Castellana Properties Socimi Sa · BME:YCPS
Castellana Properties Socimi Sa — H1 FY26 Earnings Presentation
35 slides from Castellana Properties Socimi Sa's earnings presentation, November 2025
Slide 1: H1FY26 Financial Results Presentation
H1FY26 April 2025 - September 2025 Financial Results Presentation
Slide 2: Key Highlights
1 KEY HIGHLIGHTS 1.1 Highlights 1.2 Main KPIs performance H1FY26 2
Slide 3: 1.1 Highlights
FINANCIAL RESULTS PRESENTATION H1FY26 1.1 HIGHLIGHTS OPERATIONAL PERFORMANCE Like-for-Like GRI growth of 8.2% and NOI growth of 8.7% compared to H1FY25 Like-for-like GAV growth of 2.3% versus March 2025, and a total GAV increase of 45% over the last 12 months (versus September 2024) EPRA NTA o
Slide 4: 1.2 Main KPIs Performance H1FY26
FINANCIAL RESULTS PRESENTATION H1FY26 1.2 MAIN KPIs PERFORMANCE H1FY26 21 567,689 sqm 8.7% 98.7% 8.9years 98.0% NOI LIKE-FOR-LIKE ASSETS GLA(i) OCCUPANCY(ii) WAULT (iii) RENT COLLECTION GROWTH Operational € 63.2million € 32million € 602million 4.59% 34.7% FFO/EPRA EARNINGS REPORTED GRI NET DEBT(iv)
Slide 5: Operational Highlights
2 OPERATIONAL HIGHLIGHTS 2.1 Footfall & Sales 2.2 Operating Metrics 2.3 Portfolio value evolution 5
Slide 6: 2.1 Footfall and Sales
FINANCIAL RESULTS PRESENTATION H1FY26 2.1 FOOTFALL AND SALES CONTINUOUS GROWTH ACROSS THE ENTIRE PORTFOLIO FOOTFALL SALES All assets have maintained solid performance throughout the first half of our Sales in our shopping centers segment increased by 3.7% compared to H1FY25, fiscal year. The Ext
Slide 7: 2.2 Operating Metrics
FINANCIAL RESULTS PRESENTATION H1FY26 2.2 OPERATING METRICS DRIVING SECTOR EXCELLENCE THROUGH CONSISTENT, OUTSTANDING PERFORMANCE SPAIN PORTUGAL PORTFOLIO 98.7% 98.9% 98.7% OCCUPANCY(i) 99.2% 95.3% 98.0% RENT COLLECTION i. Excluding areas under development in Granaita, Rio Sul, Vallsur Repositioning
Slide 8: 2.3 Portfolio Value Evolution
FINANCIAL RESULTS PRESENTATION H1FY26 2.3 PORTFOLIO VALUE EVOLUTION STRONG INCOME GROWTH DRIVEN BY ACTIVE MANAGEMENT, HOLDING BACK VALUES BY STILL CONSERVATIVE YIELD ASSUMPTIONS. Steady improvement in NOI across retail parks and a significant increase in shopping centres. This growth has been especi
Slide 9: H1FY26 Financial Results
3 H1FY26 FINANCIAL RESULTS 3.1 Group Funds From Operations (FFO) 3.2 Financial Debt position 3.3 Rating upgrade to BBB 3.4 GRI Bridge and breakdown 3.5 GAV Bridge and breakdown 3.6 EPRA BPR Metrics 9
Slide 10: 3.1 Group Funds From Operations (FFO)
FINANCIAL RESULTS PRESENTATION H1FY26 3.1 GROUP FUNDS FROM OPERATIONS (FFO) CASTELLANA PROPERTIES DELIVERS RECORD RESULTS WITH NET PROFIT OF €61.8 MILLION, EBITDA GROWTH OF 83.9% AND A ROBUST NOI LFL INCREASE OF 8.7% € thousand H1FY25 H1FY26 Gross rental income (GRI) 35,861 63,206 NOI amounted €56
