% increase in sales, 97.8% occupancy and the signing of 24 contracts that raised rents by 12.6% on average.
In terms of ESG, the company obtained the maximum 5-star GRESB rating for the second consecutive year, renewed its Great Place to Work certification for the fifth year —with a confidence index of 91%— and received EPRA Gold for its financial and sustainability indicators. It was also recognised at the 21st Spanish Congress of Shopping Centres and Retail Parks (AECC 2025) for its loyalty programme, which has led to a 20% increase in sales for participating operators.
The company's CEO, Alfonso Brunet, believes that "the results for the first half of the year confirm that we are moving in the right direction and are even more significant given that they have been achieved in a year in which we have added six new assets and entered a new country," a development which, he said, contributes to the development of the company's sustainable growth model.