Slide 11: 3.2 Financial Debt Position
FINANCIAL RESULTS PRESENTATION H1FY26 3.2 FINANCIAL DEBT POSITION € million € million 31/03/2025 30/09/2025 Gross Asset Value (GAV)(i) 1,625 1,733 28 664 Gross Debt (ii) 639 664 639 (3) Cash 82 62 (ii)(iv) Net Debt 559 602 Metrics Gross LTV(iii) 39.3% 38.3% NOMINAL DEBT DEBT NEW DEBT NOMINAL DEBT (i
Slide 12: 3.3 Rating Upgrade to BBB
FINANCIAL RESULTS PRESENTATION H1FY26 3.3 RATING UPGRADE TO BBB FITCH UPGRADES CASTELLANA PROPERTIES TO ‘BBB’ (OUTLOOK: STABLE) REFLECTING CONSISTENT EXECUTION, DISCIPLINED MANAGEMENT, AND SOLID RETAIL FUNDAMENTALS IN SPAIN AND PORTUGAL KEY RATING DRIVERS TO IMPROVE TO ‘BBB’ Diversified platform:
Slide 13: 3.4 GRI Bridge and Breakdown
FINANCIAL RESULTS PRESENTATION H1FY26 3.4 GRI BRIDGE AND BREAKDOWN H1FY26 REPORTED GRI INCREASE TO €63 MILLION LIKE-FOR-LIKE GROWTH OF 8.2% NOI LIKE-FOR-LIKE GROWTH OF 8.7% VERSUS H1FY25 SHOPPING CENTRES €115m 84% RETAIL PARKS €22m 16% € million LIKE-FOR-LIKE GROWTH 137 8.2% 63.2 3.5 66.7 24.4 35.9
Slide 14: 3.5 GAV Bridge and Breakdown
FINANCIAL RESULTS PRESENTATION H1FY26 3.5 GAV BRIDGE AND BREAKDOWN PORTFOLIO VALUE UP 6.7% IN H1 AND 45% YEAR-ON-YEAR, SUPPORTED BY STRATEGIC ACQUISITIONS AND SOLID LIKE-FOR-LIKE GROWTH LIKE-FOR-LIKE GAV GROWTH OF 2.3% VS MARCH 2025 AND 4.5% VS SEPTEMBER 2024 Total GAV like-for-like increase H1FY26
Slide 15: 3.6 EPRA BPR Metrics
FINANCIAL RESULTS PRESENTATION H1FY26 3.6 EPRA BPR METRICS 2019 2020 2021 2022 2023 2024 2025 €904m €32m 7.09% 1.25% EPRA NTA EPRA Earnings adjusted EPRA NIY EPRA Vacancy rate €7.08 €0.3 7.44% 18.78% EPRA NTA EPRA EPRA EPRA per share Earnings adjusted “topped-up” NIY Cost ratio(i) per share i. Ratio
Slide 16: Value Creation
4 VALUE CREATION 4.1 Leasing Activity 4.2 Vallsur 1st Floor Repositioning Project – Extended Scope 4.3 The completion of Hipercor Project – Business Case 4.4 Value Added Project - Los Arcos Extension Project 4.5 Forum Madeira acquisition 4.6 Customer centricity 4.7 ESG 16
Slide 17: 4.1 Leasing Activity
FINANCIAL RESULTS PRESENTATION H1FY26 4.1 LEASING ACTIVITY SUSTAINED STRONG LEASING ACTIVITY WITH EXCEPTIONAL H1FY26 RESULTS SPAIN PORTUGAL PORTFOLIO 152 leases 44 leases 196 leases 58 94 26 18 84 112 Renewals New contracts Renewals New contracts Renewals New contracts LEASES SIGNED 32,335 sqm 4,884
Slide 18: 4.2 Vallsur 1st Floor Repositioning Project – Extended Scope
FINANCIAL RESULTS PRESENTATION H1FY26 4.2 VALLSUR 1ST FLOOR REPOSITIONING PROJECT – EXTENDED SCOPE WE ARE EXPANDING THE VALLSUR REPOSITIONING PROJECT AS IT HAS BEEN HIGHLY SUCCESSFUL, TO IMPROVE BOTH THE LEISURE OFFERING OF THE CENTER AND ITS FASHION BRAND MIX 10,764m² €1.1m €16.7m 25 3.9% 6.3% H1 2
Slide 19: 4.3 The Completion of Hipercor Project – Business Case
FINANCIAL RESULTS PRESENTATION H1FY26 4.3 THE COMPLETION OF HIPERCOR PROJECT – BUSINESS CASE + THE NEWLY LAUNCHED BRANDS HAVE DELIVERED OUTSTANDING RESULTS, ACHIEVING AN IMPRESSIVE INCREASE IN FOOTFALL AND SALES PROJECT COMPLETED 16,672m² €2.5m €22.4m 96% 11.2% 6 GLA AFFECTED ADDITIONAL NOI CAPEX ac
Slide 20: 4.4 Value Added Project – Los Arcos Extension Project
FINANCIAL RESULTS PRESENTATION H1FY26 4.4 VALUE ADDED PROJECT – LOS ARCOS EXTENSION PROJECT TRANSFORMATIVE PROJECT THAT ELEVATES THE VISITOR EXPERIENCE WHILE DRIVING SUSTAINABLE, LONG-TERM PERFORMANCE, ASSET QUALITY AND VALUE Future new Cinema’s entrance (Co-owner). It will improve the footfall in t
Slide 21: 4.5 Forum Madeira Acquisition
FINANCIAL RESULTS PRESENTATION H1FY26 4.5 FORUM MADEIRA ACQUISITION CONSOLIDATED, WELL-ANCHORED AND HIGHLY SUCCESSFUL SHOPPING CENTRE LOCATED IN FUNCHAL, MADEIRA 8 Avenida FUNCHAL - MADEIRA Forum Madeira is situated in the western part of Funchal, a well-established, affluent, and touristic area w
Slide 22: 4.6 Customer Centricity
FINANCIAL RESULTS PRESENTATION H1FY26 4.6 CUSTOMER CENTRICITY AT CASTELLANA PROPERTIES, INNOVATION IS NOT JUST ABOUT TECHNOLOGY, IT IS A CORE PART OF HOW WE THINK AND OPERATE. THANKS TO OUR TECHNOLOGY AND DEEP KNOWLEDGE OF THE SECTOR, WE ARE ABLE TO ANTICIPATE TRENDS AND EMBRACE INTELLIGENT TOOLS, T
Slide 23: 4.6 Customer Centricity
FINANCIAL RESULTS PRESENTATION H1FY26 4.6 CUSTOMER CENTRICITY WE STAND OUT FOR ORIGINALITY AND IMMERSIVE EXPERIENCES FOR OUR CUSTOMERS, DELIVERING +8% FOOTFALL VS THE PREVIOUS YEAR RESULTS OF THE SHOW "THE GOLDEN KINGDOM" 81% OF SURVEYED CUSTOMERS VISITED THE SHOPPING +287K +8% 8.6/10 CENTERS BECAUS
Slide 24: 4.7 ESG (1/2)
FINANCIAL RESULTS PRESENTATION H1FY26 4.7 ESG CASTELLANA PROPERTIES SUCCESSFULLY CONTINUES WITH ITS ESG ROAD MAP (1/2) CASTELLANA ESG MILESTONES: BEYOND ESG BOUNDARIES STRATEGY FY25 to FY27 At Castellana Properties, we continue to reinforce our firm commitment to sustainability and Building on the s
Slide 25: 4.7 ESG (2/2)
FINANCIAL RESULTS PRESENTATION H1FY26 4.7 ESG CASTELLANA PROPERTIES SUCCESSFULLY CONTINUES WITH ITS ESG ROAD MAP (2/2) OTHER ACHIEVEMENTS Continuing our ESG journey, Castellana Properties has achieved significant milestones that reinforce our leadership in sustainability: BREEAM Decarbonization road
Slide 26: Properties
PROPERTIES
Slide 27: Appendix
5 APENDIX 5.1 Portfolio 5.2 Top 10 Assets Overview 5.3 ESG Assessment Landscape 5.4 Sales Performance Per Tenant Category 26
Slide 28: 5.1 Portfolio
FINANCIAL RESULTS PRESENTATION H1FY26 5.1 PORTFOLIO TOTAL PORTFOLIO Parque 21 ASSETS 567,689sqm Principado SC: 12 ASSETS SC: 414,004sqm RP: 9 ASSETS RP: 153,685sqm Vallsur SPAIN 429,827sqm 8 Avenida ANDALUCÍA 6 Assets ASTURIAS 1 Asset Parque Oeste Ciudad del CASTILLA Y LEÓN 1 Asset El Faro La Serena
Slide 29: 5.2 Top Assets Overview (by GAV) 1/2
FINANCIAL RESULTS PRESENTATION H1FY26 5.2 TOP 10 ASSETS OVERVIEW (by GAV) 1/2 BONAIRE EL FARO BAHÍA SUR LOS ARCOS GRANAITA PROVINCE VALENCIA BADAJOZ SAN FERNANDO SEVILLA GRANADA AREA 57 004 sqm 61,681 sqm 35,474 sqm 31,210 sqm 55,814 sqm SECTOR Shopping Centre Shopping Centre Shopping Centre Shoppin
Slide 30: 5.2 Top Assets Overview (by GAV) 2/2
FINANCIAL RESULTS PRESENTATION H1FY26 5.2 TOP 10 ASSETS OVERVIEW (by GAV) 2/2 ALEGRO SINTRA(i) PUERTA EUROPA HABANERAS VALLSUR RIOSUL PROVINCE LISBOA ALGECIRAS TORREVIEJA VALLADOLID LISBOA AREA 42,274 sqm 29,894 sqm 29,943 sqm 35,937 sqm 23,534 sqm SECTOR Shopping Centre Shopping Centre Shopping Cen
Slide 31: 5.3 ESG Assessment Landscape
FINANCIAL RESULTS PRESENTATION H1FY26 5.3 ESG ASSESMENT LANDSCAPE ESG ENVIRONMENTAL SOCIAL GOVERNANCE CORPORATE LEVEL * * ASSET LEVEL 30 *In progress
Slide 32: 5.4 Sales Performance per Tenant Category Spain
FINANCIAL RESULTS PRESENTATION H1FY26 5.4 SALES PERFORMANCE PER TENANT CATEGORY SPAIN SOLID SALES PERFORMANCE MAINTAINED ACROSS THE PORTFOLIO €m H1 FY26 (apr-sep)(i) (ii) H1 FY25 (apr-sep)(i) (ii) 140 4% 120 7% 100 80 60 5% 40 2% -% 6% -2% 20 -% 17% 0 Fashion Homeware Food & Beverage Health & Beauty
Slide 33: 5.4 Sales Performance per Tenant Category Portugal
FINANCIAL RESULTS PRESENTATION H1FY26 5.4 SALES PERFORMANCE PER TENANT CATEGORY PORTUGAL CONSISTENT SALES GROWTH IN OUR MAIN CATEGORIES €m H1 FY26 (apr-sep) H1 FY25 (apr-sep) 140 120 5% 100 80 60 5% 7% -5% 40 6% 20 3% 5% 8% -1% 8.8% 0 Fashion Health & Beauty Food & Services Food Homeware Culture, Me
Slide 34: Disclaimer
FINANCIAL RESULTS PRESENTATION H1FY26 DISCLAIMER PURPOSE OF THIS PRESENTATION AND LIABILITY ACCOUNTING STANDARDS APPLIED This document has been prepared by Castellana Properties SOCIMI, S.A. ("Castellana Properties") exclusively for use This document and the information presented herein was prepared
Slide 35: Pº de la Castellana 36-38, planta 8 28046 Madrid - España castellanaproperties.es
Pº de la Castellana 36-38, planta 8 28046 Madrid - España (+34) 91 426 86 86 castellanaproperties.es
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